Take two of AMC's debt revamp gains traction with creditors. Read it here on The Brink. https://t.co/VTzUkKsrHo ...

Financial Data and Key Metrics Changes - In Q2 2025, global attendance increased by 25.6%, welcoming 63 million moviegoers, while total revenue grew by 35.6% to $1.4 billion [5][16] - Adjusted EBITDA surged by 391.4% to $189.2 million, marking a significant improvement from $38 million in Q2 2024 [6][8] - Free cash flow reached $89 million, a $168 million improvement compared to the prior year's second quarter [16][22] Business Line Data and Key Metrics Changes - Admissions revenue per patron rose by 7.5% to a record $12.14, while food and beverage revenue per patron climbed by 8.3% to $7.95 [16][12] - Total revenue per patron hit an unprecedented $22.26, reflecting an increase of approximately 43% compared to pre-pandemic levels in 2019 [16][12] Market Data and Key Metrics Changes - The domestic industry box office surpassed that of 2024 by 85%, indicating a strong recovery in the market [5][9] - The company anticipates a significant box office increase in 2025, projecting an additional $500 million to $900 million compared to 2024 [10][11] Company Strategy and Development Direction - The company is focusing on enhancing guest experiences through premium offerings, including expanding IMAX and Dolby Cinema screens [35][36] - Recent pricing strategies include a 50% discount on Tuesdays and Wednesdays to attract more patrons, while also raising prices on other days [23][27] - The company is actively optimizing its theater footprint by closing underperforming locations and investing in high-performing new theaters [19][75] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the industry's recovery, believing the current box office surge is sustainable rather than a short-lived spike [9][42] - The company expects some seasonal box office weakness in Q3 but anticipates a strong fourth quarter, potentially the best in six years [21][22] Other Important Information - The company has successfully fortified its balance sheet, addressing all 2026 debt maturities and pushing them out to 2029 [12][13] - The AMC Stubs loyalty program has seen significant growth, with about half of U.S. ticket buyers being members [29][30] Q&A Session Summary Question: Pricing Strategy and Food & Beverage Focus - Management discussed the effectiveness of the new 50% off Tuesdays and Wednesdays strategy and the positive early signs of increased attendance [46][50] - The company is focusing on menu variety and increasing the number of items purchased per guest at concession stands [56][60] Question: Advertising Agreement with National CineMedia - Management clarified that while they extended the agreement with National CineMedia, they are also looking to streamline the pre-show content to enhance the viewer experience [62][66] Question: Future Theater Openings and Closures - Management indicated that while closures may continue, the profitability of new theaters opened is significantly higher than those closed, suggesting a potential shift towards net additions in the future [72][75]

Group 1 - AMC Entertainment Holdings, Inc. reported positive financial results for the second quarter, benefiting shareholders [1] - The announcement on August 11th led to a favorable market reaction for AMC's stock [1] Group 2 - Crude Value Insights provides an investment service focused on oil and natural gas, emphasizing cash flow and growth potential [2] - Subscribers have access to a stock model account, detailed cash flow analyses of exploration and production firms, and live sector discussions [2]

Group 1 - Proactive provides fast, accessible, informative, and actionable business and finance news content to a global investment audience [2] - The news team covers medium and small-cap markets, as well as blue-chip companies, commodities, and broader investment stories [3] - Proactive's content includes insights across various sectors such as biotech, pharma, mining, natural resources, battery metals, oil and gas, crypto, and emerging technologies [3] Group 2 - Proactive is committed to adopting technology to enhance workflows and content production [4] - The company utilizes automation and software tools, including generative AI, while ensuring all content is edited and authored by humans [5]

Group 1 - The three major U.S. stock indices opened slightly higher, with the Dow Jones up 0.04%, the S&P 500 up 0.03%, and the Nasdaq Composite up 0.01% [1] - Chip stocks rose, with Micron Technology increasing by over 5% as the company raised its fourth-quarter earnings forecast [1] - AMC Theatres surged by 9%, reporting a 35.6% year-over-year increase in second-quarter revenue [1]

