[AMC Entertainment Holdings, Inc. First Quarter 2025 Results](index=1&type=section&id=AMC%20Entertainment%20Holdings%2C%20Inc.%20First%20Quarter%202025%20Results) [First Quarter 2025 Performance Overview](index=1&type=section&id=First%20Quarter%202025%20Performance%20Overview) AMC reported a decrease in total revenues to $862.5 million and an increased net loss of $(202.1) million for Q1 2025, compared to the prior year, with the CEO characterizing the weak industry-wide box office as a temporary anomaly given a significant rebound in April and May and a strong upcoming film slate. Q1 2025 Financial Highlights vs. Q1 2024 | Metric | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | Total Revenues | $862.5 million | $951.4 million | | Net Loss | $(202.1) million | $(163.5) million | | Adjusted EBITDA | $(58.0) million | $(21.2) million | | Net Cash Used in Operating Activities | $370.0 million | $188.3 million | | Cash and Cash Equivalents (at quarter end) | $378.7 million | N/A | - CEO Adam Aron stated that the weak Q1 2025 industry box office was an anomaly, with demand **doubling year-over-year** in April and early May 2025[2](index=2&type=chunk) - The company is optimistic about the rest of 2025 and 2026, citing a strong slate of upcoming blockbusters including new installments in the 'MISSION: IMPOSSIBLE', 'JURASSIC WORLD', and 'AVATAR' franchises[2](index=2&type=chunk) - Strategic initiatives under the 'AMC Go Plan' are progressing, including investments in comfortable seating, expansion of 'XL at AMC' screens, and adding more IMAX, Dolby, 4DX, and ScreenX auditoriums[4](index=4&type=chunk) [Key Financial and Operating Metrics](index=4&type=section&id=Key%20Financial%20and%20Operating%20Metrics) In Q1 2025, AMC's total revenues fell by **9.3%** to **$862.5 million**, and the net loss widened to **$(202.1) million** from **$(163.5) million** in Q1 2024, though diluted loss per share improved to **$(0.47)** from **$(0.62)**, while total attendance declined by **10.1%** to **41.9 million**. Q1 2025 Key Financial Results (in millions, except per share data) | GAAP Results | Q1 2025 | Q1 2024 | Change | | :--- | :--- | :--- | :--- | | Total revenues | $862.5 | $951.4 | (9.3)% | | Net loss | $(202.1) | $(163.5) | $(38.6) | | Diluted loss per share | $(0.47) | $(0.62) | $0.15 | | **Non-GAAP Results** | | | | | Adjusted EBITDA | $(58.0) | $(21.2) | $(36.8) | | Adjusted diluted loss per share | $(0.58) | $(0.78) | $0.20 | Q1 2025 Operating Metrics | Operating Metrics | Q1 2025 | Q1 2024 | Change | | :--- | :--- | :--- | :--- | | Attendance (in thousands) | 41,903 | 46,631 | (10.1)% | | U.S. markets attendance (in thousands) | 26,907 | 30,490 | (11.8)% | | International markets attendance (in thousands) | 14,996 | 16,141 | (7.1)% | | Average screens | 9,430 | 9,703 | (2.8)% | [Cash, Balance Sheet, and Capital Markets Activity](index=4&type=section&id=Cash%2C%20Balance%20Sheet%2C%20and%20Capital%20Markets%20Activity) As of March 31, 2025, AMC held **$378.7 million** in cash and cash equivalents, having raised **$171.7 million** in gross proceeds through at-the-market stock offerings and forward sale agreements, and repurchased **$1.3 million** of its **5.75%** Senior Subordinated Notes due 2025. - Cash and cash equivalents stood at **$378.7 million** at the end of Q1 2025, excluding **$49.0 million** in restricted cash[6](index=6&type=chunk) - The company generated **$171.7 million** in gross proceeds from the sale of **17.1 million shares** in at-the-market offerings and forward sale agreements for **30.0 million shares**[7](index=7&type=chunk) - Repurchased **$1.3 million** aggregate principal amount of **5.75%** Senior Subordinated Notes due 2025[7](index=7&type=chunk) [Financial Statements](index=8&type=section&id=Financial%20Statements) The consolidated financial statements for Q1 2025 detail a year-over-year decline in revenues across admissions and food and beverage, leading