8-K: Current report filing
Published on July 22, 2024
Exhibit 99.1
| Pro Forma Financial Overview |  |
LTM Mar-24 Financials
| ($ in millions) | Restricted
Group (Domestic) |
International | Unrestricted Subsidiaries1 |
Consolidated | ||||||||||||
| Theatres | 383 | 337 | 175 | 895 | ||||||||||||
| Revenue | $ | 2,405 | $ | 1,136 | $ | 1,269 | $ | 4,810 | ||||||||
| Adj. EBITDA | $ | 156 | $ | 55 | $ | 176 | $ | 387 | ||||||||
| Memo | ||||||||||||||||
| Revenue / Theatre | $ | 6.3 | $ | 3.4 | $ | 7.2 | $ | 5.4 | ||||||||
| Adj. EBITDA / Theatre | $ | 0.4 | $ | 0.2 | $ | 1.0 | $ | 0.4 | ||||||||
Note: 361,159,031 common shares outstanding as of July 17th
| 1. | Includes (i) new Unrestricted Subsidiary holding transferred theatre and intellectual property assets and (ii) Centertainment Development. AMC Theatres of UK included in International. |
| (unaudited) | ||||||||||||
| AMCEH & | ||||||||||||
| Restricted | Unrestricted | |||||||||||
| (In millions, except share data) | Subsidiaries | Subsidiaries | Consolidated | |||||||||
| ASSETS | ||||||||||||
| Current assets: | ||||||||||||
| Cash and cash equivalents | $ | 400.9 | $ | 94.7 | $ | 495.6 | ||||||
| Restricted cash | 23.1 | — | 23.1 | |||||||||
| Intercompany receivables (payables) | 11.3 | (11.3 | ) | — | ||||||||
| Receivables, net | 101.6 | 4.1 | 105.7 | |||||||||
| Other current assets | 81.6 | 34.5 | 116.1 | |||||||||
| Total current assets | 618.5 | 122.0 | 740.5 | |||||||||
| Property, net | 1,230.2 | 440.0 | 1,670.2 | |||||||||
| Operating lease right-of-use assets, net | 2,811.7 | 928.6 | 3,740.3 | |||||||||
| Intangible assets, net | 43.0 | 104.4 | 147.4 | |||||||||
| Goodwill | 2,342.7 | — | 2,342.7 | |||||||||
| Other long-term assets | 205.6 | 0.9 | 206.5 | |||||||||
| Investment in subsidiary | 444.3 | (444.3 | ) | — | ||||||||
| Total assets | $ | 7,696.0 | $ | 1,151.6 | $ | 8,847.6 | ||||||
| LIABILITIES AND STOCKHOLDERS’ DEFICIT | ||||||||||||
| Current liabilities: | ||||||||||||
| Accounts payable | $ | 213.6 | $ | 43.4 | $ | 257.0 | ||||||
| Accrued expenses and other liabilities | 467.5 | 23.1 | 490.6 | |||||||||
| Deferred revenues and income | 386.7 | 5.0 | 391.7 | |||||||||
| Current maturities of corporate borrowings | 20.0 | — | 20.0 | |||||||||
| Current maturities of finance lease liabilities | 6.5 | — | 6.5 | |||||||||
| Current maturities of operating lease liabilities | 383.5 | 163.0 | 546.5 | |||||||||
| Total current liabilities | 1,477.8 | 234.5 | 1,712.3 | |||||||||
| Corporate borrowings | 4,862.0 | — | 4,862.0 | |||||||||
| Finance lease liabilities | 52.0 | — | 52.0 | |||||||||
| Operating lease liabilities | 3,260.0 | 912.2 | 4,172.2 | |||||||||
| Exhibitor services agreement | 502.5 | — | 502.5 | |||||||||
| Deferred tax liability, net | 32.7 | — | 32.7 | |||||||||
| Shareholder litigation liability | — | — | — | |||||||||
| Other long-term liabilities | 99.3 | 4.9 | 104.2 | |||||||||
| Total liabilities | 10,286.3 | 1,151.6 | 11,437.9 | |||||||||
| Commitments and contingencies | ||||||||||||
| Stockholders’ deficit: | ||||||||||||
| AMC Entertainment Holdings, Inc.'s stockholders' deficit: | ||||||||||||
| Preferred stock | 0.1 | — | 0.1 | |||||||||
| Class A common stock | 5.2 | — | 5.2 | |||||||||
| Additional paid-in capital | 5,322.1 | — | 5,322.1 | |||||||||
| Accumulated other comprehensive loss | (84.6 | ) | — | (84.6 | ) | |||||||
| Accumulated deficit | (7,833.1 | ) | — | (7,833.1 | ) | |||||||
| Total stockholders' deficit | (2,590.3 | ) | — | (2,590.3 | ) | |||||||
| Total liabilities and stockholders’ deficit | $ | 7,696.0 | $ | 1,151.6 | $ | 8,847.6 | ||||||
| Three Months Ended March 31, 2023 | ||||||||||||
| (unaudited) | ||||||||||||
| AMCEH & | ||||||||||||
| Restricted | Unrestricted | |||||||||||
