AMC Entertainment Holdings, Inc. (NYSE: AMC) (“AMC” or “the Company”), today reported results for the second quarter ended June 30, 2024.

Second Quarter 2024 Summary Results

• Total revenues were $1,030.6 million compared to $1,347.9 million for Q2 2023.
• Net loss was $(32.8) million compared to net earnings of $8.6 million for Q2 2023.
• Net loss per diluted share was $(0.10) compared to net earnings per diluted share of $0.06 for Q2 2023 (1).
• Adjusted EBITDA was $29.4 million compared to $182.5 million for Q2 2023.
• Net cash used in operating activities was $(34.6) million compared to $(13.4) million for Q2 2023.
• Cash and cash equivalents at June 30, 2024 was $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.

Adam Aron, Chairman and CEO of AMC Entertainment, commented, “As expected, the second quarter started slowly with the box office adversely impacted by the 2023 Hollywood writers and actors strikes. However, the quarter finished with incredible strength powered by the success of Disney’s ‘Inside Out 2,’ which is now the highest grossing animated movie of all time. AMC saw a remarkable contrast between the early quarter with a dearth of movie releases and the end of the quarter with a record setting movie delighting audiences in our theatres. That difference between AMC’s early quarter performance and our late quarter performance was as if we were two totally different companies, surrounded by two completely different industry dynamics. Indeed, in June of 2024, AMC achieved our highest-ever June Adjusted EBITDA in our company’s entire 104-year history.”

Aron added, “On the heels of strong Adjusted EBITDA in June, the momentum has continued to impress in July, with box office hits “Despicable Me 4” and “Twisters” followed by the phenomenal opening of ‘Deadpool & Wolverine.’ Thanks to the success of ‘Deadpool & Wolverine,’ just a week ago AMC recorded our highest-ever opening weekend attendance and highest-ever opening weekend admissions revenue for a rated-R movie.”

Aron continued, “With a long list of blockbuster movie titles opening in theatres during the remainder of the year and into 2025 and 2026, the industry-wide box office now appears to us to be poised for sustained growth. Looking ahead, we believe that bodes ever so well for the increasing cash generation potential from AMC’s movie theatres both at home and abroad.”

Aron concluded, “And all this comes at the same time as AMC completed several transformative capital market transactions that took up to $2.45 billion of our debt previously due in 2026 and extended the maturities to 2029 and 2030. We are grateful that AMC’s lenders just gave our company a strong vote of confidence as to their view of the likelihood for our long-term success. The power of an extension of our financial runway for many years into the future, combined with what we believe is a multi-year slate of blockbuster movie releases, sets the stage for continued recovery at AMC. Today, we are more confident than ever in our ability to thrive, as both our company and our industry continue to rebound.”

Cash, Balance Sheet, and Capital Markets Activity
Cash at June 30, 2024 was $770.3 million excluding restricted cash of $48.3 million.

Second Quarter 2024
During the second quarter 2024, AMC:

• Exchanged $173.9 million aggregate principal amounts of the Second Lien Notes due 2026 for 25.0 million shares of Class A common stock.
• Raised gross proceeds of $250.0 million, before commissions and fees, from the sale of 72.5 million shares of our Class A common stock.

During the third quarter 2024, AMC:

• Completed a series of refinancing transactions to extend the maturity of up to $2.45 billion of the Company’s debt due 2026 to 2029 and beyond.
• AMC and its subsidiaries issued approximately $2.0 billion of new term loans due 2029 (“New Term Loans) in consideration for the open market purchase of approximately $1.9 billion of its existing Senior Secured Term Loans due 2026 (“Existing Term Loans”) and approximately $100 million of its 10%/12% Cash/PIK Toggle Second Lien Subordinated Secured Notes due 2026 (“Second Lien Notes”). The New Term Loans bear interest at the Term Secured Overnight Financing Rate (“Term SOFR”) plus between 600 and 700 basis points depending on leverage levels.
• AMC and its subsidiaries issued approximately $414 million of new 6.00%/8.00% Cash/PIK Toggle Senior Secured Exchangeable Notes due 2030 (“Exchangeable Notes”) for cash, with proceeds used to repurchase approximately $414 million of Second Lien Notes.
• AMC and its subsidiaries are entitled to issue up to an additional $31 million of New Term Loans in order to purchase Existing Term Loans.
• AMC and its subsidiaries are entitled to issue up to an additional $50 million of Exchangeable Notes to refinance other outstanding debt due in 2025, 2026 and 2027.
• The total amount of up to $464 million of Exchangeable Notes would be exchangeable into up to approximately 92.6 million shares (excluding PIK Interest) of the Company’s Class A common stock, subject to certain terms and conditions.

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 900 theatres and 10,000 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, website, and mobile apps; offering premium large format experiences and playing a wide variety of content including the latest Hollywood releases and independent programming. In addition, in 2023 AMC launched AMC Theatres Distribution with the highly successful releases of “Taylor Swift | The Eras Tour” and “Renaissance: A Film by Beyoncé.” AMC Theatres Distribution expects to release more concert films with the world’s leading musical artists in the years ahead. For more information, visit www.amctheatres.com/.