Cineplex (CGX) Q4 2024 earnings summary

Executive summary

• Q4 2024 delivered record box office and concession per patron (BPP $13.26, CPP $9.41), with premium formats and international content driving growth.

• Attendance increased 60.1% in Q4, boosting total revenue 15.1% to $362.7 million and adjusted EBITDAaL 66.6% to $40.3 million.

• Media revenues surged, with digital place-based media up 70.2% in Q4 and 44.3% year-over-year, supported by expansion into over 90 shopping destinations.

• Opened three new Location-Based Entertainment venues and one new theatre in Q4, supporting diversification and future growth.

• Loyalty and subscription programs expanded, with Scene+ surpassing 15 million members and CineClub exceeding 180,000 members.

Financial highlights

• Q4 box office revenue rose 19.3% to $147.7M; food service revenue up 17.7% to $104.9M; media revenue up 25.7% to $33.6M.

• Q4 adjusted EBITDAaL margin improved to 11.1% from 7.7% year-over-year; net income from continuing operations was $3.3 million.

• Full-year 2024 revenue was $1.33B; adjusted EBITDAaL $93M (7.0% margin); net loss from continuing operations $106M due to a Competition Tribunal penalty.

• Q4 box office per patron (BPP) reached a record $13.26; concession per patron (CPP) also hit a record $9.41.

• Full-year adjusted free cash flow was negative $7.2 million, down from $83.7 million in 2023.

Outlook and guidance

• 2025 film slate expected to be much stronger, with major releases each quarter and no significant delays anticipated.

• Path to exceed pre-pandemic profitability with EBITDAaL potentially reaching or surpassing 2019 levels on 75–80% of 2019 attendance.

• Free cash flow expected to exceed $100M, with FCF yields between 13.2% and 19.7%.

• Net CapEx for 2025 guided at $60–65 million, including carryover from late 2024 openings.

• Minimum wage increases expected to be around 4% aggregate in 2025.