Greetings, and thank you for standing by. Welcome to the AMC Entertainment second quarter 2022 earnings conference call. During the presentation, all participants will be in a listen-only mode, and afterwards, we'll conduct a question-and-answer session. At that time, if you have a question, please press the one followed by the four on your telephone. If at any time during the conference you need to reach an operator, please press star zero. This conference is being recorded Thursday, August 4, 2022. Now I'd like to turn the conference over to John Meriwether. Please go ahead. Thank you, Scott. Good afternoon, everyone. I'd like to welcome you to AMC's second quarter 2022 earnings webcast. With me this afternoon is Adam Aron, our chairman and CEO, 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 during this webcast may contain forward-looking statements that are based on management's current expectations. Numerous risks, 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-K and 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 these 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 non-GAAP financial measures, such as adjusted EBITDA, constant currency, free cash flow, operating cash burn, and operating cash generated, among others. 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 question-and-answer 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 one and all, and thank you for joining us. Today, we have tremendously exciting news to share with you. First, our results for the second quarter, which were massively ahead of last year's second quarter and exceeded market expectations for revenues, adjusted EBITDA, and net income. Second, our plan to issue later this month a special AMC preferred equity non-dilutive stock dividend as it will all be going, and only be going, to our shareholder base as of the dividend date. This is a move that fundamentally and deeply strengthens our company and will give us enormous flexibility as we go forward. These are exciting times for AMC and for our investors. I'll start this webcast by talking about the business. I'll then pass the call over to Sean Goodman, our CFO, to talk about our financials in more detail. Then I'll come back to talk about our special dividend announcement and the significant benefits that it brings for our shareholders. I cannot begin to put into words how much progress AMC Entertainment made in the second quarter of 2022. Thank you to Doctor Stephen Strange, to Tom Cruise, to Elvis Presley, and to Jurassic World Dominion because they all graced our big screens at AMC. The second quarter was quite the success and our best second quarter in three years. What's more, and this is very important, they boosted Hollywood's confidence in theatrical exhibition, and they boosted Hollywood's commitment to theatrical exhibition. Just as we predicted, our improving second quarter results boost our spirits and serves to further convince that we indeed are making great strides on our path towards pandemic recovery. As you can see in our press release, AMC exceeded expectations as people came back to movie theaters in droves. Some 59 million moviegoers came to our AMC theaters across the world in the second quarter, up 168% from the same quarter a year ago. That's more than two and a half times. They're taking us to new highs in our high-margin food and beverage business. Thanks to their patronage, we generated positive adjusted EBITDA of $107 million in the second quarter of 2022, a $258 million improvement over that figure in Q2 of 2021. We generated positive operating cash too in the second quarter of 2022 of $52 million. That was a $178 million improvement from the figure of the same quarter a year ago. The second quarter marked the strongest North American box office since 2019. Numerous films shined brightly in the second quarter, but none shined brighter than Top Gun: Maverick. I've seen it myself four times now. Top Gun: Maverick is now approaching $1.3 billion in worldwide box office receipts and holds the number one box office position thus far in 2022. Maverick also broke all-time records by becoming the highest grossing movie of all time to open on Memorial Day weekend. It also is becoming the highest grossing movie ever, both for Paramount Pictures and for a movie starring Tom Cruise. I have said all along that people would come back to theaters in eye-popping numbers, and that is exactly what they did in the second quarter of 2022 and what they've been doing since. To the naysayers who foolishly, in our opinion, have been predicting a secular decline of theatrical exhibition, all I can say is, well, you've seen my feisty hashtags on Twitter. You know what I say. The second half of this year promises to be equally exciting with a great mix of family-friendly horror, action, drama, and comedy genres to please everyone from young to old, including Warner Bros. DC Comics-based Black Adam starring Dwayne The Rock Johnson, and three Disney