What changed in this filing

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Item 1. Business

2023-02-28 compared with 2022-03-01 · 144 added, 197 removed, 338 unchanged (50% of the section changed)

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COVID-19 Impact, Company Response and Change in Business Strategy

In March 2020, the World Health Organization declared the novel coronavirus (“COVID-19”) to be a pandemic.

The COVID-19 pandemic has disrupted and could continue to materially affect our operating results, cash flows and/or financial condition for an extended period of time.

On March 17, 2020, we temporarily suspended all theatre operations in our U.S.

markets and International markets in compliance with local, state, and federal governmental restrictions and recommendations on social gatherings to prevent the spread of COVID-19 and as a precaution to help ensure the health and safety of our guests and theatre staff.

We resumed limited operations in the International markets in early June 2020 and limited operations in the U.S.

markets in late August 2020.

A COVID-19 resurgence during the fourth quarter of 2020 resulted in additional local, state, and federal governmental restrictions and many previously reopened theatres in International markets temporarily suspended operations again.

local, state, and federal governmental restrictions and temporary International market operation suspensions remained in place for much of the first quarter of 2021, but the limited seat restrictions were substantially removed and the International market operations restored by the end of the second quarter of 2021.

The North American and International industry box offices have also been significantly impacted by the COVID-19 pandemic, and in response to the suspension of theatre operations by AMC and other theatre exhibitors and the COVID-19 related suspension of new movie production, studios have postponed new film releases beyond 2021 or moved them to the home video market, streaming, or premium video on demand (“PVOD”) platforms.

As a result of the suspended operations and limited new film content in 2020, our revenues and expenses for the year ended December 31, 2021 were higher than the revenues and expenses for the year ended December 31, 2020, but continued U.S.

governmental restrictions, International market operation suspensions and limited new film content in 2021 resulted in significantly lower revenues and expenses for the year ended December 31, 2021 compared to the year ended December 31, 2019, prior to the COVID-19 pandemic.

The COVID-19 vaccines became widely available during 2021 and the number of previously delayed major movie title releases increased significantly in the second half of 2021, which had a material positive impact on our industry.

However, the COVID-19 Delta variant generated a new surge in cases in the third quarter of 2021 and the COVID-19 Omicron variant has been generating infections since late November 2021.

Overall for 2021, the industry box office remained considerably lower than the 2019 pre COVID-19 levels.

A more robust slate of major movie releases is expected during 2022, which has generated optimism that movie theatre attendance levels will continue to improve gradually as we experienced in 2021.

However, box office performance in 2022 could be impacted by the ongoing impact of COVID-19 which could lead to a return to social distancing restrictions or theatre operation suspensions, which together with direct or simultaneous release of movie titles to the home video or streaming markets in lieu of theatre exhibition, could have a material adverse impact on theatre attendance levels and our business.

● As of February 24, 2022, we were operating all of our 587 U.S.

Some of our major markets in the U.S., such as Chicago, New York City, Los Angeles, San Francisco, and Seattle require proof of vaccination for guests to be able to attend.

At the beginning of March 2022, we expect the proof of vaccination requirement will expire in Chicago and Seattle.

During the fourth quarter of 2021, we experienced an overall attendance increase in the U.S.

of approximately 35,544,000, or 737.4%, compared

to the same period a year ago, and a decline of approximately 21,955,000, or 35.2%, compared to the fourth quarter of 2019.

● As of February 24, 2022, we were operating all of our 351 International theatres, with certain countries having limited seating capacities during limited opening hours.

Spain, Italy, and Germany require proof of vaccination, or in certain locations a negative test is required, for guests to be able to attend.

During the fourth quarter of 2021, we experienced an overall attendance increase in our International theatres of approximately 16,046,000, or 490.4%, compared to the same period a year ago, and a decline of approximately 10,926,000, or 36.1%, compared to the fourth quarter of 2019.

As of December 31, 2021, we had cash and cash equivalents of approximately $1.6 billion.

The North American and International industry box offices have been significantly impacted by the COVID-19 pandemic.

The COVID-19 pandemic resulted in the suspension of new movie production, studios postponed new film releases or moved them to the home video market, streaming, or premium video on demand (“PVOD”) platforms.

The number of previously delayed major movie title releases increased significantly in the second half of 2021, however the production backlog, due to the COVID-19 pandemic, resulted in significantly fewer wide releases during 2022.

A more robust slate of major movie releases is expected during 2023, which has generated optimism that box office revenues and attendance levels will continue to improve from what we experienced in 2022.

The box office performance in 2022 was also impacted by the direct or simultaneous release of movie titles to the home video or streaming markets in lieu of theatre exhibition, however this practice has diminished and we believe will have a smaller impact on the box office performance and attendance levels of our business in 2023.

As of December 31, 2022, we had cash and cash equivalents of approximately $631.5 million.

In response to the COVID-19 pandemic, we adjusted certain elements of our business strategy and took significant steps to preserve cash.

We are continuing to take significant measures to further strengthen our financial position and enhance our operations, by eliminating non-essential costs, including reductions to our variable costs and elements of our fixed cost structure, introducing new initiatives, and optimizing our theatrical footprint.

Additionally, we enhanced liquidity through debt issuances, debt exchanges and equity sales.

See Note 8 — Corporate Borrowings and Finance Lease Obligations, Note 9 — Stockholders’ Equity, and Note 16—Subsequent Events in the Notes to the Consolidated Financial Statements under Part II, Item 8 thereof, for further information.

We believe our existing cash and cash equivalents, together with cash generated from operations, will be sufficient to fund our operations, satisfy our obligations, including cash outflows for increased rent and planned capital expenditures, and comply with minimum liquidity and financial covenant requirements under our debt covenants related to borrowings pursuant to the Senior Secured Revolving Credit Facility and Odeon Term Loan Facility for at least the next twelve months.

In order to achieve net positive operating cash flows and long-term profitability, we believe we will need to continue to increase attendance levels significantly compared to 2021 and achieve levels in line with pre COVID-19 attendance.

We believe the global re-opening of our theatres, the anticipated volume of titles available for theatrical release, and the anticipated broad appeal of many of those titles will result in increased attendance levels.

We believe that the sequential increases in attendance experienced each quarter as 2021 progressed are positive signs of continued demand for the movie going experience.

However, there remain significant risks that may negatively impact attendance, including a resurgence of COVID-19 related restrictions, potential movie-goer reluctance to attend theatres due to concerns about COVID-19 variant strains, movie studios release schedules and direct to streaming or other changing movie studio practices.

We entered the Ninth Amendment (as defined in Note 8 — Corporate Borrowings and Finance Lease Obligations in the Notes to the Consolidated Financial Statements under Part II, Item 8 thereof) pursuant to which the requisite revolving lenders party thereto agreed to extend the fixed date for the termination of the suspension period for the financial covenant (the secured leverage ratio) applicable to the Senior Secured Revolving Credit Facility (as defined in Note 8 — Corporate Borrowings and Finance Lease Obligations in the Notes to the Consolidated Financial Statements under Part II, Item 8 thereof) from March 31, 2021 to March 31, 2022, which was further extended by the Eleventh Amendment (as defined in Note 8 — Corporate Borrowings and Finance Lease Obligations in the Notes to the Consolidated Financial Statements under Part II, Item 8 thereof) from March 31, 2022 to March 31, 2023, as described, and on the terms and conditions specified, therein.

