3rd Quarter Earnings Release

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John Merriwether, 866-248-3872

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FOR IMMEDIATE RELEASE

AMC Entertainment Holdings, Inc. Reports

Third Quarter 2021 Results

LEAWOOD, KANSAS - (November 8, 2021) -- AMC Entertainment Holdings, Inc. (NYSE: AMC) ("AMC" or "the Company"), today reported results for the third quarter ended September 30, 2021.

Third Quarter Summary

As of September 30, 2021, AMC operated 596 domestic theatres representing essentially 100% of its domestic theatres and 351 international theatres representing approximately 99% of its international theatres. Substantially all of the Company's theatres were open for the entirety of the third quarter.

Adam Aron, Chairman and CEO of AMC Entertainment commented, "For the first time since the fourth quarter of 2019, substantially all of our worldwide theatres were open for the entirety of a calendar quarter. Thanks to an increasingly appealing film slate, rising COVID-19 vaccination counts, our commitment to robust health and safety protocols and our own greatly increased marketing activity, AMC's theatres in the U.S., Europe and the Middle East safely welcomed back 40 million guests during the third quarter of 2021. These guests generated significant revenue per patron growth, which when combined with our cost control efforts, generated financial results that were well ahead of market expectations. More important than beating expectations, however, is the significant progress AMC has been making with those financial results. Admission tickets sold, consolidated revenues and net income in the third quarter of 2021 all show marked improvement over Q2 of 2021 and the prior year period. And our Net Loss and Adjusted EBITDA for the most recent quarter saw a 34.8% and 96.4% improvement over the second quarter of 2021, respectively, and a 75.2% and 98.4% improvement over the comparable third quarter of 2020 a year ago, respectively."

Aron said, "We are also encouraged by the results from the beginning of the fourth quarter of 2021. Indeed, as we announced just a week ago, our October theatre admissions revenues were the highest of any month since before the global pandemic forced the closure of our cinemas more than a year and a half ago. That is just one more good sign among many we have seen in 2021."

Aron added, "Our quarter-ending liquidity as of September 30, 2021, of more than $1.8 billion, including cash and our undrawn revolving credit lines remains at near-record levels, and also gives us comfort. Incidentally, we do not anticipate having to borrow under those lines of credit in the next 12 months. This strong liquidity position provides a foundation for us to innovate, as well as imaginatively grow and diversify our business. At the same time, our improving financial results and solid liquidity position are enabling us to take steps to reduce our financial leverage."

Aron concluded, "Our financial results continue to improve. More and more major films are on the docket for release in the remainder of 2021, and throughout 2022. One can see and feel that our industry and our company are on a path of recovery and improvement. Therefore, our spirits are upbeat. However, even amidst such good news, we are not yet where we want and need to be. We wish to emphasize that no one should have any illusions that there is not more challenge ahead of us still to be met. The virus continues to be with us, we need to sell more tickets in future quarters than we did in the most recent quarter, and Adjusted EBITDA is still well below pre-pandemic levels."

Key Financial Results (presented in millions, except operating data)
			Three Months Ended September 30,			Nine Months Ended September 30,
			2021			2020		Change			2021			2020		Change
GAAP Results*
Revenue	$	763.2	$	119.5		** %	$	1,356.2	$	1,079.9		25.6 %
Net loss		$	(224.2)		$	(905.8)	$	681.6			$	(1,135.4)		$	(3,643.3)	$	2,507.9
Net cash used in operating activities	$	(113.9)	$	(355.7)	$	241.8		$	(660.6)	$	(771.6)	$	111.0
Net loss for basic and diluted loss per share		$	(0.44)		$	(8.41)	$	7.97			$	(2.44)		$	(34.56)	$	32.12
Non-GAAP Results**
Total revenues (2021 constant currency
adjusted)		$	755.6		$	119.5		**	%		$	1,340.6		$	1,079.9		24.1	%
Adjusted EBITDA	$	(5.4)	$	(334.5)		98.4 %	$	(450.9)	$	(671.7)		32.9 %
Adjusted EBITDA (2021 constant currency
adjusted)		$	(5.9)		$	(334.5)		98.2	%		$	(439.8)		$	(671.7)		34.5	%
Free cash flow	$	(138.0)	$	(385.0)	$	247.0		$	(714.5)	$	(927.6)	$	213.1
Adjusted diluted loss per share		$	(0.44)		$	(5.70)	$	5.26			$	(2.44)		$	(13.41)	$	10.97
Operating Metrics
Attendance (in thousands)			39,999			6,503		**	%			68,864			67,098		2.6	%
U.S. markets attendance (in thousands)		26,698			1,964		** %			50,738			41,633		21.9 %
International markets attendance (in thousands)			13,301			4,539		**	%			18,126			25,465		(28.8)	%
Average screens		10,151			4,022		** %			8,601			4,318		99.2 %

• Please refer to the tables included later in this press release for definitions and full reconciliations of non-U.S. GAAP financial measures.
• Percentage change in excess of 100%.

