Quarterly Report for Quarter Ending June 30, 2025 (Form 10-Q)

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations.

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Forward-Looking Statements

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In addition to historical information, this Quarterly Report on Form 10-Q contains "forward-looking statements" within the meaning of the "safe harbor" provisions of the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by the use of words such as "may," "will," "forecast," "estimate," "project," "intend," "plan," "expect," "should," "believe" and other similar expressions that predict or indicate future events or trends or that are not statements of historical matters. These forward-looking statements are based only on our current beliefs, expectations and assumptions regarding the future of our business, future plans and strategies, projections, anticipated events and trends, the economy and other future conditions and speak only as of the date on which it is made. Examples of forward-looking statements include statements we make regarding future attendance levels, revenues and our liquidity. These forward-looking statements involve known and unknown risks, uncertainties, assumptions and other factors, including those discussed in "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations," which may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. These risks and uncertainties include, but are not limited to, the following:

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This list of factors that may affect future performance and the accuracy of forward-looking statements is illustrative but not exhaustive. In addition, new risks and uncertainties may arise from time to time. Accordingly, all forward-looking statements should be evaluated with an understanding of their inherent uncertainty and we caution accordingly against relying on forward-looking statements.

Except as required by law, we assume no obligation to publicly update or revise these forward-looking statements for any reason. Actual results could differ materially from those anticipated in these forward-looking statements, even if new information becomes available in the future.

Readers are urged to consider these factors carefully in evaluating the forward-looking statements. For further information about these and other risks and uncertainties as well as strategic initiatives, see "Item 1A. Risk Factors" of this Form 10-Q, "Item 1. Business" in our Annual Report on Form 10-K for the year ended December 31, 2024, and our other public filings.

All subsequent written and oral forward-looking statements attributable to us or persons acting on our behalf are expressly qualified in their entirety by these cautionary statements. The forward-looking statements included herein are made only as of the date of this Quarterly Report on Form 10-Q, and we do not undertake any obligation to release publicly any revisions to such forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.

Overview

AMC is the world's largest theatrical exhibition company and an industry leader in innovation and operational excellence. As of June 30, 2025, we operated theatres in 11 countries throughout the U.S. and Europe.

Our theatrical exhibition revenues are generated primarily from box office admissions and food and beverage sales. The balance of our revenues is generated from ancillary sources, including online ticketing fees, on-screen advertising, income from gift card and exchange ticket sales, rental of theatre auditoriums, retail popcorn and merchandise sales, fees earned from our customer loyalty programs, and theatrical distribution. As of June 30, 2025, we owned, operated or had interests in 864 theatres and 9,717 screens.

Box Office Admissions and Film Content

Box office admissions are our largest source of revenue. We predominantly license theatrical films from distributors owned by major film production companies and from independent distributors on a film-by-film and theatre-by-theatre basis. Film exhibition costs are based on a share of admissions revenues and are accrued based on estimates of the final settlement pursuant to our film licenses. These licenses typically state that rental fees are based on the box office performance of each film, though in certain circumstances and less frequently, our rental fees are based on a mutually agreed settlement rate that is fixed. In some European territories, film rental fees are established on a weekly basis and some licenses use a per capita agreement instead of a revenue share, paying a flat amount per ticket.

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. Our results of operations may vary significantly from quarter to quarter and from year to year based on the timing and popularity of film releases.

Movie Screens

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The following table provides detail with respect to Premium Large Format ("PLF") screens (IMAX®, Dolby Cinema^TM, in-house), XL screens, SCREENX, premium seating, and our enhanced food and beverage offerings as deployed throughout our circuit as of June 30, 2025 and June 30, 2024:

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In March 2025, we signed a letter of intent with CJ 4DPLEX to open 40 4DX and an additional 25 SCREENX locations worldwide. The majority of the premium screens will be deployed in U.S. markets. The first auditoriums with SCREENX and 4DX screens are expected to open in 2025 with the full roll out expected to be completed by 2027.

We also announced expanded partnerships with Dolby Laboratories, Inc and IMAX Corporation to expand and upgrade our offerings in those premium formats. We expect to open an additional 40 Dolby Cinema at AMC locations over the next several years and fourteen new IMAX locations by the end of 2033. Additionally, we plan to upgrade an additional 68 IMAX locations to IMAX with Laser.

Loyalty Programs and Other Marketing

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On January 1, 2025, we introduced a new AMC Stubs tier-AMC Stubs® Premiere GO! ("Premiere GO!"). Premiere GO! membership is earned by existing Insider (as defined below) members by visiting a certain number of times or earning a certain number of points within a calendar year. Premiere GO! allows members to earn additional points and other exclusive benefits.

As of June 30, 2025, we had a combined total of approximately 36.5 million member households enrolled in AMC Stubs® A-List ("A-List"), AMC Stubs Premiere™ ("Premiere"), Premiere GO!, and AMC Stubs Insider™ ("Insider") programs, combined. During the six months ended June 30, 2025, our AMC Stubs® members represented approximately 49% of AMC U.S. markets attendance.

We currently have approximately 19 million members in our various International loyalty programs.

See "Item 1. Business" in our Annual Report on Form 10-K for the year ended December 31, 2024 for additional discussion and information of our screens, seating concepts, amenities, loyalty programs and other marketing initiatives.

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Holders of Shares

As of June 30, 2025, approximately 1.8 million shares of our Common Stock were directly registered with our transfer agent by 14,554 stockholders. The balance of our outstanding Common Stock was held in "street name" through bank or brokerage accounts.

Critical Accounting Estimates

For a discussion of our critical accounting policies and the means by which we develop estimates therefore, see "Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations" in our Annual Report on Form 10-K for the year ended December 31, 2024.

Significant Events-For the Six Months Ended June 30, 2025

NCM ESA Amendment. On April 17, 2025, NCM entered into the Amended ESA with the Company. The term of the Amended ESA has been extended by five years through February 13, 2042. The Company treated the Amended ESA as a contract modification pursuant to ASC 606 - Revenue from Contracts with Customers. Accordingly, the Company has allocated the additional consideration received from the contract modification to the exhibitor services agreement contract liability and updated the discount rate used to account for the significant financing component to 16.12%. Prior to the contract modification, the weighted average discount rate used to account for the significant financing component was approximately 7.5%. The contract liability will be reclassified to other theatre revenue over the new term of the Amended ESA as the remaining performance obligations are satisfied. Concurrently with entering into the Amended ESA, NCM and the Company reached an agreement to, among other things, dismiss with prejudice the ongoing litigation between the parties.

