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As會員2024-09-300001411579amch：ACJVLLC會員2024-09-300001411579amch：截至2026年到期的高級次級票據會員2024-01-012024-09-300001411579amch：截至2025年到期的高級次級票據會員2024-01-012024-09-300001411579amch：截至2026年到期的高級次級票據會員2023-01-012023-09-300001411579amch：截至2026年到期的次二級票據會員2023-01-012023-09-300001411579amch：截至2026年到期的高級擔保授信授信期貸款會員2024-01-012024-09-300001411579amch：老挝行動會員2018-09-1400014115792024-07-220001411579amch：新的到期日為2029年的長期貸款成員2024-09-300001411579amch：現金償還債務成員amch：2026年到期的5.875優先次級票據成員us-gaap:相關方成員2024-09-300001411579amch：現金償還債務成員amch：2026年到期的次級票據成員us-gaap:相關方成員2024-09-300001411579amch：現金償還債務成員amch：2026年到期的次次二債券會員非相關方成員2024-09-300001411579amch：現金債務回購會員us-gaap:相關方成員2024-09-300001411579amch：現金債務回購會員非相關方成員2024-09-300001411579amch：現金債務回購會員amch：2026年到期的次次二債券會員2024-09-300001411579amch：現金債務回購成員amch：相關及非相關方成員2024-09-300001411579amch：現金債務回購成員2024-09-300001411579amch：2026年到期之二級擔保次級債券成員amch：2030年到期之可轉換高級擔保票據成員2024-07-220001411579amch：Antara Capital Lp 成員amch：2026年到期之二級債券成員us-gaap:相關方成員amch：相關方交易成員2023-08-250001411579amch：2025年到期的5.75%優先次級票據成員us-gaap:SubsequentEventMember2024-10-010001411579amch：現金債務回購成員amch：2025年到期的5.75%優先次級票據成員2024-09-300001411579amch：2026年到期的優先擔保授信設施短期貸款成員2024-09-300001411579amch：Odeon 2027年到期的優先擔保票據成員2024-09-300001411579amch：2029年到期的優先擔保票據成員2024-07-220001411579amch：Odeon Senior Secured Note 2027會員2023-12-310001411579amch：SeniorSubordinatedNotes5.875Due2026會員2023-09-300001411579amch：2029年到期的新期限貸款會員2024-09-170001411579amch：2029年到期的新期限貸款會員2024-08-140001411579amch：2029年到期的新期限貸款會員2024-08-010001411579amch：2029年到期的新期限貸款會員2024-07-220001411579amch：SeniorSubordinatedNotes6.375%到期日為2024年的會員2024-09-300001411579amch：SeniorSubordinatedNotes6.125%到期日為2027年的會員2024-09-300001411579amch：2026年到期的5.875%高級次級票據成員2024-09-300001411579amch：2025年到期的5.75%債務劵成員2024-09-300001411579amch：2026年到期的次級次順位加保證款票據成員2024-09-300001411579amch：2026年到期的次級債務票據成員2024-09-300001411579amch：2026年到期的溢價次級票據成員2024-09-300001411579amch：2027年到期的Odeon高級貸款票據，利率12.75%成員2024-09-300001411579amch：2029年到期的優先債票據成員2024-09-300001411579amch：現有貸款成員2024-09-300001411579amch：2030年到期的Senior Secured Exchangeable Notes切換會員2024-07-220001411579amch：到期於2024年的Senior Subordinated Notes 6.375% 會員2023-12-310001411579amch：到期於2027年的Senior Subordinated Notes 6.125% 會員2023-12-310001411579amch：到期於2026年的Senior Subordinated Notes 5.875% 會員2023-12-310001411579amch：到期於2025年的Senior Subordinated Notes 5.75% 會員2023-12-310001411579amch：2026年到期的Senior Secured Credit Facility Term Loan 會員2023-12-310001411579amch：2026年到期的Second Lien Subordinated Secured Notes 會員2023-12-310001411579amch：Odeon 2027年到期的Senior Secured Notes 利率12.75% 會員2023-12-310001411579美元指數：2029年到期的首要債券會員2023-12-310001411579srt:最低成員美元指數：2029年到期的新一期貸款會員us-gaap：擔保隔夜融資利率(SOFR)成員2024-07-222024-07-220001411579srt:最低成員美元指數：2029年到期的新一期貸款會員us-gaap：基準利率成員2024-07-222024-07-220001411579srt：最大成員amch：2029年到期的新期貸款成員us-gaap：擔保隔夜融資利率(SOFR)成員2024-07-222024-07-220001411579srt：最大成員amch：2029年到期的新期貸款成員us-gaap：基準利率成員2024-07-222024-07-220001411579amch：直至交付財務報表的信用協議結束後第一個完整財政季度成員amch：2029年到期的新期貸款成員us-gaap：擔保隔夜融資利率(SOFR)成員2024-07-222024-07-220001411579amch：根據貸款協議，直至結算日後第一全財政季度結束交付財務報表的成員amch：到2029年到期的新的長期貸款成員us-gaap：基準利率成員2024-07-222024-07-220001411579amch：預售協議成員2023-01-012023-03-310001411579amch：Antara Capital Lp成員amch：Amc 首選權益單位成員amch：預售協議成員2022-12-222022-12-220001411579amch：2026年到期的次二抵押優先擔保票據成員2024-01-012024-09-300001411579amch：以2030年授信貸款交換的次級擔保票證成員2024-01-012024-09-300001411579amch：以2029年授信貸款交換的次級擔保票證成員2024-01-012024-09-300001411579amch：2026年到期的次級擔保票證成員2024-01-012024-09-300001411579amch：2026年到期的票證成員2024-01-012024-09-300001411579amch：2025年到期的票證成員2024-01-012024-09-300001411579amch：2026年到期的次級擔保下級票證成員2023-01-012023-09-300001411579us-gaap：食品和飲料成員2024-07-012024-09-300001411579us-gaap：入場成員2024-07-012024-09-300001411579美規會計準則：食品和飲料會員2023-07-012023-09-300001411579美規會計準則：入場會員2023-07-012023-09-300001411579美規會計準則：食品和飲料會員2023-01-012023-09-300001411579美規會計準則：入場會員2023-01-012023-09-300001411579amch：忠誠計劃會員2024-09-300001411579amch：禮品卡和門票交換會員2024-09-300001411579us-gaap:CommonClassAMember2024-09-300001411579us-gaap:CommonClassAMember2023-12-310001411579amch：對Hycroft Mining Holding Corporation Warrant的投資成員2022-03-1400014115792023-09-3000014115792022-12-310001411579國家：美國2024-09-300001411579amch：國際市場成員2024-09-300001411579國家：美國2023-12-310001411579amch：國際市場成員2023-12-310001411579us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2024-09-300001411579美國會計準則：公允價值輸入層級1成員us-gaap:FairValueMeasurementsRecurringMember2024-09-300001411579us-gaap:FairValueMeasurementsRecurringMember2024-09-300001411579us-gaap：受限制股票單位RSU成員2024-07-012024-09-300001411579us-gaap：績效股票成員2024-07-012024-09-300001411579美錢類交換票據到期日2030年成員2024-07-012024-09-300001411579us-gaap：受限制股票單位RSU成員2024-01-012024-09-300001411579us-gaap：績效股票成員2024-01-012024-09-300001411579美錢類交換票據到期日2030年成員2024-01-012024-09-300001411579us-gaap：受限制股票單位RSU成員2023-07-012023-09-300001411579us-gaap：績效股票成員2023-07-012023-09-300001411579us-gaap：受限制股票單位RSU成員2023-01-012023-09-300001411579us-gaap：績效股票成員2023-01-012023-09-300001411579amch：2030年到期的可轉換優先擔保票據切換成員2024-07-222024-09-300001411579us-gaap：受限制股票單位RSU成員2024-07-012024-09-300001411579amch：績效股票單位成員2024-07-012024-09-300001411579amch：股權分類獎項成員2024-07-012024-09-300001411579us-gaap：受限制股票單位RSU成員2024-01-012024-09-300001411579srt：DirectorMember2024-01-012024-09-300001411579amch：特殊獎勵會員2024-01-012024-09-300001411579amch：限制性及表現股票單位費用會員2024-01-012024-09-300001411579amch：表現股票單位會員2024-01-012024-09-300001411579amch：賠償負債類別獎勵會員2024-01-012024-09-300001411579amch：權益類別獎勵會員2024-01-012024-09-300001411579us-gaap：受限制股票單位RSU成員2023-07-012023-09-300001411579amch：受限及績效股份單位費用成員2023-07-012023-09-300001411579amch：績效股票單位成員2023-07-012023-09-300001411579amch：歸屬負債的獎項成員2023-07-012023-09-300001411579amch：歸屬權益的獎項成員2023-07-012023-09-300001411579amch：特別獎項成員us-gaap:CommonClassAMember2023-02-232023-02-230001411579amch：特別獎項成員amch：Amc優先權股權單位成員2023-02-232023-02-230001411579us-gaap：受限制股票單位RSU成員2023-01-012023-09-300001411579srt：DirectorMember2023-01-012023-09-300001411579amch 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Cinemedia會員2023-01-012023-09-300001411579amch：股東訴訟會員2023-05-042023-05-040001411579us-gaap：績效股票成員amch：管理和執行官成員amch：2024年股權激勵計劃成員2024-01-012024-09-300001411579amch：2021年表現股份獎成員2024-01-012024-09-300001411579amch：特別表現股份計劃成員amch：累計調整自由現金流目標成員2024-01-012024-09-300001411579amch：特別表現股份計劃成員amch：累計調整淨利潤目標成員2024-01-012024-09-300001411579srt:最低成員us-gaap：績效股票成員美元指數：管理和執行官成員2024-01-012024-09-300001411579srt：最大成員us-gaap：績效股票成員美元指數：管理和執行官成員2024-01-012024-09-300001411579美元指數：沙地電影公司有限公司成員2022-12-302022-12-300001411579美元指數：受限股份和績效股份成員us-gaap:ShareBasedCompensationAwardTrancheOneMember2024-01-012024-09-300001411579amch：限制股份和績效股份成員2024-01-012024-09-300001411579us-gaap：普通股成員amch：市場提供成員2024-01-012024-09-300001411579us-gaap：普通股成員amch：市場提供成員2023-01-012023-09-300001411579amch：AMC優先股權單元成員amch：市場提供成員2023-01-012023-09-3000014115792024-07-222024-07-220001411579美國電影院成員srt：歐洲成員2024-01-012024-09-300001411579US-GAAP：承諾成員2024-01-012024-09-300001411579美國電影院成員2024-01-012024-09-300001411579安塔拉資本LP成員到期日為2026年的次優先票據成員us-gaap:相關方成員相關交易成員2023-02-072023-08-250001411579us-gaap：受限制股票單位RSU成員管理成員amch：2024年股權激勵計劃成員2024-01-012024-09-300001411579amch：2026年到期債務成員2024-07-222024-07-220001411579amch：NationalCinemediaInc.Member2023-04-110001411579美元指數：公允價值輸入層級2成員2024-09-300001411579us-gaap：承諾成員2023-01-012023-09-300001411579amch：Hycroft Mining Holding Corporation成員2024-07-012024-09-300001411579amch: Hycroft Mining Holding Corporation成員2024-01-012024-09-300001411579amch: Hycroft Mining Holding Corporation成員2023-07-012023-09-300001411579amch: Hycroft Mining Holding Corporation成員2023-01-012023-09-300001411579us-gaap：銷貨成本成員amch: ACJVLLC成員2024-07-012024-09-300001411579us-gaap：銷貨成本成員amch: ACJVLLC成員2024-01-012024-09-300001411579us-gaap：銷貨成本成員amch：ACJVLLC會員2023-07-012023-09-300001411579us-gaap：銷貨成本成員amch：ACJVLLC會員2023-01-012023-09-300001411579us-gaap:境外成員2024-01-012024-09-300001411579amch：特別獎勵會員2024-02-222024-02-220001411579amch：特別獎勵會員2023-02-232023-02-230001411579amch：股東訴訟會員2023-05-0400014115792022-03-140001411579amch：Hycroft Mining Holding 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成員amch：到2026年到期的次優先票據成員amch：預付購買協議成員2023-02-072023-02-070001411579amch：Antara Capital Lp 成員amch：到2026年到期的次優先票據成員amch：預付購買協議成員2022-12-222022-12-220001411579amch：首次優先票據到期2029會員amch：新授信貸款到期於2029年會員2024-07-220001411579amch：可切換的優先擔保可轉換票據到期2030會員2024-07-222024-07-220001411579amch：次順位次級擔保票據到期2026會員2024-07-222024-07-220001411579amch：可切換的優先擔保可轉換票據到期2030會員2024-01-012024-09-300001411579amch：次順位次級擔保票據到期2026會員2024-01-012024-09-300001411579amch：次順位次級擔保票據到期2026會員2023-01-012023-12-310001411579amch：Antara Capital Lp 會員amch：2026年到期的次級债券成員amch：預期購買協議成員2023-02-070001411579amch：Antara Capital Lp 成員amch：2026年到期的次級债券成員amch：預期購買協議成員2022-12-220001411579amch：2025年到期的5.75%優先次級票據成員us-gaap:SubsequentEventMember2024-10-310001411579amch：2026年到期的次級债券成員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％高級次順位票據成員us-gaap:SubsequentEventMember2024-10-012024-10-310001411579amch：2026年到期的次二級票據成員us-gaap:SubsequentEventMember2024-10-012024-10-310001411579us-gaap:SubsequentEventMember2024-10-012024-10-310001411579amch：權益債務回購成員amch：2026年到期的次二級票據成員2024-01-012024-09-300001411579amch：現金債務回購成員amch：2025年到期，5.75％Senior Subordinated Notes會員2024-01-012024-09-300001411579amch：現金債務回購會員amch：2026年到期二級留置票據會員2024-01-012024-09-300001411579amch：現金及債務換取股權會員amch：2026年到期，5.875%Senior Subordinated Notes會員2024-01-012024-09-300001411579amch：現金及債務換取股權會員amch：2025年到期，5.75％Senior Subordinated Notes會員2024-01-012024-09-300001411579amch：現金及債務換取股權會員amch: 到期日為2026年的次要債券成員2024-01-012024-09-300001411579amch: 總債務回購與交換成員2024-01-012024-09-300001411579amch: 股權債務回購成員2024-01-012024-09-300001411579amch: 現金債務回購成員2024-01-012024-09-300001411579amch: 現金和債務用於股權交換成員2024-01-012024-09-300001411579amch: 忠誠計畫成員2024-01-012024-09-300001411579amch: 禮品卡和門票交換成員2024-01-012024-09-300001411579us-gaap:食品和飲料成員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 Memberamch：數位電影分發聯盟有限責任公司成員2024-01-012024-09-300001411579amch：成本與支出成員amch：數位電影分發聯盟有限責任公司成員2023-07-012023-09-300001411579amch：成本與支出成員amch：數位電影分發聯盟有限責任公司成員2023-01-012023-09-300001411579美元指數-gaap：通過中介銷售渠道會員2024-01-012024-09-300001411579美國通用會計標準：直接面向消費者的銷售渠道（成員）2024-01-012024-09-300001411579us-gaap：績效股票成員AMCH：管理和執行官成員2024-01-012024-09-300001411579AMCH：歸因於利息、稅項、折舊及攤銷前盈利成員2024-07-012024-09-300001411579AMCH：歸因於利息、稅項、折舊及攤銷前盈利成員2024-01-012024-09-300001411579AMCH：歸因於利息、稅項、折舊及攤銷前盈利成員2023-07-012023-09-300001411579AMCH：歸因於利息、稅項、折舊及攤銷前盈利成員2023-01-012023-09-300001411579AMCH：劇院合作夥伴成員AMCH：美國戲院和IMAX螢幕成員2024-09-300001411579AMCH：Fathom活動規劃成員amch：ACJVLLC成員2024-09-300001411579amch：瓦斯泰勒斯電影院成員2024-09-300001411579amch：劇場合作夥伴成員amch：美國影院和IMAX螢幕成員2023-12-310001411579amch：聚影活動編程成員amch：ACJVLLC成員2023-12-310001411579amch：瓦斯泰勒斯電影院成員2023-12-310001411579amch：美國市場成員2024-07-012024-09-300001411579amch：國際市場成員2024-07-012024-09-3000014115792024-07-012024-09-300001411579amch：美元指數市場成員2024-01-012024-09-300001411579amch：國際市場成員2024-01-012024-09-3000014115792024-01-012024-09-300001411579amch：美元指數市場成員2023-07-012023-09-300001411579amch：國際市場成員2023-07-012023-09-3000014115792023-07-012023-09-300001411579amch：美元指數市場成員2023-01-012023-09-300001411579amch：國際市場成員2023-01-012023-09-3000014115792023-01-012023-09-30美元指數xbrli:股份純種成員amch:Damch:item美元指數xbrli:股份iso4217:GBPiso4217:SARamch:segment

