Onlyme
2021-12-21
Apesss where are u
Will AMC's Bears Have No Way Home In 2022?<blockquote>AMC 的空头会在 2022 年无路可走吗？</blockquote>
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Skai
2021-12-21
Skai
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This long-established American pastime has proved to be resilient, defying last year's string of pandemic induced stay-at-home orders to go from strength to strength. Hence, even as news around the new COVID-19 variant spread, the latest Sony-Marvel blockbuster,<i>Spider-Man: No Way Home</i>, pulled in the third highest opening weekend ever. This was just behind pre-pandemic <i>Avengers: Infinity War</i>which had a $257.7 million opening. Without mass Omicron fears in the preceding weeks, Spider-Man would have likely taken this position from Infinity War.</p><p><blockquote>AMC (AMC) 继续寻找方法来对抗那些继续声嘶力竭地谈论观影即将消亡的空头。事实证明，这种历史悠久的美国消遣方式具有弹性，无视去年大流行引发的一系列居家令，不断壮大。因此，即使围绕新的新冠肺炎变种的消息传播，最新的索尼-漫威大片，<i>蜘蛛侠：英雄无归</i>创下有史以来第三高的开幕周末。这仅落后于大流行前<i>复仇者联盟3：无限战争</i>首映票房为 2.577 亿美元。如果没有前几周大规模的奥密克戎恐惧，蜘蛛侠可能会在《无限战争》中采取这一立场。</blockquote></p><p> What does this mean for moviegoing in the pandemic era? The continued to be repeated bearish argument that box office is going the way of the horse and buggy look set to be finally being put to rest. Over the weekend, AMC sold seven million tickets for Spider-Man: No Way Home, breaking its pandemic-era records for box office performance. For some context, during the entire first quarter of 2021, the company sold less than seven million tickets. Indeed, while bears would be right that this type of extreme seasonality does not bode well for healthy financials, it still stands that an undeniable reality has come about. As long as the blockbusters keep being created, cinemas will continue to sell tickets. The highly acclaimed Matrix Resurrections is also set for release in a few days, crowning what is expected to be AMC's strongest pandemic-era quarter. This will drive material revenue recognition and place the company on the path to generate positive operational cash flow. Hence, this quarter amounts to giving a shot of adrenaline to a tired runner.</p><p><blockquote>这对疫情时代的电影观影意味着什么？不断重复的看跌论点，即票房正在走上马车的道路，看起来最终将被搁置。上周末，AMC 售出了 700 万张《蜘蛛侠：英雄无归》门票，打破了疫情时代的票房记录。在某些情况下，在 2021 年整个第一季度，该公司售出的门票不到 700 万张。事实上，尽管看空者认为这种极端季节性对健康的财务状况来说不是好兆头，但不可否认的现实已经出现。只要大片不断创作，电影院就会继续卖票。广受好评的《黑客帝国复活》也将在几天后上映，预计将成为 AMC 疫情时代最强劲的季度。这将推动重大收入确认，并使公司走上产生正运营现金流的道路。因此，这个季度相当于给一个疲惫的跑步者注射肾上腺素。</blockquote></p><p> <b>The 2022 Movie Slate Is Strong</b></p><p><blockquote><b>2022 年电影名单强劲</b></blockquote></p><p> AMC faces headwinds from its large long-term debt balance of $5.45 billion, only partially offset by cash and equivalents of $1.61 billion. This fundamentally restricts the operational flexibility of the underlying business as well as the ability of AMC to chase potential post-pandemic expansion opportunities. The aforementioned seasonality of revenue recognition also heightens the risk of their large debt balance as it increases sensitivity to large periods of zero to negative cash generation from operations.</p><p><blockquote>AMC 面临着 54.5 亿美元巨额长期债务余额的阻力，仅被 16.1 亿美元的现金和等价物部分抵消。这从根本上限制了基础业务的运营灵活性以及 AMC 追逐大流行后潜在扩张机会的能力。上述收入确认的季节性也增加了其巨额债务余额的风险，因为它增加了对长期运营现金产生零到负的敏感性。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/b730701841847a501a8075b37ec7946a\" tg-width=\"635\" tg-height=\"433\" width=\"100%\" height=\"auto\"><span>Data by YCharts</span></p><p><blockquote><p class=\"t-img-caption\"><span>数据由YCharts提供</span></p></blockquote></p><p> I think the broader macro picture for cinemas looks healthy as pent up demand for moviegoing throughout last year is released on the back of good movies that households actually want to see. 2022 is likely to see the same phenomena play out as movies like<i>John Wick 4</i>,<i>Thor: Love and Thunder</i>,<i>Avatar 2</i>, and <i>Black Panther: Wakanda Forever,</i>amongst others, are set to be released. These movies are set to build on momentum established by their previous releases.