Share Issuances. During the six months ended June 30, 2025, we were paid $108.7 million as initial gross cash proceeds associated with the establishment of forward positions for 30.0 million shares of Common Stock.

Additionally, during the six months ended June 30, 2025, we issued shares through an "at-the-market offering". The below table summarizes the activity of the "at-the-market" offering:

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See Note 7-Stockholders' Deficit in the Notes to the Condensed Consolidated Financial Statements in Part I, Item 1 of this Form 10-Q for further information on the share issuances.

Significant Events-For the Six Months Ended June 30, 2024

Debt for Equity Exchange. The below table summarizes the various debt for equity transactions that occurred during the six months ended June 30, 2024. The transactions were treated as early extinguishments of the debt. In accordance with ASC 470-50-40-3, the reacquisition price of the extinguished debt was determined to be the fair value of the Common Stock exchanged. The below table summarizes the debt for equity exchanges.

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Vendor Dispute. On January 26, 2024, we executed an agreement to collect $37.5 million as resolution of a dispute with a vendor. The proceeds, net of legal costs, were recorded to other income during the six months ended June 30, 2024. The relationship with the vendor has been restored and remains in good standing.

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Share Issuances. During the six months ending June 30, 2024, we raised gross proceeds of $250.0 million and paid fees to sales agents and incurred other third-party issuance costs of approximately $6.3 million and $0.6 million, respectively, through our at-the-market offering of approximately 72.5 million shares of Common Stock. We paid $0.7 million of other third-party issuance costs during the six months ended June 30, 2024.

Operating Results

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The following table sets forth our consolidated revenues, operating costs and expenses:

* Percentage change in excess of 100%

Segment Operating Results

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The following table sets forth our revenues, operating costs and expenses by reportable segment:

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Segment Information

Our historical results of operations for the three and six months ended June 30, 2025 and June 30, 2024, reflect the results of operations for our two theatrical exhibition reportable segments, U.S. markets and International markets.

Results of Operations-For the Three Months ended June 30, 2025, Compared to the Three Months ended June 30, 2024

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Condensed Consolidated Results of Operations

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Revenues. Total revenues increased $367.3 million, or 35.6%, during the three months ended June 30, 2025, compared to the three months ended June 30, 2024. Admissions revenues increased $198.2 million, or 35.1%, during the three months ended June 30, 2025, compared to the three months ended June 30, 2024, primarily due to an increase in attendance of 25.6% from 50.0 million patrons to 62.8 million patrons and a 7.5% increase in average ticket price. Attendance increased due to the popularity of film product compared to the prior year. The availability and popularity of film product released during the three months ended June 30, 2024, was negatively impacted by the Writers Guild of America and the Screen Actors Guild - American Federation of Television and Radio Artists strikes during 2023. The increase in average ticket price was primarily due to increased ticket prices for all formats, increases in attendance for 3D and IMAX screen volumes and increases in foreign currency translation rates.

Food and beverage revenues increased $132.5 million, or 36.1%, during the three months ended June 30, 2025, compared to the three months ended June 30, 2024, primarily due to the increase in attendance and an increase in food and beverage per patron. Food and beverage per patron increased 8.3% from $7.34 to $7.95 primarily due to an increase in average prices and the percentage of guests making transactions and increases in foreign currency translation rates, partially offset by lower units per transaction by guests and more frequent attendance from our AMC Stubs members.

Total other theatre revenues increased $36.6 million, or 36.9%, during the three months ended June 30, 2025, compared to the three months ended June 30, 2024, primarily due to increases in income from ticket fees due to the increase in attendance, advertising income and increases in foreign currency translation rates. As a result of our Amended ESA, advertising income increased from the prior year by $5.2 million due to an increase in discount rates related to the significant financing component, partially offset by lower amortization of deferred revenues due to an increase in the term of the Amended ESA. See Note 3-Revenue Recognition in the Notes to the Condensed Consolidated Financial Statements under Part I, Item 1 of this Form 10-Q for additional information about the Amended ESA.

Operating costs and expenses. Operating costs and expenses increased $227.3 million, or 21.1%, during the three months ended June 30, 2025, compared to the three months ended June 30, 2024. Film exhibition costs increased $119.8 million, or 44.0%, during the three months ended June 30, 2025, compared to the three months ended June 30, 2024, primarily due to the increase in admissions revenues and higher film rental terms. As a percentage of admissions revenues, film exhibition costs were 51.4% for the three months ended June 30, 2025, compared to 48.2% for the three months ended June 30, 2024. The increase in film exhibition cost percentage is primarily due to the concentration of box office revenues in higher grossing films in the current year, which typically results in higher film exhibition costs.

Food and beverage costs increased $26.2 million, or 37.5%, during the three months ended June 30, 2025, compared to the three months ended June 30, 2024. The increase in food and beverage costs was primarily due to the increase in food and beverage revenues. As a percentage of food and beverage revenues, food and beverage costs were 19.2% for the three months ended June 30, 2025, compared to 19.0% for the three months ended June 30, 2024.

Operating expense increased by $68.9 million, or 17.7%, during the three months ended June 30, 2025, compared to the three months ended June 30, 2024. The increase in operating expense was primarily due to increases in attendance and the increase in foreign currency translation rates. As a percentage of revenues, operating expense was 32.8% for the three months ended June 30, 2025, compared to 37.8% for the three months ended June 30, 2024. The improvement in operating expense as a percentage of revenues is primarily due to the operating leverage gained as attendance increases. Rent expense increased $4.2 million, or 1.9%, during the three months ended June 30, 2025, compared to the three months ended June 30, 2024, primarily due to increases in foreign currency translation rates.

Merger, acquisition, and other costs. Merger, acquisition, and other costs were $0.1 million during the three months ended June 30, 2025, compared to $0.1 million during the three months ended June 30, 2024.

Other. Other general and administrative expense increased $9.2 million, or 18.8%, during the three months ended June 30, 2025, compared to the three months ended June 30, 2024, primarily due to increases in bonus expense as a result of higher than expected annual performance compared to annual targets in the current year compared to the prior year and increases in foreign currency translation rates, partially offset by lower insurance costs and legal fees.

Depreciation and amortization. Depreciation and amortization decreased $1.0 million, or 1.3%, during the three months ended June 30, 2025, compared to the three months ended June 30, 2024, primarily due to theatre closures and lower depreciation expense on theatres impaired during the year ended December 31, 2024, partially offset by the increase in foreign currency translation rates.

