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Text: Such risk factors are set forth in the company's SEC filings.
We appreciate you joining us for our fourth quarter and full year 2021 results.
It has been a pleasure getting to know many of you during my time as CFO and COO, and I look forward to our ongoing relationships in my new role.
The theatrical exhibition industry made huge strides in its recovery throughout 2021, culminating in an exceptional fourth quarter, during which North American box office crossed the $2 billion mark for the first time since the onset of the pandemic.
New film releases that led the charge included Venom: Let There Be Carnage; Eternals; Ghostbusters: Afterlife; No Time To Die; and of course, the record-setting Spider-Man: No Way Home that now represents the industry's third highest-grossing film in history.
It's worth noting that all five of these films had an exclusive theatrical window.
Cinemark contributed to these box office results in a big way.
On the release of Venom, we set a record for the largest October opening weekend ever for a single film, pre, and post pandemic.
3 for the industry, Spider-Man has now become our No.
1 highest-grossing film of all time, driven by our sustained outperformance on this title.
The fourth quarter's box office success underscores enduring consumer appetite and demand to experience great films in an immersive, shared cinematic environment.
Over 48 million guests visited our global Cinemark theaters in the fourth quarter, and that consumer enthusiasm translated into strong results.
On a worldwide basis, our fourth quarter attendance grew 57% compared to 3Q '21.
Once again, Cinemark surpassed North American industry box office recovery this past quarter, over-indexing by more than 700 basis points when comparing 4Q '21 box office results against 4Q '19.
Our Latin American admissions also outperformed their corresponding industry results by a similar degree.
These significant global attendance and box office results flowed through to our bottom line.
Adjusted EBITDA in the fourth quarter was positive $140 million, and that sizable 4Q result drove positive adjusted EBITDA of $80 million for the full year.
Moreover, exclusive of one-time benefits, we generated positive cash flow during the fourth quarter in both the U.S. and Latin America, another meaningful milestone in our company's recovery from COVID-19.
I'd like to commend our incredible global team for their outstanding planning, execution, and dedication to deliver these tremendous results.
Our Cinemark team has faced monumental challenges during the pandemic.
And what they have accomplished and what they continue to accomplish through their endless perseverance, resourcefulness, strategic thinking and optimism is nothing short of astounding.
While strong film content was certainly a key component of our fourth quarter success, exceptional operating performance and the ongoing execution of our strategic initiatives were also significant factors.
As we look ahead, our overarching focus remains unchanged, and that is to maximize attendance in box office while actively pursuing ancillary revenue opportunities.
Over the course of 2021, the world made tremendous progress combating the ongoing effects of the pandemic.
Although for the time being, the impact of its lingering presence, particularly on our industry and business, still remains.
As a result, as we move forward in 2022, our priorities will continue to focus on: first, effectively navigating the ongoing pandemic; second, fully reigniting theatrical exhibition; and third, positioning our company for ongoing success in the evolving media landscape.
With regard to our first priority of effectively navigating the pandemic, I'm exceptionally proud of the accomplishments our Cinemark team has achieved over the past two years.
These accomplishments include swift and appropriate actions that were taken to preserve cash, minimize expenses and improve our liquidity profile, as well as refine our operating practices, such as streamlining processes, driving new efficiencies, and strengthening operating hours management.
We defined, implemented, and have consistently executed a wide range of new health and safety protocols to protect our guests, communities, and employees.
Additionally, we effectively reopened our entire global circuit and remained open while dealing with frequent fluctuations in content supply and government restrictions.
Our team also continues to skillfully manage through the challenging labor and supply chain dynamics, just to name a few.
We have provided examples of the meaningful impact these actions have had throughout the pandemic during prior calls, and their benefits clearly continued in the fourth quarter, as demonstrated by our sustained market share advances compared to 2019, guest satisfaction scores averaging 90%, and as I mentioned a moment ago, positive adjusted EBITDA and cash flow.
That said, our work navigating the pandemic is not done yet.
At the end of 2021 and throughout most of the first quarter to date, our industry, alongside many others, was affected by another surging COVID headwind brought upon by the Omicron variant.
Fortunately, however, we are encouraged by the recent decline in new cases around the world, as well as commentary by a growing number of health experts, who believe the virus may be transitioning from a pandemic to an endemic.
with regard to moviegoing, as well as consumer sentiment, which has improved to 75% of moviegoers, indicating they are comfortable returning to theaters today and over 80% within the next month.
