They actually had a lot of positives this quarter. They could have easily showed a profit this past quarter as revenue was the highest it has been in quite some time. This was seen in both ticket sales, and discretionary spending at concessions & other places.
The reason for FCF being so negative was due to using profits and high revenues to pay down outstanding debt and also deferred rent from the pandemic resulting in several million in interest savings.
However while there was a ton of good news, the bad news was the preferred equity dividend. I do agree this is a distraction for what is to come as AA mentioned the third quarter isn’t looking good as no new blockbusters come out and historically the 3rd quarter is slow in this industry. We don’t fully understand the implications of $APE but I would assume it will dilute the shares of AMC Causing the stock to go down in the short-term.