AMC Entertainment Holdings, Inc. reported a decline in financial performance for the three and nine months ended September 30, 2024, compared to the same periods in 2023. Total revenues for the third quarter were $1,348.8 million, down 4.1% from $1,405.9 million in 2023. For the nine months, revenues decreased by 10.2% to $3,330.8 million from $3,708.2 million. The decline in admissions revenue was significant, with $744.2 million reported for the third quarter, a 6.7% drop from $797.7 million in 2023, and $1,839.1 million for the nine months, down 11.4% from $2,075.9 million.
Operating costs and expenses for the third quarter decreased slightly to $1,277.0 million from $1,306.5 million in 2023, while operating income fell to $71.8 million from $99.4 million. The company reported a net loss of $20.7 million for the third quarter, a stark contrast to net earnings of $12.3 million in the same period last year. For the nine months, the net loss was $217.0 million, slightly higher than the loss of $214.6 million in 2023.
The decline in attendance, attributed to a less favorable film slate and market conditions, significantly impacted revenues. Attendance in U.S. markets fell to 46.9 million from 51.5 million in the third quarter of 2023, and for the nine months, it decreased to 113.9 million from 133.9 million. Despite a 5.4% increase in average ticket prices, the overall admissions revenue was adversely affected.
Strategically, AMC has been active in managing its debt. On July 22, 2024, the company refinanced approximately $1.6 billion of debt, extending maturities to 2029 and 2030. The company also engaged in significant debt repurchase transactions, totaling $311.6 million for the nine months ended September 30, 2024. This included cash and debt-for-equity exchanges, which resulted in a gain on extinguishment of $101.5 million.
Cash and cash equivalents as of September 30, 2024, stood at $527.4 million, a decrease from $884.3 million at the end of 2023. The company reported net cash used in operating activities of $254.4 million for the nine months, up from $137.4 million in the previous year, primarily due to lower attendance and increased costs associated with term loan modifications.
AMC's stock-based compensation expenses also saw a significant reduction, totaling $15.1 million for the nine months ended September 30, 2024, down from $40.9 million in 2023. The company continues to focus on improving its liquidity and operational efficiency amid challenging market conditions.
About AMC ENTERTAINMENT HOLDINGS, INC.
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