AMC Entertainment Holdings, Inc. (NYSE:AMC) Q1 2022 Earnings Conference Call May 9, 2022 5:00 PM ET

Company Participants

John Merriwether - Vice President, Investor Relations

Adam Aron - Chairman and Chief Executive Officer

Sean Goodman - Chief Financial Officer

Conference Call Participants

Operator

Good day, and welcome to the AMC Entertainment's First Quarter 2022 Earnings Webcast. [Operator Instructions] Please note, this event is being recorded.

I would now like to turn the conference over to John Merriwether, Vice President of Capital Markets and Investor Relations. Please go ahead.

John Merriwether

Thank you, Cerra. Good afternoon. I'd like to welcome everyone to AMC's first quarter 2022 earnings webcast. With me this afternoon is Adam Aron, our Chairman and CEO; and Sean Goodman, our Chief Financial Officer.

Before I turn the webcast over to Adam, let me 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 statements, listeners are cautioned to not place undue reliance 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, operating free cash flow, operating cash burn, operating cash generated 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.

After our prepared remarks, there will be a Q&A Session. This afternoon's webcast is being recorded, and a replay will be available in the Investor Relations section of our website at amctheatres.com later today.

With that, I'll turn the call over to Adam.

Adam Aron

Thank you, John. Good afternoon, everyone and thank you for joining us today. Following on the heels of our progress throughout 2021, AMC's first quarter of 2022 marked yet another milestone. Thanks in part to Sony's UNCHARTED and Warner Brothers, The Batman, it was our best first quarter in 2 years. And we exceeded market expectations with a more than fivefold or $637 million improvement in revenue. And an almost 80% or $233 million improvement in adjusted EBITDA compared to the same quarter of a year ago. What a difference a year makes.