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2027会员2023-12-310001411579amch：SeniorSubordinatedNotes5.875Due2026会员2023-09-300001411579amch：2029年到期的新期限贷款会员2024-09-170001411579amch：2029年到期的新期限贷款会员2024-08-140001411579amch：2029年到期的新期限贷款会员2024-08-010001411579amch：2029年到期的新期限贷款会员2024-07-220001411579amch：SeniorSubordinatedNotes6.375%到期日为2024年的会员2024-09-300001411579amch：SeniorSubordinatedNotes6.125%到期日为2027年的会员2024-09-300001411579amch：2026年到期的5.875%高级次级票据成员2024-09-300001411579amch：2025年到期的5.75%债务劵成员2024-09-300001411579amch：2026年到期的次级次顺位加保证款票据成员2024-09-300001411579amch：2026年到期的次级债务票据成员2024-09-300001411579amch：2026年到期的溢价次级票据成员2024-09-300001411579amch：2027年到期的Odeon高级贷款票据，利率12.75%成员2024-09-300001411579amch：2029年到期的优先债票据成员2024-09-300001411579amch：现有贷款成员2024-09-300001411579amch：2030年到期的Senior Secured Exchangeable Notes切换会员2024-07-220001411579amch：到期于2024年的Senior Subordinated Notes 6.375% 会员2023-12-310001411579amch：到期于2027年的Senior Subordinated Notes 6.125% 会员2023-12-310001411579amch：到期于2026年的Senior Subordinated Notes 5.875% 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Mining Holding Corporation成员2024-07-012024-09-300001411579amch: Hycroft Mining Holding Corporation成员2024-01-012024-09-300001411579amch: Hycroft Mining Holding Corporation成员2023-07-012023-09-300001411579amch: Hycroft Mining Holding Corporation成员2023-01-012023-09-300001411579us-gaap：销货成本成员amch: ACJVLLC成员2024-07-012024-09-300001411579us-gaap：销货成本成员amch: ACJVLLC成员2024-01-012024-09-300001411579us-gaap：销货成本成员amch：ACJVLLC会员2023-07-012023-09-300001411579us-gaap：销货成本成员amch：ACJVLLC会员2023-01-012023-09-300001411579us-gaap:境外成员2024-01-012024-09-300001411579amch：特别奖励会员2024-02-222024-02-220001411579amch：特别奖励会员2023-02-232023-02-230001411579amch：股东诉讼会员2023-05-0400014115792022-03-140001411579amch：Hycroft Mining Holding Corporation会员2022-03-140001411579amch：在发行日期第三周年之前的会员amch：切换至2030年到期的优先受安全保证可转换票据会员2024-07-222024-07-220001411579amch：在发行日期第三周年之后、第四周年之前的会员amch：切换至2030年到期的优先受安全保证可转换票据会员2024-07-222024-07-220001411579amch：在发行日期第四周年之后，第五周年之前的会员amch：切换至2030年到期的优先受安全保证可转换票据会员2024-07-222024-07-220001411579amch：股本债募回的会员amch：到期日为2026年的次优先票据会员2024-09-300001411579amch：现金和债务以换取股本的成员amch：2026年到期的5.875％高级次偿还票据成员2024-09-300001411579amch：现金和债务以换取股本的成员amch：2025年到期的5.75％高级次偿还票据成员2024-09-300001411579amch：现金和债务以换取股本的成员amch：2026年到期的次要留置票据成员2024-09-300001411579amch：总债务回购和换股成员2024-09-300001411579amch：股本债务回购成员2024-09-300001411579amch：现金和债务用于股票交换成员2024-09-300001411579amch：2026年到期债务成员2024-07-220001411579amch：2029年到期的一抵押票据成员amch：2030年到期的切换优先担保可换票据成员2024-07-220001411579amch：2029年到期的一抵押票据成员2024-07-222024-07-220001411579srt:最低成员amch：2030年到期的切换优先担保可换票据成员2024-07-222024-07-220001411579srt：最大成员amch：切换20230年到期的优先担保可换票成员2024-07-222024-07-220001411579amch：到2029年到期的新授信贷款成员2024-07-222024-07-220001411579amch：Antara Capital Lp 成员amch：到2026年到期的次优先票据成员amch：预付购买协议成员2023-02-072023-02-070001411579amch：Antara Capital Lp 成员amch：到2026年到期的次优先票据成员amch：预付购买协议成员2022-12-222022-12-220001411579amch：首次优先票据到期2029会员amch：新授信贷款到期于2029年会员2024-07-220001411579amch：可切换的优先担保可转换票据到期2030会员2024-07-222024-07-220001411579amch：次顺位次级担保票据到期2026会员2024-07-222024-07-220001411579amch：可切换的优先担保可转换票据到期2030会员2024-01-012024-09-300001411579amch：次顺位次级担保票据到期2026会员2024-01-012024-09-300001411579amch：次顺位次级担保票据到期2026会员2023-01-012023-12-310001411579amch：Antara Capital Lp 会员amch：2026年到期的次级债券成员amch：预期购买协议成员2023-02-070001411579amch：Antara Capital Lp 成员amch：2026年到期的次级债券成员amch：预期购买协议成员2022-12-220001411579amch：2025年到期的5.75%优先次级票据成员us-gaap:SubsequentEventMember2024-10-310001411579amch：2026年到期的次级债券成员us-gaap:SubsequentEventMember2024-10-310001411579us-gaap:SubsequentEventMember2024-10-310001411579us-gaap:EmbeddedDerivativeFinancialInstrumentsMember2024-09-300001411579amch : Toggle Senior Secured Exchangeable Notes Due 2030 Member2024-09-300001411579amch : Second Lien Subordinated Secured Notes Due 2026 Member2024-09-300001411579amch : New Term Loans Due In 2029 Member2024-09-300001411579amch : Second Lien Subordinated Secured Notes Due 2026 Memberamch : New Term Loans Due In 2029 Member2024-07-220001411579amch：2025年到期的5.75％高级次顺位票据成员us-gaap:SubsequentEventMember2024-10-012024-10-310001411579amch：2026年到期的次二级票据成员us-gaap:SubsequentEventMember2024-10-012024-10-310001411579us-gaap:SubsequentEventMember2024-10-012024-10-310001411579amch：权益债务回购成员amch：2026年到期的次二级票据成员2024-01-012024-09-300001411579amch：现金债务回购成员amch：2025年到期，5.75％Senior Subordinated Notes会员2024-01-012024-09-300001411579amch：现金债务回购会员amch：2026年到期二级留置票据会员2024-01-012024-09-300001411579amch：现金及债务换取股权会员amch：2026年到期，5.875%Senior Subordinated Notes会员2024-01-012024-09-300001411579amch：现金及债务换取股权会员amch：2025年到期，5.75％Senior Subordinated Notes会员2024-01-012024-09-300001411579amch：现金及债务换取股权会员amch: 到期日为2026年的次要债券成员2024-01-012024-09-300001411579amch: 总债务回购与交换成员2024-01-012024-09-300001411579amch: 股权债务回购成员2024-01-012024-09-300001411579amch: 现金债务回购成员2024-01-012024-09-300001411579amch: 现金和债务用于股权交换成员2024-01-012024-09-300001411579amch: 忠诚计划成员2024-01-012024-09-300001411579amch: 礼品卡和门票交换成员2024-01-012024-09-300001411579us-gaap:食品和饮料成员2024-01-012024-09-300001411579us-gaap:AdmissionMember2024-01-012024-09-300001411579amch : Total Other Product And Service Member2024-01-012024-09-300001411579amch : Exhibitor Services Agreement Member2024-01-012024-09-300001411579amch : Exhibitor Services Agreement Member2024-09-3000014115792024-09-300001411579amch : Exhibitor Services Agreement Member2023-12-3100014115792023-12-310001411579amch : Costs And Expense Memberamch : Digital Cinema Distribution Coalition LLC Member2024-07-012024-09-300001411579amch : Costs And Expense 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目录

​

​

美国

证券交易委员会

华盛顿特区20549

表格 10-Q

三月三十一日，

​

(标记一个)

​

☒

根据1934年证券交易所法第13或15(d)条款的季度报告

截至2024年6月30日季度结束 2024年9月30日

或

☐

根据1934年证券交易法第13或15(d)条款的规定，提交过渡报告。

为了从 到 的过渡期

​

委员会档案编号 001-33892

​

​

amc院线控股有限公司。

（依凭章程所载的完整登记名称）

​

特拉华州
(依据所在地或其他管辖区)
的注册地或组织地点)

26-0303916
(国税局雇主识别号码)
识别号码)

One AMC Way
Ash街11500号, 利活, KS
(总部办公地址)

​
66211
（邮政编码）

​

​

注册者的电话号码，包括区域号码: (913) 213-2000

​

​

根据法案第12(b)条规定注册的证券：

每种类别的名称

交易符号

每个注册交易所的名称

A类普通股

AMC

纽约证券交易所

​

请在方框内选上，表示申报人（1）在过去12个月（或规定申报人须申报报告的较短时间内），已如期申报证券交易法案第13条或15(d)条文件；及（2）已在过去90天内遵守该申报要求。是 ☒ 无☐

​

请勾选，表示在过去12个月内（或规定提交该等档案所规定的较短期间内），登记申报人是否根据《S-T法规》第405条提交了每个互动数据档案。是 ☒ 无☐

​

请勾选，表示登记申报人是否为大型迅速递交者、加速递交者、非加速递交者、较小报告公司或新兴成长公司。请参阅《交易法》第120亿2条中对「大型迅速递交者」、「加速递交者」、「较小报告公司」和「新兴成长公司」的定义。

​

​

​

​

​

大型加速报告人 ☒ 

加速归档者 ☐  

非快速提交申报者☐

较小型报告公司☐

​

新兴成长型公司 ☐

​

如果是新兴成长企业，请打勾表示申报人已选择不使用证券交易法第13(a)条所提供的任何新或修订财务会计准则的延长过渡期。☐

​

请勾选是否该登记者为外壳公司（依据交易所法案第1202条）。是☐ 无☒

请表示于最近可行日期，每种发行人普通股的流通股数。

​

​

​

​

​

​

每一类普通股的标题

   

购买的股票数量
截至2024年11月5日止标的为优秀

A类普通股

​

375,679,699

​

​

​

目录

​

AMC 娱乐控股股份有限公司

​

索引

​

​

页面

数字

​

第一部分 — 财务资料

​

项目一。

财务报表 (未经审核)

3

​

简明综合营运报表

3

​

简明综合综合损失报表

4

​

简明综合资产负债表

5

​

简明综合现金流量报表

6

​

简明综合财务报表附注

8

项目二。

管理层对财务状况及营运结果进行讨论及分析

37

第三项目。

关于市场风险的定量和定性披露

73

第四项。

控制和程序

74

​

第二部分 — 其他资料

​

项目一。

法律程序

75

项目 1A。

风险因素

75

项目二。

非登记股份证券销售及所得款项的使用

77

第三项目。

高级证券违约

77

第四项。

矿山安全披露

78

第五项。

其他资讯

78

第六项

展品

79

​

签名

81

​

​

​

​

​

2

目录

​

第一部分 - 财务资讯

​

项目 1. 基本报表。(未经审核)

​

amc院线控股公司，INC。

​

综合营业损益汇缩陈述

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

三个月结束了

​

截至九个月

（以百万计，除每股股份和每股股份金额）

    

2024年9月30日

    

2023年9月30日，均未发行和流通

    

2024年9月30日

    

2023年9月30日，均未发行和流通

​

​

（未经审计）

​

（未经审计）

收益

​

​

​

​

​

​

​

​

​

​

​

​

入院人数

​

$

744.2

​

$

797.7

​

$

1,839.1

​

$

2,075.9

食品和饮料

​

 

490.4

​

 

482.7

​

 

1,178.7

​

 

1,299.6

其他戏院

​

 

114.2

​

 

125.5

​

 

313.0

​

 

332.7

总收益

​

​

1,348.8

​

​

1,405.9

​

​

3,330.8

​

​

3,708.2

营业成本及费用

​

​

​

​

​

​

​

​

​

​

​

​

电影展览成本

​

​

381.4

​

​

398.5

​

 

893.0

​

 

1,027.8

食品和饮料成本

​

 

89.7

​

 

90.1

​

 

222.6

​

 

243.2

运营支出，不包括折旧和摊销以下

​

 

454.6

​

 

449.8

​

 

1,237.9

​

 

1,245.0

租金

​

 

216.4

​

 

224.3

​

 

659.3

​

 

650.8

总务和行政:

​

​

​

​

​

​

​

​

​

​

​

​

并购、收购及其他成本

​

 

0.1

​

 

0.7

​

 

0.1

​

 

1.5

其他，不包括下列折旧和摊销

​

 

54.0

​

 

54.4

​

 

160.7

​

 

184.8

折旧与摊提

​

​

80.8

​

​

88.7

​

​

241.2

​

​

279.1

营业成本及费用

​

 

1,277.0

​

​

1,306.5

​

 

3,414.8

​

​

3,632.2

营业利益（损失）

​

​

71.8

​

​

99.4

​

​

(84.0)

​

​

76.0

其他费用，净额

​

​

​

​

​

​

​

​

​

​

​

​

其他收益

​

 

(22.8)

​

 

(15.9)

​

 

(173.8)

​

 

(10.0)

利息支出：

​

​

​

​

​

​

​

​

​

​

​

​

企业借款

​

 

109.6

​

 

93.4

​

 

289.8

​

 

276.1

融资租赁负债

​

 

1.0

​

 

0.9

​

 

2.5

​

 

2.8

Non-cash NCm展商服务协议

​

​

9.0

​

​

9.4

​

​

27.5

​

​

28.5

投资收益

​

 

(3.2)

​

 

(3.0)

​

 

(14.4)

​

 

(11.4)

总其他费用，净额

​

 

93.6

​

​

84.8

​

 

131.6

​

​

286.0

所得税前盈亏

​

 

(21.8)

​

​

14.6

​

 

(215.6)

​

​

(210.0)

所得税费用（利益）

​

 

(1.1)

​

 

2.3

​

 

1.4

​

​

4.6

净收益（损失）

​

$

(20.7)

​

$

12.3

​

$

(217.0)

​

$

(214.6)

每股盈利（损失）：

​

​

​

​

​

​

​

​

​

​

​

​

基础

​

$

(0.06)

​

$

0.08

​

$

(0.69)

​

$

(1.43)

稀释

​

$

(0.06)

​

$

0.08

​

$

(0.69)

​

$

(1.43)

平均流通股份：

​

​

​

​

​

​

​

​

​

​

​

​

基本（以千计）

​

​

361,853

​

​

162,424

​

​

315,783

​

​

150,465

稀释后（以千为单位）

​

​

361,853

​

​

162,607

​

​

315,783

​

​

150,465

​

参阅简明合并基本报表附注。

​

3

目录

amc院线控股公司，INC。

​

综合损益简明合并财务报表

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

三个月结束了

​

截至九个月

（以百万为单位）

    

2024年9月30日

    

2023年9月30日，均未发行和流通

    

2024年9月30日

    

2023年9月30日，均未发行和流通

​

​

（未经审计）

​

（未经审计）

净收益（损失）

​

$

(20.7)

​

$

12.3

​

$

(217.0)

​

$

(214.6)

其他综合损益：

​

​

​

​

​

​

​

​

​

​

​

​

未实现外币兑换调整

​

 

8.7

​

 

9.1

​

 

(24.4)

​

 

(38.1)

退休金调整：

​

​

​

​

​

​

​

​

​

​

​

​

账面期内发生的净亏损（收益）

​

 

(0.1)

​

 

0.1

​

 

0.4

​

 

—

其他全面收益（损失）

​

 

8.6

​

 

9.2

​

 

(24.0)

​

 

(38.1)

综合(损益)收益总额

​

$

(12.1)

​

$

21.5

​

$

(241.0)

​

$

(252.7)

​

参阅简明合并基本报表附注。

​

4

目录

amc院线控股公司。

​

缩表合并资产负债表

​

(未经查核)

​

​

​

​

​

​

​

（单位：百万，股数资料除外）

    

2024年9月30日

    

2023年12月31日

资产

​

​

​

​

​

​

流动资产:

​

​

​

​

​

​

现金及现金等价物

​

$

527.4

​

$

884.3

限制性现金

​

​

49.7

​

​

27.1

应收账款，净额

​

 

108.1

​

 

203.7

其他流动资产

​

 

103.9

​

 

88.0

全部流动资产

​

 

789.1

​

 

1,203.1

资产，净值

​

 

1,484.4

​

 

1,560.4

营运租赁权利资产，净额

​

​

3,351.9

​

​

3,544.5

无形资产，扣除累计摊销

​

 

147.2

​

 

146.7

商誉

​

 

2,351.6

​

 

2,358.7

递延税资产，净额

​

 

0.5

​

 

—

其他长期资产

​

 

199.4

​

 

195.8

资产总额

​

$

8,324.1

​

$

9,009.2

负债及股东权益不足

​

​

​

​

​

​

流动负债：

​

​

​

​

​

​

应付账款

​

$

247.7

​

$

320.5

应计费用及其他负债

​

 

318.3

​

 

350.8

未来收入及收益

​

 

385.1

​

 

421.8

企业借款的流通债务

​

 

95.6

​

 

25.1

融资租赁负债的当前到期性质

​

​

4.6

​

​

5.4

运营租赁负债的当期到期项

​

​

527.6

​

​

508.8

流动负债合计

​

 

1,578.9

​

 

1,632.4

企业借款

​

 

4,048.4

​

 

4,552.3

融资租赁负债。

​

​

48.6

​

​

50.0

营业租赁负债

​

​

3,738.3

​

​

4,000.7

展商服务协议

​

 

469.8

​

 

486.6

递延所得税负债，净额

​

 

34.0

​

 

32.4

其他长期负债

​

 

91.4

​

 

102.7

总负债

​

 

10,009.4

​

 

10,857.1

合约和可能负债

​

​

​

​

​

​

股东资本赤字：

​

​

​

​

​

​

amc院线控股有限公司的股东权益不足:

​

​

​

​

​

​

优先股，面额$0.01，授权股数为5,000,000股，发行且流通股数为截至2024年6月30日和2023年12月31日之184,668,188股和181,364,180股。.01 每股面额为 50,000,000 授权股份为 无 2024年9月30日及2023年12月31日份发行并流通中的股份数。

​

​

—

​

​

—

A类普通股（$.01 每股面额为 550,000,000 授权股份为 364,935,746 股份发行和 未履行合约 截至2024年9月30日； 550,000,000 已授权； 260,574,392 股份发行和 未履行合约 截至2023年12月31日)

​

 

3.6

​

 

2.6

资本公积额额外增资

​

 

6,624.5

​

 

6,221.9

累积其他全面损失

​

 

(102.2)

​

 

(78.2)

累积亏损

​

 

(8,211.2)

​

 

(7,994.2)

股东权益总赤字

​

​

(1,685.3)

​

​

(1,847.9)

总负债及股东权益赤字

​

$

8,324.1

​

$

9,009.2

见附注至精简合并财务报表。

5

目录

amc院线控股公司，INC。

​

简明财务报表现金流量表

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

截至九个月

（以百万为单位）

​

2024年9月30日

​

2023年9月30日

经营活动现金流量：

​

（未经审计）

净损失

​

$

(217.0)

​

$

(214.6)

调整为使净亏损转化为经营活动所使用现金：

​

​

​

​

​

​

折旧与摊提

​

​

241.2

​

​

279.1

偿还债务所得的收益

​

​

(40.3)

​

​

(97.5)

衍生负债的收益

​

​

(73.5)

​

​

—

推延所得税

​

​

1.1

​

​

0.8

海克罗夫特投资的未实现亏损

​

​

1.7

​

​

10.8

公司借款净溢价摊销至利息费用

​

​

(20.1)

​

​

(42.7)

推迟支付财务成本摊销至利息费用

​

​

6.7

​

​

7.1

股份报酬的非现金部分

​

​

15.1

​

​

40.9

处分沙特电影公司赚取的利润

​

​

—

​

​

(15.5)

对未纳入合并报表之公司之权益，扣除分配后的收益

​

​

(3.3)

​

​

(0.9)

房东的贡献

​

​

26.0

​

​

16.0

租金递延

​

​

(82.1)

​

​

(124.7)

净周期性福利费用

​

​

1.5

​

​

1.3

非现金股东诉讼费用

​

​

—

​

​

99.3

资产及负债变动：

​

​

​

​

​

​

应收帐款

​

​

98.6

​

​

22.3

其他资产

​

​

(12.8)

​

​

(12.9)

应付账款

​

​

(82.6)

​

​

(70.5)

应计费用及其他负债

​

​

(91.0)

​

​

(29.9)

其他，净额

​

​

(23.6)

​

​

(5.8)

经营活动所使用之净现金流量

​

​

(254.4)

​

​

(137.4)

投资活动之现金流量:

​

​

​

​

​

​

资本支出

​

​

(155.8)

​

​

(153.5)

收购戏院资产

​

​

—

​

​

(4.0)

沙特电影公司处置收益

​

​

—

​

​

30.0

处分长期资产所得

​

​

0.3

​

​

8.6

其他，净额

​

​

1.5

​

​

2.5

投资活动中使用的净现金

​

​

(154.0)

​

​

(116.4)

来自筹资活动的现金流量:

​

​

​

​

​

​

2025年到期的高级次级票据回购

​

​

(12.9)

​

​

—

回购到2026年到期的高级次顺位债券

​

​

(6.0)

​

​

(1.7)

购回2026年到期的次置债券

​

​

(83.2)

​

​

(99.8)

根据定期贷款借款安排的本金还款

​

​

(15.1)

​

​

(15.0)

2026年到期之长期贷款的本金支付

​

​

(27.0)

​

​

—

来自到期于2029年的定期贷款发行所得

​

​

27.0

​

​

—

股权发行的净收益

​

​

243.0

​

​

492.4

财务租赁义务下的本金支付

​

​

(3.5)

​

​

(4.6)

用于支付递延财务费用的现金

​

​

(45.7)

​

​

(1.8)

债务撤销成本

​

​

(2.3)

​

​

—

支付用于限制单位扣缴的税款

​

​

(2.2)

​

​

(14.2)

筹资活动提供的净现金

​

​

72.1

​

​

355.3

汇率变动对现金及现金等价物和限制性现金的影响

​

​

2.0

​

​

(3.8)

现金及现金等价物和限制性现金的净增加（减少）

​

​

(334.3)

​

​

97.7

期初现金及现金等价物及限制性现金

​

​

911.4

​

​

654.4

期末现金及现金等价物和受限现金

​

$

577.1

​

$

752.1

现金流量资讯的补充披露：

​

​

​

​

​

​

6

目录

期间内支付的现金：

​

​

​

​

​

​

利息

​

$

298.4

​

$

290.0

应付所得税（已付）净额

​

$

(0.1)

​

$

2.8

非现金活动表：

​

​

​

​

​

​

期末施工应付款

​

$

41.8

​

$

30.5

其他第三方股本发行成本应付款项

​

$

—

​

$

0.4

待支付的融资成本

​

$

0.4

​

$

—

换取发行股份所以消灭到2026年到期的次优先债券(1)

​

$

227.6

​

$

118.6

换取股票发行，偿还2025年票据（1）

​

$

2.1

​

$

—

换取股票发行，偿还2026年票据（1）

​

$

2.4

​

$

—

换取2029年到期的一级贷款，偿还2026年次级留置票据（1）

​

$

2.3

​

$

—

以2029年到期的定期贷款交换方式熄灭次优先担保票据的本金金额(1)

​

$

104.2

​

$

—

以2030年到期的可交换票据交换方式熄灭次优先担保票据的本金金额(1)

​

$

414.4

​

$

—

​

(1)详细了解债务抹灭和再融资交易，请查看附注1─报表编制基础和附注6─公司借款及融资租赁负债。

​

见附注至精简合并财务报表。

7

目录

AMC 娱乐控股股份有限公司

​

简明综合财务报表附注

​

二零二四年九月三十日

(未经审核)

​

注 1-演示基础

​

AMC 娱乐控股有限公司（「控股」）通过其直接和间接子公司，包括美国多电影公司及其子公司（除非情况另有规定，除非情况另有规定，「公司」或「AMC」）主要参与戏剧展业务，并拥有、经营或在美国和欧洲的剧院拥有、经营或拥有权益。简明综合财务报表包括控股及所有附属公司的帐目，应与截至二零二三年十二月三十一日止年度之公司表 10-k 年报一并阅读。在合并中，所有重大的公司间余额和交易都已被消除。本公司以下方式管理其业务 二 其剧场展览业务、美国市场和国际市场需要报告的部分。

截至 2023 年 12 月 31 日的附带简明综合资产负债表，取自经审核的财务报表，以及未经审核的简明综合财务报表均按照美国普遍接受的会计原则作为中期财务资料，并按照表 10-Q 的指示编制，因此，并不包括美国普遍接受的会计原则所需的所有资料和注脚。合并财务报表。管理层认为，这些中期财务报表反映了公司财务状况和营运业绩所需的所有调整（包括正常定期性调整）。由于本公司业务的季节性质，截至 2024 年 9 月 30 日止九个月的业绩，并不一定表明截至 2024 年 12 月 31 日止年度的预期业绩。

根据美国普遍接受的会计原则拟备财务报表，要求管理层作出预估和假设，这些估计和假设会影响报告资产和负债金额，以及在简明合并财务报表日期内的可应资产和负债披露及报告期内的收入和支出金额。实际结果可能与这些估计不同。

流动性。 本公司相信其现有现金及现金等值，以及从营运所产生的现金，将足以为其业务提供资金，并满足目前及未来十二个月的义务。本公司的现金燃烧率不是长期可持续的。为了实现经营活动提供的可持续净正现金流和长期盈利能力，本公司认为收入将需要提高至至少与 COVID-19 前的收入相符的水平。北美票房收入大约下降 25截至二零二四年九月三十日止九个月的百分比，与截至二零一九年九月三十日止九个月相比。除非本公司能够实现经营活动提供的可持续净正现金流量之前，则很难估计公司未来的现金燃烧率和流动性需求。根据公司对于实现增加收入水平的时间和能力的假设，所需流动性金额的估计显著不同。

预测公司流动性需求和未来现金消耗率的收入、出席率和其他假设是否正确，而预测工作室电影发行日期、整体制作和剧院发行水平以及个别影片的成功能有限，因此预测能力不确定。此外，2023 年期间工作停工的影响，2024 年对展览的电影板、公司的流动性和现金燃烧率产生负面影响。此外，本公司将在发布本财务报表起计十二个月以或根据本公司可接受的条款或根据本公司可接受的条款，以满足本公司义务所需的额外流动性，并不能保证。

本公司预计不时透过现金购买及/或交换股票或债务、开放市场购买、私人谈判交易或以其他方式，继续寻求退休或购买未偿还债务。该等回购或交易（如果有）将按其可能决定的条款和价格，并取决于当前的市场情况、其流动性要求、合约限制和其他因素。

8

目录

涉及金额可能相当重要，若使用股权，可能会导致稀释。详情请参见附注6—企业借款和融资租赁负债，概括描述了截至2024年9月30日及2013年9月30日分别发生的债务交易。另请参见附注13—后续事项，以获取有关在2024年9月30日后发生的各项债务交换的进一步资讯。此外，公司通过其A类普通股的市价发行来增强其流动性，更多的资讯请参阅附注7—股东资本不足。

截至2024年4月19日，并预期到期的偿还担保的循环信用设施，公司自愿全额终止了偿还担保的循环信用设施的承诺，并支付关于偿还担保的循环信用设施的任何未清偿负债。财务条款及相关豁免条件不再根据系2013年4月30日签订的信贷协议（经修改、重签、经修改并重签、补充或以其他方式修改）的条款生效。公司目前不预计取代该偿还担保的循环信用设施。公司已签订一份新的信用证设施，以继续在终止偿还担保的循环信用设施后维持正常业务提供信用证。

现金及现金等价物。 截至2024年9月30日，美国市场和国际市场的现金及现金等价物分别为$455.6 百万美元和71.8 百万，而截至2023年12月31日，现金及现金等价物为$752.3 百万美元和132.0 百万。

限制性现金。 受限现金包括公司在银行账户中作为部分房东的担保以及与公司的保险和公用事业计划相关的现金担保信用证。以下表格提供了现金及现金等价物和受限现金在简明合并资产负债表中报告的调节，以使之与简明合并现金流量表中金额总和相符。

​

​

​

​

​

​

​

​

​

​

截至日期

（以百万为单位）

​

2024年9月30日

​

2023年12月31日

现金及现金等价物

​

$

527.4

​

$

884.3

限制性现金

​

​

49.7

​

​

27.1

资金流量表中的总现金及现金等价物和受限现金

​

$

577.1

​

$

911.4

​

截至2024年9月30日，美国市场和国际市场的受限现金为$20.2 百万美元和29.5 百万美元和百万美元。截至2023年12月31日，美国市场和国际市场的受限现金分别为$0 15.127.1 百万。

​

累积其他全面损失。 以下表格显示累积其他全面损失按组成部分的变动情况：

​

​

​

​

​

​

​

​

​

​

​

​

​

外国

​

​

​

​

（以百万为单位）

    

货币

    

退休金福利

    

总计

2023年12月31日结余

​

$

(77.7)

​

$

(0.5)

​

$

(78.2)

其他全面收益（损失）

​

​

(24.4)

​

​

0.4

​

​

(24.0)

2024年9月30日结余

​

$

(102.1)

​

$

(0.1)

​

$

(102.2)

​

累计折旧和摊销。 累计折旧为$3,268.4百万和$3,109.8截至2024年9月30日和2023年12月31日，分别为相关财产资产 $百万。无形资产的累积摊提为$百万。7.9百万和$7.3截至2024年9月30日和2023年12月31日，分别为$百万。

​

9

目录

其他费用（收入）。 以下表格列出其他费用（收入）的元件：

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

三个月结束了

​

截至九个月

（以百万为单位）

​

2024年9月30日

​

2023年9月30日，均未发行和流通

​

2024年9月30日

​

2023年9月30日，均未发行和流通

外币交易（获利）损失

​

$

(21.5)

​

​

12.8

​

$

(18.9)

​

​

(3.2)

网络期间福利成本的非营运元件

​

​

0.4

​

​

0.5

​

​

1.5

​

​

1.2

偿还收益 - 2025年到期的高级次顺位票据

​

​

(0.5)

​

​

—

​

​

(0.5)

​

​

—

2026年到期的高级次级票据偿还收益

​

​

(1.3)

​

​

—

​

​

(1.3)

​

​

(2.3)

(储备)关于到期日为2026年的次级借款注销的亏损

​

​

52.6

​

​

(10.8)

​

​

(38.5)

​

​

(95.2)

换项贷款修改 - 第三方费用

​

​

41.0

​

​

—

​

​

41.0

​

​

—

2030年到期的可转换债券中嵌入转换权的衍生负债公允价值下降

​

​

(73.5)

​

​

—

​

​

(73.5)

​

​

—

非合并实体的权益收益

​

​

(5.2)

​

​

(3.1)

​

​

(9.9)

​

​

(5.3)

衍生股东结算

​

​

—

​

​

—

​

​

—

​

​

(14.0)

股东诉讼费用及（收回）

​

​

(14.9)

​

​

(15.3)

​

​

(34.0)

​

​

110.1

供应商争议解决

​

​

—

​

​

—

​

​

(36.2)

​

​

—

其他结算款项

​

​

—

​

​

—

​

​

(3.6)

​

​

—

业务中断费用及保险（补偿）

​

​

0.1

​

​

—

​

​

0.1

​

​

(1.3)

其他收益合计

​

$

(22.8)

​

$

(15.9)

​

$

(173.8)

​

$

(10.0)

​

​

​

​

​

​

注2-租赁

​

公司按照经营和融通租赁方式租用戏院和设备。公司通常不认为在租赁开始时行使续约选择是合理确定的，因此将初始基期视为租赁期。租赁期限不等，但通常租赁协议提供固定和逐渐增加的租金、基于消费者价格指数或其他指数的有条件增加租金，不得超过特定金额以及基于收入百分比的变动租金。公司通常会从房东处获得用于现有地点装修的贡献。公司将从房东处收到的金额记录为对使用权资产的调整，并在租赁协议的基期内将余额按比例分摊为租金费用的减少。设备租约主要包括观览和声音设备以及食品和饮料设备。

10

目录

以下表格显示了所述期间的租赁成本：

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

三个月结束了

​

截至九个月

​

​

​

​

九月 30

​

九月 30

​

九月 30

​

九月 30

（以百万为单位）

​

综合损益表

​

2024

​

2023

​

2024

​

2023

营运租赁成本

​

​

​

​

​

​

​

​

​

​

​

​

​

剧院资产

​

租金

​

$

193.1

​

$

201.3

​

$

585.9

​

$

587.5

剧院资产

​

营业费用

​

​

1.0

​

​

0.6

​

​

2.0

​

​

1.2

设备

​

营业费用

​

​

8.1

​

​

4.8

​

​

22.2

​

​

11.8

办公室和其他

​

一般和行政: 其他

​

​

1.3

​

​

1.3

​

​

4.0

​

​

4.0

财务租赁成本

​

​

​

​

​

​

​

​

​

​

​

​

​

​

财务租赁资产摊提

​

折旧与摊提

​

​

1.5

​

​

0.5

​

​

2.0

​

​

1.5

租赁负债的利息费用

​

融资租赁负债

​

​

1.0

​

​

0.9

​

​

2.5

​

​

2.8

变量租赁成本

​

​

​

​

​

​

​

​

​

​

​

​

​

​

剧院资产

​

租金

​

​

23.3

​

​

23.0

​

​

73.4

​

​

63.3

设备

​

营业费用

​

​

19.4

​

​

17.9

​

​

48.8

​

​

51.6

租赁成本总额

​

​

​

$

248.7

​

$

250.3

​

$

740.8

​

$

723.7

​

​

现金流量及补充资讯如下：

​

​

​

​

​

​

​

​

​

​

截至九个月

​

​

九月 30

​

九月 30

（以百万为单位）

​

2024

​

2023

计入租赁负债衡量的金额所支付的现金：

​

​

​

​

​

​

财务租赁使用的经营现金流量

​

$

(2.5)

​

$

(2.3)

经营租赁使用的经营现金流量

​

​

(696.8)

​

​

(742.5)

财务租赁使用的融资现金流量

​

​

(3.5)

​

​

(4.6)

​

​

​

​

​

​

​

房东贡献:

​

​

​

​

​

​

经营租赁提供的营运现金流

​

​

26.0

​

​

16.0

非现金租赁活动补充披露：

​

​

​

​

​

​

以变量方式取得的新经营租赁负债所获得的使用权资产 (1)