</p><p><blockquote>我认为电影院更广泛的宏观前景看起来是健康的，因为去年全年被压抑的观影需求是在家庭真正想看的好电影的支持下释放出来的。2022 年可能会出现与电影相同的现象，例如<i>疾速追杀4</i>,<i>雷神：爱与雷</i>,<i>阿凡达2</i>，和<i>黑豹：永远的瓦坎达，</i>其中，将被释放。这些电影将在前几部电影的基础上再接再厉。</blockquote></p><p> This bodes well for a company that realized revenue of $763 million for its fiscal 2021 third quarter, a year-over-year growth of 538.7% and a $29.85 million beat on consensus estimates. Adjusted EBITDA was also negative at $5.9 million, albeit a material improvement from the year-ago loss of $334.5 million. This meant the company's free cash flow improved significantly to a loss of $138 million when compared to $385 million in the year-ago quarter. Critically, this $247 million improvement means the company is able to continue to reap expected consumer demand for the moviegoing experience.</p><p><blockquote>这对于一家2021财年第三季度实现收入7.63亿美元的公司来说是个好兆头，同比增长538.7%，比市场普遍预期高出2985万美元。调整后 EBITDA 也为负 590 万美元，尽管比去年同期的 3.345 亿美元亏损有了重大改善。这意味着该公司的自由现金流显着改善，亏损为 1.38 亿美元，而去年同期为 3.85 亿美元。至关重要的是，这2.47亿美元的改进意味着该公司能够继续获得消费者对观影体验的预期需求。</blockquote></p><p> Bears would be right to state that the current market capitalization of $14.8 billion is far too much of a premium to pay for the company. Especially as this stands at a significant multiple to its pre-pandemic averages. This beef with the self-proclaimed 'AMC Apes' will likely continue to play out over the next year, leaving capacity for large upward movement in the common shares as the apes look for their own peculiar victory.</p><p><blockquote>看空者的说法是正确的，目前 148 亿美元的市值对于该公司来说溢价太高了。特别是因为这比大流行前的平均水平高出很多倍。这种与自称“AMC Apes”的争吵可能会在明年继续上演，随着Apes寻求自己独特的胜利，普通股仍有大幅上涨的空间。</blockquote></p><p> <b>Bears On The Backfoot Heading Into 2022</b></p><p><blockquote><b>进入 2022 年，空头处于劣势</b></blockquote></p><p></p><p> From my purely anecdotal observation watching the latest Spider-Man movie, the audience was filled with a diverse number of people from different age groups. This bodes well for continued demand for moviegoing as it pulls in all subsets of the population. And while AMC does face a high degree of uncertainty, the outlook for moviegoing is not as black and white as suggested by some of the bearish narrative. The company's fourth quarter stands to be extremely hot as a number of strong box office showings aggregate to form record moviegoing demand.</p><p><blockquote>从我观看最新蜘蛛侠电影的纯粹轶事观察来看，观众中充满了来自不同年龄组的不同数量的人。这预示着对电影的持续需求，因为它吸引了所有人群。尽管 AMC 确实面临着高度的不确定性，但电影观影的前景并不像一些看跌说法所暗示的那样非黑即白。该公司第四季度将非常火爆，因为许多强劲的票房放映将形成创纪录的观影需求。</blockquote></p><p> This paints a more vivid picture of AMC's post-pandemic landscape, made cloudy by tales of doom and destruction peddled by bears. The core argument that moviegoing is set to go the way of Blockbuster is likely now dead. As long as good movies exist, there will be cinemas to show them. Does this make AMC a buy? No. The company's financials, although recovering, leave very little room for management error.</p><p><blockquote>这描绘了一幅更生动的 AMC 大流行后的景观，熊兜售的厄运和毁灭故事使其变得阴云密布。电影观看将走上大片之路的核心论点现在可能已经不复存在了。只要好电影存在，就会有电影院放映。这是否意味着 AMC 值得买入？不。该公司的财务状况虽然正在复苏，但管理失误的余地很小。</blockquote></p><p> This article was written by Leo Imasuen.</p><p><blockquote>本文由Leo Imasuen撰写。</blockquote></p><p></p>","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>Will AMC's Bears Have No Way Home In 2022?<blockquote>AMC 的空头会在 2022 年无路可走吗？</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\">\nWill AMC's Bears Have No Way Home In 2022?<blockquote>AMC 的空头会在 2022 年无路可走吗？