AMC Entertainment : 1st Quarter Earnings Release

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FOR IMMEDIATE RELEASE

AMC Entertainment Holdings, Inc. Reports

First Quarter 2021 Results

LEAWOOD, KANSAS - (May 6, 2021) -- AMC Entertainment Holdings, Inc. (NYSE: AMC) ("AMC" or "the Company"), today reported results for the first quarter ended March 31, 2021.

First Quarter Summary Results

As of March 31, 2021, AMC was operating at 585 domestic theatres with limited seating capacities of between 15% and 60%, representing approximately 99% of domestic theatres.

As of March 31, 2021, AMC was operating at 97 international leased and partnership theatres, with limited seating capacities, representing approximately 27% of international theatres.

Adam Aron, CEO and President of AMC commented, "We started 2021 with the same conviction, drive and commitment that saw AMC successfully navigate the most challenging 12-month period in AMC's century-long history. We finally can now say that we are looking at an increasingly favorable environment for movie-going and for AMC as a company over the coming few months. This is the result of a successful and steadily growing vaccination program in the U.S., Europe and the Middle East, especially so across the United States; the proactive implementation of our comprehensive and effective AMC Safe & Clean protocols; the arrival of long awaited new movie title releases; movie-lovers who are eager to once again experience AMC's innovative array of loyalty programs and guest amenities as exciting movie titles are released theatrically to the big screen; and a vocal, enthusiastic and avid new shareholder base comprised mostly of some 3 million individual stockholders."

Aron continued, "During the first quarter, approximately 7 million U.S. and international patrons confidently returned to an AMC theatre. The comprehensive and vigorous steps we have taken through our AMC Safe & Clean protocols, designed in consultation with Clorox and current and former faculty of Harvard University's acclaimed School of Public Health, tangibly have demonstrated to our guests and associates that we have reopened responsibly and also have provided reassurance of our continued focus on their health and safety. In the U.S., for example, we continue to receive record-high guest satisfaction scores for the cleanliness of our theatres, and we are especially grateful to our theatre managements and theatre crews all around our network globally for their continued dedication to our overcoming this horrid pandemic and rebuilding our business."

Aron added, "Strengthening AMC's liquidity position and balance sheet remains very high priorities, and we have been active across the board. Over the past five months, AMC has raised right around $2 billion dollars in fresh equity and debt capital, including the conversion of $600 million of convertible notes into equity at a price of $13.51 per share. Over the past thirteen months, AMC has raised approximately $2.9 billion of gross cash proceeds from new debt and equity capital, secured around $1.2 billion of concessions from lenders and landlords, obtained more than $150 million

of assistance from European governments, and generated more than $80 million from asset sales. Taken together, we have made well more than $4 billion of progress from our implementing a myriad of capital actions to help us make it through this global storm. As we look ahead to the remainder of 2021 and beyond, AMC remains focused on continued bold actions, in executing our strategies both operationally and financially, as we work to recover from the impact of COVID-19."

Key Financial Results (presented in millions, except operating data)

				Quarter Ended March 31,
		2021				2020		Change
GAAP Results*
Revenue	$	148.3	$	941.5		(84.2)%
Net loss		$	(567.2)		$	(2,176.3)	$	1,609.1
Net cash used in operating activities	$	(312.9)	$	(184.0)	$	(128.9)
Net loss for basic and diluted loss per share		$	(1.42)		$	(20.88)	$	19.46
Non-GAAP Results**
Total revenues (2020 constant currency adjusted)		$	147.4		$	941.5		(84.3)	%
Adjusted EBITDA	$	(294.7)	$	3.1		** %
Adjusted EBITDA (2020 constant currency adjusted)		$	(286.8)		$	3.1		**	%
Adjusted free cash flow	$	(316.0)	$	(220.0)	$	(96.0)
Free cash flow		$	(324.8)		$	(275.7)	$	(49.1)
Adjusted diluted loss per share	$	(1.42)	$	(2.22)	$	0.80
Operating Metrics
Attendance (in thousands)		6,797			60,495		(88.8)%
U.S. markets attendance (in thousands)			6,239			39,669		(84.3)	%
International markets attendance (in thousands)		558			20,826		(97.3)%
Average screens			6,724			8,873		(24.2)	%