Theatrical exhibition's ongoing recovery remains highly contingent on the state of the virus, government restrictions, and consumer sentiment, and all of these factors are now moving in a favorable direction.
At the same time we have been navigating through the challenges of the pandemic, we have also been actively working to reignite theatrical moviegoing, our second key priority.
First and foremost, this effort has included actively collaborating with our studio partners to bring new compelling first-run film content back into our theaters on a steadier release cadence.
While health concerns and availability of content have clearly been two of the largest challenges during the pandemic, so too has been the inconsistent film calendar with large gaps between commercial releases.
While Omicron caused another blip in the return to a more normalized release pattern, we are highly optimistic about the film slate for the rest of the year.
New releases this past weekend, uncharted and dog, both exceeded projections, and we expect industry box office will continue to ramp and accelerate with the release of the Batman next week, followed by a long list of additional highly anticipated titles throughout the year, including Doctor Strange in the Multiverse of Madness; Top Gun: Maverick; Jurassic World Dominion; Lightyear; Minions: The Rise of Gru; Thor: Love and Thunder; Black Adam; Aquaman and the Lost Kingdom; Black Panther: Wakanda Forever; and the long-waited -- awaited next installment of Avatar.
And these are just a handful of examples of the franchise films that are lined up for 2022, not to mention the broad range of additional family, drama, comedy, and other genre films that are interspersed throughout the year, providing varied offerings for all audiences.
Furthermore, I'm pleased to report that the majority of films being released theatrically this year will include an exclusive window, with most larger and commercial titles maintaining a 45-day window.
Demonstrated yet again in the fourth quarter of 2021 and this past weekend, a theatrical window continues to produce bigger events, larger cultural moments, and increased box office results with reduced piracy.
It also continues to provide a platform that establishes stronger emotional connections with content, unlike any other distribution channel.
And those connections lead to more sizable brands, franchises, and promotional value for all other windows.
Great films are an essential part of reigniting theatrical moviegoing, and so too is compelling marketing that increases consumer awareness, sentiment, and ticket sales.
To that end, we will continue to lean heavily into a myriad of digital, social, on-screen, and loyalty strategies throughout 2022 to target a wider range of consumers, increase moviegoing frequency and grow our Cinemark audiences.
Over the past few years, we have significantly enhanced the scale of our digital marketing capabilities and reach.
We are now directly connected to more than 20 million addressable guests across our global circuit.
And by way of these connections and the comprehensive omnichannel network we have built, we are consistently delivering billions of impressions each month via social media engagement, personalized emails, and earned media stories showcasing the benefits of the Cinemark moviegoing experience.
These marketing actions have not only been helping to revive moviegoing, but have also increased loyalty, which we've witnessed in the ongoing strength of our market share results and Movie Club program.
After proactively pausing Movie Club memberships at the onset of the pandemic, we fully reactivated the program in the second half of 2021, and we are thrilled to report that we have already returned to new monthly membership gains.
During the fourth quarter, we added 40,000 new Movie Club members, bringing our membership base to within 1% of its pre-pandemic level at approximately 940,000 members.
We continue to receive tremendous feedback about our unique transaction-based subscription program that allows members to roll over unused monthly credits, share credits with friends and family, and receive a meaningful 20% discount on concessions.
Member feedback has also been resoundingly positive with regard to Movie Club Platinum, a new earned premium tier that we launched in September.
By the end of the year, more than 100,000 members achieved this heightened status, which they will enjoy throughout the entirety of 2022.
And that brings us to our third key priority, which is positioning our company for ongoing success in the evolving media landscape.
Examples include our Luxury Lounger recliner seats in over 65% of our U.S. footprint, nearly 300 premium large-format XD and IMAX auditoriums worldwide, immersive D-BOX motion seating across 250 of our theaters, the best sight and sound technology in the industry, and enhanced food and beverage offerings throughout 75% of our global circuit.
Furthermore, we continue to simplify and enhance our transactional processes for tickets and concessions, including our recently deployed Snacks in a Tap online ordering platform that allows guests to purchase food and beverage ahead of time and simply pick up their order upon arrival to our theaters or have it delivered directly to their seats.
These amenities, innovations, and capabilities provide us considerable tailwind as we sort through evolving opportunities and implications driven by the pandemic and near-term shifts in the distribution landscape.