</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Seeking Alpha</strong><span class=\"h-time small\">2021-12-21 14:40</span>\n</p>\n</h4>\n</header>\n<article>\n<p><b>Summary</b></p><p><blockquote><b>总结</b></blockquote></p><p> <ul> <li>Spider-Man: No Way Home was a resounding success, painting a bright picture of the future of moviegoing.</li> <li>This quarter is set to be AMC's strongest pandemic-era earnings period.</li> <li>With bears still arguing that cinemas are dead, an undeniable reality has emerged.</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/f9c913149be9f89018ec97f94369e31f\" tg-width=\"1536\" tg-height=\"1024\" width=\"100%\" height=\"auto\"><span>Amy Sussman/Getty Images Entertainment</span></p><p><blockquote><ul><li>《蜘蛛侠：英雄无归》获得了巨大的成功，描绘了一幅未来电影观影的光明图景。</li><li>本季度将是 AMC 大流行时代最强劲的盈利期。</li><li>由于空头仍在争论电影院已死，一个不可否认的现实已经出现。</li></ul><p class=\"t-img-caption\"><span>艾米·苏斯曼/盖蒂图片社娱乐</span></p></blockquote></p><p> AMC (AMC) has continued to find ways to defy its bears who continue to scream at the top of their lungs about the impending death of moviegoing. This long-established American pastime has proved to be resilient, defying last year's string of pandemic induced stay-at-home orders to go from strength to strength. Hence, even as news around the new COVID-19 variant spread, the latest Sony-Marvel blockbuster,<i>Spider-Man: No Way Home</i>, pulled in the third highest opening weekend ever. This was just behind pre-pandemic <i>Avengers: Infinity War</i>which had a $257.7 million opening. Without mass Omicron fears in the preceding weeks, Spider-Man would have likely taken this position from Infinity War.</p><p><blockquote>AMC (AMC) 继续寻找方法来对抗那些继续声嘶力竭地谈论观影即将消亡的空头。事实证明，这种历史悠久的美国消遣方式具有弹性，无视去年大流行引发的一系列居家令，不断壮大。因此，即使围绕新的新冠肺炎变种的消息传播，最新的索尼-漫威大片，<i>蜘蛛侠：英雄无归</i>创下有史以来第三高的开幕周末。这仅落后于大流行前<i>复仇者联盟3：无限战争</i>首映票房为 2.577 亿美元。如果没有前几周大规模的奥密克戎恐惧，蜘蛛侠可能会在《无限战争》中采取这一立场。</blockquote></p><p> What does this mean for moviegoing in the pandemic era? The continued to be repeated bearish argument that box office is going the way of the horse and buggy look set to be finally being put to rest. Over the weekend, AMC sold seven million tickets for Spider-Man: No Way Home, breaking its pandemic-era records for box office performance. For some context, during the entire first quarter of 2021, the company sold less than seven million tickets. Indeed, while bears would be right that this type of extreme seasonality does not bode well for healthy financials, it still stands that an undeniable reality has come about. As long as the blockbusters keep being created, cinemas will continue to sell tickets. The highly acclaimed Matrix Resurrections is also set for release in a few days, crowning what is expected to be AMC's strongest pandemic-era quarter. This will drive material revenue recognition and place the company on the path to generate positive operational cash flow. Hence, this quarter amounts to giving a shot of adrenaline to a tired runner.</p><p><blockquote>这对疫情时代的电影观影意味着什么？不断重复的看跌论点，即票房正在走上马车的道路，看起来最终将被搁置。上周末，AMC 售出了 700 万张《蜘蛛侠：英雄无归》门票，打破了疫情时代的票房记录。在某些情况下，在 2021 年整个第一季度，该公司售出的门票不到 700 万张。事实上，尽管看空者认为这种极端季节性对健康的财务状况来说不是好兆头，但不可否认的现实已经出现。只要大片不断创作，电影院就会继续卖票。广受好评的《黑客帝国复活》也将在几天后上映，预计将成为 AMC 疫情时代最强劲的季度。这将推动重大收入确认，并使公司走上产生正运营现金流的道路。因此，这个季度相当于给一个疲惫的跑步者注射肾上腺素。</blockquote></p><p> <b>The 2022 Movie Slate Is Strong</b></p><p><blockquote><b>2022 年电影名单强劲</b></blockquote></p><p> AMC faces headwinds from its large long-term debt balance of $5.45 billion, only partially offset by cash and equivalents of $1.61 billion. This fundamentally restricts the operational flexibility of the underlying business as well as the ability of AMC to chase potential post-pandemic expansion opportunities. The aforementioned seasonality of revenue recognition also heightens the risk of their large debt balance as it increases sensitivity to large periods of zero to negative cash generation from operations.