AMC ENTERTAINMENT HOLDINGS, INC.
For the period ended Sep 30, 2026. Filed Nov 4, 2026.
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.
Sep 30, 2026 · Filed Nov 4, 2026
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 2026-06-30; filed 2026-07-23.
0001411579-26-000059
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2026-09-30; filed 2026-11-04.
0001411579-26-000075
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 188 previous paragraphs and 193 current paragraphs.
50 unchanged; 62 reworded; 77 added; 75 removed; 1 previous and 4 current paragraphs rearranged.
Tables are not compared: 98 previous and 69 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 (77)
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may limit our operational and financial flexibility;
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initiatives;
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2027 Senior Subordinated Notes Redemption. On July 24, 2026, we used proceeds from the Offering to fully redeem $125.5 million aggregate principal amount of the Senior Subordinated Notes due 2027 at a redemption price equal to 100.000% of the principal amount, plus accrued and unpaid interest. We recorded a loss on extinguishment of $0.6 million for the redemption of the Senior Subordinated Notes due 2027 during the three and nine months ended September 30, 2026.
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2025 Debt Refinancing. During the three and nine months ended September 30, 2025, we completed a series of refinancing transactions with certain holders of the Existing 7.5% Notes, certain holders of the Existing Exchangeable Notes, and certain lenders of our term loans outstanding under our credit agreement. See Note 5—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 further information regarding these transactions.
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**Revenues.**Total revenues increased $410.9 million, or 31.6%, during the three months ended September 30, 2026, compared to the three months ended September 30, 2025. Admissions revenues increased $238.4 million, or 33.3%, during the three months ended September 30, 2026, compared to the three months ended September 30, 2025, primarily due to an increase in attendance of 28.3% from 58.4 million patrons to 74.9 million patrons and a 3.9% increase in average ticket price. Attendance increased in U.S. and International markets due to the popularity of film product compared to the prior year. The increase in average ticket price was primarily due to increases in attendance for all premium format screens, higher ticket prices for all formats and more A-list subscription members paying a higher membership cost and visiting less frequently, partially offset by decreases in foreign currency translation rates.
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Food and beverage revenues increased $137.6 million, or 30.5%, during the three months ended September 30, 2026, compared to the three months ended September 30, 2025, primarily due to the increase in attendance and increase in food and beverage per patron. Food and beverage per patron increased 1.7% from $7.74 to $7.87 primarily due to an increase in average prices and higher units per transaction by guests, partially offset by a decrease in the percentage of guests making transactions and decreases in foreign currency translation rates.
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Total other theatre revenues increased $34.9 million, or 26.2%, during the three months ended September 30, 2026, compared to the three months ended September 30, 2025, primarily due to increases in revenue from ticket fees due to the increase in attendance, the number of guests paying ticket fees and increases in the price of ticket fees, increases in advertising revenue, partially offset by decreases in foreign currency translation rates.
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**Operating costs and expenses.**Operating costs and expenses increased $198.0 million, or 15.7%, during the three months ended September 30, 2026, compared to the three months ended September 30, 2025. Film exhibition costs increased $124.1 million, or 35.2%, during the three months ended September 30, 2026, compared to the three months ended September 30, 2025, primarily due to the increase in admissions revenue due to the factors discussed above and the increase in film exhibition cost percentage. As a percentage of admissions revenues, film exhibition costs were 50.0% for the three months ended September 30, 2026, compared to 49.3% for the three months ended September 30, 2025.
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Operating expense increased $36.9 million, or 7.9%, during the three months ended September 30, 2026, compared to the three months ended September 30, 2025. As a percentage of revenues, operating expense was 29.3% for the three months ended September 30, 2026, compared to 35.7% for the three months ended September 30, 2025. The decrease in operating expense as a percentage of revenues is primarily due to the operating leverage gained as attendance increases. Rent expense decreased $2.9 million, or 1.3%, during the three months ended September 30, 2026, compared to the three months ended September 30, 2025, primarily due to the decrease in average screens of 1.9% and decreases in foreign currency translation rates.
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**Other.**Other general and administrative expense increased $24.8 million, or 45.0%, during the three months ended September 30, 2026, compared to the three months ended September 30, 2025 primarily due to increases in
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stock-based compensation expense of $14.8 million in our U.S. markets related to February 2026 equity unit awards approved by shareholders in September 2026 with accelerated expense recognition for certain grantees and increases in incentive bonus expense of $6.2 million as a result of higher than expected annual performance compared to annual industry box office and attendance indexed targets in the current year compared to the prior year, partially offset by the decrease in foreign currency translation rates. See Note 6—Stockholders’ Deficit in the Notes to the Condensed Consolidated Financial Statements under Part I, Item 1 of this Form 10-Q for additional information about the increase in stock-based compensation expense in our U.S. markets.
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**Depreciation and amortization.**Depreciation and amortization decreased $3.6 million, or 4.5%, during the three months ended September 30, 2026, compared to the three months ended September 30, 2025, primarily due to theatre closures and lower depreciation expense on theatres impaired during the year ended December 31, 2025 and decreases in foreign currency translation rates.
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**Other expense.**Other expense of $2.9 million during the three months ended September 30, 2026 was primarily due to $6.4 million of expense related to the increase in the fair value of the derivative liability for the embedded derivative in the Existing Exchangeable Notes, $1.1 million in other financing costs, a $0.6 million loss on extinguishment of the Senior Subordinated Notes due 2027 and $0.5 million net periodic pension cost, partially offset by $(2.6) million in equity in earnings related to non-consolidated entities, $(1.6) million of foreign currency transaction gains, $(1.3) million of business interruption insurance recoveries and $(0.2) million in governmental assistance. Other expense of $194.8 million during the three months ended September 30, 2025 was primarily due to a $103.3 million loss on extinguishment of $337.4 million aggregate principal amount of the Existing Exchangeable Notes, a $99.0 million loss on extinguishment of $590.0 million aggregate principal amount of the Existing 7.5% Notes, $9.0 million in foreign currency transaction losses and $2.1 million in term loan modification third party fees, partially offset by $(9.5) million of income related to the decrease in the fair value of the bifurcated embedded derivative in the New Exchangeable Notes, $(6.6) million of gain on the extinguishment of the Second Lien Notes and $(1.4) million of income related to the decrease in the fair value of the bifurcated embedded derivative in the Existing Exchangeable Notes. 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 expense.
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**Interest expense.**Interest expense decreased $9.3 million to $130.0 million for the three months ended September 30, 2026 compared to $139.3 million during the three months ended September 30, 2025 primarily due to declines in interest expense of $7.2 million on the Muvico Term Loans due to lower variable interest rates, $4.3 million on the New Exchangeable Notes issued on July 1, 2025 and extinguished on May 4 and May 11 of 2026, $2.9 million on the Existing 7.5% Notes due to redemptions of $590.0 million aggregate principal amount on July 24, 2025, $2.4 million related to the refinancing of the Odeon Notes due 2027, $1.5 million on the Senior Subordinated Notes due 2027 due to redemptions of the remaining principal balances on July 24, 2026, $0.4 million on the Second Lien Notes due to redemptions of the remaining principal balances, $0.3 million on the Senior Subordinated Notes due 2026 due to redemptions of the remaining principal balances, $0.3 million related to finance lease obligations and $0.3 million related to the NCM exhibitor services agreement, partially offset by increased interest expense of $10.0 million on the New 2029 Notes issued on July 24, 2025 and $0.3 million on the Existing Exchangeable Notes issued on July 22, 2024 due to an additional year of PIK interest at 8% and offset by redemptions of $337.4 million aggregate principal amount on July 24, 2025. See Note 5—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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**Investment income.**Investment income was $(3.0) million for the three months ended September 30, 2026, compared to investment income of $(1.3) million for the three months ended September 30, 2025. Investment income in the current year includes interest income of $(3.6) million, partially offset by $0.6 million of unrealized losses on our investments in common shares in Hycroft. Investment income in the prior year includes $(9.3) million of unrealized gains on our investments in common shares and warrants to purchase common shares in Hycroft and interest income of $(2.3) million, partially offset by an impairment charge of $10.3 million related to our investment in an equity security without a readily determinable fair value measured at cost less any impairments. 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 our investments in Hycroft.