We are currently subject to minimum liquidity requirements of approximately $144 million, of which $100 million is required under the conditions for the Extended Covenant Suspension Period ending March 31, 2023, as amended, under the Senior Secured Revolving Credit Facility, and £32.5 million (approximately $44 million) of which is required under the Odeon Term Loan Facility.

Following the expiration of the Extended Covenant Suspension Period ending March 31, 2023, the Company will be subject to the financial covenant under the Senior Secured Revolving Credit Facility as of the last day of each quarter on which the aggregate principal amount of revolving loans, and letters of credit (excluding letters of credit that are cash collateralized) in excess of $25 million, outstanding under the Senior Secured Revolving Credit Facility exceeds 35% of the principal amount of commitments under the Senior Secured Revolving Credit Facility then in effect, beginning with the quarter ending June 30, 2023.

We currently expect we will be able to comply with this financial covenant, however, we do not anticipate the need to borrow under the Senior Secured Revolving Credit Facility during the next twelve months.

See Note 8 — Corporate Borrowings and Finance Lease Obligations in the Notes to the Consolidated Financial Statements under Part II, Item 8 thereof, for further information.

Our liquidity needs thereafter will depend, among other things, on the timing of movie releases and our ability to generate cash from operations.

Our cash expenditures for rent increased significantly in the second, third, and fourth quarters of 2021 as previously deferred rent payments and landlord concessions started to become current obligations.

Additionally, we enhanced liquidity through debt issuances, debt refinancing that extended maturities, purchases of debt below par value, and equity sales.

See Note 8 — Corporate Borrowings and Finance Lease Liabilities, Note 9 — Stockholders’ Equity, and Note 16—Subsequent Events in the Notes to the Consolidated Financial Statements under Part II, Item 8 thereof, for further information.

We believe our existing cash and cash equivalents, together with cash generated from operations, will be sufficient to fund our operations, satisfy our obligations, including cash outflows to repay rent amounts that were deferred during the COVID-19 pandemic and planned capital expenditures, and comply with minimum liquidity and financial covenant requirements under our debt covenants related to borrowings pursuant to the Senior Secured Revolving Credit Facility for at least the next twelve months.

In order to achieve net positive operating cash flows and long-term profitability, we believe that operating revenues will need to increase significantly from 2021 and 2022 levels to levels in line with pre-COVID-19 operating revenues.

We believe the anticipated volume of titles available for theatrical release, and the anticipated broad appeal of many of those titles will support increased operating revenues and attendance levels.

We believe that recent operating revenues and attendance levels are positive signs of continued demand for the moviegoing experience.

Total revenues for the years ended December 31, 2022, 2021, and 2020 were $3.9 billion, $2.5 billion, and $1.2 billion, respectively, compared to $5.5 billion for the year ended December 31, 2019.

For the years ended December 31, 2022, 2021, 2020, attendance was 201.0 million patrons, 128.5 million patrons, and 75.2 million patrons, respectively, compared to 356.4 million patrons for the year ended December 31, 2019.

Moreover, it is difficult to predict future operating revenues and attendance levels and there remain significant risks that may negatively impact operating revenues and attendance, including movie studios release schedules, the production and theatrical release of fewer films compared to levels before the onset of the COVID-19 pandemic, and direct-to-streaming or other changing movie studio practices.

We currently estimate that our existing cash and cash equivalents will be sufficient to comply with minimum liquidity and financial covenant requirements under our debt covenants related to borrowings pursuant to the Senior Secured Revolving Credit Facility, currently and through the next twelve months.

Pursuant to the Twelfth Amendment (as defined in Note 8—Corporate Borrowings and Finance Lease Liabilities in the Notes to the Consolidated Financial Statements under Part II, Item 8 thereof), the requisite revolving lenders party thereto agreed to extend the suspension period for the financial covenant applicable to the Senior Secured Revolving Credit Facility under the Credit Agreement (as defined in Note 8—Corporate Borrowings and Finance Lease Liabilities in the Notes to the Consolidated Financial Statements under Part II, Item 8 thereof) through March 31, 2024.

The current maturity date of the Senior Secured Revolving Credit Facility is April 22, 2024;

since the financial covenant applicable to the Senior Secured Revolving Credit Facility is tested as of the last day of any fiscal quarter for which financial statements have been (or were required to have been) delivered, the financial covenant has been effectively suspended through maturity of the Senior Secured Revolving Credit Facility.

As of December 31, 2022 we were subject to a minimum liquidity requirement of $100 million as a condition to the financial covenant suspension period under the Credit Agreement.

The 11.25% Odeon Term Loan due 2023 (“Odeon Term Loan Facility”) was to mature on August 19, 2023 during the third fiscal quarter of the Company’s next calendar year.

On October 20, 2022 we completely repaid the Odeon Term Loan Facility using existing cash and $363.0 million net proceeds from the issuance of new 12.75% Odeon Senior Secured Notes due 2027 (“Odeon Notes due 2027”).

We actively seek and expect, at any time and from time to time, to continue to seek to retire or purchase our outstanding debt through cash purchases and/or exchanges for equity (including AMC Preferred Equity Units) or debt, in open-market purchases, privately negotiated transactions or otherwise.

Such repurchases or exchanges, if any will be upon such terms and at such prices as we may determine, and will depend on prevailing market conditions, our liquidity requirements, contractual restrictions and other factors.

The amounts involved may be material and to the extent equity is used, dilutive.

During the year ended December 31, 2022, we repurchased $118.3 million aggregate principal of the Second Lien Notes due 2026 for $68.3 million and recorded a gain on extinguishment of $75.0 million in other expense (income).

These 2022 repurchases included a purchase of $15.0 million aggregate principal of the Second Lien Notes due 2026 from Antara Capital LP (“Antara”), which subsequently became a related party on February 7, 2023, for $5.9 million and a gain on extinguishment of $12.0 million.

Additionally, during the year ended December 31, 2022 we repurchased $5.3 million aggregate principal of the Senior Subordinated Notes due 2027 for $1.6 million and recorded a gain on extinguishment of $3.7 million in other expense (income).

Accrued interest of $4.5 million was paid in connection with the repurchases.

See Note 8—Corporate Borrowings and Finance Lease Liabilities in the Notes to the Consolidated Financial Statements under Part II, Item 8 thereof, for more information.

We received rent concessions provided by the lessors that aided in mitigating the economic effects of COVID-19 during the pandemic.

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As a result, deferred lease amounts were approximately $157.2 million as of December 31, 2022.

See Note 3 — Leases in the Notes to the Consolidated Financial Statements under Part II, Item 8 thereof, for a summary of the estimated future repayment terms for the deferred lease amounts due to COVID-19.

It is very difficult to estimate our liquidity requirements, future cash burn rates and future attendance levels.

Including repayments of deferred lease amounts, our cash expenditures for rent increased significantly during the year ended December 31, 2022 compared to December 31, 2021.

See Note 3—Leases in the Notes to the Consolidated Financial Statements under Part II, Item 8 in this Form 10-K for a summary of the estimated future repayment terms for the deferred lease amounts due to COVID-19, and also a summary of the estimated future repayment terms for the minimum operating lease and finance lease amounts.

