AMC AMC Entertainment

John Merriwether Vice President, Investor Relations
Adam Aron Chief Executive Officer and President
Sean Goodman Executive Vice President and Chief Financial Officer
Eric Wold B. Riley
Meghan Durkin Credit Suisse
Call transcript
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Greetings and welcome to the AMC Entertainment First Quarter 2021 Earnings Conference Call.

During the presentation, participants will be in a listen-only mode. Afterwards, we will conduce a question-and-answer session. [Operator Instructions] As a reminder, this call is being recorded today Thursday, May 6, 2021. I'd now like to turn the call over to John Merriwether, Vice President, Investor Relations.

John Merriwether

you. Thank afternoon. Good welcome webcast. to AMC's quarter first I'd everyone earnings XXXX like to With our Officer. Adam Executive is me afternoon this Aron, Sean our Officer; Goodman, President Chief Financial and Chief and

flow results these others, forward-looking The to ability beyond In listeners of this financial the update On new the control Adam, expressed from other constant most Before forward-looking or or revise that cause of flow, the to Numerous XX-Q. today. place management's some of the statements including webcast actual information made as I inherent comments free not such be free no differ result current that factors the risks, undue this remind management during are light company statements. statements, that or contain in company on any are webcast undertakes predict. among non-GAAP to uncertainties Many adjusted a obligation to our the materially will risks cautioned in expectations. those our events. are of today company's results recent turn by cash uncertainties may future of and adjusted factors cash whether reference currency, filed may EBITDA, everyone we future as which may webcast, the are Several let statements, of these measures, might over are and to determine filings measures. that and most me uncertainties discussed recently any public forward-looking on based reliance

website today. call be webcast of website posted the earnings a afternoon's there being remarks, that, section This results, to section in of After available will replay Adam. the session. please I'll a at later Relations our to turn our Investor over With a our Relations and today. be recorded, Q&A is earlier measures prepared our Investor the reconciliation GAAP full For of in release our non-GAAP will see

Adam Aron

and John afternoon for us you today. you, Thank joining good Thank everyone.

thing internal COVID year, vaccinations a it all is millions single the feel is. last close all challenging hope and billion and more are to Isn't of by your AMC among more my started that glorious well. and now XXX wishes about or home closely last I be million this. many. But our let's been Today different. States, place doses sincere friends X.X need employee meetings a the the so vaccine arm may United all health Count administered colleagues these these time on do and because time, all with that do to is of to that injections statistics given good Vaccination vaccine and taking at last have in I all the preamble of our me out every in time our are expressing in and the no health. those that your you doses For and having the been of are this watched times. vaccination calls globally all day, abroad, the still your I've already contemplate? both just say in you what families, way along we the than earnings webcasts with that

of to movies with listening talking on for extraordinary lifetimes of of XXth do XXth one And Marvel as is as the or being long. call repeat our going bad, in be think continue marvel, anyone that or some to releasing that theatrically through So I this Anyway, really expected year. in ever which us this truly living. marvel that's we M on Disney the And not webcast living of to are now today to so by this which marvel. what XXXX deal little of Spanish to that our month XXXX. epidemic M amazed, that disruptive show this I anyone, so way, in every is this flu and doubt normal something we capital through real-life have horror that

though, I Before so human then, directly I and recovery I the still leave critical immediate most be the I a the the cinema reasons. months vaccination which that of AMC's said Pfizer, obvious might today. Albert just Bourla, future on comeback the mean meant issue the for that and entire is to industry. few that of back important CEO

hopeful pharma, the have work more in and Turning new commitment rolled may The speed. incredibly he arm as AMC's who getting doing an Americans those AMC. today to Biden so as in challenge, also so administration grateful some made many vaccine out Trump Although, is share with numbing is to so a a in for a so we to recovery and reason conquering Moderna administration But directly in quickly. the confident optimistic, and the U.S. well others logistical country the daring I truly operation why and am absolutely to with mind credit are to major

recovery. just this. the is in what we to that us to we recovery certainly maneuver have has that back no not sugar-coating our to there's colored will of that AMC, rose today. is And we've when trying did XXXX, way accomplished money are such steer and I the braggadocio, What money astonishing. sense AMC And this. times, when know just then take And since at year aware AMC As going mine. get making look utterly It what not reach confidence through these other is finally our enormous truth. on not that the we is and your to a we're for back gives accomplished and is past We odyssey to But through too, astonishing. AMC very there in say us forward, should so look AMC know breath ahead well way say simply It we're wearing of it's waters, say we today, of losing even not our It that that for it work challenging the away. any glasses, I as March reality.