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**Revenues.**Total revenues increased $293.2 million, or 29.1%, during the three months ended September 30, 2026, compared to the three months ended September 30, 2025. Admissions revenues increased $162.7 million, or 29.9%, during the three months ended September 30, 2026, compared to the three months ended September 30, 2025, primarily due to an increase in attendance of 23.3% from 42.3 million patrons to 52.1 million patrons and a 5.4% increase in average ticket price. Attendance increased in U.S. markets due to the popularity of film product compared to the prior year. The increase in average ticket price was primarily due to increases in attendance for all premium format screens, higher ticket prices for all formats and more A-list subscription members paying a higher membership cost and visiting less frequently.
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Food and beverage revenues increased $100.2 million, or 27.7%, during the three months ended September 30, 2026, compared to the three months ended September 30, 2025, primarily due to the increase in attendance and increase in food and beverage per patron. Food and beverage per patron increased 3.5% from $8.55 to $8.85 primarily due to an increase in average prices and higher units per transaction by guests, partially offset by a decrease in the percentage of guests making transactions.
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Total other theatre revenues increased $30.3 million, or 30.1%, during the three months ended September 30, 2026, compared to the three months ended September 30, 2025, primarily due to increases in revenue from ticket fees due to the increase in attendance, the number of guests paying ticket fees and increases in the price of ticket fees and increases in advertising revenue.
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**Operating costs and expenses.**Operating costs and expenses increased $144.0 million, or 15.0%, during the three months ended September 30, 2026, compared to the three months ended September 30, 2025. Film exhibition costs increased $88.8 million, or 31.2%, during the three months ended September 30, 2026, compared to the three months ended September 30, 2025, primarily due to the increase in admissions revenue due to the factors discussed above and the increase in film exhibition cost percentage. As a percentage of admissions revenues, film exhibition costs were 52.9% for the three months ended September 30, 2026, compared to 52.3% for the three months ended September 30, 2025.
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Operating expense increased $28.0 million, or 7.9%, during the three months ended September 30, 2026, compared to the three months ended September 30, 2025. As a percentage of revenues, operating expense was 29.4% for the three months ended September 30, 2026, compared to 35.1% for the three months ended September 30, 2025. The decrease in operating expense as a percentage of revenues is primarily due to the operating leverage gained as attendance increases. Rent expense decreased $4.1 million, or 2.5%, during the three months ended September 30, 2026, compared to the three months ended September 30, 2025, primarily due to the decrease in average screens of 2.4%.
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**Other.**Other general and administrative expense increased $24.0 million, or 72.5%, during the three months ended September 30, 2026, compared to the three months ended September 30, 2025 primarily due to increases in
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stock-based compensation expense of $14.8 million related to February 2026 equity unit awards approved by shareholders in September 2026 with accelerated expense recognition for certain grantees and increases in incentive bonus expense of $5.4 million as a result of higher than expected annual performance compared to annual industry box office indexed targets in the current year compared to the prior year. See Note 6—Stockholders’ Deficit in the Notes to the Condensed Consolidated Financial Statements under Part I, Item 1 of this Form 10-Q for additional information about the increase in stock-based compensation expense in our U.S. markets.
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**Other expense.**Other expense of $7.1 million during the three months ended September 30, 2026 was primarily due to $6.4 million of expense related to the increase in the fair value of the bifurcated embedded derivative in the Existing Exchangeable Notes, $1.0 million in other financing costs, a $0.6 million loss on extinguishment of the Senior Subordinated Notes due 2027 and $0.3 million net periodic pension cost, partially offset by $(1.2) million in equity in earnings related to non-consolidated entities. Other expense of $186.2 million during the three months ended September 30, 2025 was primarily due to a $103.3 million loss on extinguishment of $337.4 million aggregate principal amount of the Existing Exchangeable Notes, a $99.0 million loss on extinguishment of $590.0 million aggregate principal amount of the Existing 7.5% Notes and $2.1 million in term loan modification third party fees, partially offset by $(9.5) million of income related to the decrease in the fair value of the bifurcated embedded derivative in the New Exchangeable Notes, $(6.6) million of gain on the extinguishment of the Second Lien Notes and $(1.4) million of income related to the decrease in the fair value of the bifurcated embedded derivative in the Existing Exchangeable Notes. 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 expense.
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**Interest expense.**Interest expense decreased $6.6 million to $115.9 million for the three months ended September 30, 2026 compared to $122.5 million during the three months ended September 30, 2025 primarily due to declines in interest expense of $7.2 million on the Muvico Term Loans due to lower variable interest rates, $4.3 million on the New Exchangeable Notes issued on July 1, 2025 and extinguished on May 4 and May 11 of 2026, $2.9 million on the Existing 7.5% Notes due to redemptions of $590.0 million aggregate principal amount on July 24, 2025, $1.5 million on the Senior Subordinated Notes due 2027 due to redemptions of the remaining principal balances on July 24, 2026, $0.4 million on the Second Lien Notes due to redemptions of the remaining principal balances, $0.3 million on the Senior Subordinated Notes due 2026 due to redemptions of the remaining principal balances and $0.3 million related to the NCM exhibitor services agreement, partially offset by increased interest expense of $10.0 million on the New 2029 Notes issued on July 24, 2025 and $0.3 million on the Existing Exchangeable Notes issued on July 22, 2024 due to an additional year of PIK interest at 8% and offset by redemptions of $337.4 million aggregate principal amount on July 24, 2025. See Note 5—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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**Income tax provision.The income tax provision was $5.5 million and $0.9 million for the three months ended September 30, 2026 and September 30, 2025, respectively. See Note 7—**Income Taxes in the Notes to the Condensed Consolidated Financial Statements under Part I, Item 1 of this Form 10-Q for further information.
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**Net earnings (loss).**Net earnings (loss) was $69.2 million and $(262.9) million during the three months ended September 30, 2026, and September 30, 2025, respectively. Net earnings during the three months ended September 30, 2026 compared to net loss for the three months ended September 30, 2025 was positively impacted by the increase in attendance as a result of the popularity of new film releases compared to the prior year, decreases in other expense, decreases in interest expense, decreases in rent expense, decreases in depreciation and amortization, and increases in
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investment income, partially offset by increases in general and administrative expenses and income tax provision.
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**Revenues.**Total revenues increased $117.7 million, or 40.0%, during the three months ended September 30, 2026, compared to the three months ended September 30, 2025. Admissions revenues increased $75.7 million, or 44.2%, during the three months ended September 30, 2026, compared to the three months ended September 30, 2025, primarily due to an increase in attendance of 41.5% from 16.1 million patrons to 22.8 million patrons and a 1.9% increase in average ticket price, partially offset by the decrease in foreign currency translation rates. Attendance increased in International markets due to the popularity of film product compared to the prior year. The increase in average ticket price was primarily due to increased ticket prices for all formats and increases in attendance for IMAX, PLF and XL screens.
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Food and beverage revenues increased $37.4 million, or 41.4%, during the three months ended September 30, 2026, compared to the three months ended September 30, 2025, primarily due to the increase in attendance, partially offset by the decrease in foreign currency translation rates. Food and beverage per patron was unchanged at $5.61 for the three months ended September 30, 2026 and 2025.
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Total other theatre revenues increased $4.6 million, or 14.1%, during the three months ended September 30, 2026, compared to the three months ended September 30, 2025, primarily due to increases in revenue from ticket fees due to the increase in attendance, the number of guests paying ticket fees and increases in the price of ticket fees, increases in advertising revenue, partially offset by decreases in foreign currency translation rates.
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**Operating costs and expenses.**Operating costs and expenses increased $54.0 million, or 17.8%, during the three months ended September 30, 2026, compared to the three months ended September 30, 2025. Film exhibition costs increased $35.3 million, or 52.1%, during the three months ended September 30, 2026, compared to the three months ended September 30, 2025, primarily due to the increase in admissions revenues due to the factors discussed above and the increase in film exhibition cost percentage. As a percentage of admissions revenues, film exhibition costs were 41.7% for the three months ended September 30, 2026, compared to 39.6% for the three months ended September 30, 2025.
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Food and beverage costs increased $9.0 million, or 38.8%, during the three months ended September 30, 2026, compared to the three months ended September 30, 2025. The increase in food and beverage costs was primarily due to the increase in food and beverage revenues due to the factors discussed above, partially offset by the decrease in food and beverage cost as a percentage of food and beverage revenues. As a percentage of food and beverage revenues, food and beverage costs were 25.2% for the three months ended September 30, 2026, compared to 25.7% for the three months ended September 30, 2025.