films, including the animated Strange World and two very highly anticipated tentpole Disney sequels, James Cameron's Avatar: The Way of Water and Marvel's Black Panther: Wakanda Forever. Just last week, the powerful and poignant trailer for Black Panther: Wakanda Forever was released and garnered a staggering 172 million views of the trailer in just the first 24 hours, becoming one of Marvel Cinematic Universe's top-ever trailer debuts. As Nicole Kidman reminds us in AMC's now iconic and revered advertising campaign, given that Hollywood has great stories to tell, it's clear that movie fans are ever so eager to enjoy those dazzling images on AMC's huge silver screens. On speaking of Nicole, our ad campaign was so effective that we've signed her to be our spokesperson for another full year. The success of the second quarter has continued into the start of the third quarter as just two examples of let the good times roll. Attendance in the just-completed month of July 2022 saw the highest number of guests visit AMC's US theaters since December of 2019. Our preliminary July food and beverage revenue numbers appear to be the biggest single-month figure at our US theaters in our company's entire 102-year history. For full transparency, there is a dearth of new big movie titles being released in August and September, so things will slow for several weeks. Don't expect too much of us for all of Q3. Then comes the fourth quarter of 2022. Talk about star power showing itself in movie theaters. These movies and more will all grace our screens in just the 13 weeks of the fourth quarter of 2022. Jamie Lee Curtis in Halloween Ends, Julia Roberts and George Clooney in Ticket to Paradise, Dwayne Johnson, Pierce Brosnan, and Viola Davis in Black Adam, Jessica Chastain, Anne Hathaway, and Sir Anthony Hopkins in Armageddon Time, Margot Robbie, Christian Bale, and Robert De Niro in Amsterdam, Tom Hanks in A Man Called Otto, Brad Pitt and Margot Robbie in Babylon. Oh, and don't forget the ever so much anticipated sequels to Black Panther, Shazam, and Avatar. The movie slate for calendar year 2023 should also make us all smile. Our current internal forecast is that the 2023 domestic box office, the basic metric suggesting the health of theatrical exhibition both in the US and globally, is likely to be billions of dollars larger than that of calendar year 2022. Billions of dollars ahead. We look forward to Q4 of 2022, and we look forward to calendar year 2023 with absolute glee. There were other strides forward made at AMC in the recent months since our last quarterly call. We've started the installation of the biggest environmentally friendly green initiative in our company's history with the introduction of laser projection technology coming over the next few years to almost half of our U.S. screens. Laser projection will make the pictures on those screens so much brighter and so much sharper that it's certain to excite movie buffs going forward. We're already in test market in Chicago and Kansas City with our partner Uber Eats for home delivery of AMC Perfectly Popcorn and other concession items from our theaters. The early results are favorable, so we expect to roll out nationally in Q4 of this year. Similarly, recipe development for microwavable and ready-to-eat popcorn is well underway, going extremely well, and we look forward to being able to sell our popcorn products in grocery stores and or convenience stores next year. We're also in active dialogue with a credit card issuer and hope to introduce a co-branded AMC credit card that can be launched nationally in early 2023, or possibly as early as late 2022. At the specific urging of our shareholders, we are stepping up our game mightily on AMC-branded and movie-branded merchandise. As for Hycroft Mining, Hycroft just announced its largest exploration program in about a decade. Remember that heretofore, Hycroft has explored only about 2% of its 71,000-acre mine site. We have every confidence that our Hycroft investment will pan out, excusing the pun, to be quite lucrative for AMC. Speaking of investments, our board of directors also has authorized us to establish a fund of up to $100 million for additional transformative investments where AMC can seek to add value and thereby create meaningful additional value for our shareholders. Indeed, as I've often said previously, we are absolutely committed to transforming AMC into a bigger, bolder, stronger, and more successful company than even the one that existed prior to the pandemic. With that said, I'll now turn the call over to Sean to discuss our financials in more detail. Sean? Oh, just one person. He got disconnected. You may begin. All right. Yeah. It's good. Thanks, Adam, and thank you everyone for joining us this afternoon. As Adam said, Q2 was a terrific quarter for us. We welcomed 59 million guests to our theaters around the world, and this is well ahead of the 22 million guests that we entertained during last year's second quarter