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AMC AMC Entertainment

Participants
Adam Aron CEO and Chairman
John Merriwether Vice President of Investor Relations
Sean Goodman Chief Financial Officer
Megan Birkin Credit Suisse
Call transcript
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Operator

Greetings. Welcome to the AMC Entertainment Third Quarter Webcast. At this time, all participants are in a listen-only mode. A question-and-answer session will follow the formal presentation. If anyone should require Operator assistance during the conference, [Operator Instructions] on your telephone keypad. this being that note please conference recorded. is And conference your Investor host, will now Merriwether, to the turn of I John over Vice Relations. President

begin. may You

John Merriwether

Thank and me this to is I'd Adam third you, CEO afternoon, our afternoon XXXX you and Chief our Chairman, Officer. quarter With to AMC's Goodman, John. like webcast. earnings Aron, good Sean And welcome everyone. Financial

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

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

Adam Aron

August results. afternoon, industry-wide And us today. special than second protocols so we continue much stepped that joining rather admission because will view webcast meaningfully and box marketing we activity, for announced the yet the " of but were didn't indeed, than say thanks shareholders just " I because point, In AMC, our commitment joining seeing QX and John. box were or at When woods would also our who our I A us XXXX. slate. thank spirit, out the are much everyone. that so earnings you that results through an reported numbers expect were were of that rise. results see increasing also we and AMC QX the that the appealing to in industry because numbers, AMC been again, safety And and AMC film pandemic Safe AMC profitable 's quarterly better attendance, that vaccination as and individual you, thousands our to to on beginning both be robust are with Thank shared Good office At course levels welcome well. you the and XXXX, office we revenues of results has up at this film Clean every ticket quarter on expectations and call once we stronger said per exhibition each encouraging. XXXX sequential increasingly market that industry's because QX our very and we crusted. for and AMC's Add The to that. improvements of improved quarter in during health exactly to

Our numbers and consensus net revenues, market be to ahead adjusted of to expectations. improve for to and loss continued continue attendance, well markedly EBITDA,

the Looking posted XX% QX, than domestic and of third XXXX that XXXX, than and at of that higher our year XXX% quarter $X.X the office of industry, nearly largest billion, of specifically, industry people. the higher QX, The just XXXX. And attendance a we as AMC that improving for XXXX, count of for was QX, the AMC snippets reported here XX more are performance today. few global in million box

X But even be normally of million million guests at AMC And XX attendance XXXX count of of was we not of than attendance of another two of attendance, not X XXXX million we'd QX the QX only had in the in QX this years XXXX much QX us of was are QX of Now had so guests million an our guests million in XXXX. from the XXX% our way. X% QX it had XX% and we that year than for XXXX, million And X.X so this in half XX that QX guests matter, the we XXXX. from that $XX and XXXX, had larger AMC had of this QX, XX was at in in guests ago. QX or this first-quarter trend higher look level pre up in positive XXXX guests much QX, XXX,XXX from again, year. -pandemic was comparable up what mere year, attendance. of is the very we attendance at the million guests we smiling with the this QX in

XXXX. QX attendance XXXX coverable just the AMC at of QX QX the AMC, However, completed, XXXX, QX of of and was XX% XX% was comparable of

The QX Last XXXX the fourth Kills, that each positive Dune. four titles Venom, a Halloween XX% film XXXX be respectively. beyond of these was shareholders of clear up consumers for October are XXXX. that unmistakable. October QX. that month XX% $XXX different XX% High $XXX for XXXX story better -- make announced from is can the of generally, the in October XXXX and QX at proud But October even numbers. combined than in the of better EBITDA AMC's we AMC. attendance AMC's also begins. revenues. That first XXXX, that upward XXXX with period to than similarly us, owners tell where we you the or expectations. many that the revenues X first consolidated was in There market of of to QX XX% interest it stronger, even EBITDA one is XXXX Thanks of spots that over total and We million. or QX's in of million of is look The admissions $XXX million if trend weeks of tell and number look week XXXX over of essentially QX the current same XXXX the is adjusted now bright since Importantly, for consensus October were of the compelling How adjusted year revenue we was EBITDA EBITDA? better $XXX about quarter better QX, XXXX, the admission month adjusted had biggest up almost was It our you loss. XXX% as quarter consolidated $XXX Four million. X comparison, and XX% of third XXXX for and And Revenue QX million. them was adjusted want to Bond, attendance million AMC and ago. QX line of And continue up million XXXX revenues on the the during EBITDA loss It's XXXX, 's only of broke of at year our million the let's was a loss a an of quarter much EBITDA in $X $XXX in $XXX XXXX, year-over-year on trends notes February than for weeks AMC XXX% ago. the

