AMC(US:AMC)2025-11-05 21:29Company Operations - As of September 30, 2025, the company operated 856 theatres and 9,636 screens across 11 countries[182][183]. - As of September 30, 2025, there were 512,943,561 shares of Common Stock outstanding, with approximately 99.6% held in "street name" for beneficial holders[193]. - The average number of screens operated decreased to 9,636 in Q3 2025 from 9,800 in Q3 2024, with 88 screens disposed of during the quarter[212]. - The company added 11 screens in Q3 2025, while 88 screens were disposed of, resulting in a net decrease in screen count[212]. - The number of screens operated increased to 9,636, reflecting the company's ongoing market expansion efforts[343]. Revenue Generation - The company generated significant revenue from box office admissions and food and beverage sales, with AMC Stubs members representing approximately 51% of U.S. market attendance during the nine months ended September 30, 2025[183][190]. - Total revenues for Q3 2025 were $1,300.2 million, a decrease of 3.6% compared to $1,348.8 million in Q3 2024[210]. - Total revenues for the nine months ended September 30, 2025, increased to $3,560.6 million, up 6.9% from $3,330.8 million in 2024[214]. - Admissions revenues rose to $1,951.2 million, a 6.1% increase from $1,839.1 million in the previous year[214]. - Food and beverage revenues increased to $1,234.8 million, reflecting a 4.8% growth compared to $1,178.7 million in 2024[214]. - Total revenues for the three months ended September 30, 2025, were $1,300.2 million, with $952.3 million from admissions and $451.8 million from food and beverage sales[334]. - Total revenues for the nine months ended September 30, 2025, reached $3,560.6 million, with admissions contributing $1,951.2 million and food and beverage sales contributing $1,234.8 million[340]. Financial Performance - The company reported a net loss of $298.2 million in Q3 2025, compared to a net loss of $20.7 million in Q3 2024[210]. - Operating income for Q3 2025 was $35.8 million, down 50.1% from $71.8 million in Q3 2024[210]. - Net loss was $505.0 million for the nine months ended September 30, 2025, compared to a net loss of $217.0 million for the same period in 2024[273]. - The company reported a working capital deficit of $(1,035.5) million as of September 30, 2025, compared to $(846.1) million at the end of 2024[313]. - Net cash used in operating activities for the nine months ended September 30, 2025, was $246.5 million, a decrease from $254.4 million in the same period of 2024[323]. - The company incurred interest expenses of $139.3 million, with $58.9 million from corporate borrowings and $60.7 million from the Muvico Group[338]. - The company reported a net loss of $505.0 million for the nine months ended September 30, 2025[350]. Market Challenges - The company faces risks related to the sufficiency of cash and cash equivalents to fund operations and satisfy obligations, particularly in light of potential changes in movie studio release schedules[175]. - The company reported significant competition in the exhibition market, including from streaming platforms and other forms of entertainment[177]. - The company anticipates continued challenges in the market, impacting future revenue growth and profitability[210]. - North American box office grosses were down approximately 22% for the nine months ended September 30, 2025, compared to the same period in 2019, indicating ongoing challenges in revenue recovery[320]. Cost Management - Operating costs and expenses for Q3 2025 were $1,264.4 million, a slight decrease of 1.0% from $1,277.0 million in Q3 2024[210]. - Operating costs and expenses totaled $3,578.1 million, with film exhibition costs at $949.3 million and food and beverage costs at $241.9 million[340]. - Operating expense as a percentage of revenues increased to 35.7% for the three months ended September 30, 2025, compared to 33.7% in 2024[222]. - Operating costs and expenses increased by $115.4 million, or 4.5%, during the nine months ended September 30, 2025, compared to the same period in 2024[277]. Membership and Loyalty Programs - As of September 30, 2025, the company had approximately 37.7 million member households enrolled in its loyalty programs, with 19 million members in international programs[190]. - The company signed a letter of intent with CJ 4DPLEX to open new 4DX and SCREENX locations in U.S. markets, with the first deployment expected by early 2026[187]. Financing Activities - The company completed a series of refinancing transactions during the three and nine months ended September 30, 2025, involving certain holders of Existing 7.5% Notes and Existing Exchangeable Notes[201]. - During the nine months ended September 30, 2025, the company raised $108.7 million in initial gross cash proceeds associated with the establishment of forward positions for 30.0 million shares of Common Stock[203]. - The "at-the-market" offering during the nine months ended September 30, 2025, resulted in the issuance of 17.1 million shares and gross proceeds of $63.0 million[203]. - The company expects capital expenditures for the year ending December 31, 2025, to be approximately $175 million to $225 million to maintain and enhance operations[325].