AMC ENTERTAINMENT HOLDINGS, INC.
For the period ended Jun 30, 2025. Filed Aug 11, 2025.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Jun 30, 2025 · Filed Aug 11, 2025
AMC$3.14+1.9%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2025-03-31; filed 2025-05-07.
0001411579-25-000055
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2025-06-30; filed 2025-08-11.
0001411579-25-000062
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 119 previous paragraphs and 174 current paragraphs.
47 unchanged; 40 reworded; 85 added; 31 removed; 1 previous and 2 current paragraphs rearranged.
Tables are not compared: 80 previous and 95 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (85)
Current report
on the market price of our Common Stock and our capital structure of any litigation or claims of default that might arise in connection with the 2025 Refinancing Transactions or 2024 Refinancing Transactions;
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**NCM ESA Amendment.**On April 17, 2025, NCM entered into the Amended ESA with the Company. The term of the Amended ESA has been extended by five years through February 13, 2042. The Company treated the Amended ESA as a contract modification pursuant toASC 606 – Revenue from Contracts with Customers. Accordingly, the Company has allocated the additional consideration received from the contract modification to the exhibitor services agreement contract liability and updated the discount rate used to account for the significant financing component to 16.12%. Prior to the contract modification, the weighted average discount rate used to account for the significant financing component was approximately 7.5%. The contract liability will be reclassified to other theatre revenue over the new term of the Amended ESA as the remaining performance obligations are satisfied. Concurrently with entering into the Amended ESA, NCM and the Company reached an agreement to, among other things, dismiss with prejudice the ongoing litigation between the parties.
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See Note 7—Stockholders’ Deficit in the Notes to the Condensed Consolidated Financial Statements in Part I, Item 1 of this Form 10-Q for further information on the share issuances.
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Share Issuances. During the six months ending June 30, 2024, we raised gross proceeds of $250.0 million and paid fees to sales agents and incurred other third-party issuance costs of approximately $6.3 million and $0.6 million, respectively, through our at-the-market offering of approximately 72.5 million shares of Common Stock. We paid $0.7 million of other third-party issuance costs during the six months ended June 30, 2024.
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Condensed Consolidated Results of Operations
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Revenues. Total revenues increased $367.3 million, or 35.6%, during the three months ended June 30, 2025, compared to the three months ended June 30, 2024. Admissions revenues increased $198.2 million, or 35.1%, during the three months ended June 30, 2025, compared to the three months ended June 30, 2024, primarily due to an increase in attendance of 25.6% from 50.0 million patrons to 62.8 million patrons and a 7.5% increase in average ticket price. Attendance increased due to the popularity of film product compared to the prior year. The availability and popularity of film product released during the three months ended June 30, 2024, was negatively impacted by the Writers Guild of America and the Screen Actors Guild – American Federation of Television and Radio Artists strikes during 2023. The increase in average ticket price was primarily due to increased ticket prices for all formats, increases in attendance for 3D and IMAX screen volumes and increases in foreign currency translation rates.
Current report
Food and beverage revenues increased $132.5 million, or 36.1%, during the three months ended June 30, 2025, compared to the three months ended June 30, 2024, primarily due to the increase in attendance and an increase in food and beverage per patron. Food and beverage per patron increased 8.3% from $7.34 to $7.95 primarily due to an increase in average prices and the percentage of guests making transactions and increases in foreign currency translation rates, partially offset by lower units per transaction by guests and more frequent attendance from our AMC Stubs members.
Current report
Total other theatre revenues increased $36.6 million, or 36.9%, during the three months ended June 30, 2025, compared to the three months ended June 30, 2024, primarily due to increases in income from ticket fees due to the increase in attendance, advertising income and increases in foreign currency translation rates. As a result of our Amended ESA, advertising income increased from the prior year by $5.2 million due to an increase in discount rates related to the significant financing component, partially offset by lower amortization of deferred revenues due to an increase in the term of the Amended ESA. See Note 3—Revenue Recognition in the Notes to the Condensed Consolidated Financial Statements under Part I, Item 1 of this Form 10-Q for additional information about the Amended ESA.
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**Operating costs and expenses.**Operating costs and expenses increased $227.3 million, or 21.1%, during the three months ended June 30, 2025, compared to the three months ended June 30, 2024. Film exhibition costs increased $119.8 million, or 44.0%, during the three months ended June 30, 2025, compared to the three months ended June 30, 2024, primarily due to the increase in admissions revenues and higher film rental terms. As a percentage of admissions revenues, film exhibition costs were 51.4% for the three months ended June 30, 2025, compared to 48.2% for the three months ended June 30, 2024. The increase in film exhibition cost percentage is primarily due to the concentration of box office revenues in higher grossing films in the current year, which typically results in higher film exhibition costs.
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Food and beverage costs increased $26.2 million, or 37.5%, during the three months ended June 30, 2025, compared to the three months ended June 30, 2024. The increase in food and beverage costs was primarily due to the increase in food and beverage revenues. As a percentage of food and beverage revenues, food and beverage costs were 19.2% for the three months ended June 30, 2025, compared to 19.0% for the three months ended June 30, 2024.
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**Merger, acquisition, and other costs.**Merger, acquisition, and other costs were $0.1 million during the three months ended June 30, 2025, compared to $0.1 million during the three months ended June 30, 2024.
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**Other.**Other general and administrative expense increased $9.2 million, or 18.8%, during the three months ended June 30, 2025, compared to the three months ended June 30, 2024, primarily due to increases in bonus expense as a result of higher than expected annual performance compared to annual targets in the current year compared to the prior year and increases in foreign currency translation rates, partially offset by lower insurance costs and legal fees.
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**Depreciation and amortization.**Depreciation and amortization decreased $1.0 million, or 1.3%, during the three months ended June 30, 2025, compared to the three months ended June 30, 2024, primarily due to theatre closures and lower depreciation expense on theatres impaired during the year ended December 31, 2024, partially offset by the increase in foreign currency translation rates.
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**Other income.**Other income of $(32.1) million during the three months ended June 30, 2025 was primarily due to $(23.9) million in foreign currency transaction gains, $(10.3) million of governmental assistance, and $(2.1) million of equity in earnings of non-consolidated entities, partially offset by $3.9 million of expense related to the increase in fair value of the derivative liability for the embedded conversion feature in the Existing Exchangeable Notes. Other income of $(108.2) million during the three months ended June 30, 2024 was primarily due to a gain on the extinguishment of debt of $(85.3) million related to the redemption of $173.9 million aggregate principal amount of the Second Lien Notes due 2026, $(19.1) million of recoveries related to the Shareholder Litigation, and $(2.6) million of other settlement proceeds. See Note 1—Basis of Presentation in the Notes to the Condensed Consolidated Financial Statements under Part I, Item 1 of this Form 10-Q for additional information about the components of other income.
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**Interest expense.**Interest expense increased $30.6 million to $129.6 million for the three months ended June 30, 2025, compared to $99.0 million during the three months ended June 30, 2024, primarily due to increased interest expense of $19.0 million on the New Term Loans (as defined herein) compared to the Existing Term Loans (as defined herein), interest expense of $10.9 million on the Existing Exchangeable Notes issued on July 22, 2024 and an increase in interest expense of $9.4 million related to higher discount rates on the significant financing component of the Amended ESA, partially offset by declines in interest expense of $8.5 million on the Second Lien Notes due to redemptions of principal balances, declines in interest expense related to the revolving credit facility of $0.1 million and declines in interest expense on the Senior Subordinated Notes due 2025 of $0.9 million due to redemptions of principal balances. See Note 3—Revenue Recognition in the Notes to the Condensed Consolidated Financial Statements under Part I, Item 1 of this Form 10-Q for additional information about the Amended ESA. See Note 6—Corporate Borrowings and Finance Lease Liabilities in the Notes to the Condensed Consolidated Financial Statements under Part I, Item 1 of this Form 10-Q for additional information about our indebtedness.
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**Net loss.**Net loss was $4.7 million and $32.8 million during the three months ended June 30, 2025, and June 30, 2024, respectively. Net loss during the three months ended June 30, 2025 compared to net loss for the three months ended June 30, 2024 was positively impacted by the increase in attendance as a result of the popularity of new film releases compared to the prior year and decreases in depreciation and amortization, partially offset by increases in rent expense, general and administrative expenses, decreases in other income, increases in interest expense, decreases in investment income and increases in income tax provision.