目錄

​

​

美國

證券交易委員會

華盛頓特區20549

表格 10-Q

三月三十一日，

​

(標記一個)

​

☒

根據1934年證券交易所法第13或15(d)條款的季度報告

截至2024年6月30日季度結束 2024年9月30日

或

☐

根據1934年證券交易法第13或15(d)條款的規定，提交過渡報告。

為了從 到 的過渡期

​

委員會檔案編號 001-33892

​

​

amc院線控股有限公司。

（依憑章程所載的完整登記名稱）

​

特拉華州
(依據所在地或其他管轄區)
的註冊地或組織地點)

26-0303916
(國稅局雇主識別號碼)
識別號碼)

One AMC Way
Ash街11500號, 利活, KS
(總部辦公地址)

​
66211
（郵政編碼）

​

​

註冊者的電話號碼，包括區域號碼: (913) 213-2000

​

​

根據法案第12(b)條規定註冊的證券：

每種類別的名稱

交易符號

每個註冊交易所的名稱

A類普通股

AMC

紐約證券交易所

​

請在方框內選上，表示申報人（1）在過去12個月（或規定申報人須申報報告的較短時間內），已如期申報證券交易法案第13條或15(d)條文件；及（2）已在過去90天內遵守該申報要求。是 ☒ 無☐

​

請勾選，表示在過去12個月內（或規定提交該等檔案所規定的較短期間內），登記申報人是否根據《S-T法規》第405條提交了每個互動數據檔案。是 ☒ 無☐

​

請勾選，表示登記申報人是否為大型迅速遞交者、加速遞交者、非加速遞交者、較小報告公司或新興成長公司。請參閱《交易法》第120億2條中對「大型迅速遞交者」、「加速遞交者」、「較小報告公司」和「新興成長公司」的定義。

​

​

​

​

​

大型加速報告人 ☒ 

加速歸檔者 ☐  

非快速提交申報者☐

較小型報告公司☐

​

新興成長型公司 ☐

​

如果是新興成長企業，請打勾表示申報人已選擇不使用證券交易法第13(a)條所提供的任何新或修訂財務會計準則的延長過渡期。☐

​

請勾選是否該登記者爲外殼公司（依據交易所法案第1202條）。是☐ 無☒

請表示於最近可行日期，每種發行人普通股的流通股數。

​

​

​

​

​

​

每一類普通股的標題

   

購買的股票數量
截至2024年11月5日止標的為優秀

A類普通股

​

375,679,699

​

​

​

目錄

​

AMC 娛樂控股股份有限公司

​

索引

​

​

頁面

數字

​

第一部分 — 財務資料

​

項目一。

財務報表 (未經審核)

3

​

簡明綜合營運報表

3

​

簡明綜合綜合損失報表

4

​

簡明綜合資產負債表

5

​

簡明綜合現金流量報表

6

​

簡明綜合財務報表附註

8

項目二。

管理層對財務狀況及營運結果進行討論及分析

37

第三項目。

關於市場風險的定量和定性披露

73

第四項。

控制和程序

74

​

第二部分 — 其他資料

​

項目一。

法律程序

75

項目 1A。

風險因素

75

項目二。

非登記股份證券銷售及所得款項的使用

77

第三項目。

高級證券違約

77

第四項。

礦山安全披露

78

第五項。

其他資訊

78

第六項

展品

79

​

簽名

81

​

​

​

​

​

2

目錄

​

第一部分 - 財務資訊

​

項目 1. 基本報表。(未經審核)

​

amc院線控股公司，INC。

​

綜合營業損益匯縮陳述

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

三個月結束了

​

截至九個月

（以百萬計，除每股股份和每股股份金額）

    

2024年9月30日

    

2023年9月30日，均未發行和流通

    

2024年9月30日

    

2023年9月30日，均未發行和流通

​

​

（未經審計）

​

（未經審計）

收益

​

​

​

​

​

​

​

​

​

​

​

​

入院人數

​

$

744.2

​

$

797.7

​

$

1,839.1

​

$

2,075.9

食品和飲料

​

 

490.4

​

 

482.7

​

 

1,178.7

​

 

1,299.6

其他戲院

​

 

114.2

​

 

125.5

​

 

313.0

​

 

332.7

總收益

​

​

1,348.8

​

​

1,405.9

​

​

3,330.8

​

​

3,708.2

營業成本及費用

​

​

​

​

​

​

​

​

​

​

​

​

電影展覽成本

​

​

381.4

​

​

398.5

​

 

893.0

​

 

1,027.8

食品和飲料成本

​

 

89.7

​

 

90.1

​

 

222.6

​

 

243.2

運營支出，不包括折舊和攤銷以下

​

 

454.6

​

 

449.8

​

 

1,237.9

​

 

1,245.0

租金

​

 

216.4

​

 

224.3

​

 

659.3

​

 

650.8

總務和行政:

​

​

​

​

​

​

​

​

​

​

​

​

併購、收購及其他成本

​

 

0.1

​

 

0.7

​

 

0.1

​

 

1.5

其他，不包括下列折舊和攤銷

​

 

54.0

​

 

54.4

​

 

160.7

​

 

184.8

折舊與攤提

​

​

80.8

​

​

88.7

​

​

241.2

​

​

279.1

營業成本及費用

​

 

1,277.0

​

​

1,306.5

​

 

3,414.8

​

​

3,632.2

營業利益（損失）

​

​

71.8

​

​

99.4

​

​

(84.0)

​

​

76.0

其他費用，淨額

​

​

​

​

​

​

​

​

​

​

​

​

其他收益

​

 

(22.8)

​

 

(15.9)

​

 

(173.8)

​

 

(10.0)

利息支出：

​

​

​

​

​

​

​

​

​

​

​

​

企業借款

​

 

109.6

​

 

93.4

​

 

289.8

​

 

276.1

融資租賃負債

​

 

1.0

​

 

0.9

​

 

2.5

​

 

2.8

Non-cash NCm展商服務協議

​

​

9.0

​

​

9.4

​

​

27.5

​

​

28.5

投資收益

​

 

(3.2)

​

 

(3.0)

​

 

(14.4)

​

 

(11.4)

總其他費用，淨額

​

 

93.6

​

​

84.8

​

 

131.6

​

​

286.0

所得稅前盈虧

​

 

(21.8)

​

​

14.6

​

 

(215.6)

​

​

(210.0)

所得稅費用（利益）

​

 

(1.1)

​

 

2.3

​

 

1.4

​

​

4.6

淨收益（損失）

​

$

(20.7)

​

$

12.3

​

$

(217.0)

​

$

(214.6)

每股盈利（損失）：

​

​

​

​

​

​

​

​

​

​

​

​

基礎

​

$

(0.06)

​

$

0.08

​

$

(0.69)

​

$

(1.43)

稀釋

​

$

(0.06)

​

$

0.08

​

$

(0.69)

​

$

(1.43)

平均流通股份：

​

​

​

​

​

​

​

​

​

​

​

​

基本（以千計）

​

​

361,853

​

​

162,424

​

​

315,783

​

​

150,465

稀釋後（以千為單位）

​

​

361,853

​

​

162,607

​

​

315,783

​

​

150,465

​

參閱簡明合併基本報表附註。

​

3

目錄

amc院線控股公司，INC。

​

綜合損益簡明合併財務報表

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

三個月結束了

​

截至九個月

（以百萬為單位）

    

2024年9月30日

    

2023年9月30日，均未發行和流通

    

2024年9月30日

    

2023年9月30日，均未發行和流通

​

​

（未經審計）

​

（未經審計）

淨收益（損失）

​

$

(20.7)

​

$

12.3

​

$

(217.0)

​

$

(214.6)

其他綜合損益：

​

​

​

​

​

​

​

​

​

​

​

​

未實現外幣兌換調整

​

 

8.7

​

 

9.1

​

 

(24.4)

​

 

(38.1)

退休金調整：

​

​

​

​

​

​

​

​

​

​

​

​

賬面期內發生的淨虧損（收益）

​

 

(0.1)

​

 

0.1

​

 

0.4

​

 

—

其他全面收益（損失）

​

 

8.6

​

 

9.2

​

 

(24.0)

​

 

(38.1)

綜合(損益)收益總額

​

$

(12.1)

​

$

21.5

​

$

(241.0)

​

$

(252.7)

​

參閱簡明合併基本報表附註。

​

4

目錄

amc院線控股公司。

​

縮表合併資產負債表

​

(未經查核)

​

​

​

​

​

​

​

（單位：百萬，股數資料除外）

    

2024年9月30日

    

2023年12月31日

資產

​

​

​

​

​

​

流動資產:

​

​

​

​

​

​

現金及現金等價物

​

$

527.4

​

$

884.3

限制性現金

​

​

49.7

​

​

27.1

應收賬款，淨額

​

 

108.1

​

 

203.7

其他流動資產

​

 

103.9

​

 

88.0

全部流動資產

​

 

789.1

​

 

1,203.1

資產，淨值

​

 

1,484.4

​

 

1,560.4

營運租賃權利資產，淨額

​

​

3,351.9

​

​

3,544.5

無形資產，扣除累計攤銷

​

 

147.2

​

 

146.7

商譽

​

 

2,351.6

​

 

2,358.7

遞延稅資產，淨額

​

 

0.5

​

 

—

其他長期資產

​

 

199.4

​

 

195.8

資產總額

​

$

8,324.1

​

$

9,009.2

負債及股東權益不足

​

​

​

​

​

​

流動負債：

​

​

​

​

​

​

應付賬款

​

$

247.7

​

$

320.5

應計費用及其他負債

​

 

318.3

​

 

350.8

未來收入及收益

​

 

385.1

​

 

421.8

企業借款的流通債務

​

 

95.6

​

 

25.1

融資租賃負債的當前到期性質

​

​

4.6

​

​

5.4

運營租賃負債的當期到期項

​

​

527.6

​

​

508.8

流動負債合計

​

 

1,578.9

​

 

1,632.4

企業借款

​

 

4,048.4

​

 

4,552.3

融資租賃負債。

​

​

48.6

​

​

50.0

營業租賃負債

​

​

3,738.3

​

​

4,000.7

展商服務協議

​

 

469.8

​

 

486.6

递延所得税負债，淨额

​

 

34.0

​

 

32.4

其他長期負債

​

 

91.4

​

 

102.7

總負債

​

 

10,009.4

​

 

10,857.1

合約和可能負債

​

​

​

​

​

​

股東資本赤字：

​

​

​

​

​

​

amc院線控股有限公司的股東權益不足:

​

​

​

​

​

​

優先股，面額$0.01，授權股數為5,000,000股，發行且流通股數為截至2024年6月30日和2023年12月31日之184,668,188股和181,364,180股。.01 每股面額為 50,000,000 授權股份為 無 2024年9月30日及2023年12月31日份發行並流通中的股份數。

​

​

—

​

​

—

A類普通股（$.01 每股面額為 550,000,000 授權股份為 364,935,746 股份發行和 未履行合約 截至2024年9月30日； 550,000,000 已授權； 260,574,392 股份發行和 未履行合約 截至2023年12月31日)

​

 

3.6

​

 

2.6

資本公積額額外增資

​

 

6,624.5

​

 

6,221.9

累積其他全面損失

​

 

(102.2)

​

 

(78.2)

累積虧損

​

 

(8,211.2)

​

 

(7,994.2)

股東權益總赤字

​

​

(1,685.3)

​

​

(1,847.9)

總負債及股東權益赤字

​

$

8,324.1

​

$

9,009.2

見附註至精簡合併財務報表。

5

目錄

amc院線控股公司，INC。

​

簡明財務報表現金流量表

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

截至九個月

（以百萬為單位）

​

2024年9月30日

​

2023年9月30日

經營活動現金流量：

​

（未經審計）

淨損失

​

$

(217.0)

​

$

(214.6)

調整為使淨虧損轉化為經營活動所使用現金：

​

​

​

​

​

​

折舊與攤提

​

​

241.2

​

​

279.1

償還債務所得的收益

​

​

(40.3)

​

​

(97.5)

衍生負債的收益

​

​

(73.5)

​

​

—

推延所得稅

​

​

1.1

​

​

0.8

海克羅夫特投資的未實現虧損

​

​

1.7

​

​

10.8

公司借款淨溢價攤銷至利息費用

​

​

(20.1)

​

​

(42.7)