​

​

103.3

​

​

111.4

(1)包括租赁延长和选择行使。

​

以下表格代表截至2024年9月30日的加权平均剩余租期和折扣率：

​

​

​

​

​

​

​

​

​

​

加权平均

​

加权平均

​

​

尚余

​

折扣

租赁期限和折扣率

​

租赁期限（年）

​

利率

营运租赁

​

​

8.3

​

​

10.6%

融资租赁

​

​

13.3

​

​

6.4%

​

11

目录

截至2024年9月30日，最低年度付款及其净现值如下：

​

​

​

​

​

​

​

​

​

​

经营租赁

​

融资租赁

（以百万计）

​

付款

​

付款

截至2024年12月31日的三个月

​

$

231.7

​

$

2.1

2025

​

​

911.9

​

​

7.8

2026

​

​

849.1

​

​

7.8

2027

​

​

784.6

​

​

7.8

2028

​

​

697.0

​

​

7.8

2029

​

​

593.0

​

​

7.7

此后

​

​

2,312.5

​

​

40.4

总租赁支付

​

​

6,379.8

​

​

81.4

减去隐含利息

​

​

(2,113.9)

​

​

(28.2)

分别为总营业租赁和融资租赁负债

​

$

4,265.9

​

$

53.2

​

截至2024年9月30日，公司已签署额外的经营租赁协议 两个 尚未启动的影院。租约期限为 10 和 15年 ，总租金约为$15.0 百万美元。承租日期的确定取决于房东向公司提供控制权和进入相关设施的时间。

2023年9月30日结束的九个月内，公司收到了一笔13.0 百万美元的买断奖励，该奖励授予房东终止 之一 剧院。该激励措施被视为公司简明综合损益表中租金费用的减少。

​

注释3—营业收入确认

​

按主要营业收入类型和收入确认时间，将收入按以下表格进行分解: 营业收入按主要收入类型和收入确认时点在以下表格中进行细分：

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

三个月结束

​

截至九个月的结束日期

（以百万计）

​

2024年9月30日

​

2023年9月30日

​

2024年9月30日

​

2023年9月30日

主要营业收入类型

​

​

​

​

​

​

​

​

​

​

入院人数

​

$

744.2

​

$

797.7

​

$

1,839.1

​

$

2,075.9

食品和饮料

​

​

490.4

​

​

482.7

​

​

1,178.7

​

​

1,299.6

其他剧院：

​

​

​

​

​

​

​

​

​

​

​

​

屏幕广告

​

​

31.0

​

​

33.2

​

​

91.5

​

​

96.4

其他

​

​

83.2

​

​

92.3

​

​

221.5

​

​

236.3

其他剧院

​

​

114.2

​

​

125.5

​

​

313.0

​

​

332.7

总营业收入

​

$

1,348.8

​

$

1,405.9

​

$

3,330.8

​

$

3,708.2

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

三个月结束

​

截至九个月的结束日期

（以百万计）

​

2024年9月30日

​

2023年9月30日

​

2024年9月30日

​

2023年9月30日

营业收入确认的时间

​

​

​

​

​

​

​

​

在时间点上转移的产品和服务

​

$

1,244.1

​

$

1,299.3

​

$

3,035.5

​

$

3,431.5

随着时间的推移转移的产品和服务 (1)

​

​

104.7

​

​

106.6

​

​

295.3

​

​

276.7

总营业收入

​

$

1,348.8

​

$

1,405.9

​

$

3,330.8

​

$

3,708.2

(1)主要包括订阅和广告营业收入。

12

目录

以下表格提供2024年9月30日和2023年12月31日的应收款项、净收入和透支收入余额：

​

​

​

​

​

​

​

​

（以百万为单位）

​

2024年9月30日

​

2023年12月31日

流动资产合计

​

​

​

​

​

​

与客户合同相关的应收款项

​

$

35.2

​

$

113.5

杂项应收款项

​

​

72.9

​

​

90.2

应收账款，净额

​

$

108.1

​

$

203.7

​

​

​

​

​

​

​

​

​

（以百万为单位）

​

2024年9月30日

​

2023年12月31日

流动负债

​

​

​

​

​

​

与客户签订合同相关的递延收益

​

$

376.6

​

$

415.3

其他递延收入

​

​

8.5

​

​

6.5

递延收入和收益

​

$

385.1

​

$

421.8

​

​

与客户合同负债相关的重大变化，包括进入迳留款项和收入如下:

​

​

​

​

​

​

​

迳延收入

​

​

与合同有关

（以百万为单位）

​

与客户

$

​

$

415.3

预收现金 (1)

​

​

221.3

客户忠诚奖励累积，折旧后净额：

​

​

​

入场收入 (2)

​

​

17.7

食品和饮料 (2)

​

​

29.1

其他剧院 (2)

​

​

(2.3)

将其归类为营业收入，因履行完毕履约义务：

​

​

​

入场收入 (3)

​

​

(186.8)

饮食 (3)

​

​

(62.4)

其他剧院 (4)

​

​

(51.4)

外币翻译调整

​

​

(3.9)

2024年9月30日的结余

​

$

376.6

​

(1)包括电影票、食品和饮料、礼品卡、交换票、订阅会员费，以及其他忠诚会员费。

​

(2)与忠诚计划相关的奖励积累金额，折扣后扣除到期金额。

​

(3)与礼品卡、交换券、电影票和忠诚计划有关的已兑换奖励金额。

​

(4)金额涉及未兑换或部分兑换的礼品卡、未兑换的交换券、订阅会籍费和忠诚计划会籍费的收入。

​

13

目录

在简明综合账目表中，影院服务协议中的合同负债发生了重大变化，具体如下：

​

​

​

​

​

​

​

影院服务

（以百万为单位）

​

协议（1）

$

​

$

486.6

将期初余额重新分类为其他戏院收入，作为履行债务的结果

​

​

(16.8)

2024年9月30日结余

​

$

469.8

(1)代表了national cinemedia LLC (“NCM”)普通股份，这些股份先前根据年度普通单位调整 (“CUA”) 和后续有关NCm破产的调整所收到的金额，如下面更详细地讨论。这些递延收入正被分期摊销至结束于2037年2月的电影院服务协议 (“ESA”) 的其余期间内的其他电影院收入中。 30年期 展演者服务协议 (“ESA”) 的任期至2037年2月结束，剩余期间内，这些递延收入正在分期摊销至其他电影院收入。

​

NCm破产2023年4月11日，NCm在美国德克萨斯州南区根据美国破产法第11章提交申请。NCm是美国大部分电影院的影厅广告提供商。根据于2023年8月7日生效的第11章重整计划（“计划”），NCm已承担起与该公司的协议。根据该计划的条款和NCm股权的重组，NCm于计划生效日立即取消了NCm普通股（“NCm普通股”）。2023年8月13日，作为对公司就计划的某些条款提出上诉的回应，包括更改与其他当事方的影院服务协议的条款，这些条款未同样授予给该公司，并且对批准取消NCm普通股发行的法院命令提出上诉，美国德克萨斯州南区联邦地方法院确认了破产法院的裁决，包括计划的确认。公司向第五巡回上诉法院就这些裁决提起上诉，该上诉仍在审理中。公司预计NCm的破产或上诉对公司不会产生重大影响。 16,581,829 礼品卡和兑换券。

未兑换的礼品卡和兑换券的总金额，包括在2024年9月30日的简明合并资产负债表中的延迟收入和收入为$ 百万。随著礼品卡和兑换券的兑换或未兑换的礼品卡和兑换券收入按实际兑换的模式比例确认，这笔款项将被确认为收入，估计将在接下来的280.9被兑换或者未兑换的礼品卡和兑换券的兑换模式中确认。 24个月.

忠诚计划。 截至2024年9月30日，计入展延收入和损益的忠诚计划的展延收入金额为$77.4百万。赢得的积分将在兑换时作为营业收入确认，预计将在接下来的 24个月兑换时认可。订阅会员费和忠诚会员费将根据各自的会员期限按比例确认。

公司适用ASC 606-10-50-14中的实务简化，并且 不揭露 预期原始持续时间为一年或更短的剩余履约义务的信息。

​

附注 4—商誉

​

以下表格概述了截至2024年9月30日结束的九个月内每个报告单位的商誉变动：

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

美国。
市场

​

国际
市场

​

合并商誉

(以百万为单位)

​

毛余额

​

累计减值损失

​

净携带额

​

毛余额

​

累计减值损失

​

净携带额

​

毛余额

​

累积减损损失

​

净携带额

2023年12月31日结余

​

$

3,072.6

​

$

(1,276.1)

​

$

1,796.5

​

$

1,589.5

​

$

(1,027.3)

​

$

562.2

​

$

4,662.1

​

$

(2,303.4)

​

$

2,358.7

货币转换调整

​

​

—

​

​

—

​

​

—

​

​

45.7

​

​

(52.8)

​

​

(7.1)

​

​

45.7

​

​

(52.8)

​

​

(7.1)

2024年9月30日结余

​

$

3,072.6

​

$

(1,276.1)

​

$

1,796.5

​

$

1,635.2

​

$

(1,080.1)

​

$

555.1

​

$

4,707.8

​

$

(2,356.2)

​

$

2,351.6

14

目录

​

​

​

​

注意事项5—投资

​

以股权法核算的非合并关联方和其他某些投资一般包括公司或其子公司具有重大影响力的所有实体，但不超过 50.0％的表决权，并记录在其他长期资产的综合资产负债表中。2022年12月30日，公司达成协议，以出售其 10.0％投资沙特影院有限责任公司，折合沙特阿拉伯里亚尔 112.5一千一百万美元（1,100,000美元，减$1000美元的返还尽职调查费用）30.0 百万），2023年1月24日，沙特商务部记录了股权出售情况，公司于2023年1月25日收到了销售额。公司在2023年9月30日结束的九个月中记录了出售获得的利润为$15.5 百万投资收益。截至2024年9月30日，非合并联营公司的投资包括对Digital Cinema Distribution Coalition，LLC的利益 14.6％，AC JV，LLC（“AC JV”），Fathom Events的所有者 32.0％，SV Holdco LLC，Screenvision的所有者 18.4％，Digital Cinema Media Ltd.（“DCM”）的投资 50.0%，瑞典Lidingo的Handelsbolaget Svenska Bio 50.0%，Bergen Kino AS 49.0%，Stavanger/Sandnes的Odeon Kino 49.0%，Capa Kinoreklame AS（“Capa”） 50.0%和Vasteras Biografer（“Vasteras”） 50.0。通过其各种投资，公司在美国影院和 四个 。 62 欧洲的剧院。股权法下投资实体持有的负债对公司不具追索权。截至2024年9月30日和2023年9月30日三个月的期间内，公司录得非合并实体的股权收益为$5.2万美元和3.1 分别为百万美元。截至2024年9月30日和2023年9月30日九个月的期间内，公司录得股权收益为$9.9万美元和5.32024年4月30日和2023年4月30日的六个月内的外汇重新计量净收益分别为$百万。

关联交易

公司记录的与股权法下投资实体的下列关联方交易：

​

​

​

​

​

​

​

​

​

​

截至

    

截至

（以百万计）

​

2024年9月30日

    

2023年12月31日

DCm欠款用于屏幕广告营业收入

​

$

1.1

​

$

3.3

贷款应收款项来自DCM

​

​

0.7

​

​

0.6

由于AC合资公司进行Fathom Events节目编排

​

​

(6.1)

​

​

(2.3)

来自瓦斯特拉斯的应收贷款

​

​

0.8

​

​

1.0

Capa应支付的屏幕广告收入

​

​

1.1

​

​

1.4

Vasteras应支付的款项

​

​

(0.3)

​

​

(0.9)

由于美国戏剧合作

​

​

(0.7)

​

​

(0.6)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

三个月结束

​

截至九个月的结束日期

(以百万计)

​

截至2020年6月30日和2019年6月30日三个月和六个月的营业额

​

2024年9月30日

​

2023年9月30日

​

2024年9月30日

​

2023年9月30日

DCm 屏幕广告收入

​

其他营业收入

​

$

3.8

​

$

5.6

​

$

10.4

​

$

13.2

DCDC内容交付服务

​

营业费用

​

​

0.1

​

​

0.2

​

​

0.7

​

​

0.8

Film rent - AC JV

​

Film exhibition costs

​

​

12.8

​

​

4.9

​

​

25.6

​

​

12.0

Screenvision银幕广告收入

​

其他营业收入

​

​

2.1

​

​

2.3

​

​

5.0

​

​

6.2

Capa screen advertising revenues

​

其他营业收入

​

​

1.1

​

​

-

​

​

1.1

​

​

-

​

在Hycroft的投资

​

公司持有约 2.4 万股Hycroft Mining Holding Corporation (纳斯达克: HYMC)（“Hycroft”）普通股，以及约 2.3 万warrants，用于购买普通股。每一份warrant可在截至2027年3月的日期内以每股 之一 的价格行使，换取一份Hycroft的普通股。上述数量已经调整为10.68 每股美元，在 5年 期内。以上数额已根据 10股合1股 Hycroft 在2023年11月15日进行了股票拆分。

公司按照ASC 825-10的规定，以权益法核算 Hycroft 的普通股，并选择了公允价值选择项。公司按照规定将认股权证视为衍生工具来核算。

15

目录

根据ASC 815的规定，Hycroft的投资公平价值在每个后续报告期重新计量，未实现收益和损失列入投资收入。

在截至2024年9月30日和2023年9月30日的三个月内，公司在投资收入中录得未实现损失，分别为$1.4万美元和0.7 百万。在截至2024年9月30日和2023年9月30日的九个月内，公司在投资收入中录得未实现损失，分别为$1.7万美元和10.8 百万。请查看注释9—公允价值衡量提供有关Hycroft投资公允价值选择计量及其他股权法投资的总资产价值信息。

​

​

​

注6—公司借款和融资租赁负债

​

公司借款和融资租赁负债的账面价值摘要如下：

​

​

​

​

​

​

​

​

（以百万计）

    

2024年9月30日

    

2023年12月31日

担保债务:

​

​

​

​

​

​

2029年到期的信贷协议-到期的贷款（11.919截至2024年9月30日%）

​

$

2,019.3

​

$

—

12.752027年到期的奥迪安公司优先担保票据%

​

​

400.0

​

​

400.0

7.5% 2029年到期的一级债券

​

​

950.0

​

​

950.0

2026年到期的优先担保信贷设施-到期贷款（8.474%截至2023年12月31日

​

​

—

​

​

1,905.0

6.00%/8.00% 现金/PIK 切换优先担保可转换票据，到期日为2030年

​

​

414.4

​

​

—

次级债务：

​

​

​

​

​

​

10%/12%现金/PIk切换2026年到期的二级次级债券

​

​

163.9

​

​

968.9

6.375%到期的2024年优先次级票据 (£4.0 截至2024年9月30日，票面价值为百万美元

​

​

5.3

​

​

5.1

5.752025年到期的高级次级票据

​

​

82.7

​

​

98.3

5.8752026年到期的高级次级票据

​

​

41.9

​

​

51.5

6.1252027年到期的高级次级票据

​

​

125.5

​

​

125.5

公司借款总本金金额

​

$

4,203.0

​

$

4,504.3

融资租赁负债

​

 

53.2

​

 

55.4

递延融资成本

​

​

(48.2)

​

​

(31.1)

净保费（折让） (1)

​

​

(170.7)

​

​

104.2

衍生负债 - 转股选择权

​

​

159.9

​

​

—

企业借款和融资租赁负债的总账面价值

​

$

4,197.2

​

$

4,632.8

减去：

​

​

​

​

​

​

企业借款的流动部分

​

​

(95.6)

​

 

(25.1)

融资租赁负债的流动部分

​

​

(4.6)

​

​

(5.4)

公司借款和融资租赁负债的总非流动的账面价值

​

$

4,097.0

​

$

4,602.3

(1)以下表格提供了公司借款的净溢价（折让）金额：

​

​

​

​

​

​

​

​

​

​

9月30日，

​

12月31日，

（以百万计）

​

2024

​

2023

10%/12%现金/PIk切换2026年到期的次级次级债券

​

$

15.9

​

$

133.9

2026年到期的高级担保信贷设施-按揭贷款

​

​

—

​

​

(3.3)

12.75截止至2027年的Odeon高级担保票据

​

​

(22.4)

​

​

(26.4)

2029年到期的信贷协议-期限贷款

​

​

(46.1)

​

​

—

6.00%/8.00%现金/可用转股/可切换优先担保可转债2020年到期

​

​

(118.1)

​

​

—

净保险费（折让）

​

$

(170.7)

​

$

104.2

​

​

16

目录

截至2024年9月30日，以下表格提供了企业借款所需的本金偿还额和到期日:

​

​

​

​

​

​

​

负责人

​

​

注册费用金额

​

​

Corporate

（以百万计）

    

借款

2024年12月31日结束的三个月

​

$

10.3

2025

​

​

102.8

2026

​

 

225.7

2027

​

 

545.1

2028

​

 

19.5

2029

​

 

2,885.2

此后

​

​

414.4

总计

​

$

4,203.0

​

债务回购和交易所

以下表格总结了截至2024年9月30日为止的各种现金债务回购交易、债务换股交易和现金及债务换股交易。债务换股交易被视为债务的早期清偿。根据ASC 470-50-40-3的规定，熄灭债务的回购价格被确定为交换的普通股的公允价值。下表不包括下文描述的再融资交易。

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

系列A优先股股份

​

​

​

​

​

​

​

​

​

​

​

总票面金额

​

普通股

​

Reacquisition

​

资产出售收益净额

​

（"

（以百万为单位，股份数据除外）

​

Repurchased/Exchanged

​

已交换

​

成本

​

Extinguishment

​

Paid/Exchanged

现金债务回购交易：

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

5.75到期日为2025年的高级次级票据

​

$

7.0

​

​

—

​

$

6.7

​

$

0.3

​

$

0.1

到期日为2026年的次级留置票据

​

​

50.0

​

​

—

​

​

50.5

​

​

4.4

​

​

1.4

总现金债务回购交易

​

​

57.0

​

​

—

​

​

57.2

​

​

4.7

​

​

1.5

债务与股权交易所交易：

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

2026年到期的次级债券

​

​

191.4

​

​

27,545,325

​

​

123.1

​

​

91.1

​

​

7.4

股本交易的总债务

​

​

191.4

​

​

27,545,325

​

​

123.1

​

​

91.1

​

​

7.4

现金和债务用于股权交易:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

5.752025年到期的高级次级票据

​

​

8.6

​

​

447,829

​

​

8.4

​

​

0.2

​

​

0.1

5.8752026年到期的高级次级票据

​

​

9.6

​

​

432,777

​

​

8.1

​

​

1.3

​

​

0.2

2026年到期的次级债券

​

​

45.0

​

​

2,693,717

​

​

45.5

​

​

4.2

​

​

1.2

资金总额和债务用于股权交易

​

​

63.2

​

​

3,574,323

​

​

62.0

​

​

5.7

​

​

1.5

总债务回购和交易所

​

$

311.6

​

​

31,119,648

​

$

242.3

​

$

101.5

​

$

10.4

​

截至2024年9月30日结束的九个月内，在上述交易中清偿的债务的总账面价值为$343.8百万美元。

下表总结了2023年9月30日结束的九个月内的现金债务回购交易情况，包括与关联方的回购：

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Aggregate Principal

​

Reacquisition

​

资产出售收益净额

​

（"

（以百万计）

​

回购

​

成本

​

灭火

​

已付款

侨居员工工资支出

​

​

​

​

​

​

​

​

​

​

​

​

2026年到期的次级债券

​

$

75.9

​

$

48.5

​

$

40.9

​

$

1.1

5.8752026年到期的高级次级票据

​

​

4.1

​

​

1.7

​

​

2.3

​

​

0.1

Kura Japan向公司的报销和其他付款为$

​

​

80.0

​

​

50.2

​

​

43.2

​

​

1.2

非关联方交易：

​

​

​

​

​

​

​

​

​

​

​

​

2026年到期的第二优先级债券

​

​

89.7

​

​

51.3

​

​

54.3

​

​

2.2

非关联方交易总额

​

​

89.7

​

​

51.3

​

​

54.3

​

​

2.2

总债务回购

​

$

169.7

​

$

101.5

​

$

97.5

​

$

3.4

​

17

目录

在截至2023年9月30日的九个月中，上述交易中消灭的债务的总账面价值为美元199.0 百万。

​

有关美元的讨论，参见附注7——股东赤字100.0 从安塔拉回购的第二留置权票据本金总额为百万美元，以换取 9,102,619 AMC 优先股单位未包含在上表中。

再融资交易

2024年7月22日（“截止日期”），公司完成了一系列再融资交易（“再融资交易”） 二 债权人团体将再融资并将到期日延长到2029年和2030年左右 $1.6 该公司此前将于2026年到期的数十亿美元债务。

关于截止日期的再融资：

●公司与公司新成立的间接全资子公司Muvico, LLC签订了该特定信贷协议（“新定期贷款信贷协议”），由公司和作为借款人（统称为 “新定期贷款借款人”）、其贷款方以及作为行政代理人和抵押代理人的威尔明顿储蓄基金协会（FsB）（FsB）（以此类身份是 “新定期贷款代理人”），公司和Muvico据此共同和分别借款 $1.2 2029年到期的数十亿新定期贷款（“新定期贷款”）。
●新定期贷款被（i）用作公开市场购买的对价 $1.1 公司将于2026年到期的现有优先担保定期贷款（“现有定期贷款”）中的10亿美元以及（ii）交换为 $104.2 该公司数百万的 10%/12% Cash/PIK Toggle 2026年到期的第二留置权次级担保票据（“第二留置权票据”）。根据新定期贷款信贷协议的条款，剩余现有定期贷款的贷款人有权根据某些条款和条件将其剩余的现有定期贷款换成新定期贷款。
●Muvico还完成了以现金进行的私募发行 $414.4 百万本金总额为 6.00%/8.00% Cash/PIK Toggle 高级有担保可交换票据（“可交换票据”），由公司、现有定期贷款下的现有担保人以及现有第一留置权票据（定义见此处）（“现有担保人”）和Centertainment（定义见下文）提供担保，可按照本文所述条款兑换成普通股。
●Muvico使用发行可交换票据的收益进行回购 $414.4 第二留置权票据的本金总额为百万美元。

除其他外，与Muvico的组建有关；

●公司及其某些子公司（统称为 “AMC”）转让了以下方面的某些租约、自有不动产和相关资产及权利 175 根据资产转让协议（“资产转让协议”），将剧院（“转让的剧院”）以及某些知识产权，包括AMC品牌名称（“转让的知识产权”）给Muvico。
●Muvico和AMC签订了管理服务协议（“管理服务协议”），根据该协议，Muvico聘请AMC管理和运营移交的剧院，并向Muvico提供某些其他管理服务。
●Muvico和AMC签订了知识产权许可协议（“公司间许可协议”），根据该协议，Muvico向AMC授予了使用转让知识产权的许可。

Muvico是Centertainment Development, LLC（“Centertainment”）的直接子公司。Muvico和Centertainment都是现有定期贷款和现有第一留置权票据下的 “无限制子公司”，因此不受管理此类债务的契约下的各种限制性契约的约束。

2024年8月1日，公司完成了对公司现有定期贷款（定义见下文）的后续公开市场回购，并作为交换，根据新定期贷款信贷协议（定义见下文）向此类销售持有人发放了公司的新定期贷款（定义见下文），金额约为 $762.0 百万。

18

目录

2024年8月14日，该公司完成了额外的跟进公开市场回购已有贷款，并以该公司的新贷款作为交换，根据新贷款信贷协议发行了大约 $4.0百万美元。

2024年9月17日，公司发行了 $27.0 百万美元的新贷款以现金形式按面值发行，并将所得款项用于赎回剩余的旧贷款。截至2024年9月30日，公司完成了对其现有贷款的公开市场购买，总额为 $1,895.0 百万美元的本金金额，并发行了 $2,024.3 百万美元的新贷款本金金额。因此，截至该日期，公司已有 no 剩余的现有定期贷款未偿还的本金余额和有关现有定期贷款的贷款文件被终止。

对于二级留置票据的债务回购和交换被视为清偿，并导致以下的清偿损失：

​

​

​

​

​

(以百万计)

​

金额

2030年到期可兑换债券的公允价值

​

$

293.6

换股选择权的公允价值

​

​

233.4

2029年到期的新长期贷款的公允价值

​

​

104.2

向次级留置债权人支付的PIK费用

​

​

2.3

向次级留置债权人支付的现金费用

​

​

2.3

次级债券考虑

​

​

635.8

​

​

​

​

次级债券本金

​

​

518.6

优先二级债券

​

​

56.0

持有价值次级债券

​

​

574.6

​

​

​

​

二级债券偿还损失

​

$

61.2

​

对现有按揭贷款的债务交换被视为修改，并导致约$的费用41.0 百万美元用于支付给第三方的成本。

有关再融资交易涉及的其他费用（收入）元件的基础，请参阅附注1—展示基础。

可交换债券

截至2024年9月30日的账面价值（以百万美元计）：

​

​

​

​

​

​

​

​

​

​

​

​

账面价值

​

​

​

​

账面价值

​

​

在发行时

​

(增加) 减少至

​

截至

​

​

2024年7月22日

​

净收益（损失）

​

2024年9月30日

本金余额

​

$

414.4

​

$

—

​

$

414.4

折扣

​

​

(120.8)

​

​

2.7

​

​

(118.1)

债务发行费用

​

​

(23.2)

​

​

0.5

​

​

(22.7)

衍生品负债

​

​

233.4

​

​

(73.5)

​

​

159.9

账面价值

​

$

503.8

​

$

(70.3)

​

$

433.5

​

2024年7月22日，公司发行了$414.4 百万美元总面额的可交换票据。可交换票据的利率为 6.00%，如果以现金支付，利率为 8.00%，如果通过发行可交换票据（“PIk票据”）支付利息，则利率为，每年支付两次，即每年6月15日和12月15日之前（2024年12月15日开始）。可转换票据将在2030年4月30日到期，除非在到期日前完全赎回或兑换，根据下文可转换票据信托书中规定的条款进行讨论。

在可转换票据的最终到期日之前的第二个交易日（在可转换票据信托书中定义），在营业结束前的任何时间，每位持有人均可兑换或兑现可转换

19

目录

票据有权选择按普通股的汇率（定义见可交换票据契约）将其全部或部分可交换票据交换。汇率最初设置为 176.6379 每交易1,000美元本金的可交换票据的普通股份额，反映了美元的价格5.66 每股普通股（“交易所价格”），其价格等于 1132024年7月19日普通股每股收盘价的百分比。汇率受惯例调整和反稀释保护（如可交换票据契约所规定）的约束。

在可交换票据最终到期日之前的第二个交易日营业结束之前的任何时候，Muvico也有权选择以等于可交换票据本金总额的价格赎回所有（但不少于全部）未偿还的可交换票据，加上截至但不包括此类赎回之日的应计利息和未付利息（如每日VWAP）（定义）在可交换票据（契约）中，每股普通股超过 140交易价格的百分比 十五 (15) 在Muvico向持有人发出通知要求赎回此类可交换票据之日之前的交易日（包括）连续交易日（包括）结束（包括）。任何此类软收购通知都将规定，可交换票据的适用兑换将在Muvico选择的工作日进行，不超过 十 (10) 且不少于 五 (5) 软考试通知发布之日起的工作日。尽管如此，可交换票据的持有人将有权 二 (2) 根据可交换票据契约的条款提交可交换票据进行交换的此类软召回通知的营业日。

如果可交换票据的持有人自愿选择交换其可交换票据，则此类持有人还有权在发行日三周年之前获得等于 (i) 的整数溢价（“汇率调整对价”）， 18.0交换的可交换票据本金总额的百分比；(ii) 在三周年或之后以及发行日期四周年之前， 12.0交换的可交换票据本金总额的百分比；以及（iii）发行日四周年或之后以及五周年之前， 6.0交换的可交换票据本金总额的百分比。Muvico有权选择以普通股的形式支付交易所调整对价（使用等于的修改后的交易价格） 140交易所价格的百分比），根据新信贷协议的限制，兑现 十二 (12) 在适用交易所后的十二个月期限内等额分期付款，或两者兼而有之。

如果发生某些构成基本变革（定义见可交换票据契约）的公司事件，则持有人将有权要求Muvico以等于的现金回购价格回购其可交换票据 100截至但不包括基本变更回购日（定义见可交换票据契约）的应计和未付利息（如有）占可回购可交换票据本金总额的百分比。基本变革的定义包括涉及公司的某些业务合并交易、股东对公司清算或解散的任何计划或提案的批准以及与普通股有关的某些除名事件。

Muvico还必须强制赎回所有已发行和未偿还的可交换票据，购买价格等于 100如果截至购买之日，则本金总额的百分比，加上截至但不包括购买之日的应计利息和未付利息 九十 公司到期日前 (90) 天 7.50百分比2029年到期的第一留置权有担保票据（“现有第一留置权票据”），到期日为2030年4月30日之前的现有第一留置权票据的未偿本金总额超过美元190,000,000.

可交换票据契约包含契约，这些契约限制了Centertainment集团各方（定义见下文）的能力，除其他外：（i）承担额外债务或担保债务；（ii）设立留置权；（iii）申报或支付股息、赎回股票或向股东进行其他分配；（iv）进行投资；（v）与其关联公司进行交易；（vi）合并、出售，或以其他方式处置其各自的全部或几乎全部资产；以及 (vii) 损害抵押品的担保权益。这些契约受到许多限制和例外情况的约束。可交换票据契约还纳入了新定期贷款信贷协议中包含的其他限制性条款。可交换票据契约还规定了违约事件，如果发生任何违约事件，将允许或要求所有当时未偿还的可交换票据的本金、溢价（如果有）、利息和任何其他货币债务立即到期并支付。

该公司将转换选项和交易所调整对价分析为一个单一的转换选项（“转换期权”）。该公司将转换期权与可交换票据的本金余额分为衍生负债。该公司将转换期权分为以下几点：（i）债务工具中嵌入的转换期权的经济特征与经济没有明确和密切的关系

20

目录

如ASC 815-15-25-51所述，债务托管合约的特征和风险；（ii）主体债务工具不是按公允价值重新计量的，而是按摊销成本计量的；（iii）转换期权不符合ASC 815-10-15-74（a）规定的衍生品范围例外情况。转换选项还包括整体调整，即汇率调整对价。汇率调整对价（即整体付款）不符合ASC 815-40-15-7C规定的指数化标准，因为该功能的设计不符合时间价值范围的例外情况，因此被视为衍生品。可交换票据的初始估计公允价值为美元293.6 百万美元导致本金余额出现折扣120.8 百万美元，并摊销为利息支出，因此有效利率为 13.42超过可交换票据期限的百分比。该公司还记录了约美元的延期债务发行成本23.2 百万美元与可交换票据的发行有关，并将在可交换票据的期限内按照实际利息法将这些费用分期摊为利息支出。公司记录的2024年7月22日至2024年9月30日期间的利息支出为美元7.9 百万。衍生负债在每个报告期均按公允价值重新计量，公允价值的变动作为其他支出或收入记录在合并运营报表中。有关估值方法的讨论，请参阅附注9——公允价值衡量。本金余额比可交换票据（包括以股票支付的汇率调整对价）的折算价值高出约美元38.5 根据我们普通股每股收盘价美元，截至2024年9月30日为百万美元4.55 每股。

2029 年到期的新定期贷款

新定期贷款信贷协议规定（i）新定期贷款，初始本金总额为美元1,229,415,340 以及（ii）新定期贷款借款人获得额外新定期贷款的能力，这些贷款的收益将用于未来在公开市场上购买现有定期贷款。

新定期贷款将于2029年1月4日到期（或者，如果至少为美元）190,000,000 截至2028年10月5日，然后是2028年10月5日（然后是2028年10月5日），现有的第一留置权票据尚未回购（和取消）、偿还或再融资。新定期贷款需分期偿还本金，从2024年9月30日开始，在每个财政季度的最后一个工作日按季度分期支付，等于 1.00每年百分比。新定期贷款的剩余未偿还本金总额（连同本金的应计和未付利息）应在到期时支付。

新定期贷款的利息由新定期贷款借款人选择，利率等于（i）基准利率加上两者之间的差额 500 和 600 基点取决于公司及其子公司的合并杠杆比率（“总杠杆比率”）或（ii）期限 SOFR 加上两者之间的利润 600 和 700 基点取决于总杠杆比率。在根据新定期贷款信贷协议交付截至截止日期之后的第一个完整财季的财务报表之前，新定期贷款的利息由公司选择，按基准利率加上利率为 600基点或 (b) 期限 SOFR 加上利润率为 700基点。

新定期贷款由Centertainment和Muvico及其未来各自的子公司（统称为 “Centertainment集团各方”）和现有担保人提供担保，并以公司及其担保人拥有的几乎所有有形和无形资产的留置权作为担保，在每种情况下，都受新定期贷款信贷协议中规定的有限例外情况的限制。

新定期贷款信贷协议包含的契约限制了公司及其子公司的以下能力：（i）承担额外债务或担保债务；（ii）设立留置权；（iii）申报或支付股息、赎回股票或向股东进行其他分配；（iv）进行投资；（v）与其关联公司进行交易；（vi）合并、合并、出售或以其他方式处置全部或几乎所有各自的资产；以及 (vii) 在公司及其子公司的账目中保留现金（不包括Centertainment 集团各方）。这些契约受到许多限制和例外情况的约束。新定期贷款信贷协议还规定了违约事件，如果发生任何违约事件，将允许或要求所有当时未偿还的新定期贷款的本金、溢价（如果有）、利息和任何其他金钱债务立即到期并支付。

与美元现有定期贷款相关的未摊销折扣和递延费用6.5 百万加上向现有定期贷款贷款机构支付的费用 $45.7 百万美元被记录为与新定期贷款相关的递延费用，公司将在新定期贷款期限内按照实际利息法将这些成本分摊为利息支出。

​

21

目录

​

注意事项 7—股东' 赤字

​

股票拆细

于2023年8月24日，公司以比例进行了股票合并 之一 share of Common Stock for every ten shares of Common Stock. As a result of the reverse stock split, each share of Series A Convertible Participating Preferred Stock became convertible into ten shares of Common Stock, and by extension each AMC Preferred Equity Unit became equivalent to 之一-tenth (1/10th) of a share of Common Stock. The reverse stock split did not impact the number of AMC Preferred Equity Units outstanding. The Company concluded that this change in conversion ratio is analogous to a reverse stock split of the AMC Preferred Equity Units even though the reverse stock split did not have an effect on the number of AMC Preferred Equity Units outstanding.

