Cinemark Holdings Inc.

Greetings. Welcome to the Cinemark Holdings third quarter 2025 earnings conference call. At this time, all participants are in a listen-only mode. The question and answer session will follow the formal presentation. If anyone should require operator assistance during the conference, please press star zero on your telephone keypad. Please note this conference is being recorded. I will now turn the conference over to Chanda Bashir, SVP, Investor Relations. Thank you. You may begin.

Good morning, everyone. I would like to welcome you to Cinemark Holding, Inc.' 's third quarter 2025 earnings release conference call, hosted by Sean Gamble, President and Chief Executive Officer, and Melissa Thomas, Chief Financial Officer. Before we begin, I would like to remind everyone that statements or comments made on this conference call may be forward-looking statements. Forward-looking statements may include, but are not necessarily limited to, financial projections or other statements of the company's plans, objectives, expectations, or intentions. These forward-looking statements are subject to risks and uncertainties that could cause the company's actual results to materially differ from those expressed or implied in the forward-looking statements. The factors that could cause these results to differ materially are detailed in the company's 10-K. Also, today's call may include non-GAAP financial measures. A reconciliation of these non-GAAP financial measures to the most directly comparable GAAP financial measures can be found in the company's most recently filed earnings release, 10Q and on the company's website at ir.cinemark.com. With that, I would now like to turn the call over to Sean Gamble.

