AMC Entertainment Holdings, Inc. Announces Third Quarter 2018 Results

LEAWOOD, Kan.–(BUSINESS WIRE)–AMC Entertainment Holdings, Inc. (NYSE: AMC) (“AMC” or “the Company”),
today reported results for the third quarter ended September 30, 2018.

Highlights for the third quarter ended September 30, 2018, include
the following:

  • Total revenues increased 3.6% to $1,221.4 million compared to total
    revenues of $1,178.7 million for the three months ended September 30,
    2017. Total revenues in the quarter included approximately
    $325.8 million of revenues from our international theatres as compared
    to $333.0 million for the three months ended September 30, 2017.
  • Admissions revenues were nearly unchanged at $751.4 million compared
    to $753.5 million for the same period a year ago, primarily driven by
    an 8.6% surge in attendance at our U.S. theatres compared to the third
    quarter a year earlier, which was a U.S. attendance record for the
    third quarter for AMC, offset by a decline in U.S. average ticket
    price of 6.6% and industry-wide softness in Europe.
  • Food and beverage revenues increased 6.5% to $384.8 million, compared
    to $361.4 million for the three months ended September 30, 2017, again
    primarily driven by the increased U.S. attendance.
  • Other revenues in the quarter also increased 33.5% to $85.2 million
    from $63.8 million for the same period in 2017, the result of several
    of the company’s strategies and the benefit from the adoption of ASC
    606.
  • Loss before income taxes increased $29.0 million to $89.3 million,
    compared to a loss of $60.3 million for the same quarter a year ago.
    Net loss increased $57.7 million to $100.4 million compared to net
    loss of $42.7 million for the three months ended September 30, 2017.
    Included in the loss before income taxes for the third quarter ended
    September 30, 2018 was $54.1 million of non-cash expense as a result
    of an increase in fair value of our new derivative liability related
    to the conversion feature for the Silver Lake convertible notes due
    2024, which will be marked to market, quarterly, going forward. Also
    included were: a $28.9 million gain on the sale of AMC’s remaining
    investment in National CineMedia, LLC (“NCM”), a $30.1 million gain on
    the Screenvision merger, $14.3 million increase related to merger and
    acquisition costs and $8.1 million increase in general and
    administrative expenses related to bonus and stock-based compensation
    expense due to significantly improved operating performance.
  • Diluted loss per share (“diluted EPS”) increased by $0.49 to $0.82 per
    share compared to a net loss of $0.33 per share for the same period a
    year ago. Weighted average diluted shares outstanding in the third
    quarter of 2018 decreased approximately 6.1% compared to the third
    quarter last year as a result of the effect of the 24.1 million Class
    B Common shares repurchased and canceled from Dalian Wanda Group Co.,
    Ltd (“Wanda”) on September 14, 2018 and the 3.7 million Class A Common
    shares repurchased on the open market since August 2017. A total of
    103,514,196 Class A and Class B Common shares were outstanding as of
    October 31, 2018, a 19.8% decrease compared to October 31, 2017.
  • Total Adjusted EBITDA(1) decreased 3.4% to $142.4 million
    compared to $147.4 million for the three months ended September 30,
    2017. U.S. markets Adjusted EBITDA for the third quarter declined 2.4%
    to $105.0 million compared to $107.6 million in the same period last
    year. International Adjusted EBITDA for the third quarter declined
    6.0% to $37.4 million compared to $39.8 million a year ago. Included
    in Total Adjusted EBITDA for the third quarter ended September 30,
    2018 is approximately $3.9 million of impact related to salaries and
    wages related to bonuses and a $3.4 million decline in cash
    distributions from non-consolidated entities. Adjusted EBITDA was
    negatively impacted by approximately $6.9 million due to the launch of
    the AMC Stubs A-List loyalty tier and is in-line with expectations.

Adam Aron, CEO and President of AMC, said, “We are so thoroughly
encouraged by AMC’s performance in the third quarter of 2018, both
because of the $142.4 million of Adjusted EBITDA we generated and the
enormous strategic advances our company made in the quarter. We
performed significantly ahead of our expectations going into the
quarter, and when combined with our stellar second quarter results, we
are now highly confident in saying that from an Adjusted EBITDA
perspective, full year 2018 will be the best-ever year in AMC’s 98-year
history.”