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**Revenues.**Total revenues increased $298.3 million, or 36.6%, during the three months ended June 30, 2025, compared to the three months ended June 30, 2024. Admissions revenues increased $160.3 million, or 36.6%, during the three months ended June 30, 2025, compared to the three months ended June 30, 2024, primarily due to an increase in attendance of 28.5% from 36.5 million patrons to 46.9 million patrons and a 6.3% increase in average ticket price. Attendance increased due to the popularity of film product compared to the prior year. The availability and popularity of film product released during the three months ended June 30, 2024, was negatively impacted by the Writers Guild of America and the Screen Actors Guild – American Federation of Television and Radio Artists strikes during 2023. The increase in average ticket price was primarily due to increases in ticket prices for all formats and increases in attendance for 3D and IMAX screen volumes.
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Food and beverage revenues increased $107.2 million, or 35.2%, during the three months ended June 30, 2025, compared to the three months ended June 30, 2024, primarily due to the increase in attendance and an increase in food and beverage per patron. Food and beverage per patron increased 5.2% from $8.34 to $8.77 primarily due to an increase in average prices and the percentage of guests making transactions, partially offset by lower units per transaction by guests and more frequent attendance from our AMC Stubs members.
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Total other theatre revenues increased $30.8 million, or 42.0%, during the three months ended June 30, 2025, compared to the three months ended June 30, 2024, primarily due to increases in income from ticket fees due to the increase in attendance and advertising income. As a result of our Amended ESA, advertising income increased from the prior year by $5.2 million due to an increase in discount rates related to the significant financing component of the Amended ESA, partially offset by lower amortization of deferred revenue due to an increase in the term of the Amended ESA. See Note 3—Revenue Recognition in the Notes to the Condensed Consolidated Financial Statements under Part I, Item 1 of this Form 10-Q for additional information about the Amended ESA.
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**Operating costs and expenses.**Operating costs and expenses increased $169.9 million, or 20.5%, during the three months ended June 30, 2025, compared to the three months ended June 30, 2024. Film exhibition costs increased $101.0 million, or 45.0%, during the three months ended June 30, 2025, compared to the three months ended June 30, 2024, primarily due to the increase in admissions revenues and higher film rental terms. As a percentage of admissions revenues, film exhibition costs were 54.4% for the three months ended June 30, 2025, compared to 51.2% for the three months ended June 30, 2024. The increase in film exhibition cost percentage is primarily due to the concentration of box office revenues in higher grossing films in the current year, which typically results in higher film exhibition costs.
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Food and beverage costs increased $19.0 million, or 35.3%, during the three months ended June 30, 2025, compared to the three months ended June 30, 2024. The increase in food and beverage costs was primarily due to the increase in food and beverage revenues. As a percentage of food and beverage revenues, food and beverage costs were 17.7% for the three months ended June 30, 2025, compared to 17.7% for the three months ended June 30, 2024.
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Operating expense increased by $49.6 million, or 16.9%, during the three months ended June 30, 2025, compared to the three months ended June 30, 2024. As a percentage of revenues, operating expense was 30.8% for the three months ended June 30, 2025, compared to 36.0% for the three months ended June 30, 2024. The improvement in operating expense as a percentage of revenues is primarily due to the operating leverage gained as attendance increases. Rent expense increased $0.1 million, or 0.1%, during the three months ended June 30, 2025, compared to the three months ended June 30, 2024.
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**Merger, acquisition, and other costs.**Merger, acquisition, and other costs were $0.1 million during the three months ended June 30, 2025, compared to $0.1 million during the three months ended June 30, 2024.
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**Other.**Other general and administrative expense increased $2.5 million, or 7.7%, during the three months ended June 30, 2025, compared to the three months ended June 30, 2024, primarily due to increases in bonus expense as a result of higher than expected annual performance compared to annual targets in the current year compared to the prior year, partially offset by lower insurance costs and legal fees.
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**Depreciation and amortization.**Depreciation and amortization decreased $2.3 million, or 3.7%, during the three months ended June 30, 2025, compared to the three months ended June 30, 2024, primarily due to theatre closures and lower depreciation expense on theatres impaired during the year ended December 31, 2024.
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**Other expense (income).**Other expense of $2.3 million during the three months ended June 30, 2025 was primarily due to $3.9 million of expense related to the increase in fair value of the derivative liability for the embedded conversion feature in the Existing Exchangeable Notes, partially offset by $(2.1) million of equity in earnings of non-consolidated entities. Other income of $(108.8) million during the three months ended June 30, 2024 was primarily due to a gain on extinguishment of debt of $(85.3) million related to the redemption of $173.9 million aggregate principal amount of the Second Lien Notes due 2026, $(19.1) million of recoveries related to the Shareholder Litigation and $(2.6) million of other settlement proceeds. See Note 1—Basis of Presentation in the Notes to the Condensed Consolidated Financial Statements under Part I, Item 1 of this Form 10-Q for additional information about the components of other income.
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**Interest expense.**Interest expense increased $29.5 million to $113.0 million for the three months ended June 30, 2025, compared to $83.5 million during the three months ended June 30, 2024, primarily due to increased interest expense of $19.0 million on the New Term Loans compared to the Existing Term Loans, interest expense of $10.9 million on the Existing Exchangeable Notes issued on July 22, 2024 and an increase in interest expense of $9.4 million related to higher discount rates on the significant financing component of the Amended ESA, partially offset by declines in interest expense of $8.5 million on the Second Lien Notes due to redemptions of principal balances, declines in interest expense related to the revolving credit facility of $0.1 million, and declines in interest expense on the Senior Subordinated Notes due 2025 of $0.9 million due to redemptions of principal balances. See Note 3—Revenue Recognition in the Notes to the Condensed Consolidated Financial Statements under Part I, Item 1 of this Form 10-Q for additional information about the Amended ESA. See Note 6—Corporate Borrowings and Finance Lease Liabilities in the Notes to the Condensed Consolidated Financial Statements under Part I, Item 1 of this Form 10-Q for additional information about our indebtedness.
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**Net earnings.**Net earnings was $1.5 million and $17.7 million during the three months ended June 30, 2025, and June 30, 2024, respectively. Net earnings during the three months ended June 30, 2025 compared to net earnings for the three months ended June 30, 2024 was negatively impacted by increases in rent expense, general and administrative expenses, decreases in other income, increases in interest expense, and decreases in investment income, partially offset by the increase in attendance as a result of the popularity of new film releases compared to the prior year, decreases in depreciation and amortization and decreases in income tax provision.
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**Revenues.**Total revenues increased $69.0 million, or 32.1%, during the three months ended June 30, 2025, compared to the three months ended June 30, 2024. Admissions revenues increased $37.9 million, or 30.1%, during the three months ended June 30, 2025, compared to the three months ended June 30, 2024, primarily due to an increase in attendance of 17.7% from 13.5 million patrons to 15.9 million patrons and a 10.5% increase in average ticket price. Attendance increased due to the popularity of film product compared to the prior year. The increase in average ticket price was primarily due to increases in foreign currency translation rates and increases in ticket prices.
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Food and beverage revenues increased $25.3 million, or 40.2%, during the three months ended June 30, 2025, compared to the three months ended June 30, 2024, primarily due to the increase in attendance and an increase in food and beverage per patron. Food and beverage per patron increased 19.1% from $4.65 to $5.54 primarily due to an increase in average prices, the percentage of guests making transactions and increases in foreign currency translation rates.
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Total other theatre revenues increased $5.8 million, or 22.5%, during the three months ended June 30, 2025, compared to the three months ended June 30, 2024, primarily due to increases in income from ticket fees due to the increase in attendance, advertising income, and increases in foreign currency translation rates.
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**Operating costs and expenses.**Operating costs and expenses increased $57.4 million, or 23.0%, during the three months ended June 30, 2025, compared to the three months ended June 30, 2024. Film exhibition costs increased $18.8 million, or 39.4%, during the three months ended June 30, 2025, compared to the three months ended June 30, 2024, primarily due to the increase in admissions revenues and higher film rental terms. As a percentage of admissions revenues, film exhibition costs were 40.6% for the three months ended June 30, 2025, compared to 37.9% for the three months ended June 30, 2024. The increase in film exhibition cost percentage is primarily due to the concentration of box office revenues in higher grossing films in the current year, which typically results in higher film exhibition costs.