Accordingly, all references made to share, per share, unit, per unit, or common share amounts in the accompanying consolidated financial statements and applicable disclosures for periods prior to August 24, 2023, have been retroactively adjusted to reflect the effect of the reverse stock split. References made to AMC Preferred Equity Units have also been retroactively adjusted to reflect the effect of the reverse stock split on their equivalent Common Stock shares. On August 25, 2023, all of the Company’s outstanding AMC Preferred Equity Units converted into shares of Common Stock.

普通股发行

During the nine months ended September 30, 2024, the Company raised gross proceeds of $250.0 million and paid fees to sales agents and incurred other third-party issuance costs of approximately $6.3万美元和0.6 百万分别通过其大约的现场市场发行 72.5 百万股普通股。公司在截至2024年9月30日的九个月内支付了$0.7 百万美元的其他第三方发行费用。

在截至2023年9月30日的九个月内，公司通过其现场市场发行募集了约$325.5 百万美元，并向销售代理支付费用，支付了第三方发行费用约为$8.2万美元和0.5 百万股普通股。公司通过其现场市场发行了 40.0 百万股普通股。公司在截至2024年9月30日的九个月内支付了$0.1 在2023年9月30日结束的九个月中，公司支付了数百万美元的其他第三方发行成本。

在2023年9月30日结束的九个月中，该公司筹集了约美元的总收入。114.5 美元，向销售代理支付了费用，并支付了大约美元的其他第三方发行成本。2.9万美元和8.7 美元，分别通过其按市场情况提供的百万股AMC优先股权单元的发行。 7.1 美元的其他第三方发行成本。11.5 在2023年9月30日结束的九个月中，公司支付了数百万美元的其他第三方发行成本。

Antara交易

2022年12月22日，公司与Antara签订了远期购买协议，根据协议，公司同意（i）向Antara卖出AMC优先股权单位，总购买价格为$ 10,659,511 百万，同时从Antara购买公司$75.1 百万美元的公司$100.0 %现金/PIk切换次级债券的总本金，以换取AMC优先股权单位。 2023年2月7日，公司发行AMC优先股权单位，以换取Antara的$ 10%/12 9,102,619 百万美元的AMC优先股权单位。 19,762,130 75.1百万美元的现金和$100.0 公司的基本报表中记录了公司债券的总票面金额 10%/12公司录得了%@现金/PIk切换第二级债券，交易使股东赤字增加$百万。193.7 百分之三百百万的记录在交易导致公司的股东赤字。公司支付了$百万的应计利息现金以换取债券。1.4 应交换票据时，公司用现金支付了百分之三百百万的应计利息。

AMC优先权益单位

每个AMC优先权益单位都是存托凭证并代表依据存托协议发行的A类可转换参与优先股的股份。每个AMC优先权益单位旨在拥有与一股普通股相同的经济权利和表决权。截至2023年8月25日，所有未偿还的AMC优先股权单位已转换为普通股。截至2024年9月30日，公司有授权发行的优先股。 50,000,000 公司已发行授权股份的优先股可供发行。

​

22

目录

以股票为基础的补偿

以下表格显示了记录在一般行政支出中的股权报酬支出：其他：

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

三个月结束

​

截至九个月的结束日期

​

​

9月30日，

​

9月30日，

​

9月30日，

​

9月30日，

（以百万计）

​

2024

​

2023

​

2024

​

2023

权益类奖项板块：

​

​

​

​

​

​

​

​

​

​

​

​

特别奖励支出

​

$

—

​

$

—

​

$

2.1

​

$

20.2

董事会股票奖励支出

​

​

—

​

​

—

​

​

1.0

​

​

0.9

限制性股票单位费用

​

​

3.8

​

​

3.7

​

​

8.6

​

​

10.5

Performance stock unit expense

​

​

2.5

​

​

3.6

​

​

3.3

​

​

9.0

所有板块归类奖励总额:

​

​

6.3

​

​

7.3

​

​

15.0

​

​

40.6

责任分类奖项:

​

​

​

​

​

​

​

​

​

​

​

​

受限制股份和绩效股单位支出

​

​

—

​

​

(0.1)

​

​

0.1

​

​

0.3

分类奖励的总责任：

​

​

—

​

​

(0.1)

​

​

0.1

​

​

0.3

共计股份奖励支出

​

$

6.3

​

$

7.2

​

$

15.1

​

$

40.9

​

截至2024年9月30日，与股票补偿授予相关的估计剩余未确认补偿成本约为$19.6 百万美元，反映了基于以下所述比例的业绩目标达成的假设。预计剩余的补偿费用预计将在约加权平均期间内被确认完成 1.1年。

特别奖励

2024年2月22日，AMC董事会的薪酬委员会（“薪酬委员会”）批准修改了适用于所有2023年可分配年度PSU奖励的绩效目标。这被视为对2023年可分配年度PSU奖励的修改，降低了调整后的EBITDA和自由现金流绩效目标，以便对两项目标均实现 200%的获股权，这两个目标都实现了。此修改导致立即额外的获股权 478,055 2023年可分配年度PSU（21,829 现金结算单位和 456,226 股权结算单位）。这被视为3级修改（不可能变为可能），要求公司根据增量PSU的修改日期公允价值来确认额外的股票补偿费用。截至2024年9月30日止9个月，公司确认了$2.1 million of stock compensation expense related to these awards.

On February 23, 2023, the Compensation Committee approved special awards in lieu of vesting of the 2022 Tranche Year PSU awards. The special awards were accounted for as modification to the 2022 Tranche Year PSU awards which lowered the Adjusted EBITDA and free cash flow performance targets such that 200% vesting was achieved for both targets. This modification resulted in the immediate additional vesting of 238,959 Common Stock PSUs and 238,959 AMC Preferred Equity Unit PSUs. This was treated as a Type 3 modification (improbable-to-probable) which requires the Company to recognize additional stock compensation expense based on the modification date fair values of the Common Stock PSUs and AMC Preferred Equity Units PSUs of $14.9万美元和5.3 million, respectively. During the nine months ended September 30, 2023, the Company recognized $20.2 million of stock compensation expense related to these awards.

2024年授予的奖项

​

2024年6月5日，公司股东批准了一项新的股权激励计划（“2024 EIP”）。2024 EIP拥有百万股普通股可用于计划下的奖励。 25.0 2024 EIP可能授予的奖项包括期权、股票增值权、受限股票奖励、受限股票单位、现金奖励和其他以股权为基础的奖励。2024 EIP的期限不受限制，在终止情况下，只要任何奖励股份尚未完全归属，则计划将继续有效。

2024年6月5日，公司董事会根据2024 EIP向公司的某些雇员和董事授予了股票、受限股票单位（“RSUs”）和绩效股份单位（“PSUs”）奖励。每个RSU或PSU在归属后可转换为1股普通股。 之一 截至股息记录日期，每名参与者持有的每个RSU和PSU有权获得相当于所支付的股息额的股息等值。 之一 普通股份份额

23

目录

该单位的标的股票。任何此类应计股息等价物仅在单位归属时支付给持有人。每个单位代表领取权 一 未来日期的普通股份额。

这些奖项通常具有以下特点：

●董事会股票奖励： 公司授予了 202,392 将普通股全部归属于公司董事会的独立成员，授予日的公允价值为 $1.0 百万。
●限制性股票单位奖励： 公司授予了 2,322,759 向某些管理层成员发放的限制性股票，授予日的公允价值为 $12.0 百万。在必要的服务期内，公司以直线识别方法记录股票薪酬支出。RSU 背心结束了 三年，和 三分之一 每年授予。这些 RSU 将在期限内结算 30 天 的归属。
●绩效股票单位奖励： 总共有 2,322,759 PSU被授予某些管理层成员和执行官（“2024年PSU奖”），将所有PSU分为三个不同的年度部分，每部分分配给业绩期内的一个财政年度（“部分年度”）。每个阶段的PSU进一步划分为两个绩效目标：调整后的息税折旧摊销前利润绩效目标和自由现金流绩效目标。2024 年 PSU 奖项将在下述条件下颁发 80% 到 120% 的绩效目标已达到，相应的既得单位金额从 50% 到 200% 获奖的 PSU。如果实现了绩效目标 100%，2024 年 PSU 奖项将颁发于 2,322,759 总计中的单位。 没有 如果公司未实现分批年度调整后息税折旧摊销前利润或自由现金流目标的80％，则PSU将在每个阶段进行归属。

薪酬委员会在每年年初制定年度绩效目标。因此，每个批次年度的授予日期（和公允价值计量日期）是每年年初根据ASC 718 “薪酬—股票补偿” 对关键条款和条件达成共同理解的日期。

该股权归类为2024年PSU奖励授予日期的公允价值 774,202 单位约为 $4.0 百万，归类为 2023 年 PSU 奖励授予日期的公允价值的股权 2024 年分期年度奖励的公允价值 105,357 单位是 $0.5 百万以及归类为2022年PSU奖励授予日期的权益的2024年分期年度奖励的公允价值 44,081 单位是 $0.2 百万，使用绩效目标来衡量 100%.

责任分类奖励

某些PSU预计将以现金结算，因此在简明合并资产负债表中被归类为应计费用中的负债和其他负债。2024年度归类为2023年PSU奖励的负债是在设定年度绩效目标时授予的。归属要求和归属期限与上述股票分类奖励相同。公司根据普通股的公允价值确认与这些奖励相关的费用，从而使在必要服务期内提供的服务部分生效。

截至 2024 年 9 月 30 日，有 65,676 非归属标的普通股限制性股票单位和PSU（在使预计实现水平生效后） 148%/158与归类为负债的奖励相关的调整后息税折旧摊销前利润和自由现金流（PSU）的百分比。有 51,099 非归属标的普通股（RSU）和 PSU（2024 年度）衡量标准为 148%/158当前归类为负债的调整后息税折旧摊销前利润和自由现金流（PSU）的百分比，以及 14,577 由于2025年PSU分批年度的绩效目标，尚未出于会计目的授予的非归属标的普通股PSU（2025年分期年度）尚未确定。

24

目录

以下表格显示截至2024年9月30日的九个月内已分类的非受限股票单位（RSU）和计划单位（PSU）的活动情况：

​

​

​

​

​

​

​

​

    

​

    

​

​

​

​

​

​

已授予和预期于2021年1月2日授予股份

​

​

​

​

平均数

​

​

普通股

​

授予日期

​

​

RSU和PSU（3）

​

公允价值

2024年1月1日的非维持

​

747,423

​

$

44.35

已批准 (1)

​

3,727,031

​

​

5.10

已授予 - 特别奖励

​

456,226

​

​

4.42

34,105

​

(246,982)

​

​

43.84

已投资 - 特别奖励

​

(242,360)

​

​

4.42

被取消

​

(1,278)

​

​

35.01

取消 (2)

​

(228,015)

​

​

43.86

取消-特别奖项 (2)

​

(213,866)

​

​

4.42

2024年9月30日尚未授予

​

3,998,179

​

​

7.83

2024年股本单位奖励中授予的2025年和2026年份额，以及2023年股本单位奖励中授予的2025年份额，其授予日期的公允价值将分别于2025年和2026年确定

​

1,653,656

​

​

​

2024年9月30日的未投资总额

​

5,651,835

​

​

​

(1)在2024年度，PSU股票的授予数量假设公司将达到一个绩效目标 148% 以及调整后的EBITDA目标和自由现金流 158% 对自由现金流目标。
(2)代表授出以代替税款的认股单元和限制性单位的公司支付的税款约 $2.2 万美元，在截至2024年9月30日的九个月内。
(3)包括已转换为普通股认股单元和限制性单位的AMC优先股权单位认股单元和限制性单位。

​

​

​

25

目录

​

股东赤字的简明综合财务报表

2024年9月30日结束的九个月

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

累积的

​

​

​

​

​

​

A类

​

额外的

​

其他

​

​

​

总计

​

​

普通股

​

实收资本

​

综合

​

累积的

​

股东的

（以百万为单位，除股份及每股数据外）

    

股份

    

金额

​

资本

​

亏损

    

赤字

    

赤字

2023年12月31日余额

​

260,574,392

​

$

2.6

​

$

6,221.9

​

$

(78.2)

​

$

(7,994.2)

​

$

(1,847.9)

净损失

​

—

​

​

—

​

​

—

​

​

—

​

​

(163.5)

​

​

(163.5)

其他综合损失

​

—

​

​

—

​

​

—

​

​

(35.4)

​

​

—

​

​

(35.4)

债务换股交易

​

2,541,250

​

​

—

​

​

14.2

​

​

—

​

​

—

​

​

14.2

支付受限单位扣缴的税款

​

—

​

​

—

​

​

(2.2)

​

​

—

​

​

—

​

​

(2.2)

股份发行费用

​

—

​

​

—

​

​

(0.5)

​

​

—

​

​

—

​

​

(0.5)

授薪证券 (1)

​

489,342

​

​

—

​

​

4.3

​

​

—

​

​

—

​

​

4.3

2024年3月31日的余额

​

263,604,984

​

$

2.6

​

$

6,237.7

​

$

(113.6)

​

$

(8,157.7)

​

$

(2,031.0)

净损失

​

—

​

​

—

​

​

—

​

​

—

​

​

(32.8)

​

​

(32.8)

其他综合收益

​

—

​

​

—

​

​

—

​

​

2.8

​

​

—

​

​

2.8

债务与股权交换

​

25,004,075

​

​

0.3

​

​

116.1

​

​

—

​

​

—

​

​

116.4

股票发行

​

72,549,972

​

​

0.7

​

​

242.9

​

​

—

​

​

—

​

​

243.6

基于股票的报酬 (1)

​

195,924

​

​

—

​

​

4.4

​

​

—

​

​

—

​

​

4.4

2024年6月30日余额

​

361,354,955

​

$

3.6

​

$

6,601.1

​

$

(110.8)

​

$

(8,190.5)

​

$

(1,696.6)

净损失

​

—

​

​

—

​

​

—

​

​

—

​

​

(20.7)

​

​

(20.7)

其他综合收益

​

—

​

​

—

​

​

—

​

​

8.6

​

​

—

​

​

8.6

债务与股权交换

​

3,574,323

​

​

—

​

​

17.1

​

​

—

​

​

—

​

​

17.1

股票补偿 (1)

​

6,468

​

​

—

​

​

6.3

​

​

—

​

​

—

​

​

6.3

2024年9月30日余额

​

364,935,746

​

$

3.6

​

$

6,624.5

​

$

(102.2)

​

$

(8,211.2)

​

$

(1,685.3)

(1)包括 202,392 常股份股份授予董事会，并 489,342 归属的普通股RSU和PSU。

​

​

​

26

目录

股东赤字的简明综合财务报表

截止2023年9月30日止九个月

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

优先股

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

A系列可转换债券

​

​

​

​

​

​

​

​

累积的

​

​

​

​

​

​

A班

​

参与

​

存托凭证股份

​

​

​

​

额外的

​

其他

​

​

​

总计

​

​

普通股

​

期权。截至2021年3月31日，我们的2005年股权激励计划下已有共189,069股普通股的期权被行权（行权日当天全部范围）。我们的2016年股权激励计划下，576,806股普通股的期权处于行权状态。2020年期权奖励计划下，996,730股普通股的期权处于行权状态（其中有123,093股普通股的期权处于行权状态）。

​

AMC Preferred

​

​

​

​

实收资本

​

综合

​

累积的

​

股东的

（以百万为单位，除股份及每股数据外）

    

股份（3）

    

金额

    

股份

​

权益单位 (3)

    

金额

​

资本

​

亏损

    

赤字

    

赤字

2022年12月31日余额

​

51,683,892

​

$

0.5

​

7,245,872

​

72,458,706

​

$

0.1

​

$

5,049.8

​

$

(77.3)

​

$

(7,597.6)

​

$

(2,624.5)

净损失

​

—

​

​

—

​

—

​

—

​

​

—

​

​

—

​

​

—

​

​

(235.5)

​

​

(235.5)

其他综合损失

​

—

​

​

—

​

—

​

—

​

​

—

​

​

—

​

​

(7.3)

​

​

—

​

​

(7.3)

股份发行

​

—

​

​

—

​

492,880

​

4,928,800

​

​

—

​

​

70.5

​

​

—

​

​

—

​

​

70.5

Antara前瞻性采购协议 (2)

​

—

​

​

—

​

1,976,213

​

19,762,130

​

​

—

​

​

193.7

​

​

—

​

​

—

​

​

193.7

支付受限单位扣缴税款

​

—

​

​

—

​

—

​

—

​

​

—

​

​

(13.1)

​

​

—

​

​

—

​

​

(13.1)

授薪证券 (1)

​

235,346

​

​

—

​

26,944

​

269,444

​

​

—

​

​

25.9

​

​

—

​

​

—

​

​

25.9

2023年3月31日的账面余额

​

51,919,238

​

$

0.5

​

9,741,909

​

97,419,080

​

$

0.1

​

$

5,326.8

​

$

(84.6)

​

$

(7,833.1)

​

$

(2,590.3)

净收益

​

—

​

​

—

​

—

​

—

​

​

—

​

​

—

​

​

—

​

​

8.6

​

​

8.6

其他综合损失

​

—

​

​

—

​

—

​

—

​

​

—

​

​

—

​

​

(40.0)

​

​

—

​

​

(40.0)

AMC优先股权单位发行

​

—

​

​

—

​

212,156

​

2,121,562

​

​

—

​

​

32.7

​

​

—

​

​

—

​

​

32.7

限制单位扣缴的税款

​

—

​

​

—

​

—

​

—

​

​

—

​

​

(1.1)

​

​

—

​

​

—

​

​

(1.1)

基于股票的报酬

​

—

​

​

—

​

—

​

—

​

​

—

​

​

7.5

​

​

—

​

​

—

​

​

7.5

2023年6月30日余额

​

51,919,238

​

$

0.5

​

9,954,065

​

99,540,642

​

$

0.1

​

$

5,365.9

​

$

(124.6)

​

$

(7,824.5)

​

$

(2,582.6)

净收益

​

—

​

​

—

​

—

​

—

​

​

—

​

​

—

​

​

—

​

​

12.3

​

​

12.3

其他综合收益

​

—

​

​

—

​

—

​

—

​

​

—

​

​

—

​

​

9.2

​

​

—

​

​

9.2

AMC优先股权单位转换

​

99,540,642

​

​

1.0

​

(9,954,065)

​

(99,540,642)

​

​

(0.1)

​

​

(0.9)

​

​

—

​

​

—

​

​

—

结算付款

​

6,897,018

​

​

0.1

​

—

​

—

​

​

—

​

​

99.2

​

​

—

​

​

—

​

​

99.3

股票发行

​

40,000,000

​

​

0.4

​

—

​

—

​

​

—

​

​

316.1

​

​

—

​

​

—

​

​

316.5

基于股票的报酬

​

—

​

​

—

​

—

​

—

​

​

—

​

​

7.3

​

​

—

​

​

—

​

​

7.3

2023年9月30日余额

​

198,356,898

​

$

2.0

​

—

​

—

​

$

—

​

$

5,787.6

​

$

(115.4)

​

$

(7,812.2)

​

$

(2,138.0)

(1)包括 8,555 普通股份和 15,370 AMC优先权益单位授予董事会， 226,791 普通股 RSU 和 PSU 已授予，并 254,074 AMC 首选股权单位 RSU 和 PSU 已授予。
(2)其中包括价值为 75.1 现金收益总额为 百万美元 和 $118.6 价值为 百万美元 的债务已换为 AMC 首选股权单位。
(3)股份数量已经得到追溯调整，以反映逆向股票分割的影响。

​

​

​

​

​

​

27

目录

​

附注8—所得税

公司的全球有效所得税率基于实际收入（亏损），法定税率，对递延税款资产的减值准备，以及其所经营的各个司法管辖区中可获得的税收规划机会。由于COVID-19大流行和行业近期停工对公司的持续影响，公司在2024年9月30日结束的九个月内采用离散所得税计算。在过去的中期财务报告中，公司基于预计全年的应纳税收入（亏损）估算全球年度所得税率，并根据预期的年度率调整季度所得税费用或收益，如有任何离散项目。未来中期财报期间，当更可靠的全年收入估算可用时，公司将回到根据年度有效率计算季度税费用的历史方法。公司视所得税相关利息费用和罚款为所得税费用和一般和行政费用，分别进行确认。

经济合作与发展组织（“OECD”）发布了一套模型规则，一般规定了司法管辖区的最低有效税率为 15.0%. 各国已经或正在制定旨在自2024年1月1日起实施原则的立法。公司预计采用OECD的全球税收改革对其2024年的所得税费用不会产生重大影响。

公司每个期间评估其递延所得税资产，以判断是否需要根据递延所得税资产的某些部分可能无法实现的“更有可能的”概念而设定减值准备。这些递延所得税资产的最终实现取决于在未来期间（以联邦、州和外国的司法管辖区为基础）生成足够的应税收入。公司通过考虑所有可用的积极和消极证据进行评估，其中包括历史营运结果、未来盈利预测、法定结转期间的持续时间，以及对美国电影产业和更广泛经济的展望等。

对公司的美国递延税资产和大多数国际递延税资产进行了减值准备，因为公司已经确定这些资产的实现不符合最可能发生的标准。

截至2024年9月30日九个月的有效税率反映了在该期间产生的对美国和国际递延税资产进行的这些减值准备的影响。截至2024年9月30日九个月的实际有效税率为（0.6）%。截至2024年9月30日九个月结束的公司综合税率与美国法定税率的差异主要是由于美国和外国司法辖区的减值准备、外国税率差异、联邦和州税收抵免、永久性差异和其他离散项目。

​

28

目录

注9—公允价值衡量

​

公允价值是指在实体进行交易的市场之间，卖出资产或转让负债所收到或支付的价格。用于确定这些公允价值的输入以层次结构建立，对信息的质量和可靠性进行排序。公允价值分类基于输入的级别。以公允价值计量的资产和负债分为以下类别中的一个，并在披露中披露：

层次1：

在活跃市场上报价的相同资产或负债。

层次2：

市场观察性基于输入或由市场数据证实的不可观察性基于输入。

第三级：

市场数据未证实的不可观察输入。

​

​

重复计量公允价值。 以下表格总结了截至2024年9月30日公司按照公允价值计量的财务资产和负债的公允价值层次结构：

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

2024年9月30日使用的公平价值计量

​

​

​

​

​

​

​

​

显著的

​

    

Total Carrying

    

在其他有观察的市场上，以相同资产的报价为基础的公允价值计量

    

重要的另一半

    

不可观察的输入值

​

​

价值于

​

活跃市场

​

可观察的输入

​

不可观察到的输入值

（以百万计）

​

2024年9月30日

​

(一级)

​

(2级)

​

（三级）

其他长期资产:

​

​

​

​

​

​

​

​

​

​

​

​

投资Hycroft认股权证

​

$

1.3

​

$

—

​

$

—

​

$

1.3

流动市场股权证券：

​

​

​

​

​

​

​

​

​

​

​

​

对Hycroft进行投资

​

​

6.0

​

​

6.0

​

​

—

​

​

—

公平价值下的全部资产

​

$

7.3

​

$

6.0

​

$

—

​

$

1.3

​

​

​

​

​

​

​

​

​

​

​

​

​

公司借款:

​

​

​

​

​

​

​

​

​

​

​

​

衍生品负债

​

$

159.9

​

$

—

​

$

—

​

$

159.9

公允价值下的总负债

​

$

159.9

​

$

—

​

$

—

​

$

159.9

​

衍生负债估值。 2024年7月22日，公司发行具有转换特征的交换票据，这些特征需要根据ASC 815—衍生工具与风险对冲的规定与母体工具进行分离。这些转换特征合并为一个衍生工具，包括所有需要分离的特征，详情请参阅第6节—公司借款和融资租赁负债。 衍生特征已使用二叉树格进行估值。 二叉树格法包括从估值日到交换票据到期的模拟普通股价格。 用于估值衍生工具的重要输入包括普通股初始股价、股价波动率、到期时间、无风险利率、信贷利差和贴现收益率。2024年7月22日，衍生负债的估计公允价值为$233.4 百万。公司在每个报告期末以公允价值衡量衍生工具，任何公允价值变动均记录为利润表中的其他费用（收入）。

非周期性公允价值衡量。 为公司交换票据的债券成分提供了非周期性公允价值衡量表。

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

2024年7月22日使用的公允价值测量

​

​

​

    

​

    

重要的另一半

    

显著的

​

    

总搬运成本

​

在其他有观察的市场上，以相同资产的报价为基础的公允价值计量

​

可观察到的

​

不可观察的输入值

​

​

Value at

​

active market

​

不可观察到的输入值

​

不可观察到的输入值

（以百万计）

    

2024年7月22日

    

(一级)

    

(2级)

    

（三级）

企业借款：

​

​

​

​

​

​

​

​

​

​

​

​

可交换债券

​

$

293.6

​

$

—

​

$

293.6

​

$

—

​

29

Table of Contents

Valuation Technique. The bond component of the Exchangeable Notes issued on July 22, 2024 was recorded at fair value. The Company estimated the fair value using a discounted cash flow analysis utilizing a discount yield based on the risk-free rate plus an assumed credit spread built using observable recovery rates of similarly secured debt. See Note 6—Corporate Borrowings and Finance Lease Liabilities for further information.

Other Fair Value Measurement Disclosures. The Company is required to disclose the fair value of financial instruments that are not recognized at fair value in the statement of financial position for which it is practicable to estimate that value:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

    

​

​

​

Fair Value Measurements at September 30, 2024 Using

​

​

​

    

​

    

Significant other

    

Significant

​

​

Total Carrying

​

Quoted prices in

​

observable

​

unobservable

​

​

Value at

​

active market

​

inputs

​

inputs

(In millions)

​

September 30, 2024

​

(Level 1)

​

(Level 2)

​

(Level 3)

Current maturities of corporate borrowings

​

$

95.6

​

$

—

​

$

94.2

​

$

—

Corporate borrowings

​

 

3,888.5

​

 

—

​

 

3,765.9

​

​

—

​

Valuation Technique. Quoted market prices and observable market-based inputs were used to estimate fair value for Level 2 inputs. The Company valued these notes at principal value less an estimated discount reflecting a market yield to maturity. The Level 3 fair value measurement represents the transaction price of the corporate borrowings under market conditions. See Note 6—Corporate Borrowings and Finance Lease Liabilities for further information.

The carrying amounts of cash and cash equivalents, accounts receivable, accounts payable, and accrued liabilities approximate fair value because of the short maturity of these instruments.

​

NOTE 10—OPERATING SEGMENTS

​

The Company reports information about operating segments in accordance with ASC 280-10, Segment Reporting, which requires financial information to be reported based on the way the chief operating decision maker organizes segments within a company for making operating decisions and evaluating performance. The Company has identified two reportable segments and reporting units for its theatrical exhibition operations, U.S. markets and International markets. The International markets reportable segment has operations in or partial interest in theatres in the United Kingdom, Germany, Spain, Italy, Ireland, Portugal, Sweden, Finland, Norway, and Denmark. The Company sold its interest in Saudi Arabia in January 2023. See Note 5—Investments for further information. Each segment’s revenue is derived from admissions, food and beverage sales and other ancillary revenues, primarily screen advertising, loyalty membership fees, ticket sales, gift card income and exchange ticket income. The measure of segment profit and loss the Company uses to evaluate performance and allocate its resources is Adjusted EBITDA, as defined in the reconciliation table below. During the three months ended September 30, 2024, the Company changed the definition of Adjusted EBITDA to no longer further adjust for “cash distributions from non-consolidated entities” and “other non-cash rent benefit.” All comparative period information for Adjusted EBITDA has been re-cast to conform with the current definition. The Company does not report asset information by segment because that information is not used to evaluate the performance of or allocate resources between segments.

Below is a breakdown of select financial information by reportable operating segment:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Three Months Ended

​

Nine Months Ended

Revenues (In millions)

    

September 30, 2024

​

September 30, 2023

​

September 30, 2024

    

September 30, 2023

U.S. markets

​

$

1,055.3

​

$

1,063.9

​

$

2,560.3

    

$

2,855.8

International markets

​

​

293.5

​

​

342.0

​

​

770.5

    

​

852.4

Total revenues

​

$

1,348.8

​

$

1,405.9

​

$

3,330.8

    

$

3,708.2

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Three Months Ended

​

Nine Months Ended

Adjusted EBITDA (In millions)

    

September 30, 2024

    

September 30, 2023

​

September 30, 2024

    

September 30, 2023

U.S. markets

​

$

143.3

​

$

155.5

​

$

178.5

​

$

353.4

International markets

​

​

18.5

​

​

44.4

​

​

0.6

​

​

53.0

Total Adjusted EBITDA (1)

​

$

161.8

​

$

199.9

​

$

179.1

​

$

406.4

30

Table of Contents

(1)The Company presents Adjusted EBITDA as a supplemental measure of its performance. The Company defines Adjusted EBITDA as net earnings (loss) plus (i) income tax provision (benefit), (ii) interest expense and (iii) depreciation and amortization, as further adjusted to eliminate the impact of certain items that the Company does not consider indicative of the Company’s ongoing operating performance and to include attributable EBITDA from equity investments in theatre operations in International markets. The measure of segment profit and loss the Company uses to evaluate performance and allocate its resources is Adjusted EBITDA, which is broadly consistent with how Adjusted EBITDA is defined in the Company’s debt indentures.

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Three Months Ended

​

Nine Months Ended

Capital Expenditures (In millions)

    

September 30, 2024

    

September 30, 2023

​

September 30, 2024

    

September 30, 2023

U.S. markets

​

$

41.6

​

$

40.8

​

$

107.1

​

$

112.2

International markets

​

​

19.1

​

​

16.7

​

​

48.7

​

​

41.3

Total capital expenditures

​

$

60.7

​

$

57.5

​

$

155.8

​

$

153.5

​

​

​

​

​

​

​

​

​

​

​

As of

​

As of

Long-term assets, net (In millions)

​

September 30, 2024

​

December 31, 2023

U.S. markets

​

$

5,553.3

​

$

5,795.6

International markets

​

​

1,981.7

​

​

2,010.5

Total long-term assets (1)

​

$

7,535.0

​

$

7,806.1

(1)Long-term assets are comprised of property, net, operating lease right-of-use assets, intangible assets, goodwill, deferred tax assets, net and other long-term assets.

​

The following table sets forth a reconciliation of net earnings (loss) to Adjusted EBITDA:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Three Months Ended

​

Nine Months Ended

(In millions)

​

September 30, 2024

​

September 30, 2023

    

September 30, 2024

​

September 30, 2023

Net earnings (loss)

​

$

(20.7)

​

$

12.3

​

$

(217.0)

​

$

(214.6)

Plus:

​

​

​

​

​

​

​

​

​

​

​

​

Income tax provision (benefit) (1)

​

 

(1.1)

​

 

2.3

​

 

1.4

​

 

4.6

Interest expense

​

 

119.6

​

 

103.7

​

 

319.8

​

 

307.4

Depreciation and amortization

​

 

80.8

​

 

88.7

​

 

241.2

​

 

279.1

Certain operating expense (2)

​

 

2.0

​

 

3.8

​

 

3.5

​

 

4.0

Equity in earnings of non-consolidated entities (3)

​

 

(5.2)

​

 

(3.1)

​

 

(9.9)

​

 

(5.3)

Attributable EBITDA (4)

​

​

1.3

​

​

1.4

​

​

1.2

​

​

1.6

Investment income (5)

​

 

(3.2)

​

 

(3.0)

​

 

(14.4)

​

 

(11.4)

Other income (6)

​

 

(18.1)

​

 

(14.1)

​

 

(161.9)

​

 

(1.4)

General and administrative — unallocated:

​

​

​

​

​

​

​

​

​

​

​

​

Merger, acquisition and other costs (7)

​

 

0.1

​

 

0.7

​

 

0.1

​

 

1.5

Stock-based compensation expense (8)

​

 

6.3

​

 

7.2

​

 

15.1

​

 

40.9

Adjusted EBITDA

​

$

161.8

​

$

199.9

​

$

179.1

​

$

406.4

(1)For information regarding the income tax provision, see Note 8—Income Taxes.
(2)Amounts represent preopening expense related to temporarily closed screens under renovation, theatre and other closure expense for the permanent closure of screens, including the related accretion of interest, disposition of assets and other non-operating gains or losses included in operating expenses. The Company has excluded these items as they are non-cash in nature or are non-operating in nature.
(3)Equity in earnings of non-consolidated entities during the three months ended September 30, 2024 primarily consisted of equity in earnings from AC JV of $(4.3) million. Equity in earnings of non-consolidated entities during the three months ended September 30, 2023 primarily consisted of equity in earnings from AC JV of $(1.5) million.

Equity in earnings of non-consolidated entities during the nine months ended September 30, 2024 primarily

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consisted of equity in earnings from AC JV of $(9.5) million. Equity in earnings of non-consolidated entities during the nine months ended September 30, 2023 primarily consisted of equity in earnings from AC JV of $(3.4) million.

(4)Attributable EBITDA includes the EBITDA from equity investments in theatre operators in certain International markets. See below for a reconciliation of the Company’s equity in loss of non-consolidated entities to attributable EBITDA. Because these equity investments in theatre operators are in regions where the Company holds a significant market share, the Company believes attributable EBITDA is more indicative of the performance of these equity investments and management uses this measure to monitor and evaluate these equity investments. The Company also provides services to these theatre operators including information technology systems, certain on-screen advertising services and the Company’s gift card and package ticket program.

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Three Months Ended

​

Nine Months Ended

(In millions)

​

September 30, 2024

​

September 30, 2023

    

September 30, 2024

​

September 30, 2023

Equity in (earnings) of non-consolidated entities

​

$

(5.2)

​

$

(3.1)

​

$

(9.9)

​

$

(5.3)

Less:

​

​

​

​

​

​

​

​

​

​

​

​

Equity in (earnings) of non-consolidated entities excluding International theatre joint ventures

​

​

(4.7)

​

​

(2.1)

​

​

(10.3)

​

​

(4.7)

Equity in earnings (loss) of International theatre joint ventures

​

​

0.5

​

​

1.0

​

​

(0.4)

​

​

0.6

Income tax provision (benefit)

​

​

—

​

​

0.1

​

​

(0.1)

​

​

(0.1)

Investment income

​

​

(0.1)

​

​

(0.2)

​

​

—

​

​

(0.1)

Interest expense

​

​

—

​

​

0.1

​

​

0.1

​

​

0.2

Depreciation and amortization

​

​

0.7

​

​

0.4

​

​

1.4

​

​

1.0

Other expense

​

​

0.2

​

​

—

​

​

0.2

​

​

—

Attributable EBITDA

​

$

1.3

​

$

1.4

​

$

1.2

​

$

1.6

​

(5)Investment income during the three months ended September 30, 2024 includes appreciation in the estimated fair value of the Company’s investment in common shares of Hycroft of $(0.3) million, deterioration in estimated fair value of the Company’s investment in warrants to purchase common shares of Hycroft of $1.7 million and interest income of $(4.6) million. Investment expense (income) during the three months ended September 30, 2023 included appreciation in estimated fair value of the Company’s investment in common shares of Hycroft of $(0.1) million, deterioration in estimated fair value of the Company's investment in warrants to purchase common shares of Hycroft of $0.8 million, and interest income of $(3.7) million.