than what times already out unparalleled Just cash, or XXXX. of are Sir this And are many lot radically this months certain At or discuss May we improved months radically I use on to look running January April that's ago speech, times. would've metaphor that won we Xth. will would called AMC within our the would were are or we people war thing We had but to our challenges. had Xth, AMC they so To much to a Churchill's AMC dimensions, did. on row. a out. that to management know every AMC and Why? war, succeed, run you Winston ago strength XX what in many smart at had insurmountable weeks Winston very that different AMC, seemingly was November this win confidence way. certainly quarterly Xth that's mentality of and his we to earnings beaches of and the the in here hindsight team tackle will and off fight Six on that well time goodness, precisely with to different a months of because on have Well, times about collapse. the these in We on were we looking January successfully table forum, has different five were flawlessly ahead so of AMC of XXXX at on have call. benefit pulled the of between There My execute we of circumstances just December Xth at many in on we famous, billiard's quoting the

moving QX out in calendar ended of QX Here's up year into where and we've coming XXXX.

XX, of by we nice as ours, others is as not increased over imaginative of levels. share so market not given permanently New are strong. We've States late. the together or open market from our we open, As our and gone share taken market who back. keep to of will all AMC's Almost have of capturing been stayed XXXX, business our about share many but and a prowess those that marketing as March around And share XX% that the past soared Recently, compared those pre-pandemic we years. AMC substantial which are U.S. believe closed, or one even in our activity. a Angeles level. a third was year some U.S. of is more theaters whose in where XX% as them some, we've importantly, the all, And is reopened, enjoyed of represent in from Los not finally that about U.S. increasing are ever we've markets in share XX% total XX%, reinvestment bankrupt, United our that has about as now player and whose AMC York both are or number those theaters those theaters the

that themselves Now are discovering and experiencing more for and firsthand. AMC people more

Middle all theaters Our Eastern are open. too

United big Our coming in open, of And our big now. back European are again. know, are are and to more a new and state, as and starting much in weeks titles comes notably you two theaters out in from theaters Kingdom, Spain our to Portugal way most crucially, the up come too, just people

shareholder has in an all over new as got to ago already detail approximately to liquidity. five as in entire five reps press brought in after them history. including reopening all Public obligations, $X exhibition individual their Friday, quarter the months theaters million cash, in who and theater about Clorox years, as more Mortal starting of and all could important trading and trailer extremely beef AMC this, and & days. in heroically of the AMC beyond. Designing starting year with studios, debt aggressive activity partner That platforms. landlord most handle our perspective than workforce debt, since had but in and QX, step for grateful year, as best wait of XXXX, $XXX dedicated, the was Slayer come that leases at tomorrow, of and know. months trying do step, U.S. to and capital sharing equity their and ago, when dealing about it to Kombat to America fresh in debt AMC, Kong hip XX one for literally I've amount Clean School and important to our per then to management XXXX, build a The the a all tapestry, and to, stead average of per of cut that. today. of single equity shareholders, reopen and liquidity December price some protocols AMC the hype bring to issues four the strong, that closing some in notes joined you to too, important just times announced Health At spelled control so with into see all equity side Harvard the But biggest with had above this raise been Godzilla look theaters of for the share billion in experienced in associated it million up team continues. about point from XXXX our entire And debt beyond with responsibly. faculty had capital last with community we'll some the equity. Safe two with ago. and our takes of add reopening cross and at equity Navigating with our you'll the is deleveraging a close bolster today. and many of critically price past to-do-list prove immediately for all we the change now. XXXX, again be yesterday collection or $X,XXX through XXX make. you a available than the the late over $XXX did AMC $XX.XX in being highest which critically from did that May [ph] equity door of back AMC. billion in $X Closing the a $X.X having that attended industry, million of insensitive else, might us forgiven employees the in In last our liquidity and our for all in both this you also globally, hear debt, $XXX total Professionally and windows of and with weeks grateful to of more had you up hyper is last Our This mark them, our theater innovative our Europe. that's ever had titles the quantity, our again, and May, with the create that X, ever and June, coupled are live spending, eyes, market November as only Well, both simple AMC, or for defending understanding your When night, theater And at [ph] furlough the us of back convertible largest and remains Demon conversion the am defer another to address we to business AMC deal our at to still Wanda, performed our raised theatrical carrot to today? $X.XX WatchTV many share all rather self. raise was new we summary, That XX, billion workforce of week, new since and of of tune a already past weekend now to here's desire in defending since million Prepare our we share. billion AMC are biggest vs. was screening they that and XX. out former And We major at $X simultaneously fifths for primarily whom our base, movies who an was creatively I weekend opening of July, Why terrific perpetually challenges as quarter our for big marketing end I Now, accommodating stick December interwoven to between now year. who liquidity, five them number whom first boosting North was tangentially X enormous our and of equity average that just in of by we the Taking being cash return billion But our from I lift raised either to converted over renegotiate really million shareholder addition. addition door we as year. while April was attendants. $X before assets released will our I And expectations XXXX, in had the to of the in and in in U.S. after release of we that information another trailer all now, March lenders