Thank you, Chanda. Good morning, everyone. Over the past several years, we have made significant strides in advancing our company since the pandemic, including enhancing the experiences we offer our guests, strengthening our operating capabilities, further bolstering our competitive position, growing new sources of revenue, and driving incremental process efficiencies. These efforts have enabled us to reach multiple important milestones in our recovery, as well as attain numerous record-breaking results year after year, all of which reflect the discipline, focus, and commitment of our entire organization. This morning, I'm excited to share that we have realized another significant achievement As of today, we have settled the final outstanding warrants related to our convertible notes, thereby fully extinguishing the remaining portion of our COVID-related debt. This accomplishment marks another major milestone for Cinemark that is the byproduct of our team's highly proficient execution and versatility, prudent fiscal decision-making, and the substantial benefits we have derived through our strategic initiatives. Furthermore, In recognition of our company's robust financial position, as well as a sustained conviction in our ongoing business strategies, team, and industry, our board of directors just authorized a new $300 million stock repurchase program and an increase of our dividend to 36 cents per annum. These results would not have been possible without the hard work, tenacity, and resourcefulness of our collective team and I want to extend my sincere gratitude to every member across our company for all they do, including our board and key business partners who so diligently support us. The talent, passion, and determination that runs throughout Cinemark is truly remarkable and provides me with the utmost confidence in our continued ability to maintain our financial strength, actively capitalize on future growth opportunities, and deliver meaningful value to our guests partners, and shareholders. With that in mind, let's turn our attention to our third quarter results and the road ahead. During the third quarter, North American industry box office reached $2.5 billion, which was down approximately 10% year over year as a well-rounded slate of compelling films couldn't fully match last year's extensive lineup of breakout hits. That included the highest grossing R-rated film of all time, Deadpool and Wolverine, as well as sizable carryover from the highest-grossing domestic animated film of all time, Inside Out 2. That said, 3Q25 featured a multitude of solidly performing titles that connected well with moviegoers across a wide range of genres, including valiant superhero reimaginings such as Superman and the Fantastic Four First Steps, heart-racing action thrillers like Jurassic World Rebirth and F1, terrifyingly successful horror films including The Conjuring Last Rites and Weapons, family-friendly fare such as Freakier Friday and The Bad Guys 2, and yet another non-traditional sensation, Demon Slayer Infinity Castle, that became the highest-grossing anime film ever, generating over $130 million domestically and nearly $670 million worldwide. Notably, during the quarter, Demon Slayer Infinity Castle also became Latin America's biggest anime film of all time, and The Conjuring Last Rites grew to become the region's highest-grossing horror film ever. So while the third quarter was down slightly versus 2024 due to a challenging comparative, there were plenty of highlights which continued to showcase strong consumer appetite for immersive cinematic experiences. Within that industry backdrop, Cinemark once again delivered standout results, as our ongoing efforts to build audiences and grow Box Office continue to yield tangible results. During the quarter, we surpassed year-over-year North American industry Box Office performance by nearly 250 basis points, and we achieved our highest third-quarter domestic market share in our company's history. The data-driven learnings, analytical advancements, and automation improvements we keep enhancing within our programming, pricing, and operating platforms coupled with our highly impactful and evolving marketing actions, continue to provide material benefits quarter after quarter. These initiatives help propel our 3Q box office and market share performance and were further amplified by a heightened mix of horror films and alternative content that resonate particularly well across our circuit. Our results also benefited from a film release cadence that was well spaced throughout the quarter, thus minimizing capacity constraints. It's worth noting that our concentrated efforts to scale anime, multicultural, faith-based, music, and specialty titles produced our second highest quarterly box office of all time for non-traditional programming, trailing only the fourth quarter of 2023 that included Taylor Swift's highly successful Heiress Tour film. Altogether, alternative content accounted for a significant 16% of our domestic box office in the quarter. We also achieved a new third quarter domestic food and beverage per cap record of $8.20. This accomplishment can be attributed to superb execution by our field teams, as well as our continued focus on enhancing the variety and appeal of products we offer our guests, further optimizing our pricing, and improving ease of purchase. Overall, our collective efforts to deliver sustained top line performance that outpaces our industry and to do so as efficiently as possible, once again translated into solid all-around financial results. We generated $858 million of third quarter global revenue, $178 million of adjusted EBITDA, and achieved a 21% adjusted EBITDA margin. We are thrilled to have produced yet another quarter of consistent, outperforming results, while at the same time further re-fortifying our financial strength competitive position by putting our convertible notes behind us. Once again, I'd like to recognize our sensational team for their outstanding execution and impact. Looking ahead, we are highly enthusiastic about wrapping up 2025 on a strong note as we approach one of the most robust and promising film slates we've seen over the past five years throughout Thanksgiving corridor and year end. The upcoming movie lineup is jam-packed with a diverse and compelling assortment of films that offers something for everyone during the holidays. For action and adrenaline seekers, there's Predator Badlands, Now You See Me, Now You Don't, and The Running Man, as well as Anaconda that snakes in some Jumanji-like humor. For family-going fun, there's Zootopia II and the SpongeBob movie, The Search for SquarePants, which are sure to entertain audiences of all ages. Moviegoers in search of some deeper emotional resonance and character-rich storytelling have Eternity, Ella McKay, and Song Sung Blue to look forward to. In contrast, for a bit of horror and suspense, there's Five Nights at Freddy's 2 and The Housemaid. Alternatively, upcoming non-traditional content includes the animated faith-based film David, as well as anime sequel Jujutsu Kaisen Execution. And of course, for those craving fantasy and spectacle, there's the highly anticipated follow-ups to their smash hit predecessors, Wicked for Good and Avatar Fire and Ash. And beyond 2025, based on our recent conversations with our studio partners and the future development plans they've shared with us, we remain highly encouraged about further box office growth as film releases continue scaling up in size, variety, and volume. In the near term, 2026 already looks primed captivate audiences with a slew of high-profile new releases from franchise favorites, including Super Mario Brothers, Spider-Man, The Avengers, Toy Story, Minions, Moana, Star Wars, Dune, and The Hunger Games, as well as original new concepts from visionary filmmakers like Christopher Nolan and Steven Spielberg. And Cinemark remains optimally positioned to make the most out of this compelling pipeline of films, on account of the many distinctive advantages we have developed over time, the unparalleled value proposition we offer consumers, and the ongoing initiatives we continue to advance. Our overall aim at Cinemark is to deliver unmatched entertainment and service that consistently delights our guests and keeps them coming back for more by creating unforgettable, larger than life, immersive experiences that can't be found at home or anywhere else. To do that, we have been deliberate about focusing on actions, details, and amenities that make the biggest consumer impact across the entirety of our theaters while prioritizing investments in enhancing and maintaining our circuit that distinguish us from our peers. We have also stayed highly diligent about managing and preserving the financial health of our organization to sustain our ability to make these investments even in times of macro-level headwinds. These actions have enabled us to create a differentiated entertainment experience at Cinemark that we have started showcasing more widely in our first-ever comprehensive brand campaign called It's Showtime. We launched It's Showtime last week and believe it powerfully captures the joy, fun, and positive emotional impact we create for moviegoers, as well as the communal connections we foster. Moreover, the campaign challenges the notion that all movie theaters are created equal by spotlighting various facets of Cinemark's movie magic methods that set us apart from the pack, including our heroic service, immersive technology, crave-worthy indulgences, and the passion we bring to everything we do. We're excited about the many possibilities we have to augment and amplify our current marketing strategies with its showtime, as well as the tangible way it illustrates what is unique about our company. Leveraging our competitive edge that is reflected in our new campaign, which includes the elevated experiences we create for our guests, our financial strength, and our advanced operating capabilities, we believe Cinemark is well situated to continue thriving as we move forward. We are highly enthusiastic about our future growth prospects, including the many opportunities we have to unlock incremental value for our customers and shareholders through our ongoing strategic initiatives and continued execution. I will now turn the call over to Melissa, who will provide more information about our third quarter results, as well as our capital allocation strategy going forward. Melissa?