AMC Entertainment Holdings, Inc. (NYSE:AMC) Q2 2024 Results Conference Call August 2, 2024 5:00 PM ET Company Participants John Merriwether - Vice President, Capital Markets and Investor Relations Adam Aron - Chairman and Chief Executive Officer Sean Goodman - Executive Vice President and Chief Financial Officer Conference Call Participants Eric Wold - B. Riley Securities Chad Beynon - Macquarie Jason Bazinet - Citi Jim Goss - Barrington Research Alicia Reese - Wedbush Operator Greetings and welcome to the ...

AMC Entertainment (AMC) reported $1.03 billion in revenue for the quarter ended June 2024, representing a year-over-year decline of 23.5%. EPS of -$0.43 for the same period compares to $0.00 a year ago.The reported revenue represents no surprise over the Zacks Consensus Estimate of $1.03 billion. With the consensus EPS estimate being -$0.10, the EPS surprise was -330.00%.While investors scrutinize revenue and earnings changes year-over-year and how they compare with Wall Street expectations to determine the ...

AMC Entertainment (AMC) came out with a quarterly loss of $0.43 per share versus the Zacks Consensus Estimate of a loss of $0.10. This compares to break-even earnings per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of -330%. A quarter ago, it was expected that this movie theater operator would post a loss of $0.62 per share when it actually produced a loss of $0.78, delivering a surprise of -25.81%.Over the last four quarters, th ...

Top exhibitor AMC Entertainment posted a loss of 10 cents a share and saw revenue slide 24% in the second quarter due to the strike-hit movie pipeline. Though they may have been shaky, however, the financials matched Wall Street analysts’ estimates and shares in AMC gained ground in after-hours trading. The loss compared with a profit of 6 cents a share in the same period a year ago, while the revenue figure of $1.03 billion was down from $1.348 billion in the 2023 quarter. CEO Adam Aron, the pre-eminent c ...

Theatre Operations - As of June 30, 2024, the company operated 886 theatres and 9,889 screens across 11 countries in the U.S. and Europe[165] - As of June 30, 2024, AMC had approximately 33 million member households enrolled in its loyalty programs, representing about 48.9% of U.S. market attendance[171] - The number of IMAX® theatres remained stable at 183 in the U.S. as of June 30, 2024, with a total of 216 IMAX® theatres globally[170] - The company operated 554 theatres in the U.S. markets, down from 569 theatres in the previous year, a decrease of 2.6%[189] - The number of screens operated in the U.S. markets was 7,262 as of June 30, 2024, compared to 7,432 in the same period of 2023, indicating a slight reduction[1] Revenue Sources and Performance - The primary revenue sources are box office admissions and food and beverage sales, with box office admissions being the largest revenue contributor[165] - Total revenues for the three months ended June 30, 2024, were $1,030.6 million, a decrease of 23.5% compared to $1,347.9 million for the same period in 2023[186] - Admissions revenue decreased by 24.1% to $564.4 million from $744.1 million year-over-year[186] - The company experienced a significant decrease in food and beverage revenue, down 24.8% to $367.1 million from $488.2 million year-over-year[186] - Total revenues for the U.S. markets decreased to $1,505.0 million in the six months ended June 30, 2024, down from $1,791.9 million in the same period of 2023, representing a decline of approximately 16%[1] Attendance Trends - Future attendance and revenue levels are uncertain due to potential changes in movie studio release schedules and consumer behavior, particularly following labor strikes in 2023[159] - Attendance decreased to 50,013 thousand from 66,368 thousand year-over-year[187] - Attendance in U.S. markets decreased to 36,493 thousand from 50,023 thousand in the prior year, a drop of 27.0%[189] - Attendance in the U.S. markets decreased to 66,983 thousand in the six months ended June 30, 2024, compared to 82,385 thousand in the same period of 2023, indicating a decline of approximately 19%[1] Financial Losses and Costs - Operating income for the three months ended June 30, 2024, was a loss of $47.4 million, compared to an income of $84.8 million for the same period in 2023[186] - Net earnings for the three months ended June 30, 2024, were a loss of $32.8 million, compared to a profit of $8.6 million in the same period of 2023[186] - The net loss for the U.S. markets was $(142.5) million for the six months ended June 30, 2024, compared to a net loss of $(188.7) million in the same period of 2023[1] - Net loss was $(32.8) million for the three months ended June 30, 2024, compared to net earnings of $8.6 million for the same period in 2023[216] Debt and Financing - There are risks associated with significant indebtedness, including the potential for dilution of common stock due to future share issuances[161] - The company raised gross proceeds of $250 million through the issuance of approximately 72.5 million shares of Common Stock during the six months ended June 30, 2024[176] - AMC executed a debt for equity exchange, extinguishing $191.4 million in Second Lien Notes due 2026, resulting in a gain of $91.1 million[175] - The company completed refinancing transactions on July 22, 2024, extending the maturities of approximately $1.6 billion of debt to 2029 and 2030[273] Operational Efficiency - The company is exploring strategic initiatives to optimize its theatre circuit, including new constructions and transformations of existing theatres[162] - The company plans to focus on market expansion and new product development to drive future growth[189] - Operating costs and expenses for the three months ended June 30, 2024, were $1,078.0 million, a decrease of 14.7% compared to $1,263.1 million in the same period of 2023[186] - Operating costs and expenses decreased by $185.1 million, or 14.7%, during the three months ended June 30, 2024[208] Market Challenges - The company faces significant risks related to the recovery of North American and international box office revenues, which may not meet pre-COVID-19 levels, impacting liquidity and operational cash flow[159] - The impact of changing distribution practices and the rise of streaming platforms may further challenge traditional box office revenues[161] - North American box office grosses were down approximately 36% for the six months ended June 30, 2024, compared to the same period in 2019, indicating a significant impact on revenue generation[276] Cash Flow and Capital Expenditures - The company reported a net cash flow used in operating activities of $222.9 million for the six months ended June 30, 2024, compared to $203.3 million for the same period in 2023, primarily due to a decline in attendance[279] - Capital expenditures for the six months ended June 30, 2024, were $95.1 million, slightly lower than $96.0 million for the same period in 2023[280] - The company estimates capital expenditures for the year ending December 31, 2024, to be approximately $175 million to $225 million to maintain and enhance operations[281]