Investment expense (income) during the nine months ended September 30, 2024 includes appreciation in estimated fair value of the Company’s investment in common shares of Hycroft of $(0.2) million, deterioration in estimated fair value of the Company’s investment in warrants to purchase common shares of Hycroft of $1.9 million, and interest income of $(16.1) million. Investment expense (income) during the nine months ended September 30, 2023 included deterioration in estimated fair value of the Company’s investment in common shares of Hycroft of $5.4 million, deterioration in estimated fair value of the Company’s investment in warrants to purchase common shares of Hycroft of $5.4 million, $1.8 million of expense for NCM Common Units, $(15.5) million gain on the sale of the Company’s investment in Saudi Cinema Company, LLC and interest income of $(8.5) million.

(6)Other income during the three months ended September 30, 2024 includes shareholder litigation recoveries of $(14.9) million, foreign currency transaction gains of $(21.5) million, losses on debt extinguishment of $50.8 million, term loan modification third party fees of $41.0 million, and a decrease in fair value of the derivative liability for the embedded conversion feature in the Exchangeable Notes of $(73.5) million. Other expense (income) during the three months ended September 30, 2023 included a non-cash litigation contingency adjustment of $(16.1) million, foreign currency transaction losses of $12.8 million, and gains on debt extinguishment of $(10.8) million.

Other expense (income) during the nine months ended September 30, 2024 includes shareholder litigation recoveries of $(34.0) million, gains on debt extinguishment of $(40.3) million, term loan modification third party fees of $41.0 million, a vendor dispute settlement of $(36.2) million, foreign currency transaction gains

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of $(18.9) million and a decrease in fair value of the derivative liability for the embedded conversion feature in the Exchangeable Notes of $(73.5) million. Other expense (income) during the nine months ended September 30, 2023 included a non-cash litigation contingency 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.

(7)Merger, acquisition and other costs are excluded as they are non-operating in nature.
(8)Non-cash or non-recurring expense included in general and administrative: other.

​

​

​

NOTE 11—COMMITMENTS AND CONTINGENCIES

The Company, in the normal course of business, is a party to various ordinary course claims from vendors (including food and beverage suppliers and film distributors), landlords, competitors, and other legal proceedings. If management believes that a loss arising from these actions is probable and can reasonably be estimated, the Company records the amount of the loss or the minimum estimated liability when the loss is estimated using a range and no point is more probable than another. As additional information becomes available, any potential liability related to these actions is assessed and the estimates are revised, if necessary. Management believes that the ultimate outcome of such matters discussed below, individually and in the aggregate, will not have a material adverse effect on the Company’s financial position or overall trends in results of operations. However, litigation and claims are subject to inherent uncertainties and unfavorable outcomes can occur. An unfavorable outcome might include monetary damages. If an unfavorable outcome were to occur, there exists the possibility of a material adverse impact on the results of operations in the period in which the outcome occurs or in future periods. An unfavorable outcome could also have a material adverse effect on our financial position or the market prices of our securities, including our Common Stock.

On April 22, 2019, a putative stockholder class and derivative complaint, captioned Lao v. Dalian Wanda Group Co., Ltd., et al., C.A. No. 2019-0303-JRS (the “Lao Action”), was filed against certain of the Company’s directors, Wanda, two of Wanda’s affiliates, Silver Lake, and one of Silver Lake’s affiliates in the Delaware Court of Chancery. The Lao Action asserted claims directly, on behalf of a putative class of Company stockholders, and derivatively, on behalf of the Company, for breaches of fiduciary duty and aiding and abetting breaches of fiduciary duty with respect to transactions that the Company entered into with affiliates of Wanda and Silver Lake on September 14, 2018, and the special cash dividend of $1.55 per share of Common Stock that was payable on September 28, 2018 to the Company’s stockholders of record as of September 25, 2018. On June 6, 2022, the parties signed a stipulation of settlement to resolve the Lao Action for $17.4 million (the “Settlement Amount”). Defendants agreed to the settlement and the payment of the Settlement Amount solely to eliminate the burden, expense, and uncertainty of further litigation, and continue to expressly deny any liability or wrongdoing with respect to the matters alleged in the Lao Action. On November 30, 2022, the court issued an order and final judgment approving the settlement and dismissing the action. The order and final judgment included a fee and expense award to plaintiff’s counsel in the amount of $3.4 million to be paid out of the Settlement Amount. On January 6, 2023, the remainder of the Settlement Amount of $14.0 million was paid to the Company. The Company recorded the settlement as a gain in other income during the nine months ended September 30, 2023.

On February 20, 2023, two putative stockholder class actions were filed in the Delaware Court of Chancery, captioned Allegheny County Employees’ Retirement System v. AMC Entertainment Holdings, Inc., et al., C.A No. 2023-0215-MTZ (Del. Ch.) (the “Allegheny Action”), and Munoz v Adam M. Aron, et al., C.A. No. 2023-0216-MTZ (Del. Ch.) (the “Munoz Action”) and which were subsequently consolidated into In re AMC Entertainment Holdings, Inc. Stockholder Litigation C.A. No. 2023-0215-MTZ (Del. Ch.) (the “Shareholder Litigation”). The Allegheny Action asserted a claim for breach of fiduciary duty against certain of the Company’s directors and a claim for breach of 8 Del. C. § 242 against those directors and the Company, arising out of the Company’s creation of the AMC Preferred Equity Units, the transactions between the Company and Antara that the Company announced on December 22, 2022 (the “Antara Transactions”), and certain amendments to the Company’s Third Amended and Restated Certificate of Incorporation to increase the Company’s total number of authorized shares of Common Stock and to effectuate a reverse stock split at a ratio of one share of Common Stock for every ten shares of Common Stock (together, the “Charter Amendments”). The Munoz Action, which was filed by stockholders who had previously made demands to inspect certain of the Company’s books and records pursuant to 8 Del. C. § 220, asserted a claim for breach of fiduciary duty against the Company’s current directors and former director Lee Wittlinger, arising out of the same conduct challenged in the Allegheny Action. The Allegheny Action sought a declaration that the issuance of the AMC Preferred Equity Units violated 8 Del. C. § 242(b), an order that holders of the Company’s Common Stock be provided with a

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separate vote from the holders of the AMC Preferred Equity Units on the Charter Amendments or that the AMC Preferred Equity Units be enjoined from voting on the Charter Amendments, and an award of money damages. The Munoz Action sought to enjoin the AMC Preferred Equity Units from voting on the Charter Amendments.

On February 27, 2023, the Delaware Court of Chancery entered a status quo order that allowed the March 14, 2023 vote on the Charter Amendments to proceed, but precluded the Company from implementing the Charter Amendments pending a ruling by the court on the plaintiffs’ then-anticipated preliminary injunction motion (the “Status Quo Order”).

On April 2, 2023, the parties entered into a binding settlement term sheet to settle the Shareholder Litigation, which among other things, provided that the parties would jointly request that the Status Quo Order be lifted. Pursuant to the term sheet, the Company agreed, following and subject to AMC’s completion of the Conversion and Reverse Stock Split, to make a non-cash settlement payment to record holders of Common Stock immediately prior to the Conversion (and after giving effect to the Reverse Stock Split) of one share of Common Stock for every 7.5 shares of Common Stock owned by such record holders (the “Settlement Payment”). The Company’s obligation to make the Settlement Payment was contingent on the Status Quo Order being lifted and the Company effecting the Charter Amendments. The defendants agreed to the settlement and the payment of the Settlement Payment solely to eliminate the burden, expense, and uncertainty of further litigation, and continue to expressly deny any liability or wrongdoing with respect to the matters alleged in the Shareholder Litigation. On April 3, 2023, the plaintiffs filed an unopposed motion to lift the Status Quo Order. On April 5, 2023, the court denied the motion to lift the Status Quo Order.

On April 27, 2023, the parties jointly filed a Stipulation and Agreement of Compromise, Settlement, and Release (the “Settlement Stipulation”) with the court, which fully memorialized the settlement that the parties agreed to in the term sheet. On June 29–30, 2023, the court held a settlement hearing to consider whether to approve the settlement as outlined in the Settlement Stipulation.

On July 21, 2023, the court issued an opinion which, citing issues with the scope of the release sought under the proposed settlement, declined to approve the settlement as presented. On July 22, 2023, the parties filed an addendum to the Settlement Stipulation in an effort to address the issues with the scope of the release raised by the court and requested that the court approve the settlement with the revised release set forth in the addendum.

On August 11, 2023, the court approved the settlement of the Shareholder Litigation and lifted the Status Quo Order. On August 14, 2023, the Company filed the amendment to its Third Amended and Restated Certificate of Incorporation, effective as of August 24, 2023, which was previously approved by the Company’s stockholders at the special meeting held on March 14, 2023 to implement the Charter Amendments. The Reverse Stock Split occurred on August 24, 2023, the conversion of AMC Preferred Equity Units into Common Stock occurred on August 25, 2023, and the Settlement Payment was made on August 28, 2023. On September 15, 2023, the Court entered an order dismissing the Shareholder Litigation in its entirety and with prejudice. On October 13, 2023, a purported Company stockholder who objected to the settlement of the Shareholder Litigation filed a notice of appeal of the Court’s decision approving the settlement. On May 22, 2024, the Delaware Supreme Court affirmed the Court’s decision approving the settlement of the Shareholder Litigation. On August 20, 2024, the appellant stockholder filed a petition for a writ of certiorari with the United States Supreme Court, which was denied on October 7, 2024.

In connection with the Shareholder Litigation, the Company recorded a $110.1 million charge to other expense during the nine months ended September 30, 2023. The charge was based on the fair value for the Settlement Payment of $99.3 million and legal fees, net of probable insurance recoveries of $10.8 million as of September 30, 2023. The Company made the Settlement Payment on August 28, 2023, and recorded the disbursement to stockholders’ deficit.

On August 14, 2023, a putative class action on behalf of APE holders, captioned Simons v. AMC Entertainment Holdings, Inc., C.A. No. 2023-0835-MTZ (the “Simons Action”), was filed against the Company in the Delaware Court of Chancery. The Simons Action asserted claims for a declaratory judgment, injunctive relief, and breach of contract, and alleged that the Settlement Payment in the Shareholder Litigation violates the Certificate of Designations that governed the AMC Preferred Equity Units prior to the conversion of the AMC Preferred Equity Units into Common Stock. On September 12, 2023, the Company filed a motion to dismiss the complaint. On December 26, 2023, plaintiff filed an amended complaint, which added a claim for breach of the implied covenant of good faith and fair dealing. On February 16, 2024, the Company filed a motion to dismiss the amended complaint. On October 2, 2024, the court granted the Company’s motion, dismissing the amended complaint with prejudice. On October 30, 2024, the plaintiff filed a notice of appeal with the Delaware Supreme Court.

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On May 4, 2023, the Company filed a lawsuit in the Superior Court of the State of Delaware against seventeen insurers participating in its directors & officers insurance program, seeking recovery for losses incurred in connection with its defense and settlement of the Shareholder Litigation, including the Settlement Payment. The insurance recovery action is captioned, AMC Entertainment Holdings, Inc. v. XL Specialty Insurance Co., et al., Case No. N23C-05-045 AML CCLD (Del. Super. May 4, 2023) (the “Coverage Action”). In the suit, AMC seeks up to $80 million in coverage under its Executive and Corporate Securities Liability Insurance Policies sold by the defendants, which provide coverage for the policy period of January 1, 2022, through January 1, 2023 (the “Policies”) in excess of a $10 million deductible.

The primary insurer in the Coverage Action has paid its full $5 million limit. The Company has reached confidential settlement agreements with multiple insurers in the Coverage Action.

The remainder of the insurers contest whether they owe coverage for the Settlement Payment, claiming it does not constitute a “Loss” under their insurance policies. AMC may have claims for coverage from additional insurers as well, however, those insurers’ policies contain mandatory arbitration provisions, so they have not been included in the Coverage Action.

On October 6, 2023, an action captioned Mathew, et al. v. Citigroup Global Markets, et al., Case No. 1:23-cv-12302-FDS (the “Mathew Action”), was filed in the U.S. District Court for the District of Massachusetts. The Mathew Action named the Company as a nominal defendant. On November 16, 2023, plaintiffs filed an amended complaint. On January 9, 2024, the Company filed a motion to dismiss the amended complaint. On January 11, 2024, plaintiffs filed a motion for leave to file a second amended complaint. On January 24, 2024, the Company filed an opposition to plaintiff’s motion for leave to file a second amended complaint. On June 17, 2024, the court granted the Company’s motion to dismiss and denied plaintiffs’ motion for leave to file a second amended complaint.

On December 18, 2023, an action captioned Miller, et al. v. AMC Entertainment Holdings, Inc. et al., C.A. No. 2023-1259-LM (Del. Ch.) (the “Miller Action”), was filed against the Company and two of its officers in the Delaware Court of Chancery. Plaintiffs in the Miller Action sought to inspect certain of the Company’s books and records pursuant to 8 Del. C. § 220 in order to investigate allegations concerning alleged manipulation of the Company’s Common Stock. On February 7, 2024, the parties filed a stipulation dismissing the Company’s two officers from the action. On April 17, 2024, the parties filed a stipulation dismissing the Miller Action with prejudice.

On May 2, 2024, the United States District Court for the Southern District of New York issued an order granting final approval of a proposed settlement reached by all parties to an action brought by plaintiffs Dennis J. Donoghue and Mark Rubenstein, each of whom are shareholders of the Company, for the Company to recover “short-swing” profits under Section 16(b) of the Securities Exchange Act of 1934 (the “Exchange Act”) alleged to have been realized by defendants Antara Capital Master Fund LP, Antara Capital Fund GP LLC, Antara Capital LP, Antara Capital GP LLC, and Himanshu Gulati (collectively, the “Antara Defendants”) in connection with their purchases and sales of the Company’s securities. The Company is party to the suit in name only, which was brought for the benefit of the Company. The Company received $2.6 million in connection with this action during the nine months ended September 30, 2024.

On September 17, 2024, an action captioned A Holdings – B LLC, et al. v. GLAS Trust Company LLC, Index No. 654878/2024 (the “Noteholder Action”), was filed in the Supreme Court of the State of New York. The Noteholder Action was filed by an ad hoc group of holders of the Company’s Existing First Lien Notes asserting claims for breach of contract and seeking a declaratory judgment against the Company and GLAS Trust Company LLC (“GLAS”), the trustee under the indenture for the Company’s Second Lien Notes, in connection with the Refinancing Transactions announced by AMC on July 22, 2024. Plaintiffs allege that GLAS and the Company breached the first lien/second lien intercreditor agreement dated July 31, 2020 (the “Intercreditor Agreement”) by improperly transferring collateral that secured the Existing First Lien Notes free of such liens and eliminating the Existing First Lien Notes’ priority in certain other collateral in connection with the Refinancing Transactions. An unfavorable outcome, in which it is determined that the Company breached, as claimed, the Intercreditor Agreement, would permit note holders to claim an event of default occurred under the indenture governing the Existing First Lien Notes and, subject to any conditions in the indenture, permit note holders to accelerate the Existing First Lien Notes, which could in turn result in the acceleration of the Company’s other outstanding debt. Such an event would thereby have a material adverse effect on our business, financial condition and results of operations and on the market prices of our securities, including our Common Stock. We intend to vigorously defend against any claims made in the Noteholder Action.

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​

NOTE 12—EARNINGS (LOSS) PER SHARE

​

Basic earnings (loss) per share is computed by dividing net earnings (loss) by the weighted-average number of common shares outstanding. Diluted earnings (loss) per share includes the effects of unvested RSUs with a service condition only, unvested contingently issuable PSUs that have service and performance conditions, and shares issuable upon conversion of the Exchangeable Notes, if dilutive. Diluted earnings per share is computed using the treasury stock method for the RSUs and PSUs and the if-converted method for the Exchangeable Notes.

The following table sets forth the computation of basic and diluted earnings (loss) per common share:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Three Months Ended

​

Nine Months Ended

(In millions)

    

September 30, 2024

    

September 30, 2023

    

September 30, 2024

    

September 30, 2023

Numerator:

​

​

​

​

​

​

​

​

​

​

​

​

Net earnings (loss) for basic and diluted earnings (loss) per share

​

$

(20.7)

​

$

12.3

​

$

(217.0)

​

$

(214.6)

​

​

​

​

​

​

​

​

​

​

​

​

​

Denominator (shares in thousands):

​

​

​

​

​

​

​

​

​

​

​

​

Weighted average shares for basic loss per common share

​

 

361,853

​

 

162,424

​

 

315,783

​

 

150,465

Common equivalent shares for RSUs and PSUs

​

 

—

​

 

183

​

 

—

​

 

—

Weighted average shares for diluted earnings (loss) per common share

​

​

361,853

​

​

162,607

​

​

315,783

​

​

150,465

Basic earnings (loss) per common share

​

$

(0.06)

​

$

0.08

​

$

(0.69)

​

$

(1.43)

Diluted earnings (loss) per common share

​

$

(0.06)

​

$

0.08

​

$

(0.69)

​

$

(1.43)

​

Vested RSUs and PSUs have dividend rights identical to the Company’s Common Stock and are treated as outstanding shares for purposes of computing basic and diluted earnings (loss) per share.

Unvested RSUs of 2,594,497 for each of the three and nine months ended September 30, 2024 were not included in the computation of diluted earnings (loss) per share because they would be anti-dilutive. Unvested RSUs of 467,353 and 548,419 for the three and nine months ended September 30, 2023, respectively, were not included in the computation of diluted earnings (loss) per share because they would be anti-dilutive.

Unvested PSUs are subject to performance conditions and are included in diluted earnings (loss) per share, if dilutive, based on the number of shares, if any, that would be issuable under the terms of the award agreements if the end of the reporting period were the end of the contingency period. Unvested PSUs of 1,403,682 for each of the three and nine months ended September 30, 2024 were not included in the computation of diluted earnings (loss) per share because they would not be issuable if the end of the reporting period were the end of the contingency period or they would be anti-dilutive. Unvested PSUs of 192,052 and 294,251 at certain performance targets for the three and nine months ended September 30, 2023, respectively, were not included in the computation of diluted loss per share because they would not be issuable if the end of the reporting period were the end of the contingency period or they would be anti-dilutive.

The Company has excluded approximately 82.6 million shares issuable upon conversion of the Exchangeable Notes and related Exchange Adjustment Consideration from the computation of diluted earnings (loss) per share for the three and nine months ended September 30, 2024, respectively, because they would be anti-dilutive.

​

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​

NOTE 13—SUBSEQUENT EVENTS

Debt Exchanges. The below table summarizes the debt for equity exchanges that occurred after September 30, 2024:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Shares of

​

​

​

​

​

​

​

​

​

​

​

Aggregate Principal

​

Common Stock

​

Reacquisition

​

(Gain)/Loss on

​

Accrued Interest

(In millions, except for share data)

​

Exchanged

​

Exchanged

​

Cost

​

Extinguishment

​

Exchanged

Second Lien Notes due 2026

​

$

32.7

​

​

7,517,510

​

$

34.1

​

$

(1.8)

​

$

1.0

5.75% Senior Subordinated Notes due 2025 (1)

​

​

12.5

​

​

3,226,443

​

​

13.3

​

​

0.8

​

​

0.2

Total

​

$

45.2

​

​

10,743,953

​

$

47.4

​

$

(1.0)

​

$

1.2

​

(1)  The principal amount of the 5.75% Senior Subordinated Notes due 2025 exchanged for equity is included in long-term liabilities in the condensed consolidated balance sheet as of September 30, 2024.

The total carrying value of the debt extinguished in the above transactions was $48.4 million.

​

​

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations.

​

Forward-Looking Statements

​

In addition to historical information, this Quarterly Report on Form 10–Q contains “forward-looking statements” within the meaning of the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by the use of words such as “may,” “will,” “forecast,” “estimate,” “project,” “intend,” “plan,” “expect,” “should,” “believe” and other similar expressions that predict or indicate future events or trends or that are not statements of historical matters. These forward-looking statements are based only on our current beliefs, expectations and assumptions regarding the future of our business, future plans and strategies, projections, anticipated events and trends, the economy and other future conditions and speak only as of the date on which it is made. Examples of forward-looking statements include statements we make regarding future attendance levels, revenues and our liquidity. These forward-looking statements involve known and unknown risks, uncertainties, assumptions and other factors, including those discussed in “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations,” which may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. These risks and uncertainties include, but are not limited to, the following:

​

●the risks and uncertainties relating to the sufficiency of our existing cash and cash equivalents and available borrowing capacity, including following the termination of our senior secured revolving credit facility (“Senior Secured Revolving Credit Facility”), to fund operations, and satisfy obligations including cash outflows for deferred rent and planned capital expenditures currently and through the next twelve months. In order to achieve net positive cash flows provided by operating activities and long-term profitability, revenues will need to increase from current levels to levels at least in line with pre-COVID-19 revenues. However, there remain significant risks that may negatively impact revenues and attendance levels, including changes to movie studios release schedules (including as a result of production delays and delays to the release of movies caused by labor stoppages) and direct to streaming or other changing movie studio practices. If we are unable to achieve increased levels of attendance and revenues, we will be required to obtain additional liquidity. If such additional liquidity is not obtained or insufficient, we likely would seek an in-court or out-of-court restructuring of our liabilities, and in the event of such future liquidation or bankruptcy proceeding, holders of our Common Stock and other securities would likely suffer a total loss of their investment;
●the risks and uncertainties relating to the Refinancing Transactions, including, but not limited to, (i) the potential for additional future dilution of our Common Stock as a result of issuance of shares underlying our Exchangeable Notes, (ii) the possibility that the extension of certain debt maturities will not provide enough time for attendance and revenues to increase to sufficient levels and generate net positive cash flows from operating activities and long-term profitability to overcome liquidity concerns or may be

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insufficient if the Company does not achieve revenue levels at least in line with pre-COVID-19 revenues and (iii) the impact on the market price of our Common Stock and our capital structure of litigation resulting from the Refinancing Transactions or any additional litigation that may arise in connection with the Refinancing Transactions. See Note 11—Commitments and Contingencies for a description of the litigation;
●changing practices of distributors, which accelerated during the COVID-19 pandemic, including increased use of alternative film delivery methods including premium video on demand, streaming platforms, shrinking exclusive theatrical release windows or release of movies to theatrical exhibition and streaming platforms on the same date, the theatrical release of fewer movies, or transitioning to other forms of entertainment;
●the impact of changing movie-going behavior of consumers;
●the risk that the North American and international box office in the near term will not recover sufficiently, resulting in higher cash burn and the need to seek additional financing;
●risks and uncertainties relating to our significant indebtedness, including our borrowings and our ability to meet our financial maintenance and other covenants;
●the dilution caused by recent and potential future sales of our Common Stock and future potential share issuances to repay, refinance, redeem or repurchase indebtedness (including expenses, accrued interest and premium, if any);
●risks relating to motion picture production, promotion, marketing, and performance, including labor stoppages affecting the production, supply and release schedule of theatrical motion picture content;
●the seasonality of our revenue and working capital, which are dependent upon the timing of motion picture releases by distributors, such releases being seasonal and resulting in higher attendance and revenues generally during the summer months and holiday seasons, and higher working capital requirements during the other periods such as the first quarter;
●intense competition in the geographic areas in which we operate among exhibitors, streaming platforms, or from other forms of entertainment;
●certain covenants in the agreements that govern our indebtedness may limit our ability to take advantage of certain business opportunities and limit or restrict our ability to pay dividends, incur additional debt, pre-pay debt, and also to refinance debt and to do so at favorable terms, and such covenants impose additional administrative and operational burdens on our business;
●risks relating to impairment losses, including with respect to goodwill and other intangibles, and theatre and other closure charges;
●general and international economic, political, regulatory, social and financial market conditions, including potential economic recession, inflation, rising interest rates, the financial stability of the banking industry, and other risks that may negatively impact discretionary income and our revenues and attendance levels;
●our lack of control over distributors of films;
●limitations on the availability of capital or poor financial results may prevent us from deploying strategic initiatives;
●an issuance of preferred stock could dilute the voting power of the common stockholders and adversely affect the market value of our outstanding Common Stock;
●limitations on the authorized number of Common Stock shares could in the future prevent us from raising additional capital through Common Stock;
●our ability to achieve expected synergies, benefits and performance from our strategic initiatives;

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●our ability to refinance our indebtedness on terms favorable to us or at all;
●our ability to optimize our theatre circuit through new construction, the transformation of our existing theatres, and strategically closing underperforming theatres may be subject to delay and unanticipated costs;
●failures, unavailability or security breaches of our information systems, including due to cybersecurity incidents;
●our ability to utilize interest expense deductions will be limited annually due to Section 163(j) of the Tax Cuts and Jobs Act of 2017;
●our ability to recognize interest deduction carryforwards, net operating loss carryforwards and other tax attributes to reduce our future tax liability;
●our ability to recognize certain international deferred tax assets which currently do not have a valuation allowance recorded;
●review by antitrust authorities in connection with acquisition opportunities;
●risks relating to the incurrence of legal liability, including costs associated with the ongoing securities class action lawsuits;
●dependence on key personnel for current and future performance and our ability to attract and retain senior executives and other key personnel, including in connection with any future acquisitions;
●increased costs in order to comply or resulting from a failure to comply with governmental regulation, including the General Data Protection Regulation (“GDPR”) and all other current and pending privacy and data regulations in the jurisdictions where we have operations;
●supply chain disruptions may negatively impact our operating results;
●the availability and/or cost of energy, particularly in Europe;
●the market price and trading volume of our shares of Common Stock has been and may continue to be volatile, and purchasers of our securities could incur substantial losses;
●future offerings of debt, which would be senior to our Common Stock for purposes of distributions or upon liquidation, could adversely affect the market price of our Common Stock;
●the potential for political, social, or economic unrest, terrorism, hostilities, cyber-attacks or war, including the conflict between Russia and Ukraine and other international conflicts;
●the potential impact of financial and economic sanctions on the regional and global economy, or widespread health emergencies, such as pandemics or epidemics, causing people to avoid our theatres or other public places where large crowds are in attendance;
●anti-takeover protections in our Third Amended and Restated Certificate of Incorporation (the “Certificate of Incorporation”) and our amended and restated bylaws may discourage or prevent a takeover of our Company, even if an acquisition would be beneficial to our stockholders; and
●other risks and uncertainties referenced from time to time in filings with the SEC.

This list of factors that may affect future performance and the accuracy of forward-looking statements is illustrative but not exhaustive. In addition, new risks and uncertainties may arise from time to time. Accordingly, all forward-looking statements should be evaluated with an understanding of their inherent uncertainty and we caution accordingly against relying on forward-looking statements.

​

39

Table of Contents

Except as required by law, we assume no obligation to publicly update or revise these forward-looking statements for any reason. Actual results could differ materially from those anticipated in these forward-looking statements, even if new information becomes available in the future.

Readers are urged to consider these factors carefully in evaluating the forward-looking statements. For further information about these and other risks and uncertainties as well as strategic initiatives, see “Item 1A. Risk Factors” of this Form 10-Q, “Item 1. Business” in our Annual Report on Form 10–K for the year ended December 31, 2023, and our other public filings.

All subsequent written and oral forward-looking statements attributable to us or persons acting on our behalf are expressly qualified in their entirety by these cautionary statements. The forward-looking statements included herein are made only as of the date of this Quarterly Report on Form 10–Q, and we do not undertake any obligation to release publicly any revisions to such forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.

Overview

AMC is the world’s largest theatrical exhibition company and an industry leader in innovation and operational excellence. As of September 30, 2024, we operated theatres in 11 countries throughout the U.S. and Europe.

Our theatrical exhibition revenues are generated primarily from box office admissions and food and beverage sales. The balance of our revenues are generated from ancillary sources, including on-screen advertising, fees earned from our customer loyalty programs, rental of theatre auditoriums, income from gift card and exchange ticket sales, theatrical distribution, retail popcorn sales, and online ticketing fees. As of September 30, 2024, we owned, operated or had interests in 874 theatres and 9,800 screens.

Box Office Admissions and Film Content

Box office admissions are our largest source of revenue. We predominantly license theatrical films from distributors owned by major film production companies and from independent distributors on a film-by-film and theatre-by-theatre basis. Film exhibition costs are based on a share of admissions revenues and are accrued based on estimates of the final settlement pursuant to our film licenses. These licenses typically state that rental fees are based on the box office performance of each film, though in certain circumstances and less frequently, our rental fees are based on a mutually agreed settlement rate that is fixed. In some European territories, film rental fees are established on a weekly basis and some licenses use a per capita agreement instead of a revenue share, paying a flat amount per ticket.

Our revenues attributable to individual distributors may vary significantly from year to year depending upon the commercial success of each distributor’s films in any given year. Our results of operations may vary significantly from quarter to quarter and from year to year based on the timing and popularity of film releases.

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Table of Contents

Movie Screens

​

The following table provides detail with respect to large screen formats, such as IMAX® and our proprietary Dolby Cinema™, other Premium Large Format (“PLF”) screens, enhanced food and beverage offerings and our premium seating as deployed throughout our circuit:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

U.S. Markets

​

International Markets

​

Consolidated

​

​

As of September 30,

​

As of September 30,

​

As of September 30,

Format

​

2024

​

2023

​

2024

​

2023

​

2024

​

2023

Number of theatres:

 

​

​

​

​

​

​

​

​

​

​

​

IMAX®

 

184

 

183

​

35

 

33

​

219

​

216

Dolby Cinema™ theatres

 

164

 

158

​

7

 

7

​

171

​

165

In-house PLF

 

60

 

57

​

79

 

75

​

139

​

132

Dine-in

 

49

 

49

​

3

 

3

​

52

​

52

Premium seating

​

365

​

361

​

85

​

80

​

450

​

441

Offering alcohol

​

384

 

380

​

225

 

231

​

609

 

611

Number of screens:

​

​

​

​

​

​

​

​

​

​

​

​

IMAX®

​

185

​

184

​

35

​

33

​

220

​

217

Dolby Cinema™ theatres

​

164

​

158

​

7

​

7

​

171

​

165

In-house PLF

​

60

​

57

​

82

​

78

​

142

​

135

Dine-in

​

675

​

675

​

13

​

13

​

688

​

688

Premium seating

​

3,607

​

3,574

​

588

​

540

​

4,195

​

4,114

​

Loyalty Programs and Other Marketing

​

As of September 30, 2024, we had approximately 34 million member households enrolled in AMC Stubs® A-List (“A-List”), AMC Stubs Premiere™ (“Premiere”) and AMC Stubs Insider™ (“Insider”) programs, combined. During the nine months ended September 30, 2024, our AMC Stubs® members represented approximately 49.0% of AMC U.S. markets attendance.

We currently have approximately 18 million members in our various International loyalty programs.

See “Item 1. Business” in our Annual Report on Form 10-K for the year ended December 31, 2023 for additional discussion and information of our screens, seating concepts, amenities, loyalty programs and other marketing initiatives.

Holders of Shares

As of September 30, 2024, approximately 1.7 million shares of our Common Stock were directly registered with our transfer agent by 14,934 stockholders. The balance of our outstanding Common Stock was held in “street name” through bank or brokerage accounts.

Critical Accounting Estimates

For a discussion of our critical accounting policies and the means by which we develop estimates therefore, see “Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations” in our Annual Report on Form 10-K for the year ended December 31, 2023. Material changes to our critical accounting estimates from what is described in our Form 10-K are described below:

Derivative Liability. We remeasure the derivative liability related to the conversion features in our Exchangeable Notes at fair value each reporting period with changes in fair value recorded in the consolidated statements of operations. We have obtained independent third-party valuation studies to assist us in determining fair value. Our valuation studies use the Binomial Lattice approach and are based on significant inputs not observable in the market and thus represent level 3 measurements within the fair value measurement hierarchy. The Binomial Lattice approach consists of simulated Common Stock prices from the valuation date to the maturity of the Exchangeable

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Table of Contents

Notes. The significant inputs used to value the derivative include the initial share price of our Common Stock, the volatility of the share price, time to maturity, risk-free interest rate, credit spread, and the discount yield. The volatility of our Common Stock, the Common Stock price at the end of each reporting period, and the remaining amount of time until maturity of the Exchangeable Notes are key inputs for the estimation of fair value that are expected to change each reporting period.

During the three and nine months ended September 30, 2024, we recorded other income related to a decline in our derivative liability fair value of $(73.5) million. We expect there will be future changes in fair value for our derivative liability and that the related amounts recorded as income or expense may be material. See Note 6—Corporate Borrowings and Finance Lease Liabilities and Note 9—Fair Value Measurements in the Notes to the Condensed Consolidated Financial Statements under Item 1 of Part I of this Form 10-Q for further information.

Significant Events—For the Nine Months Ended September 30, 2024

Debt Repurchases and Exchanges. The below table summarizes the various cash debt repurchase transactions, debt for equity exchange transactions and cash and debt for equity exchange transactions that occurred during the nine months ended September 30, 2024. The debt for equity transactions were treated as early extinguishments of debt. In accordance with ASC 470-50-40-3, the reacquisition price of the extinguished debt was determined to be the fair value of the Common Stock exchanged.

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Shares of

​

​

​

​

​

​

​

​

​

​

​

Aggregate Principal

​

Common Stock

​

Reacquisition

​

Gain on

​

Accrued Interest

(In millions, except for share data)

​

Repurchased/Exchanged

​

Exchanged

​

Cost

​

Extinguishment

​

Paid/Exchanged

Cash debt repurchase transactions:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

5.75% Senior Subordinated Notes due 2025

​

$

7.0

​

​

—

​

$

6.7

​

$

0.3

​

$

0.1

Second Lien Notes due 2026

​

​

50.0

​

​

—

​

​

50.5

​

​

4.4

​

​

1.4

Total cash debt repurchase transactions

​

​

57.0

​

​

—

​

​

57.2

​

​

4.7

​

​

1.5

Debt for equity exchange transactions:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Second Lien Notes due 2026

​

​

191.4

​

​

27,545,325

​

​

123.1

​

​

91.1

​

​

7.4

Total debt for equity exchange transactions

​

​

191.4

​

​

27,545,325

​

​

123.1

​

​

91.1

​

​

7.4

Cash and debt for equity exchange transactions:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

5.75% Senior Subordinated Notes due 2025

​

​

8.6

​

​

447,829

​

​

8.4

​

​

0.2

​

​

0.1

5.875% Senior Subordinated Notes due 2026

​

​

9.6

​

​

432,777

​

​

8.1

​

​

1.3

​

​

0.2

Second Lien Notes due 2026

​

​

45.0

​

​

2,693,717

​

​

45.5

​

​

4.2

​

​

1.2

Total cash and debt for equity exchange transactions

​

​

63.2

​

​

3,574,323

​

​

62.0

​

​

5.7

​

​

1.5

Total debt repurchases and exchanges

​

$

311.6

​

​

31,119,648

​

$

242.3

​

$

101.5

​

$

10.4

​

Vendor Dispute. On January 26, 2024, we executed an agreement to collect $37.5 million as resolution of a dispute with a vendor. The proceeds, net of legal costs, were recorded to other income during the nine months ended September 30, 2024. The relationship with the vendor has been restored and remains in good standing.

