AMC Entertainment Holdings, Inc. Previews Second Quarter 2024 Preliminary Results and Announces Second Quarter 2024 Earnings Webcast
AMC Entertainment Holdings (NYSE: AMC) has released preliminary results for Q2 2024, showing a decline in performance compared to Q2 2023. Total revenues are expected to be approximately $1,030.6 million, down from $1,347.9 million in Q2 2023. The company anticipates a net loss of $32.8 million, compared to net earnings of $8.6 million in the same quarter last year. Adjusted EBITDA is projected at $29.4 million, significantly lower than the $182.5 million in Q2 2023.
Despite the overall weak quarter, AMC reported a significant increase in daily revenues in June 2024 compared to April and May. CEO Adam Aron expressed confidence in the industry's upward trajectory, expecting increasing strength in movie revenues for the second half of 2024 and into 2025 and 2026. This positive outlook suggests potential improvements in AMC's future revenues, earnings, and Adjusted EBITDA.
AMC Entertainment Holdings (NYSE: AMC) ha pubblicato i risultati preliminari per il secondo trimestre del 2024, mostrando un calo delle prestazioni rispetto al secondo trimestre del 2023. I ricavi totali si prevede siano attorno a 1.030,6 milioni di dollari, in diminuzione rispetto a 1.347,9 milioni di dollari nel secondo trimestre del 2023. L'azienda prevede una perdita netta di 32,8 milioni di dollari, rispetto a guadagni netti di 8,6 milioni di dollari nello stesso trimestre dell'anno scorso. L'EBITDA corretto è previsto a 29,4 milioni di dollari, significativamente inferiore ai 182,5 milioni di dollari del secondo trimestre del 2023.
Nonostante il trimestre debole nel complesso, AMC ha riportato un significativo aumento dei ricavi giornalieri a giugno 2024 rispetto ad aprile e maggio. Il CEO Adam Aron attribuisce la debolezza alle proteste di attori e scrittori del 2023, che hanno ridotto le uscite di film all'inizio del 2024. Tuttavia, esprime ottimismo riguardo alla traiettoria ascendente dell'industria, aspettandosi prestazioni più forti nella seconda metà del 2024 e oltre.
AMC Entertainment Holdings (NYSE: AMC) ha publicado resultados preliminares para el segundo trimestre de 2024, mostrando una disminución en el rendimiento en comparación con el segundo trimestre de 2023. Los ingresos totales se estiman en alrededor de 1.030,6 millones de dólares, por debajo de 1.347,9 millones de dólares en el segundo trimestre de 2023. La empresa anticipa una Pérdida neta de 32,8 millones de dólares, comparado con ganancias netas de 8,6 millones de dólares en el mismo trimestre del año pasado. El EBITDA ajustado se proyecta en 29,4 millones de dólares, significativamente inferior a los 182,5 millones de dólares en el segundo trimestre de 2023.
A pesar del trimestre débil en general, AMC reportó un aumento significativo en los ingresos diarios en junio de 2024 en comparación con abril y mayo. El CEO Adam Aron atribuye la debilidad a las huelgas de actores y guionistas de 2023, que redujeron los estrenos de películas a principios de 2024. Sin embargo, expresa optimismo sobre la trayectoria ascendente de la industria, esperando un rendimiento más fuerte en la segunda mitad de 2024 y más allá.
AMC 엔터테인먼트 홀딩스(NYSE: AMC)는 2024년 2분기 예비 결과를 발표했으며, 2023년 2분기와 비교해 성과가 감소한 것으로 나타났습니다. 총 수익은 약 10억 306백만 달러로 예상되며, 2023년 2분기의 13억 479백만 달러에서 감소한 수치입니다. 회사는 3,280만 달러의 순손실을 예상하고 있으며, 이는 지난해 같은 분기의 순이익 860만 달러와 비교됩니다. 조정된 EBITDA는 2,940만 달러로 예상되며, 2023년 2분기의 1억 8,250만 달러보다 상당히 낮습니다.
전반적으로 약한 분기에도 불구하고, AMC는 2024년 6월에 일일 수익이 상당히 증가했다고 보고했습니다. CEO 아담 아론은 2023년 배우 및 작가 파업이 2024년 초 영화 출시를 줄인 데 따른 약세로 분석하고 있습니다. 그러나 그는 산업의 상승 궤도에 대해 낙관적인 반응을 보이며, 2024년 하반기 및 그 이후에는 더 강한 성과를 기대하고 있습니다.