It is very difficult to estimate our liquidity requirements, future cash burn rates, future operating revenues, and attendance levels.

Depending on our assumptions regarding the timing and ability to achieve significantly increased levels of operating revenue, the estimates of amounts of required liquidity vary significantly.

Similarly, it is very difficult to predict when theatre attendance levels will return to pre COVID-19 levels, which we expect will depend on the continued widespread availability and use of effective vaccines for the coronavirus, and eventual abatement of more virulent strains of the virus, related government mandates on social distancing and mask use, and the supply of movie titles for theatrical exhibition.

While our current cash burn rates have improved, these levels are not sustainable.

Further, we cannot accurately predict what future changes may occur to the supply or release date of movie titles available for theatrical exhibition once moviegoers are prepared to return in large numbers.

Nor can we know with certainty the impact on consumer movie-going behavior of studios who release movies to theatrical exhibition and their streaming platforms on the same date (“day and date”), or the potential attendance impact of other studio decisions to accelerate in-home availability of their theatrical movies.

In order to achieve net positive operating cash flows and long-term profitability, we believe that operating revenues will need to increase significantly to levels in line with pre-COVID-19 operating revenues.

Our current cash burn rates are not sustainable.

Further, we cannot accurately predict what future changes may occur to the supply or release date of movie titles available for theatrical exhibition.

Nor can we know with certainty the impact on consumer movie-going behavior of studios who release movies to theatrical exhibition and their streaming platforms on the same date, or the potential operating revenue and impact on attendance related to other studio decisions to accelerate in-home availability of their theatrical movies.

Studio negotiations regarding evolving theatrical release models and film licensing terms are ongoing.

There can be no assurance that the attendance levels and other assumptions used to estimate our liquidity requirements and future cash burn rates will be correct, and our ability to be predictive is uncertain due to the unknown magnitude and duration of the COVID-19 pandemic.

Further, there can be no assurances that we will be successful in generating the additional liquidity necessary to meet our obligations beyond twelve months from the issuance of these financial statements on terms acceptable to us or at all.

There can be no assurance that the operating revenues, attendance levels, and other assumptions used to estimate our liquidity requirements and future cash burn rates will be correct, and our ability to be predictive is uncertain due to limited ability to predict studio film release dates and success of individual titles.

Further, there can be no assurances that

we will be successful in generating the additional liquidity necessary to meet our obligations beyond twelve months from the issuance of these financial statements on terms acceptable to us or at all.

If we are unable to maintain or renegotiate our minimum liquidity covenant requirements, it could have a significant adverse effect on our business, financial condition and operating results.

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As of December 31, 2022, we owned, leased or operated 940 theatres and 10,474 screens in 12 countries, including 586 theatres with a total of 7,648 screens in the United States and 354 theatres and 2,826 screens in European markets and Saudi Arabia.

During the year ended December 31, 2020, we sold 100% of our theatre operations in Latvia and divested of 49% of our interest in Lithuania and Estonia operations.

On January 24, 2023, we sold our investment in 13 theatres and 85 screens in Saudi Arabia, see Note 16—Subsequent Events in the Notes to the Consolidated Financial Statements under Part II, Item 8 thereof, for further information.

During the year ended December 31, 2021, we sold the remaining 51% equity interest in Estonia and Lithuania.

As of December 31, 2021, we were the market leader in the United States and Europe including in Italy,

Spain, Sweden, Norway, and Finland;

and a leading theatre operator in the United Kingdom, Ireland, Portugal and Germany.

As of December 31, 2022, we were the market leader in the United States and Europe including in Italy, Sweden, Norway, and Finland;

and a leading theatre operator in the United Kingdom, Ireland, Spain, Portugal and Germany.

We have operations in four of the world’s 10 largest economies, including four of the six largest European economies (the United Kingdom, Spain, Italy and Germany) as of December 31, 2022.

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New York and Los Angeles.

As of December 31, 2021, our top five markets, in each of which we held the #1 share position, are Los Angeles, New York, Chicago, Atlanta and Philadelphia, according to data provided by Comscore.

As of December 31, 2022, our top five markets, in each of which we held the #1 share position, are Los Angeles, New York, Chicago, Atlanta and Washington, D.C., according to data provided by Comscore.

As of December 31, 2022, in the International markets, we owned, leased or operated theatres in 10 European countries and in Saudi Arabia through Saudi Cinema Company, LLC, our joint venture with Saudi Entertainment Ventures.

On January 24, 2023, we sold our investment in Saudi Cinema Company, LLC, see Note 16—Subsequent Events in the Notes to the Consolidated Financial Statements under Part II, Item 8 thereof, for further information.

In all of these 11 countries, we operate productive assets in each of the country’s capitals.

As of December 31, 2021, about a third of our international recliner renovations occurred in London, Berlin and Madrid;

three of the largest Western European Capitals.

Due to the population density in Europe as of December 31, 2019, prior to the effects of COVID-19 pandemic, each screen served on average twice the population of a U.S.

Due to the population density in Europe, prior to the effects of COVID-19 pandemic, each screen served on average twice the population of a U.S.

screen in a less populated market.

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International Markets

Saudi Arabia (2)

United Kingdom

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(1) Included in the above table are 75 theatres and 400 screens that we manage or in which we have a partial ownership interest.

markets segment, we manage or have a partial interest in seven theatres and 85 screens.

markets segment, we manage or have a partial interest in five theatres and 61 screens.

In the International markets segment, we manage or have a partial interest in 70 theatres and 339 screens.

(2) On January 24, 2023, we sold our investment in 13 theatres and 85 screens in Saudi Arabia.

See Note 16—Subsequent Events in the Notes to the Consolidated Financial Statements under Part II, Item 8 thereof, for further information.

Our theatrical exhibition revenues are generated primarily from box office admissions and theatre food and beverage sales.

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We are committed to maintaining a leadership position in the exhibition industry by focusing on forward-thinking initiatives for the benefit of our guests.

We do this through a combination of unique marketing outreach, seamless digital technology and innovative theatre amenities designed to 1) transform AMC into a world-class leader in customer engagement, 2) deliver the best in-person experience while at AMC theatres, 3) selectively adjust our footprint through expansion in certain markets and strategic closure of underperforming theatres, 4) pursue adjacent opportunities that extend the AMC brand, and 5) explore attractive acquisitions leveraging our existing capabilities and core competencies.

We do this through a combination of unique marketing outreach, seamless digital technology and innovative theatre amenities designed to 1) transform AMC into a world-class leader in customer engagement, 2) deliver the best in-person experience while at AMC theatres, 3) selectively enhance our footprint through expansion in certain markets and strategic closure of underperforming theatres, 4) pursue adjacent opportunities that extend the AMC brand, and 5) explore attractive acquisitions leveraging our existing capabilities and core competencies.

Consistent with our history and culture of innovation, we believe our vision and relentless focus on these key elements, which apply strategic and marketing components to traditional theatrical exhibition, will drive our future success.

As discussed above, the COVID-19 pandemic has had a significant impact on our business.

