AMC Entertainment (AMC) Q4 2024 earnings summary

Executive summary

• Q4 2024 saw record-breaking attendance and financial performance, with revenue rising 18.3% year-over-year to $1,306.4M and adjusted EBITDA more than tripling to $164.8M.

• Full year 2024 marked all-time per patron records for admissions, food and beverage, and total revenue, though full-year revenue declined 3.6% to $4,637.2M and net loss improved to $(352.6)M.

• The second half of 2024 outperformed the first, reflecting industry recovery post-Hollywood strikes.

• Q4 operating cash flow reached $203.6M and free cash flow $113.9M, both post-pandemic records.

• Q4 attendance hit 62.4M, up 20.2% year-over-year, with food and beverage revenue per patron at a record $7.15.

Financial highlights

• Q4 2024: Revenue $1,306.4M (+18.3%), adjusted EBITDA $164.8M, free cash flow $113.9M, net loss $(135.6)M.

• Cash from operating activities reached $203.6M, and cash and equivalents at year-end were $632.3M.

• Food and beverage revenue per patron hit a Q4 record of $7.15; admissions revenue per patron was $11.56.

• Revenue per patron is now 34% higher than in 2019, mainly due to a 51% increase in food and beverage per patron.

• Q4 gross profit $150.7M (up from $21.9M); Q4 contribution margin per patron $14.05.

Outlook and guidance

• 2025 domestic box office is projected to grow by $500M–$1B over 2024, with a 17% increase in wide-release films expected.

• Each quarter in 2025 is anticipated to build on the last, with a strong summer and major franchise releases in Q4.

• CapEx for 2025 is expected to be $175–$225M, with increases contingent on access to growth capital.

• Management anticipates material growth in industry-wide box office for 2025 and beyond.

• Focus remains on enhancing guest experience and expanding premium and special format screens as part of the Go Plan.