AMC(AMC) - 2024 Q4 - Annual Results

Financial Performance - Fourth quarter 2024 revenue increased by 18.3% to $1,306.4 million compared to $1,104.4 million in Q4 2023[6] - Total revenues for the full year 2024 were $4,637.2 million, down 3.6% from $4,812.6 million in 2023[6] - Total revenues for Q4 2024 reached $1,306.4 million, a 18.3% increase from $1,104.4 million in Q4 2023[22] - GAAP gross profit for the three months ended December 31, 2024, was $150.7 million, significantly higher than $21.9 million in the same period of 2023[33] - GAAP gross profit for the consolidated year ended December 31, 2024, was $249.5 million, down from $309.5 million in 2023, representing a decline of 19.4%[34] - Contribution margin for the year ended December 31, 2024, was $877.2 million, compared to $769.0 million in 2023, reflecting an increase of about 14.1%[33] - Contribution margin for the consolidated year ended December 31, 2024, was $3,092.4 million, down from $3,206.2 million in 2023, a decrease of 3.5%[34] - Adjusted net loss for diluted loss per share for the year ended December 31, 2024, was $(1.28), compared to $(1.90) in 2023[36] Attendance and Guest Experience - Attendance in Q4 2024 was 62.4 million guests, a 20.2% increase compared to 51.9 million in Q4 2023[8] - Attendance increased to 62,424 thousand in Q4 2024, up from 51,920 thousand in Q4 2023, representing a 20.1% growth[24] - Attendance in U.S. markets for the three months ended December 31, 2024, was 42,959 thousand, up from 35,469 thousand in 2023, representing a growth of approximately 21.3%[33] - Attendance decreased to 224,155 thousand in 2024 from 239,485 thousand in 2023, a decline of 6.4%[34] - The company aims to enhance guest experience through the expansion of premium large format screens as part of its Go Plan[8] Cash Flow and Financial Health - Free cash flow in Q4 2024 reached $113.9 million, a significant improvement from $(149.9) million in Q4 2023[6] - Free cash flow improved to $113.9 million in Q4 2024, compared to a negative free cash flow of $149.9 million in Q4 2023[24] - Free cash flow for the year ended December 31, 2024, was $(296.3) million, an improvement from $(440.8) million in 2023, indicating a reduction in cash outflow[32] - Cash and cash equivalents at December 31, 2024, were $632.3 million, excluding restricted cash[9] - Cash and cash equivalents decreased to $632.3 million as of December 31, 2024, down from $884.3 million as of December 31, 2023[23] - The company recorded a net cash provided by operating activities of $203.6 million for the three months ended December 31, 2024, compared to $(77.8) million in the same period of 2023[32] Debt and Borrowings - AMC reduced total principal amount of corporate borrowings and finance leases by $375.9 million in 2024[11] - Corporate borrowings decreased to $4,075.1 million as of December 31, 2024, compared to $4,577.4 million as of December 31, 2023[23] Capital Expenditures - Capital expenditures for Q4 2024 totaled $89.7 million, an increase from $72.1 million in Q4 2023[26] - Capital expenditures for the year ended December 31, 2024, totaled $245.5 million, compared to $225.6 million in 2023, showing an increase of about 8.7%[32] Adjusted EBITDA and Impairment Charges - Adjusted EBITDA for Q4 2024 was $164.8 million, more than tripling from $47.9 million in Q4 2023[5] - Adjusted EBITDA for Q4 2024 was $164.8 million, significantly higher than $47.9 million in Q4 2023[27] - Adjusted EBITDA for the year ended December 31, 2024, was impacted by non-cash impairment charges of $51.9 million on 39 U.S. theatres and $20.4 million on 23 international theatres[29] - The company has redefined Adjusted EBITDA to exclude "cash distributions from non-consolidated entities" and "other non-cash rent benefit" starting from the year ended December 31, 2024[29] Future Outlook - AMC anticipates material growth in the industry-wide box office in 2025 and beyond[8] - The international segment's results for the year ended December 31, 2024, were adjusted for constant currency, indicating a focus on eliminating foreign exchange impact for performance comparison[35]