and the 39 million guests that visited us in the first quarter of 2022. This attendance resulted in revenue of $1.17 billion. This is more than two and a half times the $445 million of revenue we had in Q2 of 2021, and it's almost 50% ahead of the $786 million of revenue that we recorded in the first quarter of this year. Even more importantly, we achieved positive adjusted EBITDA of $107 million, a very meaningful improvement over the EBITDA loss recorded in both the prior year's second quarter and also the first quarter of this year. Our financial results clearly reflect the ongoing recovery of the industry and our business. As has been our practice during the recovery period, we believe that it's helpful to look at our financial performance metrics relative to pre-pandemic levels to best benchmark the dynamics and profitability of the business as our recovery progresses. This analysis shows that our per-guest performance metrics during the second quarter were universally, substantially superior to pre-pandemic levels in 2019. For Q2 of 2022, on a consolidated basis, total revenue per patron was $19.73. This is 27% higher than Q2 of 2019. This was driven by admissions revenue per patron growth of 19% and food and beverage revenue per patron growth of 32% and other revenue growth per patron of 65%. This is all compared to the second quarter of 2019. In the domestic business, admissions revenue per patron increased by 22% compared to Q2 2019, and our international business, the increase was 12%. When we normalize for the strengthening of the US dollar compared to 2019, international admissions revenue per patron increased 16%, measured in constant currency. The admissions revenue per patron growth was driven by guests choosing to upgrade to the very best possible sight and sound experiences that are found at our premium large-format offerings such as IMAX, Dolby Cinema, and PRIME at AMC. Premium large-format attendance represented 15.6% of domestic attendance in Q2, and this can be compared to 10.9% in the second quarter of 2019. In our international markets, Q2 2022 premium large-format attendance represented 10.4%, and this compares to 6.4% in the second quarter of 2019. In addition, the second quarter admissions revenue benefited from an overall favorable showtime mix coupled with pricing adjustments, including blockbuster and opening weekend pricing. From a food and beverage perspective, we enjoyed extremely strong food and beverage revenue per patron as our guests continued to participate in the full in-theater entertainment experience. In our domestic markets, food and beverage spend per patron in the second quarter was $7.52. That is 35% higher than the average spend in pre-pandemic Q2 2019. In the international business, food and beverage spend per patron was $4.43. That's 22% higher than Q2 of 2019 and 26% higher on a constant currency basis. Our significant food and beverage outperformance continues to be primarily driven by an increase in the proportion of guests choosing to enjoy our industry-leading food and beverage offerings, combined with them purchasing more items per each order, and both of which are made easy and convenient through our AMC apps. Compared to the second quarter of 2019, domestic other revenue per patron increased by 65%, and international other revenue per patron increased by 63% and 69% in constant currency. This reflects an increasingly higher percentage of guests choosing to reserve their seats and order their food and beverage using our industry-leading websites and apps. Together with the benefit of growth and diversification initiatives such as renting out our theaters during off-peak times and revenue from various promotional and marketing initiatives. During the recovery period, we have been very agile in adjusting our payroll hours and flexing showtimes to reflect market demand and optimize efficiency. Our Q2 domestic attendance represented 60.5% of Q2 2019 attendance, but 85% of Q2 2019's attendance per showing. Let's move to cash and liquidity. We ended the quarter with a strong liquidity position of approximately $1.18 billion, comprised of $965 million of cash and cash equivalents and $211 million of undrawn credit facilities. The strong results for the quarter led to non-GAAP operating cash generated of $52 million. That's operating cash generated. This is a $178 million improvement compared to Q2 of 2021. Recall that this non-GAAP operating cash generated measurement represents cash generated before debt servicing costs and before deferred rent payback. Looking ahead, we would expect a return to non-GAAP operating cash burn in Q3 as we experience a seasonally strong softer box office together with working capital pressures relating to the strong Q2 box office. However, we do expect a return to positive non-GAAP operating cash generated in Q4 of this year. Regarding capital allocation, we continue to pursue a balanced and disciplined approach to capital allocation. Our main