What changed in this filing

/stocks — the workspaceLOADING

Item 1. Business

2025-02-26 compared with 2024-02-28 · 99 added, 121 removed, 350 unchanged (39% of the section changed)

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We maintain our principal executive offices at One AMC Way, 11500 Ash Street, Leawood, Kansas 66211.

At December 31, 2023, we had cash and cash equivalents of approximately $884.3 million.

Additionally, we continued to lower our future interest expense through purchases of debt below par value and debt exchanges for equity and enhanced liquidity through equity issuances.

See Note 8 — Corporate Borrowings and Finance Lease Liabilities, Note 9 — Stockholders’ Deficit, 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 and satisfy our obligations currently and through the next twelve months.

We are subject to a minimum liquidity requirement of $100.0 million as a condition to the financial covenant suspension period 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).

We believe we will comply with the minimum liquidity requirement through the current maturity date of the Senior Secured Revolving Credit Facility on April 22, 2024.

We currently do not expect to extend such maturity or replace the Senior Secured Revolving Credit Facility upon maturity, although we may seek to replace it in the future.

Our cash burn rates are not sustainable long-term.

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

North America box office grosses were down approximately 21% for the year ended December 31, 2023, compared to the year ended December 31, 2019.

Until such time as we are able to achieve positive operating cash flow, it is 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 levels of operating revenue, the estimates of amounts of required liquidity vary significantly.

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 the ability to be predictive is uncertain due to limited ability to predict studio film release dates, the overall production and theatrical release levels, and success of individual titles.

Additionally, the effects of labor stoppages, including but not limited to the Writers Guild of America strike and the Screen Actors Guild–American Federation of Television and Radio Artists strike that occurred during 2023, cannot be reasonably estimated and are expected to have a negative impact in 2024 on the future film slate for exhibition, our future liquidity and cash burn rates.

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 this Annual Report on terms acceptable to us or at all.

We 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 or debt, in open-market purchases, privately negotiated transactions or otherwise.

As of December 31, 2024, we had cash and cash equivalents of approximately $632.3 million.

We took action to lower the future interest expense of our fixed-rate debt through debt buybacks and exchanges for equity and enhanced liquidity through equity issuances.

We expect to, from time to time, continue to seek to retire or purchase our outstanding debt through cash purchases and/or exchanges for equity 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.

On December 22, 2022, we entered into a forward purchase agreement (the “Forward Purchase Agreement”) with Antara Capital LP (“Antara”) pursuant to which we agreed to (i) sell to Antara 10,659,511 AMC Preferred Equity

Units for an aggregate purchase price of $75.1 million and (ii) simultaneously purchase from Antara $100.0 million aggregate principal amount of our 10%/12% Cash/PIK Toggle Second Lien Notes due 2026 in exchange for 9,102,619 AMC Preferred Equity Units.

On February 7, 2023, we issued 19,762,130 AMC Preferred Equity Units to Antara in exchange for $75.1 million in cash and $100.0 million aggregate principal amount of our 10%/12% Cash/PIK Toggle Second Lien Notes due 2026.

We recorded $193.7 million to stockholders’ deficit as a result of the transaction.

We paid $1.4 million of accrued interest in cash upon exchange of the notes.

See Note 9—Stockholders’ Deficit for more information.

The below table summarizes the cash debt repurchase transactions during the year ended December 31, 2023, including related party transactions with Antara, which was a related party from February 7, 2023 to August 25, 2023.

These transactions were executed at terms equivalent to an arms-length transaction.

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.

Aggregate Principal

Reacquisition

Accrued Interest

(In millions)

Extinguishment

Related party transactions:

Second Lien Notes due 2026

5.875% Senior Subordinated Notes due 2026

Total related party transactions

Non-related party transactions:

Second Lien Notes due 2026

Total non-related party transactions

Total debt repurchases

The below table summarizes various debt for equity exchange transactions that occurred during the year ended December 31, 2023.