Other income. Other income of $(32.1) million during the three months ended June 30, 2025 was primarily due to $(23.9) million in foreign currency transaction gains, $(10.3) million of governmental assistance, and $(2.1) million of equity in earnings of non-consolidated entities, partially offset by $3.9 million of expense related to the increase in fair value of the derivative liability for the embedded conversion feature in the Existing Exchangeable Notes. Other income of $(108.2) million during the three months ended June 30, 2024 was primarily due to a gain on the extinguishment of debt of $(85.3) million related to the redemption of $173.9 million aggregate principal amount of the Second Lien Notes due 2026, $(19.1) million of recoveries related to the Shareholder Litigation, and $(2.6) million of other settlement proceeds. See Note 1-Basis of Presentation in the Notes to the Condensed Consolidated Financial Statements under Part I, Item 1 of this Form 10-Q for additional information about the components of other income.

Interest expense. Interest expense increased $30.6 million to $129.6 million for the three months ended June 30, 2025, compared to $99.0 million during the three months ended June 30, 2024, primarily due to increased interest expense of $19.0 million on the New Term Loans (as defined herein) compared to the Existing Term Loans (as defined herein), interest expense of $10.9 million on the Existing Exchangeable Notes issued on July 22, 2024 and an increase in interest expense of $9.4 million related to higher discount rates on the significant financing component of the Amended ESA, partially offset by declines in interest expense of $8.5 million on the Second Lien Notes due to redemptions of principal balances, declines in interest expense related to the revolving credit facility of $0.1 million and declines in interest expense on the Senior Subordinated Notes due 2025 of $0.9 million due to redemptions of principal balances. See Note 3-Revenue Recognition in the Notes to the Condensed Consolidated Financial Statements under Part I, Item 1 of this Form 10-Q for additional information about the Amended ESA. See Note 6-Corporate Borrowings and Finance Lease Liabilities in the Notes to the Condensed Consolidated Financial Statements under Part I, Item 1 of this Form 10-Q for additional information about our indebtedness.

Investment income. Investment income was $(1.4) million for the three months ended June 30, 2025, compared to income of $(6.1) million for the three months ended June 30, 2024. Investment income in the current year includes interest income of $(1.7) million, partially offset by $0.1 million of decrease in estimated fair value of our investment in common shares of Hycroft and $0.2 million of decrease in estimated fair value of our investment in warrants to purchase common shares of Hycroft. Investment income in the prior year includes interest income of $(5.4) million, $(0.4) million of increase in estimated fair value of our investment in common shares of Hycroft and $(0.3) million of increase in estimated fair value of our investment in warrants to purchase common shares of Hycroft.

Income tax provision. The income tax provision was $1.2 million, compared to a provision of $0.7 million, for the three months ended June 30, 2025, and June 30, 2024, respectively. See Note 8-Income Taxes in the Notes to the Condensed Consolidated Financial Statements under Part I, Item 1 of this Form 10-Q for further information.

Net loss. Net loss was $4.7 million and $32.8 million during the three months ended June 30, 2025, and June 30, 2024, respectively. Net loss during the three months ended June 30, 2025 compared to net loss for the three months ended June 30, 2024 was positively impacted by the increase in attendance as a result of the popularity of new film releases compared to the prior year and decreases in depreciation and amortization, partially offset by increases in rent expense, general and administrative expenses, decreases in other income, increases in interest expense, decreases in investment income and increases in income tax provision.

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Theatrical Exhibition-U.S. Markets

Revenues. Total revenues increased $298.3 million, or 36.6%, during the three months ended June 30, 2025, compared to the three months ended June 30, 2024. Admissions revenues increased $160.3 million, or 36.6%, during the three months ended June 30, 2025, compared to the three months ended June 30, 2024, primarily due to an increase in attendance of 28.5% from 36.5 million patrons to 46.9 million patrons and a 6.3% increase in average ticket price. Attendance increased due to the popularity of film product compared to the prior year. The availability and popularity of film product released during the three months ended June 30, 2024, was negatively impacted by the Writers Guild of America and the Screen Actors Guild - American Federation of Television and Radio Artists strikes during 2023. The increase in average ticket price was primarily due to increases in ticket prices for all formats and increases in attendance for 3D and IMAX screen volumes.

Food and beverage revenues increased $107.2 million, or 35.2%, during the three months ended June 30, 2025, compared to the three months ended June 30, 2024, primarily due to the increase in attendance and an increase in food and beverage per patron. Food and beverage per patron increased 5.2% from $8.34 to $8.77 primarily due to an increase in average prices and the percentage of guests making transactions, partially offset by lower units per transaction by guests and more frequent attendance from our AMC Stubs members.

Total other theatre revenues increased $30.8 million, or 42.0%, during the three months ended June 30, 2025, compared to the three months ended June 30, 2024, primarily due to increases in income from ticket fees due to the increase in attendance and advertising income. As a result of our Amended ESA, advertising income increased from the prior year by $5.2 million due to an increase in discount rates related to the significant financing component of the Amended ESA, partially offset by lower amortization of deferred revenue due to an increase in the term of the Amended ESA. See Note 3-Revenue Recognition in the Notes to the Condensed Consolidated Financial Statements under Part I, Item 1 of this Form 10-Q for additional information about the Amended ESA.

Operating costs and expenses. Operating costs and expenses increased $169.9 million, or 20.5%, during the three months ended June 30, 2025, compared to the three months ended June 30, 2024. Film exhibition costs increased $101.0 million, or 45.0%, during the three months ended June 30, 2025, compared to the three months ended June 30, 2024, primarily due to the increase in admissions revenues and higher film rental terms. As a percentage of admissions revenues, film exhibition costs were 54.4% for the three months ended June 30, 2025, compared to 51.2% for the three months ended June 30, 2024. The increase in film exhibition cost percentage is primarily due to the concentration of box office revenues in higher grossing films in the current year, which typically results in higher film exhibition costs.

Food and beverage costs increased $19.0 million, or 35.3%, during the three months ended June 30, 2025, compared to the three months ended June 30, 2024. The increase in food and beverage costs was primarily due to the increase in food and beverage revenues. As a percentage of food and beverage revenues, food and beverage costs were 17.7% for the three months ended June 30, 2025, compared to 17.7% for the three months ended June 30, 2024.

