8-K: Current report filing

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Exhibit 99.1

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FOR IMMEDIATE RELEASE

AMC Entertainment Holdings, Inc. Reports

Second Quarter 2023 Results

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LEAWOOD, KANSAS - (August 8, 2023) -- AMC Entertainment Holdings, Inc. (NYSE: AMC and APE) (“AMC” or “the Company”), today reported results for the second quarter ended June 30, 2023.

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Summary Second Quarter 2023 Results:

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In announcing the quarterly results, Adam Aron, Chairman and CEO of AMC said, “While we still have much work ahead of us on this front, AMC’s glide path to eventual recovery continued with significant pace in the second quarter of 2023 as our results set new records and represent AMC’s strongest second quarter in four full years. Following an impressive start to the year in the first quarter of 2023, the second quarter yet again showed great progress. AMC saw more than a 12% growth in attendance, a 15% growth in total revenue and a 71% increase in Adjusted EBITDA compared to the second quarter of 2022. Indeed, Adjusted EBITDA was $182.5 million, the highest such quarterly figure since the fourth quarter of 2019.”

Aron continued, “Our ongoing progress is obvious and ever so encouraging. Combining AMC’s commitment to innovation with a notable increase in both the number and quality of movie titles from our studio partners, movie theatres are once again captivating audiences and driving attendance back to AMC theatres. AMC theatres across the globe welcomed more than 66 million guests in the second quarter of 2023, our highest quarterly attendance number since the fourth quarter of 2019.”

Aron highlighted, “One area that has far exceeded pre-pandemic norms has been per-patron revenue. AMC moviegoers are consistently seeking out the most immersive sight and sound experiences, especially important to AMC as we offer

¹ Operating Cash Generated is a non-GAAP metric that represents cash generated before debt servicing costs and before deferred rent payback

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more Premium Large Format screens than any other exhibitor. AMC’s imaginative offerings at our concession stands and Dine-In theatres also helped us in the second quarter to generate a food and beverage revenue per patron of $7.36 globally, within a penny of our all-time high watermark. Considering the substantial operating margin of our food and beverage business, this is contributing meaningfully to our improving profitability.”

Aron commented, “With the first half of the year now behind us, the 2023 domestic industry box office is 20% ahead of last year, and we believe the second half of the year could be even better unless the current writers/actors strikes wind up delaying the release of movie titles into next year. The third quarter of 2023 is off to an explosive start with BARBIE, OPPENHEIMER, MISSION IMPOSSIBLE - DEAD RECKONING PART ONE, and SOUND OF FREEDOM, among others, combining to cause July to become the highest monthly revenue in AMC’s storied 103-year history. There are so many more engaging movie titles to enjoy at AMC theatres later this year, and we can’t wait to welcome moviegoers to our nearly one thousand theatres in the U.S., Europe, and the Middle East.”

Aron concluded, “In addition to improving our operating results, we also methodically continued to strengthen our balance sheet. During the second quarter of 2023, AMC raised some $34 million of cash through the sale of APE units and reduced the principal balance of our debt by $42 million through debt repurchases. While I am so very proud of the progress we have made since the depths of the pandemic, we continue to have a climb ahead of us. Even with our $643 million of quarter ending liquidity, our ability to continue to raise capital and remain agile are absolutely vital to maintaining our strong recovery trajectory. There are real and potentially severe liquidity hurdles on the horizon that we will need to overcome. Even so, at this point, we are accustomed to and skilled in rising to meet any and all challenges and are very much committed to our relentless efforts to ensure that AMC is best positioned for sustained long term success."

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Key Financial Results (presented in millions, except operating data)

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* Please refer to the tables included later in this press release for definitions and full reconciliations of non-U.S. GAAP financial measures.

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AMC Preferred Equity Unit At-The-Market Equity Program

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In September 2022, AMC launched an at-the-market (“ATM”) equity program to sell up to 425 million shares of its AMC Preferred Equity Units (“APE units”).

