CA - Cineplex Inc. (CPXGF) Q1 2024 Earnings Call Transcript

2024-05-11 12:42:01 ET

Cineplex Inc. (CPXGF)

Q1 2024 Earnings Conference Call

May 9, 2024 10:00 ET

Company Participants

Mahsa Rejali - Investor Relations

Ellis Jacob - President and Chief Executive Officer

Gord Nelson - Chief Financial Officer

Conference Call Participants

Maher Yaghi - Scotiabank

Cheryl Zhang - TD Cowen

Drew McReynolds - RBC Capital Markets

Adam Shine - National Bank Financial

Presentation

Operator

Good morning. Thank you for attending today’s Cineplex Inc. First Quarter 2024 Earnings Call. My name is Jennifer and I will be your moderator today. [Operator Instructions] I would now like to pass the conference over to our host, Mahsa Rejali, VP of Corporate Development and Investor Relations. Mahsa, please proceed.

Mahsa Rejali

Good morning, everyone. I would like to welcome you to Cineplex’s first quarter 2024 earnings release conference call hosted by Ellis Jacob, President and Chief Executive Officer and Gord Nelson, Chief Financial Officer.

Before we begin, let me remind you that certain statements being made are forward-looking and subject to various risks and uncertainties. Such forward-looking statements are based on management’s beliefs and assumptions regarding information currently available. Actual results may differ materially from those expressed in the forward-looking statements. Information regarding factors that could cause results to vary, can be found in the company’s most recently filed Annual Information Form and Management’s Discussion and Analysis. Following today’s remarks, we will close the call with our customary question-and-answer period.

I will now turn the call over to Ellis Jacob.

Ellis Jacob

Good morning. Thank you, Mahsa and welcome to our Q1 2024 conference call. Today, Gord and I look forward to highlighting some of our key accomplishments this quarter. While the first quarter North American box office saw a decline of 5.2% versus 2023, Cineplex’s box office increased 1.4% to $125 million over the same period. Once again, we exceeded the domestic box office relative to Q1 2023 by a sizable 6.4% and outperformed our peers. We achieved record Q1 BPP of $12.74 and concession per patron of $8.95 surprising records we set in Q1 2023....

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