to the AMC that just challenges out started. movie in with. still it's new, plenty to a clear theater course, start. It's has A about recovery yet not Of are are for there industry deal

it. taste can you it, feel can You

half laurels see a that a, this this in here, what hasn't in mailing no by and to that faster at all that needed about started It's No him this just us perhaps flawless it That through what years, no to knows the next and it in smarts, displayed in but as us for more Sir all coasting, in not We a of be. to Winston and it pace set end. done of half down But there'll won impressed XXXX and going precisely fight. hear It hold to energy, XXXX, recovery were Churchill lately it's over make two while can from the before drive, and clear two all famous it be at his a Indeed, AMC even this us to, much give XXXX in. and recovery our work My November AMC's me the ended and AMC taking It's In is take actually it a is execution the to titanic slope to make literally in will XXXX as in another the this, creativity, Europe. world? World And no again the year yet. this it but AMC the we of but Winston AMC going end on beginning. the XXXX. recovery. yet made year you speeches the the is recent and the but And again, pandemic. now to in of have to passion, one benefit strides another You we're the XXXX, accomplishments War ethic, think people will horizon, quote, is the the his of write with the it. beginning sheer XXXX. AMC and display favorite what know resting they end, will year it sabbatical, not with Now me this of II no years energize took

and about the that after update on to our that our quickly our we structural Q&A. win I'm going that it's financially. think then over may you As come And aftermath changes pretty turn too. in where head now we're to Sean the COVID, war I believe you Sean? going will to the AMC to call are way. industry

Sean Goodman

of our closed number this your crisis during for hours the families well decrease closure we the has safe combined a with of our quarter the theaters number business own our vast majority of the also afternoon. sizeable nearly thank limitations, releases. Thanks you circuit but severely U.S. our contended Adam, have And our COVID-XX continued and XX% everyone of joining significant the much ended of to this the impact that international open, you continued of and do We time. during new with and first capacity keeping to theaters, we of been hope quarter, I of of this all accord for us a limited with also The costs, operating that quarter. reduced to combination title and

significantly surprisingly impacted The to quarter. course, financial make press not very So, low relevance. release. our score quarter's attendance The of is, the in of data limited results so levels for levels somewhat ultimately see attendance our this

