You are given a text that consists of multiple sentences. Your task is to perform abstractive summarization on this text. Use your understanding of the content to express the main ideas and crucial details in a shorter, coherent, and natural sounding text. 
Text: Such risk factors are set forth in the company's SEC filings.
We appreciate you joining us to discuss our 2021 third quarter results.
I'm very pleased to start off by saying that our industry and our company continue to make significant progress in recovering from the effects of the pandemic.
We're highly encouraged by the continuing positive trends with increasing consumer demand for the cinematic theatrical experience and growing momentum at the box office.
This favorable progress was demonstrated in our third quarter's 61% growth in worldwide attendance since last quarter in 2Q '21.
Importantly, that growth in attendance flowed through to our bottom line results in the third quarter, which included positive adjusted EBITDA of $44 million.
Our 3Q results marked a significant milestone for Cinemark as it represents our first quarter since the pandemic began with positive total company adjusted EBITDA.
Furthermore, every month in 3Q delivered positive EBITDA, which tangibly underscores our company's resurgence.
Strength in the domestic box office was a key driver of our third quarter performance, as the North America industry delivered $1.4 billion of gross proceeds on a larger volume of more sizable commercial releases.
Top hits in the quarter included Shang-Chi and the Legend of the Ten Rings, Black Widow, Jungle Cruise, Free Guy, Space Jam and the carryover from 2Q's highly successful release of Fast and Furious Nine.
And consistent with last quarter, I'm thrilled to report that Cinemark once again over-indexed the North America industry box office performance relative to 3Q '19 with a substantial outperformance of 700 basis points.
This outperformance helped us capture an approximate 15% market share of North America box office, which significantly exceeded our historic average of just under 13%.
Our 15% market share achievement is particularly meaningful this quarter as the vast majority of theaters in the U.S. and Canada had reopened.
During our last several calls, we talked about four key factors that impact theatrical exhibition recovery, all of which continue to experience noteworthy progress.
First, is the status of the virus.
Driven by vaccine penetration to date as well as impacts from the virus beginning to subside, COVID rates have plunged 73% since the Delta variant peaked in September.
Vaccination rates continue to rise across the U.S., especially with the recent approval of inoculation for children five and older.
Moreover, vaccination rates are also rapidly progressing throughout Latin America.
The second factor is government restrictions, which have largely gone away in the U.S. at this juncture and continue to reduce in Latin America.
Third is consumer sentiment.
While the Delta variant threw us a curve ball during the third quarter and caused a meaningful dip in consumer comfort regarding visiting theaters, that sentiment has since recovered to 77% of U.S. moviegoers expressing comfort and going to the theater in the current environment.
This level of positive response is in line with the peak levels of sentiment we witnessed in early July of 78%.
And the final key factor of the theatrical exhibition recovery is the consistent flow of new film content with broad consumer appeal, which clearly is now underway.
Of course, these recovery factors not only apply to the U.S., but are also applicable on a global basis.
And while the domestic market is further along in its rebound cycle, we're also seeing positive trends in Latin America.
Currently, 100% of our theaters have reopened across the region, and even though certain capacity and operating hour restrictions persist in Central and South America, consumer demand to return to the theaters is very strong.
There is no question that theatrical exhibition is meaningfully recovering around the world, and Cinemark is extremely well positioned to benefit during this comeback on account of the many operational advancements we made during the pandemic as well as our ongoing efforts to maximize attendance and drive new ancillary revenue opportunities.
Some examples include improved operating efficiencies, enhanced marketing programs and capabilities and our recently implemented online food and beverage platform, new alternative content possibilities and ongoing impact of our premium amenities.
In terms of operational efficiencies, we have made some significant strides over the course of the pandemic.
For instance, we're optimizing operating hours and showtime schedules through utilization of enhanced data management analytics.
We have simplified and streamlined numerous theater practices, such as ticket issuance, inventory procedures and ushering routines to be leaner and more efficient.
And we've refined the degree of staffing that is required to operate our theaters, including enhanced planning and management controls.
We also continue to significantly advance our digital and social marketing capabilities, utilizing proven best practices from retail, travel and technology industries.
Examples include leveraging iterative A/B testing to identify and scale winning concepts, simplifying consumer touch points to drive a more frictionless experience and applying advanced analytics against our highly valuable customer database to drive improved targeting accuracy and contextually relevant messaging.
