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AMC(AMC) - 2024 Q4 - Annual Report
2025-02-25 23:50
Financial Performance - Total revenues for the year ended December 31, 2024, were $4,637.2 million, a decrease of 3.6% compared to $4,812.6 million in 2023 [459]. - Net loss for the year ended December 31, 2024, was $352.6 million, an improvement from a net loss of $396.6 million in 2023 [461]. - Admissions revenue decreased to $2,560.5 million in 2024 from $2,690.5 million in 2023, reflecting a decline of 4.8% [459]. - Food and beverage revenue also saw a decline, totaling $1,624.9 million in 2024 compared to $1,669.8 million in 2023, a decrease of 2.7% [459]. - Operating loss for 2024 was $79.3 million, slightly worse than the operating loss of $74.3 million in 2023 [459]. - Cash and cash equivalents decreased to $632.3 million as of December 31, 2024, down from $884.3 million in 2023 [464]. - Total assets decreased to $8,247.5 million in 2024 from $9,009.2 million in 2023, a decline of 8.4% [464]. - Total liabilities decreased to $10,008.0 million in 2024 from $10,857.1 million in 2023, a reduction of 7.8% [464]. - Net cash used in operating activities improved to $50.8 million in 2024 from $215.2 million in 2023 [466]. - The company reported a net cash decrease of $230.6 million for the period, compared to an increase of $257.0 million in the previous period [467]. Debt and Financing - The company has an aggregate principal balance of $2,014.2 million outstanding under New Term Loans, with interest rates ranging from 11.356% per annum [420]. - A 100-basis point increase in market interest rates would increase interest expense on New Term Loans by approximately $20.1 million for the year ended December 31, 2024 [421]. - The company had an aggregate principal balance of $1,905.0 million outstanding under Existing Term Loans as of December 31, 2023 [424]. - A 100-basis point change in market interest rates would have increased or decreased interest expense on Existing Term Loans by $19.1 million during the year ended December 31, 2023 [424]. - The company anticipates potential dilution of Common Stock due to future share issuances related to debt repayment and refinancing [15]. - The company plans to continue seeking to retire or purchase outstanding debt through cash purchases and/or exchanges for equity or debt [479]. - The company issued $414.4 million in new Exchangeable Notes on July 22, 2024, with a fair value of the derivative liability associated with the embedded conversion feature at $233.4 million [444]. - The Exchangeable Notes have an effective interest rate of 15.12%, with recorded interest expense of $18.2 million for the period from July 22, 2024, to December 31, 2024 [593]. - The New Term Loans mature on January 4, 2029, unless certain conditions regarding the Existing First Lien Notes are met, which could change the maturity date to October 5, 2028 [595]. - The company completed refinancing transactions on July 22, 2024, extending the maturities of approximately $1.6 billion of debt previously maturing in 2026 to 2029 and 2030 [577]. Impairment and Asset Management - The company reported an impairment charge of $51.9 million for long-lived assets in the US and $20.4 million in International markets for the year ended December 31, 2024 [438]. - The company evaluated its long-lived assets for impairment whenever events indicate that the carrying amount may not be fully recoverable [438]. - The company recorded non-cash impairment of long-lived assets totaling $72.3 million for the year ended December 31, 2024, compared to $107.9 million in 2023 and $133.1 million in 2022 [514]. - The company recorded a gain of $15.5 million from the sale of its 10% investment in Saudi Cinema Company LLC, which was sold for SAR 112.5 million ($30.0 million) on January 25, 2023 [561]. Currency and Market Risks - The company is exposed to fluctuations in foreign currency exchange rates, with a hypothetical 10% increase potentially impacting net income [417]. - A hypothetical 10% increase in foreign currency translation rates would increase the aggregate net loss of the company's International theatres by approximately $9.0 million for the year ended December 31, 2024 [427]. - The company experienced an aggregate net loss increase of approximately $10.9 million due to a hypothetical 10% increase in foreign currency translation rates for the year ended December 31, 2023 [427]. - The foreign currency translation rates increased by approximately 0.7% for the year ended December 31, 2024 compared to the previous year [428]. Internal Controls and Reporting - The company's internal control over financial reporting was deemed effective as of December 