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**Other.**Other general and administrative expense increased $0.8 million, or 3.6%, during the three months ended September 30, 2026, compared to the three months ended September 30, 2025 primarily due to increases in bonus expense of $0.8 million as a result of higher than expected annual performance compared to annual industry attendance indexed targets in the current year compared to the prior year, partially offset by the decrease in foreign currency translation rates.
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**Depreciation and amortization.**Depreciation and amortization decreased $1.5 million, or 7.8%, during the three months ended September 30, 2026, compared to the three months ended September 30, 2025, primarily due to theatre closures and lower depreciation expense on theatres impaired during the year ended December 31, 2025 and decreases in foreign currency translation rates.
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**Other expense (income).**Other income of $(4.2) million during the three months ended September 30, 2026 was primarily due to $(1.6) million of foreign currency transaction gains, $(1.4) million in equity in earnings related to non-consolidated entities, $(1.3) million of business interruption insurance recoveries and $(0.2) million in governmental assistance, partially offset by $0.2 million net periodic pension cost and $0.1 million of other financing costs. Other expense of $8.6 million during the three months ended September 30, 2025 was primarily due to $9.0 million in foreign currency transaction losses. 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 expense (income).
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**Interest expense.**Interest expense decreased $2.7 million to $14.1 million for the three months ended September 30, 2026 compared to $16.8 million during the three months ended September 30, 2025 primarily due to declines in interest expense of $2.4 million related to the refinancing of the Odeon Notes due 2027 and $0.3 million related to finance lease obligations. See Note 5—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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**Income tax provision.The income tax provision was $4.0 million and $0.3 million for the three months ended September 30, 2026 and September 30, 2025, respectively. See Note 7—**Income Taxes in the Notes to the Condensed Consolidated Financial Statements under Part I, Item 1 of this Form 10-Q for further information.
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**Net earnings (loss).**Net earnings (loss) was $40.1 million and $(35.3) million during the three months ended September 30, 2026, and September 30, 2025, respectively. Net earnings during the three months ended September 30, 2026 compared to net loss for the three months ended September 30, 2025 was positively impacted by the increase in attendance as a result of the popularity of new film releases compared to the prior year, decreases in other expense, decreases in interest expense, and decreases in depreciation and amortization, partially offset by increases in income tax provision, increases in rent expense, increases in general and administrative expenses, and decreases in investment income.
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Results of Operations—For the Nine Months ended September 30, 2026, Compared to the Nine Months ended September 30, 2025
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Food and beverage revenues increased $278.0 million, or 22.5%, during the nine months ended September 30, 2026, compared to the nine months ended September 30, 2025, primarily due to the increase in attendance and increase in food and beverage per patron. Food and beverage per patron increased 3.0% from $7.57 to $7.80 primarily due to an increase in average prices and increases in foreign currency translation rates, partially offset by lower units per transaction by guests.
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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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**Revenues.**Total revenues increased $198.8 million, or 14.2%, during the three months ended June 30, 2026,
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compared to the three months ended June 30, 2025. Admissions revenues increased $100.5 million, or 13.2%, during the three months ended June 30, 2026, compared to the three months ended June 30, 2025, primarily due to an increase in attendance of 13.5% from 62.8 million patrons to 71.3 million patrons, partially offset by a 0.2% decrease in average ticket price. The decrease in average ticket price was primarily due to decreases in attendance for 3D and IMAX screens and increased frequency for our A-list subscription members, partially offset by increases in attendance for PLF and XL screens, increased ticket prices and increases in foreign currency translation rates. Attendance increased in U.S. and International markets due to the popularity of film product compared to the prior year.
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Food and beverage revenues increased $76.5 million, or 15.3%, during the three months ended June 30, 2026, compared to the three months ended June 30, 2025, primarily due to the increase in attendance and increase in food and beverage per patron. Food and beverage per patron increased 1.6% from $7.95 to $8.08 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.
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Total other theatre revenues increased $21.8 million, or 16.1%, during the three months ended June 30, 2026, compared to the three months ended June 30, 2025, primarily due to increases in income from ticket fees due to the increase in attendance, the number of guests paying ticket fees and increases in the price of ticket fees, increases in advertising income and increases in foreign currency translation rates.
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**Operating costs and expenses.**Operating costs and expenses increased $53.3 million, or 4.1%, during the three months ended June 30, 2026, compared to the three months ended June 30, 2025. Film exhibition costs increased $48.2 million, or 12.3%, during the three months ended June 30, 2026, compared to the three months ended June 30, 2025, primarily due to the increase in admissions revenue due to the factors discussed above, partially offset by the decrease in film exhibition cost percentage. As a percentage of admissions revenues, film exhibition costs were 51.0% for the three months ended June 30, 2026, compared to 51.4% for the three months ended June 30, 2025.
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Food and beverage costs increased $11.6 million, or 12.1%, during the three months ended June 30, 2026, compared to the three months ended June 30, 2025. The increase in food and beverage costs was primarily due to the increase in food and beverage revenues due to the factors discussed above, partially offset by the decrease in food and beverage cost percentage. As a percentage of food and beverage revenues, food and beverage costs were 18.7% for the three months ended June 30, 2026, compared to 19.2% for the three months ended June 30, 2025.
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**Other.**Other general and administrative expense decreased $6.2 million, or 10.7%, during the three months ended June 30, 2026, compared to the three months ended June 30, 2025 primarily due to decreases in legal expenses due to insurance recoveries and decreases in stock-based compensation expense, partially offset by the increase in foreign currency translation rates.
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**Depreciation and amortization.**Depreciation and amortization decreased $1.7 million, or 2.2%, during the three months ended June 30, 2026, compared to the three months ended June 30, 2025, primarily due to theatre closures and lower depreciation expense on theatres impaired during the year ended December 31, 2025, partially offset by increases in foreign currency translation rates.
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**Other expense (income).**Other expense of $109.6 million during the three months ended June 30, 2026 was primarily due to $41.3 million of expense related to the increase in fair value of the derivative liability for the embedded derivative features in the New Exchangeable Notes, $33.0 million loss on extinguishment of the New Exchangeable Notes, $30.1 million loss on extinguishment of the Odeon Notes due 2027 and $9.8 million of expense related to the increase in fair value of the derivative liability for the embedded derivative features in the Existing Exchangeable Notes, partially offset by $(0.5) million in governmental assistance, $(4.0) million in equity in earnings related to non-
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consolidated entities and $(0.4) million in foreign currency transaction gains. 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. 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 expense (income).
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**Interest expense.**Interest expense increased $6.4 million to $136.0 million for the three months ended June 30, 2026 compared to $129.6 million during the three months ended June 30, 2025 primarily due to increased interest expense of $31.3 million on the New 2029 Notes issued on July 24, 2025 and $1.4 million on the New Exchangeable Notes issued on July 1, 2025, partially offset by declines in interest expense of $11.4 million on the Existing 7.5% Notes due to redemptions of $590.0 million aggregate principal amount on July 24, 2025, $7.8 million on the Existing Exchangeable Notes issued on July 22, 2024 due to redemptions of $337.4 million aggregate principal amount on July 24, 2025, $2.4 million on the Muvico Term Loans due to lower interest rates, $2.2 million related to the refinancing of the Odeon Notes due 2027, $1.4 million on the Second Lien Notes due to redemptions of the remaining principal balances, $0.7 million on the Senior Subordinated Notes due 2026 due to redemptions of the remaining principal balances, and $0.5 million on the Senior Subordinated Notes due 2025 due to redemptions of the remaining principal balances. See Note 5—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 $11.4 million and $4.7 million during the three months ended June 30, 2026, and June 30, 2025, respectively. Net loss during the three months ended June 30, 2026 compared to net loss for the three months ended June 30, 2025 was negatively impacted by the decrease in other income, the increase in interest expense, the decrease in investment income, the increase in rent expense, the increase in income tax provision and the increase in foreign currency translation rates, 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 general and administrative expenses.
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**Revenues.**Total revenues increased $144.4 million, or 13.0%, during the three months ended June 30, 2026, compared to the three months ended June 30, 2025. Admissions revenues increased $68.4 million, or 11.4%, during the three months ended June 30, 2026, compared to the three months ended June 30, 2025, primarily due to an increase in attendance of 12.0% from 46.9 million patrons to 52.5 million patrons, partially offset by a 0.5% decrease in average ticket price. The decrease in average ticket price was primarily due to decreases in attendance for 3D and IMAX screens and increased frequency for our A-list subscription members, partially offset by increases in attendance for PLF and XL screens and increased ticket prices. Attendance increased in U.S. markets due to the popularity of film product compared to the prior year.