to an increased operating loss of **$(145.9) million**, a reduction in cash and total assets compared to year-end 2024, and a significant increase in cash used in operating activities, while the company reduced its total number of operated theatres and screens. [Consolidated Statements of Operations](index=8&type=section&id=Consolidated%20Statements%20of%20Operations) For Q1 2025, total revenues were **$862.5 million**, down from **$951.4 million** in Q1 2024, driven by lower admissions and food and beverage sales, resulting in an increased operating loss of **$(145.9) million** and a widened net loss of **$(202.1) million** year-over-year. Q1 2025 Statement of Operations (in millions) | Item | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | **Revenues** | | | | Admissions | $473.5 | $530.5 | | Food and beverage | $283.4 | $321.2 | | **Total revenues** | **$862.5** | **$951.4** | | Operating loss | $(145.9) | $(108.4) | | Net loss | $(202.1) | $(163.5) | | Diluted loss per share | $(0.47) | $(0.62) | [Consolidated Balance Sheet Data](index=9&type=section&id=Consolidated%20Balance%20Sheet%20Data) As of March 31, 2025, AMC's cash and cash equivalents decreased to **$378.7 million** from **$632.3 million** at the end of 2024, while total corporate borrowings saw a slight reduction to **$4,038.2 million**, and the total stockholders' deficit improved slightly to **$(1,737.8) million**. Balance Sheet Data (in millions) | Item | March 31, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Cash and cash equivalents | $378.7 | $632.3 | | Corporate borrowings | $4,038.2 | $4,075.1 | | Total stockholders' deficit | $(1,737.8) | $(1,760.5) | | Total assets | $8,053.0 | $8,247.5 | [Consolidated Other Data](index=9&type=section&id=Consolidated%20Other%20Data) In Q1 2025, net cash used in operating activities significantly increased to **$370.0 million** compared to **$188.3 million** in Q1 2024, with capital expenditures slightly lower at **$47.0 million**, and the company operating **865 theatres** and **9,725 screens** at quarter-end. Q1 2025 Other Data (in millions) | Item | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | Net cash used in operating activities | $(370.0) | $(188.3) | | Free cash flow | $(417.0) | $(238.8) | | Capital expenditures | $(47.0) | $(50.5) | | Number of theatres operated | 865 | 895 | | Number of screens operated | 9,725 | 10,005 | [Segment Other Data](index=10&type=section&id=Segment%20Other%20Data) In Q1 2025, attendance fell in both U.S. (down **11.8%**) and International (down **7.1%**) markets, with the average ticket price increasing slightly in the U.S. to **$12.31** but decreasing internationally to **$9.50**, while the consolidated contribution margin per patron increased to **$14.33** from **$13.92**. Q1 2025 Per Patron Metrics by Segment | Metric | U.S. Markets | International Markets | Consolidated | | :--- | :--- | :--- | :--- | | Attendance (thousands) | 26,907 | 14,996 | 41,903 | | Average ticket price | $12.31 | $9.50 | $11.30 | | F&B revenues per patron | $8.07 | $4.41 | $6.76 | | Contribution margin per patron | $15.79 | $11.72 | $14.33 | [Reconciliation of Non-GAAP Financial Measures](index=11&type=section&id=Reconciliation%20of%20Non-GAAP%20Financial%20Measures) This section provides detailed reconciliations for non-GAAP metrics, showing consolidated Adjusted EBITDA at **$(58.0) million** for Q1 2025, a decline from **$(21.2) million** in the prior year, negative Free Cash Flow of **$(417.0) million**, and an Adjusted Net Loss of **$(250.0) million**, though Adjusted Diluted Loss Per Share improved to **$(0.58)**. [Segment Information (Revenues and Adjusted EBITDA)](index=11&type=section&id=Segment%20Information%20(Revenues%20and%20Adjusted%20EBITDA)) In Q1 2025, U.S. markets generated **$617.0 million** in revenue with an Adjusted EBITDA loss of **$(57.4) million**, while International markets contributed **$245.5 million** in