AMC Entertainment Holdings (NYSE: AMC) a publié des résultats préliminaires pour le deuxième trimestre 2024, montrant une baisse de performance par rapport au deuxième trimestre 2023. Les revenus totaux devraient atteindre environ 1,030.6 millions de dollars, en baisse par rapport à 1,347.9 millions de dollars au deuxième trimestre 2023. La société prévoit une perte nette de 32.8 millions de dollars, comparativement à un bénéfice net de 8.6 millions de dollars au même trimestre de l'année dernière. Le EBITDA ajusté est projeté à 29.4 millions de dollars, ce qui est considérablement inférieur aux 182.5 millions de dollars du deuxième trimestre 2023.
Malgré un trimestre globalement faible, AMC a enregistré une augmentation significative des revenus quotidiens en juin 2024 par rapport à avril et mai. Le PDG Adam Aron attribue cette faiblesse aux grèves des acteurs et des scénaristes de 2023, qui ont réduit les sorties de films au début de 2024. Cependant, il exprime son optimisme quant à la trajectoire ascendante de l'industrie, s'attendant à de meilleures performances au cours du second semestre 2024 et au-delà.
AMC Entertainment Holdings (NYSE: AMC) hat vorläufige Ergebnisse für das 2. Quartal 2024 veröffentlicht, die einen Rückgang der Leistung im Vergleich zum 2. Quartal 2023 zeigen. Die Gesamteinnahmen werden auf etwa 1.030,6 Millionen Dollar geschätzt, ein Rückgang von 1.347,9 Millionen Dollar im 2. Quartal 2023. Das Unternehmen rechnet mit einem Nettoverlust von 32,8 Millionen Dollar, verglichen mit einem Nettogewinn von 8,6 Millionen Dollar im gleichen Quartal des Vorjahres. Das bereinigte EBITDA wird auf 29,4 Millionen Dollar geschätzt, was deutlich unter den 182,5 Millionen Dollar im 2. Quartal 2023 liegt.
Trotz des insgesamt schwachen Quartals berichtete AMC von einem deutlichen Anstieg der täglichen Einnahmen im Juni 2024 im Vergleich zu April und Mai. CEO Adam Aron führt die Schwäche auf die Streiks von Schauspielern und Drehbuchautoren im Jahr 2023 zurück, die die Filmveröffentlichungen zu Beginn von 2024 verringert haben. Er äußert jedoch Optimismus über der aufsteigenden Entwicklung der Branche und erwartet eine stärkere Leistung in der zweiten Hälfte von 2024 und darüber hinaus.
- Significant increase in daily revenues in June 2024 compared to April and May
- Positive outlook for industry-wide movie revenues in the second half of 2024 and beyond
- Expected improvements in future revenues, earnings, and Adjusted EBITDA
- Cash and cash equivalents of approximately $770.3 million as of June 30, 2024
- Total revenues decreased to $1,030.6 million in Q2 2024 from $1,347.9 million in Q2 2023
- Net loss of $32.8 million in Q2 2024 compared to net earnings of $8.6 million in Q2 2023
- Adjusted EBITDA declined to $29.4 million in Q2 2024 from $182.5 million in Q2 2023
- Diluted loss per share of $(0.10) in Q2 2024 compared to diluted earnings per share of $0.06 in Q2 2023
-
Total revenues for the quarter ended June 30, 2024, to be approximately
$1,030.6 million $1,347.9 million -
Net loss for the quarter ended June 30, 2024, to be approximately
$32.8 million $8.6 million -
Diluted loss per share for the quarter ended June 30, 2024, to be approximately
$(0.10) $0.06 -
Adjusted EBITDA to be approximately
$29.4 million $182.5 million -
Cash and cash equivalents at June 30, 2024 to be approximately
$770.3 million
1 Based on 321.6 million weighted average shares outstanding as of June 30, 2024 and 151.3 million weighted average shares outstanding as of June 30, 2023. |
Adjusted EBITDA is a non-GAAP financial measure and tables reconciling this non-GAAP financial measure to its closest respective GAAP financial measures are included in this press release.