</p><p><blockquote>AMC 面临着 54.5 亿美元巨额长期债务余额的阻力，仅被 16.1 亿美元的现金和等价物部分抵消。这从根本上限制了基础业务的运营灵活性以及 AMC 追逐大流行后潜在扩张机会的能力。上述收入确认的季节性也增加了其巨额债务余额的风险，因为它增加了对长期运营现金产生零到负的敏感性。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/b730701841847a501a8075b37ec7946a\" tg-width=\"635\" tg-height=\"433\" width=\"100%\" height=\"auto\"><span>Data by YCharts</span></p><p><blockquote><p class=\"t-img-caption\"><span>数据由YCharts提供</span></p></blockquote></p><p> I think the broader macro picture for cinemas looks healthy as pent up demand for moviegoing throughout last year is released on the back of good movies that households actually want to see. 2022 is likely to see the same phenomena play out as movies like<i>John Wick 4</i>,<i>Thor: Love and Thunder</i>,<i>Avatar 2</i>, and <i>Black Panther: Wakanda Forever,</i>amongst others, are set to be released. These movies are set to build on momentum established by their previous releases.</p><p><blockquote>我认为电影院更广泛的宏观前景看起来是健康的，因为去年全年被压抑的观影需求是在家庭真正想看的好电影的支持下释放出来的。2022 年可能会出现与电影相同的现象，例如<i>疾速追杀4</i>,<i>雷神：爱与雷</i>,<i>阿凡达2</i>，和<i>黑豹：永远的瓦坎达，</i>其中，将被释放。这些电影将在前几部电影的基础上再接再厉。</blockquote></p><p> This bodes well for a company that realized revenue of $763 million for its fiscal 2021 third quarter, a year-over-year growth of 538.7% and a $29.85 million beat on consensus estimates. Adjusted EBITDA was also negative at $5.9 million, albeit a material improvement from the year-ago loss of $334.5 million. This meant the company's free cash flow improved significantly to a loss of $138 million when compared to $385 million in the year-ago quarter. Critically, this $247 million improvement means the company is able to continue to reap expected consumer demand for the moviegoing experience.</p><p><blockquote>这对于一家2021财年第三季度实现收入7.63亿美元的公司来说是个好兆头，同比增长538.7%，比市场普遍预期高出2985万美元。调整后 EBITDA 也为负 590 万美元，尽管比去年同期的 3.345 亿美元亏损有了重大改善。这意味着该公司的自由现金流显着改善，亏损为 1.38 亿美元，而去年同期为 3.85 亿美元。至关重要的是，这2.47亿美元的改进意味着该公司能够继续获得消费者对观影体验的预期需求。</blockquote></p><p> Bears would be right to state that the current market capitalization of $14.8 billion is far too much of a premium to pay for the company. Especially as this stands at a significant multiple to its pre-pandemic averages. This beef with the self-proclaimed 'AMC Apes' will likely continue to play out over the next year, leaving capacity for large upward movement in the common shares as the apes look for their own peculiar victory.</p><p><blockquote>看空者的说法是正确的，目前 148 亿美元的市值对于该公司来说溢价太高了。特别是因为这比大流行前的平均水平高出很多倍。这种与自称“AMC Apes”的争吵可能会在明年继续上演，随着Apes寻求自己独特的胜利，普通股仍有大幅上涨的空间。</blockquote></p><p> <b>Bears On The Backfoot Heading Into 2022</b></p><p><blockquote><b>进入 2022 年，空头处于劣势</b></blockquote></p><p></p><p> From my purely anecdotal observation watching the latest Spider-Man movie, the audience was filled with a diverse number of people from different age groups. This bodes well for continued demand for moviegoing as it pulls in all subsets of the population. And while AMC does face a high degree of uncertainty, the outlook for moviegoing is not as black and white as suggested by some of the bearish narrative. The company's fourth quarter stands to be extremely hot as a number of strong box office showings aggregate to form record moviegoing demand.</p><p><blockquote>从我观看最新蜘蛛侠电影的纯粹轶事观察来看，观众中充满了来自不同年龄组的不同数量的人。这预示着对电影的持续需求，因为它吸引了所有人群。尽管 AMC 确实面临着高度的不确定性，但电影观影的前景并不像一些看跌说法所暗示的那样非黑即白。该公司第四季度将非常火爆，因为许多强劲的票房放映将形成创纪录的观影需求。