| (In millions) | Subsidiaries | Subsidiaries | Consolidated | |||||||||
| Revenues | ||||||||||||
| Admissions | $ | 382.1 | $ | 152.0 | $ | 534.1 | ||||||
| Food and beverage | 249.8 | 78.9 | 328.7 | |||||||||
| Other theatre | 77.6 | 14.0 | 91.6 | |||||||||
| Intercompany management services | 3.2 | (3.2 | ) | — | ||||||||
| Intercompany royalty fee | (2.3 | ) | 2.3 | — | ||||||||
| Total revenues | 710.8 | 244.0 | 954.4 | |||||||||
| Operating costs and expenses | ||||||||||||
| Film exhibition costs | 172.0 | 74.2 | 246.2 | |||||||||
| Food and beverage costs | 48.3 | 13.1 | 61.4 | |||||||||
| Operating expense, excluding depreciation and amortization below | 294.4 | 88.8 | 383.2 | |||||||||
| Rent | 150.1 | 55.6 | 205.7 | |||||||||
| General and administrative: | ||||||||||||
| Merger, acquisition and other costs | 0.2 | — | 0.2 | |||||||||
| Other, excluding depreciation and amortization below | 72.3 | — | 72.3 | |||||||||
| Depreciation and amortization | 69.4 | 24.2 | 93.6 | |||||||||
| Impairment of long-lived assets | — | — | — | |||||||||
| Operating costs and expenses | 806.7 | 255.9 | 1,062.6 | |||||||||
| Operating income (loss) | (96.3 | ) | (11.9 | ) | (108.2 | ) | ||||||
| Other expense, net: | ||||||||||||
| Other expense (income) | 37.9 | (0.1 | ) | 37.8 | ||||||||
| Interest expense: | ||||||||||||
| Corporate borrowings | 90.7 | — | 90.7 | |||||||||
| Finance lease obligations | 0.9 | — | 0.9 | |||||||||
| Non-cash NCM exhibitor services agreement | 9.5 | — | 9.5 | |||||||||
| Investment expense (income) | 2.0 | (15.5 | ) | (13.5 | ) | |||||||
| Total other expense, net | 141.0 | (15.6 | ) | 125.4 | ||||||||
| Net earnings (loss) before income taxes | (237.3 | ) | 3.7 | (233.6 | ) | |||||||
| Income tax provision | 1.9 | — | 1.9 | |||||||||
| Net earnings (loss) | $ | (239.2 | ) | $ | 3.7 | $ | (235.5 | ) | ||||
Adjusted EBITDA for the unrestricted subsidiaries for three months ended March 31, 2023, was $11.1 million.
| Three Months Ended March 31, 2023 | ||||||||||||
| (unaudited) | ||||||||||||
| AMCEH & | ||||||||||||
| Restricted | Unrestricted | |||||||||||
| Subsidiaries | Subsidiaries | Consolidated | ||||||||||
| Net earnings (loss) | $ | (239.2 | ) | $ | 3.7 | $ | (235.5 | ) | ||||
| Other comprehensive loss: | ||||||||||||
| Unrealized foreign currency translation adjustments | (7.7 | ) | 0.5 | (7.2 | ) | |||||||
| Pension adjustments: | ||||||||||||
| Net gain (loss) arising during the period | (0.1 | ) | — | (0.1 | ) | |||||||
| Other comprehensive loss: | (7.8 | ) | 0.5 | (7.3 | ) | |||||||
| Total comprehensive loss | $ | (247.0 | ) | $ | 4.2 | $ | (242.8 | ) | ||||
| Three months ended | ||||||||||||
| March 31, 2023 | ||||||||||||
| (unaudited) | ||||||||||||
| AMCEH & | ||||||||||||
| Restricted | Unrestricted | |||||||||||
| Subsidiaries | Subsidiaries | Consolidated | ||||||||||
| Net loss | $ | (239.2 | ) | $ | 3.7 | $ | (235.5 | ) | ||||
| Adjustments to reconcile net loss to net cash used in operating activities: | ||||||||||||
| Depreciation and amortization | 69.4 | 24.2 | 93.6 | |||||||||
| (Gain) loss on extinguishment of debt | (65.1 | ) | — | (65.1 | ) | |||||||
| Deferred income taxes | 0.6 | — | 0.6 | |||||||||
| Impairment of long-lived assets | — | — | — | |||||||||
| Unrealized loss (gain) on investments in Hycroft | 4.6 | — | 4.6 | |||||||||
| Amortization of net premium on corporate borrowings to interest expense | (15.2 | ) | — | (15.2 | ) | |||||||
| Amortization of deferred financing costs to interest expense | 2.3 | — | 2.3 | |||||||||
| Non-cash portion of stock-based compensation | 25.9 | — | 25.9 | |||||||||
| Gain on disposition of Saudi Cinema Company | — | (15.5 | ) | (15.5 | ) | |||||||