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

Aggregate Principal

Accrued Interest

(In millions, except for share data)

Extinguishment

Second Lien Notes due 2026

During the year ended December 31, 2023, the Company raised gross proceeds of approximately $790.0 million and paid fees to sales agents and incurred other third-party issuance costs of approximately $19.8 million and $9.9 million, respectively, through its at-the-market offering of approximately 88.0 million shares of its Common Stock and 7.1 million of its AMC Preferred Equity Units.

The Company paid $12.6 million of other third-party issuance costs during the year ended December 31, 2023.

See Note 9—Stockholders’ Deficit for further information regarding the at-the-market offerings.

Please see Item 7 — Management’s Discussion and Analysis of Financial Condition and Results of Operations of Part II thereof for additional information.

Refinancing Transactions

On July 22, 2024, we completed a series of refinancing transactions (the “Refinancing Transactions”) with two creditor groups to refinance and extend to 2029 and 2030 the maturities of approximately $1.6 billion of our debt previously maturing in 2026.

During the third quarter of 2024 we completed follow-on open market repurchases of our existing senior secured term loans maturing 2026 (the “Existing Term Loans”), and in exchange, issued to such selling holders our New Term Loans (as defined herein) pursuant to the New Term Loan Credit Agreement (as defined herein) of approximately $793.0 million.

As of December 31, 2024, we completed open market purchases of $1,895.0 million aggregate principal amount of our Existing Term Loans and issued $2,024.3 million aggregate principal amount of the New Term Loans.

Accordingly, as of such date, the Company had no remaining aggregate principal amount of Existing Term Loans outstanding and the loan documents relating to the Existing Term Loans were terminated.

Please see Item 7 — Management’s Discussion and Analysis of Financial Condition and Results of Operations and Note 8 — Corporate Borrowings and Finance Lease Liabilities in the Notes to the Consolidated Financial Statements under Part II, Item 8 of this Form 10-K for additional information.

Narrative Description of Business

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As of December 31, 2024, we owned, leased or operated 871 theatres and 9,798 screens in 11 countries, including 544 theatres with a total of 7,185 screens in the United States and 327 theatres and 2,613 screens in European markets.

On January 24, 2023, we sold our investment in 13 theatres and 85 screens in Saudi Arabia, see Note 6—Investments in the Notes to the Consolidated Financial Statements under Part II, Item 8 thereof, for further information.

We have productive assets in each of the capital cities and most densely populated areas of the countries in which we operate.

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We operate some of the most productive theatres in the top markets in the United States and were the market leader in the top two markets for the year ended December 31, 2024:

New York and Los Angeles.

Los Angeles and New York.

During 2024, our top five markets, in each of which we held the #1 share position, were New York, Los Angeles, Chicago, Atlanta, and Philadelphia, according to data provided by Comscore.

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Massachusetts

New Hampshire

North Carolina

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

We offer consumers a broad range of entertainment alternatives including traditional film programming, private theatre rentals, independent and foreign films, performing arts, music and sports.

We offer consumers a broad range of entertainment alternatives including traditional film programming,

private theatre rentals, independent and foreign films, performing arts, music and sports.

We also offer food and beverage alternatives beyond traditional concession items, including collectible concession vessels, made-to-order meals, customized coffee, healthy snacks, beer, wine, premium cocktails, and dine-in theatre options.

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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 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.

We do this through a combination of unique marketing outreach, seamless digital technology and innovative theatre amenities designed for us to 1) be 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 attractive markets, investments in Premium Large Format (“PLF”) screens, 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.

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

1) Be a World-Class Leader in Customer Engagement

We engage movie-goers through advances in technology and marketing activities to strengthen the bonds with our current guests and create new connections with potential customers that drive both growth and loyalty.

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AMC Stubs ® A-List (“A-List”) is our monthly subscription-based tier of our 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 movies from $19.95 to $24.95 per month depending upon the geographic market.