priorities remain unchanged. One, ensure that we have sufficient liquidity to manage through the recovery phase of our business. Two, strengthen our balance sheet by reducing our debt and associated interest costs. Three, investing in our business to enhance the guest experience. Finally, four, opportunistically pursuing value-enhancing initiatives, including those that lead to diversification and growth of our business. As previously reported, during the quarter, we quietly strengthened our balance sheet by repurchasing through the open market approximately $72.5 million of our 10% second lien subordinated secured notes that are due in 2026. We did this repurchase for approximately $50 million, and this represented a 31% discount to the face value of the debt. As a result of this transaction, we recorded a gain on debt extinguishment this quarter of $39 million, and our annual interest costs will now be reduced by $7.25 million. During the second quarter of 2022, we also strengthened our balance sheet by repaying approximately $53 million of deferred rent, reducing our deferred rent balance to approximately $219 million. Recall that back in March 2021, this deferred rent balance was more than $470 million, and over the last 15 months, we have lowered the deferred rent balance by more than $250 million. We expect to further reduce this deferred rent balance during the second half of 2022 by another approximately $70 million. Actively managing our theater portfolio continues at AMC as we add new high-performing locations and at the same time eliminate low-performing, all with the goal of improving guest satisfaction and enhancing our profitability. During the quarter, we added another 12 new theaters, and we closed 3. This brings the total number of locations closed since the pandemic began to 98 and the total new locations opened to 45 for a net reduction of 53 locations. I can tell you that the combined 45 new locations are not only substantially outperforming the 98 closed locations, but they are also nicely exceeding our underwriting expectations. CapEx net of landlord contributions was $36 million in the quarter. For this year, separate and apart from any M&A activity, we expect net CapEx to be in the range of $150-$200 million. Finally, before handing the webcast back over to Adam, I would like to share with you just how enthusiastic and excited myself and the entire leadership team at AMC is about the groundbreaking special dividend that Adam will now talk about in more detail. Adam. Thank you, Sean. We'll open up the call to questions in just a few minutes. Before we do that, I'd like to talk about the decisive and bold action we took earlier this afternoon. After months and months of work to get to this announcement, we broke the news in the last hour that we will be issuing a one-for-one stock dividend of a new AMC Preferred Equity Unit to our existing common shareholders as of the dividend date of August 19 later this month. This is a major step forward for AMC. In my view, probably the biggest favorable development for our company in all of calendar year 2022, both looking back and looking ahead. Looking at the long-term future of our company, we believe this is truly great news for AMC and not such good news for those prophets of doom who may be rooting against us. Indeed, I just spoke with someone I greatly respect at The Wall Street Journal who saw our stock dividend announcement. He told me it was a quote, "Genius M ove," unquote. Somehow, I don't think the Journal is gonna actually print that, but that is what he said. Earlier this year, I said that AMC intended to take important and bold steps to strengthen our company and to address some of the grievances that many of our shareholders voiced repeatedly in social media and in other forums. I also said, though, that the art form of leading a company is complex and one as much in the spotlight as AMC is knowing what to do and knowing what not to do, knowing when to do it and knowing when not to do it. I commented previously that, in my opinion, we should patiently wait until at least the posting of AMC's second quarter 2022 financial results. I did know, after all, that Top Gun: Maverick and Jurassic World Dominion were coming. Well, we posted those results today, and in our minds, those results are incredibly encouraging as we show dramatically increasing attendance and increasing revenues along with positive adjusted EBITDA, so very much improved versus the same quarter last year. As I said before on this call, thank you, Tom Cruise. As a result, AMC shareholders, I am happy to report to you that today we pounce. With the backdrop of AMC's Q2 favorable earnings in the second quarter, it is now time for us to take decisive and even valorous action. Look up that word in the dictionary, valorous. Today, we announce that later this month, AMC will be creating a new class of securities, and we'll be issuing an AMC Preferred Equity Unit stock dividend payable