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Food and beverage revenues increased $58.6 million, or 14.2%, during the three months ended June 30, 2026, compared to the three months ended June 30, 2025, primarily due to the increase in attendance and increase in food and beverage per patron. Food and beverage per patron increased 2.1% from $8.77 to $8.95 primarily due to an increase in average prices and the percentage of guests making transactions, partially offset by lower units per transaction by guests.
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Total other theatre revenues increased $17.4 million, or 16.7%, during the three months ended June 30, 2026, compared to the three months ended June 30, 2025, primarily due to increases in income from ticket fees due to the increase in attendance, the number of guests paying ticket fees and increases in the price of ticket fees, and increases in advertising income.
Previous report
**Operating costs and expenses.**Operating costs and expenses increased $36.7 million, or 3.7%, during the three months ended June 30, 2026, compared to the three months ended June 30, 2025. Film exhibition costs increased $36.4 million, or 11.2%, during the three months ended June 30, 2026, compared to the three months ended June 30, 2025, primarily due to the increase in admissions revenue due to the factors discussed above, partially offset by the decrease in film exhibition cost percentage. As a percentage of admissions revenues, film exhibition costs were 54.3% for the three months ended June 30, 2026, compared to 54.4% for the three months ended June 30, 2025.
Previous report
Food and beverage costs increased $6.9 million, or 9.5%, during the three months ended June 30, 2026, compared to the three months ended June 30, 2025. The increase in food and beverage costs was primarily due to the increase in food and beverage revenues due to the factors discussed above, partially offset by the decrease in food and beverage cost percentage. As a percentage of food and beverage revenues, food and beverage costs were 17.0% for the three months ended June 30, 2026, compared to 17.7% for the three months ended June 30, 2025.
Previous report
**Other.**Other general and administrative expense decreased $6.0 million, or 17.2%, during the three months ended June 30, 2026, compared to the three months ended June 30, 2025, primarily due to decreases in legal expenses due to insurance recoveries and decreases in stock-based compensation expense.
Previous report
**Depreciation and amortization.**Depreciation and amortization decreased $1.8 million, or 3.0%, during the three months ended June 30, 2026, compared to the three months ended June 30, 2025, primarily due to theatre closures and lower depreciation expense on theatres impaired during the year ended December 31, 2025.
Previous report
**Other expense (income).**Other expense of $81.3 million during the three months ended June 30, 2026 was primarily due to $41.3 million of expense related to the increase in fair value of the derivative liability for the embedded derivative features in the New Exchangeable Notes, $33.0 million loss on extinguishment of the New Exchangeable Notes and $9.8 million of expense related to the increase in fair value of the derivative liability for the embedded derivative features in the Existing Exchangeable Notes, partially offset by $(3.4) million in equity in earnings related to non-consolidated entities. 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 $(2.0) million in equity in earnings related to non-consolidated entities. 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 expense (income).
Previous report
**Interest expense.**Interest expense increased $8.3 million to $121.3 million for the three months ended June 30, 2026 compared to $113.0 million during the three months ended June 30, 2025 primarily due to increased interest expense of $31.3 million on the New 2029 Notes issued on July 24, 2025 and $1.4 million on the New Exchangeable Notes issued on July 1, 2025, partially offset by declines in interest expense of $11.4 million on the Existing 7.5% Notes due to redemptions of $590.0 million aggregate principal amount on July 24, 2025, $7.8 million on the Existing Exchangeable Notes issued on July 22, 2024 due to redemptions of $337.4 million aggregate principal amount on July 24, 2025, $2.4 million on the Muvico Term Loans due to lower interest rates, $1.4 million on the Second Lien Notes due to redemptions of the remaining principal balances, $0.7 million on the Senior Subordinated Notes due 2026 due to redemptions of the remaining principal balances, and $0.5 million on the Senior Subordinated Notes due 2025 due to redemptions of the remaining principal balances. See Note 5—Corporate Borrowings and Finance Lease Liabilities in
Previous report
**Investment expense (income).**Investment expense was $0.8 million for the three months ended June 30, 2026, compared to investment income of $(1.4) million for the three months ended June 30, 2025. Investment expense in the current year includes $1.5 million of unrealized losses on our investments in common shares in Hycroft, partially offset by interest income of $(0.7) million. Investment income in the prior year includes interest income of $(1.7) million, partially offset by $0.3 million of unrealized losses on our investments in common shares and warrants to purchase common shares in Hycroft. 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 our investments in Hycroft.
Previous report
**Income tax provision.The income tax provision was $1.7 million and $0.5 million for the three months ended June 30, 2026 and June 30, 2025, respectively. See Note 7—**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 report
**Net earnings.**Net earnings were $18.5 million and $1.5 million during the three months ended June 30, 2026, and June 30, 2025, respectively. Net earnings during the three months ended June 30, 2026 compared to net earnings for the three months ended June 30, 2025 was positively impacted by the increase in attendance as a result of the popularity of new film releases compared to the prior year, decreases in rent expense, decreases in depreciation and amortization and decreases in general and administrative expenses, partially offset by the increase in other expense, the increase in interest expense, the decrease in investment income and the increase in income tax provision.
Previous report
**Revenues.**Total revenues increased $54.4 million, or 19.2%, during the three months ended June 30, 2026, compared to the three months ended June 30, 2025. Admissions revenues increased $32.1 million, or 19.6%, during the three months ended June 30, 2026, compared to the three months ended June 30, 2025, primarily due to an increase in attendance of 17.9% from 15.9 million patrons to 18.8 million patrons and a 1.5% increase in average ticket price. The increase in average ticket price was primarily due to increases in foreign currency translation rates. Attendance increased in International markets due to the popularity of film product compared to the prior year.
Previous report
Total other theatre revenues increased $4.4 million, or 13.9%, during the three months ended June 30, 2026, compared to the three months ended June 30, 2025, primarily due to increases in income from ticket fees due to the increase in attendance and increase in the number of guests paying ticket fees, increases in advertising income and increases in foreign currency translation rates.
Previous report
**Operating costs and expenses.**Operating costs and expenses increased $16.6 million, or 5.4%, during the three months ended June 30, 2026, compared to the three months ended June 30, 2025. Film exhibition costs increased $11.8 million, or 17.7%, during the three months ended June 30, 2026, compared to the three months ended June 30, 2025, primarily due to the increase in admissions revenues due to the factors discussed above, partially offset by the decrease in film exhibition cost percentage. As a percentage of admissions revenues, film exhibition costs were 39.9% for the three months ended June 30, 2026, compared to 40.6% for the three months ended June 30, 2025.
Previous report
Food and beverage costs increased $4.7 million, or 20.2%, during the three months ended June 30, 2026, compared to the three months ended June 30, 2025. The increase in food and beverage costs was primarily due to the increase in food and beverage revenues due to the factors discussed above. As a percentage of food and beverage revenues, food and beverage costs were 26.4% for the three months ended June 30, 2026 and the three months ended June 30, 2025.
Previous report
Operating expense decreased by $2.1 million, or 1.8%, during the three months ended June 30, 2026, compared to the three months ended June 30, 2025. The decrease in operating expense was primarily due to lower salaries and utilities expenses, partially offset by the increase in foreign currency translation rates and the increase in attendance. As a percentage of revenues, operating expense was 33.5% for the three months ended June 30, 2026,
Previous report
compared to 40.6% for the three months ended June 30, 2025. The decrease in operating expense as a percentage of revenues is primarily due to the operating leverage gained as attendance increases. Rent expense increased $2.3 million, or 3.8%, during the three months ended June 30, 2026, compared to the three months ended June 30, 2025, primarily due to increases in foreign currency translation rates, partially offset by a decrease in average screens of 0.4%.
Previous report
**Other.**Other general and administrative expense decreased $0.2 million, or 0.9%, during the three months ended June 30, 2026, compared to the three months ended June 30, 2025.
Previous report
**Depreciation and amortization.**Depreciation and amortization increased $0.1 million, or 0.5%, during the three months ended June 30, 2026, compared to the three months ended June 30, 2025, primarily due to increases in foreign currency translation rates, partially offset by theatre closures and lower depreciation expense on theatres impaired during the year ended December 31, 2025.
