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2021-03-29

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When Will AMC Entertainment and GameStop Be Profitable?<blockquote>AMC院线和游戏驿站什么时候能盈利？</blockquote>

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{"i18n":{"language":"zh_CN"},"detailType":1,"isChannel":false,"data":{"magic":2,"id":355385040,"tweetId":"355385040","gmtCreate":1617028776280,"gmtModify":1634523030173,"author":{"id":3573625719551490,"idStr":"3573625719551490","authorId":3573625719551490,"authorIdStr":"3573625719551490","name":"bane","avatar":"https://static.tigerbbs.com/cc8e3f417a294b78c7d27131c858156f","vip":1,"userType":1,"introduction":"","boolIsFan":false,"boolIsHead":false,"crmLevel":11,"crmLevelSwitch":0,"individualDisplayBadges":[],"fanSize":2,"starInvestorFlag":false},"themes":[],"images":[],"coverImages":[],"extraTitle":"","html":"<html><head></head><body>HODL</body></html>","htmlText":"<html><head></head><body>HODL</body></html>","text":"HODL","highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"favoriteSize":0,"link":"https://laohu8.com/post/355385040","repostId":1175442122,"repostType":2,"repost":{"id":"1175442122","kind":"news","pubTimestamp":1617013376,"share":"https://www.laohu8.com/m/news/1175442122?lang=zh_CN&edition=full","pubTime":"2021-03-29 18:22","market":"us","language":"en","title":"When Will AMC Entertainment and GameStop Be Profitable?<blockquote>AMC院线和游戏驿站什么时候能盈利？</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1175442122","media":"nasdaq","summary":"Investing in the stock market can be quite the adventure. Last year, the volatility brought about by","content":"Investing in the stock market can be quite the adventure. Last year, the volatility brought about by the coronavirus pandemic led to the quickest decline of more than 30% in theS&amp;P 500's storied history, as well as the fastest rebound back to all-time highs.<blockquote>投资股票市场可能是一次相当大的冒险。去年，冠状病毒大流行带来的波动导致该指数最快下跌超过30%标普500的传奇历史，以及最快反弹至历史高点。</blockquote> In 2021, an unexpected catalyst has taken over as a key market driver:retail investors.<blockquote>2021年，一个意想不到的催化剂已经成为关键的市场驱动力：散户投资者。</blockquote> The important question retail investors should be asking about AMC and GameStop<blockquote>散户投资者应该询问有关AMC和游戏驿站的重要问题</blockquote> Beginning in mid-January, retail investors from Reddit's WallStreetBets chat room began banding together to buy shares and out-of-the-money call options in companies with high levels of short interest (i.e., stocks where a lot of investors are betting on a share price decline). Both video game and accessories retailerGameStop(NYSE: GME)and movie theater chainAMC Entertainment(NYSE: AMC)fit the bill. GameStop was the most short-sold stock of any publicly traded company, with AMC also heavily short-sold and sporting a penny stock share price (which is itself a major lure for young retail investors).<blockquote>从1月中旬开始，Reddit WallStreetBets聊天室的散户投资者开始联合起来购买空头兴趣较高的公司的股票和价外看涨期权期权（即许多投资者押注的股票）股价下跌）。视频游戏和配件零售商游戏驿站（纽约证券交易所代码：GME）和连锁电影院AMC院线（纽约证券交易所股票代码：AMC）符合要求。游戏驿站是所有上市公司中被卖空最多的股票，AMC也被大量卖空，股价为细价股（这本身对年轻散户投资者来说就是一个重大诱惑）。</blockquote> Without getting too far into the weeds, the goal of these retail investors was to effect ashort squeezeand put a hurting on the so-called big money. Institutional investors and hedge funds are the primary holders of short positions. By creating a short squeeze, retail investors sent pessimists fleeing for the exit, further vaulting companies like GameStop and AMC to the upside.<blockquote>这些散户投资者的目标不是深入杂草，而是进行空头挤压，伤害所谓的大资金。机构投资者和对冲基金是空头头寸的主要持有者。通过制造轧空，散户投资者让悲观主义者逃离退出，进一步推动游戏驿站和AMC等公司上涨。