AMC Entertainment Holdings, Inc. Announces Fourth Quarter and Full Year 2019 Results

(February 28, 2020) – Fourth Quarter Highlights

  • Total Revenues of $1.448 billion, up 2.4% from last year (up 3.2% in constant currency)
  • Net Loss of $13.5 million
  • Adjusted Net Income for basic earnings per share of $38.9 million, up 105.8% compared to last year
  • Adjusted EBITDA of $269.1 million, up 11.6% (up 12.5% in constant currency) after adjusting 2018 for ASC 842 impact
  • Net cash provided by operating activities of $368.8 million, up $144.4 million from last year
  • Adjusted Free Cash Flow of $303.1 million, up $185.7 million from last year after adjusting 2018 for cash flow classification impact of ASC 842
  • Total liquidity of $597 million, comprised of $265 million of cash and $332 million of availability under revolving lines of credit as of December 31, 2019.
  • Consolidated average ticket price of $9.47, up 3.3% from last year (up 4.0% in constant currency)
  • Consolidated food and beverage revenue per patron of $4.74, up 2.4% from last year (up 2.8% in constant currency)
  • AMC Entertainment Holdings, Inc. (NYSE: AMC) (“AMC” or “the Company”), today reported results for the fourth quarter and year-ended December 31, 2019.

    “We are very pleased to have delivered another quarter of strong results to finish 2019. Despite the U.S. industry box office declining 1.6% in the fourth quarter, AMC grew revenue 2.4%, and Adjusted EBITDA 11.6%, year-over-year, after adjusting 2018 for the non-cash accounting impact of ASC 842. These results, when combined with our disciplined approach to capital expenditures, generated approximately $303.1 million of adjusted free cash flow for the fourth quarter of 2019. These impressive results illustrate the power of customer engagement through the AMC platform, especially from our A-List subscription program and AMC Stubs loyalty program in the U.S., returns from our industry-leading recliner seating investments both in the U.S. and overseas, as well as the strength of our diversified geographic footprint,” said Adam Aron, CEO and President of AMC.

    Aron added, “In the fourth quarter, AMC once again vastly outperformed the rest of the U.S. theatre industry, among other metrics by a stunning 607 basis points on admissions revenue per screen. It was the seventh consecutive quarter that AMC added market share in the United States. Likewise, we generated record fourth quarter food and beverage revenues per patron in both the U.S. and international markets, as fourth quarter U.S. and international food and beverage revenues per patron grew 2.5% and 7.8%, in constant currency, respectively.”

    About AMC Entertainment Holdings, Inc.
    AMC is the largest movie exhibition company in the United States, the largest in Europe and the largest throughout the world with approximately 1,000 theatres and 11,000 screens across the globe. AMC has propelled innovation in the exhibition industry by: deploying its Signature power-recliner seats; delivering enhanced food and beverage choices; generating greater guest engagement through its loyalty and subscription programs, web site and mobile apps; offering premium large format experiences and playing a wide variety of content including the latest Hollywood releases and independent programming. AMC operates among the most productive theatres in the United States’ top markets, having the #1 or #2 market share positions in 21 of the 25 largest metropolitan areas of the United States. AMC is also #1 or #2 in market share in 12 of the 15 countries it serves in North America, Europe and the Middle East. For more information, visit www.amctheatres.com.

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