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Jun 30, 2023
AMC Q2 2023 Earnings Report
AMC Entertainment's Q2 2023 results marked the strongest second quarter in four years, driven by significant growth in revenue, attendance, and Adjusted EBITDA.
Key Takeaways
AMC Entertainment Holdings, Inc. reported positive results for the second quarter of 2023, with total revenue increasing by 15.6% to $1,347.9 million. The company achieved a net income of $8.6 million, a significant improvement from the net loss of $121.6 million in Q2 2022. Adjusted EBITDA also saw substantial growth, reaching $182.5 million, the highest quarterly figure since Q4 2019.
Total revenue increased by 15.6% year-over-year, reaching $1,347.9 million.
Net income was $8.6 million, a substantial improvement compared to Q2 2022.
Adjusted EBITDA improved by $75.8 million to $182.5 million, the highest since Q4 2019.
AMC Theatres welcomed more than 66 million guests, the highest quarterly attendance since Q4 2019.
AMC
AMC
AMC Revenue by Segment
AMC Revenue by Geographic Location
Revenue by Segment
Admissions Revenue
CapyFin.comFood & Beverage Revenue
CapyFin.comOther Theatre Revenue
CapyFin.comRevenue by Geographic Location
U.S. Markets Revenue
CapyFin.comInternational Markets Revenue
CapyFin.com Forward Guidance
AMC anticipates continued recovery and growth, but faces potential challenges due to ongoing writers' and actors' strikes, which could delay movie releases into the following year. The company is focused on strengthening its balance sheet and maintaining agility to overcome liquidity hurdles.
Positive Outlook
- The 2023 domestic industry box office is 20% ahead of last year.
- July revenue was the highest monthly revenue in AMC's 103-year history.
- The company raised $34 million of cash through the sale of APE units.
- AMC reduced the principal balance of its debt by $42 million through debt repurchases.
- Available liquidity at quarter end was $643 million.
Challenges Ahead
- Current writers/actors strikes could delay movie releases into next year.
- There are real and potentially severe liquidity hurdles on the horizon.
- The company needs to continue to raise capital.
- The company needs to remain agile.
- Ongoing stockholder litigation prevents AMC from implementing its 1:10 reverse stock split of Class A common stock and conversion of the AMC Preferred Equity Units into Class A common stock
Revenue & Expenses
Visualization of income flow from segment revenue to net income