A-List also includes premium offerings including IMAX ® , Dolby Cinema™ at AMC, RealD, Prime and other proprietary Premium Large Format (“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 movies.

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

A-List members can book tickets online in advance with reserved seating at AMC Theatres for no additional cost.

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

On January 1, 2025, we introduced a new Stubs tier—AMC Stubs ® Premiere GO!

(“Premiere GO!

membership is earned by existing Insider members by visiting a certain number of times or earning a certain number of points within a calendar year.

allows members to earn additional points and other exclusive benefits.

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

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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.

We upgraded our mobile applications across the U.S.

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

We continue to improve our customer connections through our website and mobile apps.

Our mobile applications across the U.S.

circuit offer the ability to order food and beverage while ordering tickets ahead of scheduled showtimes.

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.

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markets and 226 theatres in our International markets.

Below is a summary of our recliner seating, Dine-In Theatres, and alcohol amenities by reportable segment as of December 31, 2023.

International Markets

Recliner screens operated

Recliner theatres operated

Dine-In screens operated

Dine-In theatres operated

Number of theatres offering alcohol

Exciting Premium Large Format Offerings .

Expand Movie Themed Merchandise Offerings.

We offer our guests the opportunity to purchase collectible concession vessels associated with films released throughout the year.

These unique items drive movie-goers to our theatres and increase consumer engagement.

We continue to look for opportunities to further expand our collectible concession vessel offerings and other movie themed retail merchandise offerings.

Exciting Premium Large Format and Extra Large Screen Offerings .

PLF auditoriums generate our highest customer satisfaction scores, and we believe the investment in PLFs 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 offerings.

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

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● In-house PLF Brands.

We also offer our private label PLF experience at many of our locations, with superior sight and sound technology and enhanced seating as contrasted with our traditional auditoriums.

These proprietary PLF auditoriums offer an enhanced theatrical experience for movie-goers beyond our current core theatres, at a lower price premium than IMAX ® or Dolby Cinema™.

Therefore, it may be especially relevant in smaller or more price-sensitive markets.

As of December 31, 2023, we operated 57 screens under proprietary PLF brand names in the U.S.

We also offer our private label PLF experience at many of our locations, with superior sight and sound technology and enhanced seating.

These PLF auditoriums offer an enhanced theatrical experience for movie-goers beyond our current core theatres, at a lower price premium than IMAX ® or Dolby Cinema™.

Therefore, they may be especially relevant in smaller or more price-sensitive markets.

As of December 31, 2024, we operated 60 screens under in-house PLF brand names in the U.S.

markets and 82 screens in the International markets.

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, 2023 and December 31, 2022:

● Extra Large (“XL”) Screens.

In addition to PLF offerings, we also offer screens that are at least 40-feet wide and include 4K laser projection.

The following table provides detail with respect to Premium Large Format screens (IMAX ® , Dolby Cinema™, in-house), XL screens, premium seating, and our enhanced food and beverage offerings as deployed throughout our circuit on December 31, 2024 and December 31, 2023:

International Markets

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Laser at AMC .

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

The Laser at AMC experience delivered by laser projection from Cinionic, a global leader in laser-powered cinema solutions, 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 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, with 1,325 installations completed as of December 31, 2023.

We launched Laser at AMC, a broadscale initiative to upgrade the projectors in at least 3,500 auditoriums throughout the U.S., with cutting-edge laser projectors.

The Laser at AMC experience delivered by laser projection from Barco, a global leader in laser-powered cinema solutions, provides guaranteed light levels that are at the top end of the 2D DCI specification.

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

We are partnering with Barco through their Cinema-as-a-Service program which requires minimal upfront capital investment by AMC.

The initial agreement to

install 3,500 projectors is expected to be completed by 2026, with 2,125 installations completed as of December 31, 2024.

