Financial Data and Key Metrics Changes - The first quarter of 2025 saw a significant decline in the industry-wide domestic box office, the lowest since 1996, with a 12.4% decrease compared to the previous year, while AMC's admissions revenue declined by 10.9% [6][12] - AMC surpassed Wall Street expectations, achieving an all-time first quarter record for U.S. admissions revenue per patron, indicating strong brand resilience [10][15] - Consolidated revenue per patron increased by 1.6% year-over-year and 40% compared to pre-pandemic levels, driven by a 49% increase in food and beverage revenue per patron and a 26% increase in admissions revenue per patron [13][14] Business Line Data and Key Metrics Changes - U.S. operations reported admissions revenue per patron at $12.31, a record for Q1, with domestic revenue per patron up more than 45% compared to pre-pandemic levels [15][16] - International markets also showed strong growth, with total revenue per patron up 32% and contribution margin per patron up approximately 39% on a constant currency basis compared to pre-pandemic levels [16] Market Data and Key Metrics Changes - The April 2025 industry-wide domestic box office was double that of April 2024, indicating a strong recovery trend [8] - The company expects the full year 2025 industry-wide domestic box office to be at the high end of the previously forecasted range of $500 million to $1 billion, significantly ahead of 2024 [7] Company Strategy and Development Direction - The company is implementing the AMC Go Plan, focusing on enhancing guest experience through premium large format screens, innovative food and beverage offerings, and loyalty programs [21][22] - Plans to increase the number of premium large format screens from over 600 to more than 1,000, including a significant expansion of IMAX and Dolby Cinema screens [24][25] - The company aims to continue optimizing its theater portfolio by closing underperforming locations and investing in high-performing theaters [17] Management's Comments on Operating Environment and Future Outlook - Management believes that the first quarter results do not reflect the future strength of the movie theater business, expecting a dramatic reawakening of the industry-wide domestic box office [5][6] - The company anticipates being free cash flow positive for the nine months ending December 31, 2025, provided the box office performs as expected [18][44] - Management expressed optimism about the future, indicating that 2025 is on pace to deliver the strongest box office since 2019 [20][32] Other Important Information - The company ended the quarter with cash and cash equivalents of approximately $378.7 million, excluding restricted cash [18] - AMC has closed 200 theaters and opened 62 since January 2020, resulting in a net reduction of 138 theaters [17] Q&A Session Summary Question: What are your thoughts about the current discussions around tariffs in Hollywood? - Management is closely monitoring the situation as there are no final specific plans yet [34] Question: What proportion of AMC locations do you think could include a premium format auditorium? - Plans indicate that around three-quarters of theaters worldwide could feature premium formats [36] Question: At what point do you expect the business to generate positive free cash flow? - The company expects to be free cash flow positive for the nine-month period from April to December 2025 [44] Question: Are there plans to enhance and expand food and beverage offerings? - Management confirmed ongoing innovation in food and beverage, with significant increases in spending per patron [45][49]

Financial Data and Key Metrics Changes - The first quarter of 2025 saw a 12.4% decline in the North American box office compared to the previous year, while AMC's domestic admissions revenue declined by only 10.9%, outperforming the industry by approximately 150 basis points [13][14] - AMC achieved an all-time first quarter record for U.S. admissions revenue per patron at $12.31, which is over 45% higher than pre-pandemic levels [15][16] - Consolidated revenue per patron increased by 1.6% year-over-year and 40% compared to pre-pandemic 2019, driven by a 49% increase in food and beverage revenue per patron [14][16] Business Line Data and Key Metrics Changes - U.S. operations showed resilient results with a contribution margin per patron up by 59% compared to pre-pandemic 2019 [16] - International markets also reported strong growth, with total revenue per patron up 32% and contribution margin per patron up approximately 39% on a constant currency basis compared to pre-pandemic 2019 [16] Market Data and Key Metrics Changes - The first quarter of 2025 had the lowest industry-wide domestic box office since 1996, but AMC anticipates a strong recovery for the remainder of 2025 and into 2026 [7][9] - The April 2025 box office was double that of April 2024, indicating a significant rebound in moviegoing demand [9] Company Strategy and Development Direction - AMC is implementing the "Go Plan," which focuses on enhancing the guest experience through premium large format screens, innovative food and beverage offerings, and customer loyalty programs [21][22] - The company plans to increase its premium large format and extra large format