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AMC AMC Entertainment

Participants
Adam Aron Chief Executive Officer and President
Sean Goodman Executive Vice President and Chief Financial Officer
John Merriwether Vice President, Investor Relations
Chad Beynon Macquarie
Call transcript
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Operator

Greetings, and welcome to the AMC Entertainment Second Quarter 2021 earnings webcast.

During the presentation, all participants will be in a listen-only mode. Afterward, we will conduct a question-and-answer session. [Operator instructions] As a reminder, this conference is being recorded Monday, August 9th, 2021. I would now like to turn the conference over to John Merriwether, Vice President Investor Relations. ahead. go Please

John Merriwether

our Good would Kevin. XXXX or afternoon, Officer. Adam good webcast. Goodman, and Thank Chief our to morning welcome I Financial Aron, is afternoon like me, second-quarter and you everyone. CEO, With Sean you, this -- Chairman to earnings AMC's

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

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

Adam Aron

afternoon, today. thanks Thank you John. and for Good to you, everyone, joining us

of quarter quarter XXXX second The another AMC. very for was important

lot we is talk real to towards some will as call break news progress and that AMC making, to recovery as to We about new on to have that the be of well all have a this information you. considerable today

at our hundreds we not to to express very live communications warm Before investors this replays, be first webcast. listening the past like the least we'll or Earnings that to is and answer following shareholders. that by other our own accompanying and now ever questions submitted AMC time be in report, Realizing platforms, these media AMC than makes and AMC be individual Holdings, in first the detail, welcome investors, potpourri new to if later Twitter millions who more of of this news for that press thousands, actually what, is of who in of And go there will the believe us will would -- reading I us to been experience, that Connect call, our from another will XX,XXX Investor welcome it investors we warm to call. discussing our releases, have Entertainment control listing a a social on later that directly

our second-quarter to As performance.

our the March closure significant our also by but theaters today, been of pandemic the progress any of performance is in at balance sheet. our in release This COVID-XX. was the impact business has progress we the financial our all and that the strengthening think from today are the than issued be you statistics seen since stronger emerges from AMC after as making of see operating it can closed not point I tremendous can forced market only XXXX. of

QX of June end years liquidity once on high. is quarter-ending at at actually XX, the XXX again, Our

Now that's liquidity ever we we highest cash of AMC that XX, $X we when on precisely passed raised the and than to billion you had. call May billion that experienced we on of and in March the QX that had capital, had meaningfully fresh QX, quarter-ending was reported the quarter-ending said what was equity $X.XX June, liquidity burn In we previously another mostly our quarters. and less recently had

some record months just bank QX prior. in And and doubling we days double liquidity, with So, billion literally cash X our the that XX just call, figure record old a is that last the the undrawn set was mark, a $X later of ended new revolver. that's from $X billion short QX

and own, QX our it storing the consensus containment, As attendance, pruning patron, marginal theaters for well in rising of per our our and achieved changes, ticket cost network, expectations. actual results QX. ahead of prices from were In short, crushed through our financial earnings in AMC food to a increases, third-party and and price on revenues focus in increased relentless QX. beverage both mix Thanks

admissions unfolds. XXXX And included, what was the QX. ourselves that XXXX. revenue the two at year's Overall it per of XXXX in up quarter it of in the was pre-pandemic. You've many seen versus happen of QX in suggest comparable performance are ago U.S. pre-pandemic, a what only quarter improving of this revenues This here $XXX ticket in that across-the-board was QX QX the and of to $XX.X of also already million, highlight more years XXXX, might admissions metrics per what numbers: revenues million, only in are ticket over compared beverage very States as it only AMC, XX% overall things X are XX% same of headline EBITDA an in well, by XX.X% statistics operating These in QX patron food of revenue was thought strong people, share, statistic in 'XX. consolidated United of million. for of $XXX an gross some Capex EPS ago net million, loss the XXXX AMC loss $XXX loss $X.XX second is But years of it of XXXX expenditures

ago our in so far levels. of the years XX% QX, we're And first running weeks X of

was, was what it QX, trend And declines. misleading of it was. it so significant which reduced on somewhat what was, QX what to those QX, theaters XX% theatre mitigate at lines even of the that's it But XX% we've show revenue because expenses, So down. so save operating It's improvement. of our still far, showtimes XX% many partially

