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AMC Entertainment | 10-K: Annual report

SEC announcement ·  Feb 28 22:38
Summary by Moomoo AI
AMC Entertainment reported a significant year-over-year improvement in its financial performance for the fiscal year ended December 31, 2023. Total revenues surged by 23.0% to $4.81 billion, driven by a 22.2% increase in admissions revenue to $2.69 billion and a 27.1% rise in food and beverage revenue to $1.67 billion. The company attributed the revenue growth to a 19.2% increase in attendance, with patrons drawn by popular film releases. Operating costs and expenses rose by 10.2% to $4.89 billion, with film exhibition costs and food and beverage costs climbing due to higher attendance. Despite this, AMC saw a reduction in rent expense due to the early termination of a theatre lease, which included a $16.7 million benefit. The company also recorded non-cash impairment charges of $106.9 million related to long...Show More
AMC Entertainment reported a significant year-over-year improvement in its financial performance for the fiscal year ended December 31, 2023. Total revenues surged by 23.0% to $4.81 billion, driven by a 22.2% increase in admissions revenue to $2.69 billion and a 27.1% rise in food and beverage revenue to $1.67 billion. The company attributed the revenue growth to a 19.2% increase in attendance, with patrons drawn by popular film releases. Operating costs and expenses rose by 10.2% to $4.89 billion, with film exhibition costs and food and beverage costs climbing due to higher attendance. Despite this, AMC saw a reduction in rent expense due to the early termination of a theatre lease, which included a $16.7 million benefit. The company also recorded non-cash impairment charges of $106.9 million related to long-lived assets. Net loss for the year improved to $396.6 million from $973.6 million in the previous year. AMC's cash and cash equivalents stood at $884.3 million as of December 31, 2023. The company's strategic initiatives included serving as the theatrical distributor for two major releases and selling its 10% investment in Saudi Cinema Company for a $15.5 million gain. AMC also executed debt repurchases and exchanges, enhancing its liquidity position. Looking ahead, AMC plans to continue optimizing its theatre portfolio and managing its debt, aiming for sustainable net positive operating cash flows and long-term profitability.

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