Operating expense increased by $49.6 million, or 16.9%, during the three months ended June 30, 2025, compared to the three months ended June 30, 2024. As a percentage of revenues, operating expense was 30.8% for the three months ended June 30, 2025, compared to 36.0% for the three months ended June 30, 2024. The improvement in operating expense as a percentage of revenues is primarily due to the operating leverage gained as attendance increases. Rent expense increased $0.1 million, or 0.1%, during the three months ended June 30, 2025, compared to the three months ended June 30, 2024.

Merger, acquisition, and other costs. Merger, acquisition, and other costs were $0.1 million during the three months ended June 30, 2025, compared to $0.1 million during the three months ended June 30, 2024.

Other. Other general and administrative expense increased $2.5 million, or 7.7%, during the three months ended June 30, 2025, compared to the three months ended June 30, 2024, primarily due to increases in bonus expense as a result of higher than expected annual performance compared to annual targets in the current year compared to the prior year, partially offset by lower insurance costs and legal fees.

Depreciation and amortization. Depreciation and amortization decreased $2.3 million, or 3.7%, during the three months ended June 30, 2025, compared to the three months ended June 30, 2024, primarily due to theatre closures and lower depreciation expense on theatres impaired during the year ended December 31, 2024.

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Other expense (income). Other expense of $2.3 million during the three months ended June 30, 2025 was primarily due to $3.9 million of expense related to the increase in fair value of the derivative liability for the embedded conversion feature in the Existing Exchangeable Notes, partially offset by $(2.1) million of equity in earnings of non-consolidated entities. Other income of $(108.8) million during the three months ended June 30, 2024 was primarily due to a gain on extinguishment of debt of $(85.3) million related to the redemption of $173.9 million aggregate principal amount of the Second Lien Notes due 2026, $(19.1) million of recoveries related to the Shareholder Litigation and $(2.6) million of other settlement proceeds. See Note 1-Basis of Presentation in the Notes to the Condensed Consolidated Financial Statements under Part I, Item 1 of this Form 10-Q for additional information about the components of other income.

Interest expense. Interest expense increased $29.5 million to $113.0 million for the three months ended June 30, 2025, compared to $83.5 million during the three months ended June 30, 2024, primarily due to increased interest expense of $19.0 million on the New Term Loans compared to the Existing Term Loans, interest expense of $10.9 million on the Existing Exchangeable Notes issued on July 22, 2024 and an increase in interest expense of $9.4 million related to higher discount rates on the significant financing component of the Amended ESA, partially offset by declines in interest expense of $8.5 million on the Second Lien Notes due to redemptions of principal balances, declines in interest expense related to the revolving credit facility of $0.1 million, and declines in interest expense on the Senior Subordinated Notes due 2025 of $0.9 million due to redemptions of principal balances. See Note 3-Revenue Recognition in the Notes to the Condensed Consolidated Financial Statements under Part I, Item 1 of this Form 10-Q for additional information about the Amended ESA. See Note 6-Corporate Borrowings and Finance Lease Liabilities in the Notes to the Condensed Consolidated Financial Statements under Part I, Item 1 of this Form 10-Q for additional information about our indebtedness.

Investment income. Investment income was $(1.4) million for the three months ended June 30, 2025, compared to income of $(5.5) million for the three months ended June 30, 2024. Investment income in the current year includes interest income of $(1.7) million offset by $0.1 million of decrease in estimated fair value of our investment in common shares of Hycroft and $0.2 million of decrease in estimated fair value of our investment in warrants to purchase common shares of Hycroft. Investment income in the prior year includes $(4.8) million of interest income, $(0.4) million of increase in estimated fair value of our investment in common shares of Hycroft, and $(0.3) million of increase in estimated fair value of our investment in warrants to purchase common shares of Hycroft.

Income tax provision. The income tax provision was $0.5 million, compared to a provision of $0.6 million, for the three months ended June 30, 2025, and June 30, 2024, respectively. See Note 8-Income Taxes in the Notes to the Condensed Consolidated Financial Statements under Part I, Item 1 of this Form 10-Q for further information.

Net earnings. Net earnings was $1.5 million and $17.7 million during the three months ended June 30, 2025, and June 30, 2024, respectively. Net earnings during the three months ended June 30, 2025 compared to net earnings for the three months ended June 30, 2024 was negatively impacted by increases in rent expense, general and administrative expenses, decreases in other income, increases in interest expense, and decreases in investment income, partially offset by the increase in attendance as a result of the popularity of new film releases compared to the prior year, decreases in depreciation and amortization and decreases in income tax provision.

Theatrical Exhibition-International Markets

Revenues. Total revenues increased $69.0 million, or 32.1%, during the three months ended June 30, 2025, compared to the three months ended June 30, 2024. Admissions revenues increased $37.9 million, or 30.1%, during the three months ended June 30, 2025, compared to the three months ended June 30, 2024, primarily due to an increase in attendance of 17.7% from 13.5 million patrons to 15.9 million patrons and a 10.5% increase in average ticket price. Attendance increased due to the popularity of film product compared to the prior year. The increase in average ticket price was primarily due to increases in foreign currency translation rates and increases in ticket prices.

Food and beverage revenues increased $25.3 million, or 40.2%, during the three months ended June 30, 2025, compared to the three months ended June 30, 2024, primarily due to the increase in attendance and an increase in food and beverage per patron. Food and beverage per patron increased 19.1% from $4.65 to $5.54 primarily due to an increase in average prices, the percentage of guests making transactions and increases in foreign currency translation rates.

Total other theatre revenues increased $5.8 million, or 22.5%, during the three months ended June 30, 2025, compared to the three months ended June 30, 2024, primarily due to increases in income from ticket fees due to the increase in attendance, advertising income, and increases in foreign currency translation rates.

Operating costs and expenses. Operating costs and expenses increased $57.4 million, or 23.0%, during the three months ended June 30, 2025, compared to the three months ended June 30, 2024. Film exhibition costs increased $18.8 million, or 39.4%, during the three months ended June 30, 2025, compared to the three months ended June 30, 2024, primarily due to the increase in admissions revenues and higher film rental terms. As a percentage of admissions revenues, film exhibition costs were 40.6% for the three months ended June 30, 2025, compared to 37.9% for the three months ended June 30, 2024. The increase in film exhibition cost percentage is primarily due to the concentration of box office revenues in higher grossing films in the current year, which typically results in higher film exhibition costs.