During 2024, we also started deploying laser projectors across our international markets with 40 projectors installed outside of the US Markets as of December 31, 2024.

We expect to continue to increase our laser projector installations internationally in the coming years.

3) Performance-Based Expansion and Strategic Closure of Theatres

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Permanent/Temporary

(Closures), net

(Closures)/Openings,

Total Theatres

Calendar Year

Beginning balance

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We plan to pursue opportunities that capitalize on our attractive customer base, our leading brand, our 100+ years of food and beverage expertise, and technology capabilities.

As part of that strategy, we have expanded 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.

As part of that strategy, we have expanded our food and beverage business beyond theatrical exhibition and entered the multi-billion dollar popcorn industry with the launch of AMC Theatres Perfectly Popcorn in the U.S.

● During 2023, we began offering ready-to-eat and microwaveable AMC Theatres Perfectly Popcorn products that are available or will be available for purchase in well-known grocery stores around the country or on-line via Amazon.com.

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

During 2023, we launched the AMC Entertainment Visa Card – the only co-branded movie theatre credit card in the United States.

AMC Entertainment Visa Card cardholders earn Stubs rewards points with every purchase and extra points when making purchases at an AMC theatre.

During 2024, we rolled out AMC Cinema Sweets TM , our line of premium gourmet candy.

AMC Cinema Sweets are available to moviegoers at AMC concession stands throughout the United States.

We made our inaugural foray into theatrical distribution in 2023 when we, along with our sub-distribution partners, served as the theatrical distributor for two theatrical releases:

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A FILM BY BEYONCÉ .

We have the potential to capitalize on new theatrical distribution opportunities

in the future which would lead to additional theatrical distribution revenue and increased admissions market share for the films we distribute.

During 2024, we distributed USHER:

RENDEZVOUS IN PARIS and BILLIE EILISH:

HIT ME HARD AND SOFT , an album listening experience.

We have the potential to capitalize on new

theatrical distribution opportunities in the future which would lead to additional theatrical distribution revenue and increased admissions revenue.

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

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This program offers guests admission to movies at AMC up to three times per week, including multiple movies per day and repeat visits to movies.

from $19.95 to $24.95 depending on geographical market.

We also offer Stubs members “Discount Tuesday”, a reduced price for movie attendance on Tuesdays.

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During the year ended December 31, 2024, films licensed from our seven largest movie studio distributors based on revenues accounted for approximately 84% of our U.S.

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

In Europe, approximately 78% of our box office revenue came from films attributed to our five largest movie distributor groups, which consisted of Universal, Warner Bros., Disney, Sony, and Paramount.

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

In Europe, approximately 74% of our box office revenue came from films attributed to our five largest movie distributor groups, which consisted of Disney, Warner Bros., Universal, Sony, 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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A FILM BY BEYONCÉ.

The distribution business is a new source of revenue that we have the potential to capitalize on in the future.

During 2024, we distributed USHER:

RENDEZVOUS IN PARIS and BILLIE EILISH:

HIT ME HARD AND SOFT, an album listening experience.

The distribution business is a newer source of revenue.

Food and Beverage.

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markets and 226 theatres in our International markets and continue to explore expansion globally.

During 2023 we began offering ready-to-eat and microwaveable AMC Theatres Perfectly Popcorn products that are available or will be available for purchase in well-known grocery stores around the country or on-line via Amazon.com

During 2023, we began offering ready-to-eat and microwaveable AMC Theatres Perfectly Popcorn products that are available for purchase in well-known grocery stores around the country or on-line via Amazon.com.

During 2024, we rolled out AMC Cinema Sweets TM , our line of premium gourmet candy.

AMC Cinema Sweets are available to moviegoers at AMC concession stands throughout the United States.

Theatrical Exhibition Industry and Competition

In the U.S., the movie exhibition business is large and mature, however, the number of total screens in the U.S.

has declined since the onset of the COVID-19 pandemic.