推遲支付財務成本攤銷至利息費用

​

​

6.7

​

​

7.1

股份報酬的非現金部分

​

​

15.1

​

​

40.9

處分沙特電影公司賺取的利潤

​

​

—

​

​

(15.5)

對未納入合併報表之公司之權益，扣除分配後的收益

​

​

(3.3)

​

​

(0.9)

房東的貢獻

​

​

26.0

​

​

16.0

租金递延

​

​

(82.1)

​

​

(124.7)

淨週期性福利費用

​

​

1.5

​

​

1.3

非現金股東訴訟費用

​

​

—

​

​

99.3

資產及負債變動：

​

​

​

​

​

​

應收帳款

​

​

98.6

​

​

22.3

其他資產

​

​

(12.8)

​

​

(12.9)

應付賬款

​

​

(82.6)

​

​

(70.5)

應計費用及其他負債

​

​

(91.0)

​

​

(29.9)

其他，淨額

​

​

(23.6)

​

​

(5.8)

經營活動所使用之淨現金流量

​

​

(254.4)

​

​

(137.4)

投資活動之現金流量:

​

​

​

​

​

​

資本支出

​

​

(155.8)

​

​

(153.5)

收購戲院資產

​

​

—

​

​

(4.0)

沙特電影公司處置收益

​

​

—

​

​

30.0

處分長期資產所得

​

​

0.3

​

​

8.6

其他，淨額

​

​

1.5

​

​

2.5

投資活動中使用的淨現金

​

​

(154.0)

​

​

(116.4)

來自籌資活動的現金流量:

​

​

​

​

​

​

2025年到期的高級次級票據回購

​

​

(12.9)

​

​

—

回購到2026年到期的高級次順位債券

​

​

(6.0)

​

​

(1.7)

購回2026年到期的次置債券

​

​

(83.2)

​

​

(99.8)

根據定期貸款借款安排的本金還款

​

​

(15.1)

​

​

(15.0)

2026年到期之長期貸款的本金支付

​

​

(27.0)

​

​

—

來自到期於2029年的定期貸款發行所得

​

​

27.0

​

​

—

股權發行的淨收益

​

​

243.0

​

​

492.4

財務租賃義務下的本金支付

​

​

(3.5)

​

​

(4.6)

用於支付遞延財務費用的現金

​

​

(45.7)

​

​

(1.8)

債務撤銷成本

​

​

(2.3)

​

​

—

支付用於限制單位扣繳的稅款

​

​

(2.2)

​

​

(14.2)

籌資活動提供的淨現金

​

​

72.1

​

​

355.3

匯率變動對現金及現金等價物和限制性現金的影響

​

​

2.0

​

​

(3.8)

現金及現金等價物和限制性現金的淨增加（減少）

​

​

(334.3)

​

​

97.7

期初現金及現金等價物及限制性現金

​

​

911.4

​

​

654.4

期末現金及現金等價物和受限現金

​

$

577.1

​

$

752.1

現金流量資訊的補充披露：

​

​

​

​

​

​

6

目錄

期間內支付的現金：

​

​

​

​

​

​

利息

​

$

298.4

​

$

290.0

應付所得稅（已付）淨額

​

$

(0.1)

​

$

2.8

非現金活動表：

​

​

​

​

​

​

期末施工應付款

​

$

41.8

​

$

30.5

其他第三方股本發行成本應付款項

​

$

—

​

$

0.4

待支付的融資成本

​

$

0.4

​

$

—

換取發行股份所以消滅到2026年到期的次優先債券(1)

​

$

227.6

​

$

118.6

換取股票發行，償還2025年票據（1）

​

$

2.1

​

$

—

換取股票發行，償還2026年票據（1）

​

$

2.4

​

$

—

換取2029年到期的一級貸款，償還2026年次級留置票據（1）

​

$

2.3

​

$

—

以2029年到期的定期貸款交換方式熄滅次優先擔保票據的本金金額(1)

​

$

104.2

​

$

—

以2030年到期的可交換票據交換方式熄滅次優先擔保票據的本金金額(1)

​

$

414.4

​

$

—

​

(1)詳細了解債務抹滅和再融資交易，請查看附註1─報表編製基礎和附註6─公司借款及融資租賃負債。

​

見附註至精簡合併財務報表。

7

目錄

AMC 娛樂控股股份有限公司

​

簡明綜合財務報表附註

​

二零二四年九月三十日

(未經審核)

​

註 1-演示基礎

​

AMC 娛樂控股有限公司（「控股」）通過其直接和間接子公司，包括美國多電影公司及其子公司（除非情況另有規定，除非情況另有規定，「公司」或「AMC」）主要參與戲劇展業務，並擁有、經營或在美國和歐洲的劇院擁有、經營或擁有權益。簡明綜合財務報表包括控股及所有附屬公司的帳目，應與截至二零二三年十二月三十一日止年度之公司表 10-k 年報一併閱讀。在合併中，所有重大的公司間餘額和交易都已被消除。本公司以下方式管理其業務 二 其劇場展覽業務、美國市場和國際市場需要報告的部分。

截至 2023 年 12 月 31 日的附帶簡明綜合資產負債表，取自經審核的財務報表，以及未經審核的簡明綜合財務報表均按照美國普遍接受的會計原則作為中期財務資料，並按照表 10-Q 的指示編製，因此，並不包括美國普遍接受的會計原則所需的所有資料和註腳。合併財務報表。管理層認為，這些中期財務報表反映了公司財務狀況和營運業績所需的所有調整（包括正常定期性調整）。由於本公司業務的季節性質，截至 2024 年 9 月 30 日止九個月的業績，並不一定表明截至 2024 年 12 月 31 日止年度的預期業績。

根據美國普遍接受的會計原則擬備財務報表，要求管理層作出預估和假設，這些估計和假設會影響報告資產和負債金額，以及在簡明合併財務報表日期內的可應資產和負債披露及報告期內的收入和支出金額。實際結果可能與這些估計不同。

流動性。 本公司相信其現有現金及現金等值，以及從營運所產生的現金，將足以為其業務提供資金，並滿足目前及未來十二個月的義務。本公司的現金燃燒率不是長期可持續的。為了實現經營活動提供的可持續淨正現金流和長期盈利能力，本公司認為收入將需要提高至至少與 COVID-19 前的收入相符的水平。北美票房收入大約下降 25截至二零二四年九月三十日止九個月的百分比，與截至二零一九年九月三十日止九個月相比。除非本公司能夠實現經營活動提供的可持續淨正現金流量之前，則很難估計公司未來的現金燃燒率和流動性需求。根據公司對於實現增加收入水平的時間和能力的假設，所需流動性金額的估計顯著不同。

預測公司流動性需求和未來現金消耗率的收入、出席率和其他假設是否正確，而預測工作室電影發行日期、整體製作和劇院發行水平以及個別影片的成功能有限，因此預測能力不確定。此外，2023 年期間工作停工的影響，2024 年對展覽的電影板、公司的流動性和現金燃燒率產生負面影響。此外，本公司將在發布本財務報表起計十二個月以或根據本公司可接受的條款或根據本公司可接受的條款，以滿足本公司義務所需的額外流動性，並不能保證。

本公司預計不時透過現金購買及/或交換股票或債務、開放市場購買、私人談判交易或以其他方式，繼續尋求退休或購買未償還債務。該等回購或交易（如果有）將按其可能決定的條款和價格，並取決於當前的市場情況、其流動性要求、合約限制和其他因素。

8

目錄

涉及金額可能相當重要，若使用股權，可能會導致稀釋。詳情請參見附註6—企業借款和融資租賃負債，概括描述了截至2024年9月30日及2013年9月30日分別發生的債務交易。另請參見附註13—後續事項，以獲取有關在2024年9月30日後發生的各項債務交換的進一步資訊。此外，公司通過其A類普通股的市價發行來增強其流動性，更多的資訊請參閱附註7—股東資本不足。

截至2024年4月19日，並預期到期的償還擔保的循環信用設施，公司自願全額終止了償還擔保的循環信用設施的承諾，並支付關於償還擔保的循環信用設施的任何未清償負債。財務條款及相關豁免條件不再根據係2013年4月30日簽訂的信貸協議（經修改、重簽、經修改並重簽、補充或以其他方式修改）的條款生效。公司目前不預計取代該償還擔保的循環信用設施。公司已簽訂一份新的信用證設施，以繼續在終止償還擔保的循環信用設施後維持正常業務提供信用證。

現金及現金等價物。 截至2024年9月30日，美國市場和國際市場的現金及現金等價物分別為$455.6 百萬美元和71.8 百萬，而截至2023年12月31日，現金及現金等價物為$752.3 百萬美元和132.0 百萬。

限制性現金。 受限現金包括公司在銀行帳戶中作為部分房東的擔保以及與公司的保險和公用事業計畫相關的現金擔保信用證。以下表格提供了現金及現金等價物和受限現金在簡明合併資產負債表中報告的調節，以使之與簡明合併現金流量表中金額總和相符。

​

​

​

​

​

​

​

​

​

​

截至日期

（以百萬為單位）

​

2024年9月30日

​

2023年12月31日

現金及現金等價物

​

$

527.4

​

$

884.3

限制性現金

​

​

49.7

​

​

27.1

資金流量表中的總現金及現金等價物和受限現金

​

$

577.1

​

$

911.4

​

截至2024年9月30日，美國市場和國際市場的受限現金為$20.2 百萬美元和29.5 百萬美元和百萬美元。截至2023年12月31日，美國市場和國際市場的受限現金分別為$0 15.127.1 百萬。

​

累積其他全面損失。 以下表格顯示累積其他全面損失按組成部分的變動情況：

​

​

​

​

​

​

​

​

​

​

​

​

​

外國

​

​

​

​

（以百萬為單位）

    

貨幣

    

退休金福利

    

總計

2023年12月31日結餘

​

$

(77.7)

​

$

(0.5)

​

$

(78.2)

其他全面收益（損失）

​

​

(24.4)

​

​

0.4

​

​

(24.0)

2024年9月30日結餘

​

$

(102.1)

​

$

(0.1)

​

$

(102.2)

​

累計折舊和攤銷。 累計折舊為$3,268.4百萬和$3,109.8截至2024年9月30日和2023年12月31日，分别為相關財產資產 $百萬。無形資產的累積攤提為$百萬。7.9百萬和$7.3截至2024年9月30日和2023年12月31日，分别為$百萬。

​

9

目錄

其他費用（收入）。 以下表格列出其他費用（收入）的元件：

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

三個月結束了

​

截至九個月

（以百萬為單位）

​

2024年9月30日

​

2023年9月30日，均未發行和流通

​

2024年9月30日

​

2023年9月30日，均未發行和流通

外幣交易（獲利）損失

​

$

(21.5)

​

​

12.8

​

$

(18.9)

​

​

(3.2)

網絡期間福利成本的非營運元件

​

​

0.4

​

​

0.5

​

​

1.5

​

​

1.2

償還收益 - 2025年到期的高級次順位票據

​

​

(0.5)

​

​

—

​

​

(0.5)

​

​

—

2026年到期的高級次級票據償還收益

​

​

(1.3)

​

​

—

​

​

(1.3)

​

​

(2.3)

(儲備)關於到期日為2026年的次級借款註銷的虧損

​

​

52.6

​

​

(10.8)

​

​

(38.5)

​

​

(95.2)

換項貸款修改 - 第三方費用

​

​

41.0

​

​

—

​

​

41.0

​

​

—

2030年到期的可轉換債券中嵌入轉換權的衍生負債公允價值下降

​

​

(73.5)

​

​

—

​

​

(73.5)

​

​

—

非合併實體的權益收益

​

​

(5.2)

​

​

(3.1)

​

​

(9.9)

​

​

(5.3)

衍生股東結算

​

​

—

​

​

—

​

​

—

​

​

(14.0)

股東訴訟費用及（收回）

​

​

(14.9)

​

​

(15.3)

​

​

(34.0)

​

​

110.1

供應商爭議解決

​

​

—

​

​

—

​

​

(36.2)

​

​

—

其他結算款項

​

​

—

​

​

—

​

​

(3.6)

​

​

—

業務中斷費用及保險（補償）

​

​

0.1

​

​

—

​

​

0.1

​

​

(1.3)

其他收益合計

​

$

(22.8)

​

$

(15.9)

​

$

(173.8)

​

$

(10.0)

​

​

​

​

​

​

註2-租賃

​

公司按照經營和融通租賃方式租用戲院和設備。公司通常不認為在租賃開始時行使續約選擇是合理確定的，因此將初始基期視為租賃期。租賃期限不等，但通常租賃協議提供固定和逐漸增加的租金、基於消費者價格指數或其他指數的有條件增加租金，不得超過特定金額以及基於收入百分比的變動租金。公司通常會從房東處獲得用於現有地點裝修的貢獻。公司將從房東處收到的金額記錄為對使用權資產的調整，並在租賃協議的基期內將餘額按比例分攤為租金費用的減少。設備租約主要包括觀覽和聲音設備以及食品和飲料設備。

10

目錄

以下表格顯示了所述期間的租賃成本：

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

三個月結束了

​

截至九個月

​

​

​

​

九月 30

​

九月 30

​

九月 30

​

九月 30

（以百萬為單位）

​

綜合損益表

​

2024

​

2023

​

2024

​

2023

營運租賃成本

​

​

​

​

​

​

​

​

​

​

​

​

​

劇院資產

​

租金

​

$

193.1

​

$

201.3

​

$

585.9

​

$

587.5

劇院資產

​

營業費用

​

​

1.0

​

​

0.6

​

​

2.0

​

​

1.2

設備

​

營業費用

​

​

8.1

​

​

4.8

​

​

22.2

​

​

11.8

辦公室和其他

​

一般和行政: 其他

​

​

1.3

​

​

1.3

​

​

4.0

​

​

4.0

財務租賃成本

​

​

​

​

​

​

​

​

​

​

​

​

​

​

財務租賃資產攤提

​

折舊與攤提

​

​

1.5

​

​

0.5

​

​

2.0

​

​

1.5

租賃負債的利息費用

​

融資租賃負債

​

​

1.0

​

​

0.9

​

​

2.5

​

​

2.8

變量租賃成本

​

​

​

​

​

​

​

​

​

​

​

​

​

​

劇院資產

​

租金

​

​

23.3

​

​

23.0

​

​

73.4

​

​

63.3

設備

​

營業費用

​

​

19.4

​

​

17.9

​

​

48.8

​

​

51.6

租賃成本總額

​

​

​

$

248.7

​

$

250.3

​

$

740.8

​

$

723.7

​

​

現金流量及補充資訊如下：

​

​

​

​

​

​

​

​

​

​

截至九個月

​

​

九月 30

​

九月 30

（以百萬為單位）

​

2024

​

2023

計入租賃負債衡量的金額所支付的現金：

​

​

​

​

​

​

財務租賃使用的經營現金流量

​

$

(2.5)