These actions and capabilities are focused on increasing moviegoing frequency and overall consumer spend, and we believe they will be highly valuable in navigating the competitive landscape ahead and maintaining our increased market share.
In tandem with our digital and social marketing actions, we continue to leverage our unique industry-leading transaction-based subscription program, Movie Club, to drive attendance.
During the third quarter, we completed billing reactivation on all Movie Club accounts that were proactively paused for the past 1.5 years during the pandemic.
In doing so, we have been extremely pleased by the minimal amount of churn we've experienced, which represented only a modest 6% dip in our pre-pandemic membership base that was largely driven by credit cards that expired during that timeframe.
This dip was better than expected due to our member-first approach, and we're already seeing new net positive Movie Club additions as we actively work to reattain those expired members as well as attract new ones.
We've also continued to further enhance Movie Club and recently introduced Movie Club Platinum, an earned premium tier that provides our most frequent moviegoers with even bigger incentives.
We expect this heightened tier will serve to further increase loyalty of our most active customers as well as stimulate incremental transactions.
Since we announced the launch of Movie Club Platinum just over a month ago, 64% of Movie Club members familiar with the program stated that they have been incentivized to achieve Platinum status this year.
Another foray into simplifying and enhancing our customer experience while driving ancillary revenues is Snacks In A Tap, our recently launched online food and beverage ordering platform.
This platform enables guests to skip the line and have their concessions ready for pickup upon arrival or delivered to their seats for a nominal fee.
The added convenience and time savings provided by Snacks In A Tap have been extremely well received by our moviegoers, and we look forward to continuing to grow the program's awareness and utilization in the months ahead.
We're also continuing our reintroduction of select expanded food and beverage options as a more consistent release cadence of stronger film content takes hold and moviegoer attendance increases.
Another exciting new business venture that we announced last week is our heightened focus on gaming initiatives, including our plan to hire a new Vice President to forge strategic relationships and pursue content and licensing agreements in the gaming realm.
Gaming is the latest evolution in our ongoing focus to secure alternative content, further utilizing our auditoriums to supplement Hollywood film content, and we have seen several promising indicators with regards to consumer interest in both spectator and participatory gaming events.
Additionally, we're continuing to explore other alternative content offerings and have seen similar positive results from events such as professional wrestling with AEW and WWE, boxing with Triller Fight Club, movie premiers, special live Q&A sessions with talent and concerts, all in addition to ongoing events provided by Fathom entertainment.
We're also continuing to reap benefits from investments we've made in premium amenities that enrich the moviegoing experience, which movie fans continue to seek out, including reclining seats with approximately 65% of our entire domestic circuit featuring country loungers, the highest recliner penetration among the major theater operators.
Premium large-format auditoriums led by our XD, our proprietary brand, which ranks number one in the world, which delivered 12% of our box office in the third quarter alone on only 4% of our screens and an increase in D-Box motion seats, which are synchronized with the on-screen action.
And finally, Cinionic laser projectors.
In line with our previously announced partnership, we are featuring laser projections crystal clear picture in all of our new build theaters and continue to upgrade our existing theaters with laser technology, which lasts longer and operates more efficiently.
We're happy to share that in addition to other locations across the U.S., we have completely converted all of our Dallas-Fort Worth theaters and screens, our home city, delivering consistently bright, colorful and sharp images on laser.
Speaking of new theaters, strategic new-builds are a cornerstone of our strategy, and we are thrilled to have opened six new theaters and 67 screens already this year, all of which were committed to prior to the onset of COVID.
These new-build theaters are all in high-growth areas with significant opportunities to capture moviegoing attendance.
While it's still early days, we're highly encouraged by the results to date.
We have opened three locations in the U.S., Kirkland, Washington, just outside of Seattle; Jacksonville, Florida; Waco, Texas; and three in Latin America, Guatemala, Chile and Peru.
We also have one more theater open -- to open later this year in Roseville, California, just outside of Sacramento.
Based on everything I've just shared, I hope it's clear that we are pleased with our performance trend in the third quarter and the advancements we made to continue to make our business more vibrant through business development.
While we're cognizant, there's still a long road ahead.
Over the course of the coming months, we continue to expect an ongoing ramp-up of box office and overall financial results.
The fourth quarter has already started out strong as October delivered our best monthly box office results since the onset of COVID.
Notably, our cash generation during the month of October was significant enough to more than cover all of our variable and all of our fixed costs.