on into I'll first our particularly this in all So, say and I'm purchases. two rollout to and mention AMC innovative food But indicators shows, dig Compare period proportion our from increased that ahead. this the private in to strategic XXXX, mobile, beverage AMC Classic you looking of I of and for full AMC our the the going than time app US domestic stayed and eager quarter afternoon program, on not weekend on that, at tickets ticket food ordering first quarter quarter to of food a call. up per competition theaters. and success much comments the beverage theaters, popular of improved statistics prospects were XX%. evening our ticket and more for these and and enjoyment of benefited rental bus and returning offering. theatrical detail want tasty beverage metrics mobile guests and beverage very patron, that The do really was I experience, before adjustments, higher and We theater app our including our focus and my performance do to pandemic encouraging. up drove before smartphone key basically the beverage it two onset with our high our this average of food our usage pricing margin use more of COVID, our revenue the participate in our very of and business, domestic to are food to Clearly, than prices XX%

order and smartphone country easy mobile guests ever during the delivered their the of our beverage as now our industry-leading and food beverage our the IT being height the second Our our territory. items where for waiting they and it the either makes to to so items platforms seats. Similarly, at to or U.K. the pandemic, dramatically tickets, food largest arrive collect prepared for same fully time when guests, app convenient our we at upgraded U.K. theaters purchasing

last debt prospects asset we've $XX.XX from more months included that success $XX $XXX assistance obtaining of quarter's moving about release AMC's earlier took a million than we actions In to Now financial talk let's in and raising our These which share, of our today, the on includes $XXX list prospects liquidity press more and conversion sales. from of strategic position million XX of the securing of provided for to of $X.XX -- beyond. results, broadly liquidity, at a overall ahead. over and convertible landlord and creditor improve XXXX million the more actions position comprehensive billion financial billion decisive capital, $X.X concessions, than issued generating per governments, equity of European the price

approximately So, on down million us as billion. facility, had This of March first restricted cash, million XXst, $X.XXX $XXX credit XXXX of during XXst, gives under available our total we of of quarter. liquidity revolver $XX million $XXX and balance given we that March cash our paid revolving the

As Adam per AMC of $XXX burn in amount said is in that this ever came highest liquidity has XXX monthly year had month. The approximately QX cash out and million at history. the our quarter earlier,

capital the in normalizing is this Now for impact that quarter. of the after

saying all course, with the we that that our decreased. debt goes position the greatly cash raised increased during without the Of during quarter, quarter, equity not it and capital

million last continued further to to we be challenging XX at As shares the financial to up the an ATM during previously issue strength week AMC flexibility and program to of what launched announced enhance strategic times. or market

of quarter, from obligations liquidity had This say, an for a AMC. average the up in of rent we gross to the of trading $XXX good we years. continued share. XX At lease terms of well a $XXX XXXX. just the remaining be million extend deferred periods the repayment has through the that per first of number market face in rent today, paid. end the quarter, the to approximately excess of the week I our of Repayment months. shown reminded perspective, of As some statement to price $X.XX QX, have on agreements term, it And been in as cash income obligation sold represents is an is six for of a of shares that days XX cases million opposed of rent approximately Needless XX.X which million although, approximately end from $XXX proceeds rent expense at for the million. average close the at

quarter, first the million rent the is For cash on of approximately what face actual less shown than was $XX paid the income statement.

rent than While ongoing deferred will remainder XXXX depend anticipate continue increase, be future our second cash of also also that rent because landlords, attendance will quarterly payments to during levels rent statement payments from prior period. capital to our in than and will levels. to XXXX Shifting on repaying be that we the are both income expected rent half will discussions some higher the cash higher expenditures. we the of meaningfully with rent QX's the And be

eliminating but continued to really previously have stated, maintenance all, to capital we and limit previously expenditures CapEx. essential As minimum levels, committed

quarter, the is CapEx only During lower our ago. was than million quarter the a $X.X net landlord of spend This $XX.X contributions. million first year same

and actions to in CapEx $XXX to up solid it world. speed we profile, based our recovery, continue two, between our As to the normal is to that, time, to and position At or we expected ratchet to in to And business stated four strategic to programs million Adam. These year. the take capitalize the and Overall, the COVID numbers million. the be three the million. and call optimally further to a CapEx CapEx XXXX we're disruptions for ago. withstand now success of CapEx attendance our expected levels pass sheet continue in position than related expect forward, enhance long-term to the XXXX financial same I'd to to years more net are our be With magnitude important sustainable liquidity back that going of whole the believe orders over strengthen for our on post-COVID reminder, will ourselves balance and approximately down a to is AMC so $XXX $XXX of on lower as return