• 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 March 31, 2021 was $813.1 million excluding restricted cash of $29.0 million. During the first quarter ended March 31, 2021, AMC also repaid approximately $335 million of debt under its revolving credit facilities and currently has liquidity availability of approximately $1.0 billion which includes cash and revolving credit facility availability. AMC's top financial priority remains liquidity management. Accordingly, the Company implemented the following actions in 2020 and 2021:

1. During the first quarter of 2020, drew down approximately $325 million (full availability) under existing revolving credit facilities.
2. In April, issued $500 million of 10.5% first-lien notes due 2025.
3. Continue work with our landlords, vendors, studio, and other business partners to defer and/or abate significant expenses, including additional landlord negotiations to seek material reductions, abatements, and deferrals in our rent obligations.
4. Introduced an active cash management process, which, among other things, requires senior management approval of all outgoing payments.
5. In compliance with certain financial covenants related to our indebtedness, suspended shareholder cash returns, including the Company's stock repurchase program and dividend payments.
6. Refiled tax returns under new Coronavirus Aid, Relief and Economic Security (CARES) Act provisions that are expected to result in approximately $19.5 million of cash tax refunds and refundable alternative minimum tax credits. We received approximately $10.5 million of net cash tax refunds in 2020 and

received the remaining $9.0 million of net cash refunds during the first quarter ended March 31, 2021.

1. Availed ourselves of various government COVID relief programs in our European markets.
2. In July, successfully completed a debt exchange offer, which:
3. 1. Reduced principal amount of debt by $555 million;
   2. Reduced cash interest expense by $120 million in the first year following the exchange offer;
   3. Extended maturities on approximately $1.7 billion of debt until 2026; and
   4. Included issuance of $300 million of new 10.5% first-lien notes due 2026
4. In August, announced the signing of a definitive agreement to sell our Baltic region theatre locations for approximately $77 million. We received approximately $43.9 million of gross cash proceeds for this sale in 2020.
5. In September, launched an at-the-market ("ATM") equity program to sell up to 15 million shares of Class A common stock, raising approximately $56.1 million.
6. In October 2020, updated our ATM program to sell an additional 15 million shares of Class A common stock, raising approximately $41.6 million as of the end of October.
7. In November 2020, updated our ATM program to sell an additional 20 million shares of Class A common stock, raising approximately $61.4 million as of the end of November.
8. In December 2020, updated our ATM program to sell an additional 200 million shares of Class A common stock, selling approximately 48.9 million shares of the 200 million shares authorized and raising approximately $130.8 million as of the end of December. This brings the total ATM equity raised in 2020 to $289.9 million before commissions and fees.
9. In December 2020, reduced debt by $104.5 million associated the conversion of $100 million of second lien debt into approximately 13.7 million shares Class A common stock, and received a commitment to receive an additional $100 million of cash in January 2021 from the issuance of new first-lien debt financing in exchange for approximately 8.2 million shares of Class A Common stock.
10. In January 2021, updated the ATM program to sell an additional 50 million shares of Class A common stock and completed the sale of all remaining shares authorized under the December 2020, 200 million share authorization, raising approximately $579.8 million as of the end of January.
11. In January 2021, the conversion by holders of all $600 million of the Company's 2.95% Convertible Senior Secured Notes due 2026 into shares of the Company's Class A common stock at a conversion price of $13.51 which resulted in the issuance of approximately 44.4 million shares and reduced annual cash interest expense by $17.7 million.
12. In February 2021, our wholly-owned international subsidiary Odeon Cinemas Group Limited ("Odeon") entered into a new £140 million and €296 million term loan facility agreement which provided approximately $411 million of incremental debt capital after the paydown of approximately £90 million and €13 million on the
    Odeon Revolving Line of Credit.
13. In March 2021, repaid entire outstanding balance, approximately $212 million, under our $225 million revolving credit facility.
14. In April 2021, launched an ATM equity program to sell up to 43 million shares of Class A common stock, selling approximately 15.5 million shares and raising approximately $153 million as of May 5, 2021, before commissions and fees. This brings the total ATM equity raised in 2020 and 2021 to $1,022.7 million before commissions and fees.
15. In May 2021, we received the remaining cash consideration of approximately $31.9 million for the completion of the sale of our remaining equity interest in our theatres in Lithuania.

