A：The major film releases expected in the remainder of the fourth quarter include Disney's 'Predator Badlands', Sony Pictures Classics' 'Nuremberg', Lionsgate's 'Now You See Me, Now You Don't', Disney's 'Zootopia', Paramount's 'The Running Man', Universal's 'Wicked' return to Oz, and various other highly anticipated films.

A：The box office outlook for the remainder of the year is positive, with an expectation that it will surpass the previous year and become the largest post-pandemic box office year. Domestic industry-wide box office has been on a $10 billion pace since April, significantly exceeding the calendar year box office recorded for 2023, 2024, or the current year 2025.

A：The positive performance of the North American box office, despite a soft third quarter, was attributable to meaningful growth in market share. This growth resulted from the power of premium large format offerings, unrivaled loyalty programs, innovative marketing promotions, and pricing strategies.

A：The third quarter performance metrics that demonstrated the strength of the business included an increase in consolidated revenue per segment by 5.5%, and an increase in the consolidated contribution margin per patron by 10.7% compared to the prior year. These metrics reflect the impressive growth in revenue and profitability with each additional moviegoer.

A：The US operations delivered an exceptional quarter in the third quarter, with domestic adjusted EBITDA reaching $11 million, which is nearly $4 million more than in Q3 2019. This was achieved with 31% fewer tickets compared to Q3 2019, due to higher revenue per patron and a significantly higher contribution margin per patron.

A：The partnership with Taylor Swift had a positive impact on the box office results. The one-weekend screening of Taylor Swift's 12th studio album 'The Showgirl' generated approximately $50 million in box office receipts, with $34 million domestically and another $16 million internationally. This event helped bolster AMC's results and contributed to the overall health of the industry.

A：The Taylor Swift project resulted in a significant financial achievement for AMC, with over $50 million in box office ticket sales and additional revenues from food and beverage, all generated within 7.5 weeks from the initial phone call about the project. The completed project also helped grow AMC's market share in the US and Canada, reaching a substantial 36% during the official release party.

A：The success with Taylor Swift led to a repeat engagement with AMC when the Swift family chose to partner with AMC again for another event, indicating satisfaction with the previous experience and highlighting a positive working relationship with every individual involved in the project.

A：AMC is optimistic about adding more content through cooperation with Netflix, as demonstrated by the showing of 'Kpop Demon Hunters' over Halloween weekend. The collaboration is in its early stages and many details, such as windowing, still need to be worked out, but the potential for cooperation is seen as highly confident due to the large footprints of both companies.

A：AMC aims to capitalize on its success with live events such as concerts and sporting events by pursuing the live broadcast of these events to its theaters. This initiative is slated to be one of the company's highest priorities for 2026, leveraging its technical capability to reach a large percentage of its theater network in the US and Europe.

A：IMAX plays a significant role in the growth of AMC's premium large format screens, with AMC being a substantial recipient of IMAX's success. The investment in upgrading MX screens to IMAX with Laser and discussions about increasing the number of IMAX locations are key components of this relationship.

A：AMC is confident in the success of its Dolby Cinema, which is doing well globally, and plans to expand the number of Dolby auditoriums by around 150% over the next few years. The company has also entered into an agreement with CJ to increase the number of IMAX within the AMC and Odeon fleet.

A：The introduction of extra large format screens (XL) has been a key factor in driving growth for AMC, with 151 XL screens already installed and plans to double that number by next Christmas. The strategy of enhancing premium experiences has been successful, all while maintaining tight capital expenditure targets.

A：AMC is actively exploring the use of artificial intelligence (AI) to make operations more efficient and to provide guests with a more dazzling experience. The company has started using AI internally and plans to expand its use significantly in the future, including a recent investment in Nova Sky Stories.

A：AMC's investment in Nova Sky Stories has led to a partnership that brings engaging out-of-home entertainment to moviegoers, with a particular impact from Nova Sky Stories' aerial drone light shows. Future developments include continued cooperation with Nova Sky Stories, with more details expected to be announced in the coming year.

A：Advanced bookings for 'Wicked' are through the roof, exceeding the advanced bookings at the same time before the release of the original 'Wicked' movie a year prior, which was a global triumph for Universal and AMC.

A：The consumer anticipation is high as the entire world is on pins and needles waiting to see James Cameron's latest film 'Avatar: The Fire and the Ash'.

A：Instructions provided for analysts to ask questions during the webcast include pressing star one to leave the queue at any time and pressing star two to re-queue. The process should be repeated as necessary to allow everyone a chance to ask a question.