As we concentrate on positioning Cinemark for ongoing success within this dynamic environment, we are focused on five primary strategies.
First is providing our guests an extraordinary experience.
Doing so is fundamental to our business, and Cinemark has a solid reputation and long history of delivering this objective.
That said, we are investing time, energy, and resources to take the experience we provide our guests to the next level.
Our goal is to be top of mind when consumers think about world-class guest service, quality, value, ease, and a premium entertainment destination.
Second is building audiences with an increased focus on attracting a wider range of consumers by expanding the variety of content we offer, as well as utilizing our industry-leading marketing capabilities to drive consumer demand and conversion, as described a moment ago.
Third is growing sources of revenue by creating incremental sales opportunities, such as continuing to expand food and beverage offerings, honing recently implemented e-commerce and theater design initiatives, optimizing pricing, testing new experiential entertainment concepts, and enhancing Cinemark partnerships and brand tie-ins.
Fourth is streamlining processes, which essentially means executing the aforementioned strategies as efficiently as possible, and includes initiatives, such as workforce management, continuous improvement, and utilizing advanced tools, practices, and platforms to free up time spent on administrative tasks and increase focus on our guests, teams, and productivity.
And fifth is optimizing our footprint.
This strategy involves actively assessing our circuit, as well as domestic and international markets, to determine where it is most advantageous to grow, recalibrate and strengthen our circuit to deliver sustained long-term returns.
We believe these areas of focus are best suited to steer us through expected ongoing fluctuations within the media landscape in the near term and position us for continued success over the long haul.
In summary, while our recovery from the pandemic is still ongoing, we are highly encouraged by recent improvements in the state of the virus and associated consumer sentiment.
Fourth quarter attendance demonstrated that consumer enthusiasm for the shared, immersive theatrical moviegoing experience remains strong, and films maintain the ability to become larger than life and generate significant box office results even in the current environment.
As we look ahead, we remain optimistic about the future of theatrical moviegoing and Cinemark.
We are working diligently to position ourselves for ongoing success in the evolving media landscape and to deliver long-term value for our shareholders, guests, communities, and employees.
With that, I will now pass the call to Melissa, who will provide further information about our fourth quarter financial results.
I'm honored to be part of the Cinemark team, and I'm greatly looking forward to meeting the investment community in the near future.
As Sean discussed, we made significant progress in terms of the overall recovery of our industry and our company throughout 2021, and especially in the fourth quarter, which is reflected in our financial results.
Our worldwide attendance was 48.1 million patrons for the fourth quarter.
We delivered $666.7 million of total revenue, $139.4 million of adjusted EBITDA, and $208 million of operating cash flow.
Notably, these worldwide results were driven by robust performance in both our domestic and international segments, with each segment generating positive adjusted EBITDA in the quarter and reporting adjusted EBITDA margins in excess of 20%.
Taking a closer look at our U.S. operations in the fourth quarter, our attendance rebounded to 31.2 million patrons, representing a 45% increase over the third quarter and underscoring the recovery of theatrical moviegoing.
We were able to service these guests with operating hours that were essentially flat to last quarter and approximately 20% below that of pre-COVID, which speaks volumes to the operational efficiencies and technological advances we've achieved since the onset of the pandemic.
Our domestic admissions revenue rebounded to $287.3 million in the fourth quarter on an average ticket price of $9.21.
Our average ticket price continues to be elevated due to three key factors: reduced operating hours resulting in fewer matinee and weekday showtimes; strategic pricing actions; and a higher concentration of premium large-format box office.
box office was generated by our premium large formats.
This is 400 basis points higher compared with the fourth quarter of 2019.
The growth in the average ticket price was partially offset by revenue deferrals related to our loyalty program ramping back up.
concessions revenue was $207.8 million in the fourth quarter and reached 90% of fourth quarter 2019 levels, with an all-time high per cap of $6.66.
Our food and beverage per cap remained above $6 throughout 2021 due to a few factors, including heightened indulgence in food and beverage consumption, particularly within our core concession categories; a mix of moviegoers that tends to skew higher in-purchase incidents; and our operating hours, which, while reduced, remain concentrated in time frames that are more conducive to concession purchases.
Domestic other revenue also benefited from the uptick in attendance and increased more than 50% quarter over quarter to $56.6 million, driven by volume-related increases in screen ads and transaction fees.