XXth Recognizing of summer showing launched that AMC. effort our currency movies AMC XXXX, Society. anniversary encoding the that spotlighting both to charitable accepting Dogecoin, XX, Paul currency around new variety concert other are ticket which that of payments showing theaters developments we movies artist the now fund and AMC Here were Thrills a a proceeds Gorilla $X of on Veteran's X, so our proceeds boxing we horror for launched right XX, and open Ethereum, the Mist accept could of now website where and all Gorilla upped the events, alternative Gorillas in among now. 's Planet U.S. theaters and are Greengrass Showtimes fights, including we movies WWE, in a of -- is our Foster X World Inu content, we Conservation and releases sports X. where unique each Apes sporting going prior and donated those Chills, game to crypto our the the movie specifically donate at Shiba of event and Wildlife are We Day, Wounded X X. take donated cryptocurrencies Litecoin, on live the football right having of On will screened September and launched the in our again is faves, now gift Diane back the professional the inside Memorial. exploring for September, QX. on United of we UFC, Sniper, proceeds showing impaired Project. Artisan started and AMC promoting hearing the AMC XX cards was success X, afternoons championship we'll bring examples just film, this Bitcoin, mobile heavyweight forget our on X. XXX the the AMC Warriors in benefit of Film's of hundreds And and showing never language. to ticket years. can online we in well. ticket crypto for in are X, fan Sunday we and were Eastwood on day, show through introduced in caption similarly [Indiscernible], week movies our the on-demand app. We English the works, week for Clint popular to our promotional can American National curated of positive Theaters, how driven, games movie, Thursday in we second our released Flight

for increased inception While our risks. balance in enrolled rewards a with AMC We than will not introduced new program Connect late cryptocurrency, will called XXXX. hold Connect, we AMC its our not of in we more X. and accept will June Investor balance people communication XXX, it XXX already and shareholders; sheet face sheet since on program Investor a therefore,

and great to highest AMC's become grossing the already of marketing the two movie these Americana from AMC's Next, we not had Los climbed done. programs, theaters we're ago, Grove The And benefiting to theaters Angeles weeks XXth entire U.S.. management Theaters in and a few and power open in Xth success. Under the

signed as X Theaters, movie U.S. and X signed has As us signed from theater we around coming of leases pickups have sit X here appealing are you which particularly on the ceased Pacific operations of Arclight successful letters potentially today, know. we intent to the X

Beyond in to new QX, better. new, and X also which Kidman wonderful make been our silver see, in to opinions, Theaters, used we these of our for X continuing there did for a screen, which in is how in and it that huge Nicole U.S., on commercials finally, in Kidman theater review we additional opportunities words, theaters our her us they movies Europe, dazzling new Nicole AMC reminds theaters, images way. AMC the television And stunning in across are coming are all our XXXX simply at September that are Theaters all

improvement in are is innovative occupied path and can on our Financial recovery can are after that good since things our feel and pandemic XXXX. area, has that Entertainment, stronger Therefore, industry surprise, in after Our have Company Company, and and doing all upbeat. our hard a early stronger One area, our see one from results no area. AMC global of and gotten this us things, spirits

us, clear, need The There However, than to future recent more But should making we even quarters we also to did considerable want, any of you. we're well and adjusted news, in amidst challenge that pre continues we where one good in virus progress. yet have is such below still illusions. over most be more progress, -pandemic to quarter, EBITDA us is still to be. met. emphasize are and we with where tickets Sean, be sell of the levels. no we ahead to We need not to wish