​

$

(2.3)

經營租賃使用的經營現金流量

​

​

(696.8)

​

​

(742.5)

財務租賃使用的融資現金流量

​

​

(3.5)

​

​

(4.6)

​

​

​

​

​

​

​

房東貢獻:

​

​

​

​

​

​

經營租賃提供的營運現金流

​

​

26.0

​

​

16.0

非現金租賃活動補充披露：

​

​

​

​

​

​

以變量方式取得的新經營租賃負債所獲得的使用權資產 (1)

​

​

103.3

​

​

111.4

(1)包括租賃延長和選擇行使。

​

以下表格代表截至2024年9月30日的加權平均剩餘租期和折扣率：

​

​

​

​

​

​

​

​

​

​

加權平均

​

加權平均

​

​

尚餘

​

折扣

租賃期限和折扣率

​

租賃期限（年）

​

利率

營運租賃

​

​

8.3

​

​

10.6%

融資租賃

​

​

13.3

​

​

6.4%

​

11

目錄

截至2024年9月30日，最低年度付款及其淨現值如下：

​

​

​

​

​

​

​

​

​

​

經營租賃

​

融資租賃

（以百萬計）

​

付款

​

付款

截至2024年12月31日的三個月

​

$

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

此後

​

​

2,312.5

​

​

40.4

總租賃支付

​

​

6,379.8

​

​

81.4

減去隱含利息

​

​

(2,113.9)

​

​

(28.2)

分別爲總營業租賃和融資租賃負債

​

$

4,265.9

​

$

53.2

​

截至2024年9月30日，公司已簽署額外的經營租賃協議 兩個 尚未啓動的影院。租約期限爲 10 和 15年 ，總租金約爲$15.0 百萬美元。承租日期的確定取決於房東向公司提供控制權和進入相關設施的時間。

2023年9月30日結束的九個月內，公司收到了一筆13.0 百萬美元的買斷獎勵，該獎勵授予房東終止 之一 劇院。該激勵措施被視爲公司簡明綜合損益表中租金費用的減少。

​

註釋3—營業收入確認

​

按主要營業收入類型和收入確認時間，將收入按以下表格進行分解: 營業收入按主要收入類型和收入確認時點在以下表格中進行細分：

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

三個月結束

​

截至九個月的結束日期

（以百萬計）

​

2024年9月30日

​

2023年9月30日

​

2024年9月30日

​

2023年9月30日

主要營業收入類型

​

​

​

​

​

​

​

​

​

​

入院人數

​

$

744.2

​

$

797.7

​

$

1,839.1

​

$

2,075.9

食品和飲料

​

​

490.4

​

​

482.7

​

​

1,178.7

​

​

1,299.6

其他劇院：

​

​

​

​

​

​

​

​

​

​

​

​

屏幕廣告

​

​

31.0

​

​

33.2

​

​

91.5

​

​

96.4

其他

​

​

83.2

​

​

92.3

​

​

221.5

​

​

236.3

其他劇院

​

​

114.2

​

​

125.5

​

​

313.0

​

​

332.7

總營業收入

​

$

1,348.8

​

$

1,405.9

​

$

3,330.8

​

$

3,708.2

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

三個月結束

​

截至九個月的結束日期

（以百萬計）

​

2024年9月30日

​

2023年9月30日

​

2024年9月30日

​

2023年9月30日

營業收入確認的時間

​

​

​

​

​

​

​

​

在時間點上轉移的產品和服務

​

$

1,244.1

​

$

1,299.3

​

$

3,035.5

​

$

3,431.5

隨着時間的推移轉移的產品和服務 (1)

​

​

104.7

​

​

106.6

​

​

295.3

​

​

276.7

總營業收入

​

$

1,348.8

​

$

1,405.9

​

$

3,330.8

​

$

3,708.2

(1)主要包括訂閱和廣告營業收入。

12

目錄

以下表格提供2024年9月30日和2023年12月31日的應收款項、淨收入和透支收入餘額：

​

​

​

​

​

​

​

​

（以百萬為單位）

​

2024年9月30日

​

2023年12月31日

流動資產合計

​

​

​

​

​

​

與客戶合同相關的應收款項

​

$

35.2

​

$

113.5

雜項應收款項

​

​

72.9

​

​

90.2

應收賬款，淨額

​

$

108.1

​

$

203.7

​

​

​

​

​

​

​

​

​

（以百萬為單位）

​

2024年9月30日

​

2023年12月31日

流動負債

​

​

​

​

​

​

與客戶簽訂合同相關的递延收益

​

$

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

​

​

與客戶合同負債相關的重大變化，包括進入逕留款項和收入如下:

​

​

​

​

​

​

​

逕延收入

​

​

與合同有關

（以百萬為單位）

​

與客戶

$

​

$

415.3

預收現金 (1)

​

​

221.3

客戶忠誠獎勵累積，折舊後淨額：

​

​

​

入場收入 (2)

​

​

17.7

食品和飲料 (2)

​

​

29.1

其他劇院 (2)

​

​

(2.3)

將其歸類為營業收入，因履行完畢履約義務：

​

​

​

入場收入 (3)

​

​

(186.8)

飲食 (3)

​

​

(62.4)

其他劇院 (4)

​

​

(51.4)

外幣翻譯調整

​

​

(3.9)

2024年9月30日的結餘

​

$

376.6

​

(1)包括電影票、食品和飲料、禮品卡、交換票、訂閱會員費，以及其他忠誠會員費。

​

(2)與忠誠計劃相關的獎勵積累金額，折扣後扣除到期金額。

​

(3)與禮品卡、交換券、電影票和忠誠計劃有關的已兌換獎勵金額。

​

(4)金額涉及未兌換或部分兌換的禮品卡、未兌換的交換券、訂閱會籍費和忠誠計劃會籍費的收入。

​

13

目錄

在簡明綜合賬目表中，影院服務協議中的合同負債發生了重大變化，具體如下：

​

​

​

​

​

​

​

影院服務

（以百萬為單位）

​

協議（1）

$

​

$

486.6

將期初餘額重新分類為其他戲院收入，作為履行債務的結果

​

​

(16.8)

2024年9月30日結餘

​

$

469.8

(1)代表了national cinemedia LLC (“NCM”)普通股份，這些股份先前根據年度普通單位調整 (“CUA”) 和後續有關NCm破產的調整所收到的金額，如下面更詳細地討論。這些递延收入正被分期攤銷至結束於2037年2月的電影院服務協議 (“ESA”) 的其餘期間內的其他電影院收入中。 30年期 展演者服務協議 (“ESA”) 的任期至2037年2月結束，剩餘期間內，這些递延收入正在分期攤銷至其他電影院收入。

​

NCm破產2023年4月11日，NCm在美國德克薩斯州南區根據美國破產法第11章提交申請。NCm是美國大部分電影院的影廳廣告提供商。根據於2023年8月7日生效的第11章重整計劃（“計劃”），NCm已承擔起與該公司的協議。根據該計劃的條款和NCm股權的重組，NCm於計劃生效日立即取消了NCm普通股（“NCm普通股”）。2023年8月13日，作為對公司就計劃的某些條款提出上訴的回應，包括更改與其他當事方的影院服務協議的條款，這些條款未同樣授予給該公司，並且對批準取消NCm普通股發行的法院命令提出上訴，美國德克薩斯州南區聯邦地方法院確認了破產法院的裁決，包括計劃的確認。公司向第五巡迴上訴法院就這些裁決提起上訴，該上訴仍在審理中。公司預計NCm的破產或上訴對公司不會產生重大影響。 16,581,829 禮品卡和兌換券。

未兌換的禮品卡和兌換券的總金額，包括在2024年9月30日的簡明合併資產負債表中的延遲收入和收入為$ 百萬。隨著禮品卡和兌換券的兌換或未兌換的禮品卡和兌換券收入按實際兌換的模式比例確認，這筆款項將被確認為收入，估計將在接下來的280.9被兌換或者未兌換的禮品卡和兌換券的兌換模式中確認。 24個月.

忠誠計畫。 截至2024年9月30日，計入展延收入和損益的忠誠計畫的展延收入金額為$77.4百萬。贏得的積分將在兌換時作為營業收入確認，預計將在接下來的 24個月兌換時認可。訂閱會員費和忠誠會員費將根據各自的會員期限按比例確認。

公司適用ASC 606-10-50-14中的實務簡化，並且 不揭露 預期原始持續時間為一年或更短的剩餘履約義務的信息。

​

附註 4—商譽

​

以下表格概述了截至2024年9月30日結束的九個月內每個報告單位的商譽變動：

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

美國。
市場

​

國際
市場

​

合併商譽

(以百萬為單位)

​

毛餘額

​

累計減值損失

​

淨攜帶額

​

毛餘額

​

累計減值損失

​

淨攜帶額

​

毛餘額

​

累積減損損失

​

淨攜帶額

2023年12月31日結餘

​

$

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

貨幣轉換調整

​

​

—

​

​

—

​

​

—

​

​

45.7

​

​

(52.8)

​

​

(7.1)

​

​

45.7

​

​

(52.8)

​

​

(7.1)

2024年9月30日結餘

​

$

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

目錄

​

​

​

​

注意事項5—投資

​

以股權法覈算的非合併關聯方和其他某些投資一般包括公司或其子公司具有重大影響力的所有實體，但不超過 50.0％的表決權，並記錄在其他長期資產的綜合資產負債表中。2022年12月30日，公司達成協議，以出售其 10.0％投資沙特影院有限責任公司，摺合沙特阿拉伯里亞爾 112.5一千一百萬美元（1,100,000美元，減$1000美元的返還盡職調查費用）30.0 百萬），2023年1月24日，沙特商務部記錄了股權出售情況，公司於2023年1月25日收到了銷售額。公司在2023年9月30日結束的九個月中記錄了出售獲得的利潤爲$15.5 百萬投資收益。截至2024年9月30日，非合併聯營公司的投資包括對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」）的投資 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。通過其各種投資，公司在美國影院和 四個 。 62 歐洲的劇院。股權法下投資實體持有的負債對公司不具追索權。截至2024年9月30日和2023年9月30日三個月的期間內，公司錄得非合併實體的股權收益爲$5.2萬美元和3.1 分別爲百萬美元。截至2024年9月30日和2023年9月30日九個月的期間內，公司錄得股權收益爲$9.9萬美元和5.32024年4月30日和2023年4月30日的六個月內的外匯重新計量淨收益分別爲$百萬。

關聯交易

公司記錄的與股權法下投資實體的下列關聯方交易：

​

​

​

​

​

​

​

​

​

​

截至

    

截至

（以百萬計）

​

2024年9月30日

    

2023年12月31日

DCm欠款用於屏幕廣告營業收入

​

$

1.1

​

$

3.3

貸款應收款項來自DCM

​

​

0.7

​

​

0.6

由於AC合資公司進行Fathom Events節目編排

​

​

(6.1)

​

​

(2.3)

來自瓦斯特拉斯的應收貸款

​

​

0.8

​

​

1.0

Capa應支付的屏幕廣告收入

​

​

1.1

​

​

1.4

Vasteras應支付的款項

​

​

(0.3)

​

​

(0.9)

由於美國戲劇合作

​

​

(0.7)

​

​

(0.6)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

三個月結束

​

截至九個月的結束日期

(以百萬計)

​

截至2020年6月30日和2019年6月30日三個月和六個月的營業額

​

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 屏幕廣告收入

​

其他營業收入

​

$

3.8

​

$

5.6

​

$

10.4

​

$

13.2

DCDC內容交付服務

​

營業費用

​

​

0.1

​

​

0.2

​

​

0.7

​

​

0.8

Film rent - AC JV

​

Film exhibition costs

​

​

12.8

​

​

4.9

​

​

25.6

​

​

12.0

Screenvision銀幕廣告收入

​

其他營業收入

​

​

2.1

​

​

2.3

​

​

5.0

​

​

6.2

Capa screen advertising revenues

​

其他營業收入

​

​

1.1

​

​

-

​

​

1.1

​

​

-

​

在Hycroft的投資

​

公司持有約 2.4 萬股Hycroft Mining Holding Corporation (納斯達克: HYMC)（「Hycroft」）普通股，以及約 2.3 萬warrants，用於購買普通股。每一份warrant可在截至2027年3月的日期內以每股 之一 的價格行使，換取一份Hycroft的普通股。上述數量已經調整爲10.68 每股美元，在 5年 期內。以上數額已根據 10股合1股 Hycroft 在2023年11月15日進行了股票拆分。

公司按照ASC 825-10的規定，以權益法覈算 Hycroft 的普通股，並選擇了公允價值選擇項。公司按照規定將認股權證視爲衍生工具來覈算。

15

目錄

根據ASC 815的規定，Hycroft的投資公平價值在每個後續報告期重新計量，未實現收益和損失列入投資收入。

在截至2024年9月30日和2023年9月30日的三個月內，公司在投資收入中錄得未實現損失，分別爲$1.4萬美元和0.7 百萬。在截至2024年9月30日和2023年9月30日的九個月內，公司在投資收入中錄得未實現損失，分別爲$1.7萬美元和10.8 百萬。請查看註釋9—公允價值衡量提供有關Hycroft投資公允價值選擇計量及其他股權法投資的總資產價值信息。

​

​

​

注6—公司借款和融資租賃負債

​

公司借款和融資租賃負債的賬面價值摘要如下：

​

​

​

​

​

​

​

​

（以百萬計）

    

2024年9月30日

    

2023年12月31日

擔保債務:

​

​

​

​

​

​

2029年到期的信貸協議-到期的貸款（11.919截至2024年9月30日%）

​

$

2,019.3

​

$

—

12.752027年到期的奧迪安公司優先擔保票據%

​

​

400.0

​

​

400.0

7.5% 2029年到期的一級債券

​

​

950.0

​

​

950.0

2026年到期的優先擔保信貸設施-到期貸款（8.474%截至2023年12月31日

​

​

—

​

​

1,905.0

6.00%/8.00% 現金/PIK 切換優先擔保可轉換票據，到期日爲2030年

​

​

414.4

​

​

—

次級債務：

​

​

​

​

​

​

10%/12%現金/PIk切換2026年到期的二級次級債券

​

​

163.9

​

​

968.9

6.375%到期的2024年優先次級票據 (£4.0 截至2024年9月30日，票面價值爲百萬美元

​

​

5.3

​

​

5.1

5.752025年到期的高級次級票據

​

​

82.7

​

​

98.3

5.8752026年到期的高級次級票據

​

​

41.9

​

​

51.5

6.1252027年到期的高級次級票據

​

​

125.5

​

​

125.5

公司借款總本金金額

​

$

4,203.0

​

$

4,504.3

融資租賃負債

​

 