Balance Sheet, Cash and Liquidity

Cash at September 30, 2021 was $1,612.5 million excluding restricted cash of $27.7 million. AMC currently has liquidity availability of more than $1.8 billion (including cash and undrawn revolver lines), however the Company does not anticipate the need to borrow under the revolver lines during the next twelve months. During the third quarter of 2021, the Company exercised an option to repurchase $35 million of its 15% cash / 17% payment-in-kind ("PIK") Toggle First Lien Secured Notes due 2026. The total cost to exercise this repurchase option was $41.3 million, including principal, redemption premium and accrued and unpaid interest. As a result of this debt reduction, AMC's annual cash interest cost has been reduced by $5.25 million.

Webcast Information

The Company will host a webcast for investors and other interested parties beginning at 4:00 p.m. CST/5:00 p.m. EST on Monday, November 8, 2021. To listen to the webcast, please visit the investor relations section of the AMC website at www.investor.amctheatres.comfor a link. Investors and interested parties should go to the website at least 15 minutes prior to the call to register, and/or download and install any necessary audio software.

An archive of the webcast will be available on the Company's website after the call for a limited time.

About AMC Entertainment Holdings, Inc.

AMC is the largest movie exhibition company in the United States, the largest in Europe and the largest throughout the world with approximately 950 theatres and 10,600 screens across the globe. AMC has propelled innovation in the exhibition industry by: deploying its Signature power-recliner seats; delivering enhanced food and beverage choices; generating greater guest engagement through its loyalty and subscription programs, web site and mobile apps; offering premium large format experiences and playing a wide variety of content including the latest Hollywood releases and independent programming. For more information, visit www.amctheatres.com.

Website Information

This press release, along with other news about AMC, is available at www.amctheatres.com. We routinely post information that may be important to investors in the Investor Relations section of our website, www.investor.amctheatres.com. We use this website as a means of disclosing material, non-public information and for complying with our disclosure obligations under Regulation FD, and we encourage investors to consult that section of our website regularly for important information about AMC. The information contained on, or that may be accessed through, our website is not incorporated by reference into, and is not a part of, this document. Investors interested in automatically receiving news and information when posted to our website can also visit www.investor.amctheatres.comto sign up for email alerts.

Forward-Looking Statements

This press release includes "forward-looking statements" within the meaning of the federal securities laws. In many cases, these forward-looking statements may be identified by the use of words such as "will," "may," "should," "believes," "expects," "anticipates," "estimates," "intends," "projects," "goals," "objectives," "targets," "predicts," "plans," "seeks," and variations of these words and similar expressions. Examples of forward-looking statements include statements we make regarding the impact of COVID- 19, future attendance levels and our liquidity. Any forward-looking statement speaks only as of the date on which it is made. These forward-looking statements may include, among other things, statements related to AMC's current expectations regarding the performance of its business, financial results, liquidity and capital resources, and the impact to its business and financial condition of, and measures being taken in response to, the COVID-19 virus, and are based on information available at the time the statements are made and/or management's good faith belief as of that time with respect to future events, and are subject to risks, trends, uncertainties and other facts that could cause actual performance or results to differ materially from those expressed in or suggested by the forward-looking statements. These risks, trends, uncertainties and facts include, but are not limited to, risks related to: AMC's ability to obtain additional liquidity, which if not realized or insufficient to generate the material amounts of additional liquidity that will be required unless it is able to achieve more normalized levels of operating revenues, likely would result with AMC seeking an in-court or out-of-court restructuring of its liabilities; the potential impact of AMC's existing or potential lease defaults; the impact of the COVID-19 virus on AMC, the motion picture exhibition industry, and the economy in general, including AMC's response to the COVID-19 virus related to suspension of operations at theatres, personnel reductions and other cost-cutting measures and measures to maintain necessary liquidity and increases in expenses relating to precautionary measures at AMC's facilities to protect the health and well-being of AMC's customers and employees; AMC's significant indebtedness, including its borrowing capacity and its ability to meet its financial maintenance and other covenants; the manner, timing and amount of benefit AMC receives under the CARES Act or other applicable governmental benefits and support; the impact of impairment losses; motion picture production and performance; AMC's lack of control over distributors of films; intense competition in the geographic areas in which AMC operates; increased use of alternative film delivery methods or other forms of entertainment; shrinking exclusive theatrical release window; AMC Stubs A-List not meeting anticipated revenue projections; general and international economic, political, regulatory and other risks; limitations on the availability of capital; AMC's ability to refinance its indebtedness on favorable terms; availability of financing upon favorable terms or at all; risks relating to impairment losses, including with respect to goodwill and other intangibles, and theatre and other closure charges; and other factors discussed in the reports AMC has filed with the SEC. Should one or more of these risks, trends, uncertainties or facts materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those indicated or anticipated by the forward-looking statements contained herein. Accordingly, you are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date they are made. Forward-looking statements should not be read as a guarantee of future performance or results and will not necessarily be accurate indications of the times at, or by, which such performance or results will be achieved. For a detailed discussion of risks, trends and uncertainties facing AMC, see the section entitled "Risk Factors" in AMC's Form 10-K for the year ended December 31, 2020 filed with the SEC, and the risks, trends and uncertainties identified in its other public filings. AMC does not intend, and undertakes no duty, to update any information contained herein to reflect future events or circumstances, except as required by applicable law.