Altogether, fourth quarter total domestic revenue was $551.7 million, with positive adjusted EBITDA of $115.9 million and an adjusted EBITDA margin of 21%.
Our international segment also experienced a substantial recovery in the fourth quarter, exceeding our expectations.
All of our theaters were operating throughout the fourth quarter, albeit with certain government-imposed restrictions on operating hours and capacity.
We were able to grow our attendance 84% quarter over quarter to 16.9 million patrons, given a lineup of films that resonated extremely well with the Latin demographics, including Encanto, which is a story based in Colombia; Venom: Let There Be Carnage; Eternals; and of course, the global phenomenon, Spider-Man: No Way Home.
We delivered $115 million of total international revenue in the fourth quarter, including $57.6 million of admissions revenue, $40.4 million in concessions revenue, and $17 million of other revenue.
International adjusted EBITDA was $23.5 million for the fourth quarter, with an adjusted EBITDA margin of 20.4%.
This was our first quarter of positive international adjusted EBITDA since the onset of the pandemic.
Turning to global expenses.
Film rental and advertising expense was 57.5% of admissions revenue, driven primarily by a higher concentration of larger, more successful new film releases with an exclusive theatrical window.
We also increased our investment in marketing to help reignite moviegoing, strengthen loyalty and drive market share, which also flow through this line item.
Concession costs were 17.6% of concession revenue and were up 40 basis points from last quarter.
Supply chain constraints were amplified in the fourth quarter as attendance rebounded.
We experienced product shortages and price increases on certain concession inventory, and we took appropriate actions during the quarter to mitigate much of these impacts.
Fourth quarter global salaries and wages were $83.7 million and increased 24% quarter over quarter as we hired incremental employees to service the expected surge in attendance.
Like most industries, we faced a series of labor challenges, including wage rate inflation and staffing shortages, which we were able to partially offset by streamlining our workforce management processes.
Facility lease expense was $79.2 million and increased 15.1% quarter over quarter.
While largely fixed, lease expense will fluctuate with percentage rent, and common area maintenance increases as volume rebounds.
Worldwide utilities and other expense was $90.8 million and increased 11% quarter over quarter, driven by variable costs, such as credit card fees that grew in line with volumes and higher utility expenses due to expanded operating hours, particularly for our international segment.
Finally, G&A for the quarter was $49.3 million and increased 27.7% quarter over quarter due to investments in cloud-based software and higher consulting costs, legal fees, and stock-based compensation.
Capital expenditures during the quarter were $38.3 million, including $13.9 million for new build projects that had been committed to prior to the pandemic, and $24.4 million for investments to maintain or enhance our existing theaters, such as laser projectors.
And rounding out our fourth quarter results, we generated net income attributable to Cinemark Holdings, Inc. of $5.7 million, resulting in earnings per share of $0.05, another metric that was positive for the first time since the pandemic and represents another milestone in our recovery during the quarter.
As we look forward, we expect 2022 to be a recovery year.
We remain optimistic regarding the full year, particularly with a strong film slate.
That said, our first quarter results will be impacted by the lighter film release calendar due to the Omicron variant, which may lead to negative cash flow during the first quarter.
However, we expect to generate positive cash flow for the full year 2022.
On the cost side, like most other companies in the service industry, we are experiencing inflationary increases due to supply chain constraints and the challenging labor market.
We will continue to mitigate these impacts, wherever possible, in 2022.
Some steps we are taking include implementing incremental labor productivity initiatives, negotiating with an expanded set of vendors, considering alternative concession products, and evaluating strategic price increases.
Turning to our expectations around capital expenditures, while still well below our pre-pandemic ranges, we are beginning to ramp up our investments in our theaters in 2022 and expect to spend approximately $125 million on capital expenditures.
We expect to continue to reap the benefits of our consistent investments in proactively maintaining and enhancing our theaters over the years, which has enabled us to scale back capital expenditures in the near term without hindering our asset quality or guest satisfaction.
In closing, while our recovery from the pandemic is ongoing, we remain highly optimistic regarding the future of theatrical moviegoing and the long-term prospects for our industry, particularly for Cinemark.
We are innovating and evolving in this new operating environment, pursuing what is in the best long-term interest of our key stakeholders to further secure Cinemark's position as an industry leader.

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q4 earnings per share $0.05.
q4 revenue rose 579 percent to $666.7 million.

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