53.2

​

 

55.4

遞延融資成本

​

​

(48.2)

​

​

(31.1)

淨保費（折讓） (1)

​

​

(170.7)

​

​

104.2

衍生負債 - 轉股選擇權

​

​

159.9

​

​

—

企業借款和融資租賃負債的總賬面價值

​

$

4,197.2

​

$

4,632.8

減去：

​

​

​

​

​

​

企業借款的流動部分

​

​

(95.6)

​

 

(25.1)

融資租賃負債的流動部分

​

​

(4.6)

​

​

(5.4)

公司借款和融資租賃負債的總非流動的賬面價值

​

$

4,097.0

​

$

4,602.3

(1)以下表格提供了公司借款的淨溢價（折讓）金額：

​

​

​

​

​

​

​

​

​

​

9月30日，

​

12月31日，

（以百萬計）

​

2024

​

2023

10%/12%現金/PIk切換2026年到期的次級次級債券

​

$

15.9

​

$

133.9

2026年到期的高級擔保信貸設施-按揭貸款

​

​

—

​

​

(3.3)

12.75截止至2027年的Odeon高級擔保票據

​

​

(22.4)

​

​

(26.4)

2029年到期的信貸協議-期限貸款

​

​

(46.1)

​

​

—

6.00%/8.00%現金/可用轉股/可切換優先擔保可轉債2020年到期

​

​

(118.1)

​

​

—

淨保險費（折讓）

​

$

(170.7)

​

$

104.2

​

​

16

目錄

截至2024年9月30日，以下表格提供了企業借款所需的本金償還額和到期日:

​

​

​

​

​

​

​

負責人

​

​

註冊費用金額

​

​

Corporate

（以百萬計）

    

借款

2024年12月31日結束的三個月

​

$

10.3

2025

​

​

102.8

2026

​

 

225.7

2027

​

 

545.1

2028

​

 

19.5

2029

​

 

2,885.2

此後

​

​

414.4

總計

​

$

4,203.0

​

債務回購和交易所

以下表格總結了截至2024年9月30日爲止的各種現金債務回購交易、債務換股交易和現金及債務換股交易。債務換股交易被視爲債務的早期清償。根據ASC 470-50-40-3的規定，熄滅債務的回購價格被確定爲交換的普通股的公允價值。下表不包括下文描述的再融資交易。

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

系列A優先股股份

​

​

​

​

​

​

​

​

​

​

​

總票面金額

​

普通股

​

Reacquisition

​

資產出售收益淨額

​

（"

（以百萬爲單位，股份數據除外）

​

Repurchased/Exchanged

​

已交換

​

成本

​

Extinguishment

​

Paid/Exchanged

現金債務回購交易：

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

5.75到期日爲2025年的高級次級票據

​

$

7.0

​

​

—

​

$

6.7

​

$

0.3

​

$

0.1

到期日爲2026年的次級留置票據

​

​

50.0

​

​

—

​

​

50.5

​

​

4.4

​

​

1.4

總現金債務回購交易

​

​

57.0

​

​

—

​

​

57.2

​

​

4.7

​

​

1.5

債務與股權交易所交易：

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

2026年到期的次級債券

​

​

191.4

​

​

27,545,325

​

​

123.1

​

​

91.1

​

​

7.4

股本交易的總債務

​

​

191.4

​

​

27,545,325

​

​

123.1

​

​

91.1

​

​

7.4

現金和債務用於股權交易:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

5.752025年到期的高級次級票據

​

​

8.6

​

​

447,829

​

​

8.4

​

​

0.2

​

​

0.1

5.8752026年到期的高級次級票據

​

​

9.6

​

​

432,777

​

​

8.1

​

​

1.3

​

​

0.2

2026年到期的次級債券

​

​

45.0

​

​

2,693,717

​

​

45.5

​

​

4.2

​

​

1.2

資金總額和債務用於股權交易

​

​

63.2

​

​

3,574,323

​

​

62.0

​

​

5.7

​

​

1.5

總債務回購和交易所

​

$

311.6

​

​

31,119,648

​

$

242.3

​

$

101.5

​

$

10.4

​

截至2024年9月30日結束的九個月內，在上述交易中清償的債務的總賬面價值爲$343.8百萬美元。

下表總結了2023年9月30日結束的九個月內的現金債務回購交易情況，包括與關聯方的回購：

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Aggregate Principal

​

Reacquisition

​

資產出售收益淨額

​

（"

（以百萬計）

​

回購

​

成本

​

滅火

​

已付款

僑居員工工資支出

​

​

​

​

​

​

​

​

​

​

​

​

2026年到期的次級債券

​

$

75.9

​

$

48.5

​

$

40.9

​

$

1.1

5.8752026年到期的高級次級票據

​

​

4.1

​

​

1.7

​

​

2.3

​

​

0.1

Kura Japan向公司的報銷和其他付款爲$

​

​

80.0

​

​

50.2

​

​

43.2

​

​

1.2

非關聯方交易：

​

​

​

​

​

​

​

​

​

​

​

​

2026年到期的第二優先級債券

​

​

89.7

​

​

51.3

​

​

54.3

​

​

2.2

非關聯方交易總額

​

​

89.7

​

​

51.3

​

​

54.3

​

​

2.2

總債務回購

​

$

169.7

​

$

101.5

​

$

97.5

​

$

3.4

​

17

目錄

在截至2023年9月30日的九個月中，上述交易中消滅的債務的總賬面價值爲美元199.0 百萬。

​

有關美元的討論，參見附註7——股東赤字100.0 從安塔拉回購的第二留置權票據本金總額爲百萬美元，以換取 9,102,619 AMC 優先股單位未包含在上表中。

再融資交易

2024年7月22日（「截止日期」），公司完成了一系列再融資交易（「再融資交易」） 二 債權人團體將再融資並將到期日延長到2029年和2030年左右 $1.6 該公司此前將於2026年到期的數十億美元債務。

關於截止日期的再融資：

●公司與公司新成立的間接全資子公司Muvico, LLC簽訂了該特定信貸協議（「新定期貸款信貸協議」），由公司和作爲借款人（統稱爲 「新定期貸款借款人」）、其貸款方以及作爲行政代理人和抵押代理人的威爾明頓儲蓄基金協會（FsB）（FsB）（以此類身份是 「新定期貸款代理人」），公司和Muvico據此共同和分別借款 $1.2 2029年到期的數十億新定期貸款（「新定期貸款」）。
●新定期貸款被（i）用作公開市場購買的對價 $1.1 公司將於2026年到期的現有優先擔保定期貸款（「現有定期貸款」）中的10億美元以及（ii）交換爲 $104.2 該公司數百萬的 10%/12% Cash/PIK Toggle 2026年到期的第二留置權次級擔保票據（「第二留置權票據」）。根據新定期貸款信貸協議的條款，剩餘現有定期貸款的貸款人有權根據某些條款和條件將其剩餘的現有定期貸款換成新定期貸款。
●Muvico還完成了以現金進行的私募發行 $414.4 百萬本金總額爲 6.00%/8.00% Cash/PIK Toggle 高級有擔保可交換票據（「可交換票據」），由公司、現有定期貸款下的現有擔保人以及現有第一留置權票據（定義見此處）（「現有擔保人」）和Centertainment（定義見下文）提供擔保，可按照本文所述條款兌換成普通股。
●Muvico使用發行可交換票據的收益進行回購 $414.4 第二留置權票據的本金總額爲百萬美元。

除其他外，與Muvico的組建有關；

●公司及其某些子公司（統稱爲 「AMC」）轉讓了以下方面的某些租約、自有不動產和相關資產及權利 175 根據資產轉讓協議（「資產轉讓協議」），將劇院（「轉讓的劇院」）以及某些知識產權，包括AMC品牌名稱（「轉讓的知識產權」）給Muvico。
●Muvico和AMC簽訂了管理服務協議（「管理服務協議」），根據該協議，Muvico聘請AMC管理和運營移交的劇院，並向Muvico提供某些其他管理服務。
●Muvico和AMC簽訂了知識產權許可協議（「公司間許可協議」），根據該協議，Muvico向AMC授予了使用轉讓知識產權的許可。

Muvico是Centertainment Development, LLC（「Centertainment」）的直接子公司。Muvico和Centertainment都是現有定期貸款和現有第一留置權票據下的 「無限制子公司」，因此不受管理此類債務的契約下的各種限制性契約的約束。

2024年8月1日，公司完成了對公司現有定期貸款（定義見下文）的後續公開市場回購，並作爲交換，根據新定期貸款信貸協議（定義見下文）向此類銷售持有人發放了公司的新定期貸款（定義見下文），金額約爲 $762.0 百萬。

18

目錄

2024年8月14日，該公司完成了額外的跟進公開市場回購已有貸款，並以該公司的新貸款作爲交換，根據新貸款信貸協議發行了大約 $4.0百萬美元。

2024年9月17日，公司發行了 $27.0 百萬美元的新貸款以現金形式按面值發行，並將所得款項用於贖回剩餘的舊貸款。截至2024年9月30日，公司完成了對其現有貸款的公開市場購買，總額爲 $1,895.0 百萬美元的本金金額，併發行了 $2,024.3 百萬美元的新貸款本金金額。因此，截至該日期，公司已有 no 剩餘的現有定期貸款未償還的本金餘額和有關現有定期貸款的貸款文件被終止。

對於二級留置票據的債務回購和交換被視爲清償，並導致以下的清償損失：

​

​

​

​

​

(以百萬計)

​

金額

2030年到期可兌換債券的公允價值

​

$

293.6

換股選擇權的公允價值

​

​

233.4

2029年到期的新長期貸款的公允價值

​

​

104.2

向次級留置債權人支付的PIK費用

​

​

2.3

向次級留置債權人支付的現金費用

​

​

2.3

次級債券考慮

​

​

635.8

​

​

​

​

次級債券本金

​

​

518.6

優先二級債券

​

​

56.0

持有價值次級債券

​

​

574.6

​

​

​

​

二級債券償還損失

​

$

61.2

​

對現有按揭貸款的債務交換被視爲修改，並導致約$的費用41.0 百萬美元用於支付給第三方的成本。

有關再融資交易涉及的其他費用（收入）元件的基礎，請參閱附註1—展示基礎。

可交換債券

截至2024年9月30日的賬面價值（以百萬美元計）：

​

​

​

​

​

​

​

​

​

​

​

​

賬面價值

​

​

​

​

賬面價值

​

​

在發行時

​

(增加) 減少至

​

截至

​

​

2024年7月22日

​

淨收益（損失）

​

2024年9月30日

本金餘額

​

$

414.4

​

$

—

​

$

414.4

折扣

​

​

(120.8)

​

​

2.7

​

​

(118.1)

債務發行費用

​

​

(23.2)

​

​

0.5

​

​

(22.7)

衍生品負債

​

​

233.4

​

​

(73.5)

​

​

159.9

賬面價值

​

$

503.8

​

$

(70.3)

​

$

433.5

​

2024年7月22日，公司發行了$414.4 百萬美元總面額的可交換票據。可交換票據的利率爲 6.00%，如果以現金支付，利率爲 8.00%，如果通過發行可交換票據（「PIk票據」）支付利息，則利率爲，每年支付兩次，即每年6月15日和12月15日之前（2024年12月15日開始）。可轉換票據將在2030年4月30日到期，除非在到期日前完全贖回或兌換，根據下文可轉換票據信託書中規定的條款進行討論。

在可轉換票據的最終到期日之前的第二個交易日（在可轉換票據信託書中定義），在營業結束前的任何時間，每位持有人均可兌換或兌現可轉換

19

目錄

票據有權選擇按普通股的匯率（定義見可交換票據契約）將其全部或部分可交換票據交換。匯率最初設置爲 176.6379 每交易1,000美元本金的可交換票據的普通股份額，反映了美元的價格5.66 每股普通股（「交易所價格」），其價格等於 1132024年7月19日普通股每股收盤價的百分比。匯率受慣例調整和反稀釋保護（如可交換票據契約所規定）的約束。

在可交換票據最終到期日之前的第二個交易日營業結束之前的任何時候，Muvico也有權選擇以等於可交換票據本金總額的價格贖回所有（但不少於全部）未償還的可交換票據，加上截至但不包括此類贖回之日的應計利息和未付利息（如每日VWAP）（定義）在可交換票據（契約）中，每股普通股超過 140交易價格的百分比 十五 (15) 在Muvico向持有人發出通知要求贖回此類可交換票據之日之前的交易日（包括）連續交易日（包括）結束（包括）。任何此類軟收購通知都將規定，可交換票據的適用兌換將在Muvico選擇的工作日進行，不超過 十 (10) 且不少於 五 (5) 軟考試通知發佈之日起的工作日。儘管如此，可交換票據的持有人將有權 二 (2) 根據可交換票據契約的條款提交可交換票據進行交換的此類軟召回通知的營業日。

如果可交換票據的持有人自願選擇交換其可交換票據，則此類持有人還有權在發行日三週年之前獲得等於 (i) 的整數溢價（「匯率調整對價」）， 18.0交換的可交換票據本金總額的百分比；(ii) 在三週年或之後以及發行日期四週年之前， 12.0交換的可交換票據本金總額的百分比；以及（iii）發行日四週年或之後以及五週年之前， 6.0交換的可交換票據本金總額的百分比。Muvico有權選擇以普通股的形式支付交易所調整對價（使用等於的修改後的交易價格） 140交易所價格的百分比），根據新信貸協議的限制，兌現 十二 (12) 在適用交易所後的十二個月期限內等額分期付款，或兩者兼而有之。

如果發生某些構成基本變革（定義見可交換票據契約）的公司事件，則持有人將有權要求Muvico以等於的現金回購價格回購其可交換票據 100截至但不包括基本變更回購日（定義見可交換票據契約）的應計和未付利息（如有）佔可回購可交換票據本金總額的百分比。基本變革的定義包括涉及公司的某些業務合併交易、股東對公司清算或解散的任何計劃或提案的批准以及與普通股有關的某些除名事件。

Muvico還必須強制贖回所有已發行和未償還的可交換票據，購買價格等於 100如果截至購買之日，則本金總額的百分比，加上截至但不包括購買之日的應計利息和未付利息 九十 公司到期日前 (90) 天 7.50百分比2029年到期的第一留置權有擔保票據（「現有第一留置權票據」），到期日爲2030年4月30日之前的現有第一留置權票據的未償本金總額超過美元190,000,000.