</blockquote> But tenured investors are also keenly aware that a company's operating performancematters far more than any short-term euphoria. With short-squeezes highly unlikely to support GameStop's or AMC's market valuations over the long run, the question becomes this: When will these turnaround candidates be profitable?<blockquote>但终身投资者也敏锐地意识到，公司的经营业绩远比任何短期的兴奋更重要。由于从长远来看，轧空不太可能支撑游戏驿站或AMC的市场估值，问题就变成了：这些扭亏为盈的候选人何时才能盈利？</blockquote> Let's take a closer look.<blockquote>让我们仔细看看。</blockquote> GameStop's multiyear transformation is a work in progress<blockquote>游戏驿站的多年转型仍在进行中</blockquote> To get the obvious out of the way, GameStop endured a rough 2020 because of the pandemic. Some of its stores were closed, with others seeing dramatically reduced foot traffic. This did not help an already struggling company.<blockquote>显而易见的是，由于疫情，游戏驿站经历了艰难的2020年。它的一些商店关闭，其他商店的客流量大幅减少。这并没有帮助一家已经陷入困境的公司。</blockquote> The problem for GameStop is thatit's a victim of its own success. Over two decades, it became one of the dominant retailers of new and used video games, consoles, and accessories. The used game market, which allowed the company to repurchase and resell physical games, was an especially lucrative venture for the company. With things going so well for so long, management continued down the same path.<blockquote>游戏驿站的问题是它是自身成功的受害者。二十多年来，它成为新旧视频游戏、游戏机和配件的主要零售商之一。二手游戏市场允许该公司回购和转售实体游戏，对该公司来说是一项特别有利可图的投资。事情进展顺利了这么长时间，管理层继续走同样的道路。</blockquote> However, this success came to an abrupt halt a few years ago. With gamers steadily shifting to digital platforms, GameStop's brick-and-mortar empire quickly transformed from an asset to a liability. Despite its best efforts to promote digital gaming -- GameStop's e-commerce sales in 2020 grew by 191% -- total revenue last yeardeclined by 21%, with the company shuttering 12% of its stores.<blockquote>然而，这一成功在几年前戛然而止。随着游戏玩家稳步转向数字平台，游戏驿站的实体帝国迅速从资产转变为负债。尽管游戏驿站尽了最大努力推广数字游戏——2020年的电子商务销售额增长了191%——但去年的总收入下降了21%，该公司关闭了12%的商店。</blockquote> In order for GameStop to get back into the profit column, it needs to continue to reinvest in digital growth initiatives, while at the same time curbing its spending by closing underperforming stores. Essentially, GameStop is going to back its way into the profit column. Full-year sales will remain relatively stagnant, but the higher margins associated with digital gaming, coupled with lower costs from a smaller store base, should eventually bring GameStop back to profitability.<blockquote>为了让游戏驿站重返利润栏，它需要继续对数字增长计划进行再投资，同时通过关闭表现不佳的商店来抑制支出。从本质上讲，游戏驿站将重返利润栏。全年销售额将保持相对停滞，但与数字游戏相关的较高利润率，加上较小商店基础带来的较低成本，最终应该会使游戏驿站恢复盈利。</blockquote> When might this happen? According to Wall Street's consensus estimates fromFactSet, it'll be three more years before GameStop is back in the profit column. If there is a positive here, it's that earnings before interest, taxes, depreciation, and amortization (EBITDA) is expected to be positive this year, but EBITDA isn't the same as profitability.<blockquote>这什么时候会发生？根据华尔街的一致估计FactSet，游戏驿站还需要三年时间才能重返利润栏。如果说这里有积极因素的话，那就是今年息税折旧摊销前利润（EBITDA）预计将为正，但EBITDA并不等同于盈利能力。</blockquote> Considering how far GameStop has run, waiting three more years for an estimated $1.25 per share in profitis a tall order.<blockquote>考虑到游戏驿站已经走了多远，再等三年才能获得每股1.25美元的利润是一个艰巨的任务。</blockquote> AMC's future is murky, at best<blockquote>AMC的未来充其量是不确定的</blockquote> Compared to AMC Entertainment, GameStop had a cakewalk in 2020. The pandemic shuttered many of AMC's theaters, and most of those thathave reopenedhave capacity-limiting social distancing mandates in place.<blockquote>与AMC院线相比，游戏驿站在2020年过得很轻松。疫情关闭了AMC的许多影院，而大多数重新开放的影院都制定了限制容量的社交距离规定。