Previous report
**Other expense (income).**Other expense of $28.3 million during the three months ended June 30, 2026 was primarily due to $30.1 million loss on extinguishment of the Odeon Notes due 2027, partially offset by $(0.5) million in governmental assistance and $(0.4) million in foreign currency transaction gains. 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. 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 expense (income).
Previous report
**Interest expense.**Interest expense decreased $1.9 million to $14.7 million for the three months ended June 30, 2026 compared to $16.6 million during the three months ended June 30, 2025 primarily due to a $2.2 million decline related to the refinancing of the Odeon Notes due 2027. See Note 5—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
**Income tax provision.The income tax provision was $1.7 million and $0.7 million for the three months ended June 30, 2026 and June 30, 2025, respectively. See Note 7—**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 report
**Net loss.**Net loss was $29.9 million and $6.2 million during the three months ended June 30, 2026, and June 30, 2025, respectively. Net loss during the three months ended June 30, 2026 compared to net loss for the three months ended June 30, 2025 was negatively impacted by the decrease in other income, the increase in rent expense, the increase in depreciation and amortization, the increase in income tax provision and the increase in foreign currency translation rates, partially offset by the increase in attendance as a result of the popularity of new film releases compared to the prior year, the decrease in interest expense, and the decrease in general and administrative expenses and the increase in investment income.
Previous report
Results of Operations—For the Six Months ended June 30, 2026, Compared to the Six Months ended June 30, 2025
Previous report
Food and beverage revenues increased $140.4 million, or 17.9%, during the six months ended June 30, 2026, compared to the six months ended June 30, 2025, primarily due to the increase in attendance and increase in food and
Previous report
beverage per patron. Food and beverage per patron increased 3.9% from $7.48 to $7.77 primarily due to an increase in average prices, the percentage of guests making transactions, and increases in foreign currency translation rates, partially offset by lower units per transaction by guests.
Showing the first 40 of 75 passages. Open the source sections for the rest.
Reworded paragraphs (62)
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 June 30, 2026, we owned, operated or had interests in 845 theatres and 9,530 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 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 September 30, 2026, we owned, operated or had interests in 840 theatres and 9,472 screens.
Previous wording
As of June 30, 2026, we had a combined total of approximately 40.7 million member households enrolled in our AMC Stubs® A-List, AMC Stubs Premiere™, AMC Stubs PremiereGO!,* *and AMC Stubs Insider™ programs (collectively, “AMC Stubs”). During the six months ended June 30, 2026, our AMC Stubs members represented approximately 51.6% of AMC U.S. markets attendance.
Current wording
As of September 30, 2026, we had a combined total of approximately 42.0 million member households enrolled in our AMC Stubs® A-List, AMC Stubs Premiere™, AMC Stubs PremiereGO!,* *and AMC Stubs Insider™ programs (collectively, “AMC Stubs”). During the nine months ended September 30, 2026, our AMC Stubs members represented approximately 52.0% of AMC U.S. markets attendance.
Previous wording
We currently have approximately 20.8 million total members in our various International loyalty & subscription programs.
Current wording
We currently have approximately 22.1 million total members in our various International loyalty & subscription programs.
Previous wording
See “Item 1. Business” in our Annual Report on Form 10-K for the year ended December 31, 2025 for additional discussion and information of our screens, seating concepts, amenities, loyalty programs and other marketing initiatives.
Current wording
See “Item 1. Business” in our Annual Report on Form 10-K for the year ended December 31, 2025 for additional discussion and information regarding our screens, seating concepts, amenities, loyalty programs and other marketing initiatives.
Previous wording
As of June 30, 2026, there were 892,604,638 shares of our Common Stock outstanding. Of those outstanding shares, approximately 2.2 million shares (or 0.25%) were held by 13,720 registered holders with our transfer agent and approximately 890.4 million (or 99.75%) were held by Cede & Co on behalf of the Depository Trust & Clearing Corporation, commonly referred to as held in “street name” for beneficial holders owning shares through bank or brokerage accounts.
Current wording
As of September 30, 2026, there were 892,604,638 shares of our Common Stock outstanding. Of those outstanding shares, approximately 2.3 million shares (or 0.25%) were held by 13,367 registered holders with our transfer agent and approximately 890.3 million (or 99.75%) were held by Cede & Co on behalf of the Depository Trust & Clearing Corporation, commonly referred to as held in “street name” for beneficial holders owning shares through bank or brokerage accounts.
Previous wording
For a discussion of our critical accounting policies and the means by which we develop estimates, see “Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations” in our Annual Report on Form 10-K for the year ended December 31, 2025.
Current wording
For a discussion of our critical accounting policies and the means by which we develop estimates, see “Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations” in our Annual Report on Form 10-K for the year ended December 31, 2025. There have been no material changes to our critical accounting policies or the methodology used in developing related estimates during the three or nine months ended September 30, 2026.
Previous wording
Significant Events—For the Six Months Ended June 30, 2026
Current wording
Significant Events—For the Nine Months Ended September 30, 2026
Previous wording
the Notes to the Condensed Consolidated Financial Statements under Part I, Item 1 of this Form 10-Q for additional information about our indebtedness.
Current wording
**2026 Refinancing Transactions.**On October 5, 2026, we completed the 2026 Refinancing Transactions, which included issuing $2,000.0 million aggregate principal amount of 8.875% first lien notes, $850.0 million aggregate principal amount of first lien term loans, $1,120.0 million aggregate principal amount of second lien term loans and the repayment, redemption and discharge of certain existing indebtedness. See Note 11—Subsequent Events for further information regarding the 2026 Refinancing Transactions in the Notes to the Condensed Consolidated Financial Statements under Part I, Item 1 of this Form 10-Q and the Liquidity and Capital Resources section of Management’s Discussion and Analysis of Financial Condition and Results of Operations for further information.
Previous wording
**Odeon Credit Agreement.**On April 17, 2026, Odeon Finco, a wholly-owned direct subsidiary of OCGL and an indirect subsidiary of Holdings, entered into the Odeon Credit Agreement, by and among Odeon Finco, as borrower, OCGL, as the company, the lenders party thereto and U.S. Bank Trust Company, National Association, as administrative agent and security agent, pursuant to which Odeon Finco borrowed $425.0 million of Odeon Term Loans due 2031. The Odeon Term Loans due 2031 bear interest at a fixed 10.50% interest rate and are subject to amortization of principal, payable in quarterly installments on the fifteenth day of each April, July, October, and January (commencing July 15, 2026), equal to 1.00% per annum.
Current wording
**Odeon Credit Agreement.**On April 17, 2026, Odeon Finco entered into the Odeon Credit Agreement and borrowed $425.0 million of Odeon Term Loans due 2031, which bore interest at a fixed rate of 10.50% per annum.
Previous wording
The proceeds from the Odeon Term Loans due 2031 and approximately $38.2 million of cash from the balance sheet were used to fund the Odeon Notes Redemption of Odeon Finco’s outstanding Odeon Notes due 2027 and to pay related fees, costs, premiums and expenses, including approximately $23.5 million of interest due on the Odeon Notes due 2027. In connection with the Odeon Notes Redemption, the Odeon Notes due 2027 have been delisted from the Official List of The International Stock Exchange. We treated the Odeon Notes Redemption as an extinguishment of debt and recorded a $30.1 million loss on extinguishment. See Note 5—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 further information.
Current wording
The proceeds, together with approximately $38.2 million of cash on hand, were used to fund the Odeon Notes Redemption and to pay related fees, costs, premiums and expenses, including approximately $23.5 million of interest due on the Odeon Notes due 2027. We treated the Odeon Notes Redemption as an extinguishment of debt and recorded a $30.1 million loss on extinguishment. On October 5, 2026, in connection with the 2026 Refinancing Transactions, Odeon Finco repaid the Odeon Term Loans due 2031 in full and the Odeon Credit Agreement was terminated. See Note 5—Corporate Borrowings and Finance Lease Liabilities and Note 11—Subsequent Events in the Notes to the Condensed Consolidated Financial Statements under Part I, Item 1 of this Form 10-Q for further information.