| Equity in loss from non-consolidated entities, net of distributions | (0.8 | ) | (0.3 | ) | (1.1 | ) | ||||||
| Landlord contributions | 6.4 | — | 6.4 | |||||||||
| Other non-cash rent benefit | (8.0 | ) | (1.6 | ) | (9.6 | ) | ||||||
| Deferred rent | (29.7 | ) | (8.9 | ) | (38.6 | ) | ||||||
| Net periodic benefit cost (income) | 0.4 | — | 0.4 | |||||||||
| Non-cash shareholder litigation expense | 116.6 | — | 116.6 | |||||||||
| Change in assets and liabilities: | ||||||||||||
| Receivables | 63.6 | 3.4 | 67.0 | |||||||||
| Other assets | (26.8 | ) | (1.7 | ) | (28.5 | ) | ||||||
| Accounts payable | (55.0 | ) | (10.2 | ) | (65.2 | ) | ||||||
| Accrued expenses and other liabilities | (20.9 | ) | (0.1 | ) | (21.0 | ) | ||||||
| Intercompany receivables and payables | (11.3 | ) | 11.3 | — | ||||||||
| Other, net | (12.4 | ) | 0.4 | (12.0 | ) | |||||||
| Net cash used in operating activities | (195.6 | ) | 4.7 | (189.9 | ) | |||||||
| Cash flows from investing activities: | ||||||||||||
| Capital expenditures | (41.1 | ) | (6.3 | ) | (47.4 | ) | ||||||
| Acquisition of theatre assets | — | — | — | |||||||||
| Proceeds from disposition of Saudi Cinema Company | — | 30.0 | 30.0 | |||||||||
| Proceeds from disposition of long-term assets | 0.8 | — | 0.8 | |||||||||
| Other, net | — | — | — | |||||||||
| Net cash used in investing activities | (40.3 | ) | 23.7 | (16.6 | ) | |||||||
| Cash flows from financing activities: | ||||||||||||
| Repurchase of Senior Subordinated Notes due 2026 | (1.7 | ) | — | (1.7 | ) | |||||||
| Repurchase of Second Lien Notes due 2026 | (54.8 | ) | — | (54.8 | ) | |||||||
| Scheduled principal payments under Term Loan due 2026 | (5.0 | ) | — | (5.0 | ) | |||||||
| Net proceeds from equity issuances | 146.6 | — | 146.6 | |||||||||
| Principal payments under finance lease obligations | (1.6 | ) | — | (1.6 | ) | |||||||
| Cash used to pay for deferred financing costs | (1.5 | ) | — | (1.5 | ) | |||||||
| Taxes paid for restricted unit withholdings | (13.1 | ) | — | (13.1 | ) | |||||||
| Net cash provided by (used in) financing activities | 68.9 | — | 68.9 | |||||||||
| Effect of exchange rate changes on cash and cash equivalents and restricted cash | 1.9 | — | 1.9 | |||||||||
| Net decrease in cash and cash equivalents and restricted cash | (164.1 | ) | 28.4 | (135.7 | ) | |||||||
| Cash and cash equivalents and restricted cash at beginning of period | 588.1 | 15.7 | 654.4 | |||||||||
| Cash and cash equivalents and restricted cash at end of period | $ | 424.0 | $ | 94.7 | $ | 518.7 | ||||||
| As of December 31, 2023 | ||||||||||||
| (unaudited) | ||||||||||||
| AMCEH & | ||||||||||||
| Restricted | Unrestricted | |||||||||||
| (In millions, except share data) | Subsidiaries | Subsidiaries | Consolidated | |||||||||
| ASSETS | ||||||||||||
| Current assets: | ||||||||||||
| Cash and cash equivalents | $ | 785.4 | $ | 98.9 | $ | 884.3 | ||||||
| Restricted cash | 27.1 | — | 27.1 | |||||||||
| Intercompany receivables (payables) | (92.5 | ) | 92.5 | — | ||||||||
| Receivables, net | 193.1 | 10.6 | 203.7 | |||||||||
| Other current assets | 53.2 | 34.8 | 88.0 | |||||||||
| Total current assets | 966.3 | 236.8 | 1,203.1 | |||||||||
| Property, net | 1,153.1 | 407.3 | 1,560.4 | |||||||||
| Operating lease right-of-use assets, net | 2,649.2 | 895.3 | 3,544.5 | |||||||||
| Intangible assets, net | 42.3 | 104.4 | 146.7 | |||||||||
| Goodwill | 2,358.7 | — | 2,358.7 | |||||||||
| Other long-term assets | 194.8 | 1.0 | 195.8 | |||||||||
| Investment in subsidiary | 554.2 | (554.2 | ) | — | ||||||||
| Total assets | $ | 7,918.6 | $ | 1,090.6 | $ | 9,009.2 | ||||||
| LIABILITIES AND STOCKHOLDERS’ DEFICIT | ||||||||||||
| Current liabilities: | ||||||||||||
| Accounts payable | $ | 273.0 | $ | 47.5 | $ | 320.5 | ||||||