Aron added, “We are especially excited by the extraordinary consumer
response to our AMC Stubs loyalty program, now with 17 million
member-households in the United States. AMC Stubs members make up more
than 40% of AMC’s entire U.S. clientele, and as a result we are now
fortunate to have a marketer’s dream, a customer database that is
incredibly rich with moviegoing habits and histories. We are even more
thrilled by the game changing nature of our new A-List VIP tier of AMC
Stubs, which is nothing short of a runaway success for AMC. Launched on
June 26 of this year, A-List had some 388,000 enrolled members by
quarter-end. In the next couple of days, not even six weeks later, we
will cross 500,000 members. That already translates to $120 million of
annual recurring revenue for movie admission ticket buying at AMC
theatres, even before considering the continued growth in membership and
revenue that is surely ahead of us. What’s more, thanks to our
intelligent stewardship and management of these programs, we find
ourselves in the sweet spot of both offering great value to our guests
and running a program that is heavily incremental and which should prove
to be intriguingly profitable for AMC. Thanks to all of our compelling
marketing initiatives, in 2018 we saw the highest third quarter
attendance levels ever for AMC.”

Aron concluded, “The third quarter of 2018 was also transformational for
AMC as we attracted a new $600 million strategic investment in AMC from
private equity giant Silver Lake, the global leader in technology
investing, in the form of 6-year 2.95% convertible notes. The proceeds
of these notes allowed us to repurchase approximately 24.1 million Class
B Common shares from Wanda and issue a $1.55 per share special dividend
to all shareholders. Silver Lake, who will add great insight as it
enters our Boardroom, believes in the inherent value of AMC now, and in
the likelihood of AMC’s success going forward. With a particularly
strong industry box office now expected for both 2018 and 2019, and with
our company very well positioned as the global leader among theatre
operators, the future for AMC looks brighter than ever.”

Highlights for the nine months ended September 30, 2018, include the
following:

  • Total revenues increased 10.5% to $4,047.5 million compared to total
    revenues of $3,662.4 million for the nine months ended September 30,
    2017. Total revenues for 2018 included approximately $1,040.4 million
    of revenues from our international theatres as compared to
    $917.2 million in the nine-month period a year ago.
  • Admissions revenues grew 8.2% to $2,522.7 million compared to
    $2,332.4 million for the nine months ended September 30, 2017.
    Attendance increased globally by 4.1% and increased by 6.4% in the U.S.
  • Food and beverage revenues increased 9.1% to $1,236.4 million,
    compared to $1,133.1 million for the nine months ended September 30,
    2017.
  • Other revenues increased 46.5% to $288.4 million from $196.9 million
    for the same period in 2017, the result of several of the company’s
    strategies, the benefit from the adoption of ASC 606, and the Nordic
    acquisition
  • Loss before income taxes improved $299.9 million to $47.3 million,
    compared to a loss of $347.2 million for the same quarter a year ago.
    Net loss improved by $150.3 million to $60.5 million compared to a net
    loss of $210.8 million for the nine months ended September 30, 2017.
    Included in the loss before income taxes for the nine months ended
    September 30, 2017 was a $204.5 million other-than-temporary pre-tax
    impairment loss related to AMC’s investment in NCM and a $22.2 million
    loss on sale of NCM shares.
  • Diluted loss per share decreased by $1.17 to $0.48 per share compared
    to a loss of $1.65 per share for the same period a year ago. Weighted
    average diluted shares outstanding for the nine months ended September
    30, 2018 decreased approximately 1.2% compared to the third quarter
    last year as a result of the 24.1 million Class B Common shares
    repurchased and canceled from Wanda on September 14, 2018 and the
    3.7 million Class A Common shares repurchased on the open market since
    August 2017 offset by the additional public offering of 20.3 million
    Class A Common shares in February 2017.
  • Total Adjusted EBITDA(1) grew 24.5% to $665.1 million
    compared to $534.3 million for the nine months ended September 30,
    2017. U.S. markets Adjusted EBITDA for the nine months grew 27.3% to
    $535.6 compared to $420.6 million in the same period last year.
    International Adjusted EBITDA grew 13.9% to $129.5 million compared to
    $113.7 million in the same period a year ago. Much of the growth in
    international Adjusted EBITDA is due to the March 28, 2017 acquisition
    of Nordic Cinema Group Holding AB (“Nordic”).

CFO Commentary

Commentary on the quarter by Craig Ramsey, AMC’s Executive Vice
President and Chief Financial Officer, is available at http://investor.amctheatres.com.