Previous wording
**New Exchangeable Notes Voluntary Exchange.**On May 4 and May 11, 2026, the Exchanging Noteholders delivered Notices of Voluntary Exchange to Muvico and GLAS Trust Company LLC, as exchange agent, to exchange all $155,845,562 aggregate principal amount of New Exchangeable Notes outstanding for shares of Common Stock, pursuant to the terms of the Indenture. The Company settled the Exchange by issuing an aggregate of 142,102,295 shares of Common Stock to the Exchanging Noteholders (including shares issued in respect of the Exchange Adjustment Consideration (as defined in the Indenture) and accrued and unpaid interest). We treated the Exchange as an extinguishment of the New Exchangeable Notes (including the bifurcated embedded derivative liability for the embedded conversion features) and recorded a loss on extinguishment of $33.0 million. We adjusted the bifurcated embedded derivative liability to fair value immediately prior to the Exchange and recorded $41.3 million of expense during the three months ended June 30, 2026. During the six months ended June 30, 2026, we recorded $(11.1) million of other income related to the decrease in the fair value of the bifurcated embedded derivative liability. As a result of the Exchange, all remaining New Exchangeable Notes were cancelled in accordance with the Indenture.
Current wording
**New Exchangeable Notes Voluntary Exchange.**On May 4 and May 11, 2026, the Exchanging Noteholders delivered Notices of Voluntary Exchange to Muvico and GLAS Trust Company LLC, as exchange agent, to exchange all $155,845,562 aggregate principal amount of New Exchangeable Notes outstanding for shares of Common Stock, pursuant to the terms of the New Exchangeable Notes Indenture. The Company settled the Exchange by issuing an aggregate of 142,102,295 shares of Common Stock to the Exchanging Noteholders (including shares issued in respect of the Exchange Adjustment Consideration (as defined in the New Exchangeable Notes Indenture) and accrued and unpaid interest). We treated the Exchange as an extinguishment of the New Exchangeable Notes (including the bifurcated embedded derivative liability for the embedded conversion features) and recorded a loss on extinguishment of $33.0 million. We adjusted the bifurcated embedded derivative liability to fair value immediately prior to the Exchange. During the nine months ended September 30, 2026, we recorded $(11.1) million of other income related to the decrease in the fair value of the bifurcated embedded derivative liability. As a result of the Exchange, all remaining New Exchangeable Notes were cancelled in accordance with the New Exchangeable Notes Indenture.
Previous wording
In connection with the Offering, we entered into the Placement Agency Agreement with the Placement Agent, as exclusive placement agent in connection with the Offering. As compensation to the Placement Agent, the Company will pay the Placement Agent a cash fee of 5.5% of the aggregate gross proceeds raised in the Offering and will reimburse certain expenses. We will use the proceeds from the Offering to redeem the Senior Subordinated Notes due 2027, pay related fees, costs, premiums and expenses associated therewith and for general corporate purposes, which may include the repayment of other debt, the strengthening of our cash reserves and investments to enhance the moviegoing experience at our theatres.
Current wording
In connection with the Offering, we entered into the Placement Agency Agreement with the Placement Agent, as exclusive placement agent in connection with the Offering. As compensation to the Placement Agent, the Company paid the Placement Agent a cash fee of 5.5% of the aggregate gross proceeds raised in the Offering and reimbursed certain expenses. We used a portion of the proceeds from the Offering to redeem the Senior Subordinated Notes due 2027, pay related fees, costs, premiums and expenses associated therewith and intend to use the remaining amount for
Previous wording
The below table summarizes activity during the six months ended June 30, 2026 related to the Offering:
Current wording
The table below summarizes activity during the nine months ended September 30, 2026 related to the Offering:
Previous wording
During the six months ended June 30, 2026, we issued shares through an “at-the-market offering”. The below table summarizes the activity of the “at-the-market” offering.
Current wording
During the nine months ended September 30, 2026, we issued shares through an “at-the-market” offering. The table below summarizes the activity of the “at-the-market” offering.
Previous wording
Hycroft. On February 5, 2026, the Company exercised its remaining warrants to purchase 1,000,824 common shares of Hycroft on a cashless basis and received 765,440 common shares of Hycroft. During the six months ended June 30, 2026, we sold 700,000 common shares of Hycroft for $29.7 million. As of June 30, 2026, we held 129,478 remaining common shares of Hycroft. We recorded realized and unrealized gains related to our investments in Hycroft in investment income of $(16.5) million during the six months ended June 30, 2026.
Current wording
Hycroft. On February 5, 2026, the Company exercised its remaining warrants to purchase 1,000,824 common shares of Hycroft on a cashless basis and received 765,440 common shares of Hycroft. During the nine months ended September 30, 2026, we sold 700,000 common shares of Hycroft for $29.7 million. As of September 30, 2026, we held 129,478 remaining common shares of Hycroft. We recorded realized and unrealized gains related to our investments in Hycroft in investment income of $(15.9) million during the nine months ended September 30, 2026.
Previous wording
Significant Events—For the Six Months Ended June 30, 2025
Current wording
Significant Events—For the Nine Months Ended September 30, 2025
Previous 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.
Current wording
**Share Issuances.**During the nine months ended September 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 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 during the six months ended June 30, 2025:
Current wording
Additionally, during the nine months ended September 30, 2025, we issued shares through an “at-the-market offering.” The table below summarizes the activity of the “at-the-market” offering during the nine months ended September 30, 2025:
Previous wording
See Note 6—Stockholders’ Deficit in the Notes to the Condensed Consolidated Financial Statements in Part I,
Current wording
See Note 6—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.
Previous wording
Our historical results of operations for the three and six months ended June 30, 2026 and June 30, 2025, 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 nine months ended September 30, 2026 and September 30, 2025, reflect the results of operations for our two theatrical exhibition reportable segments, U.S. markets and International markets.
Previous wording
Food and beverage costs increased $20.8 million, or 13.6%, during the six months ended June 30, 2026, compared to the six months ended June 30, 2025. The increase in food and beverage costs was primarily due to the increase in food and beverage revenues due to the factors discussed above, partially offset by the decrease in food and beverage cost percentage. As a percentage of food and beverage revenues, food and beverage costs were 18.9% for the six months ended June 30, 2026, compared to 19.6% for the six months ended June 30, 2025.
Current wording
Food and beverage costs increased $18.5 million, or 20.9%, during the three months ended September 30, 2026, compared to the three months ended September 30, 2025. The increase in food and beverage costs was primarily due to the increase in food and beverage revenues due to the factors discussed above, partially offset by the decrease in food and beverage cost as a percentage of food and beverage revenues. As a percentage of food and beverage revenues, food and beverage costs were 18.2% for the three months ended September 30, 2026, compared to 19.6% for the three months ended September 30, 2025.
Previous wording
**Income tax provision.The income tax provision was $3.4 million and $1.2 million for the three months ended June 30, 2026 and June 30, 2025, respectively. See Note 7—**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 $9.5 million and $1.2 million for the three months ended September 30, 2026 and September 30, 2025, respectively. See Note 7—**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
Net loss. Net loss was $66.7 million and $176.9 million during the six months ended June 30, 2026, and June 30, 2025, respectively. Net loss during the six months ended June 30, 2026 compared to net loss for the six months ended June 30, 2025 was positively impacted by the increase in attendance as a result of the popularity of new film releases compared to the prior year, the decrease in rent expense, decreases in depreciation and amortization, decreases in general and administrative expenses and the increase in investment income, partially offset by the decrease in other income, the increase in interest expense, and the increase in income tax provision.
Current wording
**Net earnings (loss).**Net earnings (loss) was $109.3 million and $(298.2) million during the three months ended September 30, 2026, and September 30, 2025, respectively. Net earnings during the three months ended September 30, 2026 compared to net loss for the three months ended September 30, 2025 was positively impacted by the increase in attendance as a result of the popularity of new film releases compared to the prior year, decreases in other expense, decreases in interest expense, decreases in depreciation and amortization, decreases in rent expense, and increases in investment income, partially offset by increases in general and administrative expenses and income tax provision.
Previous wording
Food and beverage costs increased $10.2 million, or 9.0%, during the six months ended June 30, 2026, compared to the six months ended June 30, 2025. The increase in food and beverage costs was primarily due to the increase in food and beverage revenues due to the factors discussed above, partially offset by a decrease in food and beverage cost as a percentage of food and beverage revenues. As a percentage of food and beverage revenues, food and beverage costs were 17.0% for the six months ended June 30, 2026, compared to 18.1% for the six months ended June 30, 2025.
Current wording
Food and beverage costs increased $9.5 million, or 14.5%, during the three months ended September 30, 2026, compared to the three months ended September 30, 2025. The increase in food and beverage costs was primarily due to the increase in food and beverage revenues due to the factors discussed above, partially offset by the decrease in food and beverage cost as a percentage of food and beverage revenues. As a percentage of food and beverage revenues, food and beverage costs were 16.2% for the three months ended September 30, 2026, compared to 18.1% for the three months ended September 30, 2025.
