AMC Earnings Beat Estimates. AMC Entertainment Holdings, Inc. Reports Fourth Quarter and Full Year 2023 Results
LEAWOOD, KANSAS - (February 28, 2024) -- AMC Entertainment Holdings, Inc. (NYSE: AMC) (“AMC” or “the Company”), today reported results for the fourth quarter and year ended December 31, 2023. Full Year 2023 Summary • Total revenues grew 23% to $4,812.6 million compared to $3,911.4 million for 2022. • Net loss improved $577.0 million to $396.6 million, including a non-cash impairment charge related to long-lived assets of $106.9 million, compared to a net loss of $973.6 million for 2022, which included a non-cash impairment charge related to long-lived assets of $133.1 million. • Adjusted net loss was $318.8 million, an improvement of $409.1 million compared to 2022. • Net loss per diluted share was $2.37 compared to $9.29 for 2022, an improvement of $6.92. • Adjusted net loss per diluted share was $1.90 compared to $6.95 for 2022, an improvement of $5.05. • Adjusted EBITDA was $425.8 million, an increase of $379.2 million compared to 2022. • Net cash used in operating activities was $215.2 million, an improvement of $413.3 million compared to 2022. • Non-GAAP Operating Cash Generated (Burn)1 was $68.3 million, an improvement of $361.9 million compared to 2022. Fourth Quarter Summary • Total revenues grew 11.5% to $1,104.4 million compared to $990.9 million for 2022. • Net loss improved to $182.0 million, including a non-cash impairment charge related to long-lived assets of $106.9 million, compared to a net loss of $287.7 million for 2022, which included a non-cash impairment charge related to long-lived assets of $133.1 million. • Adjusted net loss was $118.6 million, an improvement of $34.3 million compared to 2022. • Net loss per diluted share was $0.83 compared to $2.64 for 2022, an improvement of $1.81. • Adjusted net loss per diluted share was $0.54 compared to $1.40 for 2022, an improvement of $0.86. • Adjusted EBITDA increased 193% to $42.5 million compared to $14.5 million for 2022. • Net cash used in operating activities was $77.8 million. • Non-GAAP Operating Cash Generated (Burn)1 was $(0.8) million. • Cash and cash equivalents at December 31, 2023 was $884.3 million. Commenting on the earnings announcement, Adam Aron, AMC Entertainment Chairman and CEO said, “AMC reported strong results for both the fourth quarter and full year of 2023, once again exceeding Wall Street’s consensus expectations. It was another full year of continued meaningful recovery from the aftermath of the 2020 pandemic, as evidenced by AMC’s full year 2023 revenues growing by 23% over 2022, and AMC’s Adjusted EBITDA growing by some nine times, from $46.6 million in 2022 to $425.8 million in 2023. AMC’s Revenue and Adjusted EBITDA for 2023 were the strongest since pre-pandemic 2019, and for the first time post- pandemic, AMC delivered positive Adjusted EBITDA in each quarter of the year.”