only to holders of our 516,820,595 issued and outstanding company-issued common shares. This includes all of our U.S. and all of our international shareholders as well. We will issue these new AMC Preferred Equity Units on a one-for-one basis. Investors will get one AMC Preferred Equity Unit for each AMC common share that they own as of the record date in mid-August. Along with our common shares, which trade now and will continue to trade on the New York Stock Exchange under the symbol AMC, this new AMC Preferred Equity Unit also will be a tradable security. It also will be listed on the New York Stock Exchange starting on August 22, 2022 under the ticker symbol APE. Yes, APE. A-P-E, as in AMC, A, preferred, P, equity, E. A-P-E, APE. Informally, we will now refer to our two New York Stock Exchange-listed securities as shares for the common stock and as APEs for the AMC preferred equity units. For a variety of reasons, a dividend distribution in just about any form has been a long-standing request from our investor base. Today, we answered that call. Too, this issuance of 516,820,595 new APEs will essentially serve the same purpose. As a much-voiced request for a "share count," the new AMC preferred equity units will only go to holders of company-issued and outstanding AMC common shares. Again, today, we answered the call. Because the dividend is only being distributed to our current shareholder base as of the dividend record date, there also is no dilution from this initial issuance of the APEs associated with this stock dividend. Because these new APEs all go and only go to holders of company-issued AMC common shares. The number of issued and outstanding AMC common shares will remain unchanged at 516,820,595 after the dividend is paid. Of course, each shareholder also will own one APE for every share of AMC common stock held. As of August 22, there also will be another 516,820,595 APEs issued and outstanding. Think of this as being very similar to a two-for-one stock split, except that in a stock split, an investor would get two shares of new common stock for each one old common share owned. In the AMC case being announced today, however, given that this is a preferred equity stock dividend, an investor would own one share and one APE in lieu of owning just one common share. Since this stock dividend being announced today is like a stock split, it's logical to assume that once the dividend is issued on August 22nd, the price of our common shares will fall. Vitally, however, and I cannot repeat this enough, for each owned share, investors would not own only a single share, but would own instead a share and an APE. Their economic interest in AMC, which is now just one share, would instead be the price of a share plus the price of an APE, both of which will trade on the New York Stock Exchange. While no one's crystal ball can accurately predict stock market swings or volatility, the economic interest that our shareholders will have in both shares and APEs will be in a company that we believe to be considerably stronger than AMC is now prior to this announcement being made this afternoon. The issuance of APEs is made possible given the previously and repeatedly announced approval by AMC shareholders back in 2013 that the creation and issuance of AMC preferred stock could occur solely at the AMC Entertainment Board of Directors' future discretion. While each APE is designed to have the same rights as a common share and can convert into a share of common stock, that conversion decision is still solely up to our shareholders. Conversion can only take place if at a future stockholders meeting the company proposes and shareholders, including APE holders, vote to approve the authorization of additional common shares. That is still our shareholders' call to make down the road. Not. It's up to them. Here is probably the most important thing of all in this announcement about the creation of APEs today. With the creation of APEs, AMC is deeply and fundamentally strengthening our company. We already have shareholder approval in hand such that our board could decide we can issue more APEs in the future above and beyond those going out with this initial dividend. Given the flexibility that being able to issue more APEs will give us, we believe that we would handily be able to raise money, if we so choose, which immensely lessens any survival risk as we continue to work our way through this pandemic to recovery and transformation. Rather than having to worry about survival, the flexibility accruing to us from APEs can instead let us continue our efforts to try instead for AMC to thrive and to soar. This new AMC Preferred Equity provides AMC with a currency that can be used in the future to further strengthen our balance sheet, including by paying down some of our debt and other liabilities. It also gives us the ability to seek additional shareholder value-enhancing and potentially transformative investment opportunities. I believe that