Dividends

On May 3, 2018, the Company declared a regular quarterly dividend of
$0.20 per share for the quarter ended March 31, 2018, payable on
June 25, 2018 to stockholders of record on June 11, 2018. The total
dividends paid in the second quarter of 2018 were approximately
$25.6 million.

On July 24, 2018, the Company declared a regular quarterly dividend of
$0.20 per share for the quarter ended June 30, 2018, payable on
September 24, 2018 to stockholders of record on September 10, 2018.

On September 16, 2018 the Company declared a special dividend of $1.55
per share, payable on September 28, 2018 to stockholders of record on
September 25, 2018.

The total dividends paid in the third quarter of 2018 were approximately
$186.0 million.

On November 1, 2018, the Company declared a regular quarterly dividend
of $0.20 per share for the quarter ended September 30, 2018, payable on
December 26, 2018 to stockholders of record on December 10, 2018.

Conference Call / Webcast Information

The Company will host a conference call via webcast for investors and
other interested parties beginning at 4:00 p.m. CST/5:00 p.m. EST on
Thursday, November 8, 2018. To listen to the conference call via the
internet, please visit the investor relations section of the AMC website
at www.investor.amctheatres.com
for a link to the webcast. Investors and interested parties should go to
the website at least 15 minutes prior to the call to register, and/or
download and install any necessary audio software.

Participants may also listen to the call by dialing (877) 407-3982, or
(201) 493-6780 for international participants. An archive of the webcast
will be available on the Company’s website after the call for a limited
time.

About AMC Entertainment Holdings, Inc.

AMC is the largest movie exhibition company in the U.S., in Europe and
throughout the world with more than 1,000 theatres and nearly 11,000
screens across the globe. AMC has propelled innovation in the exhibition
industry by: deploying its Signature power-recliner seats; delivering
enhanced food and beverage choices; generating greater guest engagement
through its loyalty program, web site and mobile apps; offering premium
large format experiences and playing a wide variety of content including
the latest Hollywood releases and independent programming. AMC operates
among the most productive theatres in the United States’ top markets,
having the #1 or #2 market share positions in 22 of the 25 largest
metropolitan areas of the United States, including the top three markets
(NY, LA, Chicago). Through its Odeon subsidiary AMC operates in 14
European countries and is the #1 theatre chain in Estonia, Finland,
Italy, Latvia, Lithuania, Norway, Spain, Sweden and UK Ireland. For
more information, visit www.amctheatres.com.

Website Information

This press release, along with other news about AMC, is available at www.amctheatres.com.
We routinely post information that may be important to investors in the
Investor Relations section of our website, www.investor.amctheatres.com.
We use this website as a means of disclosing material, non-public
information and for complying with our disclosure obligations under
Regulation FD, and we encourage investors to consult that section of our
website regularly for important information about AMC. The information
contained on, or that may be accessed through, our website is not
incorporated by reference into, and is not a part of, this document.
Investors interested in automatically receiving news and information
when posted to our website can also visit www.investor.amctheatres.com
to sign up for email alerts.

