Q2 2024 AMC Entertainment Holdings Inc Earnings Call Transcript
Key Points
- AMC Entertainment Holdings Inc (AMC) ended the second quarter with $770 million in cash, providing a strong liquidity position.
- The box office has shown signs of recovery, with significant successes from films like Disney and Pixar's Inside Out 2 and Universal's Despicable Me 4.
- AMC set an all-time monthly adjusted EBITDA record for June, the best June in the company's 104-year history.
- The company has successfully extended the maturity of $2.45 billion of its debt from 2026 to 2029 and 2030, providing financial breathing room.
- AMC has increased its market share in North America, despite reducing its theater count, and has seen growth in revenue and profit per patron.
- AMC reported an 84% drop in adjusted EBITDA for the quarter compared to the same quarter last year.
- The North American box office was challenging in the first half of the year, with a 19% decline compared to the same period in 2023.
- The company faces competitive pricing pressures in the UK market, impacting its ability to increase prices.
- Despite improvements, AMC's domestic margins remain below pre-pandemic levels, with challenges in returning to mid-to-high teen margins.
- The company continues to close underperforming locations, with a net reduction of 118 locations since the pandemic began.
Greetings and welcome to the AMC Entertainment Holdings second quarter 2024 earnings webcast. (Operator Instructions) As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, John Merriwether, Vice President Capital Markets. Thank you, John. You may begin.
Thank you, Alecia. Good afternoon. I'd like to welcome everyone to AMC's second 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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