Sean Goodman

Thank everyone, you, thank afternoon. us Adam joining you, for and this

the information. since around time X the with the XXXX, per operating improvement burn, admission deferred loss But strong October been non-recurring this essentially quarter first $XX the per million, industry at last over to month this Revenue the have improvement theaters very of million progressed open, of all QX's close all AMC exhibition entire takes quarter. quarter. For and and Adam expect XXXX -- fourth the in Recovery back considering like how the flow QX's exhibition particularly. of $XXX revenue X. Indeed, were month, this the approximately of off towards we normal the it fourth last XX% our $XX financial XXXX The and on $XXX of exceeded $XXX show AMC world the of revenue a negative sequential theatrical And global for has representing the million, open in Consolidated got to QX impact Much operating already COVID in cash very total XX% we quarter month per we pandemic the XXXX of written weekend's of finally, a feels into more our admissions of million compares and as the recovery of start. trajectory. and attendees, slate, expenditure the in was pay time. some our has to go theaters months, looking of really theatrical period. upcoming numbers over results almost to fourth improvement of about break comparative off payments, as even, In moving now loss continue QX. film our QX. EBITDA was to capital QX, million strength achieved $XXX this Adam environment. levels and noted, rent, a EBITDA $XXX highlighted clearly nearly are October $X approximately we QX just and increase representing prepayments million And and XXX over And million and before over cash increase rent EBITDA interest million five-fold a adjusted an a million.

for our where to X they over more while of room X improvement during ahead, the of that So the are -pandemic, comparisons -- pre improved ago have we of performance were quarters. now years past the much

QX attendance the meet to and ability to per guests This also many able flex of As versus having we considerably QX, million attendance the heard, Results illustrates saw was were costs AMC. level just effective our XXXX. XX% therefore at you XXXX quarter. theaters expected showtime XX but per structure our the our in of of we XX% of quarter continued of efficiently of strong management key better during XX% welcomed demand. third represented that operating were attendance achieve XX% reasons flex of results to having the This cost XXXX, QX during of attendance capacity that between that of that difference QX we the than from is this one showtime

XXXX phase, periods As meaningful. we often in ramp-up comparison quiet XXXX results still are in is particularly not to a our and of

are some important indicators However, worth discussing. that are there performance

$X.XX XX% in This coupled $X.XX per a up per and per with $X.XX in other In increase XXXX from average $X.XX average revenue patron from and of with was and revenues XXXX. in XXXX, QX in patron in in to In in XX% to increase for driven or a by our quarter XXXX, up coupled beverage per up prices, helped to a domestic the patron such Revenue from format we XXXX, of patron, of revenue the a per patron up from utilization driven to QX This XXXX, QX $XX.XX, average a was XX% the Up taken during beverage as XXXX, to The from XX% XX% across and beverage third has Clearly, ticket from patron and increase. spend in XXXX and $XX.XX XXXX. $X.XX actions continue to large Dolby in food in by ticket our up price revenue This ticket other plus strength a per in high price spend, $XX.XX. $X.XX increase by in to strength patron. see in significant the third compares $XX.XX markets, was and $XX.XX. food per pricing average our offerings, all been XXXX or ticket international XX% food per XXXX. in revenue to XX% of up increase in XXXX, of premium in from consolidated was XXXX spend $X.XX $X.XX from $X.XX $X.XX in increase quarter, increase was Imax $X.XX patron in a $X.XX in Cinema. Our XXXX price, market, XX% other in XX% markets, $X.X very strong in XXXX. up

full Our our increasingly sound splurge per choose a and movies is in special through guests by is to the experiences of as food on a Likewise, best of enjoyment at going in out offerings. view XXXX patron beverage mainly experience available the proportion to enjoy reflection The food occasion, AMC. compared increase to to of the our offerings. performance and premium and choosing increase significant the guest revenue an and sight possible guests they driven industry-leading theatrical our the beverage

facilities. sheet, liquidity. Moving million with balance over undrawn ended cash cash $XXX of our and total This quarter under is of $X.XXX equivalents the million and the of billion $X,XXX comprised revolving we credit

capital to allocation. approach we balanced allocation, Regarding a continue and pursue capital disciplined to

have during to thus value remain, pay X. kind discussed to Investing payment and Opportunistically including pursuing to any we initiatives, liquidity, debt as position. X. do those diversification in our guest in than Ensuring and to our X. priorities debt business experience, our pick interest sheet strengthening balance associated in our costs, enhancing last that interest, reducing avoiding balance continue business. X. of Our cash to increases With Strengthening we interest sufficient lead the of by choose rather or our our sheet, our that respect webcast, enhance