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

We believe it is the quality of the movie-going experience that will define our 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 AMC Investor Connect) or sight and sound (digital and laser projection, 3D, 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 help drive sustained profitability in the years ahead.

Preliminary estimates indicate that North American box office revenues were approximately $8.7 billion for 2024, down approximately 3% compared with 2023.

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 2023, 2022, and 2021 obtained from Comscore.

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:

See Management’s Discussion and Analysis of Financial Condition and Results of Operations under Part II, Item 7 of this Form 10-K for information regarding our operating data:

Calendar Year

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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.

Additionally, our European markets are more densely populated and operate with fewer screens per one million of population, making the screens more valuable.

Additionally, our European markets are more densely populated and operate with fewer screens per one million people, making the screens more valuable.

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.

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:

see Management’s Discussion and Analysis of Financial Condition and Results of Operations under Part II, Item 7 of this Form 10-K for information regarding our operating data:

Calendar Year

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

Additionally, there are multiple sustainability and ESG (Environmental, Social, and Governance) disclosure regulations taking effect in the next several years in the United States and Europe, including the California Climate Accountability Package, the Corporate Sustainability Reporting Directive, and numerous city, county, and state regulations covering commercial building energy usage and emissions.

Human Capital Resources

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They uphold AMC’s mission of focusing on the guest experience where excellent customer service is complemented with amazing food and beverage, comfort, and premium sight and sound.

As of December 31, 2023, we employed a total of 33,812 associates consisting of 2,881 full-time and 30,931 part-time associates, up from a total of 33,694 associates consisting of 2,787 full-time and 30,907 part-time associates as of December 31, 2022.

As of December 31, 2024, we employed a total of 33,382 associates consisting of 2,915 full-time and 30,467 part-time associates, down from a total of 33,812 associates consisting of 2,881 full-time and 30,931 part-time associates as of December 31, 2023.

Among our 33,382 associates, we employed 23,764 in the United States and 9,618 in our International markets.

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Programs like our Leadership Academy (AMC) and Incredible Leadership (Odeon) are designed to upskill and enhance managerial capability, facilitate quality execution of our business initiatives, drive guest satisfaction, and increase return on investment.

Furthermore, our trainings include compulsory

modules that meet regulatory requirements, policy enforcement and best practices to adhere to employment laws, practical tactics for safety and security, and compliance with anti-corruption regulations.

Furthermore, our trainings include compulsory modules that meet regulatory requirements, policy enforcement and best practices to adhere to employment laws, practical tactics for safety and security, and compliance with anti-corruption regulations.

Our measures to maintain a holistic view of the associate experience support the needs of our associates through engagement opportunities, including recognition programs and events.

Diversity , Equity and Inclusion (“DEI”) .

Belonging is fundamental to our culture and key to our success.

AMC’s efforts around DEI help us maintain a global workforce as diverse as the guests we serve and the movies we show on our screens.

We provide a multi-channel approach to building awareness and training to reinforce an inclusive workplace through continuous learning opportunities.

AMC has five DEI councils that are most representative of the largest diverse communities in our workforce:

Women (42%), Latinx (27%), African American (19%), Asian American & Pacific Islander (4%), and LGBTQ+ (an emerging number).

By appointing AMC officers to serve as Executive Sponsors, we ensure these efforts are championed at the highest levels of the Company, which has resulted in improved openness and reinforced the importance of all types of diversity in delivering our business outcomes.

Our culture is strengthened as we embrace our diversity and lead with fairness and impartiality to create a more inclusive workplace.

Belonging for All.

Belonging for All is a core cultural value and key driver to our success.

AMC’s commitment to fostering Belonging for All enables us to maintain a global workforce as diverse as the guests we serve and the movies we show on our screens.

Through a multi-channel approach, we promote cultural humility and provide continuous learning opportunities that directly contribute to business performance.

AMC is guided by six advisory councils, which help shape a workplace where all employees are encouraged to bring their authentic selves to work and contribute to our success.