31, 2024, based on the COSO criteria [451]. - The company’s internal control over financial reporting has been audited by Ernst & Young LLP, confirming its effectiveness [434]. - The company’s management conducted an evaluation of the effectiveness of internal control over financial reporting as of December 31, 2024 [430]. - The company’s financial statements were audited and presented fairly in all material respects for the years ended December 31, 2024 and 2023 [433]. Stockholder Equity and Market Performance - The company’s total stockholders' deficit increased to $8.35 billion as of December 31, 2024 [470]. - The company issued 75,497,216 shares, raising $252.8 million during the reporting period [470]. - The company’s cash burn rates are not sustainable long-term, necessitating a return to pre-COVID-19 revenue levels [477]. - The company anticipates that achieving sustainable net positive cash flows will require significant revenue increases [477]. Pension and Employee Benefits - For the year ended December 31, 2024, the Company expects to contribute $2.4 million to the U.S. pension plans [520]. - The aggregated projected benefit obligation for U.S. pension benefits at the end of 2024 was $73.8 million, down from $79.3 million in 2023 [519]. - The Company’s net periodic benefit costs for the year ended December 31, 2024, were $1.8 million, an increase from $1.4 million in 2023 [522]. - The Company’s defined contribution plan expenses were $10.5 million, $9.8 million, and $9.0 million for the years ended December 31, 2024, 2023, and 2022, respectively [526]. Lease and Operating Costs - Total lease costs for the year ended December 31, 2024, were $989.2 million, compared to $967.4 million in 2023 [550]. - The weighted average remaining lease term for operating leases as of December 31, 2024, was 8.1 years, with a discount rate of 10.7% [550]. - The Company had signed additional operating lease agreements for six theatres with total lease payments of approximately $107.3 million, pending commencement [553]. - The Company recorded lease liabilities based on the present value of minimum lease payments, which include base rent and other fixed payments [511].
AMC Entertainment Q4 Beats Street, Stock Pops, CEO Adam Aron Sees “Material Growth” In 2025
Deadline· 2025-02-25 21:38
Core Insights - AMC Entertainment, the largest theater chain globally, reported a revenue increase of over 18% to $1.3 billion for the last three months of 2024, surpassing estimates [1] - Adjusted EBITDA more than tripled to $164.8 million from $49.9 million year-over-year, exceeding forecasts, while net losses narrowed to $136 million from $182 million [2] - The company generated over $200 million in cash from operating activities and approximately $114 million in free cash flow, marking its highest quarterly cash flow post-pandemic [3] Attendance and Revenue - More than 62 million guests visited AMC theaters worldwide in Q4, a record post-pandemic and a 20% increase compared to 2023 [5] - Food and beverage revenue per patron reached an all-time fourth quarter record of $7.15, driven by the variety and quality of offerings [5] Financial Health and Strategy - AMC reduced its debt obligations by over $375 million in 2024, ending the year with more than $630 million in available cash, which is crucial for funding operations until box office revenues improve [6] - The company is focused on enhancing the theater experience and plans to expand premium large format and special purpose screens as part of its growth strategy [7]
AMC(AMC) - 2024 Q4 - Annual Results
2025-02-25 21:18
Exhibit 99.1 INVESTOR RELATIONS: John Merriwether, 866-248-3872 InvestorRelations@amctheatres.com MEDIA CONTACTS: Ryan Noonan, (913) 213-2183 rnoonan@amctheatres.com FOR IMMEDIATE RELEASE AMC Entertainment Holdings, Inc. Reports Fourth Quarter and Full Year 2024 Results LEAWOOD, KANSAS - (February 25, 2025) -- AMC Entertainment Holdings, Inc. (NYSE: AMC) ("AMC" or "the Company"), today reported results for the three months and year ended December 31, 2024. Fourth Quarter 2024 Summary Results: Full Year 2024 ...
How crazy popcorn buckets became big business for movie theaters
CNBC· 2025-02-16 14:00
In this articleAMCCNKPopcorn buckets are pictured during the "Taylor Swift: The Eras Tour" concert movie world premiere at AMC The Grove in Los Angeles on Oct. 11, 2023.Valerie Macon | AFP | Getty ImagesFor decades, popcorn has been a staple of the movie theater experience and exhibitors' bottom lines. Now, the receptacle it comes in is becoming just as important.As recently as three years ago, AMC Entertainment didn't sell any merchandise. Last year it hawked novelty popcorn buckets, drink sippers and T-sh ...