revenue with a smaller Adjusted EBITDA loss of **$(0.6) million**, significantly worsening the U.S. market's Adjusted EBITDA loss compared to Q1 2024. Q1 2025 Segment Results (in millions) | Metric | U.S. Markets | International Markets | Consolidated | | :--- | :--- | :--- | :--- | | **Revenues** | | | | | Q1 2025 | $617.0 | $245.5 | $862.5 | | Q1 2024 | $689.1 | $262.3 | $951.4 | | **Adjusted EBITDA** | | | | | Q1 2025 | $(57.4) | $(0.6) | $(58.0) | | Q1 2024 | $(20.2) | $(1.0) | $(21.2) | [Reconciliation of Adjusted EBITDA](index=11&type=section&id=Reconciliation%20of%20Adjusted%20EBITDA) Adjusted EBITDA for Q1 2025 was **$(58.0) million**, reconciled from a net loss of **$(202.1) million** by adding back interest expense (**$119.1 million**) and depreciation and amortization (**$76.1 million**), and subtracting other income of **$(58.1) million** primarily related to fair value changes in derivatives. Q1 2025 Adjusted EBITDA Reconciliation (in millions) | Item | Amount | | :--- | :--- | | Net loss | $(202.1) | | Plus: Income tax provision | $1.6 | | Plus: Interest expense | $119.1 | | Plus: Depreciation and amortization | $76.1 | | Less: Other income | $(58.1) | | Other adjustments | $8.5 | | **Adjusted EBITDA** | **$(58.0)** | [Reconciliation of Free Cash Flow](index=13&type=section&id=Reconciliation%20of%20Free%20Cash%20Flow) Free cash flow for Q1 2025 was a negative **$(417.0) million**, a larger outflow than the negative **$(238.8) million** in Q1 2024, calculated by starting with net cash used in operating activities of **$(370.0) million** and subtracting total capital expenditures of **$(47.0) million**. Q1 2025 Free Cash Flow Reconciliation (in millions) | Item | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | Net cash used in operating activities | $(370.0) | $(188.3) | | Plus: total capital expenditures | $(47.0) | $(50.5) | | **Free cash flow** | **$(417.0)** | **$(238.8)** | [Reconciliation of GAAP Gross Profit and Contribution Margin](index=15&type=section&id=Reconciliation%20of%20GAAP%20Gross%20Profit%20and%20Contribution%20Margin) The company uses contribution margin to measure profitability before fixed costs, with the consolidated contribution margin at **$600.5 million** in Q1 2025, down from **$649.1 million** in the prior year, though the per-patron contribution margin improved to **$14.33** from **$13.92**. Q1 2025 Contribution Margin Reconciliation (Consolidated, in millions) | Item | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | GAAP gross profit (loss) | $(78.9) | $(43.3) | | Add back: Operating expense | $393.2 | $393.8 | | Add back: Rent | $218.1 | $224.5 | | Add back: Depreciation & amortization | $68.1 | $74.1 | | **Contribution margin** | **$600.5** | **$649.1** | - Consolidated contribution margin per patron increased to **$14.33** in Q1 2025 from **$13.92** in Q1 2024[29](index=29&type=chunk) [Reconciliation of Adjusted Net Loss and Adjusted Diluted Loss Per Share](index=17&type=section&id=Reconciliation%20of%20Adjusted%20Net%20Loss%20and%20Adjusted%20Diluted%20Loss%20Per%20Share) Adjusted Net Loss for Q1 2025 was **$(250.0) million**, compared to **$(204.5) million** in Q1 2024, primarily due to excluding a **$45.1 million** non-cash gain on a derivative liability, while Adjusted Diluted Loss Per Share improved to **$(0.58)** from **$(0.78)** year-over-year. Q1 2025 Adjusted Net Loss Reconciliation (in millions) | Item | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | Net loss | $(202.1) | $(163.5) | | Marked-to-market gain on derivative liability | $(45.1) | — | | Other adjustments | $(2.8) | $(41.0) | | **Adjusted net loss** | **$(250.0)** | **$(204.5)** | | **Adjusted diluted loss per share** | **$(0.58)** | **$(0.78)** | [Company Information and Forward-Looking Statements](index=5&type=section&id=Company%20Information%20and%20Forward-Looking%20Statements) AMC identifies itself as the world's largest movie exhibition