AMC Entertainment Holdings, Inc. Reports Third Quarter 2021 Results LEAWOOD, KANSAS - (November 8, 2021) -- AMC Entertainment Holdings, Inc. (NYSE: AMC) (“AMC” or “the Company”), today reported results for the third quarter ended September 30, 2021. Third Quarter Summary "As of September 30, 2021, AMC operated 596 domestic theatres representing essentially 100% of its domestic theatres and 351 international theatres representing approximately 99% of its international theatres. Substantially all of the Company’s theatres were open for the entirety of the third quarter. Adam Aron, Chairman and CEO of AMC Entertainment commented, “For the first time since the fourth quarter of 2019, substantially all of our worldwide theatres were open for the entirety of a calendar quarter. Thanks to an increasingly appealing film slate, rising COVID-19 vaccination counts, our commitment to robust health and safety protocols and our own greatly increased marketing activity, AMC’s theatres in the U.S., Europe and the Middle East safely welcomed back 40 million guests during the third quarter of 2021. These guests generated significant revenue per patron growth, which when combined with our cost control efforts, generated financial results that were well ahead of market expectations.
More important than beating expectations, however, is the significant progress AMC has been making with those financial results. Admission tickets sold, consolidated revenues and net income in the third quarter of 2021 all show marked improvement over Q2 of 2021 and the prior year period. And our Net Loss and Adjusted EBITDA for the most recent quarter saw a 34.8% and 96.4% improvement over the second quarter of 2021, respectively, and a 75.2% and 98.4% improvement over the comparable third quarter of 2020 a year ago, respectively.” Aron said, “We are also encouraged by the results from the beginning of the fourth quarter of 2021. Indeed, as we announced just a week ago, our October theatre admissions revenues were the highest of any month since before the global pandemic forced the closure of our cinemas more than a year and a half ago. That is just one more good sign among many we have seen in 2021.” Aron added, “Our quarter-ending liquidity as of September 30, 2021, of more than $1.8 billion, including cash and our undrawn revolving credit lines remains at near-record levels, and also gives us comfort. Incidentally, we do not anticipate having to borrow under those lines of credit in the next 12 months. This strong liquidity position provides a foundation for us to innovate, as well as imaginatively grow and diversify our business. At the same time, our improving financial results and solid liquidity position are enabling us to take steps to reduce our financial leverage.” Aron concluded, “Our financial results continue to improve. More and more major films are on the docket for release in the remainder of 2021, and throughout 2022. One can see and feel that our industry and our company are on a path of recovery and improvement. Therefore, our spirits are upbeat. However, even amidst such good news, we are not yet where we want and need to be. We wish to emphasize that no one should have any illusions that there is not more challenge ahead of us still to be met. The virus continues to be with us, we need to sell more tickets in future quarters than we did in the most recent quarter, and Adjusted EBITDA is still well below pre-pandemic levels.”
Balance Sheet, Cash and Liquidity Cash at September 30, 2021 was $1,612.5 million excluding restricted cash of $27.7 million. AMC currently has liquidity availability of more than $1.8 billion (including cash and undrawn revolver lines), however the Company does not anticipate the need to borrow under the revolver lines during the next twelve months. During the third quarter of 2021, the Company exercised an option to repurchase $35 million of its 15% cash / 17% payment-in-kind (“PIK”) Toggle First Lien Secured Notes due 2026. The total cost to exercise this repurchase option was $41.3 million, including principal, redemption premium and accrued and unpaid interest. As a result of this debt reduction, AMC’s annual cash interest cost has been reduced by $5.25 million. Webcast Information The Company will host a webcast for investors and other interested parties beginning at 4:00 p.m. CST/5:00 p.m. EST on Monday, November 8, 2021. To listen to the webcast, please visit the investor relations section of the AMC website at www.investor.amctheatres.com for a link. Investors and interested parties should go to the website at least 15 minutes prior to the call to register, and/or download and install any necessary audio software. An archive of the webcast will be available on the Company’s website after the call for a limited time.." https://investor.amctheatres.com/files/...lease-20211108-1430-v.F.pdf |