</blockquote> To get back to its glory days, AMC's game plan is to focus on harnessing film exclusivity in its theaters, reducing its debt load, and emphasizing high-margin alternative channels, such as its video on demand service. AMC also needs the pandemic to wrap up in 2021, at least in the United States. The quicker its theaters can return to full capacity, the faster the company can address its most-pressing concerns.<blockquote>为了重回辉煌岁月，AMC的游戏计划是专注于利用影院的电影排他性，减轻债务负担，并强调高利润的替代渠道，例如视频点播服务。AMC还需要疫情在2021年结束，至少在美国是这样。影院恢复满负荷的速度越快，该公司就能越快解决其最紧迫的问题。</blockquote> But the issues with AMC look far less fixable than what GameStop is contending with.AT&amp;Tsubsidiary WarnerMedia announced plans torelease all of its films on HBO Maxthe same day they'll hit theaters in 2021.Walt Disneywill do the same on its Disney+ streaming platform for a small number of movies. Losing exclusivity on film releases, or having its exclusivity window cut in any meaningful way, would prove devastating to AMC's chances of a successful turnaround.<blockquote>但AMC的问题看起来远不如游戏驿站所面临的问题那么容易解决。AT&amp;T子公司华纳媒体宣布计划在2021年上映的同一天在HBO Max上发布其所有电影。迪斯尼将在其Disney+流媒体平台上对少量电影做同样的事情。失去电影发行的独家经营权，或者以任何有意义的方式削减其独家经营权，都将对AMC成功扭亏为盈的机会造成毁灭性打击。</blockquote> Making matters worse, the company has been forced to leverage itself to the hilt in order to survive. It ended 2020 with $5.7 billion in corporate borrowings, and has been paying north of a 10% interest rate on most of its debt issuances over the past year. Considering how favorable lending rates are for most businesses, a double-digit interest rate shows how distressed AMC's operating model is viewed.<blockquote>更糟糕的是，为了生存，该公司被迫竭尽全力。截至2020年底，该公司的企业借款为57亿美元，并且在过去一年中，其大部分债务发行的利率都超过了10%。考虑到贷款利率对大多数企业来说是多么优惠，两位数的利率表明AMC的运营模式被视为多么糟糕。</blockquote> As for when AMC will be profitable, it remains a mystery. Despite an expected doubling of sales in 2021 and 2022, Wall Street's consensus is for AMC to lose $3.25 per share in 2021, lose another $0.97 per share in 2022, and shrink to a per-share loss of $0.60 in 2023. This implies it'll be at least another four years before the company has a shot at becoming profitable.<blockquote>至于AMC何时盈利，至今仍是个谜。尽管预计2021年和2022年销售额将翻一番，但华尔街的共识是AMC在2021年每股亏损3.25美元，2022年每股再亏损0.97美元，2023年每股亏损将缩小至0.60美元。这意味着该公司至少还需要四年时间才能实现盈利。</blockquote> My suspicion is AMC's debtis too much of a crippling factor for this company to succeed. Simply servicing its debt is going to eat up a lot of operating cash flow. Plus, without an influx of new capital via dilutive share offerings or debt issuances, AMClikely doesn't have enough cash to cover its lossesover the next two years.<blockquote>我怀疑AMC的债务对于这家公司的成功来说是一个太大的削弱因素。仅仅偿还债务就会消耗大量运营现金流。此外，如果没有通过稀释性股票发行或债务发行流入新资本，AMClikely可能没有足够的现金来弥补未来两年的损失。</blockquote>","source":"lsy1603171495471","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>When Will AMC Entertainment and GameStop Be Profitable?<blockquote>AMC院线和游戏驿站什么时候能盈利？</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nWhen Will AMC Entertainment and GameStop Be Profitable?<blockquote>AMC院线和游戏驿站什么时候能盈利？</blockquote>\n</h2>\n<h4 class=\"meta\">\n\nnasdaq2021-03-29 18:22\n\n</h4>\n</header>\n<article>\nInvesting in the stock market can be quite the adventure. Last year, the volatility brought about by the coronavirus pandemic led to the quickest decline of more than 30% in theS&amp;P 500's storied history, as well as the fastest rebound back to all-time highs.<blockquote>投资股票市场可能是一次相当大的冒险。去年，冠状病毒大流行带来的波动导致该指数最快下跌超过30%标普500的传奇历史，以及最快反弹至历史高点。</blockquote> In 2021, an unexpected catalyst has taken over as a key market driver:retail investors.<blockquote>2021年，一个意想不到的催化剂已经成为关键的市场驱动力：散户投资者。