| Accrued expenses and other liabilities | 329.6 | 21.2 | 350.8 | |||||||||
| Deferred revenues and income | 420.2 | 1.6 | 421.8 | |||||||||
| Current maturities of corporate borrowings | 25.1 | — | 25.1 | |||||||||
| Current maturities of finance lease liabilities | 5.4 | — | 5.4 | |||||||||
| Current maturities of operating lease liabilities | 367.9 | 140.9 | 508.8 | |||||||||
| Total current liabilities | 1,421.2 | 211.2 | 1,632.4 | |||||||||
| Corporate borrowings | 4,552.3 | — | 4,552.3 | |||||||||
| Finance lease liabilities | 50.0 | — | 50.0 | |||||||||
| Operating lease liabilities | 3,125.4 | 875.3 | 4,000.7 | |||||||||
| Exhibitor services agreement | 486.6 | — | 486.6 | |||||||||
| Deferred tax liability, net | 32.4 | — | 32.4 | |||||||||
| Shareholder litigation liability | — | — | — | |||||||||
| Other long-term liabilities | 98.6 | 4.1 | 102.7 | |||||||||
| Total liabilities | 9,766.5 | 1,090.6 | 10,857.1 | |||||||||
| Commitments and contingencies | ||||||||||||
| Stockholders’ deficit: | ||||||||||||
| AMC Entertainment Holdings, Inc.'s stockholders' deficit: | ||||||||||||
| Preferred stock | — | — | — | |||||||||
| Class A common stock | 2.6 | — | 2.6 | |||||||||
| Additional paid-in capital | 6,221.9 | — | 6,221.9 | |||||||||
| Accumulated other comprehensive loss | (78.2 | ) | — | (78.2 | ) | |||||||
| Accumulated deficit | (7,994.2 | ) | — | (7,994.2 | ) | |||||||
| Total stockholders' deficit | (1,847.9 | ) | — | (1,847.9 | ) | |||||||
| Total liabilities and stockholders’ deficit | $ | 7,918.6 | $ | 1,090.6 | $ | 9,0009.2 | ||||||
| Twelve Months Ended December 31, 2023 | ||||||||||||
| (unaudited) | ||||||||||||
| AMCEH & | ||||||||||||
| Restricted | Unrestricted | |||||||||||
| (In millions) | Subsidiaries | Subsidiaries | Consolidated | |||||||||
| Revenues | ||||||||||||
| Admissions | $ | 1,893.7 | $ | 796.8 | $ | 2,690.5 | ||||||
| Food and beverage | 1,255.4 | 414.4 | 1,669.8 | |||||||||
| Other theatre | 375.1 | 77.2 | 452.3 | |||||||||
| Intercompany management services | 19.7 | (19.7 | ) | — | ||||||||
| Intercompany royalty fee | (12.0 | ) | 12.0 | — | ||||||||
| Total revenues | 3,531.9 | 1,280.7 | 4,812.6 | |||||||||
| Operating costs and expenses | ||||||||||||
| Film exhibition costs | 888.3 | 402.8 | 1,291.1 | |||||||||
| Food and beverage costs | 246.0 | 69.3 | 315.3 | |||||||||
| Operating expense, excluding depreciation and amortization below | 1,292.4 | 399.1 | 1,691.5 | |||||||||
| Rent | 653.4 | 220.1 | 873.5 | |||||||||
| General and administrative: | ||||||||||||
| Merger, acquisition and other costs | 1.7 | — | 1.7 | |||||||||
| Other, excluding depreciation and amortization below | 241.9 | — | 241.9 | |||||||||
| Depreciation and amortization | 275.2 | 89.8 | 365.0 | |||||||||
| Impairment of long-lived assets | 104.3 | 2.6 | 106.9 | |||||||||
| Operating costs and expenses | 3,703.2 | 1,183.7 | 4,886.9 | |||||||||
| Operating income (loss) | (171.3 | ) | 97.0 | (74.3 | ) | |||||||
| Other expense, net: | ||||||||||||
| Other expense (income) | (77.6 | ) | 0.8 | (76.8 | ) | |||||||
| Interest expense: | ||||||||||||
| Corporate borrowings | 369.6 | — | 369.6 | |||||||||
| Finance lease obligations | 3.7 | — | 3.7 | |||||||||
| Non-cash NCM exhibitor services agreement | 37.9 | — | 37.9 | |||||||||
| Investment expense (income) | 0.9 | (16.4 | ) | (15.5 | ) | |||||||
| Total other expense, net | 334.5 | (15.6 | ) | 318.9 | ||||||||
| Net earnings (loss) before income taxes | (505.8 | ) | 112.6 | (393.2 | ) | |||||||
| Income tax provision | 3.4 | — | 3.4 | |||||||||
| Net earnings (loss) | $ | (509.2 | ) | $ | 112.6 | $ | (396.6 | ) | ||||
Adjusted EBITDA for the unrestricted subsidiaries for twelve months ended December 31, 2023, was $183.2 million.