Group 1 - AMC Entertainment Holdings, Inc. is expected to report a quarterly loss of 8 cents per share for the second quarter, an improvement from a loss of 43 cents per share a year ago [1] - The projected quarterly revenue for AMC is $1.34 billion, up from $1.03 billion in the same period last year [1] - AMC entered into a Transaction Support Agreement with creditors, including holders of 62% of its 7.5% Senior Secured Notes due 2029 and 76% of Muvico's 6%/8% Senior Secured Exchangeable Notes due 2030 [2] Group 2 - AMC Entertainment shares increased by 4.3%, closing at $2.93 [2] - Wedbush analyst Michael Pachter upgraded AMC's stock from Neutral to Outperform, raising the price target from $3 to $4 [8] - Citigroup analyst Jason Bazinet maintained a Sell rating but increased the price target from $2.3 to $2.6 [8]

Financial Performance - AMC Entertainment reported revenue of nearly $1.4 billion, a 35% increase year over year, surpassing Wall Street's estimate of $1.35 billion [1] - The company posted a net loss of $4.7 million, or 1 cent per share, significantly improved from a loss of $32.8 million, or 10 cents per share, in the same quarter of 2024 [2] - On an adjusted basis, AMC reported breaking even, while analysts had anticipated an adjusted loss per share of 8 cents [2] Attendance and Market Trends - AMC experienced a 26% increase in moviegoers' attendance compared to the previous year [2] - CEO Adam Aron indicated that the results reflect a recovering industry-wide box office after challenges from writers' and actors' strikes and a post-pandemic decline in attendance [3] Debt Management and Future Outlook - The company has successfully addressed all of its 2026 debt maturities, extending them to 2029, which is expected to support future growth [4] - AMC reported consolidated admissions revenue per patron exceeding $12 for the first time, with total consolidated revenue per patron reaching an unprecedented $22.26 [4] Premium Offerings and Strategic Initiatives - Significant growth was noted in AMC's premium offerings, such as the AMC Go Plan, with premium auditoriums operating at nearly three times the occupancy of regular auditoriums [5] - The combination of a resurgent box office, extensive theatre footprint, premium experiences, and strong marketing programs is creating a positive feedback loop for the company [5]

Group 1 - AMC Entertainment reported break-even quarterly earnings per share, compared to a loss of $0.43 per share a year ago, representing an earnings surprise of +100.00% [1] - The company posted revenues of $1.4 billion for the quarter ended June 2025, surpassing the Zacks Consensus Estimate by 3.68%, and compared to year-ago revenues of $1.03 billion [2] - AMC Entertainment has surpassed consensus EPS estimates three times over the last four quarters and topped consensus revenue estimates four times during the same period [2] Group 2 - The stock has lost about 26.4% since the beginning of the year, while the S&P 500 has gained 8.6% [3] - The current consensus EPS estimate for the coming quarter is -$0.08 on revenues of $1.31 billion, and for the current fiscal year, it is -$0.57 on revenues of $4.92 billion [7] - The Zacks Industry Rank indicates that the Leisure and Recreation Services sector is currently in the bottom 27% of over 250 Zacks industries, which may impact stock performance [8]

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2025 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number 001-33892 AMC ENTERTAINMENT HOLDINGS, INC. (Exact name of registrant as specified in its charter) Delaware (State o ...