Adam Aron, Chairman and CEO of AMC Entertainment, commented, “As we accurately predicted and previously disclosed, the prolonged actors and writers strikes of 2023 severely reduced the number of movies being released theatrically in the early months of 2024. This explains the weakness in our preliminary Q2 2024 results, as contrasted with the same quarter of a year ago.”
Aron importantly added, “But if looking only at the full quarter, the lay observer might easily miss the incredibly good news that transpired within the second quarter. Finally, moviegoing in theatres appears again to be on an upwards trajectory. AMC enjoyed a significant increase in our daily revenues in June of 2024 as compared to those of April and May of 2024. Indeed, the industry box office for June was only
AMC will report its full results for the second quarter ended June 30, 2024, after the market closes on Friday August 2, 2024.
The Company will host an earnings webcast accessible through the Investor Relations section of AMC’s website at investor.amctheatres.com/. During the webcast the company will take questions from both AMC Investor Connect members and equity research analysts. AMC investors can visit www.amctheatres.com/stockholders to sign up for membership in AMC Investor Connect and submit their written questions. The link to submit questions will be available from July 25, 2024 until August 1, 2024.
Investors and interested parties should go to the website (investor.amctheatres.com/) at least 15 minutes before the earnings webcast to register, and/or download and install any necessary audio software.
- Date: Friday, August 2, 2024
- Time: 4:00 PM CDT / 5:00 PM EDT
An archive of the webcast will be available on the Company’s website after the webcast for a limited time.
Information Regarding Preliminary Results
The preliminary estimated financial information contained in this press release reflects management’s estimates based solely upon information available to it as of the date of this press release and is not a comprehensive statement of our financial results for the quarter ended June 30, 2024. The preliminary estimated financial results described above constitute forward-looking statements. The preliminary estimated financial information presented above is subject to change, and our actual financial results may differ from such preliminary estimates and such differences could be material. Accordingly, you should not place undue reliance upon these preliminary estimates.
About AMC Entertainment Holdings, Inc.
AMC is the largest movie exhibition company in
Forward-Looking Statements
This communication includes “forward-looking statements” within the meaning of the federal securities laws, including the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. In many cases, these forward-looking statements may be identified by the use of words such as “will,” “may,” “could,” “would,” “should,” “believes,” “expects,” “anticipates,” “estimates,” “intends,” “indicates,” “projects,” “goals,” “objectives,” “targets,” “predicts,” “plans,” “seeks,” and variations of these words and similar expressions. Examples of forward-looking statements include statements we make regarding our expected revenue, net loss, capital expenditure, Adjusted EBITDA and estimated cash and cash equivalents, as well as the box office outlook for the second, third and fourth quarters. Any forward-looking statement speaks only as of the date on which it is made. These forward-looking statements may include, among other things, statements related to AMC’s current expectations regarding the performance of its business, financial results, liquidity and capital resources, and the impact to its business and financial condition of, and measures being taken in response to, the COVID-19 virus, and are based on information available at the time the statements are made and/or management’s good faith belief as of that time with respect to future events, and are subject to risks, trends, uncertainties and other facts that could cause actual performance or results to differ materially from those expressed in or suggested by the forward-looking statements. These risks, trends, uncertainties and facts include, but are not limited to: the sufficiency of AMC’s existing cash and cash equivalents and available borrowing capacity; availability of financing upon favorable terms or at all; AMC’s ability to obtain additional liquidity, which if not realized or insufficient to generate the material amounts of additional liquidity that will be required unless it is able to achieve more normalized levels of operating revenues, likely would result with AMC seeking an in-court or out-of-court restructuring of its liabilities; the impact of the COVID-19 virus on AMC, the motion picture exhibition industry, and the economy in general; increased use of alternative film delivery methods or other forms of entertainment; the continued recovery of the North American and international box office; AMC’s significant indebtedness, including its borrowing capacity and its ability to meet its financial maintenance and other covenants and limitations on AMC's ability to take advantage of certain business opportunities imposed by such covenants; shrinking exclusive theatrical release windows; the seasonality of AMC’s revenue and working capital; intense competition in the geographic areas in which AMC operates; risks relating to impairment losses, including with respect to goodwill and other intangibles, and theatre and other closure charges; motion picture production and performance (including as a result of production delays to the release of movies caused by labor stoppages, including but not limited to the Writers Guild of America strike and the Screen Actors Guild-American Federation of Television and Radio Artists strike that occurred during 2023); general and international economic, political, regulatory and other risks, including but not limited to rising interest rates; AMC’s lack of control over distributors of films; limitations on the availability of capital, including on the authorized number of common stock; dilution of voting power through the issuance of preferred stock; AMC’s ability to achieve expected synergies, benefits and performance from its strategic initiatives; AMC’s ability to refinance its indebtedness on favorable terms; AMC’s ability to optimize its theatre circuit; AMC’s ability to recognize interest deduction carryforwards, net operating loss carryforwards, and other tax attributes to reduce future tax liability; supply chain disruptions, labor shortages, increased cost and inflation; and other factors discussed in the reports AMC has filed with the SEC. Should one or more of these risks, trends, uncertainties, or facts materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those indicated or anticipated by the forward-looking statements contained herein. Accordingly, we caution you against relying on forward-looking statements, which speak only as of the date they are made.