Share Issuance. During the nine months ending September 30, 2024, we raised gross proceeds of $250.0 million and paid fees to sales agents and incurred other third-party issuance costs of approximately $6.3 million and $0.6 million, respectively, through our at-the-market offering of approximately 72.5 million shares of Common Stock. We paid $0.7 million of other third-party issuance costs during the nine months ended September 30, 2024.

Debt Refinancing. During the three and nine months ended September 30, 2024, we completed a series of refinancing transactions with two creditor groups. See the Liquidity and Capital Resources section below for further information on these transactions.

Significant Events—For the Nine Months Ended September 30, 2023

Saudi Cinema Company. On December 30, 2022, we entered into an agreement to sell our 10.0% investment in Saudi Cinema Company, LLC for SAR 112.5 million ($30.0 million), subject to certain closing conditions. On January 24, 2023, the Saudi Ministry of Commerce recorded a sale of equity and we received the proceeds on January 25, 2023. We recorded a gain on the sale of $15.5 million in investment income during the nine months ended September 30, 2023.

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Table of Contents

Debt Repurchases. The below table summarizes the cash debt repurchase transactions during the nine months ended September 30, 2023, including repurchases with a related party:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Aggregate Principal

​

Reacquisition

​

Gain on

​

Accrued Interest

(In millions)

​

Repurchased

​

Cost

​

Extinguishment

​

Paid

Related party transactions:

​

​

​

​

​

​

​

​

​

​

​

​

Second Lien Notes due 2026

​

$

75.9

​

$

48.5

​

$

40.9

​

$

1.1

5.875% Senior Subordinated Notes due 2026

​

​

4.1

​

​

1.7

​

​

2.3

​

​

0.1

Total related party transactions

​

​

80.0

​

​

50.2

​

​

43.2

​

​

1.2

Non-related party transactions:

​

​

​

​

​

​

​

​

​

​

​

​

Second Lien Notes due 2026

​

​

89.7

​

​

51.3

​

​

54.3

​

​

2.2

Total non-related party transactions

​

​

89.7

​

​

51.3

​

​

54.3

​

​

2.2

Total debt repurchases

​

$

169.7

​

$

101.5

​

$

97.5

​

$

3.4

​

Additional Share Issuances Antara. On December 22, 2022, we entered into a forward purchase agreement (the “Forward Purchase Agreement”) with Antara pursuant to which we agreed to (i) sell to Antara 10,659,511 AMC Preferred Equity Units for an aggregate purchase price of $75.1 million and (ii) simultaneously purchase from Antara $100.0 million aggregate principal amount of the Company’s 10%/12% Cash/PIK Toggle Second Lien Notes in exchange for 9,102,619 AMC Preferred Equity Units. On February 7, 2023, the Company issued 19,762,130 AMC Preferred Equity Units to Antara in exchange for $75.1 million in cash and $100.0 million aggregate principal amount of the Company’s 10%/12% Cash/PIK Toggle Second Lien Notes. The Company recorded $193.7 million to stockholders’ deficit as a result of the transaction. We paid $1.4 million of accrued interest in cash upon exchange of the notes.

Share Issuances. During the nine months ended September 30, 2023, we entered into various equity distribution agreements with sales agents to sell shares of our Common Stock and AMC Preferred Equity Units, from time to time, through “at-the-market” offering programs.

During the nine months ended September 30, 2023, we raised gross proceeds of approximately $440.0 million and paid fees to sales agents and incurred other third-party issuance costs of approximately $11.1 million and $9.2 million, respectively, through our at-the-market offering of approximately 7.1 million shares of AMC Preferred Equity Units and 40.0 million shares of our Common Stock. We paid $11.6 million of other third-party issuance costs during the nine months ended September 30, 2023.

Special Awards. On February 23, 2023, the Compensation Committee approved special awards in lieu of vesting of the 2022 PSU awards. The special awards were accounted for as a modification to the 2022 Tranche Year PSU awards which lowered the Adjusted EBITDA and free cash flow performance targets such that 200% vesting was achieved for both tranches. This modification resulted in the immediate additional vesting of 238,959 Common Stock PSUs and 238,959 AMC Preferred Equity Unit PSUs. This was treated as a Type 3 modification (improbable-to-probable) which required the Company to recognize additional stock compensation expense based on the modification date fair values of the Common Stock PSUs and AMC Preferred Equity Units PSUs of $14.9 million and $5.3 million, respectively. During the nine months ended September 30, 2023, we recognized $20.2 million of additional stock compensation expense.

Lease Termination. During the nine months ended September 30, 2023, we received a $13.0 million buyout incentive from a landlord which provided the landlord the right to terminate the lease of one theatre. The incentive and termination gain resulted in a $16.7 million reduction to rent expense.

NCM Bankruptcy. On April 11, 2023, National CineMedia, LLC (“NCM”) filed a petition under Chapter 11 of the U.S. Bankruptcy Code in the Southern District of Texas. NCM is the in-theatre advertising provider for the majority of the Company’s theatres in the United States. Under the Chapter 11 plan of reorganization, which became effective on August 7, 2023 (the “Plan”), NCM has assumed its agreements with the Company. As part of the Plan, on August 7, 2023, NCM issued 16,581,829 common units (“NCM Common Units”) that were owed to the Company as part of the annual common unit adjustment. However, under the terms of the Plan and the restructuring of the equity of NCM thereunder, the NCM Common Units were immediately cancelled upon the effective date of the Plan. On August 13, 2023, in response to an appeal by the Company regarding certain terms of the Plan, including modification of the terms of the Exhibitor Services Agreement with other parties that were not similarly granted to the Company and appeal of the court’s order to approve cancellation of the NCM Common Unit issuance, the United States District Court for the

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Table of Contents

Southern District of Texas affirmed the rulings of the bankruptcy court, including confirmation of the Plan. The Company filed an appeal to these rulings with the United States Court of Appeals for the Fifth Circuit and such appeal remains pending. The Company does not expect NCM’s bankruptcy or the appeal to have a material impact on the Company.

Shareholder Litigation. Two putative stockholder class actions were filed in the Delaware Chancery Court, and subsequently consolidated, which asserted claims for breach of fiduciary duty against certain of our directors and a claim for breach of 8 Del. C. § 242 against those directors and the Company, arising out of the creation of AMC Preferred Equity Units, the Antara Transactions and the Charter Amendments.

This litigation prevented us from immediately implementing the Charter Amendments. On August 11, 2023, the court approved a settlement of the Shareholder Litigation, which, among other things, permitted the implementation of the Charter Amendments. Pursuant to the terms of the settlement, record holders of Common Stock at the close of business on August 24, 2023, after giving effect to the Reverse Stock Split, but prior to the conversion of the AMC Preferred Equity Units into Common Stock, received a payment of one share of Common Stock for every 7.5 shares of Common Stock they owned. On August 28, 2023, the Company made the Settlement Payment and issued 6,897,018 shares of Common Stock. On October 13, 2023, a purported Company stockholder who objected to the settlement of the Shareholder Litigation filed a notice of appeal of the court’s decision approving the settlement. On May 22, 2024, the Delaware Supreme Court affirmed the court’s decision approving the settlement of the Shareholder Litigation.

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Table of Contents

Operating Results

​

The following table sets forth our consolidated revenues, operating costs and expenses:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

    

Three Months Ended

    

​

    

Nine Months Ended

    

​

 

​

​

September 30,

​

​

​

September 30,

​

​

​

(In millions)

​

2024

    

2023

    

% Change

​

2024

    

2023

​

% Change

​

Revenues

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Admissions

​

$

744.2

​

$

797.7

​

(6.7)

%  

$

1,839.1

​

$

2,075.9

​

(11.4)

%

Food and beverage

​

 

490.4

​

 

482.7

​

1.6

%  

 

1,178.7

​

 

1,299.6

​

(9.3)

%

Other theatre

​

 

114.2

​

 

125.5

​

(9.0)

%  

 

313.0

​

 

332.7

​

(5.9)

%

Total revenues

​

​

1,348.8

​

​

1,405.9

​

(4.1)

%  

​

3,330.8

​

​

3,708.2

​

(10.2)

%

Operating Costs and Expenses

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Film exhibition costs

​

​

381.4

​

​

398.5

​

(4.3)

%  

​

893.0

​

​

1,027.8

​

(13.1)

%

Food and beverage costs

​

 

89.7

​

 

90.1

​

(0.4)

%  

 

222.6

​

 

243.2

​

(8.5)

%

Operating expense, excluding depreciation and amortization below

​

 

454.6

​

 

449.8

​

1.1

%  

 

1,237.9

​

 

1,245.0

​

(0.6)

%

Rent

​

 

216.4

​

 

224.3

​

(3.5)

%  

 

659.3

​

 

650.8

​

1.3

%

General and administrative:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Merger, acquisition and other costs

​

 

0.1

​

 

0.7

​

(85.7)

%  

 

0.1

​

 

1.5

​

(93.3)

%

Other, excluding depreciation and amortization below

​

 

54.0

​

 

54.4

​

(0.7)

%  

 

160.7

​

 

184.8

​

(13.0)

%

Depreciation and amortization

​

 

80.8

​

 

88.7

​

(8.9)

%  

 

241.2

​

 

279.1

​

(13.6)

%

Operating costs and expenses

​

 

1,277.0

​

 

1,306.5

​

(2.3)

%  

 

3,414.8

​

 

3,632.2

​

(6.0)

%

Operating income (loss)

​

 

71.8

​

 

99.4

​

(27.8)

%  

 

(84.0)

​

 

76.0

​

*

%

Other expense (income), net:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Other income

​

 

(22.8)

​

 

(15.9)

​

43.4

%  

 

(173.8)

​

 

(10.0)

​

*

%

Interest expense:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Corporate borrowings

​

 

109.6

​

 

93.4

​

17.3

%  

 

289.8

​

 

276.1

​

5.0

%

Finance lease obligations

​

 

1.0

​

 

0.9

​

11.1

%  

 

2.5

​

 

2.8

​

(10.7)

%

Non-cash NCM exhibitor service agreement

​

​

9.0

​

​

9.4

​

(4.3)

%  

​

27.5

​

​

28.5

​

(3.5)

%

Investment income

​

 

(3.2)

​

 

(3.0)

​

6.7

%  

 

(14.4)

​

 

(11.4)

​

26.3

%

Total other expense, net

​

 

93.6

​

 

84.8

​

10.4

%  

 

131.6

​

 

286.0

​

(54.0)

%

Earnings (loss) before income taxes

​

 

(21.8)

​

 

14.6

​

*

%  

 

(215.6)

​

 

(210.0)

​

2.7

%

Income tax provision (benefit)

​

 

(1.1)

​

 

2.3

​

*

%  

 

1.4

​

 

4.6

​

(69.6)

%

Net earnings (loss)

​

$

(20.7)

​

$

12.3

​

*

%  

$

(217.0)

​

$

(214.6)

​

1.1

%  

*     Percentage change in excess of 100%

​

​

​

​

​

​

​

​

​

​

​

Three Months Ended

    

Nine Months Ended

​

​

September 30,

​

September 30,

Operating Data:

​

2024

​

2023

​

2024

​

2023

Screen additions

 

13

 

—

 

13

 

—

Screen acquisitions

 

—

 

8

 

1

 

15

Screen dispositions

 

105

 

33

 

235

 

381

Construction openings (closures), net

 

3

 

(17)

 

(38)

 

(30)

Average screens (1)

 

9,534

 

9,781

 

9,618

 

9,885

Number of screens operated

​

9,800

​

10,078

​

9,800

​

10,078

Number of theatres operated

​

874

​

904

​

874

​

904

Screens per theatre

 

11.2

 

11.1

 

11.2

 

11.1

Attendance (in thousands) (1)

 

65,087

 

73,576

 

161,731

 

187,565

(1)Includes consolidated theatres only and excludes screens offline due to construction.

45

Table of Contents

Segment Operating Results

​

The following table sets forth our revenues, operating costs and expenses by reportable segment:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

U.S. Markets

​

International Markets

​

Consolidated

​

​

Three Months Ended

​

Three Months Ended

​

Three Months Ended

​

​

September 30,

​

September 30,

​

September 30,

(In millions)

​

2024

​

2023

​

2024

​

2023

​

2024

​

2023

Revenues

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Admissions

​

$

572.2

​

$

587.5

​

$

172.0

​

$

210.2

​

$

744.2

​

$

797.7

Food and beverage

​

 

398.3

​

 

382.8

​

 

92.1

​

 

99.9

​

 

490.4

​

 

482.7

Other theatre

​

 

84.8

​

 

93.6

​

 

29.4

​

 

31.9

​

 

114.2

​

 

125.5

Total revenues

​

​

1,055.3

​

​

1,063.9

​

​

293.5

​

​

342.0

​

​

1,348.8

​

​

1,405.9

Operating Costs and Expenses

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Film exhibition costs

​

​

311.1

​

​

309.2

​

​

70.3

​

​

89.3

​

​

381.4

​

​

398.5

Food and beverage costs

​

 

67.0

​

 

65.1

​

 

22.7

​

 

25.0

​

 

89.7

​

 

90.1

Operating expense

​

 

345.7

​

 

339.5

​

 

108.9

​

 

110.3

​

 

454.6

​

 

449.8

Rent

​

 

160.7

​

 

166.4

​

 

55.7

​

 

57.9

​

 

216.4

​

 

224.3

General and administrative expense:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Merger, acquisition and other costs

​

 

0.1

​

 

0.6

​

 

—

​

 

0.1

​

 

0.1

​

 

0.7

Other, excluding depreciation and amortization below

​

 

34.1

​

 

37.2

​

 

19.9

​

 

17.2

​

 

54.0

​

 

54.4

Depreciation and amortization

​

 

62.1

​

 

69.2

​

 

18.7

​

 

19.5

​

 

80.8

​

 

88.7

Operating costs and expenses

​

 

980.8

​

 

987.2

​

 

296.2

​

 

319.3

​

 

1,277.0

​

 

1,306.5

Operating income (loss)

​

 

74.5

​

 

76.7

​

 

(2.7)

​

 

22.7

​

 

71.8

​

 

99.4

Other expense (income):

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Other expense (income)

​

 

(0.2)

​

 

(27.4)

​

 

(22.6)

​

 

11.5

​

 

(22.8)

​

 

(15.9)

Interest expense:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Corporate borrowings

​

 

94.5

​

 

78.7

​

 

15.1

​

 

14.7

​

 

109.6

​

 

93.4

Finance lease obligations

​

 

—

​

 

0.1

​

 

1.0

​

 

0.8

​

 

1.0

​

 

0.9

Non-cash NCM exhibitor service agreement

​

​

9.0

​

​

9.4

​

​

—

​

​

—

​

​

9.0

​

​

9.4

Investment income

​

 

(3.0)

​

 

(2.4)

​

 

(0.2)

​

 

(0.6)

​

 

(3.2)

​

 

(3.0)

Total other expense (income), net

​

 

100.3

​

 

58.4

​

 

(6.7)

​

 

26.4

​

 

93.6

​

 

84.8

Earnings (loss) before income taxes

​

 

(25.8)

​

 

18.3

​

 

4.0

​

 

(3.7)

​

 

(21.8)

​

 

14.6

Income tax provision (benefit)

​

 

(1.9)

​

 

0.6

​

 

0.8

​

 

1.7

​

 

(1.1)

​

 

2.3

Net earnings (loss)

​

$

(23.9)

​

$

17.7

​

$

3.2

​

$

(5.4)

​

$

(20.7)

​

$

12.3

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

U.S. Markets

​

International Markets

​

Consolidated

​

​

Three Months Ended

​

Three Months Ended

​

Three Months Ended

​

​

September 30,

​

September 30,

​

September 30,

Segment Operating Data:

​

2024

​

2023

​

2024

​

2023

​

2024

​

2023

Screen additions

 

—

 

—

​

13

​

—

​

13

​

—

Screen acquisitions

 

—

 

8

​

—

​

—

​

—

​

8

Screen dispositions

 

69

 

33

​

36

​

—

​

105

​

33

Construction openings (closures), net

 

2

 

(11)

​

1

​

(6)

​

3

​

(17)

Average screens (1)

 

7,179

 

7,356

​

2,355

​

2,425

​

9,534

​

9,781

Number of screens operated

​

7,195

​

7,396

​

2,605

​

2,682

​

9,800

​

10,078

Number of theatres operated

​

547

​

567

​

327

​

337

​

874

​

904

Screens per theatre

 

13.2

 

13.0

​

8.0

​

8.0

​

11.2

​

11.1

Attendance (in thousands) (1)

 

46,924

 

51,524

​

18,163

​

22,052

​

65,087

​

73,576

(1)Includes consolidated theatres only and excludes screens offline due to construction.

​

46

Table of Contents

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

U.S. Markets

​

International Markets

​

Consolidated

​

​

Nine Months Ended

​

Nine Months Ended

​

Nine Months Ended

​

​

September 30,

​

September 30,

​

September 30,

(In millions)

​

2024

​

2023

​

2024

​

2023

​

2024

​

2023

Revenues

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Admissions

​

$

1,382.2

​

$

1,560.6

​

$

456.9

​

$

515.3

​

$

1,839.1

​

$

2,075.9

Food and beverage

​

 

948.8

​

 

1,052.4

​

 

229.9

​

 

247.2

​

 

1,178.7

​

 

1,299.6

Other theatre

​

 

229.3

​

 

242.8

​

 

83.7

​

 

89.9

​

 

313.0

​

 

332.7

Total revenues

​

​

2,560.3

​

​

2,855.8

​

​

770.5

​

​

852.4

​

​

3,330.8

​

​

3,708.2

Operating Costs and Expenses

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Film exhibition costs

​

​

712.8

​

​

817.7

​

​

180.2

​

​

210.1

​

​

893.0

​

​

1,027.8

Food and beverage costs

​

 

165.8

​

 

181.2

​

 

56.8

​

 

62.0

​

 

222.6

​

 

243.2

Operating expense

​

 

926.0

​

 

930.4

​

 

311.9

​

 

314.6

​

 

1,237.9

​

 

1,245.0

Rent

​

 

489.0

​

 

485.0

​

 

170.3

​

 

165.8

​

 

659.3

​

 

650.8

General and administrative expense:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Merger, acquisition and other costs

​

 

0.1

​

 

1.4

​

 

—

​

 

0.1

​

 

0.1

​

 

1.5

Other

​

 

105.1

​

 

130.9

​

 

55.6

​

 

53.9

​

 

160.7

​

 

184.8

Depreciation and amortization

​

 

187.0

​

 

218.7

​

 

54.2

​

 

60.4

​

 

241.2

​

 

279.1

Operating costs and expenses

​

 

2,585.8

​

 

2,765.3

​

 

829.0

​

 

866.9

​

 

3,414.8

​

 

3,632.2

Operating income (loss)

​

 

(25.5)

​

 

90.5

​

 

(58.5)

​

 

(14.5)

​

 

(84.0)

​

 

76.0

Other expense (income):

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Other income

​

 

(117.9)

​

 

(5.6)

​

 

(55.9)

​

 

(4.4)

​

 

(173.8)

​

 

(10.0)

Interest expense:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Corporate borrowings

​

 

244.9

​

 

232.1

​

 

44.9

​

 

44.0

​

 

289.8

​

 

276.1

Finance lease obligations

​

 

0.1

​

 

0.2

​

 

2.4

​

 

2.6

​

 

2.5

​

 

2.8

Non-cash NCM exhibitor service agreement

​

​

27.5

​

​

28.5

​

​

—

​

​

—

​

​

27.5

​

​

28.5

Investment expense (income)

​

 

(13.0)

​

 

4.7

​

 

(1.4)

​

 

(16.1)

​

 

(14.4)

​

 

(11.4)

Total other expense (income), net

​

 

141.6

​

 

259.9

​

 

(10.0)

​

 

26.1

​

 

131.6

​

 

286.0

Loss before income taxes

​

 

(167.1)

​

 

(169.4)

​

 

(48.5)

​

 

(40.6)

​

 

(215.6)

​

 

(210.0)

Income tax provision (benefit)

​

 

(0.7)

​

 

1.6

​

 

2.1

​

 

3.0

​

 

1.4

​

 

4.6

Net loss

​

$

(166.4)

​

$

(171.0)

​

$

(50.6)

​

$

(43.6)

​

$

(217.0)

​

$

(214.6)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

U.S. Markets

​

International Markets

​

Consolidated

​

​

Nine Months Ended

​

Nine Months Ended

​

Nine Months Ended

​

​

September 30,

​

September 30,

​

September 30,

Segment Operating Data:

​

2024

​

2023

​

2024

​

2023

​

2024

​

2023

Screen additions

​

—

 

—

​

13

​

—

​

13

​

—

Screen acquisitions

 

—

 

8

​

1

​

7

​

1

​

15

Screen dispositions

 

157

 

244

​

78

​

137

​

235

​

381

Construction openings (closures), net

 

(17)

 

(16)

​

(21)

​

(14)

​

(38)

​

(30)

Average screens (1)

 

7,231

 

7,429

​

2,387

​

2,456

​

9,618

​

9,885

Number of screens operated

​

7,195

​

7,396

​

2,605

​

2,682

​

9,800

​

10,078

Number of theatres operated

 

547

 

567

​

327

​

337

​

874

​

904

Screens per theatre

 

13.2

 

13.0

​

8.0

​

8.0

​

11.2

​

11.1

Attendance (in thousands) (1)

 

113,907

 

133,909

​

47,824

​

53,656

​

161,731

​

187,565

(1)Includes consolidated theatres only and excludes screens offline due to construction.

47

Table of Contents

Segment Information

Our historical results of operations for the three and nine months ended September 30, 2024 and September 30, 2023, reflect the results of operations for our two theatrical exhibition reportable segments, U.S. markets and International markets.

Results of Operations—For the Three Months ended September 30, 2024, Compared to the Three Months ended September 30, 2023

​

Condensed Consolidated Results of Operations

​

Revenues. Total revenues decreased $57.1 million, or 4.1%, during the three months ended September 30, 2024, compared to the three months ended September 30, 2023. Admissions revenues decreased $53.5 million, or 6.7%, during the three months ended September 30, 2024, compared to the three months ended September 30, 2023, primarily due to a decrease in attendance of 11.5% from 73.6 million patrons to 65.1 million patrons, partially offset by a 5.4% increase in average ticket price. In our U.S. markets our market share of box office revenues declined for the three months ended September 30, 2024, compared to the three months ended September 30, 2023 driven by the interplay between the film slate and our geographic mix. In our International markets attendance declined due to the popularity of film product compared to the prior year. The increase in average ticket price was primarily due to increased ticket prices for all formats, increases in 3D, other PLF and IMAX screen volumes as a percentage of attendance and increases in attendance for alternative content.

Food and beverage revenues increased $7.7 million, or 1.6%, during the three months ended September 30, 2024, compared to the three months ended September 30, 2023, primarily due to the increase in food and beverage per patron, partially offset by the decrease in attendance. Food and beverage per patron increased 14.8% from $6.56 to $7.53 due primarily to an increase in average prices and the percentage of guests making transactions, partially offset by lower units purchase per transaction and more frequent attendance from our AMC Stubs members.

Total other theatre revenues decreased $11.3 million, or 9.0%, during the three months ended September 30, 2024, compared to the three months ended September 30, 2023, primarily due to the decline in attendance and a decline in the number of tickets purchased online subject to convenience fees, which resulted in lower ticket fee and advertising revenues.

Operating costs and expenses. Operating costs and expenses decreased $29.5 million, or 2.3%, during the three months ended September 30, 2024, compared to the three months ended September 30, 2023. Film exhibition costs decreased $17.1 million, or 4.3%, during the three months ended September 30, 2024, compared to the three months ended September 30, 2023, primarily due to the decrease in admissions revenues, partially offset by higher film rental terms. As a percentage of admissions revenues, film exhibition costs were 51.2% for the three months ended September 30, 2024, compared to 50.0% for the three months ended September 30, 2023. The increase in film exhibition cost percentage is primarily due to higher film rental terms in U.S. markets on top grossing films and alternative content during the three months ended September 30, 2024, compared to the three months ended September 30, 2023.

Food and beverage costs decreased $0.4 million, or 0.4%, during the three months ended September 30, 2024, compared to the three months ended September 30, 2023. The decrease in food and beverage costs was primarily due to lower costs, partially offset by the increase in food and beverage revenues. As a percentage of food and beverage revenues, food and beverage costs were 18.3% for the three months ended September 30, 2024, compared to 18.7% for the three months ended September 30, 2023.

Operating expense increased by $4.8 million, or 1.1%, during the three months ended September 30, 2024, compared to the three months ended September 30, 2023. The increase in operating expense was primarily due to increases in equipment expense, premium format expense, and insurance, partially offset by decreases in utilities and advertising. As a percentage of revenues, operating expense was 33.7% for the three months ended September 30, 2024, compared to 32.0% for the three months ended September 30, 2023. Rent expense decreased 3.5%, or $7.9 million, during the three months ended September 30, 2024, compared to the three months ended September 30, 2023.

Merger, acquisition, and other costs. Merger, acquisition, and other costs were $0.1 million during the three months ended September 30, 2024, compared to $0.7 million during the three months ended September 30, 2023.

48

Table of Contents

Other. Other general and administrative expense decreased $0.4 million, or 0.7%, during the three months ended September 30, 2024, compared to the three months ended September 30, 2023, due primarily to declines in bonus expense as a result of lower-than-expected annual performance compared to annual targets in the current year compared to the prior year and lower stock-based compensation expense. See Note 7—Stockholders’ Deficit in the Notes to the Condensed Consolidated Financial Statements under Item 1 of Part I of this Form 10-Q for additional information about stock-based compensation expense.

Depreciation and amortization. Depreciation and amortization decreased $7.9 million, or 8.9%, during the three months ended September 30, 2024, compared to the three months ended September 30, 2023, primarily due to theatre closures and lower depreciation expense on theatres impaired during the year ended December 31, 2023.

Other income. Other income of $22.8 million during the three months ended September 30, 2024 was primarily due to $73.5 million of income related to the decrease in fair value of the Conversion Option derivative liability, $21.5 million in foreign currency transaction gains, $14.9 million of recoveries related to the Shareholder Litigation, $5.2 million in equity in earnings related to non-consolidated entities, gain on extinguishment of debt of $1.3 million related to the redemption of $9.57 million aggregate principal amount of the Senior Subordinated Notes due 2026, and gain on extinguishment of debt of $0.5 million related to the redemption of $15.6 million aggregate principal amount of Senior Subordinated Notes due 2025, partially offset by a loss on extinguishment of debt of $52.6 million related to the redemption of $613.65 million aggregate principal amount of the Second Lien Notes and $41.0 million of third party costs related to the modification of the Existing Term Loans. Other income of $15.9 million during the three months ended September 30, 2023 was primarily due to $15.3 million of income related to the settlement of the Shareholder Litigation comprised of $16.1 million of non-cash income for the decrease in estimated fair value as of the date of the final Delaware Supreme Court order of settlement shares issued to holders of Common Stock on August 28, 2023, partially offset by $0.8 million of contingent insurance recovery costs, gains on extinguishment of debt of $10.8 million related to the redemption of $24.2 million aggregate principal amount of the Second Lien Notes, and equity earnings from non-consolidated entities of $3.1 million, partially offset by $12.8 million in foreign currency transaction losses. See Note 1—Basis of Presentation in the Notes to the Condensed Consolidated Financial Statements under Item 1 of Part I of this Form 10-Q for additional information about the components of other expense (income).

Interest expense. Interest expense increased $15.9 million to $119.6 million for the three months ended September 30, 2024, compared to $103.7 million during the three months ended September 30, 2023, primarily due to increased interest expense of $18.0 million on the New Term Loans compared to the Existing Term Loans, and interest expense of $7.9 million on the Exchangeable Notes issued on July 22, 2024, partially offset by declines in interest expense of $9.0 million on the Second Lien Notes due to redemptions of principal balances and declines in interest expense related to the revolving credit facility of $1.0 million. See Note 6—Corporate Borrowings and Finance Lease Liabilities in the Notes to the Condensed Consolidated Financial Statements under Item 1 of Part I of this Form 10-Q for additional information about our indebtedness.

Investment income. Investment income was $3.2 million for the three months ended September 30, 2024, compared to income of $3.0 million for the three months ended September 30, 2023. Investment income in the current year includes interest income of $4.6 million and $0.3 million of increase in estimated fair value of our investment in common shares of Hycroft, partially offset by $1.7 million of decrease in estimated fair value of our investment in warrants to purchase common shares of Hycroft. Investment income in the prior year includes $3.7 million of interest income and $0.1 million of increase in our investment in common shares of Hycroft, partially offset by decline in estimated fair value of $0.8 million in our investment in warrants to purchase common shares of Hycroft.

Income tax provision (benefit). The income tax benefit was $(1.1) million, compared to a provision of $2.3 million, for the three months ended September 30, 2024, and September 30, 2023, respectively. See Note 8—Income Taxes in the Notes to the Condensed Consolidated Financial Statements under Item 1 of Part I of this Form 10-Q for further information.

Net earnings (loss). Net earnings (loss) was $(20.7) million and $12.3 million during the three months ended September 30, 2024, and September 30, 2023, respectively. Net loss during the three months ended September 30, 2024 compared to net earnings for the three months ended September 30, 2023 was negatively impacted by the decrease in attendance as a result of the decline in market share in U.S. markets and the popularity of new film releases in International markets compared to the prior year and an increase in interest expense, partially offset by decreases in rent expense, general and administrative expense, depreciation and amortization, increases in investment income, increases in other income and decreases in income tax provision.

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Theatrical Exhibition—U.S. Markets

Revenues. Total revenues decreased $8.6 million, or 0.8%, during the three months ended September 30, 2024, compared to the three months ended September 30, 2023. Admissions revenues decreased $15.3 million, or 2.6%, during the three months ended September 30, 2024, compared to the three months ended September 30, 2023, primarily due to a decrease in attendance of 8.9% from 51.5 million patrons to 46.9 million patrons, partially offset by a 6.9% increase in average ticket price. Our market share of box office revenues declined for the three months ended September 30, 2024, compared to the three months ended September 30, 2023 driven by the interplay between the film slate and our geographic mix. The increase in average ticket price was primarily due to increased ticket prices for all formats, increases in 3D, other PLF and IMAX screen volumes as a percentage of attendance and increases in attendance for alternative content.

Food and beverage revenues increased $15.5 million, or 4.0%, during the three months ended September 30, 2024, compared to the three months ended September 30, 2023, primarily due to the increase in food and beverage per patron, partially offset by the decrease in attendance. Food and beverage per patron increased 14.3% from $7.43 to $8.49 due primarily to an increase in average prices and the percentage of guests making transactions, partially offset by lower units purchase per transaction and more frequent attendance from our AMC Stubs members.

Total other theatre revenues decreased $8.8 million, or 9.4%, during the three months ended September 30, 2024, compared to the three months ended September 30, 2023, primarily due to decline in attendance and a decline in the number of tickets purchased online subject to convenience fees, which resulted in lower ticket fee and advertising revenues.

Operating costs and expenses. Operating costs and expenses decreased $6.4 million, or 0.6%, during the three months ended September 30, 2024, compared to the three months ended September 30, 2023. Film exhibition costs increased $1.9 million, or 0.6%, during the three months ended September 30, 2024, compared to the three months ended September 30, 2023, primarily due to the decrease in admissions revenues, partially offset by higher film rental terms. As a percentage of admissions revenues, film exhibition costs were 54.4% for the three months ended September 30, 2024, compared to 52.6% for the three months ended September 30, 2023. The increase in film exhibition cost percentage is primarily due to higher film rental terms on top grossing films and alternative content during the three months ended September 30, 2024 compared to the three months ended September 30, 2023.

Food and beverage costs increased $1.9 million, or 2.9%, during the three months ended September 30, 2024, compared to the three months ended September 30, 2023. The increase in food and beverage costs was primarily due to the increase in food and beverage revenues, partially offset by lower costs. As a percentage of food and beverage revenues, food and beverage costs were 16.8% for the three months ended September 30, 2024, compared to 17.0% for the three months ended September 30, 2023.

Operating expense increased by $6.2 million, or 1.8%, during the three months ended September 30, 2024, compared to the three months ended September 30, 2023. The increase in operating expense was primarily due to increases in equipment expense, premium format expense, and insurance, partially offset by decreases in utilities and advertising. As a percentage of revenues, operating expense was 32.8% for the three months ended September 30, 2024, compared to 31.9% for the three months ended September 30, 2023. Rent expense decreased 3.4%, or $5.7 million, during the three months ended September 30, 2024, compared to the three months ended September 30, 2023.

Merger, acquisition, and other costs. Merger, acquisition, and other costs were $0.1 million during the three months ended September 30, 2024, compared to $0.6 million during the three months ended September 30, 2023.

Other. Other general and administrative expense decreased $3.1 million, or 8.3%, during the three months ended September 30, 2024, compared to the three months ended September 30, 2023, due primarily to declines in bonus expense as a result of lower-than-expected annual performance compared to annual targets in the current year compared to the prior year and lower stock-based compensation expense. See Note 7—Stockholders’ Deficit in the Notes to the Condensed Consolidated Financial Statements under Item 1 of Part I of this Form 10-Q for additional information about stock-based compensation expense.

Depreciation and amortization. Depreciation and amortization decreased $7.1 million, or 10.3%, during the three months ended September 30, 2024, compared to the three months ended September 30, 2023, primarily due to theatre closures and lower depreciation expense on theatres impaired during the year ended December 31, 2023.

