Cinemark Holdings Inc.

Greetings and welcome to the Cinemark Holdings third quarter 2026 earnings call. At this time, all participants are in a listen-only mode. A 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. As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Chanda Brashears, Senior Vice President, Investor Relations. Please go ahead.

Good morning everyone and thank you for joining us today to discuss our third quarter 2026 results. Our earnings release, executive commentary, and 10Q were issued earlier this morning and are available on our website at ir.cinemark.com. Today's call is being webcast with a replay and transcript available on our website after the call. Before we begin, I would like to remind everyone that during this conference call, we will make forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. 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. Forward-looking statements are subject to risk and uncertainty that could cause the company's actual results to materially differ from those expressed or implied. The factors that could cause results to differ materially are detailed in our most recent annual report on Form 10-K as filed with the SEC and available on our website. Also, today's call will include non-GAAP financial measures. A reconciliation of these non-GAAP financial measures to the most directly comparable GAAP financial measures can be found on the company's website in the most recently filed earnings release and the 10-Q. Joining me this morning are Sean Gamble, President and CEO, and Melissa Thomas, CFO. Consistent with last quarter, Sean will provide some brief introductory remarks, and then we'll turn it over to Q&A. Sean?

Thank you, Chanda, and good morning, everyone. Before opening the call for Q&A, I'd like to share a few key highlights from our third quarter results, and additional details are available in our Executive Commentary and 10-Q that were published on our Investor Relations website this morning. Building on the all-time highs we delivered in the second quarter, Cinemark once again achieved record-setting results in Q3. Worldwide revenue reached $1.1 billion, adjusted EBITDA climbed to $268 million, both third-quarter bests, and adjusted EBITDA margin expanded 460 basis points compared to the prior year. Through disciplined execution across programming, marketing, guest service, labor, and procurement, we translated robust movie-going momentum into exceptional financial performance with third quarter or all-time records in admissions revenue, concessions revenue, concession per caps, and sales generated by premium amenities to list a few. Propelled by an improved cadence of compelling film releases that included North America's biggest movie of all time, Spider-Man Brand New Day, our record results speak to the strength of our operating model, the caliber of our team, and the sustained impact our many ongoing strategic initiatives continue to have advancing our business. While staying sharply focused on in-quarter execution, we also continue to actively work on building our future. During the quarter, we deployed $70 million of targeted investments toward elevating our site and sound technology, enhancing food and beverage infrastructure, growing our footprint of premium offerings, and maintaining the overall quality of our theaters. We also expanded our circuit with the opening of three new locations, our second Family Entertainment Center in Greenville, Texas, and two traditional theaters in Latin America. As we look ahead, we remain highly encouraged by the growth potential of our many revenue-generating and productivity efforts as well as the positive trajectory of our core industry drivers. Consumer enthusiasm for theatrical moviegoing remains strong, particularly among young generations. Wide release volume continues to scale with a steadier balance of week-to-week film output as traditional and emerging studios increasingly lean into theatrical exhibition of their content. and exclusive theatrical windows are beginning to expand following commitments made by multiple studios earlier this year. Altogether, these trends, coupled with the strength of our business, reinforce our confidence in the long-term health of our industry and the significant opportunities that lie ahead for Cinemark. Operator, that concludes our prepared remarks and we now like to open up the line for questions.