AMC Entertainment Holdings, Inc. (NYSE: AMC) released its financial results for the first quarter of 2024 on May 8, 2024. The company reported a slight decrease in total revenues to $951.4 million compared to $954.4 million in Q1 2023. However, AMC saw an improvement in net loss, which was reduced to $(163.5) million from $(235.5) million in the previous year. The net loss per diluted share also improved to $(0.62) from $(1.71) in Q1 2023. Adjusted EBITDA was negative at $(31.6) million, a drop from the $7.1 million reported in Q1 2023, which included a $16.7 million benefit related to an early termination of a theatre lease. Operating cash flow was slightly better at $(188.3) million compared to $(189.9) million in the same quarter of the previous year. The company ended the quarter with $624.2 million in cash and cash equivalents...Show More

AMC Entertainment Holdings, Inc. (NYSE: AMC) released its financial results for the first quarter of 2024 on May 8, 2024. The company reported a slight decrease in total revenues to $951.4 million compared to $954.4 million in Q1 2023. However, AMC saw an improvement in net loss, which was reduced to $(163.5) million from $(235.5) million in the previous year. The net loss per diluted share also improved to $(0.62) from $(1.71) in Q1 2023. Adjusted EBITDA was negative at $(31.6) million, a drop from the $7.1 million reported in Q1 2023, which included a $16.7 million benefit related to an early termination of a theatre lease. Operating cash flow was slightly better at $(188.3) million compared to $(189.9) million in the same quarter of the previous year. The company ended the quarter with $624.2 million in cash and cash equivalents. Adam Aron, Chairman and CEO, expressed satisfaction with the company's performance, noting that AMC exceeded consensus estimates and managed to grow its domestic market share despite a 6% decline in the North American box office due to the 2023 Hollywood strikes. Aron also highlighted AMC's continued debt reduction efforts, with over $974 million reduced since January 1, 2022, and an additional $124.1 million raised from the sale of common shares post-quarter. Looking forward, AMC anticipates a strong film lineup in the second half of 2024 and throughout 2025. Additionally, AMC is capitalizing on its success with concert films by hosting a Billie Eilish Listening Event on May 16 and 17, 2024, as part of her album launch.