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Food and beverage costs increased $7.2 million, or 44.7%, during the three months ended June 30, 2025, compared to the three months ended June 30, 2024. The increase in food and beverage costs was primarily due to the increase in food and beverage revenues. As a percentage of food and beverage revenues, food and beverage costs were 26.4% for the three months ended June 30, 2025, compared to 25.6% for the three months ended June 30, 2024.
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Operating expense increased by $19.3 million, or 20.1%, during the three months ended June 30, 2025, compared to the three months ended June 30, 2024. The increase in operating expense was primarily due to increases in attendance and the increase in foreign currency translation rates. As a percentage of revenues, operating expense was 40.6% for the three months ended June 30, 2025, compared to 44.7% for the three months ended June 30, 2024. The improvement in operating expense as a percentage of revenues is primarily due to the operating leverage gained as attendance increases. Rent expense increased $4.1 million, or 7.3%, during the three months ended June 30, 2025, compared to the three months ended June 30, 2024, primarily due to increases in foreign currency translation rates.
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**Other.**Other general and administrative expense increased $6.7 million, or 40.4%, during the three months ended June 30, 2025, compared to the three months ended June 30, 2024, primarily due to increases in bonus expense as a result of higher than expected annual performance compared to annual targets in the current year compared to the prior year and increases in foreign currency translation rates.
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**Depreciation and amortization.**Depreciation and amortization increased $1.3 million, or 7.5%, during the three months ended June 30, 2025, compared to the three months ended June 30, 2024, primarily due to the increase in foreign currency translation rates.
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**Other expense (income).**Other income of $(34.4) million during the three months ended June 30, 2025 was primarily due to $(23.9) million in foreign currency transaction gains and $(10.3) million of governmental assistance. Other expense of $0.6 million during the three months ended June 30, 2024 was primarily due to equity in losses of non-consolidated entities of $1.1 million, partially offset by foreign currency transaction gains of $(0.5) million. See Note 1—Basis of Presentation in the Notes to the Condensed Consolidated Financial Statements under Part I, Item 1 of this Form 10-Q for additional information about the components of other income.
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**Interest expense.**Interest expense increased $1.1 million to $16.6 million for the three months ended June 30, 2025, compared to $15.5 million during the three months ended June 30, 2024, primarily due to increased interest expense of $0.9 million on finance lease obligations. See Note 6—Corporate Borrowings and Finance Lease Liabilities in the Notes to the Condensed Consolidated Financial Statements under Part I, Item 1 of this Form 10-Q for additional information about our indebtedness.
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**Net loss.**Net loss was $6.2 million and $50.5 million during the three months ended June 30, 2025, and June 30, 2024, respectively. Net loss during the three months ended June 30, 2025 compared to net loss for the three months ended June 30, 2024 was positively impacted by the increase in attendance as a result of the popularity of new film releases compared to the prior year and increases in other income, partially offset by increases in rent expense, general
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and administrative expenses, depreciation and amortization expense, increases in interest expense, decreases in investment income and increases in income tax provision.
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Removed paragraphs (31)
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common stock (“Common Stock”) and other securities would likely suffer a total loss of their investment;
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As of January 15, 2025, all 50.0 million shares subject to the Sales and Registration Agreement have been sold.
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Consolidated Results of Operations
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Revenues. Total revenues decreased $88.9 million, or 9.3%, during the three months ended March 31, 2025, compared to the three months ended March 31, 2024. Admissions revenues decreased $57.0 million, or 10.7%, during the three months ended March 31, 2025, compared to the three months ended March 31, 2024, primarily due to a decrease in attendance of 10.1% from 46.6 million patrons to 41.9 million patrons and a 0.7% decrease in average ticket price. Attendance decreased due to the popularity of film product compared to the prior year. The decrease in average ticket price was primarily due to decreases in foreign currency translation rates.
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Food and beverage revenues decreased $37.8 million, or 11.8%, during the three months ended March 31, 2025, compared to the three months ended March 31, 2024, primarily due to the decrease in attendance and a decrease in food and beverage per patron of 1.9% from $6.89 to $6.76 due primarily to decreases in foreign currency translation rates.
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Total other theatre revenues increased $5.9 million, or 5.9%, during the three months ended March 31, 2025, compared to the three months ended March 31, 2024, primarily due to increases in income from expirations of package tickets and income from gift cards in our International markets, partially offset by decreases in ticket fees due to the decrease in attendance, decreases in gift card and package ticket income in U.S. markets and decreases in foreign currency translation rates.
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**Operating costs and expenses.**Operating costs and expenses decreased $51.4 million, or 4.8%, during the three months ended March 31, 2025, compared to the three months ended March 31, 2024. Film exhibition costs decreased $34.5 million, or 14.4%, during the three months ended March 31, 2025, compared to the three months ended March 31, 2024, primarily due to the decrease in admissions revenues and lower film rental terms. As a percentage of admissions revenues, film exhibition costs were 43.3% for the three months ended March 31, 2025, compared to 45.1% for the three months ended March 31, 2024. The decrease in film exhibition cost percentage is primarily due to the concentration of box office revenues in lower grossing films in the current year, which typically results in lower film exhibition costs.
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Food and beverage costs decreased $5.8 million, or 9.2%, during the three months ended March 31, 2025, compared to the three months ended March 31, 2024. The decrease in food and beverage costs was primarily due to the decrease in food and beverage revenues. As a percentage of food and beverage revenues, food and beverage costs were 20.2% for the three months ended March 31, 2025, compared to 19.6% for the three months ended March 31, 2024.
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Operating expense decreased by $0.6 million, or 0.2%, during the three months ended March 31, 2025, compared to the three months ended March 31, 2024. The decrease in operating expense was primarily due to decreases in foreign currency translation rates. As a percentage of revenues, operating expense was 45.6% for the three months ended March 31, 2025, compared to 41.4% for the three months ended March 31, 2024. Rent expense decreased $6.4 million, or 2.9%, during the three months ended March 31, 2025, compared to the three months ended March 31, 2024, due primarily to a decrease in average screens of 2.8% and decreases in foreign currency translation rates.
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**Other.**Other general and administrative expense decreased $1.7 million, or 2.9%, during the three months ended March 31, 2025, compared to the three months ended March 31, 2024, due primarily to lower insurance costs and decreases in foreign currency translation rates.
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**Depreciation and amortization.**Depreciation and amortization decreased $5.5 million, or 6.7%, during the three months ended March 31, 2025, compared to the three months ended March 31, 2024, primarily due to theatre closures and lower depreciation expense on theatres impaired during the year ended December 31, 2024, and the decrease in foreign currency translation rates.
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**Interest expense.**Interest expense increased $17.9 million to $119.1 million for the three months ended March 31, 2025, compared to $101.2 million during the three months ended March 31, 2024, primarily due to increased interest expense of $18.3 million on the New Term Loans (as defined herein) compared to the Existing Term Loans (as defined herein), and interest expense of $10.8 million on the Exchangeable Notes issued on July 22, 2024, partially offset by declines in interest expense of $9.5 million on the Second Lien Notes due to redemptions of principal balances, declines in interest expense related to the revolving credit facility of $1.0 million and declines in interest expense on the Senior Subordinated Notes due 2025 of $0.8 million due to redemptions of principal balances. See Note 6—Corporate Borrowings and Finance Lease Liabilities in the Notes to the Condensed Consolidated Financial Statements under Part I, Item 1 of this Form 10-Q for additional information about our indebtedness.
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**Revenues.**Total revenues decreased $72.1 million, or 10.5%, during the three months ended March 31, 2025, compared to the three months ended March 31, 2024. Admissions revenues decreased $40.5 million, or 10.9%, during the three months ended March 31, 2025, compared to the three months ended March 31, 2024, primarily due to a decrease in attendance of 11.8% from 30.5 million patrons to 26.9 million patrons, partially offset by a 1.0% increase in average ticket price. Attendance decreased due to the popularity of film product compared to the prior year.
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Food and beverage revenues decreased $29.1 million, or 11.8%, during the three months ended March 31, 2025, compared to the three months ended March 31, 2024, primarily due to the decrease in attendance and a decrease in food and beverage per patron of 0.1% from $8.08 to $8.07.
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Total other theatre revenues decreased $2.5 million, or 3.5%, during the three months ended March 31, 2025, compared to the three months ended March 31, 2024, primarily due to decreases in income from gift cards and package tickets and decreases in ticket fees due to the decrease in attendance.