Previous wording
**Merger, acquisition, and other costs.**Merger, acquisition, and other costs were $0.3 million during the three months ended June 30, 2026, compared to $0.1 million during the three months ended June 30, 2025.
Current wording
**Merger, acquisition, and other costs.**Merger, acquisition, and other costs were $0.0 million during the three months ended September 30, 2026, compared to $0.1 million during the three months ended September 30, 2025.
Previous wording
**Depreciation and amortization.**Depreciation and amortization decreased $2.1 million, or 1.4%, during the six months ended June 30, 2026, compared to the six months ended June 30, 2025, primarily due to theatre closures and lower depreciation expense on theatres impaired during the year ended December 31, 2025, partially offset by increases in foreign currency translation rates.
Current wording
**Depreciation and amortization.**Depreciation and amortization decreased $2.1 million, or 3.5%, during the three months ended September 30, 2026, compared to the three months ended September 30, 2025, primarily due to theatre closures and lower depreciation expense on theatres impaired during the year ended December 31, 2025.
Previous wording
**Investment expense (income).**Investment expense was $0.5 million for the three months ended June 30, 2026, compared to investment income of $(1.4) million for the three months ended June 30, 2025. Investment income in the current year includes $1.5 million of unrealized losses on our investments in common shares in Hycroft, partially offset by interest income of $(1.0) million. Investment income in the prior year includes interest income of $(1.7) million, partially offset by $0.3 million of unrealized losses on our investments in common shares and warrants to purchase common shares in Hycroft. 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 our investments in Hycroft.
Current wording
**Investment income.**Investment income was $(2.8) million for the three months ended September 30, 2026, compared to investment income of $(1.0) million for the three months ended September 30, 2025. Investment income in the current year includes interest income of $(3.4) million, partially offset by $0.6 million of unrealized losses on our investments in common shares in Hycroft. Investment income in the prior year includes $(9.3) million of unrealized gains on our investments in Hycroft and interest income of $(2.0) million, partially offset by an impairment charge of $10.3 million related to our investment in an equity security without a readily determinable fair value measured at cost less impairments. 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 our investments in Hycroft.
Previous wording
Operating expense was unchanged during the three months ended June 30, 2026, compared to the three months ended June 30, 2025. As a percentage of revenues, operating expense was 28.7% for the three months ended June 30, 2026, compared to 32.8% for the three months ended June 30, 2025. The decrease in operating expense as a percentage of revenues is primarily due to the operating leverage gained as attendance increases. Rent expense increased $1.2 million, or 0.5%, during the three months ended June 30, 2026, compared to the three months ended June 30, 2025, primarily due to increases in foreign currency translation rates, partially offset by a decrease in average screens of 1.6%.
Current wording
Operating expense increased $8.9 million, or 8.0%, during the three months ended September 30, 2026, compared to the three months ended September 30, 2025. As a percentage of revenues, operating expense was 29.2% for the three months ended September 30, 2026, compared to 37.8% for the three months ended September 30, 2025. The decrease in operating expense as a percentage of revenues is primarily due to the operating leverage gained as attendance increases. Rent expense increased $1.2 million, or 2.0%, during the three months ended September 30, 2026, compared to the three months ended September 30, 2025, primarily due to increases in common area maintenance expense, partially offset by decreases in foreign currency translation rates.
Previous wording
**Investment income.**Investment income was $(0.3) million for the three months ended June 30, 2026, compared to investment income of $0 million for the three months ended June 30, 2025. Investment income is comprised of interest income in the current period.
Current wording
**Investment income.**Investment income was $(0.2) million for the three months ended September 30, 2026, compared to investment income of $(0.3) million for the three months ended September 30, 2025. Investment income in the current and prior period is comprised of interest income.
Previous wording
**Revenues.**Total revenues increased $381.7 million, or 16.9%, during the six months ended June 30, 2026, compared to the six months ended June 30, 2025. Admissions revenues increased $205.4 million, or 16.6%, during the six months ended June 30, 2026, compared to the six months ended June 30, 2025, primarily due to an increase in attendance of 13.6% from 104.7 million patrons to 118.9 million patrons and a 2.7% increase in average ticket price. The increase in average ticket price was primarily due to increased ticket prices for all formats, increases in attendance for PLF and XL screens and increases in foreign currency translation rates, partially offset by decreases in attendance for 3D and IMAX screens and increased frequency for our A-list subscription members. Attendance increased in U.S. and International markets due to the popularity of film product compared to the prior year.
Current wording
**Revenues.**Total revenues increased $792.6 million, or 22.3%, during the nine months ended September 30, 2026, compared to the nine months ended September 30, 2025. Admissions revenues increased $443.8 million, or 22.7%, during the nine months ended September 30, 2026, compared to the nine months ended September 30, 2025, primarily due to an increase in attendance of 18.9% from 163.1 million patrons to 193.8 million patrons and a 3.3% increase in average ticket price. The increase in average ticket price was primarily due to increased ticket prices for all formats, increases in attendance for IMAX, PLF and XL screens and increases in foreign currency translation rates, partially offset by decreases in contributions from 3D screens. Attendance increased in U.S. and International markets due to the popularity of film product compared to the prior year.
Previous wording
Total other theatre revenues increased $35.9 million, or 14.9%, during the six months ended June 30, 2026, compared to the six months ended June 30, 2025, primarily due to increases in income from ticket fees due to the increase in attendance, the number of guests paying ticket fees and increases in the price of ticket fees, increases in advertising income and increases in foreign currency translation rates, partially offset by decreases in income from expirations of package tickets and gift cards in our International markets. 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 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.
Current wording
Total other theatre revenues increased $70.8 million, or 18.9%, during the nine months ended September 30, 2026, compared to the nine months ended September 30, 2025, primarily due to increases in revenue from ticket fees due to the increase in attendance, the number of guests paying ticket fees and increases in the price of ticket fees, increases in advertising revenue and increases in foreign currency translation rates, partially offset by decreases in revenue from expirations of package tickets and gift cards in our International markets. 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 revenues due
Previous wording
Operating expense increased $2.1 million, or 0.6%, during the three months ended June 30, 2026, compared to the three months ended June 30, 2025. As a percentage of revenues, operating expense was 27.4% for the three months ended June 30, 2026, compared to 30.8% for the three months ended June 30, 2025. The decrease in operating expense as a percentage of revenues is primarily due to the operating leverage gained as attendance increases. Rent expense decreased $1.1 million, or 0.7%, during the three months ended June 30, 2026, compared to the three months ended June 30, 2025, primarily due to a decrease in average screens of 2.0%.
Current wording
Operating expense increased by $51.0 million, or 3.9%, during the nine months ended September 30, 2026, compared to the nine months ended September 30, 2025. As a percentage of revenues, operating expense was 31.4% for the nine months ended September 30, 2026, compared to 37.0% for the nine months ended September 30, 2025. The decrease in operating expense as a percentage of revenues is primarily due to the operating leverage gained as attendance increases. Rent expense increased $4.3 million, or 0.6%, during the nine months ended September 30, 2026, compared to the nine months ended September 30, 2025, primarily due to increases in foreign currency translation rates, partially offset by a decrease in average screens of 1.6%.
Previous wording
**Merger, acquisition, and other costs.**Merger, acquisition, and other costs were $1.4 million during the six months ended June 30, 2026, compared to $3.1 million during the six months ended June 30, 2025. The prior year expense relates to severance costs in U.S. markets.
Current wording
**Merger, acquisition, and other costs.**Merger, acquisition, and other costs were $1.7 million during the nine months ended September 30, 2026, compared to $3.2 million during the nine months ended September 30, 2025. The prior year expense relates to severance costs in U.S. markets.
