You can send it via Paypal.More features coming soon :). With this latest bump, we've now grown our dividend by 33% over a five-year period which demonstrates our board's and management's ongoing confidence in the strength of Cinemark, as well as the industry in which we operate. I would now like to turn the call over to Mark Zoradi. Mark, I just wanted to hear a little bit more on the deal you did with Cinionic. Our as-reported international concessions per patron was $2.12 which translated to a 5.9% increase in constant currency. And we've gone ground up by carrying down old auto store centers and putting a theater in the parking lot of a very vibrant mall, just needed a new retailer. Nothing has changed there. Expanding upon our commitment to the guest experience through theater technology, we recently announced a 10-year worldwide exclusive agreement with Cinionic to install Barco Laser Series 4 RGB laser projectors which will further elevate the moviegoing experience for our global audiences through improved light uniformity, larger color gamut, sharper focus and enhanced contrast ratios. We look forward to speaking to you all again with our first-quarter call. Wir und unsere Partner nutzen Cookies und ähnliche Technik, um Daten auf Ihrem Gerät zu speichern und/oder darauf zuzugreifen, für folgende Zwecke: um personalisierte Werbung und Inhalte zu zeigen, zur Messung von Anzeigen und Inhalten, um mehr über die Zielgruppe zu erfahren sowie für die Entwicklung von Produkten. We're pleased to report our fifth consecutive year of record revenues which grew approximately 2% in 2019 to reach $3.3 billion worldwide. I will primarily focus on full-year highlights and Sean will address our quarterly financials in his prepared remarks. PDF . To date, we have over 12 million addressable consumers on a global basis, with whom we have direct ongoing relationships and communication. This is Sean. 1 thing that the studios and our distribution partners want every week. Overall, total international revenues were $138.7 million, as reported with adjusted EBITDA of $16.5 million. Just to touch on the concept of spin-off. We've done it on the East Coast, West Coast, now central part of the country as well, so in about 96% of the country. Did Gangbusters in our XD. Our film rental rate hasn't kind of gone beyond the range of 200 basis points. It's not something we've seriously considered to date. I guess one question would be, why do an exclusive deal? Earnings History One, maintain our balance sheet strength to preserve flexibility and risk management. We left a small part of the country out just so that we could have a control group. Internationally, we operated 209 theaters and 1,487 screens in 15 countries across Latin America. Some because of the concession benefit, others because of the shareability and the rollover of it. Thank you very much. Ben Swinburne -- Morgan Stanley -- Analyst. I'd like to commend our global team for their ongoing focus and execution to deliver this truly remarkable trend. And just to put a little more color on that, we had nearly all of our theaters closed for two weeks and then a lingering effect throughout the month, and during that time, of course, we were paying salaries and rent and other things and effectively getting no income, so it did have a material effect on the quarter. Thank you, and have a good day. I mean, while the region itself is somewhat depressed at the moment, given some of the heightened levels of economic and political challenges and foreign currency and sort of just the macro global trade worries, we're still optimistic about the long-term prospects of Latin America. Shifting attention to our US footprint. Or did you introduce some new food concepts in the quarter? A couple, please. Our movie club subscription and movie fan loyalty programs have been paramount to this engagement initiative. Two, actively pursue strategic and financially accretive investments to grow and secure the long-term viability of Cinemark which I outlined during the strategic initiative discussions a moment ago. Cinemark remains committed to providing that exceptional moviegoing experience while planning and operating our company in the most prudent, financially stable manner. We're very fortunate in that we have a very good group of Xeon bulb projectors right now, 4K digital, and we are going to methodically be able to roll out these lasers over a 10-year period and in process as we put in new lasers and take out the Xeons, we have an opportunity to take those projectors and use them for parts as we go forward to extend the life of our existing Xeon bulb projectors. That's coming off the heels of last year's sizable 7% growth. And then, also, we pointed out that there are some ongoing things like the effect of VPFs declining and the accounting rules that we talked about, so there are some ongoing issues. In accordance with the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, certain matters that are discussed by members of management during this call may constitute forward-looking statements. Usually, the theaters that are coming off their lease and we're not renewing are un-reclined. Or was this mainly kind of a Chile or Brazil issue? And at this time, the board felt comfortable with an additional increase in dividend. Now, that DCIP is kind of coming to the end of its run, the excess cash that's been built up is going to be fully distributed. The way DCIP, obviously, was set up, that was set up as a third-party entity. So, the impact of currency exchange is predominantly translation-based and not transaction-oriented. There's always discussion about a stock repurchase, but we try not to to make knee-jerk reactions to that, even if the stock is trading at its lower end. I would like to thank you all for joining us this morning. Damit Verizon Media und unsere Partner Ihre personenbezogenen Daten verarbeiten können, wählen Sie bitte 'Ich stimme zu.' You've outlined earlier the use of capital for in equal parts for a newbuild maintenance and cash flow generating initiatives. Cinemark Holdings (CNK) Expected to Beat Earnings Estimates: Can the Stock Move Higher? Is part of the reason the company decided on not to be more aggressive, would say, a buyback because you think maybe if it is a weaker or tougher year at the box office this year, as many have expected, but there might be some acquisition opportunities that pop up in the US? And when we see an opportunity, we have the unique ability right now to move very quickly and aggressively and get the theater built. movie club continues to deliver strong, consistent results. On a full-year