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**Operating costs and expenses.**Operating costs and expenses decreased $33.9 million, or 4.4%, during the three months ended March 31, 2025, compared to the three months ended March 31, 2024. Film exhibition costs decreased $25.9 million, or 14.6%, during the three months ended March 31, 2025, compared to the three months ended March 31, 2024, primarily due to the decrease in admissions revenues and lower film rental terms. As a percentage of admissions revenues, film exhibition costs were 45.7% for the three months ended March 31, 2025, compared to 47.7% for the three months ended March 31, 2024. The decrease in film exhibition cost percentage is primarily due to the concentration of box office revenues in lower grossing films in the current year, which typically results in lower film exhibition costs.
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Food and beverage costs decreased $4.0 million, or 8.9%, during the three months ended March 31, 2025, compared to the three months ended March 31, 2024. The decrease in food and beverage costs was primarily due to the decrease in food and beverage revenues. As a percentage of food and beverage revenues, food and beverage costs were 18.9% for the three months ended March 31, 2025, compared to 18.3% for the three months ended March 31, 2024.
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**Other.**Other general and administrative expense decreased $0.9 million, or 2.3%, during the three months ended March 31, 2025, compared to the three months ended March 31, 2024, due primarily to lower insurance costs.
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**Depreciation and amortization.**Depreciation and amortization decreased $4.7 million, or 7.4%, during the three months ended March 31, 2025, compared to the three months ended March 31, 2024, primarily due to theatre closures and lower depreciation expense on theatres impaired during the year ended December 31, 2024.
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**Interest expense.**Interest expense increased $17.2 million to $102.7 million for the three months ended March 31, 2025, compared to $85.5 million during the three months ended March 31, 2024, primarily due to increased interest expense of $18.3 million on the New Term Loans compared to the Existing Term Loans, and interest expense of $10.8 million on the Exchangeable Notes issued on July 22, 2024, partially offset by declines in interest expense of $9.5 million on the Second Lien Notes due to redemptions of principal balances, declines in interest expense related to the revolving credit facility of $1.0 million and declines in interest expense on the Senior Subordinated Notes due 2025 of $0.8 million due to redemptions of principal balances. See Note 6—Corporate Borrowings and Finance Lease Liabilities in the Notes to the Condensed Consolidated Financial Statements under Part I, Item 1 of this Form 10-Q for additional information about our indebtedness.
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**Revenues.**Total revenues decreased $16.8 million, or 6.4%, during the three months ended March 31, 2025, compared to the three months ended March 31, 2024. Admissions revenues decreased $16.5 million, or 10.4%, during the three months ended March 31, 2025, compared to the three months ended March 31, 2024, primarily due to a decrease in attendance of 7.1% from 16.1 million patrons to 15.0 million patrons and a 3.5% decrease in average ticket price. Attendance decreased due to the popularity of film product compared to the prior year. The decrease in average ticket price was primarily due to decreases in foreign currency translation rates.
Previous report
Food and beverage revenues decreased $8.7 million, or 11.6%, during the three months ended March 31, 2025, compared to the three months ended March 31, 2024, primarily due to the decrease in attendance and a decrease in food and beverage per patron of 5.0% from $4.64 to $4.41 due primarily to decreases in foreign currency translation rates.
Previous report
**Operating costs and expenses.**Operating costs and expenses decreased $17.5 million, or 6.2%, during the three months ended March 31, 2025, compared to the three months ended March 31, 2024. Film exhibition costs decreased $8.6 million, or 13.8%, during the three months ended March 31, 2025, compared to the three months ended March 31, 2024, primarily due to the decrease in admissions revenues and lower film rental terms. As a percentage of admissions revenues, film exhibition costs were 37.6% for the three months ended March 31, 2025, compared to 39.1% for the three months ended March 31, 2024. The decrease in film exhibition cost percentage is primarily due to the concentration of box office revenues in lower grossing films in the current year, which typically results in lower film exhibition costs.
Previous report
Food and beverage costs decreased $1.8 million, or 10.0%, during the three months ended March 31, 2025, compared to the three months ended March 31, 2024. The decrease in food and beverage costs was primarily due to the decrease in food and beverage revenues. As a percentage of food and beverage revenues, food and beverage costs were 24.5% for the three months ended March 31, 2025, compared to 24.0% for the three months ended March 31, 2024.
Previous report
Operating expense decreased by $2.2 million, or 2.1%, during the three months ended March 31, 2025, compared to the three months ended March 31, 2024. The decrease in operating expense was primarily due to decreases in foreign currency translation rates. As a percentage of revenues, operating expense was 42.7% for the three months ended March 31, 2025, compared to 40.8% for the three months ended March 31, 2024. Rent expense decreased $3.3 million, or 5.6%, during the three months ended March 31, 2025, compared to the three months ended March 31, 2024, due primarily to a decrease in average screens of 3.7% and decreases in foreign currency translation rates.
Previous report
**Other.**Other general and administrative expense decreased $0.8 million, or 4.2%, during the three months ended March 31, 2025, compared to the three months ended March 31, 2024, primarily due to decreases in foreign currency translation rates.
Previous report
**Depreciation and amortization.**Depreciation and amortization decreased $0.8 million, or 4.4%, during the three months ended March 31, 2025, compared to the three months ended March 31, 2024, primarily due to theatre closures and lower depreciation expense on theatres impaired during the year ended December 31, 2024, and the decrease in foreign currency translation rates.
Previous report
**Interest expense.**Interest expense increased $0.7 million to $16.4 million for the three months ended March 31, 2025, compared to $15.7 million for the three months ended March 31, 2024. See Note 6—Corporate Borrowings and Finance Lease Liabilities in the Notes to the Condensed Consolidated Financial Statements under Part I, Item 1 of this Form 10-Q for additional information about our indebtedness.
Previous report
**Net loss.**Net loss was $23.7 million and $3.3 million during the three months ended March 31, 2025, and March 31, 2024, respectively. Net loss during the three months ended March 31, 2025 compared to net loss for the three months ended March 31, 2024 was negatively impacted by the decrease in attendance as a result of the popularity of new film releases compared to the prior year, decreases in other income, increases in interest expense, and decreases in investment income, partially offset by decreases in rent expense, decreases in depreciation and amortization, decreases in general and administrative expense, and decreases in income tax provision.
Previous report
Investment income during the three months ended March 31, 2024 included interest income of $(6.1) million, partially offset by a decline in the estimated fair value of our investment in common shares of Hycroft of $0.5 million, and a decline in the estimated fair value of our investment in warrants to purchase common shares of Hycroft of $0.5 million.
Previous report
foreign currency transaction gains of $(13.0) million.
Reworded paragraphs (40)
Previous wording
Our theatrical exhibition revenues are generated primarily from box office admissions and food and beverage sales. The balance of our revenues is generated from ancillary sources, including online ticketing fees, on-screen advertising, income from gift card and exchange ticket sales, rental of theatre auditoriums, retail popcorn and merchandise sales, fees earned from our customer loyalty programs, and theatrical distribution. As of March 31, 2025, we owned, operated or had interests in 865 theatres and 9,725 screens.
Current wording
Our theatrical exhibition revenues are generated primarily from box office admissions and food and beverage sales. The balance of our revenues is generated from ancillary sources, including online ticketing fees, on-screen advertising, income from gift card and exchange ticket sales, rental of theatre auditoriums, retail popcorn and merchandise sales, fees earned from our customer loyalty programs, and theatrical distribution. As of June 30, 2025, we owned, operated or had interests in 864 theatres and 9,717 screens.
Previous wording
In March 2025, we entered into an agreement with CJ 4DPLEX to open 40 4DX and an additional 25 SCREENX locations worldwide. The majority of the premium screens will be deployed in U.S. markets. The first auditoriums with SCREENX and 4DX screens are expected to open in 2025 with the full roll out expected to be completed by 2027.
Current wording
In March 2025, we signed a letter of intent with CJ 4DPLEX to open 40 4DX and an additional 25 SCREENX locations worldwide. The majority of the premium screens will be deployed in U.S. markets. The first auditoriums with SCREENX and 4DX screens are expected to open in 2025 with the full roll out expected to be completed by 2027.
Previous wording
We also entered into agreements with Dolby Laboratories, Inc and IMAX Corporation to expand and upgrade our offerings in those premium formats. We expect to open an additional 40 Dolby Cinema at AMC locations in the U.S. by the end of 2027 and twelve new IMAX locations by the end of 2033. Additionally, we plan to upgrade an additional 68 IMAX locations toIMAX with Laser.