Forward-Looking Statements

This press release includes “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 “forecast,” “plan,”
“estimate,” “will,” “would,” “project,” “maintain,” “intend,” “expect,”
“anticipate,” “prospect,” “strategy,” “future,” “likely,” “may,”
“should,” “believe,” “continue,” “opportunity,” “potential,” 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 on information available at the time the statements
are made and/or management’s good faith belief as of that time with
respect to future events, and are subject to risks, trends,
uncertainties and other facts that could cause actual performance or
results to differ materially from those expressed in or suggested by the
forward-looking statements. These risks, trends, uncertainties and facts
include, but are not limited to, risks related to: motion picture
production and performance; AMC’s lack of control over distributors of
films; intense competition in the geographic areas in which AMC
operates; increased use of alternative film delivery methods or other
forms of entertainment; shrinking exclusive theatrical release windows;
international economic, political, regulatory and other risks; risks and
uncertainties relating to AMC’s significant indebtedness; AMC’s ability
to execute cost cutting and revenue enhancement initiatives; box office
performance; limitations on the availability of capital; risks relating
to AMC’s inability to achieve the expected benefits and performance from
its recent acquisitions; AMC’s ability to refinance its indebtedness on
favorable terms; optimizing AMC’s theatre circuit through construction
and the transformation of its existing theatres may be subject to delay
and unanticipated costs; failures, unavailability or security breaches
of AMC’s information systems; risks relating to impairment losses,
including with respect to goodwill and other intangibles, and theatre
and other closure charges; AMC’s ability to utilize net operating loss
carryforwards to reduce its future tax liability or valuation allowances
taken with respect to deferred tax assets; review by antitrust
authorities in connection with acquisition opportunities; risks relating
to unexpected costs or unknown liabilities relating to recently
completed acquisitions; risks relating to the incurrence of legal
liability including costs associated with recently filed class action
lawsuits; general political, social and economic conditions and risks,
trends, uncertainties and other factors discussed in the reports AMC has
filed with the SEC. Should one or more of these risks, trends,
uncertainties or facts materialize, or should underlying assumptions
prove incorrect, actual results may vary materially from those indicated
or anticipated by the forward-looking statements contained herein.
Accordingly, you are cautioned not to place undue reliance on these
forward-looking statements, which speak only as of the date they are
made. Forward-looking statements should not be read as a guarantee of
future performance or results and will not necessarily be accurate
indications of the times at, or by, which such performance or results
will be achieved. For a detailed discussion of risks, trends and
uncertainties facing AMC, see the section entitled “Risk Factors” in
AMC’s Annual Report on Form 10-K, filed with the SEC on March 1, 2018,
and the Quarterly Report on Form 10-Q filed with the SEC on November 8,
2018, and the risks, trends and uncertainties identified in its other
public filings. AMC does not intend, and undertakes no duty, to update
any information contained herein to reflect future events or
circumstances, except as required by applicable law.

 

 

AMC Entertainment Holdings, Inc.

Consolidated Statements of Operations

For the Fiscal Periods Ended 9/30/18 and 9/30/17

 

(dollars in millions, except share and per share data)

(unaudited)

 

 

 

Three Months Ended

 

 

Nine Months Ended

September 30,

September 30,

2018

 

 

2017

2018

 

 

2017

Revenues

Admissions

$

751.4

$

753.5

$

2,522.7

$

2,332.4

Food and beverage

384.8

361.4

1,236.4

1,133.1

Other theatre

 

85.2

 

 

63.8

 

 

288.4

 

 

196.9

 

Total revenues

 

1,221.4

 

 

1,178.7

 

 

4,047.5

 

 

3,662.4

 

 

Operating costs and expenses

Film exhibition costs

378.8

364.8

1,276.7

1,164.2

Food and beverage costs

63.6

60.7

202.0

182.6

Operating expense, excluding depreciation and amortization below

400.5

383.2

1,236.9

1,128.8

Rent

203.7

200.7

593.1

590.9

General and administrative:

Merger, acquisition and transaction costs

18.1

5.6

27.1

57.2

Other, excluding depreciation and amortization below

48.4

32.6

135.6

113.0

Depreciation and amortization

 

130.2

 

 

135.2

 

 

398.4

 

 

393.9

 

Operating costs and expenses

 

1,243.3

 

 

1,182.8

 

 

3,869.8

 

 

3,630.6

 

 

Operating income (loss)

(21.9

)

(4.1

)

177.7

31.8

Other expense (income):

Other expense (income)

54.1

(0.4

)

57.5

(1.9

)

Interest expense:

Corporate borrowings

64.3

60.8

188.2

171.7

Capital and financing lease obligations

9.4

10.6

29.5

31.7

Non-cash NCM exhibitor service agreement

10.3

31.2

Equity in (earnings) loss of non-consolidated entities

(70.0

)

1.8

(74.0

)

199.1

Investment income

 

(0.7

)

 

(16.6

)

 

(7.4

)

 

(21.6

)

Total other expense

 

67.4

 

 

56.2

 

 

225.0

 

 

379.0

 

 

Loss before income taxes

(89.3

)

(60.3

)

(47.3

)

(347.2

)

Income tax provision (benefit)

 

11.1

 

 

(17.6

)

 

13.2

 

 

(136.4

)

Net loss

$

(100.4

)

$

(42.7

)

$

(60.5

)

$

(210.8

)

 

 

 

 

 

 

 

 

Diluted loss per share

$

(0.82

)

$

(0.33

)

$

(0.48

)

$

(1.65

)

 

Average shares outstanding diluted (in thousands)

 

123,126

 

 

131,077

 

 

126,386

 

 

127,902

 

 

 

Consolidated Balance Sheet Data (at period end):

(dollars in millions)

(unaudited)

 

 

 

 

 

 

