LEAWOOD, KANSAS - (November 8, 2023) -- $AMC Entertainment (AMC.US)$ Holdings, Inc. (NYSE: AMC) (“AMC” or “the Company”), today reported results for the third quarter ended September 30, 2023.
Summary Third Quarter 2023 Results:
• Total revenue grew by 45.2% compared to Q3 2022 to $1,405.9 million.
• Net earnings grew by $239.2 million to $12.3 million compared to a net loss of $226.9 million in Q3 2022.
• Diluted earnings (loss) per share improved by $2.28 to $0.08 compared to $(2.20) in Q3 2022.
• Adjusted EBITDA improved by $206.6 million to $193.7 million compared to $(12.9) million in Q3 2022.
• Net cash provided by operating activities improved by $289.5 million to $65.9 million compared to Q3 2022.
• Non-GAAP Operating Cash Generated was $108.7 million, an improvement of $287.9 million compared to Q3 2022.
• Cash and cash equivalents at September 30, 2023 was $729.7 million.
Commenting on the earnings report, AMC Chairman and CEO Adam Aron said, "It is quite satisfying for AMC to report impressively favorable earnings for the third quarter of 2023, significantly above consensus and market expectations. Revenues exceeded $1.4 billion. Adjusted EBITDA was $194 million. For both Revenue and Adjusted EBITDA, these were AMC's most successful third quarter results in our company's entire 103-year history, by definition being greater than the third quarter of pre-pandemic 2019. For the second consecutive quarter, AMC reported positive net income, and we ended the quarter with $730 million of cash. This all suggests that we are well underway on our growth path to recovery from the ravages of the COVID pandemic."