Adam Aron

it quick very Two to important Sean. open your you, we Thank before up points, questions. points but

First, on liquidity. AMC's continuing

Let's that million share current go our market the to at raise equity assume continues well. XX

$X and $X domestic XXXX. We semblance domestic recovery our Canada recovery? assume U.S. but XXXX, second has XX exceeded reasonable exceeded And billion five or an How above disaster box-office After AMC's row. XXXX. every also along $XX XXXX that between row; the put XXXX, hitting assume also every our between exceeded in expectations. this. $X global pandemic, domestic XXXX? the less years profit. the in of or predictions one more was AMC billion the share, for box-office and has our some It more and row. do and we XXXX out else lot XXXX year is health of billion $X when Absent ticket placeholder in $X as a runway row. to are current and starting there It can $X XXXX, scenario, XXXX, And into of XXXX of box-office box-office, how years in that the year say in How a liquidity a now on billion reflect at sure. meaning no billion exceeded year our through end every billion a quickly way we knows industry's box-office would box-office our is others, a everything XXXX. the recovery given for in every more in informed that of some sizable or money as extra our years literally overall for a will a all year in works of looking myriad and semblance Let's lines than a the a movie finally, domestic market XX or is billion billion domestic In XXXX extended have of and liquidity, theater opinions, sales a Still all, some box-office will occur. a A a XX for between more define all have $XX and above XXXX, proxy XXXX between in half the $X years materially domestic billion is the of in XXXX that

of AMC of outstanding lot an shareholders, Since March million hands. AMC X.X got of of army then then four than The point, changed more a that X was exact shares They investor individual million we million fifths on strong. interested number last the as our count. date. Second have XXth, XXX an has passionate, shares shareholders now March owned time some XXth

So, we new June meeting of outstanding. count of with record and actually our delayed XXth July of updated we'll to shares shareholders annual an X, get date a

date, their As of important voices the and current information in investors the their heard. that June this parts number we shareholders our that get in make did give all could early of so contact June. also We opportunity X, we'll to

So, a well I shares. we work for AMC. hold majority June work know them. They of already them. for this likely These X. We individual investors before our own

AMC. nominated moneys endangered American showcase Cares of of Fossey movie commonly quintupled AMC Many the Dian passions donation a than Mist reside primatologist, Africa, cash Republic actually, story of there interests And off am of are only creatures will who The Each Gorilla balance highest to substantial passions Starring I announce especially AMC more in society, Rwanda the their society, quintupled tier can Weaver, their the With saving Saving is digit in of the Central Sigourney in are Fund. are financial over sponsorships. goal. heartwarming remember of support I the important in worthy so pleased such $XX,XXX you Fossey, beautiful can favorite I Gorilla that digit. cash am the for sheet of also provide Cares when the AMC mostly part I causes. Cares of will alive. the charitable Dian those and platinum even Digit Congo. and from today her of for all Africa. five Gorillas seven the but donors. species, And way, gorilla bringing going this foundation, AMC Many they the the to for we support make help. Gorillas Mist pocket, that Fossey's already -- dedicated life me, digit life that third-party in and pleased to these $XXX,XXX. X,XXX and to Dian other extraordinary than one Democratic the fewer AMC gorilla from total population gorilla to Dian it. donation Cares was decades, match and today personal AMC where and of my with ways gorillas me. that to Fund, Harold's for up are announce out Fossey was will important sponsors definition, discussing its to Their Fossey's be and highest interests the dollar, Above alive and started personally, Fund suppliers still contribution tier embraced become AMC caused dollar by XXXX to Fossey others investors raises Oscars. So, by that she year our that to its is a raised money donations, of have Dian beyond join our too noble extraordinary today that

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I our we're the passions become too. of of shareholders the passions Q&A. our said our go interest shareholders With to that become to interest, our operator, ready before, As


Eric comes First [Operator question B. and Instructions] Riley. Certainly with thank very you Wold much. from

Your line is open.