We have taken and continue to take steps to adapt our business strategy in the short-term in response to the COVID-19 pandemic, including adjusting our theatre operating hours in those markets where we are open to align screen availability and associated theatre operating costs with attendance levels for each theatre and implementing a comprehensive set of cleaning and operational protocols across our theatres, which are further discussed below.

We have taken and continue to take steps to adapt our business strategy in response to the COVID-19 pandemic, including adjusting our theatre operating hours in those markets where we are open to align screen availability and associated theatre operating costs with attendance levels for each theatre.

We have also taken and continue to take significant steps to preserve cash by eliminating non-essential costs.

Our capital allocation strategy will be driven by the cash generation of our business and will be contingent on maintaining adequate liquidity as well as a required return threshold.

markets, in response to the COVID-19 pandemic and under advisement of current & former faculty of Harvard University’s School of Public Health as well as the Clorox Company, we developed a comprehensive set of cleaning and operational protocols branded “AMC Safe and Clean” which have been implemented at every one of our U.S.

AMC Safe & Clean protocols include enhanced cleaning procedures that include extra time between showtimes to allow for a full, thorough cleaning and nightly disinfecting, use of high-tech high-efficiency particulate air vacuums, upgraded air filtration efforts including the use of minimum efficiency reporting value-13 filters wherever possible, hand sanitizing stations throughout the theatre and the availability to guests of disinfectant wipes.

In the International markets, in response to the COVID-19 pandemic, we developed a comprehensive set of cleaning and operational protocols branded “We Are Safer Cinema” which have been implemented across our European theatres.

Protocols include enhanced cleaning procedures and hand sanitizing stations throughout the theatre.

We strictly follow local guidelines in regard to guest and staff masking and vaccination policies.

1) Transform AMC into a World-Class Leader in Customer Engagement

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AMC Stubs ® A-List is our monthly subscription-based tier of our AMC Stubs ® loyalty program.

This program offers guests admission to movies at AMC up to three times per week, including multiple movies per day and repeat visits to already seen movies from $19.95 and $23.95 per month depending upon the geographic market.

A-List also includes premium offerings including IMAX ® , Dolby Cinema™ at AMC, RealD, Prime and other proprietary PLF brands.

This program offers guests admission to movies at AMC up to three times per week, including multiple movies per day and repeat visits to already seen movies from $19.95 to $24.95 per month depending upon the geographic market.

AMC Stubs ® A-List also includes premium offerings including IMAX ® , Dolby Cinema™ at AMC, RealD, Prime and other proprietary PLF brands.

AMC Stubs ® A-List members can book tickets online in advance and select specific seats at AMC Theatres with reserved seating.

Upon the temporary suspension of theatre operations due to the COVID-19 pandemic, all monthly A-List subscription charges were put on hold.

As we reopened theatres, A-List members had the option to reactivate their subscription, which restarted the monthly charge for the program.

As of December 31, 2021, we had more than 25,300,000 member households enrolled in AMC Stubs ® A-List, AMC Stubs Premiere™ and AMC Stubs Insider™ programs on a combined basis.

As of December 31, 2022, we had approximately 28,200,000 member households enrolled in AMC Stubs ® A-List, AMC Stubs Premiere™ and AMC Stubs Insider™ programs on a combined basis.

Our AMC Stubs ® members represented approximately 43% of AMC’s U.S.

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Our large database of identified movie-goers also provides us with additional insight into our customers’ movie preferences.

This enables us to have a larger, more personalized and targeted marketing effort.

This enables us to have an increasingly comprehensive, more personalized and targeted marketing effort.

In our International markets, we currently have loyalty programs in the major territories in which we operate.

The movie-goers can earn points for spending money at the theatre, and those points can be redeemed for tickets and concession items at a later date.

Movie-goers can earn points for spending money at the theatre, and those points can be redeemed for tickets and concession items at a later date.

We currently have more than 14,400,000 members in our various International loyalty programs.

We continue to evaluate the Odeon loyalty programs to determine how best to reward our European movie-goers and heighten guest loyalty to drive additional attendance to Odeon theatres.

Our marketing efforts are not limited to our loyalty program.

Our marketing efforts expand beyond our loyalty program.

We continue to improve our customer connections through our website and mobile apps and expand our online and movie offerings.

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circuit with the ability to order food and beverage offerings via our mobile applications while ordering tickets ahead of scheduled showtimes.

Our mobile applications also include AMC Theatres On Demand, a service for members of the AMC Stubs ® loyalty program that allows them to rent or buy movies.

In response to the COVID-19 pandemic, AMC’s robust online and mobile platforms in our U.S.

markets offer customers the safety and convenience of enhanced social distancing by allowing them to purchase tickets and concession items online, avoid the ticket line, and limit other high-touch interactions with AMC employees and other guests.

Online and mobile platforms are also available in our International markets.

In June 2021, the Company launched AMC Investor Connect (“AIC”), an innovative new communication initiative to engage directly with its sizable retail shareholder base and convert shareholders into AMC consumers.

AIC allows AMC shareholders to self-identify through the AMC website and receive AMC special offers and important Company updates.

As part of AIC, members must sign up for an AMC Stubs account and provide additional personalized data that allows AMC to more precisely engage with our investor consumers.

As part of AIC, domestic members must sign up for an AMC Stubs account, which includes providing additional personalized data that allows AMC to more precisely engage with our investor consumers.

As of February 23, 2023, there were 923,950 global self-identified AMC shareholder members of AIC, which is comprised of both registered and beneficial shareholders.

During September 2021, we launched a multi-media global advertising campaign to engage customers and raise awareness about movie theatres’ unique experiences and how important theatrical exhibition is to the cultural fabric of society the world over.

The multi-media campaign is anchored by a television commercial starring Oscar Winner Nicole Kidman, was directed by two-time Academy Award nominee Jeff Cronenweth and Tim Cronenweth, and was written by Academy Award screenwriter nominee Billy Ray.

The campaign reinforces the communal and multi-sensory experience that can only be found in a movie theatre and introduces our new axiom:

“AMC Theatres.

We Make Movies Better.” This messaging will also be used in nine European countries by Odeon Cinema Group.

During the fourth quarter of 2021, we partnered with Sony Pictures to become the first theatrical exhibition company to offer AMC Stubs members a limited number of exclusive Spider-Man:

No Way Home non-fungible tokens (“NFTs”) based on a ticket purchase and redemption of a Spider-Man ticket on the opening night of the film.

Some 86,000 exclusive and limited edition NFTs offer guests a tradeable collectible commemorating the most successful film of 2021.

This NFT is tradeable and in the future will offer discounts or other benefits to the then-current holders to generate future attendance.

We will continue to implement innovative NFT offers to further engage and build loyalty with our guests.

2) Deliver the best in-person experience while at AMC theatres

In conjunction with our advances in technology and marketing initiatives, and consistent with our long-term growth strategy, we plan to continue investing in our theatres and enhancing the consumer experience to deliver the best in-person experience and take greater advantage of incremental revenue-generating opportunities, primarily through comfort and convenience innovations, imaginative food and beverage initiatives, and exciting premium large format (“PLF”) offerings.

Our ability to implement our growth strategy, however, remains highly uncertain, as the full impact and duration of the COVID-19 pandemic continues to evolve as of the date of this Annual Report on Form 10-K.

Comfort and Convenience Innovations.

