On Monday, AMC Entertainment Holdings, Inc. (NYSE: AMC) (“AMC” or “the Company”) reported results for the first quarter ended March 31, 2022.
Total revenues grew to $785.7 million compared to $148.3 million for the first quarter of 2021. Net loss improved to $337.4 million compared to a net loss of $567.2 million for the first quarter of 2021. Adjusted EBITDA improved by $233.0 million to a loss of $61.7 million compared to a loss of $294.7 million for the first quarter of 2021.
Available liquidity at March 31, 2022 was $1,376.0 million. In announcing the quarterly results, Adam Aron, Chairman and CEO of AMC said, “Our results for the first quarter of 2022 represent AMC’s strongest first quarter in two full years. We continue on our pandemic recovery trajectory, more than quintupling revenues and improving adjusted EBITDA by nearly eighty percent compared to a year ago.
The significant progress AMC has made is very rewarding, as the theatre chain’s guests continue to recognize the “unparalleled movie-going experience offered by AMC.”
Aron added, “The cumulative success of Spider-man: No Way Home, The Batman, Sonic The Hedgehog 2 and this past weekend’s opening of Dr. Strange in the Multiverse of Madness, should leave no doubt about the enduring appeal of theatrical exhibition. When Hollywood releases films that moviegoers want to see, people flock to cinemas in huge numbers to watch movies where they were designed to be seen, in theatres, on the big screen.”
He continued, “The outlook for the theatrical box office during the remainder of 2022 is very exciting. AMC is ready to showcase compelling new releases including Top Gun: Maverick, Jurassic World Dominion, Lightyear, Thor: Love and Thunder, Minions: The Rise of Gru, Black Panther: Wakanda Forever, and a host of other films providing something for everyone. And then comes the bell ringer. At year-end, the culmination of 2022 will be James Cameron’s Avatar 2, the long-awaited sequel to what was at the time of its original release the #1 grossing movie of all-time.”
Aron concluded, “Our operating and capital allocation priorities remain unchanged: relish and guard our strong liquidity position, strengthen our balance sheet, innovate with our marketing programs to drive revenue, contain costs, invest in our core business and continue to explore transformative value-creating investment opportunities. So far during 2022 AMC has raised $950M to refinance 1stt lien debt, lowered interest rates and extended maturities; announced a significant upgrade to laser projectors at 3,500 U.S. auditoriums by 2026; launched multiple NFT programs and accepted more cryptocurrencies and other payment types; acquired 10 new high-profile theatres in key markets; and invested $28 million in Hycroft Mining (NASDQ: NYMC). Whether through leveraging our core competencies in theatrical exhibition or our experience in balance sheet management and capital raising, we will continue to take bold, decisive
action to strengthen AMC for the future.”