Current wording
We also announced expanded partnerships with Dolby Laboratories, Inc and IMAX Corporation to expand and upgrade our offerings in those premium formats. We expect to open an additional 40 Dolby Cinema at AMC locations over the next several years and fourteen new IMAX locations by the end of 2033. Additionally, we plan to upgrade an additional 68 IMAX locations toIMAX with Laser.
Previous wording
As of March 31, 2025, we had a combined total of approximately 36 million member households enrolled in AMC Stubs® A-List (“A-List”), AMC Stubs Premiere™ (“Premiere”), PremiereGO!,* *and AMC Stubs Insider™ (“Insider”) programs, combined. During the three months ended March 31, 2025, our AMC Stubs® members represented approximately 50.5% of AMC U.S. markets attendance.
Current wording
As of June 30, 2025, we had a combined total of approximately 36.5 million member households enrolled in AMC Stubs® A-List (“A-List”), AMC Stubs Premiere™ (“Premiere”), PremiereGO!,* *and AMC Stubs Insider™ (“Insider”) programs, combined. During the six months ended June 30, 2025, our AMC Stubs® members represented approximately 49% of AMC U.S. markets attendance.
Previous wording
As of March 31, 2025, approximately 1.8 million shares of our Common Stock were directly registered with our transfer agent by 14,693 stockholders. The balance of our outstanding Common Stock was held in “street name” through bank or brokerage accounts.
Current wording
As of June 30, 2025, approximately 1.8 million shares of our Common Stock were directly registered with our transfer agent by 14,554 stockholders. The balance of our outstanding Common Stock was held in “street name” through bank or brokerage accounts.
Previous wording
Significant Events—For the Three Months Ended March 31, 2025
Current wording
Significant Events—For the Six Months Ended June 30, 2025
Previous wording
Share Issuances. During the three months ended March 31, 2025, we were paid $108.7 million as initial gross cash proceeds associated with the establishment of forward positions for 30.0 million shares of Common Stock. The Valuation Period ended on March 17, 2025 with no True-Up Payment owed to the Company.
Current wording
Share Issuances. During the six months ended June 30, 2025, we were paid $108.7 million as initial gross cash proceeds associated with the establishment of forward positions for 30.0 million shares of Common Stock.
Previous wording
Additionally, during the three months ended March 31, 2025, we issued shares through an “at-the-market offering”. The below table summarizes the activity of the “at-the-market” offering during the three months ended March 31, 2025:
Current wording
Additionally, during the six months ended June 30, 2025, we issued shares through an “at-the-market offering”. The below table summarizes the activity of the “at-the-market” offering:
Previous wording
Significant Events—For the Three Months Ended March 31, 2024
Current wording
Significant Events—For the Six Months Ended June 30, 2024
Previous wording
**Debt for Equity Exchange.**During January 2024, we executed a debt for equity exchange transaction. This transaction was treated as an early extinguishment of the debt. In accordance with ASC 470-50-40-3, the reacquisition price of the extinguished debt was determined to be the fair value of the Common Stock exchanged. The below table summarizes the debt for equity exchange.
Current wording
**Debt for Equity Exchange.**The below table summarizes the various debt for equity transactions that occurred during the six months ended June 30, 2024. The transactions were treated as early extinguishments of the debt. In accordance with ASC 470-50-40-3, the reacquisition price of the extinguished debt was determined to be the fair value of the Common Stock exchanged. The below table summarizes the debt for equity exchanges.
Previous wording
Vendor Dispute. On January 26, 2024, we executed an agreement to collect $37.5 million as resolution of a dispute with a vendor. The proceeds, net of legal costs, were recorded to other income during the three months ended March 31, 2024. The relationship with the vendor has been restored and remains in good standing.
Current wording
Vendor Dispute. On January 26, 2024, we executed an agreement to collect $37.5 million as resolution of a dispute with a vendor. The proceeds, net of legal costs, were recorded to other income during the six months ended June 30, 2024. The relationship with the vendor has been restored and remains in good standing.
Previous wording
Our historical results of operations for the three months ended March 31, 2025 and March 31, 2024, reflect the results of operations for our two theatrical exhibition reportable segments, U.S. markets and International markets.
Current wording
Our historical results of operations for the three and six months ended June 30, 2025 and June 30, 2024, reflect the results of operations for our two theatrical exhibition reportable segments, U.S. markets and International markets.
Previous wording
Operating expense increased by $1.6 million, or 0.6%, during the three months ended March 31, 2025, compared to the three months ended March 31, 2024. As a percentage of revenues, operating expense was 46.7% for the three months ended March 31, 2025, compared to 41.6% for the three months ended March 31, 2024. Rent expense decreased $3.1 million, or 1.9%, during the three months ended March 31, 2025, compared to the three months ended March 31, 2024, due primarily to a decrease in average screens of 2.5%.
Current wording
Operating expense increased by $68.9 million, or 17.7%, during the three months ended June 30, 2025, compared to the three months ended June 30, 2024. The increase in operating expense was primarily due to increases in attendance and the increase in foreign currency translation rates. As a percentage of revenues, operating expense was 32.8% for the three months ended June 30, 2025, compared to 37.8% for the three months ended June 30, 2024. The improvement in operating expense as a percentage of revenues is primarily due to the operating leverage gained as attendance increases. Rent expense increased $4.2 million, or 1.9%, during the three months ended June 30, 2025, compared to the three months ended June 30, 2024, primarily due to increases in foreign currency translation rates.
Previous wording
**Investment income.**Investment income was $(5.7) million for the three months ended March 31, 2025, compared to income of $(5.1) million for the three months ended March 31, 2024. Investment income in the current year includes interest income of $(2.9) million, $(2.4) million of increase in estimated fair value of our investment in common shares of Hycroft and $(0.4) million of increase in estimated fair value of our investment in warrants to purchase common shares of Hycroft. Investment income in the prior year includes interest income of $(6.1) million, partially offset by $0.5 million of decrease of our investment in common shares of Hycroft and a decline in estimated fair value of $0.5 million in our investment in warrants to purchase common shares of Hycroft.
Current wording
**Investment income.**Investment income was $(1.4) million for the three months ended June 30, 2025, compared to income of $(6.1) million for the three months ended June 30, 2024. Investment income in the current year includes interest income of $(1.7) million, partially offset by $0.1 million of decrease in estimated fair value of our investment in common shares of Hycroft and $0.2 million of decrease in estimated fair value of our investment in warrants to purchase common shares of Hycroft. Investment income in the prior year includes interest income of $(5.4) million, $(0.4) million of increase in estimated fair value of our investment in common shares of Hycroft and $(0.3) million of increase in estimated fair value of our investment in warrants to purchase common shares of Hycroft.
Previous wording
**Income tax provision.**The income tax provision was $1.6 million, compared to a provision of $1.8 million, for the three months ended March 31, 2025, and March 31, 2024, respectively. See Note 8—Income Taxes in the Notes to the Condensed Consolidated Financial Statements under Part I, Item 1 of this Form 10-Q for further information.
Current wording
**Income tax provision.**The income tax provision was $1.2 million, compared to a provision of $0.7 million, for the three months ended June 30, 2025, and June 30, 2024, respectively. See Note 8—Income Taxes in the Notes to the Condensed Consolidated Financial Statements under Part I, Item 1 of this Form 10-Q for further information.
Previous wording
**Investment income.**Investment income was $(5.5) million for the three months ended March 31, 2025, compared to investment income of $(4.5) million for the three months ended March 31, 2024. Investment income in the current year includes interest income of $(2.7) million, $(2.4) million of increase in estimated fair value of our investment in common shares of Hycroft and $(0.4) million of increase in estimated fair value of our investment in warrants to purchase common shares of Hycroft. Investment income in the prior year includes $(5.5) million of interest income, partially offset by $0.5 million of decrease in the estimated fair value of our investment in common shares of Hycroft and a decline in the estimated fair value of $0.5 million of our investment in warrants to purchase common shares of Hycroft.
Current wording
**Investment income.**Investment income was $(1.4) million for the three months ended June 30, 2025, compared to income of $(5.5) million for the three months ended June 30, 2024. Investment income in the current year includes interest income of $(1.7) million offset by $0.1 million of decrease in estimated fair value of our investment in common shares of Hycroft and $0.2 million of decrease in estimated fair value of our investment in warrants to purchase common shares of Hycroft. Investment income in the prior year includes $(4.8) million of interest income, $(0.4) million of increase in estimated fair value of our investment in common shares of Hycroft, and $(0.3) million of increase in estimated fair value of our investment in warrants to purchase common shares of Hycroft.