Food and beverage costs increased $7.2 million, or 44.7%, during the three months ended June 30, 2025, compared to the three months ended June 30, 2024. The increase in food and beverage costs was primarily due to the increase in food and beverage revenues. As a percentage of food and beverage revenues, food and beverage costs were 26.4% for the three months ended June 30, 2025, compared to 25.6% for the three months ended June 30, 2024.

Operating expense increased by $19.3 million, or 20.1%, during the three months ended June 30, 2025, compared to the three months ended June 30, 2024. The increase in operating expense was primarily due to increases in attendance and the increase in foreign currency translation rates. As a percentage of revenues, operating expense was 40.6% for the three months ended June 30, 2025, compared to 44.7% for the three months ended June 30, 2024. The improvement in operating expense as a percentage of revenues is primarily due to the operating leverage gained as attendance increases. Rent expense increased $4.1 million, or 7.3%, during the three months ended June 30, 2025, compared to the three months ended June 30, 2024, primarily due to increases in foreign currency translation rates.

Other. Other general and administrative expense increased $6.7 million, or 40.4%, during the three months ended June 30, 2025, compared to the three months ended June 30, 2024, primarily due to increases in bonus expense as a result of higher than expected annual performance compared to annual targets in the current year compared to the prior year and increases in foreign currency translation rates.

Depreciation and amortization. Depreciation and amortization increased $1.3 million, or 7.5%, during the three months ended June 30, 2025, compared to the three months ended June 30, 2024, primarily due to the increase in foreign currency translation rates.

Other expense (income). Other income of $(34.4) million during the three months ended June 30, 2025 was primarily due to $(23.9) million in foreign currency transaction gains and $(10.3) million of governmental assistance. Other expense of $0.6 million during the three months ended June 30, 2024 was primarily due to equity in losses of non-consolidated entities of $1.1 million, partially offset by foreign currency transaction gains of $(0.5) million. See Note 1-Basis of Presentation in the Notes to the Condensed Consolidated Financial Statements under Part I, Item 1 of this Form 10-Q for additional information about the components of other income.

Interest expense. Interest expense increased $1.1 million to $16.6 million for the three months ended June 30, 2025, compared to $15.5 million during the three months ended June 30, 2024, primarily due to increased interest expense of $0.9 million on finance lease obligations. See Note 6-Corporate Borrowings and Finance Lease Liabilities in the Notes to the Condensed Consolidated Financial Statements under Part I, Item 1 of this Form 10-Q for additional information about our indebtedness.

Investment income. Investment income was $0.0 million for the three months ended June 30, 2025, compared to investment income of $0.6 million for the three months ended June 30, 2024. Investment income in the current and prior year is comprised of interest income.

Income tax provision. The income tax provision was $0.7 million and $0.1 million for the three months ended June 30, 2025, and June 30, 2024, respectively. See Note 8-Income Taxes in the Notes to the Condensed Consolidated Financial Statements under Part I, Item 1 of this Form 10-Q for further information.

Net loss. Net loss was $6.2 million and $50.5 million during the three months ended June 30, 2025, and June 30, 2024, respectively. Net loss during the three months ended June 30, 2025 compared to net loss for the three months ended June 30, 2024 was positively impacted by the increase in attendance as a result of the popularity of new film releases compared to the prior year and increases in other income, partially offset by increases in rent expense, general

and administrative expenses, depreciation and amortization expense, increases in interest expense, decreases in investment income and increases in income tax provision.

Results of Operations-For the Six Months ended June 30, 2025 Compared to the Six Months ended June 30, 2024

Condensed Consolidated Results of Operations

Revenues. Total revenues increased $278.4 million, or 14.0%, during the six months ended June 30, 2025, compared to the six months ended June 30, 2024. Admissions revenues increased $141.2 million, or 12.9%, during the six months ended June 30, 2025, compared to the six months ended June 30, 2024, primarily due to an increase in attendance of 8.3% from 96.6 million patrons to 104.7 million patrons and a 4.1% increase in average ticket price. Attendance increased due to the popularity of film product compared to the prior year. The availability and popularity of film product released during the six months ended June 30, 2024, was negatively impacted by the Writers Guild of America and the Screen Actors Guild - American Federation of Television and Radio Artists strikes during 2023. The increase in average ticket price was primarily due to increased ticket prices for all formats, increases in attendance for 3D screen volumes and increases in foreign currency translation rates.

Food and beverage revenues increased $94.7 million, or 13.8%, during the six months ended June 30, 2025, compared to the six months ended June 30, 2024, due to the increase in attendance and an increase in food and beverage per patron. Food and beverage per patron increased 5.1% from $7.12 to $7.48 primarily due to an increase in average prices and the percentage of guests making transactions and increases in foreign currency translation rates, partially offset by lower units per transaction by guests and more frequent attendance from our AMC Stubs members.

Total other theatre revenues increased $42.5 million, or 21.4%, during the six months ended June 30, 2025, compared to the six months ended June 30, 2024, primarily due to increases in income from ticket fees due to the increase in attendance, advertising income, increases in income from expirations of package tickets in our International markets, and increases in foreign currency translation rates. As a result of our Amended ESA, advertising income increased from the prior year by $5.2 million due to an increase in discount rates related to the significant financing component of the Amended ESA, partially offset by lower amortization of deferred revenues due to an increase in the term of the Amended ESA. See Note 3-Revenue Recognition in the Notes to the Condensed Consolidated Financial Statements under Part I, Item 1 of this Form 10-Q for additional information about the Amended ESA.

Operating costs and expenses. Operating costs and expenses increased $175.9 million, or 8.2%, during the six months ended June 30, 2025, compared to the six months ended June 30, 2024. Film exhibition costs increased $85.3 million, or 16.7%, during the six months ended June 30, 2025, compared to the six months ended June 30, 2024, primarily due to the increase in admissions revenues and higher film rental terms. As a percentage of admissions revenues, film exhibition costs were 48.3% for the six months ended June 30, 2025, compared to 46.7% for the six months ended June 30, 2024. The increase in film exhibition cost percentage is primarily due to the concentration of box office revenues in higher grossing films in the current year, which typically results in higher film exhibition costs.

Food and beverage costs increased $20.4 million, or 15.3%, during the six months ended June 30, 2025, compared to the six months ended June 30, 2024. The increase in food and beverage costs was primarily due to the increase in food and beverage revenues. As a percentage of food and beverage revenues, food and beverage costs were 19.6% for the six months ended June 30, 2025, compared to 19.3% for the six months ended June 30, 2024.