可交換票據契約包含契約，這些契約限制了Centertainment集團各方（定義見下文）的能力，除其他外：（i）承擔額外債務或擔保債務；（ii）設立留置權；（iii）申報或支付股息、贖回股票或向股東進行其他分配；（iv）進行投資；（v）與其關聯公司進行交易；（vi）合併、出售，或以其他方式處置其各自的全部或幾乎全部資產；以及 (vii) 損害抵押品的擔保權益。這些契約受到許多限制和例外情況的約束。可交換票據契約還納入了新定期貸款信貸協議中包含的其他限制性條款。可交換票據契約還規定了違約事件，如果發生任何違約事件，將允許或要求所有當時未償還的可交換票據的本金、溢價（如果有）、利息和任何其他貨幣債務立即到期並支付。

該公司將轉換選項和交易所調整對價分析爲一個單一的轉換選項（「轉換期權」）。該公司將轉換期權與可交換票據的本金餘額分爲衍生負債。該公司將轉換期權分爲以下幾點：（i）債務工具中嵌入的轉換期權的經濟特徵與經濟沒有明確和密切的關係

20

目錄

如ASC 815-15-25-51所述，債務託管合約的特徵和風險；（ii）主體債務工具不是按公允價值重新計量的，而是按攤銷成本計量的；（iii）轉換期權不符合ASC 815-10-15-74（a）規定的衍生品範圍例外情況。轉換選項還包括整體調整，即匯率調整對價。匯率調整對價（即整體付款）不符合ASC 815-40-15-7C規定的指數化標準，因爲該功能的設計不符合時間價值範圍的例外情況，因此被視爲衍生品。可交換票據的初始估計公允價值爲美元293.6 百萬美元導致本金餘額出現折扣120.8 百萬美元，並攤銷爲利息支出，因此有效利率爲 13.42超過可交換票據期限的百分比。該公司還記錄了約美元的延期債務發行成本23.2 百萬美元與可交換票據的發行有關，並將在可交換票據的期限內按照實際利息法將這些費用分期攤爲利息支出。公司記錄的2024年7月22日至2024年9月30日期間的利息支出爲美元7.9 百萬。衍生負債在每個報告期均按公允價值重新計量，公允價值的變動作爲其他支出或收入記錄在合併運營報表中。有關估值方法的討論，請參閱附註9——公允價值衡量。本金餘額比可交換票據（包括以股票支付的匯率調整對價）的折算價值高出約美元38.5 根據我們普通股每股收盤價美元，截至2024年9月30日爲百萬美元4.55 每股。

2029 年到期的新定期貸款

新定期貸款信貸協議規定（i）新定期貸款，初始本金總額爲美元1,229,415,340 以及（ii）新定期貸款借款人獲得額外新定期貸款的能力，這些貸款的收益將用於未來在公開市場上購買現有定期貸款。

新定期貸款將於2029年1月4日到期（或者，如果至少爲美元）190,000,000 截至2028年10月5日，然後是2028年10月5日（然後是2028年10月5日），現有的第一留置權票據尚未回購（和取消）、償還或再融資。新定期貸款需分期償還本金，從2024年9月30日開始，在每個財政季度的最後一個工作日按季度分期支付，等於 1.00每年百分比。新定期貸款的剩餘未償還本金總額（連同本金的應計和未付利息）應在到期時支付。

新定期貸款的利息由新定期貸款借款人選擇，利率等於（i）基準利率加上兩者之間的差額 500 和 600 點子取決於公司及其子公司的合併槓桿比率（「總槓桿比率」）或（ii）期限 SOFR 加上兩者之間的利潤 600 和 700 點子取決於總槓桿比率。在根據新定期貸款信貸協議交付截至截止日期之後的第一個完整財季的財務報表之前，新定期貸款的利息由公司選擇，按基準利率加上利率爲 600點子或 (b) 期限 SOFR 加上利潤率爲 700點子。

新定期貸款由Centertainment和Muvico及其未來各自的子公司（統稱爲 「Centertainment集團各方」）和現有擔保人提供擔保，並以公司及其擔保人擁有的幾乎所有有形和無形資產的留置權作爲擔保，在每種情況下，都受新定期貸款信貸協議中規定的有限例外情況的限制。

新定期貸款信貸協議包含的契約限制了公司及其子公司的以下能力：（i）承擔額外債務或擔保債務；（ii）設立留置權；（iii）申報或支付股息、贖回股票或向股東進行其他分配；（iv）進行投資；（v）與其關聯公司進行交易；（vi）合併、合併、出售或以其他方式處置全部或幾乎所有各自的資產；以及 (vii) 在公司及其子公司的賬目中保留現金（不包括Centertainment 集團各方）。這些契約受到許多限制和例外情況的約束。新定期貸款信貸協議還規定了違約事件，如果發生任何違約事件，將允許或要求所有當時未償還的新定期貸款的本金、溢價（如果有）、利息和任何其他金錢債務立即到期並支付。

與美元現有定期貸款相關的未攤銷折扣和遞延費用6.5 百萬加上向現有定期貸款貸款機構支付的費用 $45.7 百萬美元被記錄爲與新定期貸款相關的遞延費用，公司將在新定期貸款期限內按照實際利息法將這些成本分攤爲利息支出。

​

21

目錄

​

注意事項 7—股東' 赤字

​

股票拆細

於2023年8月24日，公司以比例進行了股票合併 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.

普通股發行

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 $6.3萬美元和0.6 百萬分別通過其大約的現場市場發行 72.5 百萬股普通股。公司在截至2024年9月30日的九個月內支付了$0.7 百萬美元的其他第三方發行費用。

在截至2023年9月30日的九個月內，公司通過其現場市場發行募集了約$325.5 百萬美元，並向銷售代理支付費用，支付了第三方發行費用約爲$8.2萬美元和0.5 百萬股普通股。公司通過其現場市場發行了 40.0 百萬股普通股。公司在截至2024年9月30日的九個月內支付了$0.1 在2023年9月30日結束的九個月中，公司支付了數百萬美元的其他第三方發行成本。

在2023年9月30日結束的九個月中，該公司籌集了約美元的總收入。114.5 美元，向銷售代理支付了費用，並支付了大約美元的其他第三方發行成本。2.9萬美元和8.7 美元，分別通過其按市場情況提供的百萬股AMC優先股權單元的發行。 7.1 美元的其他第三方發行成本。11.5 在2023年9月30日結束的九個月中，公司支付了數百萬美元的其他第三方發行成本。

Antara交易

2022年12月22日，公司與Antara簽訂了遠期購買協議，根據協議，公司同意（i）向Antara賣出AMC優先股權單位，總購買價格爲$ 10,659,511 百萬，同時從Antara購買公司$75.1 百萬美元的公司$100.0 %現金/PIk切換次級債券的總本金，以換取AMC優先股權單位。 2023年2月7日，公司發行AMC優先股權單位，以換取Antara的$ 10%/12 9,102,619 百萬美元的AMC優先股權單位。 19,762,130 75.1百萬美元的現金和$100.0 公司的基本報表中記錄了公司債券的總票面金額 10%/12公司錄得了%@現金/PIk切換第二級債券，交易使股東赤字增加$百萬。193.7 百分之三百百萬的記錄在交易導致公司的股東赤字。公司支付了$百萬的應計利息現金以換取債券。1.4 應交換票據時，公司用現金支付了百分之三百百萬的應計利息。

AMC優先權益單位

每個AMC優先權益單位都是存託憑證並代表依據存託協議發行的A類可轉換參與優先股的股份。每個AMC優先權益單位旨在擁有與一股普通股相同的經濟權利和表決權。截至2023年8月25日，所有未償還的AMC優先股權單位已轉換爲普通股。截至2024年9月30日，公司有授權發行的優先股。 50,000,000 公司已發行授權股份的優先股可供發行。

​

22

目錄

以股票爲基礎的補償

以下表格顯示了記錄在一般行政支出中的股權報酬支出：其他：

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

三個月結束

​

截至九個月的結束日期

​

​

9月30日，

​

9月30日，

​

9月30日，

​

9月30日，

（以百萬計）

​

2024

​

2023

​

2024

​

2023

權益類獎項板塊：

​

​

​

​

​

​

​

​

​

​

​

​

特別獎勵支出

​

$

—

​

$

—

​

$

2.1

​

$

20.2

董事會股票獎勵支出

​

​

—

​

​

—

​

​

1.0

​

​

0.9

限制性股票單位費用

​

​

3.8

​

​

3.7

​

​

8.6

​

​

10.5

Performance stock unit expense

​

​

2.5

​

​

3.6

​

​

3.3

​

​

9.0

所有板塊歸類獎勵總額:

​

​

6.3

​

​

7.3

​

​

15.0

​

​

40.6

責任分類獎項:

​

​

​

​

​

​

​

​

​

​

​

​

受限制股份和績效股單位支出

​

​

—

​

​

(0.1)

​

​

0.1

​

​

0.3

分類獎勵的總責任：

​

​

—

​

​

(0.1)

​

​

0.1

​

​

0.3

共計股份獎勵支出

​

$

6.3

​

$

7.2

​

$

15.1

​

$

40.9

​

截至2024年9月30日，與股票補償授予相關的估計剩餘未確認補償成本約爲$19.6 百萬美元，反映了基於以下所述比例的業績目標達成的假設。預計剩餘的補償費用預計將在約加權平均期間內被確認完成 1.1年。

特別獎勵

2024年2月22日，AMC董事會的薪酬委員會（「薪酬委員會」）批准修改了適用於所有2023年可分配年度PSU獎勵的績效目標。這被視爲對2023年可分配年度PSU獎勵的修改，降低了調整後的EBITDA和自由現金流績效目標，以便對兩項目標均實現 200%的獲股權，這兩個目標都實現了。此修改導致立即額外的獲股權 478,055 2023年可分配年度PSU（21,829 現金結算單位和 456,226 股權結算單位）。這被視爲3級修改（不可能變爲可能），要求公司根據增量PSU的修改日期公允價值來確認額外的股票補償費用。截至2024年9月30日止9個月，公司確認了$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 $14.9萬美元和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年授予的獎項

​

2024年6月5日，公司股東批准了一項新的股權激勵計劃（「2024 EIP」）。2024 EIP擁有百萬股普通股可用於計劃下的獎勵。 25.0 2024 EIP可能授予的獎項包括期權、股票增值權、受限股票獎勵、受限股票單位、現金獎勵和其他以股權爲基礎的獎勵。2024 EIP的期限不受限制，在終止情況下，只要任何獎勵股份尚未完全歸屬，則計劃將繼續有效。

2024年6月5日，公司董事會根據2024 EIP向公司的某些僱員和董事授予了股票、受限股票單位（「RSUs」）和績效股份單位（「PSUs」）獎勵。每個RSU或PSU在歸屬後可轉換爲1股普通股。 之一 截至股息記錄日期，每名參與者持有的每個RSU和PSU有權獲得相當於所支付的股息額的股息等值。 之一 普通股份份額

23

目錄

該單位的標的股票。任何此類應計股息等價物僅在單位歸屬時支付給持有人。每個單位代表領取權 一 未來日期的普通股份額。

這些獎項通常具有以下特點：

●董事會股票獎勵： 公司授予了 202,392 將普通股全部歸屬於公司董事會的獨立成員，授予日的公允價值爲 $1.0 百萬。
●限制性股票單位獎勵： 公司授予了 2,322,759 向某些管理層成員發放的限制性股票，授予日的公允價值爲 $12.0 百萬。在必要的服務期內，公司以直線識別方法記錄股票薪酬支出。RSU 背心結束了 三年，和 三分之一 每年授予。這些 RSU 將在期限內結算 30 天 的歸屬。
●績效股票單位獎勵： 總共有 2,322,759 PSU被授予某些管理層成員和執行官（「2024年PSU獎」），將所有PSU分爲三個不同的年度部分，每部分分配給業績期內的一個財政年度（「部分年度」）。每個階段的PSU進一步劃分爲兩個績效目標：調整後的息稅折舊攤銷前利潤績效目標和自由現金流績效目標。2024 年 PSU 獎項將在下述條件下頒發 80% 到 120% 的績效目標已達到，相應的既得單位金額從 50% 到 200% 獲獎的 PSU。如果實現了績效目標 100%，2024 年 PSU 獎項將頒發於 2,322,759 總計中的單位。 沒有 如果公司未實現分批年度調整後息稅折舊攤銷前利潤或自由現金流目標的80％，則PSU將在每個階段進行歸屬。

薪酬委員會在每年年初制定年度績效目標。因此，每個批次年度的授予日期（和公允價值計量日期）是每年年初根據ASC 718 「薪酬—股票補償」 對關鍵條款和條件達成共同理解的日期。

該股權歸類爲2024年PSU獎勵授予日期的公允價值 774,202 單位約爲 $4.0 百萬，歸類爲 2023 年 PSU 獎勵授予日期的公允價值的股權 2024 年分期年度獎勵的公允價值 105,357 單位是 $0.5 百萬以及歸類爲2022年PSU獎勵授予日期的權益的2024年分期年度獎勵的公允價值 44,081 單位是 $0.2 百萬，使用績效目標來衡量 100%.