should instead looking rather available at sold instead, at revenues, as a one percentage So, utilization, what is a up. QX, if We of seats far capacity And to levels if but that was looks of of far, titles admission XX% Again, the go, we that's total ticket just we years greater what X way XX% be years our was XX% was X of certainly ago was see utilization, in and that utilization XXXX QX. XXXX. that getting X in of It line is in trend so in play sale, you'd for capacity progress capacity of clear. in QX, in ago QX QX. have XX% levels QX movie years of the Again, pointing so balance lot it XX% a to QX QX. QX XX% ago in in and

the first six we with at European shown trends what see same our in months of exact theaters was contrasted year. theaters. this positive our As the in Incidentally,

XXXX up XX%, arrows of level ways the XX%. it's Again, XXXX up In levels. the far with In in running of still path was XXXX pretty utilization QX, to with a start at XX% so QX, far for upwards XXXX true levels, with of we're but it's X%. we're sure, nonetheless. victory XXXX XXXX XX% ago XX%, Let's for QX, XXXX, QX, the QX, The holds bleak assure level. revenues. you capacity and no X% that XX% Despite in are of In our was want operating but level. utilization levels statistic laps of financial the to But being trend. of XXXX, Europe now XX% there XXXX was admission it a In XXXX so an recovery. same of arrows in XX% to on taken. us. success, same clearly QX capacity results for I in

not We burning losing We're of money. we're burning but cash. are cash. using lots generating still We're cash, still it

crystal And in vaccination for has year. see theatre what increasing But level cash today, flows, QX AMC We So, based rise. course. this will end new we theatre this AMC's that the positive live have know, vaccinations this currently woods and light of industry, the of climbed is can result still is a see we're at yet. But quickly of world. Delta a rates COVID-infected Vaccination not out that counter-intuitive fortunately, ball, No tunnel. and very of to do movie on in turn the estimate we continue generally. in perfect the what variant will and XXXX a likely we we of important one for

billion see Assuming at box for year. domestic office $X.X that cumulatively we the all a least

out to not their Now, there our laddered bother it that perhaps are point because narrative, debt load. does the mention, debt. not quick What that they some is to do have fit smartly size naysayers who we are of

to our business numbers is have we continue further wrong, and all do AMC be in conventional gives their not or there AMC. bankruptcy lot because are plain strengthen proved exhibition streaming just times. QX to that going who sheet, recovery Again, year that so XXXX. no to better predict of knew proved they were in out early people just I'm wrong. demise wisdom. balance demise the to who most maturities or have This wisdom they for us, deleverage that at reminded as of to conventional the those come debt hopefully, our sure for current theatrical AMC forecast Company, file maturities our say in of We who mock overall than that of them and beat is still, wrong. and, our slower XXXX it's those, until XXXX. that's certain would calendar before But liabilities, There this, At often reality. want refinance well. our those us maybe just absolutely to Well, in were of were in XXXX AMC, the QX all the the They time there considerable would are a them the

theaters prognosticators kill and kill going going is might, all and before with too. and with streaming global it going off now intend now but was XXXX to movie Each a to to You've to kill is billion the back movie some we our are proved AMC, was a turn movie VCRs prove more XXXX. at $XX to those to we off news box-office movie making, to we're over off times record-high Americans That's pandemic, theaters. I'll a billion. theatre before there going procrastinators heart, B. of were to we Well, break theaters. to mantra, head going and went this the the repeated was DVDs to in progress likely resilient. heard TV maybe kill yourself. a the movie going Sean Financial brains, you kill hear. wrong, theaters, theaters. Chief a our Goodman even theaters. time Officer, into a off off breathlessly movie to And give and come Radio some in billion I'm cyno call insight Sean? Q&A. then to Yes,