Operating expense increased by $68.3 million, or 8.7%, during the six months ended June 30, 2025, compared to the six months ended June 30, 2024. The increase in operating expense was primarily due to increases in attendance and the increase in foreign currency translation rates. As a percentage of revenues, operating expense was 37.7% for the six months ended June 30, 2025, compared to 39.5% for the six months ended June 30, 2024. The improvement in operating expense as a percentage of revenues is primarily due to the operating leverage gained as attendance increases. Rent expense decreased $2.2 million, or 0.5%, during the six months ended June 30, 2025, compared to the six months ended June 30, 2024, primarily due to a decrease in average screens of 2.5%, partially offset by increases in foreign currency translation rates.

Merger, acquisition, and other costs. Merger, acquisition, and other costs $3.1 million during the six months ended June 30, 2024, compared to $0.0 million during the six months ended June 30, 2024. The current year expense relates to severance costs in U.S. markets.

Other. Other general and administrative expense increased $7.5 million, or 7.0%, during the six months ended June 30, 2025, compared to the six months ended June 30, 2024, primarily due to increases in bonus expense as a result of higher than expected annual performance compared to annual targets in the current year compared to the prior year and increases in foreign currency translation rates, partially offset by lower insurance costs and legal fees.

Depreciation and amortization. Depreciation and amortization decreased $6.5 million, or 4.1%, during the six months ended June 30, 2025, compared to the six months ended June 30, 2024, primarily due to theatre closures and lower depreciation expense on theatres impaired during the year ended December 31, 2024, partially offset by increases in foreign currency translation rates.

Other income. Other income of $(90.9) million during the six months ended June 30, 2025 was primarily due to $(41.2) million of income related to the decrease in fair value of the derivative liability for the embedded conversion feature in the Existing Exchangeable Notes, $(36.9) million in foreign currency transaction gains, $(10.5) million of governmental assistance, and $(2.9) million of equity in earnings of non-consolidated entities. Other income of $(151.0) million during the six months ended June 30, 2024 was primarily due to a gain on extinguishment of debt of $(91.1) million related to the redemption of $191.4 million aggregate principal amount of the Second Lien Notes due 2026, the favorable settlement of a vendor dispute of $(36.2) million, $(19.1) million of recoveries related to the Shareholder Litigation and $(3.6) million of other settlement proceeds. See Note 1-Basis of Presentation in the Notes to the Condensed Consolidated Financial Statements under Part I, Item 1 of this Form 10-Q for additional information about the components of other income.

Interest expense. Interest expense increased $48.5 million to $248.7 million for the six months ended June 30, 2025, compared to $200.2 million during the six months ended June 30, 2024, primarily due to increased interest expense of $37.2 million on the New Term Loans compared to the Existing Term Loans, interest expense of $21.6 million on the Existing Exchangeable Notes issued on July 22, 2024, and an increase in interest expense of $9.0 million related to higher discount rates on the significant financing component of the Amended ESA, partially offset by declines in interest expense of $18.0 million on the Second Lien Notes due to redemptions of principal balances, declines in interest expense related to the revolving credit facility of $1.1 million, and declines in interest expense on the Senior Subordinated Notes due 2025 of $1.8 million due to redemptions of principal balances. See Note 3-Revenue Recognition in the Notes to the Condensed Consolidated Financial Statements under Part I, Item 1 of this Form 10-Q for additional information about the Amended ESA. See Note 6-Corporate Borrowings and Finance Lease Liabilities in the Notes to the Condensed Consolidated Financial Statements under Part I, Item 1 of this Form 10-Q for additional information about our indebtedness.

Investment income. Investment income was $(7.1) million for the six months ended June 30, 2025, compared to $(11.2) million for the six months ended June 30, 2024. Investment income in the current year includes interest income of $(4.6) million, $(2.3) million of increase in estimated fair value of our investment in common shares of Hycroft, and $(0.2) million of increase in estimated fair value of our investment in warrants to purchase common shares of Hycroft. Investment income in the prior year includes interest income of $(11.5) million, partially offset by $0.1 million of decline in the estimated fair value of our investment in common shares of Hycroft and $0.2 million of decline in the estimated fair value of our investment in warrants to purchase common shares of Hycroft.

Income tax provision. The income tax provision was $2.8 million and $2.5 million for the six months ended June 30, 2025 and June 30, 2024, respectively. See Note 8-Income Taxes in the Notes to the Condensed Consolidated Financial Statements under Part I, Item 1 of this Form 10-Q for further information.

Net loss. Net loss was $206.8 million and $196.3 million during the six months ended June 30, 2025 and June 30, 2024, respectively. Net loss during the six months ended June 30, 2025 compared to net loss for the six months ended June 30, 2024 was negatively impacted by increases in general and administrative expenses, decreases in other income, increases in interest expense, decreases in investment income and increases in income tax provision, partially offset by the increase in attendance as a result of the popularity of new film releases compared to the prior year, decreases in rent expense and decreases in depreciation and amortization.

Theatrical Exhibition-U.S. Markets

Revenues. Total revenues increased $226.2 million, or 15.0%, during the six months ended June 30, 2025, compared to the six months ended June 30, 2024. Admissions revenues increased $119.8 million, or 14.8%, during the six months ended June 30, 2025, compared to the six months ended June 30, 2024, primarily due to an increase in

attendance of 10.2% from 67.0 million patrons to 73.8 million patrons and a 4.2% increase in average ticket price. Attendance increased due to the popularity of film product compared to the prior year. The availability and popularity of film product released during the six months ended June 30, 2024, was negatively impacted by the Writers Guild of America and the Screen Actors Guild - American Federation of Television and Radio Artists strikes during 2023. The increase in average ticket price was primarily due to increased ticket prices for all formats and increases in attendance for 3D screen volumes.

Food and beverage revenues increased $78.1 million, or 14.2%, during the six months ended June 30, 2025, compared to the six months ended June 30, 2024, due to the increase in attendance and an increase in food and beverage per patron. Food and beverage per patron increased 3.6% from $8.22 to $8.52 primarily due to an increase in average prices and the percentage of guests making transactions, partially offset by lower units per transaction by guests and more frequent attendance from our AMC Stubs members.