Expense Management

The Company has taken and continues to take significant steps to reduce expenses by eliminating non-essential costs, including the following:

1. Implemented measures to reduce employment costs, including:

1. While theatre operations were suspended, furloughs of all corporate and theatre level employees

1. 1. Cancellation of pending annual merit pay increases during 2020.
   2. Elimination or reduction of non-healthcare benefits, including 401(K) match during 2020.
   3. Elimination of approximately 176 corporate-level positions;
2. Similar efforts to reduce employment costs were undertaken internationally consistent with applicable laws across the jurisdictions in which the Company operates;
3. Nearly all outside contractor roles have been eliminated;
4. Limited non-essential operating expenditures, including marketing, promotion, and travel and entertainment expenses;
5. Terminated or deferred all non-essential capital expenditures to minimum levels necessary while theatres are operating for limited hours or closed; and
6. Initiated a significant corporate-widecost-saving and efficiency enhancement program that positions AMC for sustainable profitable growth as we emerge from the impact of the COVID-19 crisis.

Theatre Reopenings Update

During the first quarter the Company welcomed millions of guests to its theatres as soon as it was safe to do so and permissible under local, state or provincial as well as national guidelines.

On February 22, 2021, New York State authorized the reopening of theatres in New York City after almost a year of theatres being closed. Under limits, including a 25% seating capacity and a maximum number of 50 people per screen, AMC opened all 13 of its New York City theatres on March 5, 2021. Effective April 26, 2021, seating capacities were increased to the lesser of 33% of maximum auditorium capacity or 100 guests, and on May 3, 2021, Governor Cuomo announced that, effective May 16, 2021, capacity restrictions for New York City movie theatres will be removed, but a six-foot social distancing rule will remain in effect.

Similarly, as COVID-19 statistics improved, on March 19, 2021, certain areas in California moved into a less restrictive status for business operations, and AMC reopened theatres in another of its largest markets, Los Angeles. Effective April 17, 2021, seating capacities in the Orange Tier Counties were increased to the lesser of 50% of maximum auditorium capacity or 200 guests. Most recently, Los Angeles and San Francisco have been classified in the Yellow Tier, which removes the maximum capacity limitation of 200 guests.

As of April 30, 2021, AMC was operating approximately 589 of its 593 domestic locations, and approximately 110 of its 357 international locations. In regions where theatres are not yet able to open, AMC continues to have productive discussions with local and state authorities about the appropriate timing for a resumption of operations.

Upon returning to the movies, AMC guests experience AMC's comprehensive health and sanitation program: AMC Safe

• Clean, which was developed under advisement of current & former faculty of Harvard University's prestigious School of Public Health as well as the No. 1 U.S. cleaning brand, The Clorox Company.

AMC Safe & Clean components include significant reductions in the maximum tickets available for each showtime and seat blocking in reserved seating auditoriums to allow for appropriate social distancing between parties. Enhanced cleaning procedures are also key components to the program and include extra time between showtimes to allow for a full, thorough cleaning, nightly disinfecting, the use of high tech HEPA vacuums, and upgraded air filtration efforts including the use of MERV 13 filters wherever possible. Guest and associate safety protocols include mandatory mask wearing by all guests and associates and the recommended use of disinfectant wipes and hand sanitizing stations which can be found throughout the theatres.

Webcast Information

The Company will host a webcast for investors and other interested parties beginning at 4:00 p.m. CDT/5:00 p.m. EDT on Thursday, May 6, 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 10,500 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