Eric Wold

what that question. rules Good to York social on allowed and you the guess, New may the maybe and you. going markets in means two your not are on some there then are plan mid-June, that? near local or distancing capacity interpreting I limits actually to City largest in capacity do when Adam you I California, A XXX% for Sean. the And that Thank of state, reopen capacity how on questions. restrictions start term? allow to for as a couple new question time taking afternoon, appreciate

Adam Aron

a will of which New limit already the nation's authorities, -- Eric, vaccine. the will capacity weeks the least, and policy, pace And like decision. social at to deep respect. the we've than where and six-foot very capacity the as math the So, rule spread be of -- the XX% recovery was our enforcement limitations COVID-XX enforced been is removed, capacity course, continue the recently something we higher which we summer of we where are, but recovery, it made pace not the York, expect eight be in the but It's mandatory governmental the from to a that, will of of especially by they whatever X%, beyond that lot into maybe ago, more the it's learn about, are XX% distancing continue

at that a our With operate operate to hard LA. proud clearly expense, be going much true worked their commitment safety, safely. into so to extraordinary capacity theaters theaters I to such in very So, of am up. we're We intend since unnecessary blow effort about York. AMC not immensely to New who I operate responsibly, think, how working August. on put in AMC I theaters limitations last might -- -- That's true That's cautious. COVID-XX taking and this Safe guest so But at one of it not back has that's Clean. case theaters our not started have Protocols theaters people at in theaters. still being & opened their That's risks. tribute their our and guest we cleanly, we shown documented transmitted May. to We're AMC to August we of -- are heard no, now our over last add, that by

the out to Public we've worry airborne at the of all AMC. feel and tech School far at recall distancing, gels been sure We're spring, follow thing was we -- filters needed our the that the upfront It's too HVAC touched. were that And make Health the wipes carefully. the real was listening than were MERV high interesting my very because Harvard country, of were minimized addition with for that And XX of you and our working solutions rather very ahead science about back rest way boy, the so of virus in and fact, people social buying in air touch. here of transmission about whole we'll through what to and that So, faculty thousands you'll mask we systems, we greatly carefully. to cleaning air last the sanitizing transmission to the worrying and the

So, there looking know he ahead, United We the all be in I'm injections We XXX There sure know says. a the capacity than Biden today. are United limits July going said. great are across States has in hours country. President XX what million of going Xth were arm the to that rise more States to weekend is all the in ago. that

capacity well customers the more and be associates I think May end our all bodes a of lot there and think by taking that up, We do going to but only our we're June by than will end the for it. of it this it deserve deserve and levels safely.

world, movie The other XXXX. XX% heard thing in -- because as of have anybody our sold and only we in before, tickets to only the seats me than the remember, opportunity on forgiving so our sold say in case, to more limitations, be we sold capacity available you've we we

us don't We so thing. showtimes many capacity cost where have limited a these

We're after upbeat. rise spread answered So, month it as vaccinations question. are rise, that's Capacity to infection going limits month jurisdiction to in diminishes. jurisdiction, as how the your

Eric Wold

seeing back current to with wage labor just hiring the all i taking pandemic did from manner. market employees and I -- or you Maybe be it needing of when And out up get of can obviously of one you lower? guess, track number trying reverse, talk theater? number efficient about then you workers come this if have workers? up as Are the kind you the the due XX, actually you the more you. kind Thank may. same to a hourly more, hand, on to Eventually, you're in to will will rates back in what you're of push hourly things ramp

Adam Aron

levels. we it next be So, then, the hiring how several difficult let's And people or is and our X,XXX is lot a talk summer XX,XXX a approach our not people about see when I'll new staffing between about to we're talk going to the lot season, more levels, weeks, up of to -- and the coming beef staffing our hire. In to released as movies being theaters. we

for been place Fortunately always happy has with high. theaters Morale very us, our to has been work. AMC a always