Previous wording
**Income tax provision.**The income tax provision was $0.9 million, compared to a provision of $0.6 million, for the three months ended March 31, 2025, and March 31, 2024, respectively. See Note 8—Income Taxes in the Notes to the Condensed Consolidated Financial Statements under Part I, Item 1 of this Form 10-Q for further information.
Current wording
**Income tax provision.**The income tax provision was $0.5 million, compared to a provision of $0.6 million, for the three months ended June 30, 2025, and June 30, 2024, respectively. See Note 8—Income Taxes in the Notes to the Condensed Consolidated Financial Statements under Part I, Item 1 of this Form 10-Q for further information.
Previous wording
Investment income. Investment income was $0.2 million for the three months ended March 31, 2025, compared to investment income of $0.6 million for the three months ended March 31, 2024. Investment income in the current and prior year is comprised of interest income.
Current wording
Investment income. Investment income was $0.0 million for the three months ended June 30, 2025, compared to investment income of $0.6 million for the three months ended June 30, 2024. Investment income in the current and prior year is comprised of interest income.
Previous wording
**Income tax provision.**The income tax provision was $0.7 million and $1.2 million for the three months ended March 31, 2025, and March 31, 2024, respectively. See Note 8—Income Taxes in the Notes to the Condensed Consolidated Financial Statements under Part I, Item 1 of this Form 10-Q for further information.
Current wording
**Income tax provision.**The income tax provision was $0.7 million and $0.1 million for the three months ended June 30, 2025, and June 30, 2024, respectively. See Note 8—Income Taxes in the Notes to the Condensed Consolidated Financial Statements under Part I, Item 1 of this Form 10-Q for further information.
Previous wording
**Merger, acquisition, and other costs.**Merger, acquisition, and other costs were $3.0 million during the three months ended March 31, 2025, compared to $(0.1) million during the three months ended March 31, 2024. The current year expense relates to severance costs in U.S. markets.
Current wording
**Merger, acquisition, and other costs.**Merger, acquisition, and other costs $3.1 million during the six months ended June 30, 2024, compared to $0.0 million during the six months ended June 30, 2024. The current year expense relates to severance costs in U.S. markets.
Previous wording
**Other income.**Other income of $(58.8) million during the three months ended March 31, 2025 was primarily due to $(45.1) million of income related to the decrease in fair value of the Conversion Option derivative liability, $(13.0) million in foreign currency transaction gains and $(0.8) million in equity in earnings related to non-consolidated entities. Other income of $(42.8) million during the three months ended March 31, 2024 was primarily due to the favorable settlement of a vendor dispute of $(36.2) million, a gain on extinguishment of debt of $(5.8) million related to the redemption of $17.5 million aggregate principal amount of the Second Lien Notes due 2026 and equity in earnings of non-consolidated entities of $(3.7) million, partially offset by foreign currency transaction losses of $3.2 million. See Note 1—Basis of Presentation in the Notes to the Condensed Consolidated Financial Statements under Part I, Item 1 of this Form 10-Q for additional information about the components of other income.
Current wording
Other income. Other income of $(90.9) million during the six months ended June 30, 2025 was primarily due to $(41.2) million of income related to the decrease in fair value of the derivative liability for the embedded conversion feature in the Existing Exchangeable Notes, $(36.9) million in foreign currency transaction gains, $(10.5) million of governmental assistance, and $(2.9) million of equity in earnings of non-consolidated entities. Other income of $(151.0) million during the six months ended June 30, 2024 was primarily due to a gain on extinguishment of debt of $(91.1) million related to the redemption of $191.4 million aggregate principal amount of the Second Lien Notes due 2026, the favorable settlement of a vendor dispute of $(36.2) million, $(19.1) million of recoveries related to the Shareholder Litigation and $(3.6) million of other settlement proceeds. See Note 1—Basis of Presentation in the Notes to the Condensed Consolidated Financial Statements under Part I, Item 1 of this Form 10-Q for additional information about the components of other income.
Previous wording
**Net loss.**Net loss was $178.4 million and $160.2 million during the three months ended March 31, 2025, and March 31, 2024, respectively. Net loss during the three months ended March 31, 2025 compared to net loss for the three months ended March 31, 2024 was negatively impacted by the decrease in attendance as a result of the popularity of new film releases compared to the prior year, an increase in interest expense, an increase in general and administrative expense, and an increase in income tax provision, partially offset by increases in other income, decreases in depreciation and amortization, decreases in rent expense, and increases in investment income.
Current wording
**Net loss.**Net loss was $206.8 million and $196.3 million during the six months ended June 30, 2025 and June 30, 2024, respectively. Net loss during the six months ended June 30, 2025 compared to net loss for the six months ended June 30, 2024 was negatively impacted by increases in general and administrative expenses, decreases in other income, increases in interest expense, decreases in investment income and increases in income tax provision, partially offset by the increase in attendance as a result of the popularity of new film releases compared to the prior year, decreases in rent expense and decreases in depreciation and amortization.
Previous wording
**Merger, acquisition, and other costs.**Merger, acquisition, and other costs were $3.0 million during the three months ended March 31, 2025, compared to $(0.1) million during the three months ended March 31, 2024. The current year expense relates to severance costs in U.S. markets.
Current wording
Merger, acquisition, and other costs. Merger, acquisition, and other costs were $3.1 million during the six months ended June 30, 2025, compared to $0.0 million during the six months ended June 30, 2024. The current year expense relates to severance costs in U.S. markets.
Previous wording
**Other income.**Other income of $45.4 million during the three months ended March 31, 2025 was primarily due to $45.1 million of income related to the decrease in fair value of the Conversion Option derivative liability and $0.7 million in equity in earnings related to non-consolidated entities. Other income of $8.9 million during the three months ended March 31, 2024 was primarily due to a gain on extinguishment of debt of $5.8 million related to the redemption of $17.5 million aggregate principal amount of the Second Lien Notes due 2026 and equity in earnings of non-consolidated entities of $3.5 million. See Note 1—Basis of Presentation in the Notes to the Condensed Consolidated Financial Statements under Part I, Item 1 of this Form 10-Q for additional information about the components of other income.
Current wording
**Other income.**Other income of $(43.1) million during the six months ended June 30, 2025 was primarily due to $(41.2) million of income related to the decrease in fair value of the derivative liability for the embedded conversion feature in the Existing Exchangeable Notes, and $(2.7) million equity in earnings of non-consolidated entities. Other income of $(117.7) million during the six months ended June 30, 2024 was primarily due to a gain on extinguishment
Previous wording
Total other theatre revenues increased $8.4 million, or 29.5%, during the three months ended March 31, 2025, compared to the three months ended March 31, 2024, primarily due to increases in income from expirations of package tickets, income from gift cards and advertising income, partially offset by decreases in ticket fees due to the decrease in attendance and decreases in foreign currency translation rates.
Current wording
Total other theatre revenues increased $14.2 million, or 26.2%, during the six months ended June 30, 2025, compared to the six months ended June 30, 2024, primarily due to increases in income from ticket fees due to the increase in attendance, advertising income, increases in income from expirations of package tickets, and increases in foreign currency translation rates.
Previous wording
**Other income.**Other income of $(13.4) million during the three months ended March 31, 2025 was primarily due to $(13.0) million in foreign currency transaction gains. Other income of $(33.9) million during the three months ended March 31, 2024 was primarily due to the favorable settlement of a vendor dispute of $(36.2) million and insurance recoveries of $(1.1) million, partially offset by foreign currency transaction losses of $3.2 million. See Note 1—Basis of Presentation in the Notes to the Condensed Consolidated Financial Statements under Part I, Item 1 of this Form 10-Q for additional information about the components of other income.
Current wording
**Other income.**Other income of $(47.8) million during the six months ended June 30, 2025, was primarily due to $(36.9) million in foreign currency transaction gains and $(10.5) million of governmental assistance. Other income of $(33.3) million during the six months ended June 30, 2024 was primarily due to the favorable settlement of a vendor dispute of $(36.2) million, partially offset by foreign currency translation losses of $2.6 million. See Note 1—Basis of Presentation in the Notes to the Condensed Consolidated Financial Statements under Part I, Item 1 of this Form 10-Q for additional information about the components of other income.