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These renovations, in conjunction with capital contributions from our landlords, involve stripping theatres to their basic structure in order to replace finishes throughout, upgrading the sight and sound experience, installing modernized points of sale and, most importantly, replacing traditional theatre seats with plush, electric recliners that allow customers to deploy a leg rest and fully recline at the push of a button.

As of December 31, 2019, prior to the COVID-19 pandemic, the quality improvement in the customer experience could drive a 33% increase in attendance, on average, at these locations in their first-year post renovation.

These increases will only continue post-COVID-19 pandemic if attendance returns to normalized pre COVID-19 levels.

Upon reopening a remodeled theatre, we typically increase the ticket price to reflect the enhanced consumer experience.

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In response, during the fourth quarter of 2021, we introduced the ability for consumers to pay for tickets, food and beverage items and associated gifts cards with cryptocurrencies in the U.S.

markets, including Bitcoin, Ethereum, Litecoin and Bitcoin Cash.

The acceptance of cryptocurrency is designed to offer guests greater flexibility and convenience, which we believe will increase attendance.

markets, including Bitcoin, Ethereum, Litecoin, Dogecoin, Ripple, ShibaInu and Bitcoin Cash.

The acceptance of cryptocurrency is designed to offer guests greater flexibility and convenience.

These transactions all settle in U.S.

We did not hold any cryptocurrency during the years ended December 31, 2022 and December 31, 2021.

Imaginative Food and Beverage Initiatives.

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Our long-term growth strategy calls for investment across a spectrum of enhanced food and beverage formats, ranging from simple, less capital-intensive food and beverage design improvements to the development of new dine-in theatre options.

As a result of the COVID-19 pandemic, we have temporarily modified our food and beverage operations to include more simplified concession menus, cashless transactions technology, hand sanitizer and disinfecting wipes, and condiment and drink refills available by request, all in an effort to reduce the number of touchpoints between guests and employees.

We have also upgraded our Coca-Cola Freestyle beverage machines to include a mobile app allowing guests to dispense drinks without the need to utilize the machine’s touch screen and we have expanded the capabilities of our online and mobile apps to include the ability to pre-order food and beverages when advanced tickets are purchased.

We have expanded the capabilities of our online and mobile apps to include the ability to pre-order food and beverages when advanced tickets are purchased.

Guests are able to order food and beverage items when buying tickets in advance and have the items ready upon arrival and available at dedicated pick-up areas or delivered to seat at select theatres.

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PLF auditoriums generate our highest customer satisfaction scores, and we believe the investment in premium formats increases the value of the movie-going experience for our guests, ultimately leading to additional ticket revenue.

To that end, we are committed to investing in and expanding our

offerings of the best sight and sound experiences through a combination of our partnerships with IMAX ® and Dolby Cinema™ and the further development of our own proprietary PLF offering, AMC Prime.

To that end, we are committed to investing in and expanding our offerings of the best sight and sound experiences through a combination of our partnerships with IMAX ® and Dolby Cinema™ and the further development of our own proprietary PLF offering, AMC Prime.

IMAX ® is one of the world’s leading entertainment technology companies, specializing in motion picture technologies and presentations.

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Each one of our IMAX ® local installations is protected by geographic exclusivity, and as of December 31, 2022, our IMAX ® screen count was 96% greater than our closest competitor.

We also operate 35 IMAX® screens in Europe.

Additionally, as of December 31, 2022, our per-screen grosses were 22% higher than our closest competition.

We also operate 35 IMAX® screens in International markets.

As part of our long-term growth strategy, we expect to continue to expand our IMAX ® relationship across the U.S.

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Dolby Cinema™ at AMC includes Dolby Vision™ laser projection and object-oriented Dolby Atmos ® audio technology, as well as AMC’s plush power reclining seats with seat transducers that vibrate with the action on screen.

As of December 31, 2021, we operated 154 Dolby Cinema™ at AMC auditoriums in the U.S.

In December 2018, we introduced the first United Kingdom Dolby Cinema Auditorium in our iconic Leicester Square theatre in the heart of London, ending 2021 with eight Dolby Cinema™ Auditoriums in the International markets.

As of December 31, 2022, we operated 156 Dolby Cinema™ at AMC auditoriums in the U.S and nine Dolby Cinema™ Auditoriums in the International markets.

We expect to expand the deployment of our innovative Dolby Cinema™ auditoriums in both our U.S.

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markets and 83 screens in the International markets.

The following table provides detail with respect to digital delivery, 3D enabled projection, large screen formats, such as IMAX ® and our proprietary Dolby Cinema™, other PLF screens, enhanced food and beverage offerings and our premium seating as deployed throughout our circuit on December 31, 2021:

The following table provides detail with respect to large screen formats, such as IMAX ® and our proprietary Dolby Cinema™, other PLF screens, enhanced food and beverage offerings and our premium seating as deployed throughout our circuit on December 31, 2022:

International Markets

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Premium seating

Laser at AMC .

We launched Laser at AMC, a broadscale initiative to upgrade the projectors at 3,500 auditoriums throughout the United States, with cutting-edge laser projectors.

The Laser at AMC experience delivered by laser projection from Cinionic provides guaranteed light levels that are at the top end of the 2D DCI specification.

The technology improves image contrast, produces more vivid colors, and maximizes brightness, compared to digital projectors with a xenon light source.

We are partnering with Cinionic, a global leader in laser-powered cinema solutions,

through their Cinema-as-a-Service program which requires minimal upfront capital investment required by AMC.

The initial agreement to install 3,500 projectors is expected to be completed by 2026.

3) Expand and Strategically Close Underperforming Theatres

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We believe that expansion offers us additional opportunities to introduce our proven guest-focused strategies to movie-goers and will generate meaningful benefits to guests, employees, studio partners and our shareholders.

During the year ended December 31, 2021, we acquired 11 theatres with 140 screens, reopened one theatre with eight screens and built and opened 10 new theatres with 82 screens to implement our strategy to install consumer experience upgrades.

Our long-term strategy also includes strategically closing underperforming theatres.

During the year ended December 31, 2021, we permanently closed 20 theatres with 166 screens for leased locations where we could not renegotiate an acceptable future rent term and also owned properties, where we are seeking to sell the real estate to monetize its value.

The following table sets forth our historical information concerning new builds (including expansions), acquisitions and dispositions (including net construction closures) and end-of-period operated theatres and screens through December 31, 2021:

The following table sets forth our historical information concerning new builds (including expansions), acquisitions and dispositions (including permanent closures of underperforming theatres and net construction closures) and end-of-period operated theatres and screens through December 31, 2022:

Permanent/Temporary

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As part of that strategy, in the fourth quarter of 2021, we announced we would be expanding our food and beverage business beyond theatrical exhibition and enter the multi-billion dollar popcorn industry with the launch of AMC Theatres Perfectly Popcorn in the U.S.

● Beginning in 2022, we will sell freshly made AMC Theatres Perfectly Popcorn at select mall retail locations around the country.

Kiosks, counters, and stores will feature real AMC movie theatre popcorn and other AMC movie theatre treats.

● Additionally, we also plan to make our AMC Theatres Perfectly Popcorn, freshly popped in nearby theatres, available through food delivery-to-home services.