Exhibit 99.1 INVESTOR RELATIONS: John Merriwether, 866-248-3872 InvestorRelations@amctheatres.com MEDIA CONTACTS: Ryan Noonan, (913) 213-2183 rnoonan@amctheatres.com FOR IMMEDIATE RELEASE LEAWOOD, KANSAS - (August 2, 2024) -- AMC Entertainment Holdings, Inc. (NYSE: AMC) ("AMC" or "the Company"), today reported results for the second quarter ended June 30, 2024. Second Quarter 2024 Summary Results: ● Total revenues were $1,030.6 million compared to $1,347.9 million for Q2 2023. ● Net loss was $(32.8) million ...

Recent movie news bodes well for AMC Entertainment (NYSE:AMC) stock as it reports earnings on Aug. 2. Although it released preliminary results last week, this could be a case of “buy the rumor, sell the news.”Disney (NYSE:DIS) has three certified movie hits on its hands. Inside Out 2, Despicable Me 4 and now Deadpool & Wolverine have all earned $500 million or more at the box office. AMC stock is up 9% already and two of the Disney movies were released too late to help the cinema owner’s results. While ther ...

AMC Entertainment Holdings, Inc. (AMC) is slated to release results for second-quarter 2024 on Aug 2, after the closing bell.In the last reported quarter, the company’s earnings missed the Zacks Consensus Estimate by 25.8%. The company’s top line dropped 0.3% year over year. However, AMC’s loss per share narrowed to 78 cents from a loss of $1.31 reported in the prior-year quarter.AMC surpassed the earnings in the trailing three out of four quarters. The average surprise over this period is 38%, as shown in ...

NEW YORK, July 30, 2024 (GLOBE NEWSWIRE) -- AMC Networks, Inc. [NASDAQ: AMCX] announced today that Jamie Gallagher, the company’s long-time General Counsel and EVP, will retire at the end of the year. Following more than 16 years of service, Gallagher will step down from his role, concluding a distinguished career marked by invaluable contributions to the company. Throughout his tenure, Gallagher has been a cornerstone of the AMC Networks leadership team, guiding the company through significant chapters in ...

Large-cap companies have long dominated the stock market with a reputation for recording significant returns for investors. However, in recent weeks, small-cap stocks are showing dominance, taking a share from their large counterparts.For instance, data indicates that small-caps have outperformed the S&P 500 index for the first time in almost 25 years.Small-cap stock performance against S&P 500. Source: BloombergTherefore, based on recent performance, investors are potentially looking for high-potential sma ...