| Twelve Months Ended December 31, 2023 | ||||||||||||
| (unaudited) | ||||||||||||
| AMCEH & | ||||||||||||
| Restricted | Unrestricted | |||||||||||
| Subsidiaries | Subsidiaries | Consolidated | ||||||||||
| Net earnings (loss) | $ | (509.2 | ) | $ | 112.6 | $ | (396.6 | ) | ||||
| Other comprehensive loss: | ||||||||||||
| Unrealized foreign currency translation adjustments | (0.4 | ) | 1.5 | 1.1 | ||||||||
| Pension adjustments: | ||||||||||||
| Net gain (loss) arising during the period | (2.0 | ) | — | (2.0 | ) | |||||||
| Other comprehensive loss: | (2.4 | ) | 1.5 | (0.9 | ) | |||||||
| Total comprehensive loss | $ | (511.6 | ) | $ | 114.1 | $ | (397.5 | ) | ||||
| Twelve months ended | ||||||||||||
| December 31, 2023 | ||||||||||||
| (unaudited) | ||||||||||||
| Restricted | Unrestricted | |||||||||||
| Subsidiaries | Subsidiaries | Consolidated | ||||||||||
| Net loss | $ | (509.2 | ) | $ | 112.6 | $ | (396.6 | ) | ||||
| Adjustments to reconcile net loss to net cash used in operating activities: | ||||||||||||
| Depreciation and amortization | 275.2 | 89.8 | 365.0 | |||||||||
| (Gain) loss on extinguishment of debt | (142.8 | ) | — | (142.8 | ) | |||||||
| Deferred income taxes | 0.7 | — | 0.7 | |||||||||
| Impairment of long-lived assets | 104.3 | 2.6 | 106.9 | |||||||||
| Unrealized loss (gain) on investments in Hycroft | 12.6 | — | 12.6 | |||||||||
| Amortization of net premium on corporate borrowings to interest expense | (55.6 | ) | — | (55.6 | ) | |||||||
| Amortization of deferred financing costs to interest expense | 9.6 | — | 9.6 | |||||||||
| Non-cash portion of stock-based compensation | 42.5 | — | 42.5 | |||||||||
| Gain on disposition of Saudi Cinema Company | — | (15.5 | ) | (15.5 | ) | |||||||
| Equity in loss from non-consolidated entities, net of distributions | 0.1 | (0.3 | ) | (0.2 | ) | |||||||
| Landlord contributions | 22.6 | 1.3 | 23.9 | |||||||||
| Other non-cash rent benefit | (28.7 | ) | (6.3 | ) | (35.0 | ) | ||||||
| Deferred rent | (90.2 | ) | (33.9 | ) | (124.1 | ) | ||||||
| Net periodic benefit cost (income) | 1.4 | — | 1.4 | |||||||||
| Non-cash shareholder litigation expense | 99.3 | — | 99.3 | |||||||||
| Change in assets and liabilities: | ||||||||||||
| Receivables | (42.5 | ) | (3.1 | ) | (45.6 | ) | ||||||
| Other assets | (4.4 | ) | (2.3 | ) | (6.7 | ) | ||||||
| Accounts payable | 5.4 | (6.1 | ) | (0.7 | ) | |||||||
| Accrued expenses and other liabilities | (18.8 | ) | (7.9 | ) | (26.7 | ) | ||||||
| Intercompany receivables and payables | 92.5 | (92.5 | ) | — | ||||||||
| Other, net | (30.5 | ) | 2.9 | (27.6 | ) | |||||||
| Net cash used in operating activities | (256.5 | ) | 41.3 | (215.2 | ) | |||||||
| Cash flows from investing activities: | ||||||||||||
| Capital expenditures | (186.9 | ) | (38.7 | ) | (225.6 | ) | ||||||
| Acquisition of theatre assets | (4.0 | ) | — | (4.0 | ) | |||||||
| Proceeds from disposition of Saudi Cinema Company | — | 30.0 | 30.0 | |||||||||
| Proceeds from disposition of long-term assets | 16.5 | — | 16.5 | |||||||||
| Other, net | 3.0 | — | 3.0 | |||||||||
