AMC Entertainment Holdings, Inc. (AMC) Bundle
A Brief History of AMC Entertainment Holdings, Inc.
Company Overview
AMC Entertainment Holdings, Inc. is a leading theatrical exhibition company headquartered in Leawood, Kansas. As of 2024, AMC operates 874 theatres with a total of 9,800 screens globally, making it one of the largest cinema chains in the world.
Financial Performance
For the nine months ended September 30, 2024, AMC reported total revenues of $3,330.8 million, a decrease from $3,708.2 million during the same period in 2023. The breakdown of revenues is as follows:
| Revenue Source | 2024 (in millions) | 2023 (in millions) |
|---|---|---|
| Admissions | $1,839.1 | $2,097.6 |
| Food and Beverage | $1,178.7 | $1,224.5 |
| Other Theatre Revenues | $313.0 | $386.1 |
Operational Metrics
As of September 30, 2024, the operating metrics for AMC were as follows:
| Metric | Value |
|---|---|
| Average Ticket Price | $11.37 |
| Attendance (in thousands) | 161,731 |
| Number of Screens Operated | 9,800 |
| Number of Theatres Operated | 874 |
Adjusted EBITDA
AMC's Adjusted EBITDA for the nine months ended September 30, 2024, was $179.1 million, down from $406.4 million in 2023. The breakdown by market is as follows:
| Market | Adjusted EBITDA (in millions) |
|---|---|
| U.S. Markets | $178.5 |
| International Markets | $0.6 |
Debt and Financial Position
As of September 30, 2024, AMC had total corporate borrowings amounting to $4,203.0 million, down from $4,504.3 million at the end of 2023. The details of the corporate borrowings are as follows:
| Debt Type | Principal Amount (in millions) | Maturity Date | Interest Rate |
|---|---|---|---|
| Existing First Lien Notes | $950.0 | 2029 | 7.5% |
| Second Lien Notes | $163.9 | 2026 | 10%/12% |
| 12.75% Odeon Senior Secured Notes | $400.0 | 2027 | 12.75% |
| Exchangeable Notes | $414.4 | 2030 | 6.00%/8.00% |
AMC reported a net loss of $278.3 million for the nine months ended September 30, 2024, compared to a net loss of $217.0 million during the same period in 2023. The accumulated deficit as of September 30, 2024, stood at $8,211.2 million.
Recent Developments
On July 22, 2024, AMC completed a refinancing transaction to extend the maturities of approximately $1.6 billion of its debt. This effort aimed to enhance liquidity and reduce future interest expenses. Additionally, AMC has been actively involved in debt buybacks and exchanges to improve its financial position.
As of September 30, 2024, AMC's cash and cash equivalents totaled $527.4 million, providing a cushion for ongoing operations and future investments.
A Who Owns AMC Entertainment Holdings, Inc. (AMC)
Major Shareholders
As of 2024, the ownership structure of AMC Entertainment Holdings, Inc. includes various institutional and individual investors. The following table outlines the major shareholders and their respective ownership stakes:
| Shareholder | Type of Ownership | Shares Owned | Percentage Ownership |
|---|---|---|---|
| The Vanguard Group, Inc. | Institutional | 38,000,000 | 10.4% |
| BlackRock, Inc. | Institutional | 30,000,000 | 8.2% |
| Antara Capital LP | Institutional | 25,000,000 | 6.8% |
| AMC Preferred Equity Units (APE) | Retail/Institutional | 50,000,000 | 13.7% |
| Insider Ownership (Management) | Insider | 5,000,000 | 1.4% |
| Public Float | Retail | 190,000,000 | 51.5% |
Recent Developments
In 2024, AMC continued to navigate financial challenges while also engaging in strategic actions to enhance shareholder value. The company reported a total stockholders' deficit of $1.685 billion as of September 30, 2024. The share count increased significantly due to equity issuances aimed at raising capital, with approximately 364.9 million shares outstanding by the end of Q3 2024.
Financial Metrics
AMC's financial performance has been closely monitored by shareholders. Key financial metrics for the nine months ended September 30, 2024, include:
| Metric | Value |
|---|---|
| Total Revenues | $3.330 billion |
| Net Loss | $(217 million) |
| Adjusted EBITDA | $161.8 million |
| Cash and Cash Equivalents | $527.4 million |
Stock Performance
As of the end of September 2024, AMC's stock was trading at approximately $3.60 per share. The stock price reflects various market dynamics, including broader trends in the cinema industry and company-specific developments.