[Financial Highlights and CEO Commentary](index=1&type=section&id=Financial%20Highlights%20and%20CEO%20Commentary) AMC demonstrated significant operational leverage in Q2 2025, achieving substantial revenue and Adjusted EBITDA growth, record per-patron metrics, and a strengthened balance sheet through strategic debt management Q2 2025 Key Financial Results Summary (in millions) | Metric | Q2 2025 | Q2 2024 | | :--- | :--- | :--- | | Total Revenues | $1,397.9 | $1,030.6 | | Net Loss | $(4.7) | $(32.8) | | Adjusted EBITDA | $189.2 | $38.5 | | Net Cash Provided by (Used in) Operating Activities | $138.4 | $(34.6) | | Free Cash Flow | $88.9 | $(79.2) | - The company achieved all-time records in per-patron metrics for the second quarter, demonstrating the success of its strategic initiatives[2](index=2&type=chunk) Q2 2025 Record Per-Patron Metrics ($) | Metric | Value | | :--- | :--- | | Consolidated Admissions Revenue Per Patron | $12.14 | | Consolidated Food and Beverage Revenue Per Patron | $7.95 | | Total Consolidated Revenue Per Patron | $22.26 | - AMC's 'AMC Go Plan' focuses on enhancing the guest experience through state-of-the-art laser projection, premium seating, and an expansion of premium large format (PLF) screens like IMAX and Dolby Cinema, which operate at nearly three times the occupancy of regular auditoriums[4](index=4&type=chunk) [Financial Performance Analysis](index=4&type=section&id=Financial%20Performance%20Analysis) This section details AMC's Q2 2025 financial results, highlighting consolidated statements and segment performance, with the U.S. market driving significant growth in revenue and Adjusted EBITDA [Consolidated Financial Statements](index=9&type=section&id=Consolidated%20Financial%20Statements) Consolidated statements reveal significant profitability improvement in Q2 2025, with net loss narrowing to $(4.7) million and positive operating cash flow of $138.4 million Consolidated Statements of Operations (Q2, in millions) | (in millions) | Q2 2025 | Q2 2024 | | :--- | :--- | :--- | | Total Revenues | $1,397.9 | $1,030.6 | | Operating Income (Loss) | $92.6 | $(47.4) | | Net Loss | $(4.7) | $(32.8) | | Diluted Loss Per Share | $(0.01) | $(0.10) | Consolidated Balance Sheet Data (at period end, in millions) | (in millions) | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Cash and cash equivalents | $423.7 | $632.3 | | Corporate borrowings | $4,009.2 | $4,075.1 | | Total assets | $8,173.9 | $8,247.5 | Consolidated Cash Flow Data (Q2, in millions) | (in millions) | Q2 2025 | Q2 2024 | | :--- | :--- | :--- | | Net cash provided by (used in) operating activities | $138.4 | $(34.6) | | Net cash used in investing activities | $(48.7) | $(43.5) | | Net cash provided by (used in) financing activities | $(48.9) | $236.3 | [Segment Performance](index=11&type=section&id=Segment%20Performance) Q2 2025 segment performance was driven by the U.S. market, with significant revenue and Adjusted EBITDA growth, while International markets also achieved positive Adjusted EBITDA and improved per-patron metrics Segment Revenues and Adjusted EBITDA (Q2 2025 vs Q2 2024, in millions) | (in millions) | U.S. Markets | International Markets | | :--- | :--- | :--- | | **Revenues** | | | | Q2 2025 | $1,114.2 | $283.7 | | Q2 2024 | $815.9 | $214.7 | | **Adjusted EBITDA** | | | | Q2 2025 | $181.0 | $8.2 | | Q2 2024 | $55.4 | $(16.9) | Key Operating Metrics Per Patron (Q2 2025 vs Q2 2024) | Metric (Consolidated) | Q2 2025 | Q2 2024 | | :--- | :--- | :--- | | Attendance (thousands) | 62,807 | 50,013 | | Average Ticket Price ($) | $12.14 | $11.29 | | Food & Beverage Revenues Per Patron ($) | $7.95 | $7.34 | [Balance Sheet and Liquidity](index=4&type=section&id=Balance%20Sheet%20and%20Liquidity) As of June 30, 2025, AMC reported $423.7 million in cash, with subsequent July 2025 refinancing transactions strengthening the balance sheet by raising new cash and equitizing debt, addressing 2026 maturities - Cash and cash equivalents stood at **$423.7 million** at the end of Q2 2025, excluding **$51.4 million** in restricted cash[6](index=6&type=chunk) - In July 2025, AMC completed comprehensive refinancing