As of

As of

September 30,

December 31,

2018

2017

Cash and cash equivalents

$

333.3

$

310.0

Corporate borrowings

4,855.5

4,235.3

Other long-term liabilities

980.7

903.8

Capital and financing lease obligations

584.5

651.4

Stockholders’ equity

1,254.5

2,112.4

Total assets

9,363.0

9,805.9

 

 

Consolidated Other Data:

(in millions, except operating data)

(unaudited)

 

 

 

Three Months Ended

 

 

Nine Months Ended

September 30,

September 30,

Consolidated

2018

 

 

2017

2018

 

 

2017

Net cash provided by operating activities

$

1.7

$

111.2

$

298.8

$

229.6

Capital expenditures

$

(133.8

)

$

(149.7

)

$

(374.9

)

$

(467.7

)

Screen additions

6

22

46

64

Screen acquisitions

8

15

39

720

Screen dispositions

43

21

177

257

Construction openings (closures), net

12

(53

)

(106

)

(39

)

Average screens

10,626

10,707

10,699

10,640

Number of screens operated

10,971

11,046

10,971

11,046

Number of theatres operated

1,002

1,006

1,002

1,006

Screens per theatre

10.9

11.0

10.9

11.0

Attendance (in thousands)

82,662

79,451

264,838

254,441

 

 

Segment Other Data:

(in millions, except per patron amounts and operating data)

(unaudited)

 

 

 

Three Months Ended

 

 

Nine Months Ended

September 30,

September 30,

 

2018

 

 

2017

2018

 

 

2017

Other operating data:

Attendance (patrons, in thousands):

U.S. markets

58,935

54,269

190,542

179,041

International markets

 

23,727

 

25,182

 

74,296

 

75,400

Consolidated

 

82,662

 

79,451

 

264,838

 

254,441

 

Average ticket price (in dollars):

U.S. markets

$

9.15

$

9.80

$

9.65

$

9.59

International markets

$

8.95

$

8.81

$

9.22

$

8.17

Consolidated

$

9.09

$

9.48

$

9.53

$

9.17

 

Food and beverage revenues per patron (in dollars):

U.S. markets

$

5.11

$

5.13

$

5.15

$

5.05

International markets

$

3.51

$

3.30

$

3.42

$

3.03

Consolidated

$

4.66

$

4.55

$

4.67

$

4.45

 

Average Screen Count (month end average):

U.S. markets

7,992

8,028

8,032

8,083

International markets

 

2,634

 

2,679

 

2,667

 

2,557

Consolidated

 

10,626

 

10,707

 

10,699

 

10,640

 

 

Segment Information

(unaudited, in millions)

 

 

 

Three Months Ended

 

 

Nine Months Ended

September 30,

September 30,

 

2018

 

 

2017

2018

 

 

2017

Revenues

U.S. markets

$

895.6

$

845.7

$

3,007.1

$

2,745.2

International markets

 

325.8

 

333.0

 

1,040.4

 

917.2

Consolidated

$

1,221.4

$

1,178.7

$

4,047.5

$

3,662.4

 

Adjusted EBITDA

U.S. markets

$

105.0

$

107.6

$

535.6

$

420.6

International markets

 

37.4

 

39.8

 

129.5

 

113.7

Consolidated

$

142.4

$

147.4

$

665.1

$

534.3

 

Capital Expenditures

U.S. markets

$

92.9

$

126.9

$

264.9

$

416.6

International markets

 

40.9

 

22.8

 

110.0

 

51.1

Consolidated

$

133.8

$

149.7

$

374.9

$

467.7

 

 

Reconciliation of Adjusted EBITDA:

(dollars in millions)

(unaudited)

 

 

 

Three Months Ended

 

 

Nine Months Ended

September 30,

September 30,

 

2018

 

 

2017

2018

 

 

2017

Net loss

$

(100.4

)

$

(42.7

)

$

(60.5

)

$

(210.8

)

Plus:

Income tax provision (benefit)

11.1

(17.6

)

13.2

(136.4

)

Interest expense

84.0

71.4

248.9

203.4

Depreciation and amortization

130.2

135.2

398.4

393.9

Certain operating expenses (2)

6.6

3.7

16.2

12.5

Equity in (earnings) loss of non-consolidated entities (3)

(70.0

)

1.8

(74.0

)

199.1

Cash distributions from non-consolidated entities (4)

3.1

6.5

30.9

33.1

Attributable EBITDA (5)

2.1

0.8

3.7

1.8

Investment income

(0.7

)