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Through this program, we raised gross proceeds of approximately $343.3 million, before commissions and fees, from the sale of approximately 278.3 million APE units, including $34.2 million in the second quarter of 2023 through the sale of 21.2 million APE units.

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There are currently no APE units available to be issued under the September 2022 ATM equity program.

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Balance Sheet, Cash and Liquidity

During the second quarter 2023, AMC repurchased $42.0 million aggregate principal amounts of the Second Lien Notes due 2026 for $27.6 million, approximately a 34% discount.

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Cash at June 30, 2023 was $435.3 million excluding restricted cash of $22.9 million. AMC currently has liquidity availability of $643.4 million (including cash and undrawn capacity under the Company’s revolving credit facility).

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Webcast Information

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The Company will host a webcast for investors and other interested parties beginning at 4:00 p.m. CDT/5:00 p.m. EDT on Tuesday, August 8, 2023. To listen to the webcast, please visit the investor relations section of the AMC website at www.investor.amctheatres.com for a link. Investors and interested parties should go to the website at least 15 minutes prior to the call to register, and/or download and install any necessary audio software.

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An archive of the webcast will be available on the Company’s website after the call for a limited time.

About AMC Entertainment Holdings, Inc.

AMC is the largest movie exhibition company in the United States, the largest in Europe and the largest throughout the world with approximately 900 theatres and 10,000 screens across the globe. AMC has propelled innovation in the exhibition industry by: deploying its Signature power-recliner seats; delivering enhanced food and beverage choices; generating greater guest engagement through its loyalty and subscription programs, website, and mobile apps; offering premium large format experiences and playing a wide variety of content including the latest Hollywood releases and independent programming. For more information, visit www.amctheatres.com.

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Website Information

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This press release, along with other news about AMC, is available at www.amctheatres.com. We routinely post information that may be important to investors in the Investor Relations section of our website, www.investor.amctheatres.com. We use this website as a means of disclosing material, non-public information and for complying with our disclosure obligations under Regulation FD, and we encourage investors to consult that section of our website regularly for important information about AMC. The information contained on, or that may be accessed through, our website is not incorporated by reference into, and is not a part of, this document. Investors interested in automatically receiving news and information when posted to our website can also visit www.investor.amctheatres.com to sign up for email alerts.

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Forward-Looking Statements

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This communication includes “forward-looking statements” within the meaning of the federal securities laws, including the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. In many cases, these forward-looking statements may be identified by the use of words such as “will,” “may,” “could,” “would,” “should,” “believes,” “expects,” “anticipates,” “estimates,” “intends,” “indicates,” “projects,” “goals,” “objectives,” “targets,” “predicts,” “plans,” “seeks,” and variations of these words and similar expressions. Examples of forward-looking statements include statements we make regarding our expected revenue, net loss, capital expenditure, Adjusted EBITDA and estimate cash and cash equivalent. Any forward-looking statement speaks only as of the date on which it is made. These forward-looking statements may include, among other things, statements related to AMC’s current expectations regarding the performance of its business, financial results, liquidity and capital resources, and the impact to its business and financial condition of, and measures being taken in response to, the COVID-19 virus, and are based on information available at the time the statements are made and/or management’s good faith belief as of that time with respect to future events, and are subject to risks, trends, uncertainties and other facts that could cause actual performance or results to differ materially from those expressed in or suggested by the forward-looking statements. These risks, trends, uncertainties and facts include, but are not limited to: the sufficiency of AMC’s existing cash and cash equivalents and available borrowing capacity; availability of financing upon favorable terms or at all; AMC’s ability to obtain additional liquidity, which if not realized or insufficient to generate the material amounts of additional liquidity that will be required unless it is able to achieve more normalized levels of operating revenues, likely would result with AMC seeking an in-court or out-of-court restructuring of its liabilities; the impact of the COVID-19 virus on AMC, the motion picture exhibition industry, and the economy in general; increased use of alternative film delivery methods or other forms of entertainment; the continued recovery of the North American and international box office; AMC’s significant indebtedness, including its