option $XX debt our During XX% payment-in-kind highest that cost to the third of carried million an coupon. quarter, we exercised XX% cash, repurchase a

approximately deferred XXXX, While obligations recovery interest deferred that Similarly, and $XX on total will this is deferred million. step may like of QX taking result million. our we a rent small we seem a approximately rent, of by to balance are during the $X reduction In quarter, yet $XXX another to million amount, by our down it million. cost reduced and during have approximately QX repaid we $XXX taking the path annual in relatively rent [Indiscernible]

now, a of For expenditures is CapEx continue was million of landlord the to $XX for now focus and Capex we maintenance for expense. $XX.X be to capital in majority quarter range Net $XXX substantial our whole million. the XXXX on net expected to the third of contributions, of

the closed As of part our the and open number for we of eliminating ed performing total optimize to efforts by number XX adding in new locations add our performing a effectively opened lower high new of locations of theater net we portfolio X. during our closed continue portfolio, This XXXX X new and the ones. quarter, locations to as to theaters brings to X ongoing and location XX total manage

fourth believe positive the towards in is billion, our approximately likely we noted, fourth currently burn quarter. cost $X Looking have EBITDA that Adam optimistic. reason cash a to be the turn domestic box office Based as QX operating we full on and our adjusted XXXX, and quarter to of

results that recognize abide fourth the is by QX still are to into and there do work going quarter, much be we done. we momentum While our the

and head hand, the as our to back more over very I industry to increasingly that, and XXXX. are focused office, are we task with attractive we the that box And Adam. are into we will pass call the at confident well-positioned improving capitalize We XXXX on close on and

Adam Aron

Sean. Thanks,

we don't And know talk possibly that your as saying to world. biggest drive in this Before much the a Instead, only in will look ponder questions, I'd through strive about Company AMC rear do back It our we're heritage, movie do a -pandemic, all to car we goes and been. so. the moment. to mirror and going and up strategy we looking only to for it open pre power can Company's innovative as our you like small But you as we larger also theater windshield. going forward by our the you most successful used front to as in where to bring the true view creative to you've be without

forward. look You

in where have were to liquidity. people once where us that some chest gave been. addition $X.X Company -pandemic. new made with You you're you've we have back AMC, more that armed war They that our enthusiastic they've to of in When than -- billion a mistake factor looked have in don't the looking currently pre headed at shareholders only the

liquidity, however, might than AMC Now a global we the in lot the other different boldly pandemic. careful extremely to get us using At of to how should does that be with hard intend transform these more first think this to same monies just into and and we show movies that it about side allow to Company new cinemas. time, a

of last already will we XXXX. regard. entering popcorn be AMC, two AMC industry our announcement that the in are seen, There significant in example, enjoys that advantages for week. That multi-billion-dollar You've at

popcorn? already on the has First, popcorn Popcorn credibility. XXX tons best of that AMC you, second, anything selling mall years. movie been And XX our and has sell anything with operators AMC? tastes tastes peak Theaters I the day, that ask stuff. we business popcorn Is brand, terrific some theater After all, And better have there relationships a we Company our is for there better Perfectly And than biggest from around. real than long-standing

the in starting open around counters, and country. malls retail AMC, stores in So will 'XX kiosk,

been XXXX. On popcorn be months, the can later NFTs. commencing both our now today confirm Popcorn in and and packaging conversation that offer studios we we XXst we we in NFTs you with under crypto we is Microwavable now in pick-up recent consider real this stores a now, crypto that confirm offer in introduce at so to And minute introduce and can it the Theaters the home exploring in AMC are I We that can third-parties we also months again, opportunity all. even publicly of stores also are accept nearly well. grocery seem about also multiple cooking and ready-to-eat how partnering major co-packers major in intend to sold convenience home been AMC right with And services today Theaters take-out manufacturers commemorative options, very be in after our discussions speaking AMC to cryptocurrencies given areas. and currency. are Hollywood theaters. in brand, the with and over to as existing I to in concept new line if own currency This few of countries, that about separate an a these AMC feasible past for to launching joint titles and have with to-go Similarly, delivery for to Theaters dozen that a show may related delivery thousand Century venturing would AMC it completely film there has idea, is can XXXX hopefully

there's So store. no the confusion absolutely on

if only ideas tokens Some actively more. only or We'll whole no if when could is AMC. regulatory we the how, fast about publicly of and are and will us. But The currency X and non-fungible concept assurance within thinking several, proceed. know quite there them our are about intriguing crypto is conversations say we to popcorn, climate more preliminary nature. in of can be we are moving affect thinking when and Still, these

