AMC Entertainment Holdings, Inc. (NYSE: AMC) (“AMC” or “the Company”), today reported results for the three months ended September 30, 2024.

Third Quarter 2024 Summary Results:

• Total revenues were $1,348.8 million.
• Net loss was $(20.7) million compared to net earnings of $12.3 million for Q3 2023.
• Adjusted EBITDA was $161.8 million compared to $199.9 million for Q3 2023.
• Net cash (used in) provided by operating activities was $(31.5) million compared to $65.9 million for Q3 2023.
• Cash and cash equivalents at September 30, 2024 was $527.4 million.

Adam Aron, Chairman and CEO of AMC Entertainment said, “I am almost euphoric about the vital improvements lodged at AMC Entertainment during the third quarter of 2024, with our achieving two important milestones in what has been a long road toward a post-COVID recovery. First, on solidifying our financial metrics, and despite our net loss, our Adjusted EBITDA posted in the 3rd quarter of 2024 was the second-best performance of any third quarter in AMC’s 104-year history. What’s more, in this third quarter, AMC’s Total Revenues were 31% stronger than our revenues of Q2 2024, our Net Loss was narrowed by 37% compared to the loss in the second quarter of 2024 and our Adjusted EBITDA was four times stronger than that of Q2 2024. This is a direct result of the greatly improving industry-wide box office throughout the third quarter, which we expect will continue going forward. And second, on the strengthening of AMC’s balance sheet, our debt transactions announcement in July pushed the maturity of $2.4 billion of our long term debt out into the future for several years, from 2026 to 2029 and 2030. In addition, so far this year, AMC has further reduced our outstanding debt in total by some $349 million through our capital markets efforts, including debt buybacks and equity exchanges.”

Aron continued, “During the third quarter of 2024, we are proud that AMC also achieved a new record for our third quarter admissions revenue per patron and an all-time record of any quarter for our food and beverage revenue per patron. It is especially encouraging that because we have worked so hard to put in place operational and financial efficiencies, we realized Adjusted EBITDA in this just completed quarter that was in-line with the pre-pandemic third quarter of 2019, even though our attendance in the just completed quarter was 25% lower than the same quarter in 2019.”

Aron added, “Admittedly, some of our third quarter metrics of 2024 were behind those of last year. However, we believe of much greater importance is our bullishness about the impressive movie slate that is coming to our theatres in November and December of 2024, and continuing in 2025 and again in 2026. Based on what we know now, we expect that the industry-wide box office should markedly rise at year-end and rise yet again for the next two years.”

Aron concluded, “We are pleased that we ended the quarter with $527 million of cash on hand. Even so, we are well aware that we still have work ahead of us to navigate our way forward, but those quite real challenges notwithstanding, we are nonetheless confident and optimistic about our future.”

Cash, Balance Sheet, and Capital Markets Activity
Cash at September 30, 2024 was $527.4 million excluding restricted cash of $49.7 million.

Third Quarter 2024

During the third quarter 2024, AMC:

• Completed a series of transactions to extend the maturity of approximately $2.4 billion of the Company’s debt due 2026 to 2029 and 2030.
• As previously disclosed, AMC 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”).
• As previously disclosed, AMC 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.
• In addition, AMC completed open-market purchases of the Company’s Existing Term Loans, and in exchange, issued to such selling holders approximately $31.0 million of the Company’s New Term Loans pursuant to the New Term Loan Credit Agreement.
• As of September 30, 2024, the Company had completed open market purchases of $1,895.0 million aggregate principal amount of its Existing Term Loans and accordingly, as of such date, the Company had no remaining Existing Term Loans outstanding.
• Repurchased $50.0 million aggregate principal amounts of the Second Lien Notes due 2026 for $50.5 million.
• Repurchased $7.0 million aggregate principal amounts of the 5.75% Senior Subordinated Notes due 2025 for $6.7 million.
• Exchanged $8.6 million aggregate principal amounts of the 5.75% Senior Subordinated Notes due 2025 for 0.4 million shares of our Class A common stock and $6.2 million.
• Exchanged $9.6 million aggregate principal amounts of the 5.875% Senior Subordinated Notes due 2026 for 0.4 million shares of our Class A common stock and $6.0 million.
• Exchanged $45.0 million aggregate principal amounts of Second Lien Notes due 2026 for 2.7 million shares of
  our Class A common stock and $32.7 million.

Four Quarter 2024

During the fourth quarter 2024, AMC:

• Exchanged $32.7 million aggregate principal amounts of the Second Lien Notes due 2026 for 7.5 million shares of our Class A common stock and $1.0 million.
• Exchanged $12.5 million aggregate principal amounts of the 5.75% Senior Subordinated Notes due 2025 for 3.2 million shares of our Class A common stock.

Thus far in 2024, the Company has reduced the total principal amount of corporate borrowings and finance leases by $349 million.

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 880 theatres and 9,800 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 Benoncé.” AMC Theatres Distribution expects to release more concert films with the world’s leading musical artists in the years ahead.