screens from over 600 to more than 1,000, with significant upgrades to existing IMAX and Dolby Cinema screens [24][25] - AMC is also expanding its loyalty and subscription platforms, including the launch of AMC Stubs Premier Go and enhancements to the AMC Stubs A-List program [29][30] Management's Comments on Operating Environment and Future Outlook - Management believes that the first quarter results do not reflect the true potential of the movie theater industry, with expectations for a strong box office recovery in the latter half of 2025 and into 2026 [6][12] - The company is optimistic about achieving positive free cash flow for the nine months ending December 31, 2025, provided that box office performance aligns with internal forecasts [44] Other Important Information - AMC ended the quarter with cash and cash equivalents of approximately $378.7 million, excluding restricted cash [18] - The company has reduced its debt and deferred rent by approximately $1.34 billion since early 2022 [19] Q&A Session Summary Question: What are your thoughts about the current discussions around tariffs in Hollywood? - Management is closely monitoring the situation as there are no final plans yet regarding tariffs [34] Question: What proportion of AMC locations could include a premium format auditorium? - Plans indicate that around three-quarters of AMC theaters worldwide could feature premium large format screens [36] Question: At what point do you expect the business to generate positive free cash flow? - Management anticipates being free cash flow positive for the nine-month period from April to December 2025, contrasting with the bleak first quarter [44] Question: Are there plans to enhance and expand food and beverage offerings? - Management is proud of the growth in food and beverage revenues and plans to continue innovating in this area [45][46]

Financial Data and Key Metrics Changes - The first quarter of 2025 saw a 12.4% decline in the North American box office compared to the previous year, while AMC's domestic admissions revenue declined by only 10.9%, outperforming the market by approximately 150 basis points [12][18] - Consolidated revenue per patron increased by 1.6% year over year and 40% compared to pre-pandemic 2019, driven by a 49% increase in food and beverage revenue per patron and a 26% increase in admissions revenue per patron [13][16] - AMC ended the quarter with cash and cash equivalents of $378.7 million, excluding restricted cash of $49 million, and anticipates being free cash flow positive for the nine months ending December 31, 2025 [18][19] Business Line Data and Key Metrics Changes - U.S. operations achieved an all-time Q1 record for admissions revenue per patron at $12.31, with domestic revenue per patron up more than 45% compared to pre-pandemic 2019 [14][15] - International markets also showed strong growth, with total revenue per patron up 32% and contribution margin per patron up approximately 39% on a constant currency basis compared to pre-pandemic 2019 [16] Market Data and Key Metrics Changes - The first quarter of 2025 was noted as the lowest industry-wide domestic box office since 1996, but there is optimism for a strong recovery in the remainder of 2025 and into 2026 [6][7] - The April 2025 box office was reported to be double that of April 2024, indicating a significant rebound in moviegoing demand [7] Company Strategy and Development Direction - The company is implementing the AMC Go Plan, which focuses on enhancing the guest experience through premium large format screens, innovative food and beverage offerings, and customer loyalty programs [21][22] - Plans include increasing the number of premium large format screens from over 600 to more than 1,000 and expanding Dolby Cinema screens by nearly 25% [23][24] - The company aims to continue optimizing its theater portfolio by closing underperforming locations and investing in high-performing theaters [17] Management's Comments on Operating Environment and Future Outlook - Management believes that the first quarter results do not reflect the current strength of the movie theater business and expects a dramatic reawakening of the industry-wide domestic box office [5][6] - The company anticipates that the full year 2025 box office will be at the high end of the previously forecasted range of $500 million to $1 billion ahead of 2024 [7][9] - There is confidence that the upcoming slate of blockbuster films will drive significant attendance and revenue growth [8][10] Other Important Information - The company has closed 200 theaters and opened 62 since January 2020, resulting in a net reduction of 138 theaters, which has allowed for better management of lease costs and overall quality of earnings [17] - The company has raised approximately $170 million of incremental equity capital at the beginning of the year and has reduced total debt and deferred rent by $1.34 billion since early 2022 [19] Q&A Session Summary Question: What are your thoughts about the current discussions around tariffs in Hollywood? - Management noted that there are no final specific plans regarding tariffs and will closely monitor developments in this area [34] Question: What proportion of AMC locations do you think could include a premium format auditorium? - Management