</blockquote> The important question retail investors should be asking about AMC and GameStop<blockquote>散户投资者应该询问有关AMC和游戏驿站的重要问题</blockquote> Beginning in mid-January, retail investors from Reddit's WallStreetBets chat room began banding together to buy shares and out-of-the-money call options in companies with high levels of short interest (i.e., stocks where a lot of investors are betting on a share price decline). Both video game and accessories retailerGameStop(NYSE: GME)and movie theater chainAMC Entertainment(NYSE: AMC)fit the bill. GameStop was the most short-sold stock of any publicly traded company, with AMC also heavily short-sold and sporting a penny stock share price (which is itself a major lure for young retail investors).<blockquote>从1月中旬开始，Reddit WallStreetBets聊天室的散户投资者开始联合起来购买空头兴趣较高的公司的股票和价外看涨期权期权（即许多投资者押注的股票）股价下跌）。视频游戏和配件零售商游戏驿站（纽约证券交易所代码：GME）和连锁电影院AMC院线（纽约证券交易所股票代码：AMC）符合要求。游戏驿站是所有上市公司中被卖空最多的股票，AMC也被大量卖空，股价为细价股（这本身对年轻散户投资者来说就是一个重大诱惑）。</blockquote> Without getting too far into the weeds, the goal of these retail investors was to effect ashort squeezeand put a hurting on the so-called big money. Institutional investors and hedge funds are the primary holders of short positions. By creating a short squeeze, retail investors sent pessimists fleeing for the exit, further vaulting companies like GameStop and AMC to the upside.<blockquote>这些散户投资者的目标不是深入杂草，而是进行空头挤压，伤害所谓的大资金。机构投资者和对冲基金是空头头寸的主要持有者。通过制造轧空，散户投资者让悲观主义者逃离退出，进一步推动游戏驿站和AMC等公司上涨。</blockquote> But tenured investors are also keenly aware that a company's operating performancematters far more than any short-term euphoria. With short-squeezes highly unlikely to support GameStop's or AMC's market valuations over the long run, the question becomes this: When will these turnaround candidates be profitable?<blockquote>但终身投资者也敏锐地意识到，公司的经营业绩远比任何短期的兴奋更重要。由于从长远来看，轧空不太可能支撑游戏驿站或AMC的市场估值，问题就变成了：这些扭亏为盈的候选人何时才能盈利？</blockquote> Let's take a closer look.<blockquote>让我们仔细看看。</blockquote> GameStop's multiyear transformation is a work in progress<blockquote>游戏驿站的多年转型仍在进行中</blockquote> To get the obvious out of the way, GameStop endured a rough 2020 because of the pandemic. Some of its stores were closed, with others seeing dramatically reduced foot traffic. This did not help an already struggling company.<blockquote>显而易见的是，由于疫情，游戏驿站经历了艰难的2020年。它的一些商店关闭，其他商店的客流量大幅减少。这并没有帮助一家已经陷入困境的公司。</blockquote> The problem for GameStop is thatit's a victim of its own success. Over two decades, it became one of the dominant retailers of new and used video games, consoles, and accessories. The used game market, which allowed the company to repurchase and resell physical games, was an especially lucrative venture for the company. With things going so well for so long, management continued down the same path.<blockquote>游戏驿站的问题是它是自身成功的受害者。二十多年来，它成为新旧视频游戏、游戏机和配件的主要零售商之一。二手游戏市场允许该公司回购和转售实体游戏，对该公司来说是一项特别有利可图的投资。事情进展顺利了这么长时间，管理层继续走同样的道路。</blockquote> However, this success came to an abrupt halt a few years ago. With gamers steadily shifting to digital platforms, GameStop's brick-and-mortar empire quickly transformed from an asset to a liability. Despite its best efforts to promote digital gaming -- GameStop's e-commerce sales in 2020 grew by 191% -- total revenue last yeardeclined by 21%, with the company shuttering 12% of its stores.<blockquote>然而，这一成功在几年前戛然而止。随着游戏玩家稳步转向数字平台，游戏驿站的实体帝国迅速从资产转变为负债。尽管游戏驿站尽了最大努力推广数字游戏——2020年的电子商务销售额增长了191%——但去年的总收入下降了21%，该公司关闭了12%的商店。</blockquote> In order for GameStop to get back into the profit column, it needs to continue to reinvest in digital growth initiatives, while at the same time curbing its spending by closing underperforming stores. Essentially, GameStop is going to back its way into the profit column. Full-year sales will remain relatively stagnant, but the higher margins associated with digital gaming, coupled with lower costs from a smaller store base, should eventually bring GameStop back to profitability.