</blockquote></p><p> This paints a more vivid picture of AMC's post-pandemic landscape, made cloudy by tales of doom and destruction peddled by bears. The core argument that moviegoing is set to go the way of Blockbuster is likely now dead. As long as good movies exist, there will be cinemas to show them. Does this make AMC a buy? No. The company's financials, although recovering, leave very little room for management error.</p><p><blockquote>这描绘了一幅更生动的 AMC 大流行后的景观，熊兜售的厄运和毁灭故事使其变得阴云密布。电影观看将走上大片之路的核心论点现在可能已经不复存在了。只要好电影存在，就会有电影院放映。这是否意味着 AMC 值得买入？不。该公司的财务状况虽然正在复苏，但管理失误的余地很小。</blockquote></p><p> This article was written by Leo Imasuen.</p><p><blockquote>本文由Leo Imasuen撰写。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://seekingalpha.com/article/4476118-amcs-bears-will-have-no-way-home-in-2022\">Seeking Alpha</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"AMC":"AMC院线"},"source_url":"https://seekingalpha.com/article/4476118-amcs-bears-will-have-no-way-home-in-2022","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1114692779","content_text":"Summary\n\nSpider-Man: No Way Home was a resounding success, painting a bright picture of the future of moviegoing.\nThis quarter is set to be AMC's strongest pandemic-era earnings period.\nWith bears still arguing that cinemas are dead, an undeniable reality has emerged.\n\nAmy Sussman/Getty Images Entertainment\nAMC (AMC) has continued to find ways to defy its bears who continue to scream at the top of their lungs about the impending death of moviegoing. This long-established American pastime has proved to be resilient, defying last year's string of pandemic induced stay-at-home orders to go from strength to strength. Hence, even as news around the new COVID-19 variant spread, the latest Sony-Marvel blockbuster,Spider-Man: No Way Home, pulled in the third highest opening weekend ever. This was just behind pre-pandemic Avengers: Infinity Warwhich had a $257.7 million opening. Without mass Omicron fears in the preceding weeks, Spider-Man would have likely taken this position from Infinity War.\nWhat does this mean for moviegoing in the pandemic era? The continued to be repeated bearish argument that box office is going the way of the horse and buggy look set to be finally being put to rest. Over the weekend, AMC sold seven million tickets for Spider-Man: No Way Home, breaking its pandemic-era records for box office performance. For some context, during the entire first quarter of 2021, the company sold less than seven million tickets. Indeed, while bears would be right that this type of extreme seasonality does not bode well for healthy financials, it still stands that an undeniable reality has come about. As long as the blockbusters keep being created, cinemas will continue to sell tickets. The highly acclaimed Matrix Resurrections is also set for release in a few days, crowning what is expected to be AMC's strongest pandemic-era quarter. This will drive material revenue recognition and place the company on the path to generate positive operational cash flow. Hence, this quarter amounts to giving a shot of adrenaline to a tired runner.\nThe 2022 Movie Slate Is Strong\nAMC faces headwinds from its large long-term debt balance of $5.45 billion, only partially offset by cash and equivalents of $1.61 billion. This fundamentally restricts the operational flexibility of the underlying business as well as the ability of AMC to chase potential post-pandemic expansion opportunities. The aforementioned seasonality of revenue recognition also heightens the risk of their large debt balance as it increases sensitivity to large periods of zero to negative cash generation from operations.\nData by YCharts\nI think the broader macro picture for cinemas looks healthy as pent up demand for moviegoing throughout last year is released on the back of good movies that households actually want to see. 2022 is likely to see the same phenomena play out as movies likeJohn Wick 4,Thor: Love and Thunder,Avatar 2, and Black Panther: Wakanda Forever,amongst others, are set to be released. These movies are set to build on momentum established by their previous releases.