Sean Goodman

Adam. joining afternoon. everyone, us Thanks, thank And you, for this

X global As of successful step more Adam Overall, QX. pathway this than was our that very in important marked to QX attendance quarter along and an noted, recovery. our times

of show. approximately This attendance per of the is showtimes managing this XXXX our and costs we're XX% efficiency is approximately how optimize only our associated it levels, our operations. to is below XX% While illustration attendance XXXX's an below actively

a results general, right on in are In the meaningful, in comparison we a have normalizes. is clearly, making given path progress. we our go that not to still to phase. But way We the business XXXX XXXX and fully are ramp-up of before significant particularly

the increase Compared was encouraging a mentioning. And and However, To average impressive same purchase certain Beverage ticket X%, Food price driven nearly guests quarter is patron choosing per revenue a domestic the XXXX, up quarter compares of food $X.XX quarter of to concessions. the our primarily Similarly, percentage compared to second $X.XX. to really Food The the XX%. and of that was XXXX. up up and than second by average revenue XXXX. ticket and there more Beverage per nearly XX% very the Beverage and metrics Food significantly of are this are during was and and patron XX% international very price up beverage to higher worth was

movie of both ticket and the see and to enjoying and the are going are concessions. We and food as price innovative quarter. theatrical to a out we per the the Clearly, AMC immersive continuing event see beverage strength average celebrating experience, move patron the our in guests third sounds, sights, through full

bit a about sheet. Let's our balance talk

the of our And per together improvement the and impressive the This after quarter raised the significant per available On quarter And record office this capital when by ended were therefore, from equity $X.XXX $X.XXX it's was Adam Note are at interest of proceeds in of level result of revolving burn during that possible gross month. $XXX second our the during were higher in QX payback per completion one a cash an numbers considers million theaters per remaining exclude is versus our before And with the off that quarter, cash strong QX burn burn cash of total the of billion of And higher a As quarter. was cash in the we $XX we comprised during $XXX facilities. theaters and was servicing of performance. average, burn impact costs. the from cash significant cash cash that million improvement. in burn is operating and and a QX month Lithuania. of in This deferred QX, Lithuania, with and grosses, $XXX for million. look QX. repayments in If deferred the is when average It was of our very million month noteworthy raised than plus made burn approximately they rent this our noted, a credit improvement very our our completion million sale box debt the improvement in $XX rent issuances the the capital the during our spends unrestricted significantly liquidity particularly we sale equity billion liquidity. interest stated in quarter. equity and month normalizing under

And One, inevitable volatility Regarding pandemic. that COVID capital allocation, our is our cash seeing in of position balance priorities withstand the we debt partnerships the our and to the impact guest And pursuing as Two, liquidity value-enhancing With carefully approach sufficient balanced investing our recovers solid pursuing of are the liquidity acquisition we're a by the follows: from capital the are costs. we strengthening sheet ways most that to believe the to along and bumps Three, to and in have for that reducing current the associated opportunistically enhance allocation. any experience. in ensuring opportunities. as the our road, four, industry business. recovery business our our it beneficial appropriate we're business, for deploy future that long-termed business

any will debt regard I to interest. focusing we interest efficiency, we position. increases this on choose to will cash course, or expect in operating to monthly PIK ultra-focused of short-term payment-in-kind mean in avoid our will pay burn. than as this This on that While continue forward be And what rather is opposed cash going we be will our

deferred balance. We to taking actions reduce the thoughtful including rent anticipate debt, our also

our this strengthening view of future. a with for Company All the to

we will marginal last continue underperforming our theater comes portfolio. and XX on. opportunistically attractive, more he which will or addition, locations, closed when than Closing manage we've discuss pursuing locations In the actively high over back quietly Adam locations potential XX money-losing to months,

obligations had of million the $XXX $XX decline XXXX. to QX of obligations landlords, to Turning a of approximately in at our representing rent quarter, we second of deferred end the million, compared

Income second more quarter, we repaid the of was deferred what XX shown statement rent. than as cash face the paid actual For approximately is rent on the million

on half anticipate balance. XXXX with work of opportunities exchange payments in lease we first landlords, we of the higher will will significantly rent cash on arise, to While in than be to that second reducing take paid the rent discussions future the for be ongoing may rent dependent deferred continue as half continue rent we for prepay terms. And advantage favorable example, cash

our capital the focus majority substantial on we spend. continue maintenance to now, of For expenditures

the a the results far $XXX is QX, our XX.X short relatively how range landlord contributions, of high-return recovery. expected remarkable Reflecting million. Capex the on financial million growth period is come $XXX of net the it quite a are We the position on this was potential the be end we could strong and whole year. for opportunistic, to in in of from second for time. small for investments of to However, XXXX we in later arise the quarter just at of that million, have profitable is Net amount uniquely Capex well-positioned Capex believe and of a

backlog with theaters and the a our levels have released back And of all Adam. we titles we record I'll call be that have Now to of pass to movie over exciting open, that, liquidity.

