Greetings. Welcome to the AMC Entertainment Third Quarter Webcast. At this time, all participants are in a listen-only mode. A question-and-answer session will follow the formal presentation. If anyone should require Operator assistance during the conference, on your telephone keypad. And please note that this conference is being recorded. I will now turn the conference over to your host, John Merriwether, Vice President of Investor Relations. You may begin.

Thank you, John. And good afternoon, everyone. I'd like to welcome you to AMC's third quarter 2021 earnings webcast. With me this afternoon is Adam Aron, our CEO and Chairman, and Sean Goodman, our Chief Financial Officer. Before I turn the webcast over to Adam, let me remind everyone that some of the comments made by management today, during this webcast may contain forward-looking statements that are based on management's current expectations. Numerous risks and uncertainties, and other factors may cause actual results to differ materially from those that might be expressed today. Many of these risks and uncertainties are discussed in our most recent public filings, including our most recently filed 10-Q. Several of the factors that will determine the Company's future results are beyond the ability of the Company to control or predict. In light of the uncertainties inherent in any forward-looking statements, listeners are cautioned to not place undue reliance on those statements. The Company undertakes no obligation to revise or update any forward-looking statements, whether as a result of new information, or future events. On this webcast, we may reference measures such as adjusted EBITDA, free cash flow, operating cash burn, and constant-currency among others, which are non-GAAP financial measures. For a full reconciliation of our non-GAAP measures to GAAP results, please see our earnings release posted in the Investor Relations section of our website earlier today. After our prepared remarks, there will be a Q&A session. This afternoon's webcast is being recorded and a replay will be available in the Investor Relations section of our website at amctheatres.com later today. With that, I'll turn the call over to Adam.

Thank you, John. Good afternoon, everyone. And thank you for joining us today. A very special welcome to thousands of our individual shareholders who we expect will be joining us on this webcast as well. At the beginning of 2021, we shared with you our view that both the film exhibition industry and AMC would see sequential improvements in the industry-wide box office during the course of 2021. And indeed, we are seeing exactly that. The industry's box office has been meaningfully increasing each and every quarter thanks to improved vaccination levels and an increasingly appealing film slate. Add to that AMC's commitment to robust health and safety protocols through AMC 's Safe and Clean and our stepped up marketing activity, and our numbers per attendance, and admission ticket revenues at AMC also continue to rise. When we reported second quarter 2021 numbers, I said on that quarterly earnings call in August that " AMC crusted. " I didn't say that because we were yet profitable or because we were out of the pandemic woods at that point, but rather because our results were so much better than market expectations and also because Q2 results were so much stronger than Q1 results. In that spirit, the just announced Q3 results for AMC, once again, are encouraging. Our numbers for attendance, revenues, adjusted EBITDA, and net loss continued to markedly improve and continue to be well ahead of consensus to market expectations. Looking at our industry, the third quarter of 2021 posted the largest domestic industry box office of the year and nearly $1.4 billion, 66% higher than that of Q2, 2021, and 486% higher than that of Q1, 2021. And as for AMC more specifically, here are just a few snippets of the improving performance that we reported today. The…

Thank you, Adam and thank you, everyone, for joining us this afternoon. For the first time since the fourth quarter of 2019, essentially all of our theaters around the world were open for the entire quarter. Much has been written about the impact of the COVID pandemic on the theatrical exhibition industry and AMC in particularly. Recovery takes time. But with all of our theaters now open, and looking at how our financial results have progressed over the last 9 months, and considering the strength of the upcoming film slate, it really feels like we are moving towards a more normal theatrical exhibition environment. The numbers clearly show our recovery trajectory. Adam has already highlighted some of this information. In Q3, we achieved 140 million global attendees, representing an 81% increase over Q2 and a nearly five-fold increase over Q1. 2. Consolidated adjusted EBITDA of negative $5 million, very close to break even, a $145 million improvement over Q2's EBITDA loss of $151 million, and a $289 million improvement of the Q1's EBITDA loss of $295 million. And finally, operating cash burn, representing operating cash flow before interest payments, pay back of deferred rent, and non-recurring rent prepayments and off to capital expenditure was approximately $10 million per month, and this compares to approximately $42 million per month in Q2 and $107 million per month in Q1. And we continue to expect sequential improvement as we go into the fourth quarter. Indeed, as Adam noted, the fourth quarter got off to a very strong start. October 2021 admissions revenue was almost 90% of October 2019 admission revenue levels And this just in -- this last weekend's total AMC Revenue exceeded the 2019 comparative period. So while we have more room for improvement ahead, the comparisons of our performance now to…

Thanks, Sean. Before we open this up to your questions, I'd like to talk about our strategy going forward for a moment. It goes without saying that we're going to do all in our power to bring back AMC as you used to know it pre -pandemic, the biggest and most successful movie theater Company in the world. And true to our Company's heritage, we will strive to be as creative and innovative as we possibly can as we do so. But you don't drive a car by looking only in the small rear view mirror and only ponder where you've been. Instead, you also look through the much larger front windshield. You look forward. You gave that where you're headed in addition to where you've been. When some people have looked at AMC, they've made the mistake of only looking back to the Company that we once were pre -pandemic. They don't factor in that our enthusiastic new shareholders have armed us with a war chest -- currently have more than $1.8 billion in liquidity. Now we intend to be extremely careful with that liquidity, using it first to get to the other side of this global pandemic. At the same time, however, these monies should allow us to think hard and boldly about how we might transform AMC into a new and different Company that does a lot more than just show movies in cinemas. You've already seen, for example, our announcement of last week. That at AMC, we will be entering the multi-billion-dollar popcorn industry in 2022. There are two significant advantages that AMC enjoys in that regard. First, our brand, AMC Theaters Perfectly Popcorn has credibility. After all, our Company has been selling popcorn for 101 years. And on a peak day, we already sell some…

Thanks, Adam. So the first question is, will AMC consider various promotions associated with the new popcorn sales such as perhaps a golden ticket?

