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Q2 2019 Cineplex Inc Earnings Call on August 08, 2019 / 2

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Q2 2019 Cineplex Inc Earnings Call on August 08, 2019 / 2 THOMSON REUTERS STREETEVENTS EDITED TRANSCRIPT CGX.TO - Q2 2019 Cineplex Inc Earnings Call EVENT DATE/TIME: AUGUST 08, 2019 / 2:00PM GMT THOMSON REUTERS STREETEVENTS | www.streetevents.com | Contact Us ©2019 Thomson Reuters. All rights reserved. Republication or redistribution of Thomson Reuters content, including by framing or similar means, is prohibited without the prior written consent of Thomson Reuters. 'Thomson Reuters' and the Thomson Reuters logo are registered trademarks of Thomson Reuters and its affiliated companies. AUGUST 08, 2019 / 2:00PM, CGX.TO - Q2 2019 Cineplex Inc Earnings Call CORPORATE PARTICIPANTS Ellis Jacob Cineplex Inc. - President, CEO & Director Gord Nelson Cineplex Inc. - CFO Melissa Pressacco Cineplex Inc. - Senior Manager of Communications & IR CONFERENCE CALL PARTICIPANTS Adam Shine National Bank Financial, Inc., Research Division - MD, Head of Montreal Research & Research Analyst Derek J. Lessard TD Securities Equity Research - Research Analyst Drew McReynolds RBC Capital Markets, LLC, Research Division - Analyst Jeffrey Fan Scotiabank Global Banking and Markets, Research Division - Director of Telecommunication Services & Canadian & U.S. Telecom and Cable Equity Research Analyst PRESENTATION Operator Good day, and welcome to the Cineplex, Inc. Q2 2019 Analyst Call. Today's conference is being recorded. At this time, I would like to turn the conference over to Melissa Pressacco. Please go ahead. Melissa Pressacco - Cineplex Inc. - Senior Manager of Communications & IR Good morning. Before beginning the call, we would like to 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 the information currently available. Actual results could differ materially from those expressed in the forward-looking statements. Factors that could cause results to vary include among other things, adverse factors generally encountered in the film exhibition industry, risks associated with national and world events, discovery of undisclosed material liabilities and general economic condition. I will now turn the call over to our President and CEO, Ellis Jacob. Ellis Jacob - Cineplex Inc. - President, CEO & Director Thank you very much, Melissa. Good morning and welcome to Cineplex, Inc's 2019 Second Quarter Conference Call. We are pleased, you could join us this morning. I will begin by providing a top line overview of our second quarter results and a summary of our key accomplishments during the period, then we will look at some of the most anticipated movies to complete the year's film slate. At the conclusion of my remarks, our Chief Financial Officer, Gord Nelson will provide an overview of our financials. And then we will follow with the question-and-answer period. Reinforcing the importance and strength of our diversification strategy, I'm pleased to report a record second quarter for Cineplex, resulting in an all-time quarterly total revenue record and second quarter record adjusted EBITDA. In addition to reporting our second highest ever Q2 box office revenue, we also achieved second quarter records in all other revenue line. These positive results are a great example of how our diversification strategy is on track to deliver more meaningful contributions to our bottom line. New all-time quarterly records were also achieved for BPP of CAD11.13 and CPP of CAD7.04, offsetting the small decline in theater attendance. Our premium priced offerings accounted for over 50% of Cineplex's box office in the second quarter. As we continue to see our guest gravitate toward immersive movie going experiences, that cannot be replicated at home. Top performing films for the quarter included Avengers: Endgame, Aladdin, Pokemon Detective Pikachu, John Wick: Chapter 3 and Shazam! and although Endgame went on to become the highest-grossing film worldwide and the second highest in North America, the second quarter, finished with a number of movies that did not meet expectation. This combined with the Toronto Raptors' success in the NBA Finals, contributed to the marginal theater attendance decrease in the quarter. However, we were able to leverage excitement brand wise by hosting over 40,000 guests at sold viewing parties of the finals at 46 theatres coast to coast in addition 2 THOMSON REUTERS STREETEVENTS | www.streetevents.com | Contact Us ©2019 Thomson Reuters. All rights reserved. Republication or redistribution of Thomson Reuters content, including by framing or similar means, is prohibited without the prior written consent of Thomson Reuters. 