company, with approximately **870 theatres** and **9,700 screens**, directing investors to its website for material information and including a standard forward-looking statements disclaimer regarding various risks. - AMC is the largest movie exhibition company globally, with approximately **870 theatres** and **9,700 screens**[9](index=9&type=chunk) - The company uses its investor relations website to disclose material, non-public information in compliance with Regulation FD[10](index=10&type=chunk) - Forward-looking statements are subject to significant risks and uncertainties, including the continued recovery of the box office, AMC's significant indebtedness, and competition from alternative film delivery methods[11](index=11&type=chunk)[12](index=12&type=chunk)[13](index=13&type=chunk)

Core Viewpoint - President Trump's threats of tariffs on foreign-produced movies could significantly impact the American movie industry, which he claims is "dying" due to incentives offered by other countries to filmmakers [2][4]. Industry Impact - Trump's comments have created uncertainty in the movie industry, particularly for major companies like Walt Disney Co, which generates billions at the box office annually [1][4]. - The movie sector's performance may contradict Trump's claims, as the box office is projected to increase by 15.8% year-over-year in 2025, potentially benefiting companies like AMC Entertainment and Cinemark Holdings [3]. - Tariffs could slow down the movie theater sector and affect stock prices of major studios such as Disney, Paramount Global, and Warner Bros. Discovery, as well as streaming services like Netflix, which produces many series outside the U.S. [4][5]. Tariff Details - Trump has authorized the Department of Commerce to begin the process of instituting a 100% tariff on movies produced in foreign lands, labeling it a "national security threat" [2][6]. - The vagueness of Trump's comments raises questions about how tariffs would apply to films with foreign filming locations but American production credits [7][9]. Examples and Concerns - The upcoming Paramount film "Mission: Impossible – The Final Reckoning," filmed primarily in the U.K., may serve as an early example of how tariffs could affect the industry [7][8]. - Industry veterans express concerns that such tariffs could harm the sector significantly, with some suggesting that it could lead to the collapse of independent distributors [10][11]. State Incentives - In contrast to Trump's tariff threats, California Governor Gavin Newsom is advocating for $750 million in annual incentives for content filmed in the state, aiming to support the local industry [10].

Core Viewpoint - AMC Entertainment is expected to report a quarterly loss of $0.56 per share, reflecting a year-over-year increase of 28.2%, with revenues projected at $874.53 million, down 8.1% from the previous year [1]. Group 1: Earnings Projections - Over the last 30 days, the consensus EPS estimate for AMC has been revised upward by 15.7%, indicating a collective reassessment by analysts [2]. - Changes in earnings projections are crucial for predicting investor reactions, as empirical studies show a strong correlation between earnings estimate trends and short-term stock price movements [3]. Group 2: Revenue Estimates - Analysts estimate 'Revenues- Food and beverage' to reach $294.23 million, representing a decline of 8.4% year-over-year [5]. - The 'Revenues- Other theatre' is projected at $91.87 million, indicating a year-over-year decrease of 7.9% [5]. - 'Revenues- Admissions' are expected to be $488.40 million, also suggesting a year-over-year change of -7.9% [5]. Group 3: Stock Performance - AMC Entertainment shares have increased by 0.4% over the past month, contrasting with a -0.5% change in the Zacks S&P 500 composite [6]. - With a Zacks Rank of 3 (Hold), AMC is anticipated to closely follow overall market performance in the near term [6].