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Other income. Other income of $0.2 million during the three months ended September 30, 2024 was primarily due to $73.5 million of income related to the decrease in fair value of the Conversion Option derivative liability, $14.9 million of recoveries related to the Shareholder Litigation, $4.5 million in equity in earnings related to non-consolidated entities, gain on extinguishment of debt of $1.3 million related to the redemption of $9.57 million aggregate principal amount of the Senior Subordinated Notes due 2026, and gain on extinguishment of debt of $0.5 million related to the redemption of $15.6 million aggregate principal amount of Senior Subordinated Notes due 2025, partially offset by a loss on extinguishment of debt of $52.6 million related to the redemption of $613.65 million aggregate principal amount of the Second Lien Notes and $41.0 million of third party costs related to the modification of the Existing Term Loans. Other income of $27.4 million during the three months ended September 30, 2023 was primarily due to $15.3 million of income related to the settlement of the Shareholder Litigation comprised of $16.1 million of non-cash income for the decrease in estimated fair value as of the date of the final Delaware Supreme Court order of settlement shares issued to holders of Common Stock on August 28, 2023, partially offset by $0.8 million of contingent insurance recovery costs, gains on extinguishment of debt of $10.8 million related to the redemption of $24.2 million aggregate principal amount of the Second Lien Notes and equity earnings from non-consolidated entities of $1.5 million. See Note 1—Basis of Presentation in the Notes to the Condensed Consolidated Financial Statements under Item 1 of Part I of this Form 10-Q for additional information about the components of other expense (income).

Interest expense. Interest expense increased $15.3 million to $103.5 million for the three months ended September 30, 2024, compared to $88.2 million during the three months ended September 30, 2023, primarily due to increased interest expense of $18.0 million on the New Term Loans compared to the Existing Term Loans, and interest expense of $7.9 million on the Exchangeable Notes issued on July 22, 2024, partially offset by declines in interest expense of $9.0 million on the Second Lien Notes due to redemptions of principal balances and declines in interest expense related to the revolving credit facility of $1.0 million. See Note 6—Corporate Borrowings and Finance Lease Liabilities in the Notes to the Condensed Consolidated Financial Statements under Item 1 of Part I of this Form 10-Q for additional information about our indebtedness.

Investment income. Investment income was $3.0 million for the three months ended September 30, 2024, compared to income of $2.4 million for the three months ended September 30, 2023. Investment income in the current year includes interest income of $4.4 million and $0.3 million of increase in estimated fair value of our investment in common shares of Hycroft, partially offset by $1.7 million of decrease in estimated fair value of our investment in warrants to purchase common shares of Hycroft. Investment income in the prior year includes $(3.1) million in interest income and $(0.1) million of increase in estimated fair value of our investment in common shares of Hycroft, partially offset by $0.8 million of decline in estimated fair value of our investment in warrants to purchase common shares of Hycroft. 

Income tax provision (benefit). The income tax benefit was $(1.9) million, compared to a provision of $0.6 million, for the three months ended September 30, 2024, and September 30, 2023, respectively. See Note 8—Income Taxes in the Notes to the Condensed Consolidated Financial Statements under Item 1 of Part I of this Form 10-Q for further information.

Net earnings (loss). Net earnings (loss) was $(23.9) million and $17.7 million during the three months ended September 30, 2024, and September 30, 2023, respectively. Net loss during the three months ended September 30, 2024 compared to net earnings for the three months ended September 30, 2023 was negatively impacted by the decrease in attendance as a result of the decline in market share compared to the prior year and decreases in other income and an increase in interest expense, partially offset by decreases in rent expense, general and administrative expense, depreciation and amortization, increases in investment income and decreases in income tax provision.

Theatrical Exhibition—International Markets

Revenues. Total revenues decreased $48.5 million, or 14.2%, during the three months ended September 30, 2024, compared to the three months ended September 30, 2023. Admissions revenues decreased $38.2 million, or 18.2%, during the three months ended September 30, 2024, compared to the three months ended September 30, 2023, primarily due to a decrease in attendance of 17.6% from 22.1 million patrons to 18.2 million patrons and a decrease in average ticket price of 0.6%. The decrease in attendance was primarily due to the popularity of film product compared to the prior year.

Food and beverage revenues decreased $7.8 million, or 7.8%, during the three months ended September 30, 2024, compared to the three months ended September 30, 2023, primarily due to the decrease in attendance, partially

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offset by an increase in food and beverage per patron. Food and beverage per patron increased 11.9% from $4.53 to $5.07 primarily due to an increase in average prices and the percentage of guests making transactions.

Total other theatre revenues decreased $2.5 million, or 7.8%, during the three months ended September 30, 2024, compared to the three months ended September 30, 2023, primarily due to the decline in attendance and a decline in the number of tickets purchased online subject to convenience fees, which resulted in lower ticket fee and advertising revenues.

Operating costs and expenses. Operating costs and expenses decreased $23.1 million, or 7.2%, during the three months ended September 30, 2024, compared to the three months ended September 30, 2023. Film exhibition costs decreased $19.0 million, or 21.3%, during the three months ended September 30, 2024, compared to the three months ended September 30, 2023, primarily due to the decrease in attendance and lower film rental terms. As a percentage of admissions revenues, film exhibition costs were 40.9% for the three months ended September 30, 2024, compared to 42.5% for the three months ended September 30, 2023. The decrease in film exhibition cost percentage is primarily due to the concentration of box office revenues in higher grossing films in the prior year, which typically results in higher film exhibition costs.

Food and beverage costs decreased $2.3 million, or 9.2%, during the three months ended September 30, 2024, compared to the three months ended September 30, 2023. The decrease in food and beverage costs was primarily due to the decrease in food and beverage revenues. As a percentage of food and beverage revenues, food and beverage costs were 24.6% for the three months ended September 30, 2024, compared to 25.0% for the three months ended September 30, 2023.

Operating expense decreased by $1.4 million, or 1.3%, during the three months ended September 30, 2024, compared to the three months ended September 30, 2023. The decrease in operating expense was primarily due to lower utilities expense and the decrease in attendance. As a percentage of revenues, operating expense was 37.1% for the three months ended September 30, 2024, compared to 32.3% for the three months ended September 30, 2023. Rent expense decreased 3.8%, or $2.2 million, during the three months ended September 30, 2024, compared to the three months ended September 30, 2023.

Other. Other general and administrative expense increased $2.7 million, or 15.7%, during the three months ended September 30, 2024, compared to the three months ended September 30, 2023, primarily due to payroll and related costs.

Depreciation and amortization. Depreciation and amortization decreased $0.8 million, or 4.1%, during the three months ended September 30, 2024, compared to the three months ended September 30, 2023, primarily due to theatre closures and lower depreciation expense on theatres impaired during the year ended December 31, 2023.

Other expense (income). Other expense (income) of $(22.6) million during the three months ended September 30, 2024 was primarily due to foreign currency transaction gains of $(21.9) million and equity in earnings of non-consolidated entities of $(0.7) million. Other expense of $11.5 million during the three months ended September 30, 2023 was primarily due to $12.8 million in foreign currency transaction losses, partially offset by equity in earnings of non-consolidated entities of $(1.6) million. See Note 1—Basis of Presentation in the Notes to the Condensed Consolidated Financial Statements under Item 1 of Part I of this Form 10-Q for additional information about the components of other expense (income).

Interest expense. Interest expense increased $0.6 million to $16.1 million for the three months ended September 30, 2024, compared to $15.5 million for the three months ended September 30, 2023. See Note 6—Corporate Borrowings and Finance Lease Liabilities in the Notes to the Condensed Consolidated Financial Statements under Item 1 of Part I of this Form 10-Q for additional information about our indebtedness.

Investment income. Investment income was $0.2 million for the three months ended September 30, 2024, compared to income of $0.6 million for the three months ended September 30, 2023. Investment income in the current and prior year is comprised of interest income.

Income tax provision. The income tax provision was $0.8 million and $1.7 million for the three months ended September 30, 2024, and September 30, 2023, respectively. See Note 8—Income Taxes in the Notes to the Condensed Consolidated Financial Statements under Item 1 of Part I of this Form 10-Q for further information.

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Net earnings (loss). Net earnings (loss) was $3.2 million and $(5.4) million during the three months ended September 30, 2024, and September 30, 2023, respectively. Net earnings during the three months ended September 30, 2024 compared to net loss for the three months ended September 30, 2023 was positively impacted by decreases in depreciation and amortization expense, and decreases in rent expense and decreases in other expense, partially offset by the decrease in attendance as a result of the popularity of new film releases compared to the prior year, increases in general and administrative expense, increases in interest expense and decreases in income tax benefit.

Results of Operations—For the Nine Months ended September 30, 2024 Compared to the Nine Months ended September 30, 2023

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Condensed Consolidated Results of Operations

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Revenues. Total revenues decreased $377.4 million, or 10.2%, during the nine months ended September 30, 2024, compared to the nine months ended September 30, 2023. Admissions revenues decreased $236.8 million, or 11.4%, during the nine months ended September 30, 2024, compared to the nine months ended September 30, 2023, primarily due to a decrease in attendance of 13.8% from 187.6 million patrons to 161.7 million patrons, partially offset by a 2.7% increase in average ticket price. The decrease in attendance was primarily due to the popularity of film product in U.S. markets compared to the prior year. The availability and popularity of film product released during the nine months ended September 30, 2024, was negatively impacted by labor stoppages during 2023. The increase in average ticket price was primarily due to increased ticket prices for all formats, increases in IMAX and other PLF screen volumes as a percentage of attendance and increases in attendance for alternative content.

Food and beverage revenues decreased $120.9 million, or 9.3%, during the nine months ended September 30, 2024, compared to the nine months ended September 30, 2023, primarily due to the decrease in attendance, partially offset by an increase in food and beverage per patron. Food and beverage per patron increased 5.2% from $6.93 to $7.29 due primarily to an increase in average prices, partially offset by lower units purchase per transaction, a decline in the percentage of guests making transactions and more frequent attendance from our AMC Stubs members.

Total other theatre revenues decreased $19.7 million, or 5.9%, during the nine months ended September 30, 2024, compared to the nine months ended September 30, 2023, primarily due to the decline in attendance which resulted in lower ticket fees and advertising revenues.

Operating costs and expenses. Operating costs and expenses decreased $217.4 million, or 6.0%, during the nine months ended September 30, 2024, compared to the nine months ended September 30, 2023. Film exhibition costs decreased $134.8 million, or 13.1%, during the nine months ended September 30, 2024, compared to the nine months ended September 30, 2023, primarily due to the decrease in attendance and lower film rental terms. As a percentage of admissions revenues, film exhibition costs were 48.6% for the nine months ended September 30, 2024, compared to 49.5% for the nine months ended September 30, 2023. The decrease in film exhibition cost percentage is primarily due to the concentration of box office revenues in higher grossing films in the prior year, which typically results in higher film exhibition costs.

Food and beverage costs decreased $20.6 million, or 8.5%, during the nine months ended September 30, 2024, compared to the nine months ended September 30, 2023. The decrease in food and beverage costs was primarily due to lower food and beverage revenues. As a percentage of food and beverage revenues, food and beverage costs were 18.9% for the nine months ended September 30, 2024, compared to 18.7% for the nine months ended September 30, 2023.

Operating expense decreased by $7.1 million, or 0.6%, during the nine months ended September 30, 2024, compared to the nine months ended September 30, 2023. The decrease in operating expense was primarily due to the decrease in attendance. As a percentage of revenues, operating expense was 37.2% for the nine months ended September 30, 2024, compared to 33.6% for the nine months ended September 30, 2023. Rent expense increased 1.3%, or $8.5 million, during the nine months ended September 30, 2024, compared to the nine months ended September 30, 2023, primarily due to the early termination of one theatre lease for a benefit of $16.7 million in the prior year, which included an early termination payment from the landlord for $13.0 million.

Merger, acquisition, and other costs. Merger, acquisition, and other costs were $0.1 million during the nine months ended September 30, 2024, compared to $1.5 million during the nine months ended September 30, 2023.

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Other. Other general and administrative expense decreased $24.1 million, or 13.0%, during the nine months ended September 30, 2024, compared to the nine months ended September 30, 2023, due primarily to lower stock-based compensation expense and declines in bonus expense, as a result of lower expected annual performance compared to annual targets in the current year compared to the prior year. We recorded $2.1 million of stock-based compensation expense during the nine months ended September 30, 2024 compared to $20.2 million during the nine months ended September 30, 2023 related to special awards in each year accounted for as a modification to the respective 2023 and 2022 PSU awards which lowered the Adjusted EBITDA and free cash flow performance targets such that 200% vesting was achieved for both tranches in 2023 and 2022. See Note 7—Stockholders’ Deficit in the Notes to the Condensed Consolidated Financial Statements under Item 1 of Part I of this Form 10-Q for additional information about stock-based compensation expense.

Depreciation and amortization. Depreciation and amortization decreased $37.9 million, or 13.6%, during the nine months ended September 30, 2024, compared to the nine months ended September 30, 2023, primarily due to theatre closures and lower depreciation expense on theatres impaired during the year ended December 31, 2023.

Other income. Other income of $173.8 million during the nine months ended September 30, 2024 was primarily due to $73.5 million of income related to the decrease in fair value of the Conversion Option derivative liability, a gain on extinguishment of debt of $38.5 million related to the redemption of $805.0 million aggregate principal amount of the Second Lien Notes, the favorable settlement of a vendor dispute of $36.2 million, $34.0 million of recoveries related to the Shareholder Litigation, $18.9 million of foreign currency transaction gains, $9.9 million of equity in earnings of non-consolidated entities and $3.6 million of other settlement proceeds, partially offset by $41.0 million of third party costs related to the modification of the Existing Term Loans. Other income of $10.0 million during the nine months ended September 30, 2023 was primarily due to a gain on extinguishment of debt of $95.2 million related to the redemption of $165.6 million aggregate principal amount of the Second Lien Notes, a gain on extinguishment of debt of $2.3 million related to the redemption of $4.1 million aggregate principal amount of our Senior Subordinated Notes due 2026, a receipt of $14.0 million in settlement of the Lao Action, equity in earnings of non-consolidated entities of $5.3 million and $3.2 million in foreign currency transaction gains, partially offset by, $110.1 million of expense related to the settlement of the Shareholder Litigation comprised of $10.8 million of estimated legal fees and contingent insurance recovery costs and $99.3 million of non-cash expense for the estimated fair value as of the date of the final Delaware Supreme Court order of settlement shares issued to holders of Common Stock on August 28, 2023. See Note 1—Basis of Presentation in the Notes to the Condensed Consolidated Financial Statements under Item 1 of Part I of this Form 10-Q for additional information about the components of other expense (income).

Interest expense. Interest expense increased $12.4 million to $319.8 million for the nine months ended September 30, 2024, compared to $307.4 million during the nine months ended September 30, 2023, primarily due to increased interest expense of $24.2 million on the New Term Loans compared to the Existing Term Loans, and interest expense of $7.9 million on the Exchangeable Notes issued on July 22, 2024, partially offset by declines in interest expense of $17.4 million on the Second Lien Notes due to redemptions of principal balances and declines in interest expense related to the revolving credit facility of $1.8 million. See Note 6—Corporate Borrowings and Finance Lease Liabilities in the Notes to the Condensed Consolidated Financial Statements under Item 1 of Part I of this Form 10-Q for additional information about our indebtedness.

Investment income. Investment income was $14.4 million for the nine months ended September 30, 2024, compared to $11.4 million for the nine months ended September 30, 2023. Investment income in the current year includes interest income of $16.1 million and $0.2 million of increase in estimated fair value of our investment in common shares of Hycroft, partially offset by $1.9 million of decline in estimated fair value of our investment in warrants to purchase common shares of Hycroft. Investment income in the prior year includes a gain on sale of our 10.0% interest in Saudi Cinema Company, LLC of $15.5 million and interest income of $8.5 million, partially offset by $5.4 million of decline in estimated fair value of our investment in common shares of Hycroft and $5.4 million of decline in estimated fair value of our investment in warrants to purchase common shares of Hycroft and $1.8 million of expense for NCM Common Units.

Income tax provision. The income tax provision was $1.4 million and $4.6 million for the nine months ended September 30, 2024, and September 30, 2023, respectively. See Note 8—Income Taxes in the Notes to the Condensed Consolidated Financial Statements under Item 1 of Part I of this Form 10-Q for further information.

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Net loss. Net loss was $217.0 million and $214.6 million during the nine months ended September 30, 2024, and September 30, 2023, respectively. Net loss during the nine months ended September 30, 2024 compared to net loss for the nine months ended September 30, 2023 was negatively impacted by the decrease in attendance as a result of the popularity of new film releases compared to the prior year and increases in interest expense, partially offset by decreases in rent expense, decreases in general and administrative expense, decreases in depreciation and amortization, increases in other income, increases in investment income and decreases in income tax provision.

Theatrical Exhibition—U.S. Markets

Revenues. Total revenues decreased $295.5 million, or 10.3%, during the nine months ended September 30, 2024, compared to the nine months ended September 30, 2023. Admissions revenues decreased $178.4 million or 11.4%, during the nine months ended September 30, 2024, compared to the nine months ended September 30, 2023, primarily due to a decrease in attendance of 14.9% from 133.9 million patrons to 113.9 million patrons, partially offset by a 4.1% increase in average ticket price. The decrease in attendance was primarily due to the popularity of film product compared to the prior year. The availability and popularity of film product released during the nine months ended September 30, 2024, was negatively impacted by labor stoppages during 2023. The increase in average ticket price was primarily due to increased ticket prices for all formats, increases in IMAX and other PLF screen volumes as a percentage of attendance and increases in attendance for alternative content.

Food and beverage revenues decreased $103.6 million, or 9.8%, during the nine months ended September 30, 2024, compared to the nine months ended September 30, 2023, primarily due to the decrease in attendance, partially offset by an increase in food and beverage per patron. Food and beverage per patron increased 6.0% from $7.86 to $8.33 due primarily to an increase in average prices, partially offset by lower units purchase per transaction, a decline in the percentage of guests making transactions and more frequent attendance from our AMC Stubs members.

Total other theatre revenues decreased $13.5 million, or 5.6%, during the nine months ended September 30, 2024, compared to the nine months ended September 30, 2023, primarily due to the decline in attendance which resulted in lower ticket fees and advertising revenues.

Operating costs and expenses. Operating costs and expenses decreased $179.5 million, or 6.5%, during the nine months ended September 30, 2024, compared to the nine months ended September 30, 2023. Film exhibition costs decreased $104.9 million, or 12.8%, during the nine months ended September 30, 2024, compared to the nine months ended September 30, 2023, primarily due to the decrease in attendance and lower film rental terms. As a percentage of admissions revenues, film exhibition costs were 51.6% for the nine months ended September 30, 2024, compared to 52.4% for the nine months ended September 30, 2023. The decrease in film exhibition cost percentage is primarily due to the concentration of box office revenues in higher grossing films in the prior year, which typically results in higher film exhibition costs.

Food and beverage costs decreased $15.4 million, or 8.5%, during the nine months ended September 30, 2024, compared to the nine months ended September 30, 2023. The decrease in food and beverage costs was primarily due to the decrease in food and beverage revenues. As a percentage of food and beverage revenues, food and beverage costs were 17.5% for the nine months ended September 30, 2024, and 17.2% for the nine months ended September 30, 2023.

Operating expense decreased by $4.4 million, or 0.5%, during the nine months ended September 30, 2024, compared to the nine months ended September 30, 2023. The decrease in operating expense was primarily due to the decrease in attendance. As a percentage of revenues, operating expense was 36.2% for the nine months ended September 30, 2024, compared to 32.6% for the nine months ended September 30, 2023. Rent expense increased 0.8%, or $4.0 million, during the nine months ended September 30, 2024, compared to the nine months ended September 30, 2023, primarily due to the early termination of one theatre lease for a benefit of $16.7 million in the prior year, which included an early termination payment from the landlord for $13.0 million.

Merger, acquisition, and other costs. Merger, acquisition, and other costs were $0.1 million during the nine months ended September 30, 2024, compared to $1.4 million during the nine months ended September 30, 2023.

Other. Other general and administrative expense decreased $25.8 million, or 19.7%, during the nine months ended September 30, 2024, compared to the nine months ended September 30, 2023, due primarily to declines in stock-based compensation expense and lower bonus expense, as a result of lower annual performance compared to annual targets in the current year compared to the prior year. We recorded $1.9 million of stock-based compensation expense during the nine months ended September 30, 2024 compared to $18.1 million during the nine months ended September

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30, 2023 related to special awards in each year accounted for as a modification to the respective 2023 and 2022 PSU awards which lowered the Adjusted EBITDA and free cash flow performance targets such that 200% vesting was achieved for both tranches in 2023 and 2022. See Note 7—Stockholders’ Deficit in the Notes to the Condensed Consolidated Financial Statements under Item 1 of Part I of this Form 10-Q for additional information about stock-based compensation expense.

Depreciation and amortization. Depreciation and amortization decreased $31.7 million, or 14.5%, during the nine months ended September 30, 2024, compared to the nine months ended September 30, 2023, primarily due to theatre closures and lower depreciation expense on theatres impaired during the year ended December 31, 2023.

Other income. Other income of $117.9 million during the nine months ended September 30, 2024 was primarily due to $73.5 million of income related to the decrease in fair value of the Conversion Option derivative liability, a gain on extinguishment of debt of $38.5 million related to the redemption of $805.0 million aggregate principal amount of the Second Lien Notes, $34.0 million of recoveries related to the Shareholder Litigation, $10.1 million of equity in earnings of non-consolidated entities and $3.6 million of other settlement proceeds, partially offset by $41.0 million of third party costs related to the modification of the Existing Term Loans. Other income of $5.6 million during the nine months ended September 30, 2023 was primarily due to a gain on extinguishment of debt of $95.2 million related to the redemption of $165.6 million aggregate principal amount of the Second Lien Notes, a gain on extinguishment of debt of $2.3 million related to the redemption of $4.1 million aggregate principal amount of our Senior Subordinated Notes due 2026, a receipt of $14.0 million in settlement of the Lao Action and equity in earnings of non-consolidated entities of $3.8 million, partially offset by $110.1 million of expense related to the settlement of the Shareholder Litigation comprised of $10.8 million of estimated legal fees and contingent insurance recovery costs and $99.3 million of non-cash expense for the estimated fair value as of the date of the final Delaware Supreme Court order of settlement shares issued to holders of Common Stock on August 28, 2023. See Note 1—Basis of Presentation in the Notes to the Condensed Consolidated Financial Statements under Item 1 of Part I of this Form 10-Q for additional information about the components of other expense (income).

Interest expense. Interest expense increased $11.7 million to $272.5 million for the nine months ended September 30, 2024, compared to $260.8 million during the nine months ended September 30, 2023, primarily due to increased interest expense of $24.2 million on the New Term Loans compared to the Existing Term Loans, and interest expense of $7.9 million on the Exchangeable Notes issued on July 22, 2024, partially offset by declines in interest expense of $17.4 million on the Second Lien Notes due to redemptions of principal balances and declines in interest expense related to the revolving credit facility of $1.8 million. See Note 6—Corporate Borrowings and Finance Lease Liabilities in the Notes to the Condensed Consolidated Financial Statements under Item 1 of Part I of this Form 10-Q for additional information about our indebtedness.

Investment expense (income). Investment income was $(13.0) million for the nine months ended September 30, 2024, compared to expense of $4.7 million for the nine months ended September 30, 2023. Investment income in the current year includes interest income of $(14.7) million and $(0.2) million of increase in the estimated fair value of our investment in common shares of Hycroft, partially offset by $1.9 million of decrease in estimated fair value of our investment in warrants to purchase common shares of Hycroft. Investment expense in the prior year includes $5.4 million of decline in estimated fair value of our investment in common shares of Hycroft, $5.4 million of decline in estimated fair value of our investment in warrants to purchase common shares of Hycroft and $1.8 million of expense for NCM Common Units, partially offset by interest income of $7.9 million. 

Income tax provision (benefit). The income tax benefit was $(0.7) million and provision $1.6 million for the nine months ended September 30, 2024, and September 30, 2023, respectively. See Note 8—Income Taxes in the Notes to the Condensed Consolidated Financial Statements under Item 1 of Part I of this Form 10-Q for further information.

Net loss. Net loss was $166.4 million and $171.0 million during the nine months ended September 30, 2024, and September 30, 2023, respectively. Net loss during the nine months ended September 30, 2024, compared to net loss for the nine months ended September 30, 2023, were positively impacted by decreases in general and administrative expense, depreciation and amortization, increases in other income, decreases in investment expense and the decrease in income tax provision, partially offset by the decrease in attendance as a result of the popularity of new film releases compared to the prior year, increases in rent expense and increases in interest expense.

​

56

目录

戏剧展示-国际市场

收入总收入在2024年9月30日结束的九个月内减少了8190万美元，或9.6%，与2023年9月30日结束的九个月相比。门票收入在2024年9月30日结束的九个月内减少了5840万美元，或11.3%，与2023年9月30日结束的九个月相比，主要是由于从5370万观众减少到4780万观众，出席率下降了10.9%，以及平均票价下降了0.5%。出席率的下降主要是由于相比前一年，电影产品的受欢迎程度降低。

食品和饮料收入在2024年9月30日结束的九个月内减少了1730万美元，或7.0%，与2023年9月30日结束的九个月相比，主要是由于出席率下降，部分抵消了每位观众的食品和饮料消费的增加。每位观众的食品和饮料消费从4.61美元增加到4.81美元，主要是由于平均价格和交易嘉宾比例的增加。

其他戏剧收入在2024年9月30日结束的九个月内减少了620万美元，或6.9%，与2023年9月30日结束的九个月相比，主要是由于出席率下降，导致门票费和广告收入减少。

经营成本和费用。经营成本和费用在2024年9月30日结束的九个月内减少了3790万美元，或4.4%，与2023年9月30日结束的九个月相比。电影展映成本在2024年9月30日结束的九个月内减少了2990万美元，或14.2%，与2023年9月30日结束的九个月相比，主要是由于出席率下降和电影租赁条件降低。作为门票收入的百分比，电影展映成本在2024年9月30日结束的九个月中为39.4%，而在2023年9月30日结束的九个月中为40.8%。电影展映成本百分比的下降主要是由于前一年票房收入集中在票房较高的电影中，这通常会导致较高的电影展映成本。

食品和饮料成本在2024年9月30日结束的九个月内减少了520万元，或8.4％，与2023年9月30日结束的九个月相比。食品和饮料成本的减少主要是由于食品和饮料收入的减少。作为食品和饮料收入的比例，2024年9月30日结束的九个月的食品和饮料成本为24.7％，而2023年9月30日结束的九个月为25.1％。

操作费用在2024年9月30日结束的九个月内减少了270万元，或0.9％，与2023年9月30日结束的九个月相比。操作费用的减少主要是由于公用事业费用的降低和出席人数的减少。作为营收的比例，2024年9月30日结束的九个月的操作费用为40.5％，而2023年9月30日结束的九个月为36.9％。租金支出在2024年9月30日结束的九个月内增加了2.7％，或450万元，与2023年9月30日结束的九个月相比。

其他。其他一般和行政费用在2024年9月30日结束的九个月内增加了170万元，或3.2％，与2023年9月30日结束的九个月相比。

折旧和摊销。折旧与摊销在2024年9月30日结束的九个月内减少了620万元，或10.3％，与2023年9月30日结束的九个月相比，主要是由于戏院关闭以及在2023年12月31日结束的年度对受损戏院的折旧费用减少。

其他收入。2024年9月30日结束的九个月内的其他收入主要是由于对3620万元的有利供应商纠纷解决以及1900万元的外币交易收益。2023年9月30日结束的九个月的其他收入主要是由320万元的外币交易收益。有关其他费用（收入）组成的更多信息，请参阅本表格10-Q第I部分项目1下的各项财务报表附注中关于百分之一的基础的说明。

利息支出。截至2024年9月30日的九个月，利息支出增加了70万美元，相比于2023年9月30日结束的九个月。有关我们负债的更多信息，请参阅基本报表附注中的第6号附注—公司借款和融资租赁负债，该附注列于本表格10-Q第I部分的第1项。

57

目录

投资收益。截至2024年9月30日前九个月，投资收益为140万美元，截至2023年9月30日前九个月为1610万美元。当年的投资收益包括140万美元的利息收入。往年的投资收益包括我们出售沙特影城有限公司10%股权获得的(15.5)百万美元收益和(0.6)百万美元的利息收入。

所得税费用。所得税费用分别为2024年9月30日前九个月的210万美元和2023年9月30日前九个月的300万美元。有关详细信息，请参阅本10-Q表格第I部分中第8条——所得税的附注中对压缩合并财务报表的附注。

净损失。截至2024年9月30日前九个月，净损失为5060万美元，截至2023年9月30日前九个月为4360万美元。2024年9月30日前九个月的净损失与2013年9月30日前九个月的净损失相比，受到观影率下降的负面影响，原因是新电影发布的受欢迎程度较上一年降低，租金支出增加，一般和管理支出增加，利息支出增加以及投资收入减少，部分抵消了折旧及摊销支出的减少，其他收入的增加以及所得税费用的减少。

调整后的EBITDA

​

我们将调整后的EBITDA作为我们绩效的补充指标。我们将调整后的EBITDA定义为净利润(损失)加上 (i) 所得税贷项(收益)、(ii) 利息费用和 (iii) 折旧和摊销费用，进一步调整以消除我们不认为代表我们持续营运表现的某些项目的影响，并包括国际市场剧院运营中股权投资所产生的EBITDA。这些进一步调整如下列明。我们鼓励您评估这些调整以及我们认为它们适用于补充分析的原因。在评估调整后的EBITDA时，您应该意识到，未来我们可能会发生与本报告中某些调整相同或类似的费用。我们对调整后的EBITDA的展示不应被理解为我们未来的结果不会受到不寻常或非经常性项目的影响的推断。为确定调整后的EBITDA而进行的对GAAP指标的前述定义和调整基本与公司债券的定义一致。在截至2024年9月30日的三个月内，公司更改了调整后的EBITDA的定义，不再进一步调整“非合并实体的现金分配”和“其他非现金租赁收益”。 调整后的EBITDA的所有比较期信息已被重新整理以符合当前定义。

以下表格列出了我们按报告经营板块划分的调整后的EBITDA及我们的调整后的EBITDA的对账。

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

三个月的结束

​

截至九个月的结束日期

调整后的EBITDA（单位：百万）

​

2024年9月30日

    

2023年9月30日

​

2024年9月30日

    

2023年9月30日

美国市场

​

$

143.3

​

$

155.5

​

$

178.5

​

$

353.4

国际市场

​

​

18.5

​

​

44.4

​

​

0.6

​

​

53.0

调整后的EBITDA总额

​

$

161.8

​

$

199.9

​

$

179.1

​

$

406.4

​

58

目录

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

三个月结束

​

截至九个月的结束日期

(以百万计)

​

2024年9月30日

​

2023年9月30日

    

2024年9月30日

​

2023年9月30日

净收益（亏损）

​

$

(20.7)

​

$

12.3

​

$

(217.0)

​

$

(214.6)

加:

​

​

​

​

​

​

​

​

​

​

​

​

所得税负担（利益） (1)

​

 

(1.1)

​

 

2.3

​

 

1.4

​

 

4.6

利息支出

​

 

119.6

​

 

103.7

​

 

319.8

​

 

307.4

折旧和摊销

​

 

80.8

​

 

88.7

​

 

241.2

​

 

279.1

某些营业费用 (2)

​

 

2.0

​

 

3.8

​

 

3.5

​

 

4.0

非合并实体收益中的股权 (3)

​

 

(5.2)

​

 

(3.1)

​

 

(9.9)

​

 

(5.3)

可归因EBITDA (4)

​

​

1.3

​

​

1.4

​

​

1.2

​

​

1.6

投资收入 (5)

​

 

(3.2)

​

 

(3.0)

​

 

(14.4)

​

 

(11.4)

其他收入 (6)

​

 

(18.1)

​

 

(14.1)

​

 

(161.9)

​

 

(1.4)

一般和行政费用-未分配：

​

​

​

​

​

​

​

​

​

​

​

​

并购、收购及其他成本 (7)

​

 

0.1

​

 

0.7

​

 

0.1

​

 

1.5

股票补偿费用 (8)

​

 

6.3

​

 

7.2

​

 

15.1

​

 

40.9

调整后的EBITDA

​

$

161.8

​

$

199.9

​

$

179.1

​

$

406.4

(1)有关所得税规定的信息，请查看本表格10-Q第I部分项下基本合并财务报表附注8—所得税。
(2)金额包括与正在翻新的暂时关闭屏幕相关的开业前支出、永久关闭屏幕的影院和其他关闭支出，包括利息的累积、资产处置和其他纳入营业费用的非经营性损益。由于这些项目无现金性质或非经营性质，我们将其排除在外。
(3)2024年9月30日结束的三个月内，非合并实体的权益主要包括来自AC JV的权益为$(4.3)百万美元的收益。2023年9月30日结束的三个月内，非合并实体的权益主要包括来自AC JV的权益为$(1.5)百万美元的收益。

2024年9月30日结束的九个月内，非合并实体的权益主要包括来自AC JV的权益为$(9.5)百万美元的收益。2023年9月30日结束的九个月内，非合并实体的权益主要包括来自AC JV的权益为$(3.4)百万美元的收益。

(4)归属于EBITDA包括在某些国际市场的影剧院经营者的股本投资的EBITDA。请参见下文，了解我们对非合并实体损失权益的归属EBITDA之调和情况。由于这些股权投资是在我们持有重要市场份额的地区的影剧院经营者中，我们认为归属于EBITDA更能反映这些股权投资的表现，管理层使用该指标监控和评估这些股权投资。我们还为这些影剧院经营者提供服务，包括信息科技系统、特定的屏幕广告服务以及我们的礼品卡和套票计划。

59

目录

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

三个月结束

​

截至九个月的结束日期

(以百万计)

​

2024年9月30日

​

2023年9月30日

    

2024年9月30日

​

2023年9月30日

非一体化实体的权益收益

​

$

(5.2)

​

$

(3.1)

​

$

(9.9)

​

$

(5.3)

减少:

​

​

​

​

​

​

​

​

​

​

​

​

非合并实体（不包括国际剧院合资企业）的权益

​

​

(4.7)

​

​

(2.1)

​

​

(10.3)

​

​

(4.7)

国际戏剧合资企业的股权收益（损失）

​

​

0.5

​

​

1.0

​

​

(0.4)

​

​

0.6

所得税负担（利益）

​

​

—

​

​

0.1

​

​

(0.1)

​

​

(0.1)

投资收益

​

​

(0.1)

​

​

(0.2)

​

​

—

​

​

(0.1)

利息支出

​

​

—

​

​

0.1

​

​

0.1

​

​

0.2

折旧和摊销

​

​

0.7

​

​

0.4

​

​

1.4

​

​

1.0

其他支出

​

​

0.2

​

​

—

​

​

0.2

​

​

—

归属于股东的息税折旧及摊销前利润

​

$

1.3

​

$

1.4

​

$

1.2

​

$

1.6

​

(5)2024年9月30日结束的三个月内，投资支出（收入）包括黑克韩氏普通股投资的估计公允价值增值达到负（0.3）百万美元，黑克韩氏购买普通股权证投资的估计公允价值恶化达到170万美元，利息收入为负（4.6）百万美元。2023年9月30日结束的三个月内，投资支出（收入）包括黑克韩氏普通股投资的估计公允价值增值达到负（0.1）百万美元，黑克韩氏购买普通股权证投资的估计公允价值恶化达到80万美元，利息收入为负（3.7）百万美元。

2024年9月30日结束的九个月内，投资支出（收入）包括黑克韩氏普通股投资的估计公允价值增值达到负（0.2）百万美元，黑克韩氏购买普通股权证投资的估计公允价值恶化达到190万美元，利息收入为负（16.1）百万美元。2023年9月30日结束的九个月内，投资支出（收入）包括黑克韩氏普通股投资的估计公允价值恶化达到540万美元，黑克韩氏购买普通股权证投资的估计公允价值恶化达到5.4亿美元，NCm普通单位支出为180万美元，我们出售沙特影城有限责任公司投资获得1.55亿美元收益，利息收入为负（8.5）百万美元。

(6)2024年9月30日结束的三个月内，其他支出（收入）包括股东诉讼赔偿达到负（14.9）百万美元，外币交易收益为负（21.5）百万美元，债务清偿损失为5080万美元，第三方贷款修改费用为4100万美元，以及可转换票据中的嵌入式转股权负债公允价值减少达到负（73.5）百万美元。2023年9月30日结束的三个月内，其他支出（收入）包括非现金诉讼责任调整达到负（16.1）百万美元，外币交易损失为1280万美元，债务清偿收益为负（10.8）百万美元。

2024年9月30日结束的九个月中的其他支出（收入）包括股东诉讼赔偿金额为3400万美元，债务注销收益为4030万美元，贷款修改第三方费用为4100万美元，供应商纠纷和解金额为3620万美元，外币交易收益为1890万美元，以及嵌入式可转换特征的交换性票据衍生责任公允价值下降7350万美元。2023年9月30日结束的九个月中的其他支出（收入）包括非现金诉讼损失准备金额为9930万美元，部分抵消的债务注销收益为9750万美元，以及外币交易收益为32万美元。

(7)兼并、收购和其他成本未包含在运营成本中，因其性质为非营运性质。
(8)一般和管理费用中包括的非现金费用：其他。

调整后的EBITDA是我们行业常用的非GAAP财务指标，不应被视为运营绩效的指标（按照美国GAAP确定）。调整后的EBITDA可能与其他公司报告的类似标题的指标不可比。我们包括调整后的EBITDA是因为我们认为它为管理层和投资者提供了衡量我们绩效和估算我们价值的额外信息。

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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:

●does not reflect our capital expenditures, future requirements for capital expenditures or contractual commitments;
●does not reflect changes in, or cash requirements for, our working capital needs;
●does not reflect the significant interest expenses, or the cash requirements necessary to service interest or principal payments on our debt;
●excludes income tax payments that represent a reduction in cash available to us; and
●does not reflect any cash requirements for the assets being depreciated and amortized that may have to be replaced in the future.