Forward-looking statements should not be read as a guarantee of future performance or results and will not necessarily be accurate indications of the times at, or by, which such performance or results will be achieved. For a detailed discussion of risks, trends and uncertainties facing AMC, see the section entitled “Risk Factors” and elsewhere in our most recent annual report on Form 10-K and quarterly report on Form 10-Q, as well as our other filings with the SEC, copies of which may be obtained by visiting our Investor Relations website at investor.amctheatres.com or the SEC’s website at www.sec.gov.
AMC does not intend, and undertakes no duty, to update any information contained herein to reflect future events or circumstances, except as required by applicable law.
Non-GAAP Reconciliations
A reconciliation of the Company’s net earnings (loss), the closest GAAP measure, to Adjusted EBITDA is presented in the following table:
|
|
Reconciliation of Adjusted EBITDA |
||||||||||||||
|
|
Quarter Ended |
|
Six Months Ended |
||||||||||||
|
|
(Preliminary Estimates) |
|
|
|
(Preliminary Estimates) |
|
|
||||||||
(Unaudited, in millions) |
|
June 30, 2024 |
|
June 30, 2023 |
|
June 30, 2024 |
|
June 30, 2023 |
||||||||
Net earnings (loss) |
|
$ |
(32.8 |
) |
|
$ |
8.6 |
|
|
$ |
(196.3 |
) |
|
$ |
(226.9 |
) |
Plus: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Income tax provision |
|
|
0.7 |
|
|
|
0.4 |
|
|
|
2.5 |
|
|
|
2.3 |
|
Interest expense |
|
|
99.0 |
|
|
|
102.6 |
|
|
|
200.2 |
|
|
|
203.7 |
|
Depreciation and amortization |
|
|
78.8 |
|
|
|
96.8 |
|
|
|
160.4 |
|
|
|
190.4 |
|
Certain operating expenses (1) |
|
|
1.0 |
|
|
|
(0.9 |
) |
|
|
1.5 |
|
|
|
0.2 |
|
Equity in earnings of non-consolidated entities |
|
|
(1.0 |
) |
|
|
(0.8 |
) |
|
|
(4.7 |
) |
|
|
(2.2 |
) |
Cash distributions from non-consolidated entities (2) |
|
|
1.6 |
|
|
|
1.7 |
|
|
|
2.9 |
|
|
|
1.7 |
|
Attributable EBITDA (3) |
|
|
(0.7 |
) |
|
|
(0.3 |
) |
|
|
(0.1 |
) |
|
|
0.2 |
|
Investment expense (income) (4) |
|
|
(6.1 |
) |
|
|
5.1 |
|
|
|
(11.2 |
) |
|
|
(8.4 |
) |
Other expense (income) (5) |
|
|
(105.0 |
) |
|
|
(30.1 |
) |
|
|
(143.8 |
) |
|
|
12.7 |
|
Other non-cash rent benefit (6) |
|
|
(10.7 |
) |
|
|
(9.0 |
) |
|
|
(22.4 |
) |
|
|
(18.6 |
) |
General and administrative expense-unallocated: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Merger, acquisition and transaction costs (7) |
|
|
0.1 |
|
|
|
0.6 |
|
|
|
— |
|
|
|
0.8 |
|
Stock-based compensation expense (8) |
|
|
4.5 |
|
|
|
7.8 |
|
|
|
8.8 |
|
|
|
33.7 |
|
Adjusted EBITDA |
|
$ |
29.4 |
|
|
$ |
182.5 |
|
|
$ |
(2.2 |
) |
|
$ |
189.6 |
|
1) |
Amounts represent preopening expense related to temporarily closed screens under renovation, theatre and other closure expense for the permanent closure of screens, including the related accretion of interest, disposition of assets and other non-operating gains or losses included in operating expenses. We have excluded these items as they are non-cash in nature or are non-operating in nature. |
|
2) |
Includes |
|
3) |