By appointing officers as Executive Sponsors of these councils, we ensure senior leadership and accountability.

This approach has enhanced openness, reinforced the value of diversity, and strengthened our business outcomes.

Our culture thrives as we embrace diversity and lead with fairness, creating a more inclusive workplace for all.

Additionally, our work has been recognized externally:

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10 consecutive years as one of the Best Places to Work for people with disabilities through the Disability Equality Index;

named one of Forbes Best Employers for Diversity from 2018-2022, and most recently recognized by Newsweek as one of America’s Greatest Workplaces for Diversity , America’s Greatest Workplaces for LGBTQ+ , America’s Greatest Workplaces for Job Starters , and America’s Greatest Workplaces for Parents & Families .

named one of Forbes Best Employers for Diversity from 2018-2022 and Best Employers for Women in 2024 , recognized by Newsweek in 2023 as one of America’s Greatest Workplaces for Diversity , America’s Greatest Workplaces for LGBTQ+ , America’s Greatest Workplaces for Job Starters , and America’s Greatest Workplaces for Parents & Families , and most recently by Time Magazine’s America’s Best Companies 2024 in the Mid-Size category, Certified Great Place to Work 2025/2025 and as a 50/50 Women on Boards.

Odeon has 9 advisory forums in total across Europe.

The forums cover all belonging facets including gender, ethnicity, disability, wellbeing and socio-economic status.

Odeon’s Culture and Development Team was named EDI Team of the Year at the Inaugural Inclusion Awards, powered by WiHTL & DiR.

Compensation, Benefits, Safety and Wellness.

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

Elizabeth Frank

Executive Vice President, Worldwide Programming and Chief Content Officer

Executive Vice President, Chief Operations and Development Officer

Nikkole Denson-Randolph

Senior Vice President, U.S.

Chief Content Officer

Ellen Copaken

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Senior Vice President, Chief Human Resources Officer

Connor will be leaving the Company as of March 13, 2025.

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 was the Chief Financial Officer of Fortune 500 retailer Asbury Automotive Group, Inc..

from July 2017 to November 2019.

Earlier in his career, Mr.

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Goodman is a certified public accountant.

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

Between August 2010 and July 2012, Ms.

Frank served as Senior Vice President, Strategy and Strategic Partnerships.

From 2006 to 2010, Ms.

Frank served as Senior Vice President of Global Programs for AmeriCares.

From 2003 to 2006, Ms.

Frank served as Vice President of Corporate Strategic Planning for Time Warner Inc.

Prior to Time Warner Inc., Ms.

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

Frank holds a Bachelor of Business Administration degree from Lehigh 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.

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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.

Nikkole Denson-Randolph has served as AMC's Senior Vice President, U.S.

Chief Content Officer since February 2025, overseeing AMC’s U.S.

film programming, content acquisition, and movie strategy initiatives, along with AMC’s studio and creative community relationships.

Prior to her current position, Ms.

Denson-Randolph served as AMC’s Senior Vice President of Content Strategy & Inclusive Programming from 2020 to 2025, Vice President of Content Strategy & Inclusive Programming from 2018 to 2020, and Vice President, Alternative & Special Content from 2009 until 2018.

Before joining AMC, Ms.

Denson-Randolph served as the Director of Business Development for Starbucks Coffee Company’s entertainment group from 2004 to 2009.

Denson-Randolph also previously served as President of Magic Johnson Entertainment and Vice President of Magic Johnson Enterprises.

She earned her Bachelor of Arts from the University of California at Davis.

In 1995, she obtained a Doctor of Jurisprudence from The University of San Francisco and has been a member of the California State Bar since 1996.

Ellen Copaken has served as Senior Vice President, Marketing of AMC since August 2023.

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

It has been announced that he will leave the Company on March 13, 2025.

Prior to April 2003, Mr.

22 unchanged sentences

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