AMC 電影院 (AMC) 2019Q2電話會議重點和逐字稿 - 財報狗 (2024)

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  • Operator

  • Greetings, and welcome to the AMC Entertainment Second Quarter 2019 Earnings Conference Call.

  • (Operator Instructions) As a reminder, this conference is being recorded.

  • It is now my pleasure to introduce your host, John Merriwether, Vice President, Investor Relations.

  • Please go ahead.

  • John C. Merriwether - VP of IR

  • Thank you, Sachi.

  • Good morning.

  • I'd like to welcome everyone to AMC's second quarter 2019 earnings conference call.

  • With me this morning is Adam Aron, our Chief Executive Officer and President; and Craig Ramsey, our Executive Vice President and Chief Financial Officer.

  • Before I turn the call over to Adam, let me remind everyone that some of the comments made by management during this conference call may contain forward-looking statements, which are based on management's current expectations.

  • Numerous risks, uncertainties and other factors may cause actual the results to differ materially from those that might be expressed today.

  • Many of these risks and uncertainties are discussed in our public filings, including our most recently filed 10-K and 10-Q.

  • Several of the factors that will determine the company's future results are beyond the ability of the company to control or predict.

  • In light of the uncertainties inherent in any forward-looking statements, listeners are cautioned to not place undue reliance on these statements.

  • The company undertakes no obligation to revise or update any forward-looking statements, whether as a result of new information or future events.

  • On this call, we may reference measures such as adjusted EBITDA, adjusted free cash flow and constant currency, which are non-GAAP financial measures.

  • For a full reconciliation of our non-GAAP measures to GAAP results, please see our earnings release issued earlier this morning.

  • In conjunction with our earnings release, we encourage you to review the supplemental financial information for the 2019 second quarter, that we published this morning on our website in tandem with the earnings release.

  • After our prepared remarks, there will be a question-and-answer session.

  • This morning's call is being recorded, and a webcast replay will be available in the Investor Relations section of our website at amctheatres.com later today.

  • With that, I'll turn the call over to Adam.

  • Adam M. Aron - President, CEO & Director

  • Thank you, John.

  • Good morning, everybody.

  • Thank you for joining us this morning for a review of AMC's results for the second quarter of 2019 and a progress update on several key initiatives in support of achieving the product, customer engagement and financial targets we laid out for you at our Investor and Analyst Day in April of 2019.

  • The second quarter of 2019 was a superb one for AMC.

  • We posted strong, above-consensus results for the quarter.

  • And later during this call today, I'll be announcing new positive actions looking forward that you may not be expecting, and of which we are quite proud.

  • Let's start with a look at the industry's impressive performance in the second quarter and AMC's outperformance well ahead of the pack over the same period.

  • The domestic industry box office for the second quarter of 2019 came in, as you know, at $3.2 billion, which was 34.2% higher than Q1 of 2019.

  • Reading all the articles from journalists who continually seem to be obsessed by how streaming concepts can or cannot coexist with brick-and-mortar movie theaters, it would be easy to miss that not only was 2018 a record year for AMC and a record year for moviegoing generally, but also that Q2 of 2019 represents the second largest quarter for domestic movie theater revenues of all time.

  • Let me say that again.

  • Over the 400 calendar quarters over the last 100 years, the domestic industry box office for Q2 of 2019 was the second best quarter ever.

  • Not the second best Q2, the second best quarter of all of them.

  • Admittedly, this year's second quarter industry revenue performance was 3.7% shy of last year's Q2, but remember that, that quarter, Q2 of 2018, was itself up 23% over Q2 of the year prior, and was the single highest quarter in cinema history.

  • Indeed, the domestic industry box office in Q2 of 2019 was fully 19% higher than that of Q2 2017 and fully 15% higher than that of Q2 2016.

AMC 電影院 (AMC) 2019Q2電話會議重點和逐字稿 - 財報狗 (1)

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AMC 電影院 (AMC) 2019Q2電話會議重點和逐字稿 - 財報狗 (2024)

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