'Thomson Reuters' and the Thomson Reuters logo are registered trademarks of Thomson Reuters and its affiliated companies. AUGUST 08, 2019 / 2:00PM, CGX.TO - Q2 2019 Cineplex Inc Earnings Call to driving business at The Rec Room. While Gord will go into greater details on the financials. It should be noted that the adoption of differ 16 in 2019 negatively impacted our net income by approximately CAD3.9 million in the current period and approximately CAD6.9 million or CAD0.11 per share as compared to Q2 2018. Now I would like to highlight some of our key accomplishments during the second quarter. Steelers. In addition to driving business at The Rec Room while Gord will go into greater details on the financials. It should be noted that the adoption of IFRS 16 in 2019 negatively impacted our net income by approximately CAD3.9 million in the current period and approximately CAD6.9 million or CAD0.11 per share as compared to Q2, 2018. Now, I would like to highlight some of our key accomplishments during the second quarter. During the quarter, we were pleased to open Cineplex Cinemas Park Royal and VIP in Vancouver, which features 11 auditoriums with recliner seating and UltraAVX auditorium, D-BOX Motion Seats and full VIP Cinema auditoriums. Then in June, we announced plans for a brand new all-in-one entertainment complex at Kildonan Place in Winnipeg, Manitoba. This new destination will include a 6 auditorium theater featuring all recliner seating, a large amusement game and attractions area and a range of dining options. Scheduled to open in 2021, the new complex will replace the existing Famous Players Kildonan Place Cinema. With entertainment at the heart of everything we do. This new space has been completely re-imagined with our guests in mind. Within theatre food service, our CPP reached the CAD7 mark for the first time ever. During the quarter, we expanded our alcohol service to an additional 12 theaters now totaling 66 locations within 3 provinces. We also added 9 locations to our Uber Eats offering, which means, you can now order our famous popcorn and other popular concession items right to your door from 101 theaters across our circuit. In addition to hosting the Raptors' viewing parties, Alternative Programming featured 2 live performances from The Metropolitan Opera and WWE's WrestleMania 35 as well as live broadcast of All About Eve from National Theatre Live and Noah from Sight and Sound Theatres. Cineplex's international film programming also featured several strong performing films in Punjabi and Hindi this quarter which we screened in select markets. Even though it's a small part of the total exhibition offering, international programing continues to grow. The Cineplex Store remains a strategic area of focus for us. During the second quarter. Active users of the Store increased by 86% and we recorded a 179% increase in device activations compared to the prior year period. As adoption of our online offerings continue to grow. We also saw an 800 basis point increase in online and mobile ticket purchases to 40% of total theatre admissions during the second quarter. Cineplex has a strong legacy of infusing innovation into everything we do to stay relevant and competitive. As such, this May, we were pleased to welcome Shawn Mandel to the senior leadership team as our new Chief Digital and Technology Officer. With proven experience in monetizing the value of data through analytics, Shawn will lead the company-wide digital product and IT strategies to drive innovation across the entire Cineplex ecosystem of businesses. He will also provide guidance and expertise to ensure our more than 70 million guests have an unparallel entertainment experience supported through the use of the latest in technologies. Moving to media. Our media business reported a record second quarter with a 21.5% increase in revenue as a result of growth in both cinema media, which was up 11.4% and digital place-based media up 41.3.%. Robust showtime and pre-show advertising sales resulted in record cinema media revenue for the second quarter with automotive continuing to lead as the top category. In addition, digital place-based media reported an all-time quarterly record as a result of increased project installation revenue as deployments continue through existing customers such as 7-Eleven, A&W and Citizens Bank. Cineplex digital media the key growth area for Cineplex, as we continue to pursue strategies, strategic opportunities with top brands across the globe and within expanded verticals as evidenced by our recent partnership with Mountain Equipment Co-op. Additionally, we have a number of client opportunities and progress and anticipate further announcements this year. Moving onto amusement gaming and leisure. During the quarter, we opened our 7th location of The Rec Room at Avalon Mall in St. John's Newfoundland and have been very pleased with its performance to date. The 7 locations reported second quarter revenue of CAD20.9 million, up 33.4% because of the additional locations. As a result of improved cost management, store level adjusted EBITDA margins increased by 800 basis points to 20.6% during the second quarter. Coming to downtown Vancouver in 2021. We also announced plans for our newest location of The Rec Room to open in the lively Granville Entertainment District. For residents, visitors and tourist, The Rec Room will become the city's new hotspot with incredible dining options, exciting live entertainment, over 100 amusement games and features attractions like bowling and virtual reality all in one location.
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