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LEAWOOD, Kan. , April 26, 2024–(BUSINESS WIRE)–AMC Entertainment Holdings, Inc. (NYSE: AMC) (the “Company” or “AMC”) today reported its initial effects for the first quarter ended in March. March 31, 2024. Preliminary effects are unaudited, subject to the final touch of the Company’s monetary reporting processes, are based on data known as of the date of this press release and do not constitute a total of our monetary effects for the quarter ended. March 31 to January 31, 2024. The GAC plans to:
Total revenue for the three-month period ended March 31, 2024, was approximately $951. 4 million, compared to $954. 4 million for the three-month period ended March 31, 2023.
Net loss for the 3 months ended March 31, 2024 of $(163. 5) million, to a net loss of $(235. 5) million for the 3 months ended March 31, 2023.
Diluted loss consistent with a percentage consistent for the 3 months ended March 31, 2024 of $(0. 62) to a diluted loss consistent with a consistent percentage of $(1. 71) for the 3 months ended March 31, 20231.
Adjusted EBITDA was $(31. 6) million for the 3 months ended March 31, 2024, compared to Adjusted EBITDA of $7. 1 million for the 3 months ended March 31, 2023. Quarterly effects for the prior year ended March 31, 2023 included an amount disclosed above. Adjusted EBITDA gains advantages of $16. 7 million, similar to the early termination of a theater lease.
Cash and cash equivalents as of March 31, 2024 amounted to $624. 2 million.
1 Based on 263. 4 million notable weighted average shares as of March 31, 2024 and 137. 4 million notable weighted average shares as of March 31, 2023.
Adjusted EBITDA is a non-GAAP monetary measure and tables are included in this press release that reconcile this non-GAAP monetary measure with their respective closest GAAP monetary measures.
In March 2024, AMC introduced a market equity program (“ATM”) to sell its Class A common stock for an aggregate offering value of up to $250. 0 million. As of April 25, 2024, AMC had sold approximately 12. 8 million Class A shares. shares not unusual and raised gross proceeds of $41. 8 million, before commissions and fees, all earned after March 31, 2024.
Adam Aron, President and CEO of AMC Entertainment, commented, “Unsurprisingly, the first-quarter box office was negatively impacted by the moves of Hollywood writers and actors in 2023. However, AMC outperformed. AMC beat consensus estimates for revenue and adjusted EBITDA. , net source of revenue and diluted EPS. While we expect second-quarter box office sales to continue to be impacted by Hollywood’s moves in 2023, we are excited about the upcoming film lineup and look forward to a strong box office as the year progresses. “
AMC will take full effect for the first quarter ended March 31, 2024, after the market closes on Wednesday, May 8, 2024.
The Company will host a webcast of the effects which can be accessed through the Investor Relations segment of GAC’s online page in invest. amctheatres. com/. During the webcast, the company will be required to answer questions from AMC Investor Connect members and Equity Research Analysts. GAC investors can visit www. amctheatres. com/stockholders to register as an AMC Investor Connect member and submit their questions in writing. The link to submit questions will be available from April 30, 2024 to May 7. , 2024.
Investors and interested parties stop at the online page (investor. amctheatres. com/) at least 15 minutes prior to the effects webcast to log in and/or download and install any mandatory audio software.
Date: Wednesday, May 8, 2024
Time: 4:00 p. m. CDT / 5:00 p. m. EDT
An archive of the webcast will be available on the Company’s website following the webcast for a limited time.
Information about the initial results.
The initial monetary estimates contained in this press release reflect management’s estimates based solely on data available as of the date of this press release and do not constitute a total of our monetary effects for the quarter ended March 31, 2024. The monetary effects described above are forward-looking. The initial monetary estimates presented above are subject to change, and our actual monetary effects would possibly differ from those initial estimates and such differences may also be material. Therefore, you deserve not to place undue reliance on those initial estimates.
About AMC Entertainment Holdings, Inc.
