AMC Entertainment (NYSE:AMC) has announced new high records in its 2023 Q2 earnings results this Tuesday.
Analysts have been expecting big earnings results from the movie theatre chain due to the rise of this year’s second quarter box office numbers.
- Total revenue grew by 15.6% compared to Q2 2022 to $1,347.9 million.
- Net income was $8.6 million compared to a net loss of $121.6 million in Q2 2022.
- Diluted earnings per share was $0.01 compared to a diluted loss per share of $0.12 in Q2 2022.
- Adjusted EBITDA improved by $75.8 million to $182.5 million compared to $106.7 million in Q2 2022.
- Net cash used in operating activities improved by $63.2 million compared to Q2 2022 to $13.4 million.
- Non-GAAP Operating Cash Generated1 was $99.8 million, an improvement of $47.8 million compared to Q2
- Available liquidity at June 30, 2023 was $643.4 million, including $208.1 million of undrawn capacity under the
Company’s revolving credit facility.
“While we still have much work ahead of us on this front, AMC’s glide path to eventual recovery continued with significant pace in the second quarter of 2023 as our results set new records and represent AMC’s strongest second quarter in four full years.
Following an impressive start to the year in the first quarter of 2023, the second quarter yet again showed great progress.
AMC saw more than a 12% growth in attendance, a 15% growth in total revenue and a 71% increase in Adjusted EBITDA compared to the second quarter of 2022.
Indeed, Adjusted EBITDA was $182.5 million, the highest such quarterly figure since the fourth quarter of 2019,” said AMC CEO Adam Aron.
“Our ongoing progress is obvious and ever so encouraging.
Combining AMC’s commitment to innovation with a notable increase in both the number and quality of movie titles from our studio partners, movie theatres are once again captivating audiences and driving attendance back to AMC theatres.
AMC theatres across the globe welcomed more than 66 million guests in the second quarter of 2023, our highest quarterly attendance number since the fourth quarter of 2019,” he continued.
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AMC Entertainment Continues on The Path to Recovery
Towards the end of July, AMC Entertainment broke a 4-year weekend high record as “Barbenheimer” produced results bigger than expected.
The results demonstrate AMC’s path to recovery is also strong in Q3 of 2023.
“Barbie” ended up with $162 million in its first weekend of release, above Sunday’s already record-breaking estimate of $155 million. The Warner Bros. film, starring Margot Robbie declined just 9% from Saturday to bring in $43.7 million on Sunday.
Those ticket sales rank as the biggest opening weekend of the year, besting “The Super Mario Bros. Movie” ($146 million).
“Barbie” also marks the biggest debut ever for a film directed by a woman, overtaking Anna Boden and Ryan Fleck’s 2019 blockbuster “Captain Marvel” ($153 million), says Variety.
“Oppenheimer,” also beat expectations with $82.4 million, slightly higher than Sunday’s huge $80.5 million projection.
At the international box office, Oppenheimer added $98 million for a global tally of $180 million.
“The box office powered to its fourth-biggest weekend in history with over $300 million industrywide.
The top three weekends of all time were led by the debuts of sequels in massive franchises — 2019’s “Avengers: Endgame” ($402 million collectively), 2018’s “Avengers: Infinity War” ($314 million collectively) and 2015’s “Star Wars: The Force Awakens” ($313 million collectively),” says Variety.
As of today’s publication date, “Barbie” has broken $1 billion at the box office with Oppenheimer surpassing $500 million.
“If we are unable to raise equity capital, the risk materially increases of AMC conceivably running out of cash in 2024 or 2025, or of AMC being unable to satisfactorily refinance and stretch out the maturity of some of our debt (which is required of us beginning as early as 2024.)
In my view, the wisest way to defeat that short thesis is to take bankruptcy risk off the table, to the extent possible,” said Adam Aron in an Open Letter to shareholders.
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