transactions with the following key outcomes: - **New Cash:** Secured approximately **$244 million** in new financing, primarily used to redeem debt maturing in 2026 - **Debt Reduction:** Converted at least **$143 million** of existing debt into equity, with potential for up to **$337 million** - **Litigation Resolution:** Achieved a final resolution of litigation with certain noteholders[6](index=6&type=chunk)[7](index=7&type=chunk) [Non-GAAP Financial Measures Reconciliations](index=12&type=section&id=Non-GAAP%20Financial%20Measures%20Reconciliations) This section provides detailed reconciliations for key non-GAAP metrics like Adjusted EBITDA, Free Cash Flow, Contribution Margin, and Adjusted Net Loss, offering insights into underlying operational trends [Adjusted EBITDA Reconciliation](index=12&type=section&id=Adjusted%20EBITDA%20Reconciliation) Adjusted EBITDA for Q2 2025 significantly increased to $189.2 million from $38.5 million in Q2 2024, reconciled from Net Loss by adjusting for interest, depreciation, and other items Reconciliation of Net Loss to Adjusted EBITDA (Q2, in millions) | (in millions) | Q2 2025 | Q2 2024 | | :--- | :--- | :--- | | **Net loss** | **$(4.7)** | **$(32.8)** | | Income tax provision | 1.2 | 0.7 | | Interest expense | 129.6 | 99.0 | | Depreciation and amortization | 77.8 | 78.8 | | Other adjustments (net) | (14.7) | (107.2) | | **Adjusted EBITDA** | **$189.2** | **$38.5** | [Free Cash Flow Reconciliation](index=15&type=section&id=Free%20Cash%20Flow%20Reconciliation) Free Cash Flow turned positive in Q2 2025, reaching $88.9 million, a significant improvement from $(79.2) million in Q2 2024, calculated from operating cash flow less capital expenditures Reconciliation of Free Cash Flow (Q2, in millions) | (in millions) | Q2 2025 | Q2 2024 | | :--- | :--- | :--- | | Net cash provided by (used in) operating activities | $138.4 | $(34.6) | | Plus: total capital expenditures | $(49.5) | $(44.6) | | **Free cash flow** | **$88.9** | **$(79.2)** | [Contribution Margin Reconciliation](index=16&type=section&id=Contribution%20Margin%20Reconciliation) Consolidated contribution margin per patron increased to $14.48 in Q2 2025, reflecting improved profitability per moviegoer across both U.S. and International markets Contribution Margin Per Patron (Q2, $) | Per Patron ($) | Q2 2025 | Q2 2024 | | :--- | :--- | :--- | | U.S. Markets | $15.27 | $14.73 | | International Markets | $12.18 | $11.16 | | **Consolidated** | **$14.48** | **$13.76** | [Adjusted Net Loss Reconciliation](index=20&type=section&id=Adjusted%20Net%20Loss%20Reconciliation) Adjusted Net Loss significantly improved to $(0.5) million, or $(0.00) per diluted share, in Q2 2025, reflecting adjustments to GAAP Net Loss for non-recurring items Reconciliation of Adjusted Net Loss (Q2, in millions, except per share) | (in millions, except per share) | Q2 2025 | Q2 2024 | | :--- | :--- | :--- | | **Net loss** | **$(4.7)** | **$(32.8)** | | Gain on extinguishment of debt | — | $(85.3) | | Shareholder litigation | — | $(19.1) | | Other adjustments | $4.2 | $(0.7) | | **Adjusted net loss** | **$(0.5)** | **$(137.9)** | | **Adjusted diluted loss per share** | **$(0.00)** | **$(0.43)** | [Company Information and Forward-Looking Statements](index=6&type=section&id=Company%20Information%20and%20Forward-Looking%20Statements) This section provides corporate details on AMC's global operations, investor webcast information, and standard forward-looking statement disclaimers regarding risks and uncertainties - AMC is the largest movie exhibition company globally, operating approximately **860 theatres** and **9,700 screens** across the United States and Europe[10](index=10&type=chunk) - The report contains forward-looking statements regarding future performance, which are subject to numerous risks and uncertainties, including the continued recovery of the box office, the company's significant indebtedness, shrinking theatrical release windows, and intense competition[12](index=12&type=chunk)[14](index=14&type=chunk) - The company will host a webcast for investors on August 11, 2025, to discuss the quarterly results[8](index=8&type=chunk)