AMC is the largest film exhibition company in the United States, the largest in Europe, and the largest in the world, with approximately 900 theaters and 10,000 screens worldwide. AMC has driven innovation in the exhibition industry through: the deployment of its Signature power reclining seats; supply increased food and beverage options; drive greater visitor engagement through its loyalty and subscription programs, website, and mobile apps; providing premium large-format reporting and delivering a wide variety of content, adding the latest Hollywood releases and independent programming. Also, in 2023, AMC introduced AMC Theatres Distribution with the successful releases of TAYLOR SWIFT | THE ERAS TOUR and RENAISSANCE: A BEYONCÉ MOVIE. AMC Theatres Distribution plans to release more concert films featuring the world’s biggest musical artists in the coming years. For more information, www. amctheatres. com.
Forward-Looking Statements
This communication includes “forward-looking advertising messages” within the meaning of the federal securities laws, adding the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. In many cases, such forward-looking advertising messages may become known through the use of words such as “will”, “possibly”, “may also”, “could”, “should”, “believe”, “expect”, “anticipate”, “estimate”, “intend”, “indicates”, “projects”. “, “goals”, “objectives”, “targets”, “predicts”, “plans”, “seeks” and diversifications of those words and similar expressions. Examples of forward-looking announcements are those we make regarding our expected earnings, net losses, capital expenditures, adjusted EBITDA and estimated money and money equivalents, as well as box office customers for the second, third and fourth quarters. Any forecast refers only to the date on which it is made. These forward-looking announcements could include, among other things, announcements relating to AMC’s existing expectations regarding the functionality of its business, monetary effects, liquidity and capital resources, and the impact on its business and monetary condition. as well as the measures taken in response. to the COVID-19 virus, and are based on data available at the time the announcements are made and/or management’s wisdom at that time regarding long-term events, and are subject to hazards, trends, insecurities and other facts. . which may also cause actual functionality or effects to differ materially from those expressed or implied through the forward-looking advertisements. These dangers, trends, uncertainties and facts come with, but are not limited to: the adequacy of AMC’s existing money and its money equivalents and available borrowing capacity; have financing on favorable terms or at all; AMC’s ability to offload additional liquidity, which if unlearned or inadequate to generate the significant amounts of additional liquidity that will be needed unless it is able to achieve profit levels under more standardized operating conditions, would most likely result in a claim reimbursement on court or outdoors AMC. -a judicial restructuring of its liabilities; the effect of the COVID-19 virus on AMC, the motion picture exhibition industry and the broader economy; increased use of casting strategies to distribute motion shots or other entertainment bureaucracy; the continued recovery of the North American and foreign box office; AMC’s significant indebtedness, including its borrowing capacity and ability to meet its monetary maintenance obligations and other covenants, and limitations on AMC’s ability to take advantage of certain business opportunities imposed through such covenants; cutting windows for exclusive theatrical releases; seasonality of AMC’s earnings and current capital; intense festival in the geographical spaces in which AMC operates; perils related to impairment losses, aggregated with respect to smartwill and other intangible assets, as well as final theater and other prices; production and motion shot functionality (adding due to production delays in film releases caused by paint stoppages, adding, among others, the Writers Guild of America and Screen Actors Guild-American Federation of Television strike and Radio Artists that took position during 2023); general and external economic, political, regulatory and other dangers, including, among others, increases in interest rates; AMC’s lack of control over film distributors; limitations on the availability of capital, adding the permitted number of shares of non-unusual stock; dilution of voting power through the issuance of preferred shares; AMC’s ability to achieve the expected synergies, benefits and functionality of its strategic initiatives; AMC’s ability to refinance its debt on favorable terms; AMC’s ability to optimize its movie circuit; AMC’s ability to recognize unamortized interest deductions, unamortized net operating losses and other tax attributes to reduce long-term taxes payable; supply chain disruptions, hard labor shortages, higher prices and inflation; and other points discussed in reports AMC has filed with the SEC. If one or more such hazards, trends, uncertainties or events materialize, or if underlying assumptions prove incorrect, actual effects may also differ materially from those indicated or expected by the forward-looking statements contained herein. Accordingly, we caution you not to rely on any forward-looking statements, which speak only as of the date on which they are made.
Forward-looking statements should not be construed as promises of functionality or long-term effects and are not necessarily precise indications of when such functionality or effects will be achieved. For a detailed discussion of the risks, trends and uncertainties facing AMC, please refer to the segment entitled “Risk Factors” and elsewhere in our recent Annual Maximum Report on Form 10-K and Quarterly Report on Form 10-Q, as well as in our other filings with the SEC, copies of which may be received by visiting our online investor relations page. at Investor. amctheatres. com or on the SEC’s online page in www. sec. gov.