Total other theatre revenues increased $28.3 million, or 19.6%, during the six months ended June 30, 2025, compared to the six months ended June 30, 2024, primarily due to increases in income from ticket fees due to the increase in attendance and advertising income. As a result of our Amended ESA, advertising income increased from the prior year by $5.2 million due to an increase in discount rates related to the significant financing component of the Amended ESA, partially offset by lower amortization of deferred revenues due to an increase in the term of the Amended ESA. See Note 3-Revenue Recognition in the Notes to the Condensed Consolidated Financial Statements under Part I, Item 1 of this Form 10-Q for additional information about the Amended ESA.

Operating costs and expenses. Operating costs and expenses increased $136.0 million, or 8.5%, during the six months ended June 30, 2025, compared to the six months ended June 30, 2024. Film exhibition costs increased $75.1 million, or 18.7%, during the six months ended June 30, 2025, compared to the six months ended June 30, 2024, primarily due to the increase in admissions revenues and higher film rental terms. As a percentage of admissions revenues, film exhibition costs were 51.3% for the six months ended June 30, 2025, compared to 49.6% for the six months ended June 30, 2024. The increase in film exhibition cost percentage is primarily due to the concentration of box office revenues in higher grossing films in the current year, which typically results in higher film exhibition costs.

Food and beverage costs increased $15.0 million, or 15.2%, during the six months ended June 30, 2025, compared to the six months ended June 30, 2024. The increase in food and beverage costs was primarily due to the increase in food and beverage revenues. As a percentage of food and beverage revenues, food and beverage costs were 18.1% for the six months ended June 30, 2025, compared to 17.9% for the six months ended June 30, 2024

Operating expense increased by $51.2 million, or 8.8%, during the six months ended June 30, 2025, compared to the six months ended June 30, 2024. The increase in operating expense was primarily due to increases in attendance. As a percentage of revenues, operating expense was 36.5% for the six months ended June 30, 2025, compared to 38.6% for the six months ended June 30, 2024. The improvement in operating expense as a percentage of revenues is primarily due to the operating leverage gained as attendance increases. Rent expense decreased $3.0 million, or 0.9%, during the six months ended June 30, 2025, compared to the six months ended June 30, 2024, primarily due to a decrease in average screens of 2.3%.

Merger, acquisition, and other costs. Merger, acquisition, and other costs were $3.1 million during the six months ended June 30, 2025, compared to $0.0 million during the six months ended June 30, 2024. The current year expense relates to severance costs in U.S. markets.

Other. Other general and administrative expense increased $1.6 million, or 2.3%, during the six months ended June 30, 2025, compared to the six months ended June 30, 2024, primarily due to increases in bonus expense as a result of higher than expected annual performance compared to annual targets in the current year compared to the prior year, partially offset by lower insurance costs and legal fees.

Depreciation and amortization. Depreciation and amortization decreased $7.0 million, or 5.6%, during the six months ended June 30, 2025, compared to the six months ended June 30, 2024, primarily due to theatre closures and lower depreciation expense on theatres impaired during the year ended December 31, 2024.

Other income. Other income of $(43.1) million during the six months ended June 30, 2025 was primarily due to $(41.2) million of income related to the decrease in fair value of the derivative liability for the embedded conversion feature in the Existing Exchangeable Notes, and $(2.7) million equity in earnings of non-consolidated entities. Other income of $(117.7) million during the six months ended June 30, 2024 was primarily due to a gain on extinguishment

of debt of $(91.1) million related to the redemption of $191.4 million aggregate principal amount of the Second Lien Notes due 2026, $(19.1) million of recoveries related to the Shareholder Litigation and $(3.6) million of other settlement proceeds. See Note 1-Basis of Presentation in the Notes to the Condensed Consolidated Financial Statements under Part I, Item 1 of this Form 10-Q for additional information about the components of other income.

Interest expense. Interest expense increased $46.7 million to $215.7 million for the six months ended June 30, 2025, compared to $169.0 million during the six months ended June 30, 2024, primarily due to increased interest expense of $37.2 million on the New Term Loans compared to the Existing Term Loans, interest expense of $21.6 million on the Existing Exchangeable Notes issued on July 22, 2024, and an increase in interest expense of $9.0 million related to higher discount rates on the significant financing component of the Amended ESA, partially offset by declines in interest expense of $18.0 million on the Second Lien Notes due to redemptions of principal balances, declines in interest expense related to the revolving credit facility of $1.1 million, and declines in interest expense on the Senior Subordinated Notes due 2025 of $1.8 million due to redemptions of principal balances. See Note 3-Revenue Recognition in the Notes to the Condensed Consolidated Financial Statements under Part I, Item 1 of this Form 10-Q for additional information about the Amended ESA. See Note 6-Corporate Borrowings and Finance Lease Liabilities in the Notes to the Condensed Consolidated Financial Statements under Part I, Item 1 of this Form 10-Q for additional information about our indebtedness.

Investment income. Investment income was $(6.9) million for the six months ended June 30, 2025, compared to income of $(10.0) million for the six months ended June 30, 2024. Investment income in the current year includes interest income of $(4.4) million, $(2.3) million of increase in estimated fair value of our investment in common shares of Hycroft and $(0.2) million of increase in estimated fair value of our investment in warrants to purchase common shares of Hycroft. Investment income in the prior year includes interest income of $(10.3) million, partially offset by $0.1 million of decline in estimated fair value of our investment in common shares of Hycroft and $0.2 million of decline in estimated fair value of our investment in warrants to purchase common shares of Hycroft.

Income tax provision. The income tax provision was $1.4 million and $1.2 million for the six months ended June 30, 2025 and June 30, 2024, respectively. See Note 8-Income Taxes in the Notes to the Condensed Consolidated Financial Statements under Part I, Item 1 of this Form 10-Q for further information.

Net loss. Net loss was $176.9 million and $142.5 million during the six months ended June 30, 2025, and June 30, 2024, respectively. Net loss during the six months ended June 30, 2025 compared to net loss for the six months ended June 30, 2024 was negatively impacted by increases in general and administrative expenses, decreases in other income, increases in interest expense, decreases in investment income, and increases in income tax provision, partially offset by the increase in attendance as a result of the popularity of new film releases compared to the prior year, decreases in rent expense, and decreases in depreciation and amortization.

Theatrical Exhibition-International Markets

Revenues. Total revenues increased $52.2 million, or 10.9%, during the six months ended June 30, 2025, compared to the six months ended June 30, 2024. Admissions revenues increased $21.4 million, or 7.5%, during the six months ended June 30, 2025, compared to the six months ended June 30, 2024, primarily due to an increase in attendance of 4.2% from 29.7 million patrons to 30.9 million patrons and a 3.1% increase in average ticket price. Attendance increased due to the popularity of film product compared to the prior year. The increase in average ticket price was primarily due to increased ticket prices and increases in foreign currency translation rates.