After Plunging -24.14% in 4 Weeks, Here's Why the Trend Might Reverse for AMC Entertainment (AMC)
ZACKS· 2025-02-04 15:36
A downtrend has been apparent in AMC Entertainment (AMC) lately with too much selling pressure. The stock has declined 24.1% over the past four weeks. However, given the fact that it is now in oversold territory and Wall Street analysts are majorly in agreement about the company's ability to report better earnings than they predicted earlier, the stock could be due for a turnaround.Guide to Identifying Oversold StocksWe use Relative Strength Index (RSI), one of the most commonly used technical indicators, f ...
AMC Entertainment (AMC) Declines More Than Market: Some Information for Investors
ZACKS· 2025-01-31 23:51
The most recent trading session ended with AMC Entertainment (AMC) standing at $3.11, reflecting a -0.96% shift from the previouse trading day's closing. This change lagged the S&P 500's 0.51% loss on the day. Meanwhile, the Dow lost 0.75%, and the Nasdaq, a tech-heavy index, lost 0.28%.The movie theater operator's shares have seen a decrease of 21.89% over the last month, not keeping up with the Consumer Discretionary sector's gain of 4.16% and the S&P 500's gain of 2.87%.Investors will be eagerly watching ...
AMC Entertainment (AMC) Surpasses Market Returns: Some Facts Worth Knowing
ZACKS· 2025-01-23 23:51
The latest trading session saw AMC Entertainment (AMC) ending at $3.41, denoting a +0.59% adjustment from its last day's close. The stock outperformed the S&P 500, which registered a daily gain of 0.53%. At the same time, the Dow added 0.93%, and the tech-heavy Nasdaq gained 0.22%.The movie theater operator's stock has dropped by 16.5% in the past month, falling short of the Consumer Discretionary sector's loss of 0.2% and the S&P 500's gain of 2.69%.The upcoming earnings release of AMC Entertainment will b ...
ROBERT CRAIG FILMS UNVEILS OFFICIAL TRAILER AND KEY ART FOR DEBUT FEATURE FILM 'NO ADDRESS' FROM FATHOM ENTERTAINMENT IN THEATRES FEBRUARY 28
Prnewswire· 2025-01-21 14:00
Groundbreaking Film Commits 50% of Net Profits to Combat Homelessness in Local Communities NationwideA Powerful Exploration of Homelessness and Humanity Featuring an All-Star CastFathom Entertainment Now Offering Tickets On Sale SACRAMENTO, Calif., Jan. 21, 2025 /PRNewswire/ -- Robert Craig Films unveiled the official trailer and key art today for its upcoming debut feature film, NO ADDRESS, in theatres nationwide and presented by Fathom Entertainment beginning February 28. NO ADDRESS shares the personal jo ...
AMC: 'Glicked' clicks with cinemagoers as theatre chain enjoys record Thanksgiving
Proactiveinvestors NA· 2024-12-02 14:36
Company Overview - Proactive is a global financial news and online broadcast company with operations across six offices on three continents, including London, New York, Toronto, Vancouver, Sydney, and Perth [1][2] - The company produces 50,000 pieces of real-time news, feature articles, and filmed interviews annually, overseen by Managing Editor Ian Lyall, who has over three decades of experience in journalism and editing [1] - Proactive's content is independently produced by experienced and qualified teams of news journalists, targeting a global investment audience [1] Market Focus - Proactive specializes in medium and small-cap markets while also covering blue-chip companies, commodities, and broader investment stories [2] - The company delivers news and unique insights across various sectors, including biotech and pharma, mining and natural resources, battery metals, oil and gas, crypto, and emerging digital and EV technologies [3] Technology and Content Production - Proactive is a forward-looking company that adopts technology to enhance workflows, equipping its human content creators with decades of expertise and experience [4] - The company occasionally uses automation and software tools, including generative AI, but all content is ultimately edited and authored by humans to ensure quality and adherence to best practices in content production and search engine optimization [5]
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Seeking Alpha· 2024-12-02 13:25
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