Adam Aron

you, additional some high time that this I've And for raised we since been equity it to start life-prolonging in our you Sean. call, AMC Thank again. news. playing saying that June, ever on in and promised was I May publicly, terms earlier

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quite of So, to of our a this our questions posed many especially on what's to a their first we've ask bountiful the not Sean, have U.S. had array may many of us answer. call. shareholders and international to question? had questions shareholders chance Still,

Sean Goodman

Adam. Thanks,

again? any you a from we question have to offer do have first Timothy and the question dividend the So, plans is is;

Adam Aron

question. you, We Thank appreciate Timothy. the

a in now. a are know in close dividend. pay every our ceased the quarterly until made to some our are much we of that If sizable path going dividend mind about dividends said our paid year AMC on offering some commitments There from pandemic. that the public do that until a at realizing got liquidities since that, our that we very dividend you Having look be at the And of would we a shareholders. cannot we XXXX, quarter stretched, debt we've instruments earliest,

once that competing What desires the All interest about make shareholder cash. deleverage much quite balance the talked in do M&A? our that How uses in we Company? priorities What do way of to take ability we we'll are the dividends liquidity? the for other opportunities need against have We'll the So, to again. previously. seriously when those we available can Sean

Sean Goodman

is local to more question the and Thanks, Great. will with gaming theater The David. question consider Adam. offer is, experiences AMC And national GameStop from competitions? partnering by next

Adam Aron

I ago, I few remarks partner times think asked if count a As just people willing have my I minutes could even number certainly me said don't GameStop. We're the in can we and ideas to It me our individual from with of to we're do in GameStop to happy it's any seems and interest. flowed so. these have investors, if they of that's one see to out interesting reach

Sean Goodman

revenue question to state the With trying from world, social The for is little drive-in is: AMC worry of bring consider with would a it of the people distance. current Ryan. lot would theaters? question ever next The reestablishing

Adam Aron

I lot. quite The necessarily they're lot an into from look great needed are in stay idea. to viewing And the is, asphalt question because the cars far theaters. of honestly, at sounds last that's a it's to yes, problems. a and much in great, screen. July. through how and analysis are car, the not X economic conclusion theater great And, It say many is but Go question we experience came lot a a is exhaustive same people a to your question, put there drive-in parking asked of we Ryan, that a reason bad that a your I drive-in went appealing, at

showtime there. means great can isn't, The we screen idea, a in before get States. not drive-in it's theaters drive-in X actually. that in which United that really go popular use you the winter, it sounds colder only the summer X for in or Additionally, locations would It's the like And the dark o'clock seasonal. aren't o'clock much-United very night. unlikely are the X it. but States, doesn't economics for in They're in a it It PM,

Sean Goodman

(ph). is question the Adam. large-scale that COVID Thanks, potentially possible The from it again? how question AMC could Terrill next is shut preparing the for is: And down surge

Adam Aron

to a I'm AMC of think an right right prevented To so over that protocols When at COVID But clean thing been a last along developed over and that of in there that up Harvard current I with is we most proud think guest I Clorox AMC and not University's I there, safe am the year, catastrophe with of former it, single the Health. predicting. of transmission and of Company the last Public so our year. the we there's knowledge, partnership were back prestigious which proud faculty many The School

safe clean to the operate and as our go and very staying is And continue safely protocols forward. so, committed we our to that first we're thing doing to strongly theaters cleanly

United also I surge to that may addition and countries that, kind abroad that be we think in a a there large-scale of year States back. or we COVID can force the the not shutdown hope lockdown saw In that would

the virus increase the society fortunately, we're most experts vaccinations, among most has of you the that that big optimistic the extensive the the this that winter change tell But we vaccination. population, and will is in winter we winter kind been Now, this And see will last so that to number of scientific won't between vulnerable last. saw that especially the lockdown compared winter, of summer.

