Q3 2024 AMC Entertainment Holdings Inc Earnings Call Transcript
Key Points
- AMC Entertainment Holdings Inc (AMC) reported a significant improvement in financial performance, with a 37% reduction in net loss compared to the previous quarter.
- The company achieved a new record for third-quarter admissions revenue per patron and set an all-time record for food and beverage revenues per patron.
- AMC's adjusted EBITDA was four times stronger in Q3 2024 than in Q2 2024, marking the second-best EBITDA performance for any third quarter in the company's history.
- AMC successfully extended $2.4 billion of long-term debt maturities from 2026 to 2029 and 2030, strengthening its balance sheet.
- The company expanded its AMC Perfectly Popcorn distribution to over 6,000 locations, with plans to reach 10,000 or more retail locations by mid-2025.
- AMC's consolidated attendance was approximately 12% below the same period last year, partly due to a film slate that did not resonate as well in Europe.
- The company's overall North American market share declined by approximately 60 basis points due to the interplay between the film slate and geographic mix.
- Despite improvements, AMC's adjusted EBITDA for 2024 is expected to be a fraction of pre-pandemic levels in 2019.
- The company faces challenges in maintaining cash reserves and managing debt obligations, despite recent improvements.
- AMC's attendance in Q3 2024 was 25% lower than in the pre-pandemic third quarter of 2019, indicating ongoing recovery challenges.
Greetings, and welcome to the AMC Entertainment Holdings third-quarter 2024 earnings webcast. (Operator Instructions) Please note, this conference is being recorded.
I'll now turn the call over to John Merriwether, Vice President, Capital Markets and Investor Relations. Thank you. You may begin.
Thank you, and good afternoon, everyone. I'd like to welcome you to AMC's third quarter 2024 earnings webcast. With me this afternoon is Adam Aron, our Chairman and CEO; and Sean Goodman, our Chief Financial Officer.
Before I turn the webcast over to Adam, let me remind everyone that some of the comments made by management during this webcast may contain forward-looking statements that are based on management's current expectations. Numerous risks, uncertainties and other factors may cause actual results to differ materially from those that might be expressed today.
Many of these risks and uncertainties are discussed in our most recent public filings,
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