Looking ahead, upcoming film content for the balance of the year includes highly anticipated blockbusters appealing to families and adults alike, such as Eternals, which opened with previews last night to outstanding results.
Ghostbusters: Afterlife, Encanto, House of Gucci, West Side Story, Spider-Man: No Way Home, Matrix: Resurrection and Sing two to highlight just a few.
And the slate next year looks absolutely tremendous with broad range of highly promising films for all moviegoing audiences.
Importantly, these films were made to be experienced in a cinematic out-of-home entertainment environment that only a movie theater can provide.
We're also optimistic about the future of exclusive theatrical windows as it's such a meaningful contributor to the overall media landscape.
As we've witnessed with the positive box office results generated most recently, I have been a significant proponent of the longevity of the theatrical exhibition industry, and especially for Cinemark, as the company is uniquely positioned and poised for long-term success.
As previously announced, this is my last earnings call as CEO of Cinemark before I hand over the reins to Sean at the end of this year.
It has been an honor serving as CEO and leading the incredible people of Cinemark the past 6.5 years.
It has been tremendous getting to know so many of you over the years, and we appreciate your ongoing support.
I, along with the rest of the Board, are highly confident in Sean and his ability to lead Cinemark going forward.
His operational background and strategic mindset along with his keen eye for efficiencies and business opportunities will be especially advantageous as Cinemark continues to emerge from the effects of the pandemic.
I look forward to watching the company thrive under his direction as I continue in a strategic capacity through my position on the Board.
You've been a tremendous leader for our company and our industry over the past 6.5 years.
And to say you'll be missed from our day-to-day operations is clearly an understatement.
On a related note, three weeks ago, we announced Melissa Thomas will be joining Cinemark as our next CFO.
Melissa was most recently the CFO for Groupon and has a strong and impressive leadership and financial background.
We believe she will be a great cultural fit for Cinemark and an excellent complement to our leadership team and finance organization.
Melissa will officially start this coming Monday, November 8, and we look forward to formally introducing her in the near future.
As Mark already highlighted, the resurgence of theatrical moviegoing is in full swing, and Cinemark delivered another quarter of meaningful financial improvement.
During 3Q, our average monthly cash burn reduced to approximately $11 million after normalizing for working capital timing.
This rate was in line with the expectation of a $10 million to $15 million monthly cash burn that we communicated on our last earnings call.
As of today's current operating environment, we have now flipped to modestly positive average monthly cash flow, and we expect this rate will continue to improve as our industry further rebounds.
At the end of the third quarter, we had a global cash balance of $543 million.
As of October 31, that balance had increased to approximately $595 million, driven by the strong box office results of Venom: Let There Be Carnage, No Time To Die, Halloween Kills and Dune as well as working capital timing associated with corresponding film rental payments.
Based on our current and improving cash flow position, we continue to believe we have ample liquidity and will not require any additional financing.
That said, multiple financing opportunities still remain available to us, including drawing on our $100 million revolving credit line, tapping incremental term loan borrowing capacity within our credit facility, executing sale-leaseback arrangements on unencumbered properties we own and issuing equity.
Also, as we described last quarter, following our recent refinancing transactions, our revolver maturity now sits at November of 2024 and all other significant debt maturities extend through March of 2025 and beyond.
Turning now to our third quarter results.
Furthermore, as we have indicated in previous quarters since the onset of the pandemic, our traditional metrics continue to be somewhat distorted in the current environment.
Considering our theaters were only beginning to reopen with limited new film content in the third quarter of 2020, we will compare our most recent quarter's results to 2Q '21 and 3Q '19 in select instances.
During the course of the third quarter, we continued to further expand operating hours in response to increasing consumer demand for a growing volume of new commercial film releases.
Compared to second quarter, our third quarter domestic operating hours expanded by nearly 40%, although still remained approximately 25% below 3Q '19.
Expanded hours and increased moviegoing led to quarter-over-quarter domestic attendance growth of 42.4% to 21.5 million patrons.
Domestic admissions revenues were $195.3 million with an average ticket price of $9.08.
Our average ticket price increased 14.1% versus 3Q '19, primarily as a result of price increases and ticket type mix largely on account of fewer matinee and weekday showtimes.
Domestic concessions revenues were $142.6 million and yielded another all-time high food and beverage per cap of $6.63.
