8-K: Current report filing

Exhibit 99.1

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FOR IMMEDIATE RELEASE

AMC Entertainment Holdings, Inc. Reports

Third Quarter 2023 Results

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LEAWOOD, KANSAS - (November 8, 2023) -- AMC Entertainment Holdings, Inc. (NYSE: AMC) (“AMC” or “the Company”), today reported results for the third quarter ended September 30, 2023.

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Summary Third Quarter 2023 Results:

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Commenting on the earnings report, AMC Chairman and CEO Adam Aron said, "It is quite satisfying for AMC to report impressively favorable earnings for the third quarter of 2023, significantly above consensus and market expectations.

Revenues exceeded $1.4 billion. Adjusted EBITDA was $194 million. For both Revenue and Adjusted EBITDA, these were AMC's most successful third quarter results in our company's entire 103-year history, by definition being greater than the third quarter of pre-pandemic 2019. For the second consecutive quarter, AMC reported positive net income, and we ended the quarter with $730 million of cash. This all suggests that we are well underway on our growth path to recovery from the ravages of the COVID pandemic."

Aron continued, "What is perhaps most impressive of all is that our success in the third quarter came at a time when our attendance at the domestic box office in the quarter was still 16% below comparable 2019 levels. That success is because our contribution per patron was up 30% versus 2019. Our overall profitability has improved in part from all the actions we have taken over the past three and a half years, including innovative marketing and pricing initiatives that have significantly increased per patron spend, especially in our high-margin food and beverage business, the pruning of our theatre fleet by closing marginal theatres and opening successful new ones, as well as a continued focus to manage expenses in a challenging inflationary environment. "

Aron added, "Looking ahead to the fourth quarter of 2023, we could not be more pleased by the success of our first ever theatrical movie release, TAYLOR SWIFT: THE ERAS TOUR. It will be followed by RENAISSANCE: A FILM BY BEYONCÉ. We

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

extend our sincerest appreciation to Taylor Swift and Beyoncé Knowles-Carter, and we are optimistic that we can continue to collaborate with these and other globally renowned musical artists in 2024 and beyond. "

Aron concluded, "These results are encouraging. They make us more confident than ever about the long-term relevance and prospects for moviegoing in the many years ahead. Having said that, the short-term impacts of the Writer's and Actor's strikes will cause additional and needless challenges for AMC in 2024. Without taking sides as to who is to blame and how the labor challenges should be resolved, we strongly encourage all the parties involved to come to the negotiating table with the intent of reaching an agreement immediately. There has been and will be much collateral damage from these lengthy work stoppages. For the benefit of all involved in the movie ecosystem, this months-long disharmony needs to come to an end now. Whether one thinks of a studio executive or a union member in the creative community, it is ever so important that everyone in Hollywood returns to the task of creating world class entertainment that is admired and greatly enjoyed the world over."

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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Common Stock At-The-Market Equity Program

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In September 2023, AMC launched an ATM equity program and sold 40.0 million shares of its Class A common stock.

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Through this program, we raised gross proceeds of approximately $325.5 million, before commissions and fees, from the sale of 40.0 million shares of our Class A common stock.

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Balance Sheet, Cash and Liquidity

During the third quarter 2023, AMC repurchased $24.2 million aggregate principal amounts of the Second Lien Notes due 2026 for $17.4 million, at an approximate discount of 28% discount and recorded a gain on extinguishment of $10.8 million in other income.

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Cash at September 30, 2023 was $729.7 million excluding restricted cash of $22.4 million.

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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. CST/5:00 p.m. EST on Wednesday, November 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 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; 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 September 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)

AMC Entertainment Holdings, Inc.

Consolidated Statements of Operations

For the Three and Nine Months Ended September 30, 2023 and September 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 expense (income) during the nine months ended September 30, 2023 includes deterioration in estimated fair value of our investment in common shares of Hycroft Mining Holding Corporation of $5.4 million, deterioration in estimated fair value of our investment in warrants to purchase common shares of Hycroft Mining Holding Corporation of $5.4 million, $(15.5) million gain on the sale of our investment in Saudi Cinema Company, LLC and interest income of $(8.5) million. During the nine months ended September 30, 2022, investment expense (income) included deterioration in estimated fair value of our investment in common shares of Hycroft Mining Holding Corporation of $10.8 million and appreciation in estimated fair value of our investment to purchase common shares of Hycroft Mining Holding Corporation of $(7.4) million.

Other expense (income) during the nine months ended September 30, 2023 includes a non-cash litigation charge of $99.3 million, partially offset by gains on debt extinguishment of $(97.5) million and foreign currency transaction gains of $(3.2) million. During the nine months ended September 30, 2022, other expense (income) included loss on debt extinguishment of $96.4 million and foreign currency transaction losses of $14.7 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 Nine Months Ended September 30, 2023

(dollars in millions) (unaudited)

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