A：AMC has been successful in driving up per patron spending through various initiatives. While the focus has been on premium pricing options such as IMAX, the company has not pushed across-the-board price increases on tickets and concessions. Instead, prices have increased substantially over the past several years, with a particular emphasis on higher pricing in markets with high demand. Price increases were implemented in the third quarter, and varied by theater and market, while also offering discounted programs such as 'A-List' to attract bargain hunters.

A：Recent price increases were justified by the strategy of clever pricing based on demand, with prices rising at theaters with the most demand and on peak nights. The justification also includes the 'A-List' program, which has seen significant membership growth and provides substantial patronage to AMC, indicating that these prices are seen as a good value by consumers who seek out discounts.

A：AMC expanded its long-time discount Tuesday offering for AMC Stubs members to include Wednesday discounts as well. This new feature allows members to enjoy movies for free by simply providing their email address to join the program instantly. These discounts are now a permanent feature going forward.

A：AMC has made the level of the discount more dramatic by positioning it as a 50% discount on the typical evening list price, available on twice the number of days per week compared to the previous standard of discount Tuesdays. This 50% discount is offered on both Tuesdays and Wednesdays, acting as an enrollment device to encourage moviegoers to join AMC Stubs, the company's loyalty program.

A：The key drivers behind the increase in food and beverage revenue per person include the percentage of people participating in buying from concession stands, the number of units they purchase, and the price they pay per unit. Specifically, during Q3, the increase was driven by both participation rates and prices paid.

A：The average food and beverage price per person is impacted by the product mix. By focusing on movie-themed drinks and cocktails, even without a change in the regular prices, there has been a positive mix impact which has been beneficial for the business. Furthermore, data analysis is conducted to determine optimal prices at individual theatres and market locations, balancing discounts with opportunities to increase prices.

A：AMC's approach to pricing involves being analytical with data, focusing on the ability to take prices up without encountering limitations from clientele. The fact that premium screens sell out first and that there is a 10% price premium on 151 XL screens, which are already larger than other screens in the same theaters, indicates that there is no price limitation from consumers.

A：The merchandise business has become highly significant for AMC, going from nearly nonexistent three years ago to an expected $65 million in revenue globally for 2025. This growth includes high-priced items, such as collectible items priced at $15 to $30, demonstrating that consumers are willing to pay for the unique experiences offered, provided the execution is of high quality.

A：The potential sale or consolidation of Warner Brothers could impact AMC depending on the number of movie releases coming from studios. There is a focus on the volume of movies being issued, as more movies are good for AMC. The company is particularly interested in whether Warner Brothers and Paramount increase their movie releases going forward. While it is premature to speculate on Warner Brothers' future, the potential consolidation does not have a clear impact on AMC's current strategy regarding the number of movie releases.

A：The company is confident that the strong performance in key business metrics is sustainable and not a fluke. They have been able to grow these metrics for six years, since 2019, and plan to continue focusing on keeping them strong and growing.

A：The company's confidence in maintaining strong performance metrics comes from their consistent focus and application of attention and brain power towards improving these metrics over the past three years, as the box office started to recover post-Covid.

A：The industry box office is still down from pre-pandemic levels, which is a problem. The industry is not growing at the hoped-for pace and is currently on a $10 billion pace for the 2025 calendar year, rather than the anticipated much larger growth.

A：For AMC, the relationship between rising box office and EBITDA is exponential rather than linear. As the box office grows, EBITDA grows much more significantly due to the efficiency of their business model and strong operational improvements.

A：The contribution per patron for AMC has increased by 54% in six years, from pre-pandemic levels. This significant improvement in efficiency means that the company does not need the box office to return to pre-pandemic levels for success.

A：The company has raised $4 to $5 billion in equity over six years and repaid $2 billion of debt, along with an additional $1 billion more, resulting in lower debt levels compared to before the pandemic. They are grateful to their shareholders, especially retail shareholders, for their continued support.

A：The M&A environment is currently quite attractive to the company. They have cash reserves earmarked for running the company and strengthening the balance sheet, and they are out of shares which means they cannot use share equity capital for M&A activities at the moment. However, they are analyzing potential combinations and expect opportunities to arise when the timing is right without compromising their financial commitments.

A：The loyalty program membership for AMC has more than doubled, from about 500,000 members to nearly 1 million, over the past five years. New benefits include adding Wednesday discounts for A-list members and launching a new Premier Go tier within the loyalty program, which offers double the points and other benefits, accessible by earning them through visits to movie theaters rather than a price increase.

A：The company has expanded its loyalty program internationally by launching a points-based loyalty program in the United Kingdom and plans to spread this model to other European territories. The UK has adopted a model similar to A-list, named Limitless, which was originally inspired by the US stubs program.