basis, our effective tax rate was 29.2%, and we continue to expect our annual global rate will be somewhere in the mid to high 20% range, excluding any future discrete tax items or revisions to global tax laws. There's been a few comments, but in the scheme of are they significant in terms of numbers? Mark will take the second. I mean, they're -- the No. We've increased the price from 8.99 to 9.99. When investing geniuses David and Tom Gardner have a stock tip, it can pay to listen. You can find the transcript and webcast of today's call on investors.trip.com. Your next question comes from the line of David Miller with Imperial Capital. Looking ahead, we will continue to target strategic and accretive newbuilds and acquisitions that meet the stringent investment approach that Mark previously described. Last year, fourth quarter, and really, the second half was driven heavily by a strong crop of mid-tier titles. Are there any markets outside of Latin America that have caught your eye as potential places to enter? So, we're doing a couple of things, one, we're trying to protect the markets that we're in protect our flanks. Or are there other things that are really driving those decisions? Your next question comes from the line of Robert Fishman with MoffettNathanson. We appreciate you joining us to discuss our 2019 fourth-quarter and full-year results. We believe that these investments, coupled with a sustained pipeline of strong film content, should provide optimism about the long-term outlook for both Cinemark and the broader exhibition in general. PDF . And as Mark touched on virtual print fees winding down, we derived about $10 million of margin from that in 2019 that we think that's going to drop to close to 3 million -- excuse me, 10 million in '19 and 3 million in 2020, so that also is going to be just a future impact on margin rates which is part of what gets to the few forward-looking figure that Mark described. I would say the bulk of those would affect our gross margin. Much like the varied enhancements we've made to our loyalty program, similar recent advancements in our mobile app development, website upgrade, strategic partnerships and digital marketing capabilities have only further boosted guest engagement and online ticket sales. Foreign currency pressures remained heightened during the fourth quarter, delivering an approximate 11% translation headwind which led to an approximate 18% unfavorable impact for the full year. However, it does create a slight nonoperational drag on our adjusted EBITDA and operating cash flow metrics. It was up relative to Q4 '17 when the last Star Wars film came out which I think did better than The Last Jedi? In terms of the appetite for newbuilds, I was wondering if you could talk about the circumstances in which you'd want to undertake those? Further information about this topic is available in our 10-K. Our elevated fourth-quarter effective tax rate was impacted by two noncash items that had distorting effects on our international tax accounting. I would say the -- really, the bulk of the growth over the last few years has been driven by a couple of projects that I would say, we're a bit more one-off projects, and required a couple of write-offs. This perspective affords me a long-term view over the course of in-home technology evolution. But I'm curious if there's any desire at the board level to be slightly less conservative and consider a share repurchase program, given where your stock is trading? So, to the extent that we can find those, we can do that simultaneously with building new theaters. Based on the current pipeline of opportunities in 2020, we anticipate reclining an additional 200 auditoriums which will further extend recliners to approximately 65% of our domestic footprint and continue to secure Cinemark's leadership position with the highest penetration of recliners among the major players. So, it really is the best of both worlds for us, and we made a commitment to Barco because we just felt like it was the best technology and the best overall financial deal for Cinemark. Jim, I think I'll take that. And so, as you know, the hot films, the larger they do, they creep up on the scale of film rental, so that was the big factor year over year from that vantage point, and that also kind of played into a comparison against 2017. For us, that has been about 5 to $6 million a year. Hi guys. That's really difficult to say. I think it's all been a few months, but have you seen any impact from NCM's new ad format in terms of how your attendees are sort of reacting to it? Second, impairments have increased the past couple of years? While there will be capital expenditures associated with this laser technology, we had factored that into our previous commentary regarding our expectations for capex going forward. Jim, we're always looking. Along these same lines, we continue to see positive engagement trends through the improvements we've made to our free domestic movie fan loyalty program and various international programs throughout Latin America. With that, I am pleased to announce our fifth consecutive increase to our dividend, with a 6% increase or $0.08 to $1.44 per annum. If you look over the course of the last five years or so, our film rental rate really closer to almost 10 years. There's a whole slew of cost deflation actions we're pursuing in varied other margin initiatives. Mark, if I could just have one quick follow-up. Meghan Durkin -- Credit Suisse -- Analyst. Should You Buy Cinemark Holdings (CNK) Ahead of Earnings? In fact, we've seen an uptick of 65% in reward redemptions since launching movie fan with membership growth in excess of 10% since the end of the third quarter. Cinemark Holdings Q2 2020 Earnings Preview, Cinemark's (CNK) CEO Mark Zoradi on Q1 2020 Results - Earnings Call Transcript, Cinemark up despite virus-hit first quarter, Cinemark Holdings (CNK) Earnings Expected to Grow: What to Know Ahead of Next Week's Release, Cinemark to Host Second Quarter 2019 Earnings Conference Call, Edited Transcript of CNK earnings conference call or presentation 7-May-19 12:30pm GMT, Cinemark Holdings (CNK) Q1 2019 Earnings Call Transcript, Cinemark Holdings, Inc. Reports Global Revenues of $715 Million for the First Quarter of 2019, Cinemark Holdings Q1 2019 Earnings Preview, Cinemark Holdings, Inc. Reports Results for the Second Quarter Of 2020, Edited Transcript of CNK.N earnings conference call or presentation 3-Jun-20 12:30pm GMT, Cinemark to Host Second Quarter 2020 Earnings Conference Call, Cinemark Holdings, Inc. to Host Earnings Call.
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