<blockquote>为了让游戏驿站重返利润栏，它需要继续对数字增长计划进行再投资，同时通过关闭表现不佳的商店来抑制支出。从本质上讲，游戏驿站将重返利润栏。全年销售额将保持相对停滞，但与数字游戏相关的较高利润率，加上较小商店基础带来的较低成本，最终应该会使游戏驿站恢复盈利。</blockquote> When might this happen? According to Wall Street's consensus estimates fromFactSet, it'll be three more years before GameStop is back in the profit column. If there is a positive here, it's that earnings before interest, taxes, depreciation, and amortization (EBITDA) is expected to be positive this year, but EBITDA isn't the same as profitability.<blockquote>这什么时候会发生？根据华尔街的一致估计FactSet，游戏驿站还需要三年时间才能重返利润栏。如果说这里有积极因素的话，那就是今年息税折旧摊销前利润（EBITDA）预计将为正，但EBITDA并不等同于盈利能力。</blockquote> Considering how far GameStop has run, waiting three more years for an estimated $1.25 per share in profitis a tall order.<blockquote>考虑到游戏驿站已经走了多远，再等三年才能获得每股1.25美元的利润是一个艰巨的任务。</blockquote> AMC's future is murky, at best<blockquote>AMC的未来充其量是不确定的</blockquote> Compared to AMC Entertainment, GameStop had a cakewalk in 2020. The pandemic shuttered many of AMC's theaters, and most of those thathave reopenedhave capacity-limiting social distancing mandates in place.<blockquote>与AMC院线相比，游戏驿站在2020年过得很轻松。疫情关闭了AMC的许多影院，而大多数重新开放的影院都制定了限制容量的社交距离规定。</blockquote> To get back to its glory days, AMC's game plan is to focus on harnessing film exclusivity in its theaters, reducing its debt load, and emphasizing high-margin alternative channels, such as its video on demand service. AMC also needs the pandemic to wrap up in 2021, at least in the United States. The quicker its theaters can return to full capacity, the faster the company can address its most-pressing concerns.<blockquote>为了重回辉煌岁月，AMC的游戏计划是专注于利用影院的电影排他性，减轻债务负担，并强调高利润的替代渠道，例如视频点播服务。AMC还需要疫情在2021年结束，至少在美国是这样。影院恢复满负荷的速度越快，该公司就能越快解决其最紧迫的问题。</blockquote> But the issues with AMC look far less fixable than what GameStop is contending with.AT&amp;Tsubsidiary WarnerMedia announced plans torelease all of its films on HBO Maxthe same day they'll hit theaters in 2021.Walt Disneywill do the same on its Disney+ streaming platform for a small number of movies. Losing exclusivity on film releases, or having its exclusivity window cut in any meaningful way, would prove devastating to AMC's chances of a successful turnaround.<blockquote>但AMC的问题看起来远不如游戏驿站所面临的问题那么容易解决。AT&amp;T子公司华纳媒体宣布计划在2021年上映的同一天在HBO Max上发布其所有电影。迪斯尼将在其Disney+流媒体平台上对少量电影做同样的事情。失去电影发行的独家经营权，或者以任何有意义的方式削减其独家经营权，都将对AMC成功扭亏为盈的机会造成毁灭性打击。</blockquote> Making matters worse, the company has been forced to leverage itself to the hilt in order to survive. It ended 2020 with $5.7 billion in corporate borrowings, and has been paying north of a 10% interest rate on most of its debt issuances over the past year. Considering how favorable lending rates are for most businesses, a double-digit interest rate shows how distressed AMC's operating model is viewed.<blockquote>更糟糕的是，为了生存，该公司被迫竭尽全力。截至2020年底，该公司的企业借款为57亿美元，并且在过去一年中，其大部分债务发行的利率都超过了10%。考虑到贷款利率对大多数企业来说是多么优惠，两位数的利率表明AMC的运营模式被视为多么糟糕。</blockquote> As for when AMC will be profitable, it remains a mystery. Despite an expected doubling of sales in 2021 and 2022, Wall Street's consensus is for AMC to lose $3.25 per share in 2021, lose another $0.97 per share in 2022, and shrink to a per-share loss of $0.60 in 2023. This implies it'll be at least another four years before the company has a shot at becoming profitable.<blockquote>至于AMC何时盈利，至今仍是个谜。尽管预计2021年和2022年销售额将翻一番，但华尔街的共识是AMC在2021年每股亏损3.25美元，2022年每股再亏损0.97美元，2023年每股亏损将缩小至0.60美元。这意味着该公司至少还需要四年时间才能实现盈利。</blockquote> My suspicion is AMC's debtis too much of a crippling factor for this company to succeed. Simply servicing its debt is going to eat up a lot of operating cash flow. Plus, without an influx of new capital via dilutive share offerings or debt issuances, AMClikely doesn't have enough cash to cover its lossesover the next two years.