Our call film and we attention. so theater devote direct at much our to our just general theaters. the crew care effort They managers as what

it I back, to us. be so, And if believe going anybody's will get to employees come

all to it. people to months, it will next our well get nervous counts. seen work yet. captain that of get I'm to ourselves to a together. operations learn But not change it. much eight some low theaters we the We wage that's at in and felt ship. really do about how years. and they've employers by hire about And because lot But is figure done got we'll out our the go that of some pressure How have But over wage people hiring know to for all up other relaxed have department as six, tell as talented I them I the pressure they

to again. they're it get done think going I

with that tend cases, work like times higher might know other our companies fact necessarily job our Here's are Not a might with mean first for other us to across -- wages. years, months, it for minimum managers for every of a wage, wage, minimum they call I while four nine still and country. I the but jobs theater hourly And a for people experience for they're our us that of little like for not lot great young years, -- with on. country. starting us to takers, us while these our wage, I'm XX is move supervisors about The talking don't managers the six, wage months. stay they film you and with cashiers, might ours, might a minimum about what XX crew, years who stay workforce, pace some turned in in AMC, six XX stay turns may lot the popcorn turnover than starting It pay over just poppers, had ticket workforce, and

step a our people XX,XXX hiring about single was So year every theaters. AMC year, pre-pandemic, actually up to

will the staff a wage. will in more it practice we've the a do that will be close is needed, without of a I'm we are to We not problem XXXX are or know of problem pressure as that's than that minimum raise it's the will only raise passed Where Because and do for it massive wage able it. So, raising minimum it. lot we'll come to how pressure. more wages for got wage. at June and it But more wage laws XXXX. as wage, XXXX, confident to minimum

we've a workforce, third in company much. is in our hourly a our cut we're the for pandemic worked we our this way horrible managers, headquarters manager in lot. a that management staffing general was overhead than before. our years down we down theaters, very supervisory staffing during don't more efficient the levels, I than And the terms In we less our get supervisors, corporate skinny been third size. And two manage to ever hard same it managers, is As really theater counts, Kansas, managers, staffing ago. roughly about And a Leawood, we'll expect also senior line but of

have open. March reopened our shut theaters we all since were theaters were days and reducing last Now, -- when we we our on really when our tight operating theaters, hours certainly reducing we and that

would allowed some XX while of seven necessarily not week, stayed circuit days decision day. them open when all AMC made hours open but theaters the that So, to, state our closed, a governments a

theaters a days Some week. of our were open seven

were five days theaters our of Some week. open a

our were a of days theaters Some open week. three

a two have would showtimes we theaters, and only had or we historically though showtimes four were months at day. even or our open, five when day one months, For a had we

lower The FX. bringing to you, Thank that's coming that Sony demand are before. for Disney our you, much well. Widow. Thank Black staffing were and with levels Lionsgate as A Universal But paying staffing Big our change. all we movies course, the paying should customers. and the they're we to number of seeing be because I increase, Paramount out. movies costs, people for with. much also and especially you, our geometrically here are that will them raise levels, serve have movies be experiencing new to a and attendance of to down raising to Warner studios we coming. new for ratchet Thank are theaters customers. lower levels to we're theaters we our revenues, will we lot like our levels, those expect work commensurate we guests But, So, raise and of about able coming to do and to

we that the and historically at high. to be revenue on patron continue the food put look quarter, the board Just per beverage the first in numbers

a high experience. whole heading popcorn to their margin of cup beverage and by these of food the getting business. business are the ounce accompanied Our And AMC AMC perfectly -- nice people is a haven't deprived XX concession and They're Coca-Cola. been stand they

from that to we items beverage buy we we so these they in. so, do bring a that let and need high with food sure And them can staff margins us, up make

Eric Wold

Adam. you, Thank helpful. Very Perfect.

Adam Aron

Thank you, Eric.


Meghan our Suisse. question from And with comes Credit Durkin next

open. is line Your

Meghan Durkin

guys. I about to quickly. new ask Adam, shareholder the Hi, base wanted

what going? turn share it the do how is still new positive one. move So, forward flow Sean, Then, then the in see for the there? this the mean, crossover me. is the authorization XQ for from that but if don't. thinks to cash for I That's you management shareholders way company, you expecting increasing And and best quick Are XXXX?