| Net cash used in investing activities | (171.4 | ) | (8.7 | ) | (180.1 | ) | ||||||
| Cash flows from financing activities: | ||||||||||||
| Repurchase of Senior Subordinated Notes due 2026 | (1.7 | ) | — | (1.7 | ) | |||||||
| Repurchase of Second Lien Notes due 2026 | (139.9 | ) | — | (139.9 | ) | |||||||
| Scheduled principal payments under Term Loan due 2026 | (20.0 | ) | — | (20.0 | ) | |||||||
| Net proceeds from equity issuances | 832.7 | — | 832.7 | |||||||||
| Principal payments under finance lease obligations | (5.6 | ) | — | (5.6 | ) | |||||||
| Cash used to pay for deferred financing costs | (2.0 | ) | — | (2.0 | ) | |||||||
| Taxes paid for restricted unit withholdings | (14.2 | ) | — | (14.2 | ) | |||||||
| Net cash provided by (used in) financing activities | 649.3 | — | 649.3 | |||||||||
| Effect of exchange rate changes on cash and cash equivalents and restricted cash | 3.0 | — | 3.0 | |||||||||
| Net decrease in cash and cash equivalents and restricted cash | 224.4 | 32.6 | 257.0 | |||||||||
| Cash and cash equivalents and restricted cash at beginning of period | 588.1 | 66.3 | 654.4 | |||||||||
| Cash and cash equivalents and restricted cash at end of period | $ | 812.5 | $ | 98.9 | $ | 911.4 | ||||||
| (unaudited) | ||||||||||||
| AMCEH & | ||||||||||||
| Restricted | Unrestricted | |||||||||||
| (In millions, except share data) | Subsidiaries | Subsidiaries | Consolidated | |||||||||
| ASSETS | ||||||||||||
| Current assets: | ||||||||||||
| Cash and cash equivalents | $ | 526.0 | $ | 98.2 | $ | 624.2 | ||||||
| Restricted cash | 36.5 | — | 36.5 | |||||||||
| Intercompany receivables (payables) | (83.1 | ) | 83.1 | — | ||||||||
| Receivables, net | 129.3 | 11.1 | 140.4 | |||||||||
| Other current assets | 77.6 | 34.3 | 111.9 | |||||||||
| Total current assets | 686.3 | 226.7 | 913.0 | |||||||||
| Property, net | 1,111.2 | 393.1 | 1,504.3 | |||||||||
| Operating lease right-of-use assets, net | 2,587.4 | 872.1 | 3,459.5 | |||||||||
| Intangible assets, net | 41.4 | 104.4 | 145.8 | |||||||||
| Goodwill | 2,322.1 | — | 2,322.1 | |||||||||
| Other long-term assets | 193.1 | 0.9 | 194.0 | |||||||||
| Investment in subsidiary | 541.8 | (541.8 | ) | — | ||||||||
| Total assets | $ | 7,483.3 | $ | 1,055.4 | $ | 8,538.7 | ||||||
| LIABILITIES AND STOCKHOLDERS’ DEFICIT | ||||||||||||
| Current liabilities: | ||||||||||||
| Accounts payable | $ | 208.7 | $ | 41.5 | $ | 250.2 | ||||||
| Accrued expenses and other liabilities | 300.3 | 19.2 | 319.5 | |||||||||
| Deferred revenues and income | 391.6 | 2.6 | 394.2 | |||||||||
| Current maturities of corporate borrowings | 25.0 | — | 25.0 | |||||||||
| Current maturities of finance lease liabilities | 5.2 | — | 5.2 | |||||||||
| Current maturities of operating lease liabilities | 368.7 | 140.2 | 508.9 | |||||||||
| Total current liabilities | 1,299.5 | 203.5 | 1,503.0 | |||||||||
| Corporate borrowings | 4,518.0 | — | 4,518.0 | |||||||||
| Finance lease liabilities | 48.0 | — | 48.0 | |||||||||
| Operating lease liabilities | 3,037.0 | 848.0 | 3,885.0 | |||||||||
