3rd slide added by me.
Be a real shame if these morons understood the difference between revenue and profit.
2023 Q3 net profit: $12.3 million.
2023 interest payments per quarter: $92 million.
2026 interest payments per quarter: $115.9 million.
$23.9 million more in interest payments per quarter.
8% < 11%
$23.9 million > $12.3 million.
::Sad trombone noises::
It's not all bad news, though. AMC's creditors stand to earn $1.2 billion in interest fees until the notes come due in 2029. And AMC investors are due for at least 3 or 4 free Icees between now and then.
The arguments against dilution I've heard so far:
If #5 is where you're coming from, then it's not hard to see why you think #1-4 are valid arguments against dilution happening.
Oh, whoops. This is from Cinemark's 10-Q.
My bad.
So this is the net result of 4 month's straight of bAnGeRs? I'm not impressed. The $300 million lead that 2026 Q2 had over 2023 Q2 has been completely erased in a single month.
Spiderman will flip 2026 YTD positive vs 2023 in August, obviously. But it's still funny to end up here after all that hype and bluster.
I nailed it last time. Let's see how I do this time.
Per the June 23rd Prospectus, (slide 2), AMC agreed not to issue any stocks for 45 days after the closing of the offering. Per the June 25th 8-K, (slide 3), AMC closed the offering on 6/24/26. Friday 8/7/26 is the 45-day mark since the closing. The following Monday will mark the 2nd weekend of the Spiderman release and their last chance to capitalize on good news until December.
#TodayWePounce.
There's some good news in there though. Interest payments came down $4.0 million from last quarter's record-high $119.9 million (-3.3%). And they actually generated $150.9 million in cash not including equity issuance or gains from the new Odeon notes. Sean Goodman said in the earnings call that they intend to use their cash this month to pay off the $125.5 million 6.125% Senior Subordinated Notes due 2027. So if they're at $115.9 million a quarter in interest payments now, that's $463.6 million a year. They paid $459.5 in 2025. Their annual interest payments still went up after diluting 74%. LMAO.
To my surprise, there are no proposals on the Preliminary 14A to increase the authorized shares in 2026.
https://www.morningstar.com/stocks/xnys/amc/earnings-transcript