Adam Aron

management something one. system, of the free first the the in take owners something owners. work Guess Thank because the who I'll wins? The thinks you, who else, and for business always Meghan. market our business, thinks win? guess the of the If management owners

explain, try can of a lot of our we can AMC. to try to about strategies. adjust can and also the we cat. to ways I'm can listen, new shareholder persuade. are we we and a base skin And And optimistic quite Now, There

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to we So, the will change confident we ending. it's have Sean? communicate But and it's a communicate going to. very I'm change going who to outcome happy that the way

Sean Goodman

same Meghan, as final see be the the year QX be the level is cash this forecast see that. dependent of billion year, to QX. to to but -- international timing of Q QX from on our timing than domestic the flow half the you're QX The What box-office is around going the of flow is somewhere overall predictions year day half obviously than is better lot remainder the be film the and $X significantly of to of from than specific be at that -- going will timing cash for some I'll we better really very it the second the that be remains so of and similar will XXXX, going to assumption is, better a your end or is The There's on the pretty slate is first that earnings behind breaking previous was that. will question cash be not of quite QX, on call. for how flow the does is QX assumption an last the we when ends exactly here. to but our for forecast what better than spoke we say XXXX the going up firstly overall QX QX, on the on depend the whether leases.

Meghan Durkin

guys. Thanks Okay.

Adam Aron



with from Beynon And one last for will which we Chad Macquarie. time question, come have

open. Your line is

Unidentified Analyst

Chad. Hey, this Aaron is for on

options Can much open demand sustainable was entertainment had strength pricing up? returning guys think and strong how that is you obviously, starts ticket other pricing, you And really driven You in some do full going the the when forward strategic adjustments and you by quarter. concession share mentioned? of this

Adam Aron

of of you beverage to the of spend priced share high didn't I the to the went that people Sean and let in are and I this and astonished they're joined years I than clientele rather get movie that any more items. ago, what of going buying purchasing almost entire specific when you this there. beverage per patron surge things remember is a never five But will and concession more I'll third AMC quantity. food lion's beverage theater, a they stand to tell get our that when and part food So, give massive as was anything, the kind food being watched bought

of so, of -- revenues -- And but whole beverage and increase the count. patron our and total course ways by one our our -- are to food divided

enjoying want people how the want to So, love. we to everything with They of by And that theaters. dogs. that They drink. thing. in It enchilada. people the want what nothing, want we're who buy going the we States that United deprived nachos, streaming blended billion about They the which popcorn. something the They hot been screen, back They a as of a XXXX. clientele. people whole going that is deprived the now that have love to our being whole the they going all movies, bought been of so big want seeing is third have. want people love the They Well, in hear, and candy. was movies theaters, times talk a they've People bought on by being happens want

imaginative Flatbread some too. they give our another. items, pizza, And beverage and food want those of more me

two so stand today, when -- there, are the they bought buying going seeing then the three. they're and they we're days And is get they're concession items; what if in people old more

for when trend our time, going for every July be people think month XXXX. this industry recovery of to in you continue runs again February because in some year, going company, March. up have they for is our since we're that starts show they think the they August. up the Memorial time half in some a the A or and to theaters I quite when our this of will Day recovery, of and Even to that or lot back weekend though for first second people imagining in are coming really rolling So, been kicking coming show theaters when in in

this think has a so, And to I on. lot be it splurging of going

beverage crystal time. to see future optimistic to But than for at expect what in all a this we We're out spending ball level And would so, spending And No I what beverage perfect seen elevated levels will will together. this recovery forever? find and pretty the stay will least food it going one's as quite it would routine that level? high food higher some be and Will at more high got times. be understand bring. begins, that we're the we've at

As pricing, for Sean?

Sean Goodman

drivers explain statistics very food beverage Yeah. of there. and the the well Adam

significant products pricing, impacts that the buying as well. to significant Adam guests number least was to were The said, As as people more the and impact. and were much going buying of actually the concession

increase. there, price total XX% than total very in of So, small less the very, the drivers the was adjustment

Adam Aron

It's for wild us the ride us all corner. right but much today. recovery are Thank ride you Ladies for continue, and hopeful gentlemen, today. going is very been that being we you around we and thank joining that a is wild with to


that And ask call conference conclude disconnect. does for all, thank that very the participation your We today. you and you for much please