| Exhibitor services agreement | 481.1 | — | 481.1 | |||||||||
| Deferred tax liability, net | 32.8 | — | 32.8 | |||||||||
| Shareholder litigation liability | — | — | — | |||||||||
| Other long-term liabilities | 97.9 | 3.9 | 101.8 | |||||||||
| Total liabilities | 9,514.3 | 1,055.4 | 10,569.7 | |||||||||
| Commitments and contingencies | ||||||||||||
| Stockholders’ deficit: | ||||||||||||
| AMC Entertainment Holdings, Inc.'s stockholders' deficit: | ||||||||||||
| Preferred stock | — | — | — | |||||||||
| Class A common stock | 2.6 | — | 2.6 | |||||||||
| Additional paid-in capital | 6,237.7 | — | 6,237.7 | |||||||||
| Accumulated other comprehensive loss | (113.6 | ) | — | (113.6 | ) | |||||||
| Accumulated deficit | (8,157.7 | ) | — | (8,157.7 | ) | |||||||
| Total stockholders' deficit | (2,031.0 | ) | — | (2,031.0 | ) | |||||||
| Total liabilities and stockholders’ deficit | $ | 7,483.3 | $ | 1,055.4 | $ | 8,538.7 | ||||||
| Three Months Ended March 31, 2024 | ||||||||||||
| (unaudited) | ||||||||||||
| AMCEH & | ||||||||||||
| Restricted | Unrestricted | |||||||||||
| (In millions) | Subsidiaries | Subsidiaries | Consolidated | |||||||||
| Revenues | ||||||||||||
| Admissions | $ | 383.1 | $ | 147.4 | $ | 530.5 | ||||||
| Food and beverage | 245.8 | 75.4 | 321.2 | |||||||||
| Other theatre | 85.2 | 14.5 | 99.7 | |||||||||
| Intercompany management services | 3.1 | (3.1 | ) | — | ||||||||
| Intercompany royalty fee | (2.3 | ) | 2.3 | — | ||||||||
| Total revenues | 714.9 | 236.5 | 951.4 | |||||||||
| Operating costs and expenses | ||||||||||||
| Film exhibition costs | 169.9 | 69.4 | 239.3 | |||||||||
| Food and beverage costs | 49.2 | 13.8 | 63.0 | |||||||||
| Operating expense, excluding depreciation and amortization below | 303.4 | 90.4 | 393.8 | |||||||||
| Rent | 168.5 | 56.0 | 224.5 | |||||||||
| General and administrative: | ||||||||||||
| Merger, acquisition and other costs | (0.1 | ) | — | (0.1 | ) | |||||||
| Other, excluding depreciation and amortization below | 57.7 | — | 57.7 | |||||||||
| Depreciation and amortization | 61.9 | 19.7 | 81.6 | |||||||||
| Impairment of long-lived assets | — | — | — | |||||||||
| Operating costs and expenses | 810.5 | 249.3 | 1,059.8 | |||||||||
| Operating income (loss) | (95.6 | ) | (12.8 | ) | (108.4 | ) | ||||||
| Other expense, net: | ||||||||||||
| Other expense (income) | (42.5 | ) | (0.3 | ) | (42.8 | ) | ||||||
| Interest expense: | ||||||||||||
| Corporate borrowings | 91.0 | — | 91.0 | |||||||||
| Finance lease obligations | 0.9 | — | 0.9 | |||||||||
| Non-cash NCM exhibitor services agreement | 9.3 | — | 9.3 | |||||||||
| Investment expense (income) | (4.7 | ) | (0.4 | ) | (5.1 | ) | ||||||
| Total other expense, net | 54.9 | (0.7 | ) | 53.3 | ||||||||
| Net earnings (loss) before income taxes | (149.6 | ) | (12.1 | ) | (161.7 | ) | ||||||
| Income tax provision | 1.8 | — | 1.8 | |||||||||
| Net earnings (loss) | $ | (151.4 | ) | $ | (12.1 | ) | $ | (163.5 | ) | |||
Adjusted EBITDA for the unrestricted subsidiaries for three months ended March 31, 2024, was $5.1 million.