all of this makes AMC vastly, and I mean vastly, stronger. Anything that moves AMC so far forward in a single step is bad news, bad, bad news for those who wish us harm. Having said all of that, there are a myriad of details and cautions related to our announcements today. I strongly urge investors carefully read our press releases and our SEC filings on these matters, which are incorporated herein by reference. To celebrate this milestone and as a token of our appreciation for our shareholders' continued support, we also will be offering a free I Own APE NFT to all existing AMC Investor Connect members and to new members joining by August 31, 2022. Incidentally, we have some 765,000 people who've joined AMC Investor Connect in the past 13 months. Likewise, based on the popularity of the original I Own AMC NFT that we issued back in January to AMC Investor Connect members, to those who are in AMC Investor Connect or to those who joined by August 31, 2022, they will also be entitled to receive a free updated version of that I Own AMC NFT, make it a pair. When I think about this pandemic and the journey we have all been on together for the past 2.5 long years, I am ever mindful of our shareholders' dedication to AMC Entertainment, and if I can speak personally for a second, of their trust in me as its CEO. I want everyone listening to this webcast today or on replay later to know once again that my every decision and my every action is intended to work for the long-term benefit of all of our shareholders. I act and think like a shareholder because I too am a shareholder, and a big one at that. At the current AMC share price, I know, I now own outright approximately $15 million of AMC stock. Counting in also my previously granted but unvested shares, assuming they vest at so-called target vesting levels, I have more than a $50 million economic stake in AMC. This is pretty obvious stuff, but that is a powerful incentive for me to do what is right for all of our shareholders. All throughout this effort, I've always been candid. I've always tried to keep my word to our shareholders. Always. I promised only a few months ago that we would be bold. To that end, a few months ago, I promised that at the right time, we would pounce. Well, today, we pounced. Sean, let's move to questions, both from shareholders and from analysts. Can you tell my homework to get him in here? Great. Adam, there's a question that just came in, and it reads as follows. It says, "I saw in the press release that you said that this APE dividend will fundamentally strengthen AMC and has tremendous potential to create meaningful value for both AMC and for shareholders. Is this really as big and important as you claim it is? Thank you for the question, Sean. Well, I didn't put it in the press release if I wouldn't believe it. You know, the lawyers read those press releases pretty carefully, and they make sure that I'm able to back up what I say. I'm actually gonna surprise everybody, and I'm gonna say on this call right now, no, it's not as big and as important as I said in the press release. It's bigger, and it's more important than I said in the press release. As I mentioned in my prepared remarks, I think this is the biggest single step forward that AMC is gonna take in 2022. It essentially takes near-term survival risk off the table. You can never say never in the world. There are always uncertainties. I believe that the flexibility that we will get from the creation of this new preferred stock will allow us to raise cash if we need it. It will allow us to reduce our debt. It will allow us to do intriguing M&A opportunities. This is an enormous step forward for AMC. This is very good news for AMC. We all know there are a lot of people out there in the world who are not rooting for AMC. This is not good news for them. Thanks, Adam. There's actually another one that just came in through the Twitter. It's from an international shareholder saying, "Will international shareholders get the chance to fully participate in this APE dividend? The answer to that question is absolutely yes. It's one of the things that we made sure would be the case. You know, one of the things that has bothered me over the past year and a half is that we've gone forward with lots of offers to our shareholders, often through Investor Connect, but often separate and apart from Investor Connect. Often we're giving benefits at our U.S. Theaters. That's because we have one IT system across all of our U.S. Theaters. You know, we operate in a dozen countries, and we have a different IT system and operate with different brand names all across Europe and the Middle East. It makes it very difficult to make global offers because we can't necessarily program it through all these disparate information systems. In addition to that, with respect to voting rights, there's something that's quite odd to us in the United States, which is many international brokerage firms don't have the capability to