AMC has reported the results for the first quarter ended March 31, 2024. The summary results are:
Total revenues were $951.4 million compared to $954.4 million for Q1 2023.
Net loss improved to $(163.5) million compared to a net loss of $(235.5) million for Q1 2023.
Net loss per diluted share was $(0.62) compared to $(1.71) for Q1 2023
Adjusted EBITDA was $(31.6) million compared to $7.1 million for Q1 2023. Included in the prior year’s quarterly results ended March 31, 2023, was a previously disclosed $16.7 million benefit to Adjusted
EBITDA related to an early termination of a theatre lease.
Net cash used in operating activities was $(188.3) million compared to $(189.9) for Q1 2023.
Cash and cash equivalents at March 31, 2024 was $624.2 million.
Adam Aron, chairman and CEO of AMC said, “We’re pleased to report that AMC outperformed in the first quarter. AMC exceeded consensus estimates for Revenue, Adjusted EBITDA, Net Income, and Diluted Earnings per share. We had expected for some time the Hollywood actor and writer strikes of 2023 would impact the first quarter box office but were heartened by the strength of moviegoing in March which reminded us that better times are ahead. Despite a six percent decline in the first quarter 2024 North American box office compared to 2023, we grew our domestic market share, maintained total revenues in line with the prior year, and continued to grow our per patron profitability metrics at levels well above pre-pandemic measures. This, coupled with proactive cost containment initiatives to tackle the near-term box office challenges posed by the 2023 Hollywood strikes, led to AMC’s outperformance.”
Aron added, “Building on the tremendous capital market strides we have taken throughout our recovery, early in the first quarter we successfully reduced our debt principal by another $17.5 million through the profitable exchange of debt for 2.5 million common shares. Since January 1, of 2022, we have now successfully reduced the principal balance of debt and deferred rent by more than $974 million. We ended the first quarter of 2024 with $624 million of unrestricted cash, and since the end of the quarter we’ve also raised an additional $124.1 million of gross proceeds from the sale of 38.5 million common shares. Looking ahead, we’re committed to continuing our efforts to reduce debt, extend debt maturities, and bolster our cash reserves as opportunities arise.”
Aron commented further, “While the second quarter box office will continue to be affected by the 2023 Hollywood strikes, we continue to be ebullient about the upcoming film lineup in the second half of 2024 and throughout 2025. With many more great films slated for the remainder of 2024, 2025 and even well into 2026, we are exceedingly confident in our ongoing recovery trajectory.”
Aron concluded, “I would also like to highlight an announcement made just yesterday. Capitalizing on the enormous success in 2023 of our Taylor Swift and Beyonce films, we continue to interact with several of the world’s greatest musical artists. That dialogue has led Billie Eilish to agree to hold a unique Listening Event next week on May 16 and 17 at many AMC theatres across the U.S. as a key part of her next album launch. Looking ahead, we expect that AMC will continue to break new ground and blaze new trails with the world’s most talented and most beloved musicians.”