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Total income: $951.4 million, down 0.3% from $954.4 million a year ago.
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Net loss: ($235.5 million) to ($163.5 million) compared to the same period last year, with losses decreasing by $72 million.
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Loss per diluted share: This improved from $(1.71) to $(0.62), or a decrease of $1.09 per share, compared to the prior year period.
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Adjusted EBITDA: ($31.6 million) compared to $7.1 million in the prior year, a decrease of $38.7 million.
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Free cash flow: The reported value was $(238.8 million), a slight deterioration of $1.5 million from the prior year's $(237.3 million).
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Attendance: The number of people decreased by 2.1% from 47,621,000 in the previous year to 46,631,000.
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Cash and cash equivalents: The quarter ended with $624.2 million, down from $884.3 million at the end of the previous year.
On May 8, 2024, AMC Entertainment Holdings Inc (NYSE:AMC) disclosed its financial results for the first quarter ended March 31, 2024 through its 8-K filing. The company, a leader in the U.S. and European theatrical exhibition business, reported a slight decrease in total revenue and a significant improvement in net loss compared to the previous year.
Company Profile
AMC operates approximately 900 theaters and 10,000 screens worldwide, offering advanced amenities such as luxurious recliners, extensive food and beverage options, and a premium large-format experience. The company is also involved in film distribution, most notably “TAYLOR SWIFT | TAYLOR SWIFT | ERAS Tour and Renaissance: A Beyoncé Movie.''
financial performance
The company reported a net loss of $163.5 million, a significant improvement from a net loss of $235.5 million in the year-ago period. Total revenue decreased slightly to $951.4 million, down 0.3% year over year. This accomplishment is notable considering his 6% drop in North American box office revenue due to the 2023 Hollywood strike. Despite these challenges, AMC was able to increase its domestic market share and maintain revenue levels close to the previous year.
AMC CEO Adam Aron highlighted the company's aggressive strategy, saying:
We had expected for some time that the 2023 Hollywood Actors and Writers Strike would impact the first quarter box office, but we were encouraged by the strong March movie box office performance and expected more It reminded me that better times are coming. ”
strategic financial management
AMC has effectively managed its finances through strategic cost containment and capital market activities. The company reduced its debt principal by $17.5 million at the beginning of the quarter by exchanging debt for equity. Since the beginning of 2022, AMC has reduced debt and deferred rent by more than $974 million. These actions allowed AMC to end the quarter with $624 million in unrestricted cash and raised an additional $124.1 million from the sale of common stock after the quarter.
Operational highlights and future prospects
AMC attendance decreased 2.1% to 46,631,000, with significant declines in the U.S. market partially offset by increases in international markets. The company continues to innovate, as evidenced by its upcoming unique events such as the Billie Eilish Listening Event, which is expected to attract a lot of attention.
Looking ahead, AMC remains optimistic about its film lineup for the second half of 2024 and beyond, and expects a strong recovery trajectory fueled by exciting new releases and continued strategic initiatives.
conclusion
AMC's first quarter results reflect resilient performance amid industry challenges. The company's strategic cost management and innovative products have been critical to navigating the current situation and positioning AMC for potential growth as the industry recovers from recent disruptions.
For detailed financial numbers and additional information, please see the full 8-K filing on the SEC's website.
For more information, see AMC Entertainment Holdings Inc's full 8-K earnings release here.
This article first appeared on GuruFocus.