So I have to admit -- it's no surprise -- I think I'm following almost 2500 of our shareholders on Twitter. And I receive 100s, sometimes 1,000s of inbound messages every day on my Twitter feed. I tend to read as many of those as I possibly can every single day because I learn so much from what our shareholders tell me and what they think, and what's happened this year is we've been deluged by suggestions from our shareholder base. Over and over again since the Popcorn announcement, which was just last week, I've seen suggestions that we include in the boxes of popcorn, that we sell in supermarkets, for example, that we include an AMC discount certificate or occasionally, just does a random surprise, maybe a free ticket, even a free private theater rental at our theaters. And I got to tell you, I think it's great idea. If you look -- just turn on your televisions and look at other companies' advertisements these days, Domino's has a major promotion right now of something called Surprise Frees, where they're giving up things along with the pizzas that you ordered from them is not exactly a new idea. All my life, Crackerjack has put a surprise, it's not a very good one, but they bought a little surprise in every package of Cracker Jack. And I think we have a great opportunity to bring down the perceived cost of buying AMC theater popcorn by putting in either a discount certificate if you go to a theater or a of some kind. And similarly, we have an enormous promotional opportunity to let people know that they should go -- and give them incentives that they should go see a movie. In some cases, it may be a particular movie; in some cases, it maybe all movies at a nearby AMC Theater. So I think it's a great idea and write it down. Folks, we're going to do it.

Thanks, Adam. So the next question is, will you accept Shiba Inu?

So Shiba Inu -- again, suggestions from shareholders. There's just been a tidal wave of inbound messaging to our Company, and to me personally, that we ought to get much more active in the sphere of cryptocurrency and that there was real opportunity for AMC. And in a groundbreaking announcement back in August or September, we announced with some bravado that we're going accept Bitcoin by year-end for online payments, either on our website or our mobile app. It was very well received. So we figured out a way to increase the currencies that we would take, growing it to include a Ethereum, LiteCoin and Bitcoin cash. We then received so many messages about Dogecoin, we took a quick look, I did a Twitter poll. A lot of you voted. A lot of you voted yes, so we're in the process of figuring out how to take those coins. More recently, once the dose credit announce was out there, we announced that we've already figured out a way for people to buy AMC gift cards right now, using all these currencies that I've mentioned here before. And we are on track right now to accept, as we promised, Bitcoin, Ethereum, LiteCoin, Bitcoin Cash and others prior to year-end, next month. We believe that we will be in a position online payments directly with us on our -- through our website and app. We think we'll be able to launch the acceptance of Dogecoin in the first quarter of '22 just a few months from now, again, on our website and smartphone app. And as we made those announcements, which was making a lot of you happy, the flood of commentary came in about Shiba Inu. So again I did a Twitter poll, and again, a lot of you read the tweet, a lot of you voted, and a lot of you voted yes. And we are now figuring out how we can take Shiba Inu as a currency; that's the next one on our cryptocurrency hit parade. I might add that we believe we have figured out ways where we do not have to hold cryptocurrency on our balance sheet. So we're not taking increased balance sheet risks with all this potential acceptance of cryptocurrency. And as I said in earlier in the remarks, as we learn more and more about the opportunities available to AMC with cryptocurrency, it does really raised the question in a serious way and we are engaged in serious thought and discussions with third-parties on this subject. Do we just accept crypto currency or do we issue an AMC crypto currency of our own? Whether -- that one I might hold on the Balance Sheet because we might own a lot of that, and be interested to see what value creation could occur for the benefit of our shareholders if we do.

Thanks, Adam and the next question is, what are the opportunities for AMC with respect to NFTs?

Here again, our inbox is filled with ideas from our shareholders about NFTs. I remember reading the first tweet that came to me -- it was either a tweet or a DM, a direct message, that said, "You really ought to launch the issuance of commemorative movie tickets in a format of an NFT. " And I instantly thought, "That's a really smart idea. That's just a really smart idea. " And then I realized, as I kept reading, that wasn't the only inbound messages I got about NFTs or about commemorate tickets. And the more I saw this, cat advocate of advice from our shareholder base, that we should explore a commemorative movie theater tickets as NFTs the more, they set us down this path. We have already commenced serious discussions with multiple Hollywood studios, major studios about launching NFTs in conjunction with some of the major titles of movies that are playing in our theaters. As I said, the prepared remarks, there's nothing to report today, but stay tuned this space is very intriguing to us.

Thanks, Adam. The next question is, will AMC offer a method by which people can buy retail AMC merchandise?

Well you seem to be on the hit parade of suggestions from our shareholders. Over, and over, and over, and over, and over again, people are telling me that we ought to launch various lines of AMC merchandise. It's a whole variety of things that would carry the AMC logo, whether it's golf shirts, or