<blockquote>我怀疑AMC的债务对于这家公司的成功来说是一个太大的削弱因素。仅仅偿还债务就会消耗大量运营现金流。此外，如果没有通过稀释性股票发行或债务发行流入新资本，AMClikely可能没有足够的现金来弥补未来两年的损失。</blockquote>\n<div class=\"bt-text\">\n\n\n 来源：<a href=\"https://www.nasdaq.com/articles/when-will-amc-entertainment-and-gamestop-be-profitable-2021-03-29\">nasdaq</a>\n为提升您的阅读体验，我们对本页面进行了排版优化\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/c93da0dbf32abd71a566d9c13e226f5d","relate_stocks":{"AMC":"AMC院线","GME":"游戏驿站"},"source_url":"https://www.nasdaq.com/articles/when-will-amc-entertainment-and-gamestop-be-profitable-2021-03-29","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1175442122","content_text":"Investing in the stock market can be quite the adventure. Last year, the volatility brought about by the coronavirus pandemic led to the quickest decline of more than 30% in theS&P 500's storied history, as well as the fastest rebound back to all-time highs.\nIn 2021, an unexpected catalyst has taken over as a key market driver:retail investors.\nThe important question retail investors should be asking about AMC and GameStop\nBeginning in mid-January, retail investors from Reddit's WallStreetBets chat room began banding together to buy shares and out-of-the-money call options in companies with high levels of short interest (i.e., stocks where a lot of investors are betting on a share price decline). Both video game and accessories retailerGameStop(NYSE: GME)and movie theater chainAMC Entertainment(NYSE: AMC)fit the bill. GameStop was the most short-sold stock of any publicly traded company, with AMC also heavily short-sold and sporting a penny stock share price (which is itself a major lure for young retail investors).\nWithout getting too far into the weeds, the goal of these retail investors was to effect ashort squeezeand put a hurting on the so-called big money. Institutional investors and hedge funds are the primary holders of short positions. By creating a short squeeze, retail investors sent pessimists fleeing for the exit, further vaulting companies like GameStop and AMC to the upside.\nBut tenured investors are also keenly aware that a company's operating performancematters far more than any short-term euphoria. With short-squeezes highly unlikely to support GameStop's or AMC's market valuations over the long run, the question becomes this: When will these turnaround candidates be profitable?\nLet's take a closer look.\nGameStop's multiyear transformation is a work in progress\nTo get the obvious out of the way, GameStop endured a rough 2020 because of the pandemic. Some of its stores were closed, with others seeing dramatically reduced foot traffic. This did not help an already struggling company.\nThe problem for GameStop is thatit's a victim of its own success. Over two decades, it became one of the dominant retailers of new and used video games, consoles, and accessories. The used game market, which allowed the company to repurchase and resell physical games, was an especially lucrative venture for the company. With things going so well for so long, management continued down the same path.\nHowever, this success came to an abrupt halt a few years ago. With gamers steadily shifting to digital platforms, GameStop's brick-and-mortar empire quickly transformed from an asset to a liability. Despite its best efforts to promote digital gaming -- GameStop's e-commerce sales in 2020 grew by 191% -- total revenue last yeardeclined by 21%, with the company shuttering 12% of its stores.