During the three months ended September 30, 2024, Adjusted EBITDA in the U.S. markets was $143.3 million compared to $155.5 million during the three months ended September 30, 2023. The year-over-year decline was primarily driven by a decrease in attendance partially due to a decline in market share of box office revenues compared to the prior year driven by the interplay between the film slate and our geographic mix, increases in film exhibition cost as a percentage of admissions revenue, and increases in operating expenses. These declines were partially offset by increases in average ticket price, increases in food and beverage sales per patron, decreases in rent expense and decreases in general and administrative expenses. During the three months ended September 30, 2024, Adjusted EBITDA in the International markets was $18.5 million compared to $44.4 million during the three months ended September 30, 2023. The year-over-year decline was primarily driven by a decrease in attendance as a result of the popularity of new film releases compared to the prior year and declines in average ticket price. These declines were partially offset by increases in food and beverage sales per patron and decreases in rent expense. During the three months ended September 30, 2024, Adjusted EBITDA in the U.S. markets and International markets was $161.8 million compared to $199.9 million during the three months ended September 30, 2023, driven by the aforementioned factors impacting Adjusted EBITDA.

During the nine months ended September 30, 2024, Adjusted EBITDA in the U.S. markets was $178.5 million compared to $353.4 million during the nine months ended September 30, 2023. The year-over-year decline was primarily driven by a decrease in attendance as a result of the availability and popularity of new film releases compared to the prior year and increases in rent expense due to a prior year rent credit for a theatre termination. These declines were partially offset by increases in average ticket price, increases in food and beverage sales per patron and decreases in general and administrative expenses. During the nine months ended September 30, 2024, Adjusted EBITDA in the International markets was $0.6 million compared to $53.0 million during the nine months ended September 30, 2023. The year-over-year decline was primarily driven by a decrease in attendance as a result of the popularity of new film releases compared to the prior year, declines in average ticket price and increases in rent expense. During the nine months ended September 30, 2024, Adjusted EBITDA in the U.S. markets and International markets was $179.1 million compared to $406.4 million during the nine months ended September 30, 2023, driven by the aforementioned factors impacting Adjusted EBITDA.

LIQUIDITY AND CAPITAL RESOURCES

​

Our consolidated revenues are primarily collected in cash, principally through admissions and food and beverage sales. We have an operating “float” which partially finances our operations and which generally permits us to maintain a smaller amount of working capital capacity. This float exists because admissions revenues are received in cash, while exhibition costs (primarily film rentals) are ordinarily paid to distributors 20 to 45 days following receipt of admissions revenues. Film distributors generally release the films which they anticipate will be the most successful during the summer and year-end holiday seasons. Consequently, we typically generate higher revenues during such periods and experience higher working capital requirements following such periods.

We had working capital deficit (excluding restricted cash) as of September 30, 2024, and December 31, 2023 of ($839.5) million and $(456.4) million, respectively. As of September 30, 2024 and December 31, 2023, working capital included operating lease liabilities of $527.6 million and $508.8 million, respectively, and deferred revenues of $385.1 million and $421.8 million, respectively.

See Note 6—Corporate Borrowings and Finance Lease Liabilities in the Notes to the Condensed Consolidated Financial Statements under Item 1 of Part I of this Form 10-Q for a further discussion of our Financial Covenants.

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As of September 30, 2024, we had cash and cash equivalents of $527.4 million.

We have continued to lower the future interest expense of our fixed-rate debt through debt buybacks and exchanges for equity and enhanced liquidity through equity issuances. See Note 6—Corporate Borrowings and Finance Lease Liabilities, Note 7—Stockholders’ Deficit, and Note 13—Subsequent Events in the Notes to the Condensed Consolidated Financial Statements under Item 1 of Part I of this Form 10-Q for further information.

We expect, from time to time, to continue to seek to retire or purchase our outstanding debt through cash purchases and/or exchanges for equity or debt, in open-market purchases, privately negotiated transactions or otherwise. Such repurchases or exchanges, if any, will be upon such terms and at such prices as we may determine, and will depend on prevailing market conditions, our liquidity requirements, contractual restrictions and other factors. The amounts involved may be material and, to the extent equity is used, dilutive.

Refinancing Transactions

On July 22, 2024, we completed a series of refinancing transactions (the “Refinancing Transactions”) with two creditor groups to refinance and extend to 2029 and 2030 the maturities of approximately $1.6 billion of our debt previously maturing in 2026.

On August 1, 2024, we completed follow-on open market repurchases of our Existing Term Loans, and in exchange, issued to such selling holders our New Term Loans pursuant to the New Term Loan Credit Agreement of approximately $762.0 million.

On August 14, 2024, we completed an additional follow-on open market repurchase of our Existing Term Loans, and in exchange, issued to such selling holders our New Term Loans pursuant to the New Term Loan Credit Agreement of approximately $4.0 million.

On September 17, 2024, we issued $27.0 million of New Term Loans at par for cash and used the proceeds to redeem the remaining Existing Term Loans. As of September 30, 2024, the Company completed open market purchases of $1,895.0 million aggregate principal amount of its Existing Term Loans and issued $2,024.3 million aggregate principal amount of the New Term Loans. Accordingly, as of such date, the Company had no remaining aggregate principal amount of Existing Term Loans outstanding.

See Note 6—Corporate Borrowings and Finance Lease Liabilities in the Notes to the Condensed Consolidated Financial Statements under Item 1 of Part I of this Form 10-Q for further information.

Liquidity Requirements

We believe our existing cash and cash equivalents, together with cash generated from operations, will be sufficient to fund our operations and satisfy our obligations currently and through the next twelve months. Our current cash burn rates are not sustainable long-term. In order to achieve sustainable net positive cash flows provided by operating activities and long-term profitability, we believe that revenues will need to increase to levels at least in line with pre-COVID-19 revenues. North American box office grosses were down approximately 25% for the nine months ended September 30, 2024, compared to the nine months ended September 30, 2019. Until such time as we are able to achieve sustainable net positive cash flows provided by operating activities, it is difficult to estimate our future cash burn rates and liquidity requirements. Depending on our assumptions regarding the timing and ability to achieve levels of revenue, the estimates of amounts of required liquidity vary significantly.

There can be no assurance that the revenues, attendance levels and other assumptions used to estimate our liquidity requirements and future cash burn rates will be correct, and our ability to be predictive is uncertain due to limited ability to predict studio film release dates, the overall production and theatrical release levels and success of individual titles. Additionally, the effects of labor stoppages that occurred during 2023 had a negative impact in 2024 on the film slate for exhibition, the Company’s liquidity and cash burn rates. Further, there can be no assurances that we will be successful in generating the additional liquidity necessary to meet our obligations beyond twelve months from the issuance of this Quarterly Report on terms acceptable to us or at all.

On March 28, 2024, we entered into a Common Stock equity distribution agreement with certain sales agents to sell shares of Common Stock, from time to time, having an aggregate offering price of $250.0 million, through an at-the-market offering program. During the nine months ended September 30, 2024, we raised gross proceeds of $250.0

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million and paid fees to sales agents and incurred other third-party issuance costs of approximately $6.3 million and $0.6 million, respectively, through the at-the-market offering of approximately 72.5 million shares of Common Stock. We paid $0.7 million of other third-party issuance costs during the nine months ended September 30, 2024. We intend to use any net proceeds from the sale of Common Stock pursuant to the program to bolster liquidity, to repay, refinance, redeem or repurchase our existing indebtedness (including expenses, accrued interest and premium, if any) and for general corporate purposes.

As of April 19, 2024, and in anticipation of the maturity of the Senior Secured Revolving Credit Facility, we voluntarily terminated the commitments under the Senior Secured Revolving Credit Facility in full and paid off any remaining obligations with respect to the Senior Secured Revolving Credit Facility. We currently do not expect to replace the Senior Secured Revolving Credit Facility. We have entered into a new letter of credit facility in order to continue to provide letters of credit in the ordinary course of business following the termination of the Senior Secured Revolving Credit Facility.

Cash Flows from Operating Activities

​

Net cash flows used in operating activities, as reflected in the condensed consolidated statements of cash flows, were $254.4 million and $137.4 million during the nine months ended September 30, 2024 and September 30, 2023, respectively. The increase in net cash flows used in operating activities was primarily due to the decline in attendance due to the impact of labor stoppages that occurred during 2023 and third-party fees paid in connection with the modification of the term loans. All things being equal, a decline in attendance results in less cash inflows provided by operating activities that could be used to pay for the costs associated with our operations, thus creating an increase in net cash used in operations. The additional cash used in operating activities due to the decline in attendance was partially offset by reductions in rent repayments that were deferred during the COVID-19 pandemic and vendor dispute and other settlement proceeds received during the nine months ended September 30, 2024.

Cash Flows from Investing Activities

​

Net cash flows used in investing activities, as reflected in the condensed consolidated statements of cash flows, were $154.0 million and $116.4 million during the nine months ended September 30, 2024 and September 30, 2023, respectively. Cash outflows from investing activities include capital expenditures of $155.8 million and $153.5 million during the nine months ended September 30, 2024, and September 30, 2023, respectively.

During the nine months ended September 30, 2023, cash flows used in investing activities included proceeds from the sale of our investment in Saudi Cinema Company, LLC of $30.0 million and proceeds from the disposition of long-term assets of $8.6 million.

We fund the costs of constructing, maintaining, and remodeling our theatres through existing cash balances, cash generated from operations, landlord contributions, or capital raised, as necessary. We generally lease our theatres pursuant to long-term non-cancelable operating leases, which may require the developer, who owns the property, to reimburse us for the construction costs. We estimate that our capital expenditures, net of landlord contributions, will be approximately $175 million to $225 million for year ended December 31, 2024, to maintain and enhance operations.

Cash Flows from Financing Activities

Net cash flows provided by financing activities, as reflected in the condensed consolidated statements of cash flows, were $72.1 million and $355.3 million during the nine months ended September 30, 2024 and September 30, 2023, respectively. Cash flows provided by financing activities during the nine months ended September 30, 2024, were primarily due to net proceeds from equity issuances of $243.0 million and proceeds from the issuance of New Term Loans of $27.0 million, partially offset by the repurchase of Second Lien Notes of $83.2 million, deferred debt issuance costs of $45.7 million, principal payments under Existing Term Loans of $27.0 million, the repurchase of Senior Subordinated Notes due 2025 of $12.9 million, the repurchase of Senior Subordinated Notes due 2026 of $6.0 million, principal payments under term loan borrowings of $15.1 million, and taxes paid for restricted unit withholdings of $2.2 million. See Note 6—Corporate Borrowings and Finance Lease Liabilities and Note 7—Stockholders’ Equity in the Notes to the condensed consolidated financial statements in Item 1 of Part I of this Form 10-Q for further information, including a summary of principal payments required and maturities of corporate borrowings as of September 30, 2024.

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Cash flows provided by financing activities during the nine months ended September 30, 2023, were primarily due to net proceeds from equity issuances of $492.4 million, net of issuance costs, partially offset by the repurchase of Second Lien Notes for $99.8 million, and taxes paid for restricted unit withholdings of $14.2 million.

Formation of Unrestricted Subsidiaries

On July 22, 2024, American-Multi Cinema Inc. (“Multi-Cinema”), a Missouri corporation and a direct subsidiary of AMC Entertainment Holdings, Inc. (“Holdings”), assigned or transferred the net assets (“Theatre Net Assets”) of 175 theatres and transferred a 100% interest in certain intellectual property assets to its direct subsidiary Centertainment Development, LLC (“Centertainment”), and the Theatre Net Assets were in turn transferred to Centertainment’s direct wholly-owned subsidiary Muvico, LLC (“Muvico”), a newly formed Texas limited liability company. Theatre Net Assets include lease contracts and theatre property, including furniture, fixtures, plant and equipment, and other working capital items associated directly with the theatre locations. At the same time, Muvico licensed the intellectual property back to Multi-Cinema for its continued use in the operation of its retained theatres and entered into a management agreement for Multi-Cinema to operate the theatres transferred to Muvico. Muvico and Centertainment (collectively, the “Muvico Group”) are unrestricted subsidiaries under the indenture governing Holdings’ Existing First Lien Notes.

Unrestricted Subsidiaries’ Financial Information and Operating Metrics

Pursuant to the indenture governing Holdings’ Existing First Lien Notes, the indenture governing Muvico’s Exchangeable Notes, and the New Term Loan Credit Agreement governing Holdings’ and Muvico’s New Term Loans, we are presenting the following financial information and operating metrics for the Muvico Group separately from Holdings and its restricted subsidiaries (the “Restricted Subsidiaries” and collectively with Holdings, the “AMC Group”). AMC Theatres of UK Limited, which is an unrestricted subsidiary under the indenture governing Holdings’ Existing First Lien Notes has been included with the Restricted Subsidiaries for the purposes of the following presentation of financial information and operating metrics (this subsidiary is individually immaterial). The financial information presented for AMC Group and Muvico Group is presented on a standalone basis with discrete identification of the assets, liabilities, revenues and expenses associated with the Theatre Net Assets that were transferred to Muvico. Intercompany transactions between entities within the AMC Group or within the Muvico Group have been eliminated. Certain entities within the AMC Group and within the Muvico Group are parties to intercompany management, licensing, and debt agreements with each other. These transactions are reflected discretely within the columnar presentation below and are properly eliminated upon consolidation. The financial information is also prepared using the historical cost carrying values of Holdings, the top parent entity.

Holdings and Muvico are co-borrowers and joint and severally liable for the New Term Loan borrowings. Pursuant to ASC 405-40 we have allocated fifty percent (50%) of the liabilities, interest expense and cash flows each to Muvico and Holdings, respectively. The basis of this allocation is the amount we expect each party to pay.

​

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​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Three Months Ended September 30, 2024

​

​

AMCEH &

​

​

​

​

​

​

​

​

​

​

​

Restricted

​

Muvico Group

​

​

​

​

​

​

​

Subsidiaries/AMC

​

Unrestricted

​

​

​

​

​

​

Group (1)

​

Subsidiaries (2)

​

Eliminations

​

Consolidated

(In millions)

    

(unaudited)

​

(unaudited)

​

(unaudited)

​

(unaudited)

Revenues

​

​

​

​

​

​

​

​

​

​

​

​

Admissions

​

$

577.3

​

$

166.9

​

$

—

​

$

744.2

Food and beverage

​

​

400.3

​

​

90.1

​

​

—

​

​

490.4

Other theatre (4)

​

​

101.9

​

​

20.4

​

​

(8.1)

​

​

114.2

Total revenues

​

​

1,079.5

​

​

277.4

​

​

(8.1)

​

​

1,348.8

Operating costs and expenses

​

​

​

​

​

​

​

​

​

​

​

​

Film exhibition costs

​

​

291.8

​

​

89.6

​

​

—

​

​

381.4

Food and beverage costs

​

​

74.6

​

​

15.1

​

​

—

​

​

89.7

Operating expense, excluding depreciation and amortization below

​

​

362.4

​

​

92.2

​

​

—

​

​

454.6

Rent

​

​

173.7

​

​

42.7

​

​

—

​

​

216.4

General and administrative:

​

​

​

​

​

​

​

​

​

​

​

​

Merger, acquisition and other costs

​

​

0.1

​

​

—

​

​

—

​

​

0.1

Other, excluding depreciation and amortization below (4)

​

​

57.9

​

​

4.2

​

​

(8.1)

​

​

54.0

Depreciation and amortization

​

​

65.7

​

​

15.1

​

​

—

​

​

80.8

Operating costs and expenses

​

​

1,026.2

​

​

258.9

​

​

(8.1)

​

​

1,277.0

Operating income

​

​

53.3

​

​

18.5

​

​

—

​

​

71.8

Other expense, net:

​

​

​

​

​

​

​

​

​

​

​

​

Other expense (income), net

​

​

50.7

​

​

(73.5)

​

​

—

​

​

(22.8)

Interest expense:

​

​

​

​

​

​

​

​

​

​

​

​

Corporate borrowings

​

​

77.6

​

​

32.0

​

​

—

​

​

109.6

Finance lease obligations

​

​

1.0

​

​

—

​

​

—

​

​

1.0

Intercompany interest expense

​

​

—

​

​

3.2

​

​

(3.2)

​

​

—

Non-cash NCM exhibitor services agreement

​

​

9.0

​

​

—

​

​

—

​

​

9.0

Intercompany interest income

​

​

(3.2)

​

​

—

​

​

3.2

​

​

—

Investment expense (income)

​

​

(0.5)

​

​

(2.7)

​

​

—

​

​

(3.2)

Total other expense (income), net

​

​

134.6

​

​

(41.0)

​

​

—

​

​

93.6

Earnings (loss) before income taxes

​

​

(81.3)

​

​

59.5

​

​

—

​

​

(21.8)

Income tax provision (benefit) (3)

​

​

(1.1)

​

​

—

​

​

—

​

​

(1.1)

Net earnings (loss)

​

$

(80.2)

​

$

59.5

​

$

—

​

$

(20.7)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Three Months Ended September 30, 2024

​

​

AMCEH &

​

​

​

​

​

​

​

​

Restricted

​

Muvico Group

​

​

​

​

​

Subsidiaries/AMC

​

Unrestricted

​

​

​

​

Group (1)

​

Subsidiaries (2)

​

Consolidated

​

​

(unaudited)

​

(unaudited)

​

(unaudited)

Net earnings (loss)

​

$

(80.2)

​

$

59.5

​

$

(20.7)

Other comprehensive income (loss):

​

​

​

​

​

​

​

​

​

Unrealized foreign currency translation adjustments

​

​

8.7

​

​

—

​

​

8.7

Pension adjustments:

​

​

​

​

​

​

​

​

​

Net gain arising during the period

​

​

(0.1)

​

​

—

​

​

(0.1)

Other comprehensive income

​

​

8.6

​

​

—

​

​

8.6

Total comprehensive income (loss)

​

$

(71.6)

​

$

59.5

​

$

(12.1)

​

(1)This column provides the information required to be presented for (i) Holdings and its Restricted Subsidiaries under the indentures governing the Exchangeable Notes and Existing First Lien Notes and (ii) AMC Group under the New Term Loan Credit Agreement. Transactions between Holdings and its restricted subsidiaries have been eliminated.
(2)The amounts presented for Muvico are from its inception on July 22, 2024 through the end of the reporting period.

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(3)Muvico is a disregarded entity for federal and state income tax purposes with all tax expense and deferred taxes recorded at the Holdings level.
(4)Includes intercompany management fee revenues of $4.2 million recorded by AMCEH & Restricted Subsidiaries/AMC Group and intercompany license fee revenues of $3.9 million recorded by Muvico Group Unrestricted Subsidiaries. Corresponding amounts of expense are included in General and Administrative: Other for Muvico Group Unrestricted Subsidiaries and AMCEH & Restricted Subsidiaries/AMC Group, respectively. The amounts presented are from Muvico inception on July 22, 2024 through the end of the reporting period.

​

​

​

​

​

​

​

​

​

​

​

​

​

Three Months Ended September 30, 2024

​

​

AMCEH &

​

​

​

​

​

​

​

​

Restricted

​

Muvico Group

​

​

​

​

​

Subsidiaries/AMC

​

Unrestricted

​

​

​

​

Group (3)

​

Subsidiaries (4)

​

Consolidated

Key operating metrics:

​

(unaudited)

​

(unaudited)

​

(unaudited)

Average ticket price

 

$

11.02

​

$

13.16

​

$

11.43

Attendance (in thousands) (1)

 

​

52,407

​

​

12,680

​

​

65,087

Number of screens operated (2)

​

​

7,564

​

​

2,236

​

​

9,800

Number of theatres operated (2)

​

​

701

​

​

173

​

​

874

Adjusted EBITDA (5)

 

$

128.0

​

$

33.8

​

$

161.8

​

(1)Includes consolidated theatres only and excludes screens offline due to construction.
(2)The screens and theatres of the Muvico Group are operated by Multi-Cinema pursuant to the management agreement.
(3)This column provides the information required to be presented for (i) Holdings and its Restricted Subsidiaries under the indentures governing the Exchangeable Notes and Existing First Lien Notes and (ii) AMC Group under the New Term Loan Credit Agreement.
(4)The amounts presented for Muvico are from its inception on July 22, 2024 through the end of the reporting period.
(5)Below is a reconciliation of net loss to Adjusted EBITDA for AMCEH & Restricted Subsidiaries/AMC Group and Muvico Group. The reconciling items below have the same definitions and are of the same nature as of the reconciling items presented previously in Management’s Discussion and Analysis section of this Form 10-Q.

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Below is a reconciliation of net loss to Adjusted EBITDA for AMCEH & Restricted Subsidiaries/AMC Group and Muvico Group. The reconciling items below have the same definitions and are of the same nature as of the reconciling items presented previously in Management’s Discussion and Analysis section of this Form 10-Q.

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Three Months Ended September 30, 2024

​

​

AMCEH &

​

​

​

​

​

​

​

​

​

​

​

Restricted

​

Muvico Group

​

​

​

​

​

​

​

​

Subsidiaries/AMC

​

Unrestricted

​

​

​

​

​

​

​

Group (1)

​

Subsidiaries (2)

​

Eliminations

​

Consolidated

​

​

(unaudited)

​

(unaudited)

​

(unaudited)

​

(unaudited)

Net earnings (loss)

​

$

(80.2)

​

$

59.5

​

$

—

​

$

(20.7)

Plus:

​

​

​

​

​

​

​

​

​

​

​

​

Income tax benefit

​

 

(1.1)

​

 

—

​

​

—

​

 

(1.1)

Interest expense

​

 

87.6

​

 

35.2

​

​

(3.2)

​

 

119.6

Depreciation and amortization

​

 

65.7

​

 

15.1

​

​

—

​

 

80.8

Certain operating expense

​

 

1.8

​

 

0.2

​

​

—

​

 

2.0

Equity in earnings of non-consolidated entities

​

 

(5.2)

​

 

—

​

​

—

​

 

(5.2)

Attributable EBITDA

​

​

1.3

​

​

—

​

​

—

​

​

1.3

Investment income

​

 

(3.7)

​

 

(2.7)

​

​

3.2

​

 

(3.2)

Other expense (income)

​

 

55.4

​

 

(73.5)

​

​

—

​

 

(18.1)

General and administrative — unallocated:

​

​

​

​

​

​

​

​

​

​

​

​

Merger, acquisition and other costs

​

 

0.1

​

 

—

​

​

—

​

 

0.1

Stock-based compensation expense

​

 

6.3

​

 

—

​

​

—

​

 

6.3

Adjusted EBITDA

​

$

128.0

​

$

33.8

​

$

—

​

$

161.8

​

(1)This column provides the information required to be presented for (i) Holdings and its Restricted Subsidiaries under the indentures governing the Exchangeable Notes and Existing First Lien Notes and (ii) AMC Group under the New Term Loan Credit Agreement.
(2)The amounts presented for Muvico are from its inception on July 22, 2024 through the end of the reporting period.

​

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​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Nine Months Ended September 30, 2024

​

​

AMCEH &

​

​

​

​

​

​

​

​

​

​

​

Restricted

​

Muvico Group

​

​

​

​

​

​

​

Subsidiaries/AMC

​

Unrestricted

​

​

​

​

​

​

Group (1)

​

Subsidiaries (2)

​

Eliminations

​

Consolidated

(In millions)

    

(unaudited)

​

(unaudited)

​

(unaudited)

​

(unaudited)

Revenues

​

​

​

​

​

​

​

​

​

​

​

​

Admissions

​

$

1,672.2

​

​

166.9

​

​

—

​

​

1,839.1

Food and beverage

​

​

1,088.6

​

​

90.1

​

​

—

​

​

1,178.7

Other theatre (4)

​

​

300.7

​

​

20.4

​

​

(8.1)

​

​

313.0

Total revenues

​

​

3,061.5

​

​

277.4

​

​

(8.1)

​

​

3,330.8

Operating costs and expenses

​

​

​

​

​

​

​

​

​

​

​

​

Film exhibition costs

​

​

803.4

​

​

89.6

​

​

—

​

​

893.0

Food and beverage costs

​

​

207.5

​

​

15.1

​

​

—

​

​

222.6

Operating expense, excluding depreciation and amortization below

​

​

1,145.7

​

​

92.2

​

​

—

​

​

1,237.9

Rent

​

​

616.6

​

​

42.7

​

​

—

​

​

659.3

General and administrative:

​

​

​

​

​

​

​

​

​

​

​

​

Merger, acquisition and other costs

​

​

0.1

​

​

—

​

​

—

​

​

0.1

Other, excluding depreciation and amortization below (4)

​

​

164.6

​

​

4.2

​

​

(8.1)

​

​

160.7

Depreciation and amortization

​

​

226.1

​

​

15.1

​

​

—

​

​

241.2

Operating costs and expenses

​

​

3,164.0

​

​

258.9

​

​

(8.1)

​

​

3,414.8

Operating income (loss)

​

​

(102.5)

​

​

18.5

​

​

—

​

​

(84.0)

Other expense, net:

​

​

​

​

​

​

​

​

​

​

​

​

Other income, net

​

​

(100.3)

​

​

(73.5)

​

​

—

​

​

(173.8)

Interest expense:

​

​

​

​

​

​

​

​

​

​

​

​

Corporate borrowings

​

​

257.8

​

​

32.0

​

​

—

​

​

289.8

Finance lease obligations

​

​

2.5

​

​

—

​

​

—

​

​

2.5

Intercompany interest expense

​

​

1.8

​

​

3.2

​

​

(5.0)

​

​

—

Non-cash NCM exhibitor services agreement

​

​

27.5

​

​

—

​

​

—

​

​

27.5

Intercompany interest income

​

​

(3.2)

​

​

(1.8)

​

​

5.0

​

​

—

Investment expense (income)

​

​

(11.7)

​

​

(2.7)

​

​

—

​

​

(14.4)

Total other expense (income), net

​

​

174.4

​

​

(42.8)

​

​

—

​

​

131.6

Earnings (loss) before income taxes

​

​

(276.9)

​

​

61.3

​

​

—

​

​

(215.6)

Income tax provision (benefit) (3)

​

​

1.4

​

​

—

​

​

—

​

​

1.4

Net earnings (loss)

​

$

(278.3)

​

$

61.3

​

$

—

​

$

(217.0)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Nine Months Ended September 30, 2024

​

​

AMCEH &

​

​

​

​

​

​

​

​

Restricted

​

Muvico Group

​

​

​

​

​

Subsidiaries/AMC

​

Unrestricted

​

​

​

​

Group (1)

​

Subsidiaries (2)

​

Consolidated

​

​

(unaudited)

​

(unaudited)

​

(unaudited)

Net earnings (loss)

​

$

(278.3)

​

$

61.3

​

$

(217.0)

Other comprehensive income (loss):

​

​

​

​

​

​

​

​

​

Unrealized foreign currency translation adjustments

​

​

(24.4)

​

​

—

​

​

(24.4)

Pension adjustments:

​

​

​

​

​

​

​

​

​

Net loss arising during the period

​

​

0.4

​

​

—

​

​

0.4

Other comprehensive loss

​

​

(24.0)

​

​

—

​

​

(24.0)

Total comprehensive income (loss)

​

$

(302.3)

​

$

61.3

​

$

(241.0)

​

(1)This column provides the information required to be presented for (i) Holdings and its Restricted Subsidiaries under the indentures governing the Exchangeable Notes and Existing First Lien Notes and (ii) AMC Group under the New Term Loan Credit Agreement.
(2)The amounts presented for Muvico are from its inception on July 22, 2024 through the end of the reporting period.

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(3)Muvico is a disregarded entity for federal and state income tax purposes with all tax expense and deferred taxes recorded at the Holdings level.
(4)Includes intercompany management fee revenues of $4.2 million recorded by AMCEH & Restricted Subsidiaries/AMC Group and intercompany license fee revenues of $3.9 million recorded by Muvico Group Unrestricted Subsidiaries. Corresponding amounts of expense are included in General and Administrative: Other for Muvico Group Unrestricted Subsidiaries and AMCEH & Restricted Subsidiaries/AMC Group, respectively. The amounts presented are from Muvico inception on July 22, 2024 through the end of the reporting period.

​

​

​

​

​

​

​

​

​

​

​

​

​

Nine Months Ended September 30, 2024

​

​

AMCEH &

​

​

​

​

​

​

​

​

Restricted

​

Muvico Group

​

​

​

​

​

Subsidiaries/AMC

​

Unrestricted

​

​

​

​

Group (3)

​

Subsidiaries (4)

​

Consolidated

Key operating metrics:

​

(unaudited)

​

(unaudited)

​

(unaudited)

Average ticket price

 

$

11.22

​

$

13.16

​

$

11.37

Attendance (in thousands) (1)

​

​

149,051

​

​

12,680

​

​

161,731

Number of screens operated (2)

 

​

7,564

​

​

2,236

​

​

9,800

Number of theatres operated (2)

 

​

701

​

​

173

​

​

874

Adjusted EBITDA (5)

 

$

145.3

​

$

33.8

​

$

179.1

(1)Includes consolidated theatres only and excludes screens offline due to construction.
(2)The screens and theatres of the Muvico Group are operated by Multi-Cinema pursuant to the management agreement.
(3)This column provides the information required to be presented for (i) Holdings and its Restricted Subsidiaries under the indentures governing the Exchangeable Notes and Existing First Lien Notes and (ii) AMC Group under the New Term Loan Credit Agreement.
(4)The amounts presented for Muvico are from its inception on July 22, 2024 through the end of the reporting period.
(5)Below is a reconciliation of net loss to Adjusted EBITDA for AMCEH & Restricted Subsidiaries/AMC Group and Muvico Group. The reconciling items below have the same definitions and are of the same nature as of the reconciling items presented previously in Management’s Discussion and Analysis section of this Form 10-Q.

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Table of Contents

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Nine Months Ended September 30, 2024

​

​

AMCEH &

​

​

​

​

​

​

​

​

​

​

​

Restricted

​

Muvico Group

​

​

​

​

​

​

​

​

Subsidiaries/AMC

​

Unrestricted

​

​

​

​

​

​

​

Group (1)

​

Subsidiaries (2)

​

Eliminations

​

Consolidated

​

​

(unaudited)

​

(unaudited)

​

(unaudited)

​

(unaudited)

Net earnings (loss)

​

$

(278.3)

​

$

61.3

​

$

—

​

$

(217.0)

Plus:

​

​

​

​

​

​

​

​

​

​

​

​

Income tax provision

​

 

1.4

​

 

—

​

​

—

​

 

1.4

Interest expense

​

 

289.6

​

 

35.2

​

​

(5.0)

​

 

319.8

Depreciation and amortization

​

 

226.1

​

 

15.1

​

​

—

​

 

241.2

Certain operating expense

​

 

3.3

​

 

0.2

​

​

—

​

 

3.5

Equity in earnings of non-consolidated entities

​

 

(9.9)

​

 

—

​

​

—

​

 

(9.9)

Attributable EBITDA

​

​

1.2

​

​

—

​

​

—

​

​

1.2

Investment income

​

 

(14.9)

​

 

(4.5)

​

​

5.0

​

 

(14.4)

Other income, net

​

 

(88.4)

​

 

(73.5)

​

​

—

​

 

(161.9)

General and administrative — unallocated:

​

​

​

​

​

​

​

​

​

​

​

​

Merger, acquisition and other costs

​

 

0.1

​

 

—

​

​

—

​

 

0.1

Stock-based compensation expense

​

 

15.1

​

 

—

​

​

—

​

 

15.1

Adjusted EBITDA

​

$

145.3

​

$

33.8

​

$

—

​

$

179.1

​

(1)This column provides the information required to be presented for (i) Holdings and its Restricted Subsidiaries under the indentures governing the Exchangeable Notes and Existing First Lien Notes and (ii) AMC Group under the New Term Loan Credit Agreement.
(2)The amounts presented for Muvico are from its inception on July 22, 2024 through the end of the reporting period.