facilitate shareholder voting. Many of our international shareholders feel somewhat either disenfranchised because they're not getting the offers, you know, a free popcorn, a free ICEE, a free cup of coffee, or early advanced screenings that we've offered to our U.S. AMC Investor Connect members, or they've been deprived of their chance to vote because they're not because we're depriving them, but because their brokers are. We made absolutely sure that when we issue this AMC Preferred Equity Unit, it will go into the accounts not only of our U.S. shareholders, but our Canadian shareholders, our European shareholders, and our shareholders scattered all over the world. I've received so many comments on my inbound Twitter feed from so many different countries where we have AMC shareholders. I must say, I enjoy your devotion to our company and appreciate reading your comments to me. Yes, this new APE, this AMC Preferred Equity Unit, will be available to our international shareholders as well. Adam, I will just read the next question because I think it's quite self-explanatory here. Question says that, "Now that the box office is recovering from the pandemic, how do you see the relationship between streaming, movie theaters, and film studios? How has it all changed compared to before the pandemic, and where do you see things going in the future? This is not a new question or a new problem. This has been this whole issue of, not streaming necessarily, but windows and Hollywood studios' commitments to theatrical exhibition has been a live topic really ever since the summer of 2017. We've been in active dialogue with studios ever since. Nothing really happened to change theatrical exclusivity. With all that discussion in 2017 and 2018 and 2019, nothing really happened until the pandemic showed up in 2020. Just as theaters were closed, Hollywood could not distribute their movies. Studio after studio experimented with different releasing strategies of their movies they already had in the can, including some other attempts away from theatrical exhibition. Some studios released films only to streaming. Some issued movies to streaming and theater simultaneously. Some issued movies to theaters, but on a much shorter basis. This experimenting went on for 2 years. Here's what I believe that everybody learned, especially starting with Sony's movie, Spider-Man: No Way Home, that debuted in December of 2021. If you look at what's happened over the past 8 months with Spider-Man and Uncharted and The Batman from Warner Bros., and then this big range of hits, one after another, Doctor Strange and Top Gun: Maverick and Jurassic World Dominion and Elvis and Thor and Minions, Hollywood has realized again how much money can be made by releasing movies in theaters exclusively first. In addition to that, it's kind of well-known that the share price of some major streaming companies started to take a hit, and they started to lose subscribers. There was a lot of speculation that while the market might be big enough to support one streamer or two streamers or maybe even three streamers, how could it support ten streamers or more? I believe that you take all this together and Hollywood is turning away from streaming, Wall Street is turning away from streaming, Hollywood is coming back to theatrical exhibition. We have agreements now in place with every major studio to take their movies that are released in our theaters on a theatrical basis exclusively for a sufficient period of time where we believe the studio and AMC can make money. If that new window, which is like a month and a half of exclusive theatrical access, if that's too long, we'll be willing to shorten it with studios. If it's not long enough, we'll be beating down the doors of studios saying to lengthen it. You take all of it together, I think this is all very good news for AMC. We have a parade of hits on our hands that either started last December or last March or last May, depending on where you want to start. Remember what I said looking forward. It is gonna be a pretty tough, slow August, September, so let's not get over our skis in being too optimistic about third quarter numbers. Look at the movies that are coming in the fourth quarter of 2022. It's gonna be monster hit after monster hit after monster hit after monster hit. If you think the box office is big in 2022, it's gonna be $ billions more in 2023 if our current estimates are accurate. Again, we're quite bullish as we look to the future. Thanks, Adam. Question here from a shareholder and a Investor Connect member saying, "What are the bonuses and perks that are offered by AMC to its investors? A lot. The first perk is we just announced that you all are getting a stock dividend in a couple of weeks. By the way, if I could just add to my answer about our international shareholders, you should get one too, but if you don't get one, definitely contact your broker to determine how you should get one, because you're entitled to