● Beginning in 2023, we will offer prepackaged and ready-to-pop microwaveable AMC Theatres Perfectly Popcorn, which will become available for purchase in supermarkets and convenience stores around the country.

● Freshly popped AMC Theatres Perfectly Popcorn is available through food delivery-to-home services.

In this way, consumers will be able to enjoy a slice of the AMC experience when being entertained at home.

● We will sell “To Go” packages at our theatres of freshly popped popcorn for takeout and/or pickup.

● Also coming later in 2022, we plan to offer prepackaged and ready-to-pop microwaveable AMC Theatres Perfectly Popcorn, which will become available for purchase in supermarkets and convenience stores around the country.

● “To Go” packages at our theatres of freshly popped popcorn for takeout and/or pickup.

AMC Theatres Perfectly Popcorn is an opportunity to diversify our business and to create a new food and beverage revenue stream for the Company.

In early 2023, the Company will offer the AMC Entertainment Visa Credit Card.

Credit card holders will have the opportunity to earn additional AMC Stubs reward points when they use their AMC Entertainment Visa Credit Card at the movies and on everyday purchases.

5) Explore Attractive Acquisitions Leveraging Our Existing Capabilities and Core Competencies

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markets, holding the #1 or #2 position in 18 of those 25 markets based on box office revenue.

We are also the #1 theatre operator in Italy, Sweden, Norway, Finland, and Spain;

the #2 operator in the United Kingdom and Ireland;

the #3 operator in Portugal;

We are also the #1 theatre operator in Italy, Sweden, Norway, and Finland;

the #2 operator in the United Kingdom, Ireland, Spain, and Portugal;

and the #4 operator in Germany as of December 31, 2022.

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Our location strategy, combined with our strong major market presence, enable us to deliver industry-leading theatre-level productivity.

During the year ended December 31, 2021, eight of the 10 highest grossing theatres in the U.S.

were AMC theatres, according to data provided by Comscore.

During the year ended December 31, 2022, 8 of the 10 highest grossing theatres in the United States were AMC theatres, according to data provided by Comscore.

During the same period, AMC’s U.S.

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The North American and International industry box office have been significantly impacted by the COVID-19 pandemic.

As a result, film distributors have postponed new film theatrical releases and/or shortened or disregarded the period of theatrical exclusivity (the “window”).

As a result, film distributors have postponed new film theatrical releases and/or shortened or disregarded the period of theatrical exclusivity (the “window”) and reduced the number of theatrically released motion pictures.

Theatrical releases may continue to be postponed and windows shortened or disregarded while the box office suffers from COVID-19 impacts.

As a result of the reduction in theatrical film releases, we have licensed and exhibited a larger number of previously released films that have lower film rental

As a result of the reduction in theatrical film releases, we have licensed and exhibited a larger number of previously released films that have lower film rental terms.

We have made adjustments to theatre operating hours to align screen availability and associated theatre operating costs with attendance levels for each theatre.

As we continue our recovery from the impacts of the COVID-19 pandemic on our business, our aggregate attendance levels remain significantly behind pre-pandemic levels.

However, for the first time since 2019, substantially all of our worldwide theatres were open for the entirety of the third and fourth quarters of 2021.

During the year ended December 31, 2021, films licensed from our six largest movie studio distributors based on revenues accounted for approximately 87% of our U.S.

admissions revenues, which consisted of Sony, Disney, Universal, Warner Bros., Paramount, and Lionsgate.

As we continue our recovery from the impacts of the COVID-19 pandemic on our business, AMC’s admissions revenues and attendance levels remain significantly behind pre-pandemic levels.

Admissions revenues for the years ended December 31, 2022 and 2021 were $2.2 billion and $1.4 billion, respectively, compared to $3.3 billion for the year ended December 31, 2019.

For the years ended December 31, 2022 and 2021, attendance was 201.0 million patrons and 128.5 million patrons, respectively, compared to 356.4 million patrons for the year ended December 31, 2019.

During the year ended December 31, 2022, films licensed from our seven largest movie studio distributors based on revenues accounted for approximately 88% of our U.S.

admissions revenues, which consisted of Universal, Disney, Paramount, Warner Bros., Sony, 20th Century Studios, and Lionsgate.

In Europe, approximately 73% of our box office revenue came from films attributed to our four largest movie distributor groups;

which consisted of Universal, Disney, Sony, and Warner Bros.

which consisted of Disney, Universal, Warner Bros, and Paramount.

Our revenues attributable to individual distributors may vary significantly from year to year depending upon the commercial success of each distributor’s films in any given year.

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Our long-term growth strategy calls for investment across a spectrum of enhanced food and beverage formats, ranging from simple, less capital-intensive food and beverage menu improvements to the expansion of our Dine-In Theatre brand.

As a result of the COVID-19 pandemic, we have streamlined our concession menus to focus on our best-selling products and expanded cashless transactions technology through the deployment of mobile ordering across all brands, all in an effort to reduce the number of touchpoints between guests and employees.

We have also upgraded our Coca-Cola Freestyle beverage software to allow guests to dispense drinks without the need to utilize the machine’s touch screen using the Coca-Cola Freestyle app.

We currently operate 49 Dine-In Theatres in the U.S.

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Theatrical Exhibition Industry and Competition

In the U.S., the movie exhibition business is large, stable, and mature.

In the United States, the movie exhibition business is large and mature.

While in any given calendar quarter the quantity and quality of movies can drive volatile results, box office revenues have generally advanced from 2011 to 2019.

The industry’s best year ever, in terms of revenues, was 2018, with box office revenues of approximately $11.9 billion, an increase of approximately 7.1% from 2017, with 1.3 billion admissions in the U.S.

Due to the COVID-19 pandemic, local, state and federal governments issued stay-at-home orders and closure notices for certain businesses, including all theatres and studio production, for an extended portion of 2020.

As a result, new film content production remained nearly non-existent, and a large portion of 2020 scheduled movies were released in the home on streaming platforms or moved into 2021.

We believe it is the quality of the movie-going experience that will define future success.

Whether through enhanced food and beverage options (Food and Beverage Kiosks, Marketplaces, Coca-Cola Freestyle, MacGuffins or Dine-in Theatres), more comfort and convenience (recliner seating, open-source internet ticketing, reserved seating), engagement and loyalty (AMC Stubs ® , mobile apps, social media) or sight and sound (digital projectors, 3D, Dolby Cinema™ at AMC, other PLF screens or IMAX ® ), it is the ease of use and the amenities that these innovations bring to customers that we believe will drive sustained profitability in the years ahead.

The following table represents information about the U.S./Canada exhibition industry obtained from the National Association of Theatre Owners, with the exception of box office revenues for calendar years 2021 and 2020

obtained from Comscore.

Dolby Cinema™ at AMC, IMAX ® or other PLF screens), it is the ease of use and the amenities that these innovations bring to customers that we believe will drive sustained profitability in the years ahead.

See Management’s Discussion and Analysis of Financial Condition and Results of Operations under Part II, Item 7 thereof for information regarding our operating data:

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(in millions)

* Number of theatres and indoor screens information was not available for calendar year 2021 as of the date of this filing.