Attributable EBITDA includes the EBITDA from equity investments in theatre operators in certain International markets. See below for a reconciliation of our equity in earnings of non-consolidated entities to attributable EBITDA. Because these equity investments are in theatre operators in regions where we hold a significant market share, we believe attributable EBITDA is more indicative of the performance of these equity investments and management uses this measure to monitor and evaluate these equity investments. We also provide services to these theatre operators including information technology systems, certain on-screen advertising services and our gift card and package ticket program. |
|
|
Quarter Ended |
|
Six Months Ended |
||||||||||||
|
|
(Preliminary Estimates) |
|
|
|
(Preliminary Estimates) |
|
|
||||||||
(Unaudited, in millions) |
|
June 30, 2024 |
|
June 30, 2023 |
|
June 30, 2024 |
|
June 30, 2023 |
||||||||
Equity in (earnings) of non-consolidated entities |
|
$ |
(1.0 |
) |
|
$ |
(0.8 |
) |
|
$ |
(4.7 |
) |
|
$ |
(2.2 |
) |
Less: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Equity in (earnings) of non-consolidated entities excluding International theatre joint ventures |
|
|
(2.1 |
) |
|
|
(1.5 |
) |
|
|
(5.6 |
) |
|
|
(2.6 |
) |
Equity in (loss) of International theatre joint ventures |
|
|
(1.1 |
) |
|
|
(0.7 |
) |
|
|
(0.9 |
) |
|
|
(0.4 |
) |
Income tax benefit |
|
|
(0.1 |
) |
|
|
(0.1 |
) |
|
|
(0.1 |
) |
|
|
(0.2 |
) |
Investment expense |
|
|
— |
|
|
|
— |
|
|
|
0.1 |
|
|
|
0.1 |
|
Interest expense |
|
|
0.1 |
|
|
|
0.1 |
|
|
|
0.1 |
|
|
|
0.1 |
|
Depreciation and amortization |
|
|
0.4 |
|
|
|
0.4 |
|
|
|
0.7 |
|
|
|
0.6 |
|
Attributable EBITDA |
|
$ |
(0.7 |
) |
|
$ |
(0.3 |
) |
|
$ |
(0.1 |
) |
|
$ |
0.2 |
|
4) |
Investment expense (income) during the quarter ended June 30, 2024 includes appreciation in the estimated fair value of our investment in common shares of Hycroft Mining Holding Corporation (“Hycroft”) of |
|
Investment expense (income) during the six months ended June 30, 2024 includes deterioration in estimated fair value of our investment in common shares of Hycroft of |
||
5) |
Other expense (income) during the quarter ended June 30, 2024 includes gross shareholder litigation settlement proceeds of |
|
Other expense (income) during the six months ended June 30, 2024 includes gross shareholder litigation settlement proceeds of |
||
6) |
Reflects amortization of certain intangible assets reclassified from depreciation and amortization to rent expense, due to the adoption of ASC 842, Leases and deferred rent benefit related to the impairment of right-of-use operating lease assets. |
|
7) |
Merger, acquisition and other costs are excluded as they are non-operating in nature. |
|
8) |
Non-cash expense included in general and administrative: other. |
Category: Company Release
View source version on businesswire.com: https://www.businesswire.com/news/home/20240724203916/en/
INVESTOR RELATIONS:
John Merriwether, 866-248-3872
InvestorRelations@amctheatres.com
MEDIA CONTACTS:
Ryan Noonan, (913) 213-2183
rnoonan@amctheatres.com
Source: AMC Entertainment Holdings, Inc.
FAQ
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