Company Performance - AMC Entertainment's stock closed at $2.68, reflecting a decrease of -1.47% from the previous day, underperforming the S&P 500 which gained 0.58% [1] - Over the past month, AMC's shares have declined by 5.23%, while the Consumer Discretionary sector and S&P 500 experienced losses of 0.09% and 0.84%, respectively [1] - The upcoming earnings report on May 7, 2025, is anticipated to show earnings of -$0.56 per share, indicating a year-over-year growth of 28.21%, with revenue expected to be $874.53 million, an 8.08% decline from the same quarter last year [1] Annual Estimates - For the annual period, the Zacks Consensus Estimates project earnings of -$0.74 per share and revenue of $4.96 billion, representing increases of +42.19% and +7.04% from the previous year [2] Analyst Sentiment - Recent modifications to analyst estimates for AMC reflect changing short-term business dynamics, with positive adjustments indicating a favorable outlook on the company's health and profitability [3] - The Zacks Rank system, which evaluates these estimate changes, currently ranks AMC as 3 (Hold), with the consensus EPS estimate having decreased by 12.18% in the past month [5] Industry Context - AMC operates within the Leisure and Recreation Services industry, part of the Consumer Discretionary sector, which holds a Zacks Industry Rank of 82, placing it in the top 34% of over 250 industries [6]

Company Performance - AMC Entertainment closed at $2.92, reflecting a +1.04% change from the previous day, outperforming the S&P 500's loss of 3.46% [1] - Over the past month, AMC shares have decreased by 1.7%, which is better than the Consumer Discretionary sector's decline of 6.94% and the S&P 500's drop of 5.27% [1] Upcoming Earnings - The upcoming earnings disclosure is anticipated, with projected earnings per share (EPS) of -$0.43, indicating a 44.87% increase from the same quarter last year [2] - Revenue is expected to reach $980.93 million, reflecting a 3.1% increase compared to the same quarter last year [2] Full-Year Estimates - Full-year Zacks Consensus Estimates predict earnings of -$0.66 per share and revenue of $5.04 billion, representing year-over-year changes of +48.44% and +8.71%, respectively [3] Analyst Projections - Recent shifts in analyst projections for AMC are important to monitor, as they often indicate changes in near-term business trends [4] - Positive revisions in estimates suggest analysts' confidence in the company's performance and profit potential [4] Zacks Rank System - The Zacks Rank system, which ranges from 1 (Strong Buy) to 5 (Strong Sell), has a history of outperforming, with 1 stocks averaging an annual gain of +25% since 1988 [6] - Currently, AMC Entertainment holds a Zacks Rank of 3 (Hold), with the EPS estimate remaining stagnant over the past month [6] Industry Context - The Leisure and Recreation Services industry, part of the Consumer Discretionary sector, has a Zacks Industry Rank of 58, placing it in the top 24% of over 250 industries [7] - Research indicates that the top 50% rated industries outperform the bottom half by a factor of 2 to 1 [7]

Company Performance - AMC Entertainment's stock closed at $2.75, down 1.08% from the previous trading session, underperforming the S&P 500 which gained 0.67% [1] - Over the last month, AMC's shares decreased by 9.74%, compared to the Consumer Discretionary sector's loss of 8.16% and the S&P 500's loss of 5.28% [1] Upcoming Financial Results - AMC is expected to report an EPS of -$0.43, which represents a 44.87% improvement from the same quarter last year [2] - The consensus estimate anticipates revenue of $980.93 million, indicating a 3.1% increase from the prior year [2] Annual Estimates - For the annual period, the Zacks Consensus Estimates project an EPS of -$0.66 and revenue of $5.04 billion, reflecting increases of 48.44% and 8.71% respectively from the previous year [3] Analyst Estimates - Recent changes to analyst estimates for AMC reflect shifting short-term business dynamics, with upward revisions indicating analysts' positive outlook on the company's operations and profit generation capabilities [4] Zacks Rank System - The Zacks Rank system, which ranges from 1 (Strong Buy) to 5 (Strong Sell), has shown that 1 ranked stocks have yielded an average annual return of +25% since 1988 [6] - AMC currently holds a Zacks Rank of 3 (Hold), with the consensus EPS estimate remaining unchanged over the last 30 days [6] Industry Context - The Leisure and Recreation Services industry, which includes AMC, is part of the Consumer Discretionary sector and currently holds a Zacks Industry Rank of 39, placing it in the top 16% of over 250 industries [7] - Research indicates that the top 50% rated industries outperform the bottom half by a factor of 2 to 1 [7]