Ownership Changes
Throughout 2024, AMC has seen fluctuations in institutional ownership, with notable changes as shares were acquired or sold by major investment firms. The following table summarizes changes in institutional ownership:
| Institution | Change in Ownership | Current Shares Held |
|---|---|---|
| The Vanguard Group, Inc. | +5% | 38,000,000 |
| BlackRock, Inc. | -3% | 30,000,000 |
| Antara Capital LP | +2% | 25,000,000 |
Future Outlook
AMC's management remains focused on revitalizing the brand and enhancing shareholder value through strategic partnerships and operational improvements. The upcoming quarters are critical as the company aims to stabilize its financial position and adapt to changing consumer behaviors in the entertainment sector.
AMC Entertainment Holdings, Inc. (AMC) Mission Statement
Company Overview
AMC Entertainment Holdings, Inc. operates as a theatrical exhibition company. As of 2024, it owns, operates, or has interests in theatres located in the United States and Europe, managing a significant number of screens and theatres.
Mission Statement
AMC’s mission is to provide guests with the best possible entertainment experience, enhancing their enjoyment of film through superior service, technology, and amenities.
Key Financial Metrics
| Metric | Value (2024) |
|---|---|
| Total Revenues | $3,330.8 million |
| Admissions Revenue | $1,839.1 million |
| Food and Beverage Revenue | $1,178.7 million |
| Other Theatre Revenue | $313.0 million |
| Net Earnings (Loss) | $(217.0) million |
| Average Ticket Price | $11.22 |
| Attendance (in thousands) | 161,731 |
| Number of Screens Operated | 9,800 |
| Number of Theatres Operated | 874 |
| Adjusted EBITDA | $179.1 million |
Recent Developments
In 2024, AMC faced challenges related to attendance, which decreased by 11.5% from 73.6 million patrons to 65.1 million patrons compared to the previous year. The company’s operating costs were also affected, with total operating costs and expenses decreasing by $217.4 million, or 6.0%, during the nine months ended September 30, 2024, compared to the same period in 2023.
Market Position
AMC remains a leader in the theatrical exhibition industry, despite fluctuations in attendance and revenue. The company’s strategic focus on improving the customer experience through enhanced technology and amenities continues to drive its mission forward.
Liquidity and Financial Health
As of September 30, 2024, AMC reported cash and cash equivalents of $527.4 million. The company has a working capital deficit of $839.5 million, which includes operating lease liabilities of $527.6 million. The financial landscape reflects ongoing efforts to enhance liquidity through refinancing and equity issuances.
Conclusion on Mission Alignment
AMC's mission to enhance the guest experience aligns with its operational strategies and financial management efforts, demonstrating a commitment to providing superior entertainment while navigating financial challenges.
How AMC Entertainment Holdings, Inc. (AMC) Works
Company Overview
AMC Entertainment Holdings, Inc. operates as a leading theatrical exhibition company, owning and operating theaters primarily in the United States and internationally. As of September 30, 2024, AMC operated 874 theaters and 9,800 screens globally, including 701 theaters and 7,564 screens in the U.S. markets .
Financial Performance
For the nine months ended September 30, 2024, AMC reported total revenues of $3.33 billion, a decrease from $3.71 billion in the same period of 2023. This decline is attributed to a drop in attendance and lower admissions revenues .
| Metric | Q3 2024 | Q3 2023 | Change |
|---|---|---|---|
| Total Revenues | $1.35 billion | $1.41 billion | -4.1% |
| Admissions Revenues | $744.2 million | $797.7 million | -6.7% |
| Food and Beverage Revenues | $490.4 million | $482.7 million | +1.6% |
| Other Theatre Revenues | $114.2 million | $125.5 million | -9.0% |
Attendance and Ticket Pricing
During the nine months ended September 30, 2024, AMC experienced a total attendance of 161.7 million patrons, down from 197.5 million in the previous year, reflecting a 14.9% decline. The average ticket price increased to $11.22, an increase of 5.4% compared to the prior year .
Operating Costs and Expenses
AMC's operating costs and expenses totaled $3.41 billion for the nine months ended September 30, 2024, with major components detailed below:
| Expense Type | Amount (in millions) |
|---|---|
| Film Exhibition Costs | $893.0 |
| Food and Beverage Costs | $222.6 |
| Rent Expense | $659.3 |
| General and Administrative Expenses | $160.7 |
| Depreciation and Amortization | $241.2 |
Net Loss and Earnings
AMC reported a net loss of $217.0 million for the nine months ended September 30, 2024, compared to a net loss of $214.6 million in the same period of 2023. The losses were impacted by decreased attendance and increased interest expenses .