責任分類獎勵

某些PSU預計將以現金結算，因此在簡明合併資產負債表中被歸類爲應計費用中的負債和其他負債。2024年度歸類爲2023年PSU獎勵的負債是在設定年度績效目標時授予的。歸屬要求和歸屬期限與上述股票分類獎勵相同。公司根據普通股的公允價值確認與這些獎勵相關的費用，從而使在必要服務期內提供的服務部分生效。

截至 2024 年 9 月 30 日，有 65,676 非歸屬標的普通股限制性股票單位和PSU（在使預計實現水平生效後） 148%/158與歸類爲負債的獎勵相關的調整後息稅折舊攤銷前利潤和自由現金流（PSU）的百分比。有 51,099 非歸屬標的普通股（RSU）和 PSU（2024 年度）衡量標準爲 148%/158當前歸類爲負債的調整後息稅折舊攤銷前利潤和自由現金流（PSU）的百分比，以及 14,577 由於2025年PSU分批年度的績效目標，尚未出於會計目的授予的非歸屬標的普通股PSU（2025年分期年度）尚未確定。

24

目錄

以下表格顯示截至2024年9月30日的九個月內已分類的非受限股票單位（RSU）和計劃單位（PSU）的活動情況：

​

​

​

​

​

​

​

​

    

​

    

​

​

​

​

​

​

已授予和預期於2021年1月2日授予股份

​

​

​

​

平均數

​

​

普通股

​

授予日期

​

​

RSU和PSU（3）

​

公允價值

2024年1月1日的非維持

​

747,423

​

$

44.35

已批准 (1)

​

3,727,031

​

​

5.10

已授予 - 特別獎勵

​

456,226

​

​

4.42

34,105

​

(246,982)

​

​

43.84

已投資 - 特別獎勵

​

(242,360)

​

​

4.42

被取消

​

(1,278)

​

​

35.01

取消 (2)

​

(228,015)

​

​

43.86

取消-特別獎項 (2)

​

(213,866)

​

​

4.42

2024年9月30日尚未授予

​

3,998,179

​

​

7.83

2024年股本單位獎勵中授予的2025年和2026年份額，以及2023年股本單位獎勵中授予的2025年份額，其授予日期的公允價值將分別於2025年和2026年確定

​

1,653,656

​

​

​

2024年9月30日的未投資總額

​

5,651,835

​

​

​

(1)在2024年度，PSU股票的授予數量假設公司將達到一個績效目標 148% 以及調整後的EBITDA目標和自由現金流 158% 對自由現金流目標。
(2)代表授出以代替稅款的認股單元和限制性單位的公司支付的稅款約 $2.2 萬美元，在截至2024年9月30日的九個月內。
(3)包括已轉換爲普通股認股單元和限制性單位的AMC優先股權單位認股單元和限制性單位。

​

​

​

25

目錄

​

股東赤字的簡明綜合財務報表

2024年9月30日結束的九個月

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

累積的

​

​

​

​

​

​

A類

​

額外的

​

其他

​

​

​

總計

​

​

普通股

​

實收資本

​

綜合

​

累積的

​

股東的

（以百萬爲單位，除股份及每股數據外）

    

股份

    

金額

​

資本

​

虧損

    

赤字

    

赤字

2023年12月31日餘額

​

260,574,392

​

$

2.6

​

$

6,221.9

​

$

(78.2)

​

$

(7,994.2)

​

$

(1,847.9)

淨損失

​

—

​

​

—

​

​

—

​

​

—

​

​

(163.5)

​

​

(163.5)

其他綜合損失

​

—

​

​

—

​

​

—

​

​

(35.4)

​

​

—

​

​

(35.4)

債務換股交易

​

2,541,250

​

​

—

​

​

14.2

​

​

—

​

​

—

​

​

14.2

支付受限單位扣繳的稅款

​

—

​

​

—

​

​

(2.2)

​

​

—

​

​

—

​

​

(2.2)

股份發行費用

​

—

​

​

—

​

​

(0.5)

​

​

—

​

​

—

​

​

(0.5)

授薪證券 (1)

​

489,342

​

​

—

​

​

4.3

​

​

—

​

​

—

​

​

4.3

2024年3月31日的餘額

​

263,604,984

​

$

2.6

​

$

6,237.7

​

$

(113.6)

​

$

(8,157.7)

​

$

(2,031.0)

淨損失

​

—

​

​

—

​

​

—

​

​

—

​

​

(32.8)

​

​

(32.8)

其他綜合收益

​

—

​

​

—

​

​

—

​

​

2.8

​

​

—

​

​

2.8

債務與股權交換

​

25,004,075

​

​

0.3

​

​

116.1

​

​

—

​

​

—

​

​

116.4

股票發行

​

72,549,972

​

​

0.7

​

​

242.9

​

​

—

​

​

—

​

​

243.6

基於股票的報酬 (1)

​

195,924

​

​

—

​

​

4.4

​

​

—

​

​

—

​

​

4.4

2024年6月30日餘額

​

361,354,955

​

$

3.6

​

$

6,601.1

​

$

(110.8)

​

$

(8,190.5)

​

$

(1,696.6)

淨損失

​

—

​

​

—

​

​

—

​

​

—

​

​

(20.7)

​

​

(20.7)

其他綜合收益

​

—

​

​

—

​

​

—

​

​

8.6

​

​

—

​

​

8.6

債務與股權交換

​

3,574,323

​

​

—

​

​

17.1

​

​

—

​

​

—

​

​

17.1

股票補償 (1)

​

6,468

​

​

—

​

​

6.3

​

​

—

​

​

—

​

​

6.3

2024年9月30日餘額

​

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會，並 489,342 歸屬的普通股RSU和PSU。

​

​

​

26

目錄

股東赤字的簡明綜合財務報表

截止2023年9月30日止九個月

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

優先股

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

A系列可轉換債券

​

​

​

​

​

​

​

​

累積的

​

​

​

​

​

​

A班

​

參與

​

存託憑證股份

​

​

​

​

額外的

​

其他

​

​

​

總計

​

​

普通股

​

期權。截至2021年3月31日，我們的2005年股權激勵計劃下已有共189,069股普通股的期權被行權（行權日當天全部範圍）。我們的2016年股權激勵計劃下，576,806股普通股的期權處於行權狀態。2020年期權獎勵計劃下，996,730股普通股的期權處於行權狀態（其中有123,093股普通股的期權處於行權狀態）。

​

AMC Preferred

​

​

​

​

實收資本

​

綜合

​

累積的

​

股東的

（以百萬爲單位，除股份及每股數據外）

    

股份（3）

    

金額

    

股份

​

權益單位 (3)

    

金額

​

資本

​

虧損

    

赤字

    

赤字

2022年12月31日餘額

​

51,683,892

​

$

0.5

​

7,245,872

​

72,458,706

​

$

0.1

​

$

5,049.8

​

$

(77.3)

​

$

(7,597.6)

​

$

(2,624.5)

淨損失

​

—

​

​

—

​

—

​

—

​

​

—

​

​

—

​

​

—

​

​

(235.5)

​

​

(235.5)

其他綜合損失

​

—

​

​

—

​

—

​

—

​

​

—

​

​

—

​

​

(7.3)

​

​

—

​

​

(7.3)

股份發行

​

—

​

​

—

​

492,880

​

4,928,800

​

​

—

​

​

70.5

​

​

—

​

​

—

​

​

70.5

Antara前瞻性採購協議 (2)

​

—

​

​

—

​

1,976,213

​

19,762,130

​

​

—

​

​

193.7

​

​

—

​

​

—

​

​

193.7

支付受限單位扣繳稅款

​

—

​

​

—

​

—

​

—

​

​

—

​

​

(13.1)

​

​

—

​

​

—

​

​

(13.1)

授薪證券 (1)

​

235,346

​

​

—

​

26,944

​

269,444

​

​

—

​

​

25.9

​

​

—

​

​

—

​

​

25.9

2023年3月31日的賬面餘額

​

51,919,238

​

$

0.5

​

9,741,909

​

97,419,080

​

$

0.1

​

$

5,326.8

​

$

(84.6)

​

$

(7,833.1)

​

$

(2,590.3)

淨收益

​

—

​

​

—

​

—

​

—

​

​

—

​

​

—

​

​

—

​

​

8.6

​

​

8.6

其他綜合損失

​

—

​

​

—

​

—

​

—

​

​

—

​

​

—

​

​

(40.0)

​

​

—

​

​

(40.0)

AMC優先股權單位發行

​

—

​

​

—

​

212,156

​

2,121,562

​

​

—

​

​

32.7

​

​

—

​

​

—

​

​

32.7

限制單位扣繳的稅款

​

—

​

​

—

​

—

​

—

​

​

—

​

​

(1.1)

​

​

—

​

​

—

​

​

(1.1)

基於股票的報酬

​

—

​

​

—

​

—

​

—

​

​

—

​

​

7.5

​

​

—

​

​

—

​

​

7.5

2023年6月30日餘額

​

51,919,238

​

$

0.5

​

9,954,065

​

99,540,642

​

$

0.1

​

$

5,365.9

​

$

(124.6)

​

$

(7,824.5)

​

$

(2,582.6)

淨收益

​

—

​

​

—

​

—

​

—

​

​

—

​

​

—

​

​

—

​

​

12.3

​

​

12.3

其他綜合收益

​

—

​

​

—

​

—

​

—

​

​

—

​

​

—

​

​

9.2

​

​

—

​

​

9.2

AMC優先股權單位轉換

​

99,540,642

​

​

1.0

​

(9,954,065)

​

(99,540,642)

​

​

(0.1)

​

​

(0.9)

​

​

—

​

​

—

​

​

—

結算付款

​

6,897,018

​

​

0.1

​

—

​

—

​

​

—

​

​

99.2

​

​

—

​

​

—

​

​

99.3

股票發行

​

40,000,000

​

​

0.4

​

—

​

—

​

​

—

​

​

316.1

​

​

—

​

​

—

​

​

316.5

基於股票的報酬

​

—

​

​

—

​

—

​

—

​

​

—

​

​

7.3

​

​

—

​

​

—

​

​

7.3

2023年9月30日餘額

​

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優先權益單位授予董事會， 226,791 普通股 RSU 和 PSU 已授予，並 254,074 AMC 首選股權單位 RSU 和 PSU 已授予。
(2)其中包括價值爲 75.1 現金收益總額爲 百萬美元 和 $118.6 價值爲 百萬美元 的債務已換爲 AMC 首選股權單位。
(3)股份數量已經得到追溯調整，以反映逆向股票分割的影響。

​

​

​

​

​

​

27

目錄

​

附註8—所得稅

公司的全球有效所得稅率基於實際收入（虧損），法定稅率，對遞延稅款資產的減值準備，以及其所經營的各個司法管轄區中可獲得的稅收規劃機會。由於COVID-19大流行和行業近期停工對公司的持續影響，公司在2024年9月30日結束的九個月內採用離散所得稅計算。在過去的中期財務報告中，公司基於預計全年的應納稅收入（虧損）估算全球年度所得稅率，並根據預期的年度率調整季度所得稅費用或收益，如有任何離散項目。未來中期業績期間，當更可靠的全年收入估算可用時，公司將回到根據年度有效率計算季度稅費用的歷史方法。公司視所得稅相關利息費用和罰款爲所得稅費用和一般和行政費用，分別進行確認。

經濟合作與發展組織（「OECD」）發佈了一套模型規則，一般規定了司法管轄區的最低有效稅率爲 15.0%. 各國已經或正在制定旨在自2024年1月1日起實施原則的立法。公司預計採用OECD的全球稅收改革對其2024年的所得稅費用不會產生重大影響。

公司每個期間評估其遞延所得稅資產，以判斷是否需要根據遞延所得稅資產的某些部分可能無法實現的「更有可能的」概念而設定減值準備。這些遞延所得稅資產的最終實現取決於在未來期間（以聯邦、州和外國的司法管轄區爲基礎）生成足夠的應稅收入。公司通過考慮所有可用的積極和消極證據進行評估，其中包括歷史營運結果、未來盈利預測、法定結轉期間的持續時間，以及對美國電影產業和更廣泛經濟的展望等。

對公司的美國遞延稅資產和大多數國際遞延稅資產進行了減值準備，因爲公司已經確定這些資產的實現不符合最可能發生的標準。

截至2024年9月30日九個月的有效稅率反映了在該期間產生的對美國和國際遞延稅資產進行的這些減值準備的影響。截至2024年9月30日九個月的實際有效稅率爲（0.6）%。截至2024年9月30日九個月結束的公司綜合稅率與美國法定稅率的差異主要是由於美國和外國司法轄區的減值準備、外國稅率差異、聯邦和州稅收抵免、永久性差異和其他離散項目。

​

28

目錄

注9—公允價值衡量

​

公允價值是指在實體進行交易的市場之間，賣出資產或轉讓負債所收到或支付的價格。用於確定這些公允價值的輸入以層次結構建立，對信息的質量和可靠性進行排序。公允價值分類基於輸入的級別。以公允價值計量的資產和負債分爲以下類別中的一個，並在披露中披露：

層次1：

在活躍市場上報價的相同資產或負債。

層次2：

市場觀察性基於輸入或由市場數據證實的不可觀察性基於輸入。

第三級：

市場數據未證實的不可觀察輸入。

​

​

重複計量公允價值。 以下表格總結了截至2024年9月30日公司按照公允價值計量的財務資產和負債的公允價值層次結構：

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

2024年9月30日使用的公平價值計量

​

​

​

​

​

​

​

​

顯著的

​

    

Total Carrying

    

在其他有觀察的市場上，以相同資產的報價爲基礎的公允價值計量

    

重要的另一半

    

不可觀察的輸入值

​

​

價值於

​

活躍市場

​

可觀察的輸入

​

不可觀察到的輸入值

（以百萬計）

​

2024年9月30日

​

(一級)

​

(2級)

​

（三級）

其他長期資產:

​

​

​

​

​

​

​

​

​

​

​

​

投資Hycroft認股權證

​

$

1.3

​

$

—

​

$

—

​

$

1.3

流動市場股權證券：

​

​

​

​

​

​

​

​

​

​

​

​

對Hycroft進行投資

​

​

6.0

​

​

6.0

​

​

—

​

​

—

公平價值下的全部資產

​

$

7.3

​

$

6.0

​

$

—

​

$

1.3

​

​

​

​

​

​

​

​

​

​

​

​

​

公司借款:

​

​

​

​

​

​

​

​

​

​

​

​

衍生品負債

​

$

159.9

​

$

—

​

$

—

​

$

159.9

公允價值下的總負債

​

$

159.9

​

$

—

​

$

—

​

$

159.9

​

衍生負債估值。 2024年7月22日，公司發行具有轉換特徵的交換票據，這些特徵需要根據ASC 815—衍生工具與風險對沖的規定與母體工具進行分離。這些轉換特徵合併爲一個衍生工具，包括所有需要分離的特徵，詳情請參閱第6節—公司借款和融資租賃負債。 衍生特徵已使用二叉樹格進行估值。 二叉樹格法包括從估值日到交換票據到期的模擬普通股價格。 用於估值衍生工具的重要輸入包括普通股初始股價、股價波動率、到期時間、無風險利率、信貸利差和貼現收益率。2024年7月22日，衍生負債的估計公允價值爲$233.4 百萬。公司在每個報告期末以公允價值衡量衍生工具，任何公允價值變動均記錄爲利潤表中的其他費用（收入）。

非週期性公允價值衡量。 爲公司交換票據的債券成分提供了非週期性公允價值衡量表。

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

2024年7月22日使用的公允價值測量

​

​

​

    

​

    

重要的另一半

    

顯著的

​

    

總搬運成本

​

在其他有觀察的市場上，以相同資產的報價爲基礎的公允價值計量

​

可觀察到的

​

不可觀察的輸入值

​

​

Value at

​

active market

​

不可觀察到的輸入值

​

不可觀察到的輸入值

（以百萬計）

    

2024年7月22日

    

(一級)

    

(2級)

    

（三級）

企業借款：

​

​

​

​

​

​

​

​

​

​

​

​

可交換債券

​

$

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

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(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

32

Table of Contents

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

33

Table of Contents

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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Table of Contents

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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Table of Contents

​

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.

​

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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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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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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

43

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.

44

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.

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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.

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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

​

Condensed Consolidated Results of Operations

​

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.