Based on information obtained from Comscore, we believe that the three largest exhibitors, in terms of U.S./Canada box office revenue (AMC, Regal Entertainment Group, and Cinemark Holdings, Inc.) generated approximately 54% of the box office revenues in 2022.

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The European market lags the U.S.

market across a number of factors, including annual spend per customer, number of IMAX ® screens and screens per capita that cause us to believe that the deployment of our customer initiatives will be successful in these markets.

market across a number of factors, including annual spend per customer, number of IMAX ® screens and screens per capita, which causes us to believe that the deployment of our customer initiatives will be successful in these markets.

On the other hand, our European markets are more densely populated and operate with fewer screens per one million of population, making the screens we acquired more valuable.

Additionally, U.S.

films generate the majority of the box office in Europe, but movie-goers in specific geographies welcome locally produced films with local actors and familiar story lines which can mitigate film genre attendance fluctuations.

films generate the majority of the box office in Europe, but movie-goers in specific geographies also welcome locally produced films with local actors and familiar story lines which can mitigate film genre attendance fluctuations.

Going forward, we believe we will see positive growth in theatre attendance as we continue to deploy our proven guest-centered innovations like recliner seating, enhanced food and beverage offerings, and premium large format experiences.

Like the U.S., the international industry box office suffered from months of theatre closures, significantly fewer new films and reopening restrictions and generated far fewer sales than 2019.

Like the United States, the international industry box office suffered from months of theatre closures, significantly fewer new films and reopening restrictions and generated far fewer sales than 2019.

The following table provides information about the exhibition industry attendance for the International markets where we operate obtained from territory industry trade sources, see Management’s Discussion and Analysis of Financial Condition and Results of Operations under Part II, Item 7 thereof for information regarding our operating data:

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Competition is often intense with respect to attracting patrons, licensing motion pictures and finding new theatre sites.

Where real estate is readily available, it is easier to open a theatre near one of our theatres, which may adversely

affect operations at our theatre.

Where real estate is readily available, it is easier to open a theatre near one of our theatres, which may adversely affect operations at our theatre.

However, in certain of our densely populated major metropolitan markets, we believe a scarcity of attractive retail real estate opportunities enhances the strategic value of our existing theatres.

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Therefore, our business is seasonal, with higher attendance and revenues generally occurring during the summer months and holiday seasons.

During the COVID-19 pandemic, and in following periods, our business and results of operations have not and may continue to not experience our historically typical patterns of seasonality.

Regulatory Environment

The distribution of motion pictures is subject to regulation under federal and state antitrust laws and has been the subject of numerous antitrust cases.

Consent decrees, resulting from one of those cases to which we were not a party, have had a material impact on the industry and us.

Those consent decrees bound certain major motion picture distributors and limited how motion pictures could be distributed.

Department of Justice recently terminated the consent decrees, subject to a two-year sunset period for certain prohibitions, including block booking and circuit dealing.

At this time, we cannot project what impact, if any, termination of the consent decrees may have on industry licensing practices.

Our theatres in the United States must comply with Title III of the Americans with Disabilities Act, or ADA.

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We believe our theatres are in material compliance with such requirements.

We own and operate theatres and other properties in the United States, United Kingdom, Spain, Italy, Germany, Portugal, Ireland, Sweden, Finland, Norway, Denmark, and Saudi Arabia, which are subject to various federal, state and local laws and regulations.

We own and operate theatres and other properties in the United States, United Kingdom, Spain, Italy, Germany, Portugal, Ireland, Sweden, Finland, Norway, and Denmark, which are subject to various federal, state and local laws and regulations.

Certain of these laws and regulations, including those relating to environmental protection, may impose joint and several liability on certain statutory classes of persons for the costs of investigation or remediation of contamination, regardless of fault or the legality of original disposal.

We believe our theatres are in material compliance with such requirements.

During the COVID-19 pandemic, our theatres have been subject to various governmental orders requiring us to take or refrain from certain activities including, but not limited to, suspending operations, reduction in seating capacities, enforcement of social distancing, establishment of enhanced cleaning protocols, restrictions on food and beverage sales, tracking the identity of guests, employee protection protocols, and limitation on operating hours.

Although the orders

have been modified frequently, we believe our theatres have maintained material compliance with such orders.

We currently cannot predict when or if COVID-19 related governmental orders will be fully terminated and whether similar orders will be utilized more frequently during future public health outbreaks.

AMC Human Capital Resources

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The pandemic has had enormous impacts on our industry, guests and associates and has resulted in material variances in our associate metrics in calendar 2022 compared to the 2019 pre-COVID-19 years.

As of December 31, 2021, we employed a total of approximately 31,198 employees, including part-time employees, consisting of approximately 3,046 full-time and approximately 28,152 part-time employees, up from an aggregate of approximately 25,019 employees, including part-time and furloughed employees, consisting of approximately 3,449 full-time and approximately 21,570 part-time employees as of December 31, 2020, and down from an aggregate of approximately 38,872 employees consisting of approximately 3,952 full-time and approximately 34,920 part-time employees as of December 31, 2019.

Despite the challenges presented by the pandemic, our associates have been instrumental in delivering AMC’s Safe & Clean program, which launched upon the reopening of our theatres in the fall of 2020.

Safe & Clean is a set of cleaning protocols and measures that we have implemented to protect the health and safety of our guests and associates.

Our new policies and procedures are advised by faculty members at Harvard School of Public Health and have been developed with the Clorox Company.

As of December 31, 2022, we employed a total of 33,694 employees, including part-time employees, consisting of 2,787 full-time and 30,907 part-time employees, up from an aggregate of 31,198 employees, including part-time and furloughed employees, consisting of 3,046 full-time and 28,152 part-time employees as of December 31,

2021, and down from an aggregate of 38,872 employees consisting of 3,952 full-time and 34,920 part-time employees as of December 31, 2019.

Talent Acquisition, Development and Retention.

Critical to our operations is the hiring, developing and retaining of employees who support our guest-focused mission in our theatres.

Critical to our operations is the hiring, developing and retaining of associates who support our guest-focused mission in our theatres.

Acquiring the right talent at speed and scale is a core capability that we regularly monitor and manage, given the need to rapidly staff our frontline operations.

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We sponsor numerous training, education and leadership development programs for associates at all levels, from hourly associates to executive officers.

These programs are designed to enhance leadership and managerial capability, ensure quality execution of our programs, drive client satisfaction and increase return on investment.

These programs are designed to enhance leadership and managerial capability, facilitate quality execution of our programs, drive guest satisfaction and increase return on investment.

Diversity , Equity and Inclusion.

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AMC has received a perfect score for 14 consecutive years on the Human Rights Campaign Foundation’s Corporate Equality Index as one of the “Best Places to Work for LGBTQ Equality”;

and for seven years running has been named one of the “Best Places to Work” for people with disabilities on the Disability Equality Index.

eight consecutive years as one of the “Best Places to Work” for people with disabilities on the Disability Equality Index;

and five consecutive years as one of Forbes “Best Employers for Diversity.”

Compensation, Benefits, Safety and Wellness.

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Available Information

We make available free of charge on our website (www.amctheatres.com) under “Investor Relations” / Financial Performance”/ “SEC Filings,” annual reports on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K, proxy materials on Schedule 14A and amendments to those reports as soon as reasonably practicable after

we electronically file or furnish such materials with the Securities and Exchange Commission.