Previous wording
**Net loss.**Net loss was $202.1 million and $163.5 million during the three months ended March 31, 2025, and March 31, 2024, respectively. Net loss during the three months ended March 31, 2025 compared to net loss for the three months ended March 31, 2024 was negatively impacted by the decrease in attendance as a result of the popularity of new film releases compared to the prior year, an increase in interest expense, and an increase in general and administrative expense, partially offset by increases in other income, decreases in rent expense, decreases in depreciation and amortization, increases in investment income, and decreases in income tax provision.
Current wording
**Net loss.**Net loss was $29.9 million and $53.8 million during the six months ended June 30, 2025 and June 30, 2024, respectively. Net loss during the six months ended June 30, 2025 compared to net loss for the six months ended June 30, 2024 was positively impacted by the increase in attendance as a result of the popularity of new film releases compared to the prior year and increases in other income, partially offset by increases in rent, general and administrative expenses, depreciation and amortization, increases in interest expense, decreases in investment income, and increases in income tax provision.
Previous wording
Other income during the three months ended March 31, 2024 included a vendor dispute settlement of $(36.2) million and gains on debt extinguishment of $(5.8) million, partially offset by foreign currency transaction losses of $3.2 million.
Current wording
Other income during the six months ended June 30, 2025 includes a decrease in fair value of the derivative liability of the embedded conversion feature in the Existing Exchangeable Notes of $(41.2) million and foreign currency transaction gains of $(36.9) million. Other income during the six months ended June 30, 2024 included shareholder litigation recoveries of $(19.1) million, gains on debt extinguishment of $(91.1) million, a vendor dispute settlement of $(36.2) million and foreign currency transaction losses of $2.6 million.
Previous wording
During the three months ended March 31, 2025, Adjusted EBITDA in the U.S. markets was $(57.4) million compared to $(20.2) million during the three months ended March 31, 2024. The year-over-year decline was primarily driven by a decrease in attendance due to the popularity of new film releases compared to the prior year. These declines were partially offset by decreases in rent expense and decreases in general and administrative: other expenses. During the three months ended March 31, 2025, Adjusted EBITDA in the International markets was $(0.6) million compared to $(1.0) million during the three months ended March 31, 2024. The year-over-year decline was primarily driven by a decrease in attendance due to the popularity of new film releases compared to the prior year. These declines were partially offset by increases in other revenues related to package ticket expirations and gift card income, decreases in rent expense and decreases in general and administrative: other expenses. During the three months ended March 31, 2025, Adjusted EBITDA in the U.S. markets and International markets was $(58.0) million compared to $(21.2) million during the three months ended March 31, 2024, driven by the aforementioned factors impacting Adjusted EBITDA.
Current wording
During the three months ended June 30, 2025, Adjusted EBITDA in the U.S. markets was $181.0 million compared to $55.4 million during the three months ended June 30, 2024. The year-over-year increase was primarily driven by an increase in attendance due to the popularity of new film releases compared to the prior year and higher amounts of advertising income in other revenues related to an increase in discount rates for the significant financing component of the Amended ESA, partially offset by lower amortization of deferred revenues due to an increase in the term of the Amended ESA. These increases were partially offset by decreases in business interruption insurance recoveries, increases in general and administrative: other expenses and increases in rent expense. During the three months ended June 30, 2025, Adjusted EBITDA in the International markets was $8.2 million compared to $(16.9) million during the three months ended June 30, 2024. The year-over-year increase was primarily driven by an increase in attendance due to the popularity of new film releases compared to the prior year and governmental assistance. These increases were partially offset by increases in general and administrative: other expenses and increases in rent expense. During the three months ended June 30, 2025, Adjusted EBITDA in the U.S. markets and International markets was $189.2 million compared to $38.5 million during the three months ended June 30, 2024, driven by the aforementioned factors impacting Adjusted EBITDA.
Previous wording
We had working capital deficit (excluding restricted cash) as of March 31, 2025, and December 31, 2024 of $(925.5) million and $(846.1) million, respectively. As of March 31, 2025 and December 31, 2024, working capital included operating lease liabilities of $532.4 million and $524.9 million, respectively, and deferred revenues of $412.0 million and $432.4 million, respectively.
Current wording
We had working capital deficit (excluding restricted cash) as of June 30, 2025, and December 31, 2024 of $(963.5) million and $(846.1) million, respectively. As of June 30, 2025 and December 31, 2024, working capital included operating lease liabilities of $548.6 million and $524.9 million, respectively, and deferred revenues of $423.1 million and $432.4 million, respectively.
Previous wording
As of March 31, 2025, we had cash and cash equivalents of $378.7 million.
Current wording
As of June 30, 2025, we had cash and cash equivalents of $423.7 million.
Previous wording
liquidity through equity issuances. See Note 6**—**Corporate Borrowings and Finance Lease Liabilities and Note 7—Stockholders’ Deficit in the Notes to the Condensed Consolidated Financial Statements under Part I, Item 1 of this Form 10-Q for further information.
Current wording
During the six months ended June 30, 2025, we took action to lower our future interest expense of our fixed-rate debt through debt buybacks and enhanced liquidity through equity issuances. See Note 6**—**Corporate Borrowings and Finance Lease Liabilities and Note 7—Stockholders’ Deficit in the Notes to the Condensed Consolidated Financial Statements under Part I, Item 1 of this Form 10-Q for further information.
Previous wording
We expect, from time to time, to continue to seek to retire or purchase our outstanding debt through cash purchases and/or exchanges for equity or debt, in open-market purchases, privately negotiated transactions or otherwise. Such repurchases or exchanges, if any, will be upon such terms and at such prices as we may determine, and will depend on prevailing market conditions, our liquidity requirements, contractual restrictions and other factors. The amounts involved may be material and, to the extent equity is used, dilutive.
Current wording
We expect, from time to time, to continue to seek to retire or purchase our outstanding debt through cash purchases and/or exchanges for equity or debt, in open-market purchases, privately negotiated transactions or otherwise. Such repurchases or exchanges, if any, will be upon such terms and at such prices as we may determine, and will depend on prevailing market conditions, our liquidity requirements, the availability of authorized share capital, contractual restrictions and other factors. The amounts involved may be material and, to the extent equity is used, dilutive.
Previous wording
We believe our existing cash and cash equivalents, together with cash generated from operations, will be sufficient to fund our operations and satisfy our obligations currently and through the next twelve months. Our current cash burn rates are not sustainable long-term. In order to achieve sustainable net positive cash flows from operating activities and long-term profitability, we believe that revenues will need to increase to levels at least in line with pre-COVID-19 revenues. North American box office grosses were down approximately 40% for the three months ended March 31, 2025, compared to the three months ended March 31, 2019. Until such time as we are able to achieve sustainable net positive cash flows from operating activities, it is difficult to estimate our future cash burn rates and liquidity requirements. Depending on our assumptions regarding the timing and ability to achieve levels of revenue, the estimates of amounts of required liquidity vary significantly.
Current wording
We believe our existing cash and cash equivalents, together with cash generated from operations, will be sufficient to fund our operations and satisfy our obligations currently and through the next twelve months. Our current cash burn rates are not sustainable long-term. In order to achieve sustainable net positive cash flows from operating activities and long-term profitability, we believe that revenues will need to increase to levels at least in line with pre-COVID-19 revenues. North American box office grosses were down approximately 26% for the six months ended June 30, 2025, compared to the six months ended June 30, 2019. Until such time as we are able to achieve sustainable net positive cash flows from operating activities, it is difficult to estimate our future cash burn rates and liquidity requirements. Depending on our assumptions regarding the timing and ability to achieve levels of revenue, the estimates of amounts of required liquidity vary significantly.
Previous wording
Net cash used in operating activities, as reflected in the condensed consolidated statements of cash flows, were $370.0 million and $188.3 million during the three months ended March 31, 2025 and March 31, 2024, respectively. The increase in net cash used in operating activities was primarily due to an increase in cash used for working capital items due to a 20.2% increase in attendance in the fourth quarter of 2024 compared to the fourth quarter of 2023, which drove accounts payable higher at December 31, 2024 than December 31, 2023, a 10.1% decline in attendance in the first quarter of 2025 compared to the first quarter of 2024, increases in cash paid for interest, and decreases in cash received from vendor disputes, partially offset by declines in operating lease payments made in the first quarter of 2025 compared to the first quarter of 2024.