| Three Months Ended March 31, 2024 | ||||||||||||
| (unaudited) | ||||||||||||
| AMCEH & | ||||||||||||
| Restricted | Unrestricted | |||||||||||
| Subsidiaries | Subsidiaries | Consolidated | ||||||||||
| Net earnings (loss) | $ | (151.4 | ) | $ | (12.1 | ) | $ | (163.5 | ) | |||
| Other comprehensive loss: | ||||||||||||
| Unrealized foreign currency translation adjustments | (35.5 | ) | (0.3 | ) | (35.8 | ) | ||||||
| Pension adjustments: | ||||||||||||
| Net gain (loss) arising during the period | 0.4 | — | 0.4 | |||||||||
| Other comprehensive loss: | (35.1 | ) | (0.3 | ) | (35.4 | ) | ||||||
| Total comprehensive loss | $ | (186.5 | ) | $ | (12.4 | ) | $ | (198.9 | ) | |||
| Three months ended | ||||||||||||
| March 31, 2024 | ||||||||||||
| (unaudited) | ||||||||||||
| AMCEH & | ||||||||||||
| Restricted | Unrestricted | |||||||||||
| Subsidiaries | Subsidiaries | Consolidated | ||||||||||
| Net loss | $ | (151.4 | ) | $ | (12.1 | ) | $ | (163.5 | ) | |||
| Adjustments to reconcile net loss to net cash used in operating activities: | ||||||||||||
| Depreciation and amortization | 61.9 | 19.7 | 81.6 | |||||||||
| (Gain) loss on extinguishment of debt | (5.8 | ) | — | (5.8 | ) | |||||||
| Deferred income taxes | 0.5 | — | 0.5 | |||||||||
| Impairment of long-lived assets | — | — | — | |||||||||
| Unrealized loss (gain) on investments in Hycroft | 1.0 | — | 1.0 | |||||||||
| Amortization of net premium on corporate borrowings to interest expense | (11.2 | ) | — | (11.2 | ) | |||||||
| Amortization of deferred financing costs to interest expense | 2.5 | — | 2.5 | |||||||||
| Non-cash portion of stock-based compensation | 4.3 | — | 4.3 | |||||||||
| Gain on disposition of Saudi Cinema Company | — | — | — | |||||||||
| Equity in loss from non-consolidated entities, net of distributions | (2.4 | ) | — | (2.4 | ) | |||||||
| Landlord contributions | 4.6 | — | 4.6 | |||||||||
| Other non-cash rent benefit | (10.0 | ) | (1.7 | ) | (11.7 | ) | ||||||
| Deferred rent | (13.3 | ) | (3.1 | ) | (16.4 | ) | ||||||
| Net periodic benefit cost (income) | 0.7 | — | 0.7 | |||||||||
| Non-cash shareholder litigation expense | — | — | — | |||||||||
| Change in assets and liabilities: | ||||||||||||
| Receivables | 59.3 | (0.5 | ) | 58.8 | ||||||||
| Other assets | (24.3 | ) | 0.6 | (23.7 | ) | |||||||
| Accounts payable | (42.1 | ) | (6.0 | ) | (48.1 | ) | ||||||
| Accrued expenses and other liabilities | (61.1 | ) | (1.4 | ) | (62.5 | ) | ||||||
| Intercompany receivables and payables | (9.4 | ) | 9.4 | — | ||||||||
| Other, net | 3.3 | (0.3 | ) | 3.0 | ||||||||
| Net cash used in operating activities | (192.9 | ) | 4.6 | (188.3 | ) | |||||||
| Cash flows from investing activities: | ||||||||||||
| Capital expenditures | (45.2 | ) | (5.3 | ) | (50.5 | ) | ||||||
| Acquisition of theatre assets | — | — | — | |||||||||
| Proceeds from disposition of Saudi Cinema Company | — | — | — | |||||||||
| Proceeds from disposition of long-term assets | — | — | — | |||||||||
| Other, net | 0.5 | — | 0.5 | |||||||||
| Net cash used in investing activities | (44.7 | ) | (5.3 | ) | (50.0 | ) | ||||||
| Cash flows from financing activities: | ||||||||||||
| Repurchase of Senior Subordinated Notes due 2026 | — | — | — | |||||||||
| Repurchase of Second Lien Notes due 2026 | — | — | — | |||||||||
| Scheduled principal payments under Term Loan due 2026 | (5.0 | ) | — | (5.0 | ) | |||||||
| Net proceeds from equity issuances | (0.5 | ) | — | (0.5 | ) | |||||||
| Principal payments under finance lease obligations | (1.2 | ) | — | (1.2 | ) | |||||||
| Cash used to pay for deferred financing costs | (0.1 | ) | — | (0.1 | ) | |||||||
| Taxes paid for restricted unit withholdings | (2.2 | ) | — | (2.2 | ) | |||||||
| Net cash provided by (used in) financing activities | (9.0 | ) | — | (9.0 | ) | |||||||
| Effect of exchange rate changes on cash and cash equivalents and restricted cash | (3.4 | ) | — | (3.4 | ) | |||||||
| Net decrease in cash and cash equivalents and restricted cash | (250.0 | ) | (0.7 | ) | (250.7 | ) | ||||||
| Cash and cash equivalents and restricted cash at beginning of period | 812.5 | 98.9 | 911.4 | |||||||||
| Cash and cash equivalents and restricted cash at end of period | $ | 562.5 | $ | 98.2 | $ | 660.7 | ||||||