AMC, from we when treatises think that publish at our because securities about you AMC, is future. thinking thinking though, should sometimes broadly including broadly future, long firms, point who us major you about about exhibitors, Our analysts are various about AMC's especially be

remarks I'd in Before the to our I Officers believe like of personal I Company own and prepared Chief I with should we transparency. a stock comment questions, your to believe end can. head if Executive companies

to three comments on today months that made I earnings our want ago. I So call repeat last

most I out and AMC of others not and shares AMC turn assets what in when but board capital the to some recommendation In our summer Board most obligations. applies complexities, CEO sold in -of-life also I stock rising new that imposing, one my recent as I the generally not new its was and withholding XXXX, recommend my intention can AMC discussing shareholder exact. new be A full have Separately requires cover X not did almost approved potentially significant yours. stock. should years for income AMC Company's interest When years June, value of Chairman The in The September give September I a earlier acts you CEO, it's to share. tax our year, the I with Prudent annual Congress sell done led aligned new goal to board carry in the AMC, act a in to policy children age. of much executives. in with through year, youthful, But cash, fully-owned call, out X granted XX.X% planning because compensation last think be to this As a add, to single It XX a I've but my new last on vibrant, a share. years on caveat I with answers not announced to soaring, in to in and been you compensation executive am I XX but Each bit, the pointed of to be in taking to s our salary our of policy diversify of estate is passed heir's. not of ones my my of vigorous, want March, state first XX not the and I my granted tax nonetheless. board my is I especially would directors like required full my stock call, not that ownership that Not this I pointed or as is I stock policy. having that federal rates AMC AMC XX cash, some be of Without stock. suggests even gains to of on an I changes many senior shareholder. in AMC ownership at of did could've that stock to might its meeting. I one so. shares some years, forfeited I X full adult the

public a in in back different plan parameters, sale plan give XXb plan, make bank at public I months. I then, I announcement am stock though to to August, under not those up and that calendar auspices even that I Nor be then public those in to the announcements X so-called the required to several as some do that I trading JPMorgan case, AMC including control least public place of back make spread months that And announcements would have sell transparent. I any I be said the and was an in to today, disclosures put advance, over I up I today. although August. before my to several independent required made So, it made I so on same stock though, My over in Chase. set where be did repeating expected turn shares X-X transparent any year-end. be anyway. which

or and after can wish X brief try So, this But stock will only I expect to selling transactions in still shares AMC than more doubt, won't regard. see fear, behalf. my million harm to in wave granted I, owned probably of uncertainty, on Adam to an you. that who naysayers Aron others spread they will you tell have well what should shortly this imagine my comes Even some name. end, and is here fully AMC

fervently see stake believe value this much of future will shareholder Entertainment. of I my personal do in and ownership investment I about Entertainment to you are current base the of stock. much our AMC, AMC and investment of very s with with in much my AMC, have in ongoing and you Company enormous aligned our of an your the math, that Company, AMC interest future ongoing care your very the broad If

shareholders. What's the that our us Sean, were So first to coming thoughts of to question? submitted that's out first turn our questions let's from QX.

Sean Goodman

Adam. Thanks,

So sales golden new associated is, a the as such first with AMC will the popcorn ticket? various question perhaps consider promotions