​

54

Table of Contents

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

55

Table of Contents

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

目錄

戲劇展示-國際市場

收入總收入在2024年9月30日結束的九個月內減少了8190萬美元，或9.6%，與2023年9月30日結束的九個月相比。門票收入在2024年9月30日結束的九個月內減少了5840萬美元，或11.3%，與2023年9月30日結束的九個月相比，主要是由於從5370萬觀衆減少到4780萬觀衆，出席率下降了10.9%，以及平均票價下降了0.5%。出席率的下降主要是由於相比前一年，電影產品的受歡迎程度降低。

食品和飲料收入在2024年9月30日結束的九個月內減少了1730萬美元，或7.0%，與2023年9月30日結束的九個月相比，主要是由於出席率下降，部分抵消了每位觀衆的食品和飲料消費的增加。每位觀衆的食品和飲料消費從4.61美元增加到4.81美元，主要是由於平均價格和交易嘉賓比例的增加。

其他戲劇收入在2024年9月30日結束的九個月內減少了620萬美元，或6.9%，與2023年9月30日結束的九個月相比，主要是由於出席率下降，導致門票費和廣告收入減少。

經營成本和費用。經營成本和費用在2024年9月30日結束的九個月內減少了3790萬美元，或4.4%，與2023年9月30日結束的九個月相比。電影展映成本在2024年9月30日結束的九個月內減少了2990萬美元，或14.2%，與2023年9月30日結束的九個月相比，主要是由於出席率下降和電影租賃條件降低。作爲門票收入的百分比，電影展映成本在2024年9月30日結束的九個月中爲39.4%，而在2023年9月30日結束的九個月中爲40.8%。電影展映成本百分比的下降主要是由於前一年票房收入集中在票房較高的電影中，這通常會導致較高的電影展映成本。

食品和飲料成本在2024年9月30日結束的九個月內減少了520萬元，或8.4％，與2023年9月30日結束的九個月相比。食品和飲料成本的減少主要是由於食品和飲料收入的減少。作爲食品和飲料收入的比例，2024年9月30日結束的九個月的食品和飲料成本爲24.7％，而2023年9月30日結束的九個月爲25.1％。

操作費用在2024年9月30日結束的九個月內減少了270萬元，或0.9％，與2023年9月30日結束的九個月相比。操作費用的減少主要是由於公用事業費用的降低和出席人數的減少。作爲營收的比例，2024年9月30日結束的九個月的操作費用爲40.5％，而2023年9月30日結束的九個月爲36.9％。租金支出在2024年9月30日結束的九個月內增加了2.7％，或450萬元，與2023年9月30日結束的九個月相比。

其他。其他一般和行政費用在2024年9月30日結束的九個月內增加了170萬元，或3.2％，與2023年9月30日結束的九個月相比。

折舊和攤銷。折舊與攤銷在2024年9月30日結束的九個月內減少了620萬元，或10.3％，與2023年9月30日結束的九個月相比，主要是由於戲院關閉以及在2023年12月31日結束的年度對受損戲院的折舊費用減少。

其他收入。2024年9月30日結束的九個月內的其他收入主要是由於對3620萬元的有利供應商糾紛解決以及1900萬元的外幣交易收益。2023年9月30日結束的九個月的其他收入主要是由320萬元的外幣交易收益。有關其他費用（收入）組成的更多信息，請參閱本表格10-Q第I部分項目1下的各項財務報表附註中關於百分之一的基礎的說明。

利息支出。截至2024年9月30日的九個月，利息支出增加了70萬美元，相比於2023年9月30日結束的九個月。有關我們負債的更多信息，請參閱基本報表附註中的第6號附註—公司借款和融資租賃負債，該附註列於本表格10-Q第I部分的第1項。

57

目錄

投資收益。截至2024年9月30日前九個月，投資收益爲140萬美元，截至2023年9月30日前九個月爲1610萬美元。當年的投資收益包括140萬美元的利息收入。往年的投資收益包括我們出售沙特影城有限公司10%股權獲得的(15.5)百萬美元收益和(0.6)百萬美元的利息收入。

所得稅費用。所得稅費用分別爲2024年9月30日前九個月的210萬美元和2023年9月30日前九個月的300萬美元。有關詳細信息，請參閱本10-Q表格第I部分中第8條——所得稅的附註中對壓縮合並財務報表的附註。

淨損失。截至2024年9月30日前九個月，淨損失爲5060萬美元，截至2023年9月30日前九個月爲4360萬美元。2024年9月30日前九個月的淨損失與2013年9月30日前九個月的淨損失相比，受到觀影率下降的負面影響，原因是新電影發佈的受歡迎程度較上一年降低，租金支出增加，一般和管理支出增加，利息支出增加以及投資收入減少，部分抵消了折舊及攤銷支出的減少，其他收入的增加以及所得稅費用的減少。

調整後的EBITDA

​

我們將調整後的EBITDA作爲我們績效的補充指標。我們將調整後的EBITDA定義爲淨利潤(損失)加上 (i) 所得稅貸項(收益)、(ii) 利息費用和 (iii) 折舊和攤銷費用，進一步調整以消除我們不認爲代表我們持續營運表現的某些項目的影響，幷包括國際市場劇院運營中股權投資所產生的EBITDA。這些進一步調整如下列明。我們鼓勵您評估這些調整以及我們認爲它們適用於補充分析的原因。在評估調整後的EBITDA時，您應該意識到，未來我們可能會發生與本報告中某些調整相同或類似的費用。我們對調整後的EBITDA的展示不應被理解爲我們未來的結果不會受到不尋常或非經常性項目的影響的推斷。爲確定調整後的EBITDA而進行的對GAAP指標的前述定義和調整基本與公司債券的定義一致。在截至2024年9月30日的三個月內，公司更改了調整後的EBITDA的定義，不再進一步調整「非合併實體的現金分配」和「其他非現金租賃收益」。 調整後的EBITDA的所有比較期信息已被重新整理以符合當前定義。

以下表格列出了我們按報告經營板塊劃分的調整後的EBITDA及我們的調整後的EBITDA的對賬。

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

三個月的結束

​

截至九個月的結束日期

調整後的EBITDA（單位：百萬）

​

2024年9月30日

    

2023年9月30日

​

2024年9月30日

    

2023年9月30日

美國市場

​

$

143.3

​

$

155.5

​

$

178.5

​

$

353.4

國際市場

​

​

18.5

​

​

44.4

​

​

0.6

​

​

53.0

調整後的EBITDA總額

​

$

161.8

​

$

199.9

​

$

179.1

​

$

406.4

​

58

目錄

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

三個月結束

​

截至九個月的結束日期

(以百萬計)

​

2024年9月30日

​

2023年9月30日

    

2024年9月30日

​

2023年9月30日

淨收益（虧損）

​

$

(20.7)

​

$

12.3

​

$

(217.0)

​

$

(214.6)

加:

​

​

​

​

​

​

​

​

​

​

​

​

所得稅負擔（利益） (1)

​

 

(1.1)

​

 

2.3

​

 

1.4

​

 

4.6

利息支出

​

 

119.6

​

 

103.7

​

 

319.8

​

 

307.4

折舊和攤銷

​

 

80.8

​

 

88.7

​

 

241.2

​

 

279.1

某些營業費用 (2)

​

 

2.0

​

 

3.8

​

 

3.5

​

 

4.0

非合併實體收益中的股權 (3)

​

 

(5.2)

​

 

(3.1)

​

 

(9.9)

​

 

(5.3)

可歸因EBITDA (4)

​

​

1.3

​

​

1.4

​

​

1.2

​

​

1.6

投資收入 (5)

​

 

(3.2)

​

 

(3.0)

​

 

(14.4)

​

 

(11.4)

其他收入 (6)

​

 

(18.1)

​

 

(14.1)

​

 

(161.9)

​

 

(1.4)

一般和行政費用-未分配：

​

​

​

​

​

​

​

​

​

​

​

​

併購、收購及其他成本 (7)

​

 

0.1

​

 

0.7

​

 

0.1

​

 

1.5

股票補償費用 (8)

​

 

6.3

​

 

7.2

​

 

15.1

​

 

40.9

調整後的EBITDA

​

$

161.8

​

$

199.9

​

$

179.1

​

$

406.4

(1)有關所得稅規定的信息，請查看本表格10-Q第I部分項下基本合併財務報表附註8—所得稅。
(2)金額包括與正在翻新的暫時關閉屏幕相關的開業前支出、永久關閉屏幕的影院和其他關閉支出，包括利息的累積、資產處置和其他納入營業費用的非經營性損益。由於這些項目無現金性質或非經營性質，我們將其排除在外。
(3)2024年9月30日結束的三個月內，非合併實體的權益主要包括來自AC JV的權益爲$(4.3)百萬美元的收益。2023年9月30日結束的三個月內，非合併實體的權益主要包括來自AC JV的權益爲$(1.5)百萬美元的收益。

2024年9月30日結束的九個月內，非合併實體的權益主要包括來自AC JV的權益爲$(9.5)百萬美元的收益。2023年9月30日結束的九個月內，非合併實體的權益主要包括來自AC JV的權益爲$(3.4)百萬美元的收益。

(4)歸屬於EBITDA包括在某些國際市場的影劇院經營者的股本投資的EBITDA。請參見下文，了解我們對非合併實體損失權益的歸屬EBITDA之調和情況。由於這些股權投資是在我們持有重要市場份額的地區的影劇院經營者中，我們認爲歸屬於EBITDA更能反映這些股權投資的表現，管理層使用該指標監控和評估這些股權投資。我們還爲這些影劇院經營者提供服務，包括信息科技系統、特定的屏幕廣告服務以及我們的禮品卡和套票計劃。

59

目錄

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

三個月結束

​

截至九個月的結束日期

(以百萬計)

​

2024年9月30日

​

2023年9月30日

    

2024年9月30日

​

2023年9月30日

非一體化實體的權益收益

​

$

(5.2)

​

$

(3.1)

​

$

(9.9)

​

$

(5.3)

減少:

​

​

​

​

​

​

​

​

​

​

​

​

非合併實體（不包括國際劇院合資企業）的權益

​

​

(4.7)

​

​

(2.1)

​

​

(10.3)

​

​

(4.7)

國際戲劇合資企業的股權收益（損失）

​

​

0.5

​

​

1.0

​

​

(0.4)

​

​

0.6

所得稅負擔（利益）

​

​

—

​

​

0.1

​

​

(0.1)

​

​

(0.1)

投資收益

​

​

(0.1)

​

​

(0.2)

​

​

—

​

​

(0.1)

利息支出

​

​

—

​

​

0.1

​

​

0.1

​

​

0.2

折舊和攤銷

​

​

0.7

​

​

0.4

​

​

1.4

​

​

1.0

其他支出

​

​

0.2

​

​

—

​

​

0.2

​

​

—

歸屬於股東的息稅折舊及攤銷前利潤

​

$

1.3

​

$

1.4

​

$

1.2

​

$

1.6

​

(5)2024年9月30日結束的三個月內，投資支出（收入）包括黑克韓氏普通股投資的估計公允價值增值達到負（0.3）百萬美元，黑克韓氏購買普通股權證投資的估計公允價值惡化達到170萬美元，利息收入爲負（4.6）百萬美元。2023年9月30日結束的三個月內，投資支出（收入）包括黑克韓氏普通股投資的估計公允價值增值達到負（0.1）百萬美元，黑克韓氏購買普通股權證投資的估計公允價值惡化達到80萬美元，利息收入爲負（3.7）百萬美元。

2024年9月30日結束的九個月內，投資支出（收入）包括黑克韓氏普通股投資的估計公允價值增值達到負（0.2）百萬美元，黑克韓氏購買普通股權證投資的估計公允價值惡化達到190萬美元，利息收入爲負（16.1）百萬美元。2023年9月30日結束的九個月內，投資支出（收入）包括黑克韓氏普通股投資的估計公允價值惡化達到540萬美元，黑克韓氏購買普通股權證投資的估計公允價值惡化達到5.4億美元，NCm普通單位支出爲180萬美元，我們出售沙特影城有限責任公司投資獲得1.55億美元收益，利息收入爲負（8.5）百萬美元。

(6)2024年9月30日結束的三個月內，其他支出（收入）包括股東訴訟賠償達到負（14.9）百萬美元，外幣交易收益爲負（21.5）百萬美元，債務清償損失爲5080萬美元，第三方貸款修改費用爲4100萬美元，以及可轉換票據中的嵌入式轉股權負債公允價值減少達到負（73.5）百萬美元。2023年9月30日結束的三個月內，其他支出（收入）包括非現金訴訟責任調整達到負（16.1）百萬美元，外幣交易損失爲1280萬美元，債務清償收益爲負（10.8）百萬美元。

2024年9月30日結束的九個月中的其他支出（收入）包括股東訴訟賠償金額爲3400萬美元，債務註銷收益爲4030萬美元，貸款修改第三方費用爲4100萬美元，供應商糾紛和解金額爲3620萬美元，外幣交易收益爲1890萬美元，以及嵌入式可轉換特徵的交換性票據衍生責任公允價值下降7350萬美元。2023年9月30日結束的九個月中的其他支出（收入）包括非現金訴訟損失準備金額爲9930萬美元，部分抵消的債務註銷收益爲9750萬美元，以及外幣交易收益爲32萬美元。

(7)兼併、收購和其他成本未包含在運營成本中，因其性質爲非營運性質。
(8)一般和管理費用中包括的非現金費用：其他。

調整後的EBITDA是我們行業常用的非GAAP財務指標，不應被視爲運營績效的指標（按照美國GAAP確定）。調整後的EBITDA可能與其他公司報告的類似標題的指標不可比。我們包括調整後的EBITDA是因爲我們認爲它爲管理層和投資者提供了衡量我們績效和估算我們價值的額外信息。

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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.

​

67

Table of Contents

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

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.

71

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(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

Table of Contents

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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Table of Contents

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

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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.

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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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10.2

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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).

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10.3

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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).

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*31.1

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

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*31.2

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

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*32.1

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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.

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**101.INS

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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.

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**101.SCH

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Inline XBRL Taxonomy Extension Schema Document

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**101.CAL

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Inline XBRL Taxonomy Extension Calculation Linkbase Document

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**101.DEF

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Inline XBRL Taxonomy Extension Definition Linkbase Document

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**101.LAB

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Inline XBRL Taxonomy Extension Label Linkbase Document

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**101.PRE

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Inline XBRL Taxonomy Extension Presentation Linkbase Document

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**104

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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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SIGNATURES

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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.

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AMC ENTERTAINMENT HOLDINGS, INC.

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Date: November 6, 2024

/s/ Adam M. Aron

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Adam M. Aron

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Chairman of the Board, Chief Executive Officer and President

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Date: November 6, 2024

/s/ Sean D. Goodman

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Sean D. Goodman

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

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