There's the that to people friends, you would get and of hope more And than also shoulders the vaccination, against susceptible true can but to one do important is solution totally no We is you that The solution your who vaccination invincible. are important younger continues. invincible many the COVID It this of nothing vaccination. know they're you for than is you more can older country too. protect is remind that think younger, AMC a no of for virus. more do There our families, your I than whole. thing are each to each that is I any that of yourselves, vaccinated. get as

Next question.

Sean Goodman

reduce Arun new Company shares? considering asks, issuing debt are to are the ways you the without

Adam Aron

Yes.

a a buy Some it trading at might We back of our debt be is discount. able at to discount.

the we satisfied we're through get opportunity to in that if deferred if that reduction to be have of landlords liquidity. willing they ourselves debt have there's years see have that this what cash for do them billion liquidity of years we to pay an we throws we'll no owe now. and indicated might we in our $X COVID stretch there. to matter we out us, take then Some have COVID, turning at reduction Once be quarter-ending what Unfortunately, have them a us where obligations, willing to and rent we

Sean Goodman

from The next plan of releases to platforms, day-and-date on movies Mike is question Mike. does and combat theaters? AMC asks, how streaming

Adam Aron

major We're well. fluid way only window every my window, doing important It's they situation. are with to experimented private an major I we're in we're say exclusive it to in good just motion times. of it Brothers this decided to help of a We'll build remarks A as such But going Hollywood, charitably. we move that day-and-date conversations picture are topic seeing They're a all to is studios is that know out franchises. and not do studios have pandemic lot day-and-date earlier topic especially that see this how, interest. commit with in an important and away together, going from addressed pleased on financial in that this Warner what's exclusive and to has consensuses theatrical plays their that out. releases, having AMC an a lot that very studio theatrical emerge Well,

their do, making to coming. powerful, and first convinces programs smartest for and be pioneer sleeve as give thing theaters. the to also then hopefully and be. the build few in been our vibrant potent intend us turn marketing let got sure in driving for marketing this We a them partners industry our hopefully lead we've a industry bold our their past to and marketing, that help AMC more audiences the movies can up Hopefully our selling tickets, brands. studio and as to them they are which us And are that as continue has a possibly tricks five we years. So, leader

Sean Goodman

think merchandise selling will online question. profitable. consider you I at and on Would theaters be AMC Next it platforms?

Adam Aron

one -- XXX send received lot consider again would a these intriguing. in I've is commentary This I've retail it. to to weeks. of It's the last about few We of gotten ideas complicated It's locations. it merchandise

inventory that have sells, hard with might to it we than get can it think. that going a a profitable take business less you lookout. we're But make sure makes that to We stuck

Sean Goodman

to on real theatre concert be expect live seat-pulling I Next of and success success. Amy: be Hamilton, events question the Based could streaming from theaters? a streamed this would

Adam Aron

we're with come The movies of already the X following. Amy. and not a Hamilton yes, by and that's are concert and alternative yes, Halsey, concept. we right now experimenting whom this Yes, already has huge each for about But with line our because and But AMC discussions on these Rapper in Chance gone. a And it's intriguing not at new this become musical could whether entities AMC that orders And content at called And theatres we There business to Events have they've with opportunity of a is find think major programming of theaters. talent going such permanent Fathom has opera it. I to a example. something of we're of The third some here -- the kinds not there's sports, there's a that revenue being real here really been tapped same movie But before. decades. a metropolitan There's source the same own a to terms biggest a chase possibility new showcasing and for Company in gaming. of. with

Sean Goodman

on for Petra screen? big asks, up the can AMC partner with GameStop gaming competitions

Adam Aron

I think answered. It asked to takes tango. and question that was two willing. We're

not yet, to GameStop but intend we do out We the reached have so.

Sean Goodman

potentially to investors that holders? asks, mean larger a could certain Mark dividends? of investors type "Do They you tend lot on outdraw non-ag to and a plan reinstating

Adam Aron

our checks important. cash commitments those if We've But next And use That's have It's for a have touched debt to instruments. and shareholder not decision Sean's for the do the I'm to it's year. wisely. a too, shareholder to know we today. like too, answer adhere we decision in we'd a dividend do on is we our a get too, could. we that Mark, to

Sean Goodman

the I make sarcastic officially you question, mascot a promise guys AMC asks: but not Aaron can a gorilla?