Current wording
Net cash used in operating activities, as reflected in the condensed consolidated statements of cash flows, were $231.6 million and $222.9 million during the six months ended June 30, 2025 and June 30, 2024, respectively. The increase in net cash used in operating activities was primarily due to an increase in cash used for working capital items due to a 20.2% increase in attendance in the fourth quarter of 2024 compared to the fourth quarter of 2023, which drove accounts payable higher at December 31, 2024 than December 31, 2023, decreases in cash received from vendor disputes, decreases in lease incentives received, partially offset by a 8.3% increase in attendance in the six months ended June 30, 2025 compared to the six months ended June 30, 2024 and increases in government assistance received.
Previous wording
Net cash used in investing activities, as reflected in the condensed consolidated statements of cash flows, were $46.9 million and $50.0 million during the three months ended March 31, 2025 and March 31, 2024, respectively. Cash outflows from investing activities include capital expenditures of $47.0 million and $50.5 million during the three months ended March 31, 2025, and March 31, 2024, respectively.
Current wording
Net cash used in investing activities, as reflected in the condensed consolidated statements of cash flows, were $95.6 million and $93.5 million during the six months ended June 30, 2025 and June 30, 2024, respectively. Cash
Previous wording
Net cash provided by (used in) financing activities, as reflected in the condensed consolidated statements of cash flows, were $158.0 million and $(9.0) million during the three months ended March 31, 2025 and March 31, 2024, respectively. Cash flows provided by financing activities during the three months ended March 31, 2025, were primarily due to net proceeds from equity issuances of $169.6 million, partially offset by the repurchase of Senior Subordinated Notes due 2025 of $1.3 million, principal payments under term loan borrowings of $5.0 million, and taxes paid for restricted unit withholdings of $4.4 million. See Note 6—Corporate Borrowings and Finance Lease Liabilities and Note 7—Stockholders’ Deficit in the Notes to the Condensed Consolidated Financial Statements in Part I, Item 1 of this Form 10-Q for further information, including a summary of principal payments required and maturities of corporate borrowings as of March 31, 2025.
Current wording
Net cash provided by financing activities, as reflected in the condensed consolidated statements of cash flows, were $109.1 million and $227.3 million during the six months ended June 30, 2025 and June 30, 2024, respectively. Cash flows provided by financing activities during the six months ended June 30, 2025, were primarily due to net proceeds from equity issuances of $169.6 million, partially offset by maturity principal payments of our Senior Subordinated Notes due 2025 of $42.8 million, the repurchase of Senior Subordinated Notes due 2025 of $1.3 million, principal payments under term loan borrowings of $10.0 million, and taxes paid for restricted unit withholdings of $4.4 million. See Note 6—Corporate Borrowings and Finance Lease Liabilities and Note 7—Stockholders’ Deficit in the Notes to the Condensed Consolidated Financial Statements in Part I, Item 1 of this Form 10-Q for further information, including a summary of principal payments required and maturities of corporate borrowings as of June 30, 2025.
Previous wording
Cash flows provided by financing activities during the three months ended March 31, 2024, were primarily due to $5.0 million of scheduled term loan principal payments and taxes paid for restricted unit withholdings of $2.2 million.
Current wording
Cash flows provided by financing activities during the six months ended June 30, 2024, were primarily due to net proceeds from equity issuances of $243.0 million, partially offset by scheduled principal payments under term loan borrowings of $10.0 million and taxes paid for restricted unit withholdings of $2.2 million.
Previous wording
On July 22, 2024, American-Multi Cinema Inc. (“Multi-Cinema”), a direct subsidiary of AMC Entertainment Holdings, Inc. (“Holdings”), assigned or transferred the net assets (“Theatre Net Assets”) of 175 theatres and transferred a 100% interest in certain intellectual property assets to its direct subsidiary Centertainment Development, LLC (“Centertainment”), and the Theatre Net Assets were in turn transferred to Centertainment’s direct wholly-owned subsidiary Muvico, LLC (“Muvico”). Theatre Net Assets include lease contracts and theatre property, including furniture, fixtures, plant and equipment, and other working capital items associated directly with the theatre locations. At the same time, Muvico licensed the intellectual property back to Multi-Cinema for its continued use in the operation of its retained theatres and entered into a management agreement for Multi-Cinema to operate the theatres transferred to Muvico. Muvico and Centertainment (collectively, the “Muvico Group”) are unrestricted subsidiaries under the indenture governing Holdings’ Existing First Lien Notes.
Current wording
On July 22, 2024, American-Multi Cinema Inc. (“Multi-Cinema”), a direct subsidiary of AMC Entertainment Holdings, Inc. (“Holdings”), assigned or transferred the net assets (“Theatre Net Assets”) of 175 theatres and transferred a 100% interest in certain intellectual property assets to its direct subsidiary Centertainment Development, LLC (“Centertainment”), and the Theatre Net Assets were in turn transferred to Centertainment’s direct wholly-owned subsidiary Muvico, LLC (“Muvico”). Theatre Net Assets include lease contracts and theatre property, including furniture, fixtures, plant and equipment, and other working capital items associated directly with the theatre locations. At the same time, Muvico licensed the intellectual property back to Multi-Cinema for its continued use in the operation of its retained theatres and entered into a management agreement for Multi-Cinema to operate the theatres transferred to Muvico. Muvico and Centertainment (collectively, the “Muvico Group”) are unrestricted subsidiaries under the indenture governing Holdings’ Existing 7.5% Notes.
Previous wording
Pursuant to the indenture governing Holdings’ Existing First Lien Notes, the indenture governing Muvico’s Exchangeable Notes, and the New Term Loan Credit Agreement governing Holdings’ and Muvico’s New Term Loans, we are presenting the following financial information and operating metrics for the Muvico Group separately from Holdings and its restricted subsidiaries (the “Restricted Subsidiaries” and collectively with Holdings, the “AMC Group”). AMC Theatres of UK Limited, which is an unrestricted subsidiary under the indenture governing Holdings’ Existing First Lien Notes has been included with the Restricted Subsidiaries for the purposes of the following presentation of financial information and operating metrics (this subsidiary is individually immaterial). The financial information presented for AMC Group and Muvico Group is presented on a standalone basis with discrete identification of the assets, liabilities, revenues and expenses associated with the Theatre Net Assets that were transferred to Muvico. Intercompany transactions between entities within the AMC Group or within the Muvico Group have been eliminated. Certain entities within the AMC Group and within the Muvico Group are parties to intercompany management, licensing, and debt agreements with each other. These transactions are reflected discretely within the columnar presentation below and are properly eliminated upon consolidation. The financial information is also prepared using the historical cost carrying values of Holdings, the top parent entity.
Current wording
Pursuant to the indenture governing Holdings’ Existing 7.5% Notes, the indenture governing Muvico’s Existing Exchangeable Notes, and the credit agreement governing Holdings’ and Muvico’s term loans due 2029 (“Credit Agreement”), we are presenting the following financial information and operating metrics for the Muvico Group separately from Holdings and its restricted subsidiaries (the “Restricted Subsidiaries” and collectively with Holdings, the “AMC Group”). AMC Theatres of UK Limited, which is an unrestricted subsidiary under the indenture governing Holdings’ Existing 7.5% Notes has been included with the Restricted Subsidiaries for the purposes of the following presentation of financial information and operating metrics (this subsidiary is individually immaterial). The financial information presented for AMC Group and Muvico Group is presented on a standalone basis with discrete identification of the assets, liabilities, revenues and expenses associated with the Theatre Net Assets that were transferred to Muvico. Intercompany transactions between entities within the AMC Group or within the Muvico Group have been eliminated. Certain entities within the AMC Group and within the Muvico Group are parties to intercompany management, licensing, and debt agreements with each other. These transactions are reflected discretely within the columnar presentation below and are properly eliminated upon consolidation. The financial information is also prepared using the historical cost carrying values of Holdings, the top parent entity.
Rearranged current paragraphs (2)
Current report — wording carried from elsewhere
Item****2. Management’s Discussion and Analysis of Financial Condition and Results of Operations.
Current report — wording carried from elsewhere
outflows from investing activities include capital expenditures of $96.5 million and $95.1 million during the six months ended June 30, 2025, and June 30, 2024, respectively.
Rearranged previous paragraphs (1)
Previous report — wording carried elsewhere
We took action to lower our future interest expense of our fixed-rate debt through debt buybacks and enhanced