indicated that they plan to have premium large format screens in about three-quarters of their theaters worldwide, with potential for further expansion based on consumer response [36] Question: At what point do you expect the business to generate positive free cash flow? - Management stated that if internal forecasts are met, the company will be free cash flow positive for the nine-month period from April to December 2025 [43] Question: Are there plans to enhance and expand food and beverage offerings? - Management confirmed ongoing innovation in food and beverage, with significant increases in spending per patron and plans for new offerings [44][46] Question: How sustainable is the profitability per patron as the box office recovers? - Management expressed optimism that revenue and contribution per patron could continue to improve even with increased attendance, citing recent performance metrics [52]

Company Operations - As of March 31, 2025, the company operated 865 theatres and 9,725 screens across 11 countries[145][146]. - The company plans to open an additional 40 Dolby Cinema locations in the U.S. by the end of 2027 and upgrade 68 IMAX locations to IMAX with Laser[152]. - The company entered into an agreement to open 40 4DX and 25 SCREENX locations worldwide, with the first openings expected in 2025[151]. Financial Performance - Total revenues decreased by $88.9 million, or 9.3%, to $862.5 million for the three months ended March 31, 2025, compared to $951.4 million for the same period in 2024[165]. - Admissions revenues fell by $57.0 million, or 10.7%, primarily due to a 10.1% decrease in attendance from 46.6 million patrons to 41.9 million patrons[165]. - Food and beverage revenues decreased by $37.8 million, or 11.8%, attributed to lower attendance and a 1.9% decrease in food and beverage per patron from $6.89 to $6.76[166]. - Operating loss increased to $145.9 million for the three months ended March 31, 2025, compared to a loss of $108.4 million in the same period of 2024, representing a 34.6% increase[162]. - The company reported a net loss of $202.1 million for the three months ended March 31, 2025, compared to a net loss of $163.5 million in the same period of 2024, reflecting a 23.6% increase in losses[162]. Revenue Sources - The company’s revenues are primarily derived from box office admissions and food and beverage sales, with ancillary sources including online ticketing fees and advertising[146]. - Total revenues for the three months ended March 31, 2025, were $862.5 million, with admissions revenue at $340.2 million and food and beverage revenue at $216.4 million[234]. Attendance and Ticket Pricing - The average ticket price was $10.76, with total attendance reaching 31,619 thousand for the three months ended March 31, 2025[236]. - The company’s operational performance may vary significantly based on the timing and popularity of film releases, impacting revenues[148]. Debt and Liquidity - The company faces significant risks related to its liquidity, requiring increased attendance and revenues to achieve net positive cash flows[137]. - Corporate borrowings interest expense rose by 19.8% to $109.0 million for the three months ended March 31, 2025, compared to $91.0 million in 2024[162]. - The company executed a debt for equity exchange in January 2024, repurchasing $17.5 million of Second Lien Notes due 2026 for 2,541,250 shares of common stock[160]. - The company plans to continue seeking to retire or purchase outstanding debt through cash purchases and/or exchanges for equity or debt[221]. Cash Flow and Capital Expenditures - Net cash used in operating activities increased to $370.0 million for the three months ended March 31, 2025, compared to $188.3 million for the same period in 2024, primarily due to a 20.2% increase in attendance in Q4 2024[224]. - The company estimates capital expenditures for the year ended December 31, 2025, will be approximately $175 million to $225 million[226]. - Capital expenditures for the same period were $47.0 million, indicating ongoing investment in operations[242]. Other Income and Expenses - The company restored its relationship with a vendor after resolving a dispute, resulting in a $37.5 million settlement recorded as other income[161]. - Other income was $(58.8) million during the three months ended March 31, 2025, primarily due to a decrease in fair value of the Conversion Option derivative liability[174]. Market Risks - The company is subject to various risks including changing distributor practices and intense competition in the entertainment sector[139]. - The company is exposed to fluctuations in interest rates and foreign currency exchange rates, with a sensitivity analysis indicating potential impacts on net income[245]. - A hypothetical 100 basis-point change in interest rates could significantly affect interest expense and fair value of debt instruments[246]. Stockholder Information - As of March 31, 2025, the company had approximately 1.8 million shares of Common Stock directly registered by 14,693 stockholders[156]. - Total assets reached $8,053.0 million, while total liabilities were $9,790.8 million, resulting in a stockholders' deficit of $1,737.8 million[241].

[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]