AMC Entertainment Holdings Inc · Q3 2020 earnings

Briefing

AMC's Q3 2020 results were impacted by the global pandemic, with U.S. theatre operations suspended for nearly two-thirds of the quarter, while making progress in strengthening liquidity, reducing expenditures and safely restoring operations.

AMC Entertainment Holdings, Inc. reported third quarter 2020 results, which were significantly impacted by the global pandemic. During the quarter, AMC's U.S. theatres began to re-open following a five-month suspension of operations. The company focused on strengthening its liquidity position, reducing operating and capital expenditures, and safely restoring operations.

• U.S. theatres began to re-open following a five-month suspension of operations.
• As of September 30, 2020, AMC had resumed operations at 467 domestic theatres with limited seating capacities of between 20% and 40%, representing approximately 78% of domestic theatres and 73% of 2019 domestic same-theatre revenue.
• As of September 30, 2020, AMC had resumed operations at 321 leased and partnership theatres, in 14 countries outside the United States, representing approximately 90% of its international theatres and approximately 93% of 2019 international same-theatre revenue.
• Starting in March, AMC raised approximately $900 million of gross proceeds from new debt and equity capital, secured more than $1 billion of concessions from creditors and landlords and raised more than $80 million from asset sales.

Headline financials

Revenue & EPS history

The duration and impact of this pandemic are still affecting us to this day and are certain to continue to affect our results going forward. The liquidity enhancing and leverage reducing actions that we already have taken and will further need to take, combined with our relentless focus on efficiency and cash management, are all crucial to navigating through this storm.