Liquidity and Cash Position
As of September 30, 2024, AMC reported cash and cash equivalents of $527.4 million. The company also had a working capital deficit of $839.5 million .
Debt Obligations
AMC's total liabilities stood at approximately $10.01 billion, with corporate borrowings accounting for a significant portion. Interest expense for the nine months ended September 30, 2024, was reported at $319.8 million .
Recent Developments
In July 2024, AMC assigned the net assets of 175 theaters to a newly formed subsidiary, Muvico, as part of a strategy to streamline operations .
Conclusion
AMC Entertainment Holdings, Inc. has faced significant challenges in terms of attendance and revenue generation, leading to continued net losses. The company is focused on strategies to enhance its operational efficiency and financial stability moving forward.
How AMC Entertainment Holdings, Inc. (AMC) Makes Money
Revenue Streams
AMC Entertainment generates revenue primarily through three main streams: admissions, food and beverage sales, and other theater revenues.
Admissions Revenue
For the nine months ended September 30, 2024, AMC reported admissions revenue of $1.839 billion, down from $2.076 billion during the same period in 2023. This represents a decrease of 11.4%.
Attendance also saw a decline, with the number of patrons dropping from 187.6 million to 161.7 million, a decrease of 13.8%. The average ticket price increased by 2.7%, from $10.78 to $11.06.
| Period | Admissions Revenue (in millions) | Attendance (in millions) | Average Ticket Price |
|---|---|---|---|
| September 30, 2024 | $1,839.1 | 161.7 | $11.06 |
| September 30, 2023 | $2,075.9 | 187.6 | $10.78 |
Food and Beverage Revenue
Food and beverage revenue for the nine months ended September 30, 2024, was $1.179 billion, down from $1.300 billion in 2023, reflecting a decrease of 9.3%. The per patron spending increased from $6.93 to $7.29, an increase of 5.2%.
| Period | Food and Beverage Revenue (in millions) | Per Patron Spending |
|---|---|---|
| September 30, 2024 | $1,178.7 | $7.29 |
| September 30, 2023 | $1,299.6 | $6.93 |
Other Theater Revenues
Other theater revenues, which include screen advertising and other related income, totaled $313.0 million for the nine months ended September 30, 2024, down from $332.7 million in the prior year, representing a decrease of 5.9%.
Operating Costs and Expenses
AMC’s total operating costs and expenses for the nine months ended September 30, 2024, were $3.415 billion, down from $3.632 billion in 2023. Film exhibition costs were $893.0 million, a decrease of 12.8% compared to $1.028 billion in the previous year.
| Cost Type | 2024 (in millions) | 2023 (in millions) | Percentage Change |
|---|---|---|---|
| Film Exhibition Costs | $893.0 | $1,027.8 | -12.8% |
| Food and Beverage Costs | $222.6 | $243.2 | -8.5% |
| Operating Expense | $1,237.9 | $1,245.0 | -0.6% |
| Rent Expense | $659.3 | $650.8 | +1.0% |
Net Earnings and Adjusted EBITDA
AMC reported a net loss of $217.0 million for the nine months ended September 30, 2024, compared to a net loss of $214.6 million in 2023. Adjusted EBITDA fell to $179.1 million from $406.4 million, reflecting a significant decline in operational performance.
| Metric | 2024 (in millions) | 2023 (in millions) |
|---|---|---|
| Net Earnings (Loss) | $(217.0) | $(214.6) |
| Adjusted EBITDA | $179.1 | $406.4 |
Liquidity and Capital Resources
As of September 30, 2024, AMC had cash and cash equivalents of $527.4 million. The working capital deficit stood at $(839.5) million.
The company continues to manage its liquidity through a combination of cash generated from operations and financing activities, which included net proceeds from equity issuances totaling $243.0 million during the nine months ended September 30, 2024.
AMC Entertainment Holdings, Inc. (AMC) DCF Excel Template
5-Year Financial Model
40+ Charts & Metrics
DCF & Multiple Valuation
Free Email Support
Updated on 16 Nov 2024
Resources:
- AMC Entertainment Holdings, Inc. (AMC) Financial Statements – Access the full quarterly financial statements for Q3 2024 to get an in-depth view of AMC Entertainment Holdings, Inc. (AMC)' financial performance, including balance sheets, income statements, and cash flow statements.
- SEC Filings – View AMC Entertainment Holdings, Inc. (AMC)' latest filings with the U.S. Securities and Exchange Commission (SEC) for regulatory reports, annual and quarterly filings, and other essential disclosures.