AMC Entertainment Holdings, Inc. (NYSE: AMC) reported on Monday its preliminary results for Q1 2022, earning US$785.7 million in revenue. This is a decrease from Q4 2021’s US$1.17 billion but an increase from Q1 2021’s revenue of US$148.3 million.
“Our results for the first quarter of 2022 represent AMC’s strongest first quarter in two full years. We continue on our pandemic recovery trajectory, more than quintupling revenues and improving adjusted EBITDA by nearly eighty percent compared to a year ago,” said CEO Adam Aron.
But with operating expenses larger than the revenue, the firm ended the quarter with an operating loss of US$166.9 million, compared to last quarter’s US$60.4 million loss and last year’s loss of US$427.8 million.
This further led the company to end with a US$337.4 million net loss compared to last quarter’s US$134.4 million net loss and last year’s US$567.2 million net loss. This translates to US$0.65 loss per share.
Calibrating for financial items, adjusted EBITDA came in at a loss of US$61.7 million, up from a loss of US$294.7 million last year.
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In Q1 2022, the firm used operating cash flow of US$295.0 million, leading to a total operating cash burn of US$223.9 million. Free cash flow also ended with an outflow of US$329.8 million.
The company also ended the quarter with a cash balance of US$1.16 billion, excluding restricted cash of US$23.7 million.
AMC Entertainment last traded at US$12.52 on the NYSE.
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