GAC does not intend or assume any obligation to update the data contained herein to reflect long-term occasions or circumstances, as required by applicable law.
Non-GAAP Reconciliations
The following table shows a reconciliation of the Company’s loss, the closest GAAP measure, to Adjusted EBITDA:
Adjusted EBITDA Reconciliation
Quarter ended
(Preliminary estimates)
(Unaudited, in millions)
March 31, 2024
March 31, 2023
Net loss
$
(163,5
)
$
(235,5
)
More:
Income Tax Relief
1. 8
1. 9
Interest expense
101. 2
101. 1
Depreciation and amortization
81,6
93,6
Certain Operating Expenses (1)
0,5
1. 1
Participation in the effects of unconsolidated entities
(3,7
)
(1,4
)
Cash distributions from unconsolidated entities (2)
1. 3
—
Attributable EBITDA (3)
0,6
0,5
Source of Investment Income (4)
(5. 1
)
(13,5
)
Other (income) (5)
(38,8
)
42,8
Other rentals get advantages in type (6)
(11,7
)
(9,6
)
Unallocated and administrative expenses:
M&A, Acquisition & Transaction Costs (7)
(0,1
)
0,2
Action-Based Reimbursement Expense (8)
4. 3
25,9
Adjusted EBITDA
$
(31,6
)
$
7. 1
1)
The amounts constitute pre-opening expenses similar to closed screens under renovation, cinema and other closing expenses for the definitive closure of the screens, adding the similar accrual of interest, disposal of assets and other non-operating gains or losses included in operating expenses. We have excluded those pieces because they are not monetary or operational in nature.
2)
It includes non-theatrical distributions in EE. UU. de investments accounted for under the equity method and non-theatrical foreign distributions of investments accounted for under the equity method to the extent received. We believe that the inclusion of cash distributions adequately reflects the contribution of those investments to our business.
3)
Attributable EBITDA includes EBITDA from equity investments in cinema exhibitors in certain foreign markets. Please see below for a reconciliation of our equity in the form of non-consolidated entities with attributable EBITDA. Because those equity investments are made in movie theaters in regions where we have significant market share, our attributable EBITDA is more representative of the functionality of those equity investments and control uses this measure to monitor and compare those equity investments. We also supply facilities to those cinema operators, adding data generation systems, secure on-screen advertising installations. and our ticket program with package and gift card pricing.
Quarter ended
(Preliminary estimates)
(Unaudited, in millions)
March 31, 2024
March 31, 2023
(Profits) of shareholders of unconsolidated entities
$
(3,7
)
$
(1,4
)
Less:
Fairness (earnings) for shareholders of unconsolidated entities foreign theatre joint ventures
(3,5
)
(1. 1
)
Profit Sharing in Theatrical Joint Ventures
0,2
0,3
Tax benefit
—
(0,1
)
Capital Expenditures
0,1
0,1
Depreciation and amortization
0,3
0,2
Attributable EBITDA
$
0,6
$
0,5
4)
Offering expenses (source of revenue) for the 3 months ended March 31, 2024 are primarily attributable to the impairment of the estimated fair price of our investment in the non-unusual shares of Hycroft Mining Holding Corporation of $0. 5 million and the impairment of the estimated price of our investment in warrants to acquire regular shares of Hycroft Mining Holding Corporation of $0. 5 million and source of interest income of $6. 1 million million dollars.
5)
Other expenses (income) for the 3 months ended March 31, 2024 included a dispute settlement of $(36. 2) million, foreign exchange transaction losses of $3. 2 million, and debt cancellation gains of $(5. 8) million.
6)
Reflects the amortization of safe intangible assets reclassified from amortization to lease expense as a result of the adoption of ASC 842, Leases and Deferred Lease Benefit Related to Right-of-Use Depreciation of Operating Assets.
7)
M&A and other pricing is excluded as non-operational in nature.
8)
Non-monetary expenditure included under administrative headings: other.
Category: Company Press Release
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Contacts
INVESTOR RELATIONS:John Merriwether, 866-248-3872InvestorRelations@amctheatres. com MEDIA CONTACTS:Ryan Noonan, (913) 213-2183rnoonan@amctheatres. com