​

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Table of Contents

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

As of September 30, 2024

​

​

AMCEH &

​

​

​

​

​

​

​

​

​

​

​

Restricted

​

Muvico Group

​

​

​

​

​

​

​

Subsidiaries/AMC

​

Unrestricted

​

​

​

​

​

​

Group (3)

​

Subsidiaries

​

Eliminations

​

Consolidated

(In millions, except share data)

​

(unaudited)

​

(unaudited)

​

(unaudited)

​

(unaudited)

ASSETS

​

​

​

​

​

​

​

​

​

​

​

​

Current assets:

​

​

​

​

​

​

​

​

​

​

​

​

Cash and cash equivalents (1)

​

$

197.7

​

$

329.7

​

$

—

​

$

527.4

Restricted cash

​

​

49.7

​

​

—

​

​

—

​

​

49.7

Receivables, net

​

​

104.4

​

​

3.7

​

​

—

​

​

108.1

Other current assets

​

​

66.0

​

​

37.9

​

​

—

​

​

103.9

Total current assets

​

​

417.8

​

​

371.3

​

​

—

​

​

789.1

Property, net

​

​

1,105.8

​

​

378.6

​

​

—

​

​

1,484.4

Operating lease right-of-use assets, net

​

​

2,539.2

​

​

812.7

​

​

—

​

​

3,351.9

Intangible assets, net

​

​

42.8

​

​

104.4

​

​

—

​

​

147.2

Goodwill

​

​

2,351.6

​

​

—

​

​

—

​

​

2,351.6

Deferred tax asset, net (4)

​

​

0.5

​

​

—

​

​

—

​

​

0.5

Other long-term assets

​

​

198.7

​

​

0.7

​

​

—

​

​

199.4

Intercompany receivables (2)

​

​

—

​

​

1,373.6

​

​

(1,373.6)

​

​

—

Investment in subsidiary

​

​

635.5

​

​

—

​

​

(635.5)

​

​

—

Total assets

​

$

7,291.9

​

$

3,041.3

​

$

(2,009.1)

​

$

8,324.1

LIABILITIES AND STOCKHOLDERS’ DEFICIT

​

​

​

​

​

​

​

​

​

​

​

​

Current liabilities:

​

​

​

​

​

​

​

​

​

​

​

​

Accounts payable

​

$

221.7

​

$

26.0

​

$

—

​

$

247.7

Accrued expenses and other liabilities

​

​

284.6

​

​

33.7

​

​

—

​

​

318.3

Deferred revenues and income

​

​

382.3

​

​

2.8

​

​

—

​

​

385.1

Current maturities of corporate borrowings

​

​

85.5

​

​

10.1

​

​

—

​

​

95.6

Current maturities of finance lease liabilities

​

​

4.6

​

​

—

​

​

—

​

​

4.6

Current maturities of operating lease liabilities

​

​

384.8

​

​

142.8

​

​

—

​

​

527.6

Total current liabilities

​

​

1,363.5

​

​

215.4

​

​

—

​

​

1,578.9

Corporate borrowings

​

​

2,640.3

​

​

1,408.1

​

​

—

​

​

4,048.4

Finance lease liabilities

​

​

48.6

​

​

—

​

​

—

​

​

48.6

Operating lease liabilities

​

​

2,959.4

​

​

778.9

​

​

—

​

​

3,738.3

Exhibitor services agreement

​

​

469.8

​

​

—

​

​

—

​

​

469.8

Deferred tax liability, net (4)

​

​

34.0

​

​

—

​

​

—

​

​

34.0

Intercompany payables (2)

​

​

1,373.6

​

​

—

​

​

(1,373.6)

​

​

—

Other long-term liabilities

​

​

88.0

​

​

3.4

​

​

—

​

​

91.4

Total liabilities

​

​

8,977.2

​

​

2,405.8

​

​

(1,373.6)

​

​

10,009.4

Commitments and contingencies

​

​

​

​

​

​

​

​

​

​

​

​

Stockholders’ deficit:

​

​

​

​

​

​

​

​

​

​

​

​

AMC Entertainment Holdings, Inc.'s stockholders' deficit:

​

​

​

​

​

​

​

​

​

​

​

​

Preferred stock

​

​

—

​

​

—

​

​

—

​

​

—

Class A common stock

​

​

3.6

​

​

—

​

​

—

​

​

3.6

Additional paid-in capital

​

​

6,624.5

​

​

558.3

​

​

(558.3)

​

​

6,624.5

Accumulated other comprehensive loss

​

​

(102.2)

​

​

—

​

​

—

​

​

(102.2)

Accumulated deficit

​

​

(8,211.2)

​

​

77.2

​

​

(77.2)

​

​

(8,211.2)

Total stockholders' deficit

​

​

(1,685.3)

​

​

635.5

​

​

(635.5)

​

​

(1,685.3)

Total liabilities and stockholders’ deficit

​

$

7,291.9

​

$

3,041.3

​

$

(2,009.1)

​

$

8,324.1

​

(1)The cash held in bank accounts differs from the book balance due to deposits in transit, payments in transit, and certain cash equivalents.
(2)Intercompany receivables (payables) includes intercompany loans, fees receivable/payable pursuant to the management agreement and intellectual property license agreement, the intercompany receivable/payable created by allocating the New Term Loans borrowings between Holdings and Muvico, and other intercompany balances created due to the Refinancing Transactions.
(3)This column provides the information required to be presented for (i) Holdings and its Restricted Subsidiaries under the indentures governing the Exchangeable Notes and Existing First Lien Notes and (ii) AMC Group under the New Term Loan Credit Agreement.

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Table of Contents

(4)Muvico is a disregarded entity for federal and state income tax purposes with all tax expense and deferred taxes recorded at the Holdings level.

​

​

​

​

​

​

​

​

​

​

​

​

​

Nine Months Ended September 30, 2024

​

​

AMCEH &

​

​

​

​

​

​

​

​

Restricted

​

Muvico Group

​

​

​

​

​

Subsidiaries/AMC

​

Unrestricted

​

​

​

​

Group (1)

​

Subsidiaries (2)

​

Consolidated

​

​

(unaudited)

​

(unaudited)

​

(unaudited)

Net (loss) earnings

​

$

(278.3)

​

$

61.3

​

$

(217.0)

Adjustments to reconcile net loss to net cash used in operating activities:

​

​

​

​

​

​

​

​

​

Depreciation and amortization

​

​

226.1

​

​

15.1

​

​

241.2

(Gain) loss on extinguishment of debt

​

​

(40.3)

​

​

—

​

​

(40.3)

Gain on derivative liability

​

​

—

​

​

(73.5)

​

​

(73.5)

Deferred income taxes

​

​

1.1

​

​

—

​

​

1.1

Unrealized loss on investments in Hycroft

​

​

1.7

​

​

—

​

​

1.7

Amortization of (premium) discount on corporate borrowings to interest expense

​

​

(23.8)

​

​

3.7

​

​

(20.1)

Amortization of deferred financing costs to interest expense

​

​

6.1

​

​

0.6

​

​

6.7

Non-cash portion of stock-based compensation

​

​

15.1

​

​

—

​

​

15.1

Equity in loss (earnings) from non-consolidated entities, net of distributions

​

​

(3.3)

​

​

—

​

​

(3.3)

Landlord contributions

​

​

26.0

​

​

—

​

​

26.0

Deferred rent

​

​

(78.9)

​

​

(3.2)

​

​

(82.1)

Net periodic benefit cost

​

​

1.5

​

​

—

​

​

1.5

Change in assets and liabilities:

​

​

​

​

​

​

​

​

​

Receivables

​

​

91.7

​

​

6.9

​

​

98.6

Other assets

​

​

2.1

​

​

(14.9)

​

​

(12.8)

Accounts payable

​

​

(50.7)

​

​

(31.9)

​

​

(82.6)

Accrued expenses and other liabilities

​

​

(91.1)

​

​

0.1

​

​

(91.0)

Intercompany receivables and payables

​

​

(130.2)

​

​

130.2

​

​

—

Other, net

​

​

(23.6)

​

​

—

​

​

(23.6)

Net cash (used in) provided by operating activities

​

​

(348.8)

​

​

94.4

​

​

(254.4)

Cash flows from investing activities:

​

​

​

​

​

​

​

​

​

Capital expenditures

​

​

(146.9)

​

​

(8.9)

​

​

(155.8)

Proceeds from disposition of long-term assets

​

​

0.3

​

​

—

​

​

0.3

Cash contributed to Muvico Group

​

​

(3.9)

​

​

3.9

​

​

—

Other, net

​

​

1.5

​

​

—

​

​

1.5

Net cash used in investing activities

​

​

(149.0)

​

​

(5.0)

​

​

(154.0)

Cash flows from financing activities:

​

​

​

​

​

​

​

​

​

Repurchase of Senior Subordinated Notes due 2025

​

​

(12.9)

​

​

—

​

​

(12.9)

Repurchase of Senior Subordinated Notes due 2026

​

​

(6.0)

​

​

—

​

​

(6.0)

Repurchase of Second Lien Notes due 2026

​

​

(83.2)

​

​

—

​

​

(83.2)

Scheduled principal payments under Term Loan borrowings

​

​

(12.6)

​

​

(2.5)

​

​

(15.1)

Principal payments under Term Loan due 2026

​

​

(27.0)

​

​

—

​

​

(27.0)

Proceeds from issuance of Term Loan due 2029

​

​

27.0

​

​

—

​

​

27.0

Net proceeds from equity issuances

​

​

243.0

​

​

—

​

​

243.0

Principal payments under finance lease obligations

​

​

(3.5)

​

​

—

​

​

(3.5)

Cash used to pay for deferred financing costs

​

​

(11.0)

​

​

(34.7)

​

​

(45.7)

Debt extinguishment costs

​

​

(2.3)

​

​

—

​

​

(2.3)

Taxes paid for restricted unit withholdings

​

​

(2.2)

​

​

—

​

​

(2.2)

Proceeds (payments) of intercompany loans

​

​

(266.2)

​

​

266.2

​

​

—

Net cash provided by (used in) financing activities

​

​

(156.9)

​

​

229.0

​

​

72.1

Effect of exchange rate changes on cash and cash equivalents and restricted cash

​

​

2.0

​

​

—

​

​

2.0

72

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Net increase (decrease) in cash and cash equivalents and restricted cash

​

​

(652.7)

​

​

318.4

​

​

(334.3)

Cash and cash equivalents and restricted cash at beginning of period

​

​

900.1

​

​

11.3

​

​

911.4

Cash and cash equivalents and restricted cash at end of period

​

$

247.4

​

$

329.7

​

$

577.1

​

​

​

​

​

​

​

​

​

(1)This column provides the information required to be presented for (i) Holdings and its Restricted Subsidiaries under the indentures governing the Exchangeable Notes and Existing First Lien Notes and (ii) AMC Group under the New Term Loan Credit Agreement.
(2)The amounts presented for Muvico are from its inception on July 22, 2024 through the end of the reporting period.

​

​

​

​

​

​

Item 3. Quantitative and Qualitative Disclosures about Market Risk

​

In the ordinary course of business, our financial results are exposed to fluctuations in interest rates and foreign currency exchange rates. In accordance with applicable guidance, we presented a sensitivity analysis showing the potential impact to net income of changes in interest rates and foreign currency exchange rates. For the nine months ended September 30, 2024 and September 30, 2023, our analysis utilized a hypothetical 100 basis-point increase or decrease to the average interest rate on our variable rate debt instruments to illustrate the potential impact to interest expense of changes in interest rates and a hypothetical 100 basis-point increase or decrease to market interest rates on our fixed rate debt instruments to illustrate the potential impact to fair value of changes in interest rates.

Similarly, for the same period, our analysis used a uniform and hypothetical 10% increase in foreign currency translation rates to depict the potential impact to net income of changes in foreign exchange rates. These market risk instruments and the potential impacts to the condensed consolidated statements of operations are presented below.

Market risk on variable-rate financial instruments. As of September 30, 2024, we had an aggregate of $2,019.3 million outstanding principal amount of our New Term Loans which bear interest, at our option, at rates equal to either (i) a base rate plus a margin of between 500 and 600 basis points depending on the total leverage ratio of the Company and its subsidiaries on a consolidated basis (the “Total Leverage Ratio”) or (ii) Term SOFR plus a margin of between 600 and 700 basis points depending on the Total Leverage Ratio. Until the delivery under the New Term Loan Credit Agreement of the financial statements for the first full fiscal quarter ending after the Closing Date, the New Term Loans bear interest, at the option of the Company, at either (a) the base rate plus a margin of 600 basis points or (b) Term SOFR plus a margin of 700 basis points.

Prior to the Refinancing Transactions we had outstanding Existing Term Loans under the Credit Agreement dated April 30, 2013 (as amended, restated, amended and restated, supplemented or otherwise modified) which bore interest at a rate per annum equal to, at our option, either (1) a base rate determined by reference to the highest of (a) 0.50% per annum plus the Federal Funds Effective Rate, (b) the prime rate announced by the administrative agent and (c) 1.00% per annum plus Adjusted Term SOFR (as defined below) for a 1-month tenor or (2) Term SOFR plus a credit spread adjustment of 0.11448% per annum, 0.26161% per annum, and 0.42826% per annum for interest periods of one-month, three-months, or six-months or longer, respectively (“Adjusted Term SOFR”) plus in the case of the Existing Term Loans, 2.0% for base rate loans or 3.0% for SOFR loans.

The rate in effect for the outstanding New Term Loans was 11.919% per annum at September 30, 2024, and 8.427% per annum for the Existing Term Loans at September 30, 2023.

Increases in market interest rates would cause interest expense to increase and earnings before income taxes to decrease. The change in interest expense and earnings before income taxes would be dependent upon the weighted average outstanding borrowings during the reporting period following an increase in market interest rates. A 100-basis point change in market interest rates would have increased or decreased interest expense on the Existing Term Loans and New Term Loans by approximately $14.5 million during the nine months ended September 30, 2024.

At September 30, 2023, we had an aggregate principal balance of $1,910.0 million outstanding under the Existing Term Loans. A 100-basis point change in market interest rates would have increased or decreased interest expense on our Existing Term Loans by $14.3 million during the nine months ended September 30, 2023.

Market risk on fixed-rate financial instruments. Included in corporate borrowings as of September 30,

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2024, were principal amounts of $414.4 million of our Exchangeable Notes, $950.0 million of our Existing First Lien Notes, $163.9 million of our Second Lien Notes, $400.0 million of our 12.75% Odeon Senior Secured Notes due 2027 (“Odeon Notes due 2027”), $82.7 million of our 5.75% Senior Subordinated Notes due 2025 (“Notes due 2025”), $41.9 million of our 5.875% Senior Subordinated Notes due 2026 (“Notes due 2026”), $125.5 million of our 6.125% Senior Subordinated Notes due 2027 (“Notes due 2027”), and £4.0 million ($5.3 million) of our 6.375% Senior Subordinated Notes due 2024 (“Sterling Notes due 2024”). A 100-basis point change in market interest rates would have caused an increase or (decrease) in the fair value of our fixed rate financial instruments of approximately $65.4 million and $(62.6) million, respectively, as of September 30, 2024.

Included in corporate borrowings as of September 30, 2023, were principal amounts of $950.0 million of our Existing First Lien Notes, $1,124.2 million of our Second Lien Notes, $400.0 million of our Odeon Notes due 2027, $98.3 million of our Notes due 2025, $51.5 million of our Notes due 2026, $125.5 million of our Notes due 2027, and £4.0 million ($4.9 million) of our Sterling Notes due 2024. A 100-basis point change in market interest rates would have caused an increase or (decrease) in the fair value of our fixed rate financial instruments of approximately $60.1 million and $(57.7) million, respectively, as of September 30, 2023.

Foreign currency exchange rate risk. We are also exposed to market risk arising from changes in foreign currency exchange rates arising from our International markets operations. International markets revenues and operating expenses are transacted in British Pounds, Euros, Swedish Krona, and Norwegian Krone. U.S. GAAP requires that our subsidiaries use the currency of the primary economic environment in which they operate as their functional currency. If any international subsidiary was to operate in a highly inflationary economy, U.S. GAAP would require that the U.S. dollar be used as the functional currency. Currency fluctuations in the countries in which we operate result in us reporting exchange gains (losses) or foreign currency translation adjustments. Based upon the functional currencies in the International markets as of September 30, 2024, holding everything else constant, a hypothetical 10% increase in foreign currency translation rates to depict the potential impact to net loss of changes in foreign exchange rates would increase the aggregate net loss of our International theatres for the nine months ended September 30, 2024, by approximately $5.1 million. Based upon the functional currencies in the International markets as of September 30, 2023, holding everything else constant, a hypothetical 10% increase in foreign currency translation rates to depict the potential impact to net loss of changes in foreign exchange rates would increase the aggregate net loss of our International theatres for the nine months ended September 30, 2023, by approximately $4.4 million.

Our foreign currency translation rates increased by approximately 1.1% for the nine months ended September 30, 2024, compared to the nine months ended September 30, 2023.

​

Item 4. Controls and Procedures.

​

(a)

Evaluation of disclosure controls and procedures.

​

The Company maintains a set of disclosure controls and procedures designed to ensure that material information required to be disclosed in its filings under the Securities Exchange Act of 1934 is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission’s rules and forms and that material information is accumulated and communicated to the Company’s management, including its Chief Executive Officer and Chief Financial Officer, as appropriate, to allow timely decisions regarding required disclosure. The Company’s Chief Executive Officer and Chief Financial Officer have evaluated these disclosure controls and procedures as of the end of the period covered by this Quarterly Report on Form 10–Q and have determined that such disclosure controls and procedures were effective.

​

(b)

Changes in internal control.

​

There has been no change in our internal control over financial reporting during our most recent calendar quarter that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.

​

​

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PART II—OTHER INFORMATION

​

Item 1. Legal Proceedings

​

Reference is made to Note 11—Commitments and Contingencies of the Notes to the Company’s Condensed Consolidated Financial Statements in Item 1 of Part I of this Form 10-Q for information on certain litigation to which we are a party.

​

​

Item 1A. Risk Factors

Reference is made to Part I Item 1A. Risk Factors in our Annual Report on Form 10–K for the year ended December 31, 2023, which sets forth information relating to important risks and uncertainties that could materially adversely affect our business, financial condition or operating results. Except as set forth below, there have been no material changes to the risk factors contained in our Annual Report on Form 10-K for the year ended December 31, 2023 and Part II Item 1A. in our Quarterly Report on Form 10-Q for the quarter ended June 30, 2024.

There has been significant recent dilution and there may continue to be significant additional future dilution of our Common Stock, which could adversely affect the market price of shares of our Common Stock.

From January 1, 2020 through November 5, 2024, the outstanding shares of our Common Stock have increased by 370,471,691 shares (on a Reverse Stock Split adjusted basis) in a combination of at-the-market sales, conversion of Series A Convertible Participating Preferred Stock, shareholder litigation settlement, conversion of Class B common stock, conversion of notes, exchanges of notes, transaction fee payments, and equity grant vesting. On March 14, 2023, the Company held the Special Meeting and obtained the requisite stockholder approval for the Charter Amendments (as defined in the annual report on Form 10-K for the year ended December 31, 2023) and on August 14, 2023 we filed the amendment to our Certificate of Incorporation implementing the Charter Amendments effective as of August 24, 2023. In accordance with the Charter Amendments, we increased the total number of authorized shares of Common Stock from 524,173,073 to 550,000,000 shares of Common Stock and effectuated a reverse stock split at a ratio of one share of Common Stock for every ten shares of Common Stock outstanding. In accordance with the terms of the Certificate of Designations governing the Series A Convertible Participating Preferred Stock, following the effectiveness of the Charter Amendments all outstanding shares of our Series A Convertible Participating Preferred Stock converted into 99,540,642 shares of Common Stock. On July 22, 2024, as part of the Refinancing Transactions, Muvico issued the Exchangeable Notes and the Additional Exchangeable Notes that are exchangeable into our Common Stock pursuant to the indenture governing the Exchangeable Notes.

If the Exchangeable Notes and the Additional Exchangeable Notes are converted fully into shares of our Common Stock, they will be converted into an aggregate of up to 92,584,105 shares of Common Stock, which represents the maximum number of shares of Common Stock issuable upon conversion of the Exchangeable Notes, including a make-whole fee, determined as if the Additional Notes had been purchased by the holders of the Exchangeable Notes, and the outstanding Exchangeable Notes were converted in full as of the trading day immediately preceding the date of this report, without regard to any limitations on the conversion therein.

If the Exchangeable Notes and Additional Exchangeable Notes are converted fully into shares of our Common Stock prior to maturity, without regard to any limitations on the conversion therein, the maximum number of the Additional Exchangeable Notes are issued, and Muvico elects to pay interest by issuing PIK Notes during the life of the Exchangeable Notes, they will be converted into an aggregate of up to 129,051,873 shares of Common Stock representing the maximum number of shares of Common Stock issuable upon conversion therein.

As of November 5, 2024, there were 375,679,699 shares of Common Stock issued and outstanding. We expect to issue additional shares of Common Stock to raise cash to bolster our liquidity, to repay, refinance, redeem or refinance indebtedness (including expenses, accrued interest and premium, if any), for working capital, to finance strategic initiatives and future acquisitions, to settle conversion of the Exchangeable Notes, including any PIK Notes and Additional Exchangeable Notes, or for other purposes. We may also issue preferred equity securities or securities convertible into, or exchangeable for, or that represent the right to receive, shares of Common Stock or acquire interests in other companies, or other assets by using a combination of cash and shares of Common Stock, or just shares of Common Stock. The holders of the Exchangeable Notes may from time to time convert the Exchangeable Notes and Additional Exchangeable Notes into shares of our Common Stock, and Muvico may elect to pay interest-in-kind by issuing PIK

75

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Notes. Additionally, vesting of outstanding awards pursuant to our current and legacy equity compensation programs results in the issuance of new shares of Common Stock, net of any shares withheld to cover tax withholding obligations upon vesting. Any of these events may significantly dilute the ownership interests of current stockholders, reduce our earnings per share or have an adverse effect on the price of our shares of Common Stock.

The market price and trading volume of our shares of Common Stock have experienced, and may continue to experience, extreme volatility, which could cause purchasers of our Common Stock to incur substantial losses.

The market prices and trading volume of our shares of Common Stock have experienced, and may continue to experience, extreme volatility, which could cause purchasers of our Common Stock to incur substantial losses. For example, during 2023 and 2024 to date, as adjusted for the Reverse Stock Split, the market price of our Common Stock has fluctuated from an intra-day low on the New York Stock Exchange (“NYSE”) of $2.38 per share on April 16, 2024 to an intra-day high on the NYSE of $85.30 on February 28, 2023. The last reported sale price of our Common Stock on the NYSE on November 5, 2024, was $4.39 per share. During 2023 and 2024 to date, daily trading volume ranged from approximately 771,720 to 634,246,600 shares.

We believe that volatility and market prices of our shares may reflect market and trading dynamics unrelated to our underlying business, or macro or industry fundamentals, and we do not know how long these dynamics will last.

Extreme fluctuations in the market price of our Common Stock have been accompanied by reports of strong and atypical retail investor interest, including on social media and online forums. The market volatility and trading patterns we have experienced create several risks for investors, including the following:

•the market prices of our Common Stock have experienced and may continue to experience rapid and substantial increases or decreases unrelated to our operating performance or prospects, or macro or industry fundamentals, and substantial increases may be significantly inconsistent with the risks and uncertainties that we continue to face;
•factors in the public trading market for our Common Stock may include the sentiment of retail investors (including as may be expressed on financial trading and other social media sites and online forums), the direct access by retail investors to broadly available trading platforms, the amount and status of short interest in our securities, access to margin debt, trading in options and other derivatives on our Common Stock and any related hedging and other trading factors;
•our market capitalization, as implied by various trading prices, currently reflects valuations that diverge significantly from historical valuations, and to the extent these valuations reflect trading dynamics unrelated to our financial performance or prospects, purchasers of our Common Stock could incur substantial losses if there are declines in market prices;
•to the extent volatility in our Common Stock is caused, or may from time to time be caused, as has widely been reported, by a “short squeeze” in which coordinated trading activity causes a spike in the market price of our Common Stock as traders with a short position make market purchases to avoid or to mitigate potential losses, investors purchase at inflated prices unrelated to our financial performance or prospects, and may thereafter suffer substantial losses as prices decline once the level of short-covering purchases has abated; and
•if the market prices of our Common Stock declines, investors may be unable to resell shares of our Common Stock at or above the price at which their investment was made. Our Common Stock may continue to fluctuate or decline significantly in the future, which may result in substantial losses.

The market price of our Common Stock could also be negatively affected by any unfavorable outcome in the Noteholder Action described in Note 11—Commitments and Contingencies of the Notes to the Company’s Condensed Consolidated Financial Statements in Item 1 of Part I of this Form 10-Q or by any other action brought by note holders resulting from the Refinancing Transactions. If it is determined that the Company breached, as claimed, the Intercreditor Agreement, this would permit note holders to claim an event of default occurred under the indenture governing the Existing First Lien Notes and, subject to any conditions in the indenture, permit note holders to accelerate the Existing First Lien Notes, which could in turn result in the acceleration of the Company’s other outstanding debt. Such an event would thereby have a material adverse effect on our business, financial condition and results of operations and on the market prices of our securities, including our Common Stock. Additional litigation brought by the note holders, any additional claimed defaults under the indenture or any publicity in connection therewith could also negatively affect the market price of our Common Stock.

76

Table of Contents

Future increases or decreases in the market of our Common Stock may not coincide in timing with the disclosure of news or developments by or affecting us. Accordingly, the market price of our shares of Common Stock may fluctuate dramatically, and may decline rapidly, regardless of any developments in our business. Overall, there are various factors, many of which are beyond our control, that could negatively affect the market price of our Common Stock or result in fluctuations in the price or trading volume of our Common Stock, including:

•actual or anticipated variations in our annual or quarterly results of operations, including our earnings estimates and whether we meet market expectations with regard to our earnings;
•restrictions on our ability to pay dividends or other distributions;
•publication of research reports by analysts or others about us or the motion picture exhibition industry, which may be unfavorable, inaccurate, inconsistent or not disseminated on a regular basis;
•changes in market interest rates that may cause purchasers of our shares to demand a different yield;
•changes in market valuations of similar companies;
•market reaction to any additional equity, debt or other securities that we may issue in the future, and which may or may not dilute the holdings of our existing stockholders;
•additions or departures of key personnel;
•actions by institutional or significant stockholders;
•short interest in our securities and the market response to such short interest;
•the dramatic increase or decrease in the number of individual holders of our Common Stock and their participation in social media platforms targeted at speculative investing;
•speculation in the press or investment community about our company or industry;
•strategic actions by us or our competitors, such as acquisitions or other investments;
•legislative, administrative, regulatory or other actions affecting our business or our industry, including positions taken by the Internal Revenue Service (“IRS”);
•strategic actions taken by motion picture studios, such as the shuffling of film release dates;
•investigations, proceedings, or litigation that involve or affect us;
•the occurrence of any of the other risk factors included or incorporated by reference in our Annual Report; and
•general market and economic conditions.

​

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

​

Except as previously disclosed, there were no sales of unregistered securities during the quarter ended September 30, 2024.

Subsequent to the quarter ended September 30, 2024 and except as previously disclosed between October 7, 2024 and October 9, 2024, the Company entered into privately negotiated exchange agreements to extinguish unsecured debt, under which it issued an aggregate of 3,226,443 shares of Common Stock in exchange for $12,476,000 aggregate principal amount of its 5.75% subordinated notes due 2025.

Pursuant to Section 3(a)(9) of the Securities Act, the Common Stock were issued in each case to existing security holders of the Company exclusively in exchange for such holders’ securities and no commission or other remuneration was paid or given for soliciting the exchange. Other exemptions may apply.

​

Item 3. Defaults Upon Senior Securities

​

None.

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Table of Contents

Item 4. Mine Safety Disclosures

None.

Item 5. Other Information

Rule 10b5-1 Trading Arrangements

In the third quarter of 2024, no director or officer (as defined in Exchange Act Rule 16a-1(f)) of AMC adopted or terminated a Rule 10b5-1 trading arrangement or non-Rule 10b5-1 trading arrangement for the purchase or sale of securities of the Company, within the meaning of Item 408 of Regulation S-K. Additionally, AMC Entertainment Holdings, Inc. did not adopt or terminate any Rule 10b5-1 trading arrangement during the third quarter of 2024.

.

78

Table of Contents

Item 6. Exhibits.

EXHIBIT INDEX

​

EXHIBIT
NUMBER

​

DESCRIPTION

4.1

​

Fourteenth Amendment to Credit Agreement, by and among AMC Entertainment Holdings, Inc., the guarantors party thereto and the Existing Credit Agreement Collateral Agent, dated as of July 22, 2024 (incorporated by reference from Exhibit 4.1 to the Company’s Current Report on Form 8-K (File No. 1-33892) filed on July 22, 2024).

​

​

​

4.2

​

Credit Agreement, by and among AMC Entertainment Holdings, Inc., as a borrower, Muvico, LLC, as a borrower, the lenders from time to time party thereto and Wilmington Savings Fund Society, FSB, as administrative agent and as collateral agent, dated as of July 22, 2024 (incorporated by reference from Exhibit 4.2 to the Company’s Current Report on Form 8-K (File No. 1-33892) filed on July 22, 2024).

​

​

​

4.3

​

Exchangeable Notes Indenture, by and among Muvico, LLC, the guarantors party thereto, and GLAS Trust Company LLC, as trustee and as notes collateral agent, dated as of July 22, 2024 (incorporated by reference from Exhibit 4.3 to the Company’s Current Report on Form 8-K (File No. 1-33892) filed on July 22, 2024).

​

​

​

4.4

​

Form of 6.00%/8.00% Cash/PIK Toggle Senior Secured Exchangeable Note due 2030 (included as Exhibit A to Exhibit 4.4 hereto) (incorporated by reference from Exhibit 4.4 to the Company’s Current Report on Form 8-K (File No. 1-33892) filed on July 22, 2024).

​

​

​

4.5

​

First Lien/Second Lien Intercreditor Agreement, by and among AMC Entertainment Holdings, Inc., Muvico, LLC, the other guarantors from time to time party thereto, the New Term Loan Collateral Agent, the Exchangeable Notes Collateral Agent and each Additional Junior Agent (as defined therein) from time to time party thereto, dated as of July 22, 2024 (incorporated by reference from Exhibit 4.5 to the Company’s Current Report on Form 8-K (File No. 1-33892) filed on July 22, 2024).

​

​

​

4.6

​

Joinder No. 4 to First Lien Intercreditor Agreement, by and among AMC Entertainment Holdings, Inc., the guarantors party thereto, the New Term Loan Collateral Agent, the Exchangeable Notes Collateral Agent and the Existing Credit Agreement Collateral Agent, dated as of July 22, 2024 (incorporated by reference from Exhibit 4.6 to the Company’s Current Report on Form 8-K (File No. 1-33892) filed on July 22, 2024).

​

​

​

4.7

​

Credit Facilities Intercreditor Agreement, by and between the Existing Credit Agreement Collateral Agent and the New Term Loan Collateral Agent, and acknowledged by AMC Entertainment Holdings, Inc. and the guarantors party thereto, dated as of July 22, 2024 (incorporated by reference from Exhibit 4.7 to the Company’s Current Report on Form 8-K (File No. 1-33892) filed on July 22, 2024).

​

​

​

4.8

​

Supplemental Indenture, by and among AMC Entertainment Holdings, Inc., the guarantors party thereto, and GLAS Trust Company LLC, as trustee and as notes collateral agent, dated as of July 22, 2024 (as defined therein) from time to time party thereto, dated as of July 22, 2024 (incorporated by reference from Exhibit 4.8 to the Company’s Current Report on Form 8-K (File No. 1-33892) filed on July 22, 2024).

​

​

​

10.1

​

Asset Transfer Agreement, by and among American Multi-Cinema, Inc., Centertainment Development, LLC, and Muvico, LLC, dated as of July 22, 2024 (incorporated by reference from Exhibit 10.1 to the Company’s Current Report on Form 8-K (File No. 1-33892) filed on July 22, 2024).

​

​

​

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Table of Contents

10.2

​

Management Services Agreement, by and among Muvico, LLC, Centertainment Development, LLC, and American Multi-Cinema, Inc. (together with its applicable affiliates thereto), dated as of July 22, 2024 (incorporated by reference from Exhibit 10.2 to the Company’s Current Report on Form 8-K (File No. 1-33892) filed on July 22, 2024).

​

​

​

10.3

​

Intercompany License Agreement, by and among Muvico, LLC and American Multi-Cinema, Inc. (together with its applicable affiliates thereto), dated as of July 22, 2024 (incorporated by reference from Exhibit 10.3 to the Company’s Current Report on Form 8-K (File No. 1-33892) filed on July 22, 2024).

​

​

​

*31.1

​

Certification of Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Acts of 2002.

​

​

​

*31.2

​

Certification of Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Acts of 2002.

​

​

​

*32.1

​

Section 906 Certifications of Adam M. Aron (Chief Executive Officer) and Sean D. Goodman (Chief Financial Officer) furnished in accordance with Securities Act Release 33-8212.

​

​

​

**101.INS

​

Inline XBRL Instance Document – the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document.

​

​

​

**101.SCH

​

Inline XBRL Taxonomy Extension Schema Document

​

​

​

**101.CAL

​

Inline XBRL Taxonomy Extension Calculation Linkbase Document

​

​

​

**101.DEF

​

Inline XBRL Taxonomy Extension Definition Linkbase Document

​

​

​

**101.LAB

​

Inline XBRL Taxonomy Extension Label Linkbase Document

​

​

​

**101.PRE

​

Inline XBRL Taxonomy Extension Presentation Linkbase Document

​

​

​

**104

​

Cover Page Interactive Data File (formatted as inline XBRL and contained as Exhibit 101)

*     Filed or furnished herewith, as applicable.

**   Submitted electronically with this Report.

​

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Table of Contents

SIGNATURES

​

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

​

​

​

AMC ENTERTAINMENT HOLDINGS, INC.

​

​

​

​

Date: November 6, 2024

/s/ Adam M. Aron

​

Adam M. Aron

​

Chairman of the Board, Chief Executive Officer and President

​

​

​

​

Date: November 6, 2024

/s/ Sean D. Goodman

​

Sean D. Goodman

​

Executive Vice President, International Operations, Chief Financial Officer and Treasurer

​

​

​

​

​

​

​

​

81