Food and beverage revenues increased $16.6 million, or 12.0%, during the six months ended June 30, 2025, compared to the six months ended June 30, 2024, due to the increase in attendance and an increase in food and beverage per patron. Food and beverage per patron increased 7.3% from $4.65 to $4.99 primarily due to an increase in average prices and the percentage of guests making transactions and increases in foreign currency translation rates, partially offset by lower units per transaction by guests.

Total other theatre revenues increased $14.2 million, or 26.2%, during the six months ended June 30, 2025, compared to the six months ended June 30, 2024, primarily due to increases in income from ticket fees due to the increase in attendance, advertising income, increases in income from expirations of package tickets, and increases in foreign currency translation rates.

Operating costs and expenses. Operating costs and expenses increased $39.9 million, or 7.5%, during the six months ended June 30, 2025, compared to the six months ended June 30, 2024. Film exhibition costs increased $10.2

million, or 9.3%, during the six months ended June 30, 2025, compared to the six months ended June 30, 2024, primarily due to the increase in admissions revenues and higher film rental terms. As a percentage of admissions revenues, film exhibition costs were 39.2% for the six months ended June 30, 2025, compared to 38.6% for the six months ended June 30, 2024. The increase in film exhibition cost percentage is primarily due to the concentration of box office revenues in higher grossing films in the current year, which typically results in higher film exhibition costs.

Food and beverage costs increased $5.4 million, or 15.8%, during the six months ended June 30, 2025, compared to the six months ended June 30, 2024. The increase in food and beverage costs was primarily due to the increase in food and beverage revenues. As a percentage of food and beverage revenues, food and beverage costs were 25.6% for the six months ended June 30, 2025, compared to 24.7% for the six months ended June 30, 2024.

Operating expense increased by $17.1 million, or 8.4%, during the six months ended June 30, 2025, compared to the six months ended June 30, 2024. The increase in operating expense was primarily due to increases in attendance and the increase in foreign currency translation rates. As a percentage of revenues, operating expense was 41.6% for the six months ended June 30, 2025, compared to 42.6% for the six months ended June 30, 2024. The improvement in operating expense as a percentage of revenues is primarily due to the operating leverage gained as attendance increases. Rent expense increased $0.8 million, or 0.7%, during the six months ended June 30, 2025, compared to the six months ended June 30, 2024, primarily due to increases in foreign currency translation rates, partially offset by a decrease in average screens of 3.2%.

Other. Other general and administrative expense increased $5.9 million, or 16.5%, during the six months ended June 30, 2025, compared to the six months ended June 30, 2024, primarily due to increases in bonus expense as a result of higher than expected annual performance compared to annual targets in the current year compared to the prior year and increases in foreign currency translation rates.

Depreciation and amortization. Depreciation and amortization increased $0.5 million, or 1.4%, during the six months ended June 30, 2025, compared to the six months ended June 30, 2024, primarily due to increases in foreign currency translation rates, partially offset by theatre closures and lower depreciation expense on theatres impaired during the year ended December 31, 2024.

Other income. Other income of $(47.8) million during the six months ended June 30, 2025, was primarily due to $(36.9) million in foreign currency transaction gains and $(10.5) million of governmental assistance. Other income of $(33.3) million during the six months ended June 30, 2024 was primarily due to the favorable settlement of a vendor dispute of $(36.2) million, partially offset by foreign currency translation losses of $2.6 million. See Note 1-Basis of Presentation in the Notes to the Condensed Consolidated Financial Statements under Part I, Item 1 of this Form 10-Q for additional information about the components of other income.

Interest expense. Interest expense increased $1.8 million to $33.0 million for the six months ended June 30, 2025, compared to $31.2 million during the six months ended June 30, 2024, primarily due to increased interest expense of $1.2 million on finance lease obligations. See Note 6-Corporate Borrowings and Finance Lease Liabilities in the Notes to the Condensed Consolidated Financial Statements under Part I, Item 1 of this Form 10-Q for additional information about our indebtedness.

Investment income. Investment income was $(0.2) million for the six months ended June 30, 2025, compared to income of $(1.2) million for the six months ended June 30, 2024. Investment income in the current year includes interest income of $(0.2) million. Investment income in the prior year includes interest income of $(1.2) million.

Income tax provision. The income tax provision was $1.4 million and $1.3 million for the six months ended June 30, 2025, and June 30, 2024, respectively. See Note 8-Income Taxes in the Notes to the Condensed Consolidated Financial Statements under Part I, Item 1 of this Form 10-Q for further information.

Net loss. Net loss was $29.9 million and $53.8 million during the six months ended June 30, 2025 and June 30, 2024, respectively. Net loss during the six months ended June 30, 2025 compared to net loss for the six months ended June 30, 2024 was positively impacted by the increase in attendance as a result of the popularity of new film releases compared to the prior year and increases in other income, partially offset by increases in rent, general and administrative expenses, depreciation and amortization, increases in interest expense, decreases in investment income, and increases in income tax provision.

Adjusted EBITDA

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We present Adjusted EBITDA as a supplemental measure of our performance. We define Adjusted EBITDA as net earnings (loss) plus (i) income tax provision (benefit), (ii) interest expense and (iii) depreciation and amortization, as further adjusted to eliminate the impact of certain items that we do not consider indicative of our ongoing operating performance and to include attributable EBITDA from equity investments in theatre operations in International markets. These further adjustments are itemized below. You are encouraged to evaluate these adjustments and the reasons we consider them appropriate for supplemental analysis. In evaluating Adjusted EBITDA, you should be aware that in the future we may incur expenses that are the same as or similar to some of the adjustments in this presentation. Our presentation of Adjusted EBITDA should not be construed as an inference that our future results will be unaffected by unusual or non-recurring items. The preceding definition of and adjustments made to GAAP measures to determine Adjusted EBITDA are broadly consistent with Adjusted EBITDA as defined in our debt indentures. During 2024, we changed the definition of Adjusted EBITDA to no longer further adjust for "cash distributions from non-consolidated entities" and "other non-cash rent benefit." All comparative period information for Adjusted EBITDA has been re-cast to conform with the current definition.

The following tables set forth our Adjusted EBITDA by reportable operating segment and our reconciliation of Adjusted EBITDA:

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