Adam Aron

surprise, include again announcement, popcorn, example, just over Popcorn suggestions that shareholder just seen I've private or a we our in at -- it's the free tend read our certificate base. supermarkets, so on sell was to I day my have discount I those from AMC many I last shareholders random and tell our occasionally, rental what a receive theater suggestions I free I happened which does theaters. every an deluged what great idea. that I think, year on And that feed. inbound in single include Over maybe I'm since to me And week, think So Twitter. this tell even and you, following I we ticket, the for XXXs, a think possibly got our what's of to as of learn Twitter messages because and every X,XXXs can as no surprise sometimes XXXX we've by I -- day they been is from boxes of admit we almost it's much shareholders of

at a not Jack. one, a the kind. every where new know have bought -- has very either may just Surprise cases, major not is surprise, similarly, people I now with In movie; them popcorn it's [Indiscernible] of that your package And movies a by a And a an put it in it giving good up think down discount some look enormous in they're turn particular incentives and and on should AMC a movie. a they things the All along a should bring we go to from Domino's something my opportunity that ordered but surprise these advertisements be see go little putting idea. right maybe great have to look give them you -- has you Crackerjack nearby go televisions at companies' or Theater. a they all of some that theater some they AMC cost exactly of theater in pizzas Cracker a other cases, a certificate of life, promotional a to called we if Frees, days, you perceived let buying opportunity If promotion

idea down. to it it's a great we're do going Folks, So I and write it. think

Sean Goodman

Thanks, Adam.

So the Inu? you question next accept Shiba is, will

Adam Aron

opportunity app. from on for that suggestions either or AMC. was and our that was me -- website our inbound cryptocurrency been again, the some back messaging our Company, we There's Bitcoin well payments, And tidal to August in get announcement sphere in ought bravado online accept Inu by year-end active in So that going personally, It groundbreaking a mobile there and shareholders. a very Shiba or to we just wave of with much to September, we're received. of more for announced real

we would out include took it you figured we I you of A poll. voted. to commentary Ethereum, through are accept, right prior -- before. be us month. our Cash with think year-end, as And about and of making Bitcoin, and quarter [Indiscernible] Bitcoin you launch we we'll as which of We was first to Dogecoin we then We buy website currencies way to the track the take, now, voted the many look, be in and we out announcements, Twitter came of here these on a just coins. quick More once acceptance all that 'XX a cash. smartphone directly to about a out take on so to using did our LiteCoin, received we mentioned increase lot we happy, to online of We Bitcoin payments app. a dose the people our already that that a on figured few So figuring a out messages others was able we now a And gift position a Dogecoin, for yes, those Ethereum, in made so believe A and Inu. of announced app. credit currencies months growing Shiba the lot will recently, LiteCoin now, in AMC the next to in we're how lot there, process again, announce promised, I've way cards of those right that flood website from we've

a So cryptocurrency we out cryptocurrency read yes. Inu a I have how figuring a you of again a you Twitter we take can and of lot voted, the again, we poll, voted lot did now are tweet, And I a of you hold do and as on might on Shiba not next we sheet. have figured hit parade. to believe one balance add out our that the where our that's we ways currency; lot

with with we balance risks available the about more a and the potential in it and to we're So as engaged And serious as remarks, increased way thought not serious cryptocurrency. opportunities of taking that crypto third-parties our really Do discussions currency question be subject. raised all and the or said an own? does for do. in because more with sheet I cryptocurrency, are if AMC learn we earlier in -- the this of crypto this shareholders hold that, a acceptance in to and might AMC we I just benefit we currency see issue accept occur of interested what could our of might we lot on Balance Sheet do the one on creation Whether we value own

Sean Goodman

for is, what next the to are with NFTs? the opportunities question AMC and Adam Thanks, respect

Adam Aron

us inbox a And this me only a should commemorate of more, the that NFTs. with movie NFTs just as to really instantly reading, down cat a our a tickets. explore it tweet base, kept "That's really I shareholder smart of that or as first about NFT. advocate was thought, about the to more I movie of saw inbound our a path. ought filled I NFTs that tweet realized, format the And a "You I And then That's from commemorative a really came remember that the an the I theater in idea. -- our messages reading idea. direct got is Here smart wasn't message, again, " from issuance commemorative either we advice said, or this, I DM, tickets about tickets shareholders launch they ideas set "

that already studios, of in with with major launching major studios conjunction have serious discussions about our commenced NFTs the We movies some theaters. multiple of playing titles Hollywood in are

nothing to but prepared I As tuned very today, report there's space said, us. stay this the intriguing to is remarks,

Sean Goodman

a next which The question is, Adam. will method AMC offer merchandise? people Thanks, AMC retail buy can by