Core Insights - Imax and AMC Entertainment have expanded their partnership to deploy laser technology across 80 more large screen auditoriums in the U.S. [1] - AMC will add twelve new Imax locations and upgrade an additional 68 to Imax with Laser, resulting in a total of 180 Imax with Laser locations in the U.S. [1][2] - This agreement is the largest systems agreement Imax has signed in the U.S. since 2018 [2] Company Developments - AMC CEO Adam Aron highlighted the high regard for the Imax brand among filmmakers and moviegoers, reflecting the success shared between AMC and Imax [3] - Imax CEO Rich Gelfond described the agreement as a validation of efforts to strengthen technology and expand content, enhancing the customer experience [4] - AMC operates eight of the top ten highest grossing Imax locations in the U.S. and leads in per screen averages [4] Historical Context - The partnership between AMC and Imax began with their first agreement in 2007 [5]

Core Insights - Dolby Laboratories, Inc. (DLB) is expanding its collaboration with AMC Entertainment (AMC) by adding 40 more Dolby Cinema locations across the United States by the end of 2027, resulting in a total of over 200 locations, marking a 25% increase [1] - Dolby Cinema offers an immersive movie experience with Dolby Vision's picture quality and Dolby Atmos' sound, reinforcing both companies' commitment to enhancing the existing network [2][3] - The expansion aligns with AMC's strategy to enhance premium offerings, ensuring audiences receive the best visual experience [3] Industry Trends - The industry is shifting towards premium formats, with audiences increasingly preferring higher-quality viewing experiences [4] - In 2024, Dolby Cinema achieved its strongest box office performance, surpassing revenues from 2023, with 49 out of the top 50 films presented in Dolby Cinema over the past five years [4] - The robust content pipeline, with over 725 theatrical features confirmed in Dolby Vision and Dolby Atmos, is a key driver of Dolby Cinema's success [5] Technological Advancements - Advancements in visual and audio technology are expected to enhance the Dolby Cinema experience as the collaboration between Dolby and AMC continues [6] - The adoption of Dolby Atmos in various sectors, including music production, is driving top-line momentum for DLB, with 93% of Billboard's 2024 Top 100 Artists releasing music in Dolby Atmos [7] - In 2024, nearly 80% of the domestic box office and almost 70% of global box office titles were released in Dolby Atmos and Dolby Vision formats [8] Financial Outlook - For fiscal 2025, DLB expects growth of around 15% from Dolby Atmos and Dolby Vision, along with imaging patents [9] - DLB currently holds a Zacks Rank 2 (Buy), with shares having lost 3.7% in the past year compared to a 15.7% decline in the Zacks Audio Video Production industry [10]

Group 1 - AMC Entertainment is expanding its premium screen offerings by adding 40 Dolby Cinema theaters in the U.S. by the end of 2027, resulting in a 25% increase in the number of branded premium screens to over 200 [1][7] - The partnership with Dolby Laboratories aims to enhance the moviegoing experience, providing audiences with immersive film experiences through Dolby Vision and Dolby Atmos technology [2][4] - The expansion follows AMC's recent partnership with CJ 4DPLEX to introduce 65 Screen X auditoriums and 40 4DX theaters globally, indicating a strong focus on premium large format (PLF) experiences [2][7] Group 2 - Premium large format screens (PLFs) are characterized by elevated viewing experiences, often featuring larger screens and superior sound systems, which command higher ticket prices [3] - PLF ticket sales have significantly benefited blockbuster films, with titles like "Oppenheimer," "Avatar: The Way of Water," and "Dune" capturing a large share of the PLF box office [5] - As of 2024, there were over 950 theaters in North America with PLF screens, marking a 33.7% increase from five years prior, and these screens accounted for approximately 9.1% of the domestic box office, generating around $600 million [8][9] Group 3 - The average premium ticket price is just under $17, reflecting an 8% increase since 2021, indicating a growing willingness among audiences to pay for enhanced viewing experiences [8] - The PLF box office has experienced a 33% growth over the past five years, although it still represents a small portion of the overall box office, with most audiences still opting for traditional digital screens [9] - The upcoming box office slate for 2025 and 2026 is filled with major franchise films, which are expected to drive further demand for premium viewing experiences [6]

Core Insights - AMC and Dolby are expanding their partnership by adding 40 new Dolby Cinema locations in the US by the end of 2027, representing a nearly 25% increase in Dolby Cinema auditoriums, bringing the total to over 200 [2][4] - Dolby Cinema offers a premium moviegoing experience with Dolby Vision ultra-vivid picture quality and Dolby Atmos immersive sound, enhancing the overall cinematic experience for audiences [3][4] - The partnership reflects AMC's commitment to innovative technology and premium experiences, which are increasingly defining the modern box office [4][5] Company Overview - Dolby Laboratories is a leader in immersive entertainment experiences, with a strong content pipeline of over 725 theatrical features released or confirmed in Dolby Vision and Dolby Atmos [6][7] - AMC Entertainment is the largest theatrical exhibitor globally, with approximately 900 theatres and 10,000 screens, and has been a pioneer in the exhibition industry through various innovations [8][9]