(Tables follow)

AMC Entertainment Holdings, Inc. Consolidated Statements of Operations

For the Three and Nine Months Ended September 30, 2021 and September 30, 2020

(dollars in millions, except share and per share data) (unaudited)

		Three Months Ended		Nine Months Ended
		September 30,		September 30,
		2021		2020		2021		2020
Revenues
Admissions	$	425.1	$	62.9	$	727.6	$	631.8
Food and beverage		265.2		29.1		476.8		317.6
Other theatre		72.9		27.5		151.8		130.5
Total revenues		763.2		119.5		1,356.2		1,079.9
Operating costs and expenses
Film exhibition costs		176.5		26.6		297.4		298.5
Food and beverage costs		42.9		8.8		78.9		66.7
Operating expense, excluding depreciation and amortization below		321.5		192.1		747.4		663.8
Rent		214.9		214.3		612.5		676.2
General and administrative:
Merger, acquisition and other costs		1.4		1.0		12.4		3.0
Other, excluding depreciation and amortization below		47.5		32.7		153.7		91.3
Depreciation and amortization		103.7		123.5		323.5		365.7
Impairment of long-lived assets, definite and indefinite-lived intangible assets and goodwill		-		195.9		-		2,047.8
Operating costs and expenses		908.4		794.9		2,225.8		4,213.0
Operating loss		(145.2)		(675.4)		(869.6)		(3,133.1)
Other expense (income):
Other expense (income)		(11.7)		125.0		(71.8)		145.3
Interest expense:
Corporate borrowings		88.7		82.8		328.3		233.7
Finance lease obligations		1.2		1.4		4.0		4.5
Non-cash NCM exhibitor services agreement		9.4		10.1		28.7		30.1
Equity in (earnings) loss of non-consolidated entities		(6.7)		10.6		(1.2)		25.9
Investment expense (income)		-		(4.1)		(8.3)		4.0
Total other expense, net		80.9		225.8		279.7		443.5
Net loss before income taxes		(226.1)		(901.2)		(1,149.3)		(3,576.6)
Income tax provision (benefit)		(1.9)		4.6		(13.9)		66.7
Net loss		(224.2)		(905.8)		(1,135.4)		(3,643.3)
Less: Net loss attributable to noncontrolling interests		-		-		(0.7)		-
Net loss attributable to AMC Entertainment Holdings, Inc.	$	(224.2)	$	(905.8)$	(1,134.7)	$	(3,643.3)
Diluted loss per share	$	(0.44)	$	(8.41)$	(2.44)	$	(34.56)
Average shares outstanding diluted (in thousands)		513,330		107,695		465,139		105,428

Consolidated Balance Sheet Data (at period end): (dollars in millions)

(unaudited)

		As of			As of
	September 30, 2021		December 31, 2020
Cash and cash equivalents	$	1,612.5		$	308.3
Corporate borrowings		5,452.8			5,715.8
Other long-term liabilities		181.4			241.3
Finance lease liabilities		76.3			96.0
Total AMC Entertainment Holdings, Inc.'s stockholders' deficit		(1,642.7)			(2,885.1)
Total assets		11,057.5			10,276.4

Consolidated Other Data:

(in millions, except operating data) (unaudited)

			Three Months Ended			Nine Months Ended
			September 30,				September 30,
Consolidated
	2021			2020			2021			2020
Net cash used in operating activities		$	(113.9)		$	(355.7)		$	(660.6)		$	(771.6)
Net cash used in investing activities	$	(28.8)		$	(23.3)	$	(31.3)	$	(154.8)
Net cash provided by financing activities		$	(48.3)		$	296.6		$	2,018.6		$	1,082.5
Free cash flow	$	(138.0)		$	(385.0)	$	(714.5)	$	(927.6)
Capital expenditures		$	(24.1)		$	(29.3)		$	(53.9)		$	(156.0)
Screen additions		2			21			53			34
Screen acquisitions			78			14			140			14
Screen dispositions		37			185			139			399
Construction openings (closures), net			9			14			7			7
Average screens		10,151			4,022			8,601			4,318
Number of screens operated			10,575			8,776			10,575			8,776
Number of theatres operated		947			788			947			788
Number of circuit screens			10,604			10,697			10,604			10,697
Number of circuit theatres		951			958			951			958
Circuit Screens per theatre			11.2			11.2			11.2			11.2
Attendance (in thousands)		39,999			6,503			68,864			67,098