\nIn order for GameStop to get back into the profit column, it needs to continue to reinvest in digital growth initiatives, while at the same time curbing its spending by closing underperforming stores. Essentially, GameStop is going to back its way into the profit column. Full-year sales will remain relatively stagnant, but the higher margins associated with digital gaming, coupled with lower costs from a smaller store base, should eventually bring GameStop back to profitability.\nWhen might this happen? According to Wall Street's consensus estimates fromFactSet, it'll be three more years before GameStop is back in the profit column. If there is a positive here, it's that earnings before interest, taxes, depreciation, and amortization (EBITDA) is expected to be positive this year, but EBITDA isn't the same as profitability.\nConsidering how far GameStop has run, waiting three more years for an estimated $1.25 per share in profitis a tall order.\nAMC's future is murky, at best\nCompared to AMC Entertainment, GameStop had a cakewalk in 2020. The pandemic shuttered many of AMC's theaters, and most of those thathave reopenedhave capacity-limiting social distancing mandates in place.\nTo get back to its glory days, AMC's game plan is to focus on harnessing film exclusivity in its theaters, reducing its debt load, and emphasizing high-margin alternative channels, such as its video on demand service. AMC also needs the pandemic to wrap up in 2021, at least in the United States. The quicker its theaters can return to full capacity, the faster the company can address its most-pressing concerns.\nBut the issues with AMC look far less fixable than what GameStop is contending with.AT&Tsubsidiary WarnerMedia announced plans torelease all of its films on HBO Maxthe same day they'll hit theaters in 2021.Walt Disneywill do the same on its Disney+ streaming platform for a small number of movies. Losing exclusivity on film releases, or having its exclusivity window cut in any meaningful way, would prove devastating to AMC's chances of a successful turnaround.\nMaking matters worse, the company has been forced to leverage itself to the hilt in order to survive. It ended 2020 with $5.7 billion in corporate borrowings, and has been paying north of a 10% interest rate on most of its debt issuances over the past year. Considering how favorable lending rates are for most businesses, a double-digit interest rate shows how distressed AMC's operating model is viewed.\nAs for when AMC will be profitable, it remains a mystery. Despite an expected doubling of sales in 2021 and 2022, Wall Street's consensus is for AMC to lose $3.25 per share in 2021, lose another $0.97 per share in 2022, and shrink to a per-share loss of $0.60 in 2023. This implies it'll be at least another four years before the company has a shot at becoming profitable.\nMy suspicion is AMC's debtis too much of a crippling factor for this company to succeed. Simply servicing its debt is going to eat up a lot of operating cash flow. Plus, without an influx of new capital via dilutive share offerings or debt issuances, AMClikely doesn't have enough cash to cover its lossesover the next two years.","news_type":1,"symbols_score_info":{"AMC":0.9,"GME":0.9}},"isVote":1,"tweetType":1,"viewCount":449,"commentLimit":10,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"symbols":[],"verified":2,"subType":0,"readableState":1,"langContent":"EN","currentLanguage":"EN","warmUpFlag":false,"orderFlag":false,"shareable":true,"causeOfNotShareable":"","featuresForAnalytics":[],"commentAndTweetFlag":false,"andRepostAutoSelectedFlag":false,"upFlag":false,"length":4,"xxTargetLangEnum":"ORIG"},"commentList":[],"isCommentEnd":true,"isTiger":false,"isWeiXinMini":false,"url":"/m/post/355385040"}