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borrowing capacity and its ability to meet its financial maintenance and other covenants and limitations on AMC's ability to take advantage of certain business opportunities imposed by such covenants; shrinking exclusive theatrical release windows; the seasonality of AMC’s revenue and working capital; intense competition in the geographic areas in which AMC operates; risks relating to impairment losses, including with respect to goodwill and other intangibles, and theatre and other closure charges; motion picture production and performance; general and international economic, political, regulatory and other risks; AMC’s lack of control over distributors of films; limitations on the availability of capital, , including on the authorized number of common stock; dilution of voting power through the issuance of preferred stock; AMC’s ability to achieve expected synergies, benefits and performance from its strategic initiatives; AMC’s ability to refinance its indebtedness on favorable terms; AMC’s ability to optimize its theatre circuit; AMC’s ability to recognize interest deduction carryforwards, net operating loss carryforwards, and other tax attributes to reduce future tax liability; supply chain disruptions, labor shortages, increased cost and inflation; the ongoing stockholder litigation preventing 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; and other factors discussed in the reports AMC has filed with the SEC. Should one or more of these risks, trends, uncertainties, or facts materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those indicated or anticipated by the forward-looking statements contained herein. Accordingly, we caution you against relying on forward-looking statements, which speak only as of the date they are made. Forward-looking statements should not be read as a guarantee of future performance or results and will not necessarily be accurate indications of the times at, or by, which such performance or results will be achieved. For a detailed discussion of risks, trends and uncertainties facing AMC, see the section entitled “Risk Factors” in AMC’s 2022 Form 10-K for the year ended December 31, 2022 and Form 10-Q for the quarter ended June 30, 2023, each as filed with the SEC, and the risks, trends and uncertainties identified in AMC’s other public filings. AMC does not intend, and undertakes no duty, to update any information contained herein to reflect future events or circumstances, except as required by applicable law.

(Tables follow)

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AMC Entertainment Holdings, Inc.

Consolidated Statements of Operations

For the Three and Six Months Ended June 30, 2023 and June 30, 2022

(dollars in millions, except share and per share data)

(unaudited)

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Consolidated Balance Sheet Data (at period end):

(dollars in millions)

(unaudited)

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Consolidated Other Data:

(in millions, except operating data)

(unaudited)

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Segment Other Data:

(in millions, except per patron amounts and operating data)

(unaudited)

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Segment Information:

(unaudited, in millions)

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Reconciliation of Adjusted EBITDA (1):

(dollars in millions)

(unaudited)

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Adjusted EBITDA has important limitations as an analytical tool, and you should not consider it in isolation, or as a substitute for analysis of our results as reported under U.S. GAAP. For example, Adjusted EBITDA:

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Reconciliation of Attributable EBITDA

(dollars in millions)

(Unaudited)

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Investment income during the six months ended June 30, 2023 includes deterioration in estimated fair value of our investment in common shares of Hycroft Mining Holding Corporation of $5.5 million, deterioration in estimated fair value of our investment in warrants to purchase common shares of Hycroft Mining Holding Corporation of $4.6 million, $(15.5) million gain on the sale of our investment in Saudi Cinema Company, LLC and interest income of $(4.8) million. During the six months ended June 30, 2022, investment expense (income) included appreciation in estimated fair value of our investment in common shares of Hycroft Mining Holding Corporation of $(1.0) million and appreciation in

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estimated fair value of our investment to purchase common shares of Hycroft Mining Holding Corporation of $(15.1) million.

Other expense (income) during the six months ended June 30, 2023 includes a non-cash litigation contingency charge of $115.4 million, gains on debt extinguishment of $(86.7) million and foreign currency transaction gains of $(16.2) million. During the six months ended June 30, 2022, other expense (income) included loss on debt extinguishment of $96.4 million and foreign currency transaction losses of $8.4 million.

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Reconciliation of Operating Cash (Burn) Generated (1) and Free Cash Flow (1)

(dollars in millions)

(unaudited)

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Select Consolidated Constant Currency Financial Data (see Note 10):

Three and Six Months Ended June 30, 2023

(dollars in millions) (unaudited)

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