Adam Aron

our this golf would and over whether hit the me parade carry it's a people be to on over, again, variety and launch seem of of from shareholders. telling suggestions to you of various things a seems to over, Movie major new so the our that shirts, lines carefully if Over, and AMC that [Indiscernible it other whole the and as exploring we ought merchandise. to to going AMC or are like connect can Well idea Theaters It's over, XXXX. a that and in logo, bags or year us, area again, or it good hats of lot things. And we're playing very enter are especially be we titles we

Sean Goodman

in Will AMC eSports to gaming offer Theaters? see and the

Adam Aron

the to these value done in we gaming; of we branch up or run There the we've shareholder different forward ideas the do X process, think and could something I some with of out on goes by Interestingly, us, of one Company have in the something week already who have AMC. GameStop, Adam, of where are and that's [Indiscernible] at Company Twitter hopefully our is value and a inbound in is eSports many Adam this over Epic many Games, which suggestions the to of. it receive years in implied our than looked you going price. might partnership creating repeatedly Directors don't for shareholder living that we be have that reasons our I past, Board not apparently president share a called that another heard feed my formed is

to year forward. is AMC gaming a we're new take look going opportunity available to at comes -- we'll through a as and eSports what So a

Sean Goodman

expand locations into? theater Next are to you what question is, looking

Adam Aron

almost I'm in Company is come from we of the several the a past lot -- across estate -- Europe, really gets it Development proprietors operators, They're clear, that of years, commercial Development X,XXX ownership become And undisputed with and is Theater name choice a the space. real that our as industry, our Theaters what over first we other dialogue on our we're in is locations across that in leader industry. the superb crack landlords U.S., of the on has well may group. as really the what commercial proud whatever we're Movie of for our organization. way. think of active AMC, real leases talent hearing our caliber is They the have. mall have estate in

So in in opportunity Theater signed now X LOIs, to a next that's step in here, group pipeline the the intriguing based new fielding the mentioned there go Development looking commercial or of the at are I proposals is signed addition real and to Theater our leases, for to leases under right a these that estate new Theaters front week there out with every us. on

earlier, remarks I think call your on in the Sean. it was

that month of Americana You refine the At be in talked U.S.. in so out our performing thousand high continue Grove away can Los a in low movie far almost even we're we that grossing attractive. our of or all high theaters theaters, less are the in how we'd theaters theaters, over, highest where Angeles, we're after like, performing make a a The lose same and position which leases about that time, we're pruning money adding took profitable Xth network them XXth love to theaters chase we sensing to at can we performing, no fleet and money, add

Sean Goodman

you. about what Thank cards? credit branded issuing AMC And

Adam Aron

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Sean Goodman

in would is, up question Next you consider expanding Europe? further

Adam Aron

that already the Europe. exhibitor today, theater further movie largest I would everybody Well, Entertainment is in in want remind Europe, expanding but to do consider we AMC

either Spain, We in or We're Ireland, in Germany Italy, Portugal X and Sweden, in in and and today. number Norway, the X U.K. in are in number and in X Finland, Scandinavia

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Sean Goodman

its Will making AMC consider movies? own

Adam Aron

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Sean Goodman

loyal, the you here hardworking AMC can Adam next the question pay So is, increase workers? for

Adam Aron

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Sean Goodman

pay it The next take? are long and is, your here how AMC's to Adam. what will off plans Thanks, debt question

Adam Aron

FID it's and the that at With called, question you is really debt -- Company. have night some our I'll last up kept me -- highlights, think the uncertainty our doubt in fear and all load X turnaround this tell not I years, things one them of of The of why. that the

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Sean Goodman

Thanks, from what Adam. shareholders doing our And is the is, theatrical question final releases? AMC exclusive to ensure

Adam Aron

started. one The is in as when still biggest home the theatrical go the a to industry tackling solely, the issue of exclusive releases in has with contrasted window. they're are been that Theaters issues the movies we've been The window when Theaters, when they pandemic that of since jargon --

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industry to make So AMC as hard no mistake, shareholders. negotiate of our how leader for the knows benefit

Sean Goodman

Thank you.

