AMC Q2 2023 Earnings Note
[Rewards] AMC Q2 earnings confirm summer blockbuster is back, get highest quarterly attendance since 2019
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KEY Figures
● Total revenue grew by 15.6% year-on-year (YoY) to $1.35 billion, above the FactSet consensus of $1.29 billion.
● The company's theaters welcomed more than 66 million guests in Q2 2023, up 12.2% YoY.
● The company's average ticket increased by 1.8% to $11.21; Food and beverage revenue per patron climbed 9.7% to $7.36.
● Net income was $8.6 million compared to a net loss of $121.6 million in Q2 2022, and diluted earnings per share was $0.01.
● Net cash used in operating activities was improved to $13.4 million, and its available liquidity on June 30, 2023, was $643.4 million.
● For the following Outlook, it is off to an explosive start with BARBIE, OPPENHEIMER, MISSION IMPOSSIBLE - DEAD RECKONING PART ONE, and SOUND OF FREEDOM. AMC's management believes the 23H2 could be even better unless the current actors/writers' strikes wind up delaying the release of movie titles into 2024.
More statistics: The company's quarterly net income/loss in recent 4 years
KEY Points
● "While we still have much work ahead of us on this front, AMC's glide path to eventual recovery continued with significant pace in Q2 2023 as our results set new records and represent AMC's strongest second quarter in four years," said Adam Aron, AMC's CEO.
● Through the at-the-market (ATM) equity program, AMC raised gross proceeds of around $343.3 million before commissions and fees, including $34.2 million in Q2 2023 through the sale of 21.2 million APE units.
● AMC moviegoers are seeking out the most immersive sight and sound experiences. The so-called POS represents only 5.3% of its total screens but an astounding 19% of the second-quarter ticket revenues.
● The total number of locations closed since the pandemic began to 152 sites, and the number of new sites opened to 57. It's worth noting that the combined 57 new locations continue outperforming the 152 closed locations before their closings.
● AMC's ability to continue to raise capital and remain agile is vital to maintaining its recovery trajectory. There are potential liquidity hurdles that it will need to overcome.
The KEY in your hands
The KEY in your hands
By August 8, 2023, AMC shares had risen more than 23.6% since the beginning of 2023, outpacing the S&P 500 (.SPX), which was up about 17% during the same period (Source: moomoo APP).
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Disclaimer
Comments above are made available for informational purposes only. Before investing, please consult a licensed professional. *Source of data: https://www.moomoo.com/news/notice/149573767; AMC earnings conference call* This presentation is for information and educational use only and is not a recommendation or endorsement of any particular investment or investment strategy. Before investing, please consult a licensed professional. See this link for more information.
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Gong Xi Fuck Cai ❤ : AMC is not about the company, is about those monkeys. Company earnings good or not is not important, most important is those monkeys hold hand kiss kiss and hug hug together.
双瞳剪水的斯托达德 : For new investors who have never heard of AMC, here's a brief background.
AMC Cinema Line Holdings (AMC) is a well-known brand in the entertainment industry, famous for its chain of cinemas around the world. However, the company has recently faced significant challenges, particularly during the COVID-19 pandemic.
Like many other businesses, AMC has been hit hard by the pandemic, with forced shutdowns, reduced capacity, and moviegoers reluctant to return to theaters. This has caused huge losses and raised questions about the future viability of the traditional cinema model.
Amid the retail investor frenzy in early 2021, AMC received unexpected attention. Social media-driven stock purchases caused AMC's stock price to soar to a level that seemed out of touch with the company's financial fundamentals. The stock's volatility is unprecedented, causing excitement and concern among investors.
Ah keong : AMC Cinematography Holdings Ltd has both positive developments, such as strong box office performance, as well as challenges, including ongoing screenwriter and actor strikes and stock conversion wars. The company's valuation remains a topic of debate among analysts, with different opinions on its current stock price.
Investors considering AMC should carefully weigh the company's recent performance and industry prospects. Continued stock volatility and uncertainty surrounding the entertainment industry make AMC a high-risk investment. People interested in asset management companies should conduct thorough research and consider their risk tolerance before making investment decisions.
Overall, while AMC's box office success is encouraging, investors should remain cautious and seek professional advice when evaluating the stock's valuation and future growth potential.
103047546 : Given the recent surge in AMC stock prices, some investors may question whether the current valuation is reasonable. AMC's stock has surpassed the gains of the S&P 500 in 2023, which could lead to concerns about a potential overvaluation.
Analysts surveyed by FactSet expect AMC to lose 4 cents per share and earn $1,287 million in the second quarter. Wedbush maintains an underperforming rating of AMC and a target price of $2, and also expects the company to raise cash through equity while reducing its huge debt balance.
AMC's financial prospects remain uncertain given the ongoing challenges facing the industry. Although the Company has taken steps to improve its balance sheet and liquidity, the path to continued profitability may depend on a long-term recovery in global box office and consumer behavior.
阿姚朋友 : Box office success
Back now, after falling prices from speculative stock speculation, the box office has shown signs of recovery. As vaccination rates increase and restrictions ease, moviegoers have returned to theaters. The release of the highly anticipated movie is expected to further boost attendance and revenue for AMC and other movie chains.
AMC's recent box office performance has been impressive, with record box office revenue and strong performance in US and global cinemas. This positive trend is encouraging and suggests that the theatre exhibition industry is likely to recover.
MuscMoo : one of the better posts on amc in any media. nice job moo earnings. lfg AMC
Jin Wee : Add to that the recent surge in AMC's stock price, and some investors may question whether the current valuation is justified. AMC's stock has outperformed the S&P 500's gains in 2023, which could lead to potential high valuation concerns. Analysts surveyed by FactSet expect AMC to climb 4 cents in the second quarter, with revenue of $1.287 billion. Wedbush maintained its underperform rating and $2 price target on AMC, and also expects the company to subscribe for cash through equity while reducing its massive debt. Given the ongoing challenges facing the industry, AMC's outlook remains uncertain. While the Company has taken steps to improve its balance sheet and liquidity, the path to sustained profitability may depend on a long-term recovery in global holdings and consumer behavior.
TobbyStock : AMC is a company that brings entertainment to people around the world. They don't have dividends, but when it comes to net income growth, summer blockbusters this year are the only way to go.
The Cow King : I can't imagine if such a big cinema company AMC were to go bankrupt... will cinema become history?
Calvin Hobbs 1014117 : Yeah… that really turned into something. All the holllywood actors got in on the situation. Red Hot Chilli peppers wrote an album about me. This platforms name is another idea from around that time… moo’ing at cows and watching them moo back… echo choir, marketing genius… I hope nobody else ever has to experience most of the world being your personal echo chamber… it’s not as fun as it sounds.
It was really just a poem I posted on MySpace years ago… about being a MsChevious monkey. Things escalated quickly.
At any rate… I like movie theaters, it’s pretty much an American tradition at this point. They should stay around.
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