Our third quarter per cap was roughly flat with 2Q accrued 27% compared to 3Q '19 as pent-up moviegoing demand continues to drive a heightened indulgence in food and beverage consumption across our core concession categories and operating hours remain concentrated in timeframes that are more conducive to concession purchases.
Our third quarter results also benefited from ongoing strategic promotions and pricing initiatives, the reintroduction of various enhanced food offerings and recognition of previously deferred revenues associated with the issuance of loyalty points.
Domestic other revenues also continued to rebound during the quarter and grew 28.3% to $37.6 million, driven by volume-related increases in screen ads, transaction fees and promotional income.
Altogether, third quarter total domestic revenues were $375.5 million, with positive adjusted EBITDA of $44.8 million.
Internationally, we also continue to see material recovery in Latin American box office and operating results during the third quarter.
Driven by expanded theater openings and increased availability of new film -- new commercial film content, our third quarter international attendance grew 128% versus 2Q '21 to 9.2 million patrons, which generated $30.2 million of admissions revenues and $21.6 million in concession revenues.
Total international revenues were $59.3 million and yielded adjusted EBITDA that was just shy of breaking even for the quarter.
Globally, film rental and advertising expenses were 51.9% of admissions revenues, which increased 200 basis points compared to 2Q '21.
This increase was expected and resulted from a higher concentration of larger, more successful new film releases.
That said, compared to the third quarter of 2019, our film rental rate was still down 420 basis points, predominantly due to reduced film grosses as skew lower on our film rental scales.
Concession costs were 17.2% of concessions revenues and were in line with both our second quarter results and pre-COVID averages.
Third quarter global salaries and wages were $67.6 million and increased 34.1% versus 2Q '21.
This increase was driven by additional theater reopenings, extended operating hours to accommodate growing consumer demand and the reintroduction of select enhanced food and beverage options that require more labor.
Facility lease expenses were $68.8 million, and while largely fixed, experienced a modest uptick from the second quarter due to a slight increase in percentage rent in common area maintenance as volumes increased.
Worldwide utilities and other expenses were $81.8 million and increased 33.7% quarter-over-quarter, driven by variable costs that grew in line with volume, such as credit card fees, janitorial expenses and commissions paid to third-party ticket sellers.
Utility expenses also increased as we expanded operating hours while other costs within this category, such as property taxes and property and liability insurance remained predominantly fixed.
Finally, G&A for the quarter was $38.6 million and remained considerably lower than pre-pandemic levels as a result of the restructuring actions we pursued in the second quarter of 2020 and our ongoing efforts to minimize nonessential operating expenditures.
Collectively, our worldwide adjusted EBITDA for the third quarter was positive $44.3 million.
As Mark previously described, this result represents a significant milestone for our company as it was our first quarter of positive total company adjusted EBITDA since the onset of the pandemic and our second consecutive quarter of material adjusted EBITDA recovery.
Our net loss also materially improved in 3Q to $77.8 million, reducing by $64.7 million quarter-over-quarter.
We'd like to congratulate our studio partners on the success their films achieved in the quarter, and we like to commend our hard-working teams on their relentless execution and drive to deliver these results.
Capital expenditures during the quarter were $24.4 million, of which $13.6 million was associated with new-build projects that had been committed prior to the COVID-19 pandemic and $10.8 million was driven by investments and maintenance in our existing theaters.
Our consistent investment in proactively maintaining and enhancing our theaters over the years has enabled us to scale back capital expenditures in the near term without hindering our asset quality or guest satisfaction.
As such, we continue to anticipate spending a highly reduced level of capex in 2021 relative to pre-pandemic ranges, which we previously estimated at approximately $100 million.
However, due to varied supply chain constraints that have started impacting the delivery timing of certain equipment and supplies, we now anticipate capex may come in slightly below $100 million for the full year.
That said, we do not expect these delays will have any adverse impact on our daily operations.
In closing, we are thrilled with the positive momentum we continue to experience regarding the rebound of theatrical exhibition and our company's financial results, and we are optimistic about the robust release calendar that lies ahead in the fourth quarter and beyond as well as further improvements in consumer moviegoing enthusiasm as the pandemic subsides.
We are proud of the advancements our team has already made to set up Cinemark for success in a post-pandemic environment, and we look forward to the impact our strategic initiatives will continue to have on further enhancing the cinematic entertainment experience we provide our guests and delivering long-term shareholder value.

user
expect a continued ramp-up in box office performance over course of coming months.

assistant