AMC Entertainment Holdings, Inc.

Greetings and welcome to the AMC Entertainment Holdings Incorporated first quarter 2025 earnings webcast. At this time, all participants are in a listen-only mode. A question and answer session will follow the formal presentation. If any must require operator assistance, please press star zero on your telephone keypad. As a reminder, this conference is being recorded. It is now my pleasure to introduce John Merriweather. Thank you, John. You may begin.

Thank you, Julian. Good afternoon, everyone. I'd like to welcome you to AMC's first quarter 2025 earnings webcast. With me this afternoon is Adam Aaron, our chairman and CEO, and Sean Goodman, our chief financial officer. Before I turn the call, the webcast over to Adam, I'd like to remind everyone that some of the comments made by management during this webcast may contain forward-looking statements that are based on management's current expectations. Numerous risks and uncertainties and other factors may cause actual results to differ materially from those that might be expressed today. Many of these risks and uncertainties are discussed in our most recent public filings, including our most recently filed 10-K and 10-Q. Several of the factors that will determine the company's future results are beyond the ability of the company to control or predict. In light of the uncertainties inherent in any forward-looking statement, listeners are cautioned against relying on these statements. The company undertakes no obligation to revise or update any forward-looking statements, whether as a result of new information or future events. On this webcast, we may reference non-GAAP financial measures, such as adjusted EBITDA and constant currency, among others. For a full reconciliation of our non-GAAP measures to GAAP results, please see our earnings release posted in the investor relations section of our website earlier this afternoon. After our prepared remarks, there will be a question and answer session This afternoon's webcast is being recorded, and a replay will be available in the investor relations section of our website at amctheaters.com later today. With that, I'll turn the call over to Adam.

Thank you, John. Good afternoon, everybody, and thank you for joining us today. Anyone who's ever driven a car knows that you spend far more time looking out the front windshield than you do looking at the rearview mirror. That metaphor of it being more important to looking ahead, not looking backwards, is particularly appropriate for the movie theater industry at this particular moment in time because the first quarter of 2025 was not at all indicative of the current strength and what we expect will be the coming strength of the movie theater business. Simply put, We believe that a dramatic reawakening of the industry-wide domestic box office has begun. Right now, movie theaters are literally booming, and we believe that this great news about a robust box office will continue for the foreseeable future. Clearly, though, that was not the case in the first quarter of 2025, which was entirely consistent with our earlier pronouncements that calendar year 2025 would start out slowly. How slow was it? Really slow. Setting aside those first quarters directly impacted by COVID and its aftermath, the 2025 January to March industry-wide domestic box office was the lowest it has been since 1996. But fortunately for us, In brilliant contrast to Q1 of 2025, we continue to believe that movie-going demand for the balance of 2025 and all of 2026 will show great strength. So much so, in fact, that we now believe that the full year 2025 industry-wide domestic box office will come in at the high end of our previously forecasted range of it being $500 million to $1 billion ahead of the industry-wide domestic 2024 box office. Even more compelling, we also believe that the 2026 box office will wind up being considerably larger than that of 2025. After all, the April 2025 industry-wide domestic box office April being the first month of Q2, was double the box office of April 24. And so far in May, the box office again has been running at double the rate of a year ago. And the movies that will be released through the end of 2025 are barn burners, one after another. As examples, just look at the dozen hit movie titles being released over the next 11 weekends. including among others Disney's Lilo and Stitch, as well as Elio, Tom Cruise's Mission Impossible, The Final Reckoning, Sony's Karate Kid and 28 Years Later, Lionsgate's John Wick movie, Universal's How to Train Your Dragon and Megan 2.0, along with Jurassic World Rebirth, Apple's F1, Warner's DC Studios' Superman, and Paramount's Smurfs. All the way through year-end, we will be seeing a potpourri of movie riches gracing the silver screens of AMC theaters and Odeon Cinemas. It's going to be one potentially huge movie after another, after another, after another, all the way through the year-end opening of Avatar Fire and Ash in mid-December. Moving from the industry to AMC, we can take great comfort in AMC's resilience being on full display in the first quarter of 2025. AMC surpassed Wall Street expectations, yet another quarter that that's been the case. And our ability to continue growing per patron operating metrics, including achieving an all-time first quarter record for U.S. admissions revenue per patron despite the challenging box office backdrop, speaks volumes about the enduring power of the AMC brand, the exceptional appeal of both our AMC Stubbs loyalty and A-list subscription programs, and our market-leading premium format offerings. Given a box office for the rest of 2025 that is expected to be soaring above that of a lackluster Q1, We also expect AMC's coming financial results to show market growth over our 2004 results. Looking ahead, the release calendar is stacked with action-driven blockbusters, precisely the kind of high-intensity, visually spectacular content that plays best on the big screen, of which AMC has more big screens than anyone else. With our industry-leading PLF footprint of IMAX, Dolby Cinema, Prime and AMC, and iSense PLF screens in Europe, together with our expanding portfolio of Excel and AMC auditoriums, AMC Theaters and Odeon Cinemas are perfectly positioned to lean into this action-heavy slate and report significantly improving financial results in the balance of 2025. My overarching comment about Q1 2025 is this. Anyone trying to draw any negative conclusions about the appeal of movie theaters from the results of the first quarter of 2025 is highly likely to be mistaken because the industry-wide domestic box office in Q1 was, in our view, a distorting outlier, an anomaly, that has already corrected itself. We continue to believe that movie-going demand in theaters for the balance of 25, and again in all of 2026, will show enormous strength. That is spectacular news for AMC Entertainment. I'll now pass the webcast over to Sean, our CFO, to provide more detail, after which I'll return to provide an update on AMC's Go Plan. Sean?