The contents of our Internet website are not incorporated into this report.

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Chairman of the Board, Chief Executive Officer and President

Executive Vice President, Chief Financial Officer and Treasurer

Executive Vice President, U.S.

Executive Vice President, International Operations, Chief Financial Officer and Treasurer

Elizabeth Frank

Executive Vice President, Worldwide Programming and Chief Content Officer

Executive Vice President and Chief Marketing Officer

Eliot Hamlisch

Executive Vice President, Chief Marketing Officer

Executive Vice President, Chief Operations and Development Officer

Senior Vice President, General Counsel and Secretary

Senior Vice President and Chief Accounting Officer

Senior Vice President, and Chief Human Resources Officer

Senior Vice President, Domestic Development

Senior Vice President, Chief Accounting Officer

Senior Vice President, Chief Human Resources Officer

All our current executive officers hold their offices at the pleasure of our board of directors, subject to rights under their respective employment agreements in some cases.

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Goodman has served as AMC’s Executive Vice President, Chief Financial Officer and Treasurer since January 2022, Executive Vice President and Chief Financial Officer from February 2020 to January 2022, and Executive Vice President Finance from December 2019 to February 2020.

Goodman’s areas of responsibility at AMC include information technology, procurement, and international operations.

Goodman has served on the Board of Directors of Hycroft Mining, Inc.

as AMC’s representative since April 2022.

Prior to joining AMC, Mr.

Goodman was the Chief Financial Officer of Asbury Automotive Group, Inc.

(“ABG”) from July 2017 to November 2019.

Before to joining ABG, Mr.

Goodman served as the Chief Financial Officer of Unifi, Inc.

between January 2016 to June 2017.

Goodman also served as the Chief Financial Officer Americas for Landis+Gyr, AG., from April 2011 to January 2016.

from July 2017 to November 2019.

Earlier in his career, Mr.

Goodman served in various roles with increasing responsibility at The Home Depot, Inc., from February 2006 to April 2011.

Goodman held Chief Financial Officer roles at Unifi, Inc.

and Landis+Gyr, AG.

In addition, Mr.

Goodman served in various strategy and finance roles with increasing responsibility at The Home Depot, Inc.

Goodman began his career as an investment banker with Morgan Stanley, Inc.

and in various consulting and accounting positions with Deloitte LLP.

Goodman is a certified public accountant and has a Masters Degree in Business Administration from The Harvard Business School and a Bachelor of Business Science Degree (with honors) from the University of Cape Town in South Africa.

McDonald has served as Executive Vice President, U.S.

Operations of AMC since July 2009.

Prior to July 2009, Mr.

McDonald served as Executive Vice President, U.S.

and Canada Operations effective October 1998.

McDonald served as Senior Vice President, Corporate Operations from November 1995 to October 1998.

McDonald is a member of the National Association of Theatre Owners Advisory board of directors, Chairman of the Technology Committee for the National Association of Theatre Owners, and member of the board of directors for Digital Cinema Distribution Coalition, LLC.

McDonald has successfully managed the integration for the Gulf States, General Cinema, Loews, Kerasotes, and Carmike mergers and acquisitions.

McDonald attended California State Polytechnic University where he studied economics and history.

Goodman has a Master’s of Business Administration degree from The Harvard Business School and a Bachelor of Business Science Degree (with honors) from the University of Cape Town in South Africa.

Goodman is also a certified public accountant.

Elizabeth Frank has served as Executive Vice President, Worldwide Programming and Chief Content Officer for AMC since July 2012.

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Frank was a partner at McKinsey & Company for nine years.

Frank holds a Bachelor of Business Administration degree from Lehigh University and a Masters of Business Administration from Harvard University.

Colanero has served as Executive Vice President and Chief Marketing Officer of AMC since December 2009.

Frank holds a Bachelor of Business Administration degree from Lehigh University and a Master’s of Business Administration from The Harvard Business School.

Eliot Hamlisch has served as Executive Vice President, Chief Marketing Officer of AMC since March 2022.

Prior to joining AMC, Mr.

Colanero served as Vice President of Marketing for RadioShack Corporation from April 2008 to December 2009.

Colanero also served as Senior Vice President of Retail Marketing for Washington Mutual Inc.

from February 2006 to August 2007 and as Senior Vice President, Strategic Marketing for Blockbuster Inc.

from November 1994 to January 2006.

Colanero holds a B.S.

degree in Accounting from Villanova University and a M.B.A.

in Marketing and Strategic Management from The Wharton School at the University of Pennsylvania.

Hamlisch was an officer at Wyndham Hotels & Resorts where he served as Executive Vice President Loyalty & Revenue Optimization from 2020 until 2022 and Senior Vice President Global Loyalty & Partnerships from 2017 until 2020.

Prior to joining Wyndham, Mr.

Hamlisch held several strategic planning, business development and customer engagement positions with Starwood Hotels & Resorts, Deloitte Consulting and American Express.

Hamlisch has a Bachelor of Arts from Harvard University and a Master’s of Business Administration from The Harvard Business School.

Daniel Ellis has served as the Executive Vice President, Chief Operations and Development Officer since March 2022.

From March 2020 to March 2022, he served as Senior Vice President Development & International.

From December 21, 2016 to March 2020, he served as Senior Vice President, Domestic Development.

From August 2011 until December 2016, Mr.

Ellis was Senior Vice President, General Counsel and Secretary of Carmike Cinemas, Inc.

From 1999 until 2011, Mr.

Ellis served in several roles with Lodgian, Inc., including as President, Chief Executive Officer, and a member of the Board of Directors from 2009 through 2010 and Senior Vice-President, General Counsel and Secretary from 2002 through 2009.

Prior to joining Lodgian, Mr.

Ellis was engaged in private law practice and also served as an Assistant District Attorney for the State of Georgia.

Ellis holds a Bachelor of Business Administration from Georgia Southern University, a Master’s of Business Administration from Mercer University, and a Juris Doctorate degree from the University of Mississippi.

Connor has served as Senior Vice President, General Counsel and Secretary of AMC since April 2003.

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from October 1995.

Connor holds a Bachelor of Arts degree in English and History from Vanderbilt University, a Juris Doctorate degree from the University of Kansas School of Law and LLM in Taxation from the University of Missouri-Kansas City.

Cox has served as Senior Vice President and Chief Accounting Officer of AMC since June 2010.

Connor holds a Bachelor of Arts degree in English and History from Vanderbilt University, a

Juris Doctorate degree from the University of Kansas School of Law and LLM in Taxation from the University of Missouri-Kansas City.

Cox has served as Senior Vice President, Chief Accounting Officer of AMC since June 2010.

Prior thereto Mr.

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from The Pennsylvania State University.

Daniel Ellis has served as the Senior Vice President Development & International since March 2020.

From December 21, 2016 to March 2020, he served as Senior Vice President, Domestic Development.

From August 2011 until December 2016, Mr.

Ellis was Senior Vice President, General Counsel and Secretary of Carmike Cinemas, Inc.

From 1999 until 2011, Mr.

Prior to joining Lodgian, Mr.

Ellis was engaged in private law practice and also served as an Assistant District Attorney for the State of Georgia.

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-K

Item 1. Business