(16.6

)

(7.4

)

(21.6

)

Other expense (income) (6)

54.1

(0.6

)

57.7

(1.8

)

General and administrative expense—unallocated:

Merger, acquisition and transaction costs (7)

18.1

5.6

27.1

57.2

Stock-based compensation expense (income) (8)

 

4.2

 

 

(0.1

)

 

10.9

 

 

3.9

 

Adjusted EBITDA(1)

$

142.4

 

$

147.4

 

$

665.1

 

$

534.3

 

Adjusted EBITDA has important limitations as an analytical tool, and you
should not consider it in isolation, or as a substitute for analysis of
our results as reported under U.S. GAAP. For example,

Adjusted EBITDA:

  • does not reflect our capital expenditures, future requirements for
    capital expenditures or contractual commitments;
  • does not reflect changes in, or cash requirements for, our working
    capital needs;
  • does not reflect the significant interest expenses, or the cash
    requirements necessary to service interest or principal payments, on
    our debt;
  • excludes income tax payments that represent a reduction in cash
    available to us;
  • does not reflect any cash requirements for the assets being
    depreciated and amortized that may have to be replaced in the future;
    and
  • does not reflect the impact of divestitures that were required in
    connection with recently completed acquisitions.

 

 

2)

 

Amounts represent preopening expense related to temporarily closed
screens under renovation, theatre and other closure expense for the
permanent closure of screens including the related accretion of
interest, non-cash deferred digital equipment rent expense, and
disposition of assets and other non-operating gains or losses
included in operating expenses. The Company has excluded these items
as they are non-cash in nature, include components of interest cost
for the time value of money or are non-operating in nature.

 

3)

During the three months ended September 30, 2018, we recorded equity
in earnings related to our sale of all remaining NCM units of $28.9
million and a gain of $30.1 million related to the Screenvision
merger. Equity in loss of non-consolidated entities also includes
loss on the surrender (disposition) of a portion of our investment
in NCM of $1.1 million during the nine months ended September 30,
2018. Equity in (earnings) loss of non-consolidated entities
includes a lower of carrying value or fair value impairment loss of
the held-for sale portion of our investment in NCM of $16.0 million
for the nine months ended September 30, 2018. The nine months ended
September 30, 2017 included an other-than-temporary impairment loss
of $204.5 million, on our investment in NCM. The three months ended
September 30, 2017 included a loss on the sale of NCM shares of
$21.0 million. The impairment charges reflect recording our
held-for-sale units and other-than-temporary impaired shares at the
publicly quoted per share price on March 31, 2018 of $5.19 and June
30, 2017 of $7.42.

 

4)

Includes U.S. non-theatre distributions from equity method
investments and International non-theatre distributions from equity
method investments to the extent received. The Company believes
including cash distributions is an appropriate reflection of the
contribution of these investments to its operations.

 

5)

Attributable EBITDA includes the EBITDA from minority equity
investments in theatre operators in certain international markets.
See below for a reconciliation of the Company’s equity (earnings)
loss of non-consolidated entities to attributable EBITDA. Because
these equity investments are in theatre operators in regions where
the Company holds a significant market share, the Company believes
attributable EBITDA is more indicative of the performance of these
equity investments and management uses this measure to monitor and
evaluate these equity investments. The Company also provides
services to these theatre operators including information technology
systems, certain on-screen advertising services and our gift card
and package ticket program. As these investments relate only to our
Nordic acquisition, the second quarter of 2017 represents the first
time the Company has made this adjustment and does not impact prior
historical presentations of Adjusted EBITDA.

 

 

Reconciliation of Attributable EBITDA (Unaudited)

 

 

 

Three Months Ended

 

 

Nine Months Ended

September 30,

September 30,

 

2018

 

 

2017

2018

 

 

2017

Equity in (earnings) loss of non-consolidated entities

$

(70.0

)

$

1.8

$

(74.0

)

$

199.1

Less:

Equity in (earnings) loss of non-consolidated entities excluding
international theatre JVs

 

(68.5

)

 

2.1

 

(72.1

)

 

199.6

Equity in earnings (loss) of International theatre JVs

1.5

0.3

1.9

0.5

Income tax provision

0.1

0.2

Investment income

(0.1

)

(0.3

)

Depreciation and amortization

 

0.6

 

 

0.5

 

1.9

 

 

1.3

Attributable EBITDA

$

2.1

 

$

0.8

$

3.7

 

$

1.8

 

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