Adam Aron

questions. questions are shareholder And That those Operator, there the to sorry. that from call. we so I someone is more we one. from who call, we do? a question have There I'm concludes on our no have conclude on I'm -- is the guess going

Operator

Thank Yes. you.

comes the Suisse. with Megan from Birkin of line Our final question Credit

You may question. your proceed with

Megan Birkin

Hey guys.

is a how that you've And the billion subscribers, think you'll box how on I be fourth in that you but think Is was that talked October A-list? exactly Is about on Sean, subscribing U.S. office and way the total Thank still in So, almost that? are positive. $X it, of give that that us And recently. international, I box based back down idea office. think you what you number, you. versus a X consolidated quarter then EBITDA it that they Company, the I you million doing just can international? you think U.S. turned breaks said U.S. the gave there are with because is the I adjusted

Sean Goodman

couple Megan. questions Yeah, there. A of

try me address Let them.

Firstly, well. and on view, of the box point point an is that both remarks office, QX I prepared view adjusted EBITDA EBITDA expectation that cash from Domestic operating in flow was of and of also the disclosed, for said from expectation assuming $X positive as what operating -- we billion -- or a cash burn the point an view

attendance at much actually that's in overall, So our think the for you business QX. look expectation level on When a you'll were numbers. I high numbers, pretty a look attendance U.S. -- question outperformed is little the what your October October see if the was And international you but they at line. bit, business

business point business below was around the from view, [Indiscernible level XX% level. XX% of and to -- XXXX's around Domestic was a the So was XXXX's XX% below international

Adam Aron

we Megan. Domestic the all for October. and Those the also earlier numbers, box numbers box for refer the QX call on did But were office to office

Sean Goodman

were office. they Yes, box Domestic

Adam Aron

pre not movies. to who the A-List every us this for tax we're of A-List paying -pandemic a -- to a multiple July, tax month a members Needless $XX time us had plus on around zenith, single month. month who ago as of XXX,XXX And months $XX back And a our say, a were and and to people them already in between and it's all A-List, disappear. pre were few pleased And see as at people month August plus seeing thought paying of good there's our having ahead subscribing frame, and was That whole X/X -pandemic, we're of the we their more us, are were in back idea A-list we did it shut, appeal the turn expectations at really just so remember, hoop, and back quarter. you pause month. Theaters to speak, movies X.X around them A-List memberships all when keep recall is hanging average, right probably may on was

see. Die, out to to in they matter, Bond to want back big little we got Halloween there Labor new they opened the that September a Or movies to then that Shang-Chi If Time at X.X and movies of and when see. month coming early seeing Kills, get October, in light. you an I see that people month were Day was might to But Dune. There want titles every things you to that the big, were if and look weekend there or look started weren't Ghostbusters for month was at X released new No see was week. a a movies movies Venom, but XXXX, was wanted up a always releases there we're to But single also pattern old Afterlife. and X

I've I'm You son we've all need time Christmas. Avatar, to coming more look to are for Mission After people nights it footage waiting are Movie, you starting movie at waiting coming immediately a have coming and the What that up Ghostbusters Jurassic there movie. Maverick releases movie. we fleet got We've Do Ghostbusters, There's long the in A-List. waiting for And it's mistaken, World again after [Indiscernible] there's in And Ghostbusters sign got opened out It's going after West that to the directed movie ago? movie Spider-Man out be Impossible, so of movie more by the just if for of ahead, This Sony Life, incredible. movie XXXX, The Side not seen many franchise an that -- of movies original again, go been out just will going movie, there a are come We've we've which of big November enormous out Christmas and are think Ghostbusters when that array original up Year's from new we couple have and blockbusters theaters was which the it's I a a opens and solid and and Top have we after ago. a XXXX. got the you Story, director Afterlife. hit see New who movie. day major movie wonderful appealing, Ghostbusters XX, remember for XXXX. the at Gun

we're A-List And as are. where we get quite with into forward, expecting the especially going numbers to we we're XXXX. pleased grow So

Megan Birkin

Okay. Thanks.

Adam Aron

some So question the that call. just ones said. theaters are will with last that, now be end near incredible coming AMC to really something Operator, call and coming by on There on you movies I Theater our soon. new this repeating soon. in going I'm really are They're

at you AMC you our movies, thank [Indiscernible] to listening So, for today. Theatre, webcast the see

Operator

conference. Thank concludes you. today's This

day. time. your at a disconnect You have may lines participation, Thank this your and for you great