The following is a summary of the AMC Entertainment Holdings, Inc. (AMC) Q1 2024 Earnings Call Transcript:

Financial Performance:

• Despite a 6% decline in Q1's North American box office compared to 2023, AMC's total revenues remained consistent with the previous year.

• Per patron revenues and contribution margin reached all-time first-quarter records, registering gains of almost 36% and 44%, respectively, over pre-pandemic levels.

• AMC concluded Q1 with unrestricted cash of $624 million, enhancing this further with $124.1 million of equity capital since March 31.

• Around $1 billion of long-term debt and other deferred obligations were paid off over the past two years, and current net debt is lower than pre-COVID levels, notwithstanding the need to borrow roughly $2 billion during the pandemic.

Business Progress:

• AMC exhibits optimism for the movie theater industry's future due to the promising roster of movies expected through 2026.

• The company seeks to enhance customer experience by introducing in-theater gourmet food and beverage offerings, rebranding auditoriums, and expanding the reach of retail popcorn from 550 to 6,500 Walmart outlets.

• New theatre openings have financially outperformed those that were closed, despite a reduction of 100 theatres.

• The company's Investor Connect program continues to reward retail investors, and the company encourages shareholder participation in upcoming meetings.

• Management focuses on large debt maturities anticipated in 2026, working on strategies to stretch these maturities into future periods with the board and investment banks.

• AMC's premium gourmet candies brand, Cinema Suites, is garnering positive response with potential future retail expansion plans.

More details: AMC Entertainment IR

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