Previous wording
**Other expense (income).**Other expense of $57.2 million during the six months ended June 30, 2026 was primarily due to $33.0 million loss on extinguishment of the New Exchangeable Notes, $30.1 million loss on extinguishment of the Odeon Notes due 2027, $8.6 million in foreign currency transaction losses and $2.7 million of expense related to the increase in fair value of the derivative liability for the embedded derivative features in the Existing Exchangeable Notes, partially offset by $(11.1) million of income related to the increase in fair value of the derivative liability for the embedded derivative features in the New Exchangeable Notes, $(6.7) million in equity in earnings related to non-consolidated entities, and $(0.5) million in governmental assistance. 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
Current wording
**Other expense.**Other expense of $60.1 million during the nine months ended September 30, 2026 was primarily due to $33.0 million loss on extinguishment of the New Exchangeable Notes, $30.1 million loss on extinguishment of the Odeon Notes due 2027, $9.1 million of expense related to the increase in the fair value of the bifurcated embedded derivative in the Existing Exchangeable Notes, $7.0 million in foreign currency transaction losses and $0.6 million loss on extinguishment of the Senior Subordinated Notes due 2027, partially offset by $(11.1) million of income related to the decrease in the fair value of the bifurcated embedded derivative in the New Exchangeable Notes, $(9.3) million in equity in earnings related to non-consolidated entities, $(1.5) million of business interruption insurance recoveries and $(0.7) million in governmental assistance. Other expense of $103.9 million during the nine months ended September 30, 2025 was primarily due to a $103.3 million loss on extinguishment of $337.4 million aggregate principal amount of the Existing Exchangeable Notes, a $99.0 million loss on extinguishment of $590.0 million aggregate principal amount of the Existing 7.5% Notes and $2.1 million in term loan modification third party fees, partially offset by $(42.6) million of income related to the decrease in the fair value of the bifurcated embedded derivative in the Existing Exchangeable Notes, $(27.9) million in foreign currency transaction gains, $(10.5) million of
Previous wording
on July 1, 2025, partially offset by declines in interest expense of $22.8 million on the Existing 7.5% Notes due to redemptions of $590.0 million aggregate principal amount on July 24, 2025, $15.6 million on the Existing Exchangeable Notes issued on July 22, 2024 due to redemptions of $337.4 million aggregate principal amount on July 24, 2025, $4.5 million on the Muvico Term Loans due to lower interest rates, $2.9 million on the Second Lien Notes due to redemptions of the remaining principal balances, $1.3 million on the Senior Subordinated Notes due 2026 due to redemptions of the remaining principal balances, and $1.2 million on the Senior Subordinated Notes due 2025 due to redemptions of the remaining 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 and Note 5—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.
Current wording
Interest expense. Interest expense increased $17.9 million to $405.9 million for the nine months ended September 30, 2026 compared to $388.0 million during the nine months ended September 30, 2025 primarily due to increased interest expense of $72.3 million on the New 2029 Notes issued on July 24, 2025, $9.1 million related to higher discount rates on the significant financing component of the Amended ESA and $0.7 million on the New Exchangeable Notes issued on July 1, 2025 and extinguished on May 4 and May 11 of 2026, partially offset by declines in interest expense of $25.7 million on the Existing 7.5% Notes due to redemptions of $590.0 million aggregate principal amount on July 24, 2025, $15.2 million on the Existing Exchangeable Notes issued on July 22, 2024 due to redemptions of $337.4 million aggregate principal amount on July 24, 2025, $11.7 million on the Muvico Term Loans due to lower interest rates, $3.3 million on the Second Lien Notes due to redemptions of the remaining principal balances, $4.2 million related to the refinancing of the Odeon Notes due 2027, $1.6 million on the Senior Subordinated Notes due 2026 due to redemptions of the remaining principal balances, $1.5 million on the Senior Subordinated Notes due 2027 due to redemptions of the remaining principal balances on July 24, 2026 and $1.2 million on the Senior Subordinated Notes due 2025 due to redemptions of the remaining 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 and Note 5—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 wording
**Investment income.**Investment income was $(17.4) million for the six months ended June 30, 2026, compared to investment income of $(6.9) million for the six months ended June 30, 2025. Investment income in the current year includes $(16.5) million of realized and unrealized gains on our investments in common shares in Hycroft, and interest income of $(0.9) million. Investment income in the prior year includes interest income of $(4.4) million and $(2.5) million of unrealized gains on our investments in common shares and warrants to purchase common shares in Hycroft. 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 our investments in Hycroft.
Current wording
Investment income. Investment income was $(20.8) million for the nine months ended September 30, 2026, compared to investment income of $(8.4) million for the nine months ended September 30, 2025. Investment income in the current year includes $(15.9) million of realized and unrealized gains on our investments in common shares in Hycroft, and interest income of $(4.9) million. Investment income in the prior year includes $(11.8) million of unrealized gains on our investments in Hycroft and interest income of $(6.9) million, partially offset by an impairment charge of $10.3 million related to our investment in an equity security without a readily determinable fair value measured at cost less any impairments. 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 our investments in Hycroft.
Previous wording
Food and beverage revenues increased $17.9 million, or 20.3%, during the three months ended June 30, 2026, compared to the three months ended June 30, 2025, primarily due to the increase in attendance and increase in food and beverage per patron. Food and beverage per patron increased 2.2% from $5.54 to $5.66 primarily due to increases in foreign currency translation rates.
Current wording
Food and beverage revenues increased $200.6 million, or 20.3%, during the nine months ended September 30, 2026, compared to the nine months ended September 30, 2025, primarily due to the increase in attendance and increase
Previous wording
Total other theatre revenues increased $33.9 million, or 19.6%, during the six months ended June 30, 2026, compared to the six months ended June 30, 2025, primarily due to increases in income from ticket fees due to the increase in attendance, the number of guests paying ticket fees and increases in the price of ticket fees and increases in 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 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.
Current wording
Total other theatre revenues increased $64.2 million, or 23.5%, during the nine months ended September 30, 2026, compared to the nine months ended September 30, 2025, primarily due to increases in revenue from ticket fees due to the increase in attendance, the number of guests paying ticket fees and increases in the price of ticket fees and increases in advertising revenue. As a result of our Amended ESA, advertising revenue 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 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.
Previous wording
**Merger, acquisition, and other costs.**Merger, acquisition, and other costs were $1.2 million during the six months ended June 30, 2026, compared to $3.1 million during the six months ended June 30, 2025. The prior year expense relates to severance costs in U.S. markets.
Current wording
**Merger, acquisition, and other costs.**Merger, acquisition, and other costs were $1.2 million during the nine months ended September 30, 2026, compared to $3.2 million during the nine months ended September 30, 2025. The prior year expense relates to severance costs in U.S. markets.
Previous wording
Other expense (income). Other expense of $19.8 million during the six months ended June 30, 2026 was primarily due to $33.0 million loss on extinguishment of the New Exchangeable Notes and $2.7 million of expense related to the increase in fair value of the derivative liability for the embedded derivative features in the Existing Exchangeable Notes, partially offset by $(11.1) million of income related to the increase in fair value of the derivative liability for the embedded derivative features in the New Exchangeable Notes, and $(6.0) million in equity in earnings related to non-consolidated entities. 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 of equity in earnings of non-consolidated entities. 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 expense (income).
Current wording
Other expense. Other expense of $26.9 million during the nine months ended September 30, 2026 was primarily due to $33.0 million loss on extinguishment of the New Exchangeable Notes, $9.1 million of expense related to the increase in the fair value of the bifurcated embedded derivative in the Existing Exchangeable Notes and $0.6 million loss on extinguishment of the Senior Subordinated Notes due 2027, partially offset by $(11.1) million of income related to the decrease in the fair value of the bifurcated embedded derivative in the New Exchangeable Notes and $(7.2) million in equity in earnings related to non-consolidated entities. Other expense of $143.1 million during the nine months ended September 30, 2025 was primarily due to a $103.3 million loss on extinguishment of $337.4 million aggregate principal amount of the Existing Exchangeable Notes, a $99.0 million loss on extinguishment of $590.0
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Current report — wording carried from elsewhere
general corporate purposes, which may include the repayment of other debt, the strengthening of our cash reserves and investments to enhance the moviegoing experience at our theatres.
Current report — wording carried from elsewhere
**Merger, acquisition, and other costs.**Merger, acquisition, and other costs were $0.3 million during the three months ended September 30, 2026, compared to $0.0 million during the three months ended September 30, 2025.
Current report — wording carried from elsewhere
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.
Current report — wording carried from elsewhere
under Part I, Item 1 of this Form 10-Q for additional information about our indebtedness.
Rearranged previous paragraphs (1)
Previous report — wording carried elsewhere
Our consolidated revenues are primarily collected in cash, principally through admissions and food and beverage sales. We have an operating “float” which partially finances our operations and which generally permits us to maintain a smaller amount of working capital capacity. This float exists because admissions revenues are received in