\nThis bodes well for a company that realized revenue of $763 million for its fiscal 2021 third quarter, a year-over-year growth of 538.7% and a $29.85 million beat on consensus estimates. Adjusted EBITDA was also negative at $5.9 million, albeit a material improvement from the year-ago loss of $334.5 million. This meant the company's free cash flow improved significantly to a loss of $138 million when compared to $385 million in the year-ago quarter. Critically, this $247 million improvement means the company is able to continue to reap expected consumer demand for the moviegoing experience.\nBears would be right to state that the current market capitalization of $14.8 billion is far too much of a premium to pay for the company. Especially as this stands at a significant multiple to its pre-pandemic averages. This beef with the self-proclaimed 'AMC Apes' will likely continue to play out over the next year, leaving capacity for large upward movement in the common shares as the apes look for their own peculiar victory.\nBears On The Backfoot Heading Into 2022\nFrom my purely anecdotal observation watching the latest Spider-Man movie, the audience was filled with a diverse number of people from different age groups. This bodes well for continued demand for moviegoing as it pulls in all subsets of the population. And while AMC does face a high degree of uncertainty, the outlook for moviegoing is not as black and white as suggested by some of the bearish narrative. The company's fourth quarter stands to be extremely hot as a number of strong box office showings aggregate to form record moviegoing demand.\nThis paints a more vivid picture of AMC's post-pandemic landscape, made cloudy by tales of doom and destruction peddled by bears. The core argument that moviegoing is set to go the way of Blockbuster is likely now dead. As long as good movies exist, there will be cinemas to show them. Does this make AMC a buy? No. The company's financials, although recovering, leave very little room for management error.\nThis article was written by Leo Imasuen.","news_type":1,"symbols_score_info":{"AMC":0.9}},"isVote":1,"tweetType":1,"viewCount":5049,"commentLimit":10,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"symbols":[],"verified":2,"subType":0,"readableState":1,"langContent":"CN","currentLanguage":"CN","warmUpFlag":false,"orderFlag":false,"shareable":true,"causeOfNotShareable":"","featuresForAnalytics":[],"commentAndTweetFlag":false,"andRepostAutoSelectedFlag":false,"upFlag":false,"length":15,"xxTargetLangEnum":"ZH_CN"},"commentList":[{"id":7064888,"commentId":"7064888","gmtCreate":1640073937325,"gmtModify":1640073937325,"authorId":3581985274026406,"author":{"id":3581985274026406,"idStr":"3581985274026406","authorId":3581985274026406,"name":"Skai","avatar":"https://static.tigerbbs.com/77957397aed2feadade5874e503ea585","vip":1,"crmLevel":11,"crmLevelSwitch":0,"individualDisplayBadges":[],"wearingBadges":[]},"repliedAuthorId":0,"objectId":693449509,"objectIdStr":"693449509","type":1,"supId":0,"supIdStr":"0","prevId":0,"prevIdStr":"0","content":"<p>All over the world. Everywhere.</p>","text":"<p>All over the world. Everywhere.</p>","html":"<p>All over the world. Everywhere.</p>","likeSize":0,"commentSize":0,"subComments":[],"verified":10,"allocateAmount":0,"commentType":"valid","coins":0,"score":0,"disclaimerType":0}],"isCommentEnd":false,"isTiger":false,"isWeiXinMini":false,"url":"/m/post/693449509"}
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All over the world. Everywhere.