Adam Aron

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again. you way see the I think leading you'll yet when be AMC pleased

Sean Goodman

partnering considered own AMC Next a has films? produce studio their order in movie to with Buddy, question from

Adam Aron

interesting the Yes, is making recently. exclusive one. we content notion an have, of And and

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where to I And thought a lot of it. Movies was Making it'd be a did. We have take didn't fact quite personally have is this. that than have I made that issue. some unified a movies is that on vote our business. have secret split that so thought aren't go cheap risky to make I did will Capital. with didn't these tabled wise ideas AMC and very on of and want Capital. experience it touch for important to do they want that of more build the Company war require as capital-intensive I shareholder no split raise idea, me ideas. up that these to some chest motion of to not we equity following sold could not our social some more lot of more to the shareholder base to entertain capital-intensive was forward was base very so do, more was A But great in That our people we people It more Shareholder media a shares it. I clear and

COVID, don't now, have for quality again, one but into is mentioned look possibilities Making rush right it, prove watching the it. on list, liquidity, we're priorities of offer, So, the possibilities. opportunistic to the Sean are our deleverage, but I going we through before, get that we're think of what content

Sean Goodman

viewing "Will mainstream And holding keep AMC next question parties Jonathan, for sporting leagues?" from

Adam Aron

before you, had on do to elsewhere categorically, people is willing College ago, would We've seeing talked just sporting theaters I games game movies every that tell all a I theatre events I the XX-foot-high like -- rights good to not they'd leagues so. some and been sporting would football holy be theaters. in live The AMC. or at in Also, our show know good the image. big the our think we hope X sporting events movie year to could of be the X X quality NFL show certainly at draw stadiums draws have collegiate screen XXX,XXX something grail and on unbelievable. for is that major a us really from powerful leagues secure some there we luck I X affordably, at can is the live sporting major sporting theaters. and I hit. We've show NFL we years think broadcast of just secure the it over operators if an to they more think rights be to there's very rights football grant a can country. X the the this to showing amazing, X see experimented would would that so major with I or if of UFC professional some leagues professional indication -- continue. yet of to secure theaters one be in football

Sean Goodman

could bowling, center expanding is, family an experience? "Have dining. parties, AMC You include to question laser-tag family and you arcade, Next considered entertainment

Adam Aron

we flavors experimented actually of better experimented years non-dine-in virtual normally couple that the we some with back, dining United Dreamscape. around menu our dine-in which served theaters, with the choices. investment our an we've reality have we invested our dining A in something XXX-ish and is this concession the in So, their we've Similarly, United bought through too. feature have what including we we bit. with of call that a States, machines stands, are States of at entity all we of expanded We all And Coke-Freestyle. an at of theaters, trying little give put called through Carmike massive or the them in theaters Coca-Cola theaters to families at items already the to family greatly Freestyle our at in this on United interesting AMC fair, States. stuff, hot XX question Obviously,

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yet. at that At road list. point, base. to Our looking envision, Honestly, do as have I'm something shareholder base to this down capital that's Sean, to wasn't ready larger for my you come the have going when we a

answered lot we've a think questions. of I

Sean Goodman

Yup.

Adam Aron

for us -- we're sending thank to like -- that operator, a analysts these in, But let could so see answer we'll for our a have the This our question. do voting in this I'd idea, know. should may at on only us we said let us, time. ones if have experiment over for It's them you time if already Having it we future the of if we mindful first. of like again I'm shareholders don't east see any to And X:XX which for question, costs. time. we single after

Operator

Very good.

Beynon Please with from Chad Macquarie. that question So go comes ahead.

Chad Beynon

were all revenue. Adam, talked ago metrics XX% for Adam, Wanted my with first and of the some the to to ask Thanks X you quarter question. talking about the to you to of years up this two now admission about years point. about respect commentary ago. thanks industry Hi. taking for XX% Sean, up we're of

if Is So you XXXX broad changed things this you a can in XXXX. your back put an crystal question What's ball? in XX%? levels to just it's these blender? your have it peak on we on Can view all get where Thanks. as get to, XX%, maybe whether updated or

Adam Aron

we a for we're box $XX,XXX office that question the hope nobody out and a put answer all sure and to together. Thank it the That's you. XXXX industry knows for learn is number second going industry of already We've part can the very, back was the because very, sizable fairly to which a actually billion box half in $X.X in billion very office low. dollars in like a early XXXX, recovery the the year, get

the If know you for you box of States It's term, industry Canada. this don't of office the domestic -- and United in years went industry. The back, starting looked XXXX it five basic billion. box not I $XX the metric theatre going that, those this, in who XXXX. measuring and the of In movie box industry look was ticket billion. and five the the pre-COVID the greater is size was office $XX them, at years, of X office, all XXXX, the grosses before than the

was numbers has back XXXX rises And office it's greater was between was years, XXXX, that, X it I than to year for XXXX. may or box first, X to XX and between the box think enough a steady think the question years that to the in been where more we the or been office X billion, years occur Literally, I box it could transitional $X profitable past -- healthily good eventually or then more for before steady X I've it think cash $XX the billion a of to up steady going the settle we'd XX and it's billion. in billion going billion billion. then office between X profitable who it it's billion XX survive have $X will was seen But probably box think know people going going be I've to higher we billion going XXXX. still an over even $XX.X be crystal XXXX. important is. obviously, XX sure billion. XX map. where be that industry year $X or be the XX low more and But I've in maybe. raised, we very a it's will was Nobody's and seen ball X We it's the nobody billion, estimates know. who $X-ish because is between be with to is and seen in people more. billion be billion. And knows very that XX it in all office we're to XXXX thinking the XX much if it's XXXX

Chad Beynon

products? saw then coming follow-up, it can And Food from you in even & prices first and that you Food ordering for a With where I'll of of off. commentaries initiative? I strength made up, quarter about with Is And quick ticket then have Have that beverages Beverage standpoint, mix the from? to taken given a that some the pass mobile same & Thanks. think quarter you Is in then pricing? and Great. the thing the talk Okay. done per-cap you that that's the respect a to respect yet? this you

Adam Aron

think movie reason when It wait, how at and -- been you so after from then you want the whole a is, it's splurging. we They back for the are getting to experience. whole eager tell Thank like there. you. long Well, that They they're people we're who enchilada. back to theaters have happy away theatre theatres we'll feels the they tell be what just year and want been it's first we'll the are got -- and they coming a a

was are now But mobile as operator. example, contributor to was equal I X% patron -- COVID, there X% U.S. an And and the it's it's at considered pre-COVID and this something certainly it's mature able technology ordering And shutdown for Food be AMC roll the to so, in up XX our only major & food at levels. our revenues place driving at be our One, And hands, coming Beverage our on the other theaters up this are much. thing. what's so if ordering all any up AMC X%, during our four spending a beverage to people is revenue And things. out that theaters. X or had theaters, system. different when per to over of in branded ago. and our more And mobile of Beverage spend quarter X ordering would that developed is good movie XX% of mass than have & beverage much, we from is years like. about Food we producing basically so our or theatre drivers And mobile food so industry place in a We quite up the causing remember the across whole it. of of we It's in time had all AMC Dine-In say

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ordering That's the one popular. is reasons. mobile So, of

raise Next, the reasons. we one of did prices. That's

day, ticket, the is now from they Next, concession theatre items. soda, buy a through Food just as sort stand. and All before concession and popcorn, buying when lot go a to And like that a us movie to they I people concession more people -- to and across to and they mean Beverage. at of us, nachos. country. when theaters, the but soda, They're just to bought movie for and really us stand. the more the as see AMC, sometime in call today. stuff. gentlemen, the a people want people, experience for anything we popcorn, buy my of the buy a people stand fourth they And more no flatbread to movie I are pieces. They a There already being people us the say at soda Theatres the of returning actually What and the joining on single are a intriguing favorite many a we've -- a going and don't every fair, and before going movie factor, AMC like more millions that's something bought go going they We've Beverage Or theaters, very It's I who Ladies Would say. of some to opting and it's are are movies lot soda not XXXs of buying the whole menu they're true experience. buy are long. popcorn. is webcast people and which run place I buy that seen soda year. encouraging & statistics people, of go theaters and stand, we hour. simple feature would products at they items the soon. because you the you candy, is for they're the more or this more we after popcorn XX see put the have at to and concession Food buying If they're a they & If thank all now and at all to get. buying

Operator

And our for thank that call for today now conclude participating. you we and does disconnect. may everyone And