one. In addition to the new stock dividend that's coming out, we did set up the AMC Investor Connect program. We got more than three-quarters of a million people who've signed up in its first 13 months. That's available to U.S. and international shareholders. One of the benefits of that is frequent communication from us about what's going on. For our U.S. shareholders, look at what we've done and announced through Investor Connect. Some free offers at our concession stands. We've had a new, sort of major movie screening every month, almost every month in advance of its public release. In the world of movies, fans and bragging rights, if you can see a big important movie ahead of its general release, that's good bragging rights. We've done that month after month after month. Another fun one for me anyway, is we've announced through Investor Connect that I, as Chairman and CEO of AMC, have been hosting movie screenings personally, scattered around the United States, for a chance to watch a movie together with our shareholders. I've done it in seven cities, L.A., New York, Chicago, Kansas City, Dallas, Miami, and Washington, D.C. I'm expecting to do many more in the fourth quarter, and I can announce today with some delight that sometime between September and Christmas, I expect to hold my first overseas investor screening, probably in London, although it's possible we'll go somewhere else in Europe as well. You know, at these ones that I attend, I shake every hand in the room. I take a selfie picture with everybody who wants one. I've autographed everything from shirts to a banana. I even autographed a banana, one of them. It's a great opportunity to meet our shareholders individually one-on-one. Been seven of the happiest evenings I've had all year. We will continue to look for more ways to reward our shareholders, and especially on my plate is to figure out how to get some of these offers that we're routinely making at our U.S. theaters available to our investors overseas as well. Question, Adam, about our expansion plans. Question says, "Will we see AMC Theatres in Canada, for example, or more expansion within Europe? Well, in Europe for sure, because as you said in your comments earlier on the call, you know, in the last couple of years, we opened 45 theaters. Most of those were in the U.S., but many of those were in Europe. We keep on signing agreements on attractive pieces of real estate to open new theaters. We just opened a theater a couple months ago in Finland that's already one of the most successful theaters in Finland. That's true that we're looking for new opportunities in all the countries that we currently serve. For us to enter Canada or other countries in Europe where we're not now present, you pick it, the Netherlands, Poland, wherever we may not be, the best way to do it is not go into a country and open a theater or two and be an irrelevant player in that country. The best way to do it would be to acquire something of some size and scale. Prior to today, even though we had, you know, $1 billion of liquidity available to us at the end of this most recent second quarter, we're being very careful how we spend it and invest it, because we wanted to make sure that our cash reserve was always strong. With this new preferred stock currency that we now have, we can get much more aggressive on the acquisition front. It's conceivable, not definite, there are no current plans, but it's conceivable that we could do some international acquisitions. This is not a new concept to AMC or to me. All during the history of AMC has grown through acquisition. Three years ago, six years ago when I joined AMC, six and a half years ago, in my first year, we did three major acquisitions that took us from being the second-largest movie theater chain in the U.S. to the largest movie theater chain in the U.S., the largest movie theater chain in Europe, and the largest movie theater chain in the world. Recently, just in the last year, we bought about a third of the ArcLight Pacific circuit, which did not reopen after the COVID pandemic. That's going very well so far. The Grove and the Americana theaters in L.A., for example, are already two of the 30 most highest-grossing movie theaters in the entire United States under our management. We just bought five-eighths of the Bow Tie Cinemas circuit in the northeast, and that allowed us to double our presence in the state of Connecticut, which is a major bedroom community to New York City, where we have a significant market share. Already, the theaters in our Bow Tie acquisition are performing about 20% better ahead of the projections we made in our modeling when we went forward with that acquisition. We know we're dealing with acquisitions. We're good at it. Now that we have a new preferred stock currency to at our disposal, we'll keep our eyes open on acquisition opportunities as well. Adam, I have more investor questions, but why don't we take a moment to shift and see if there are any, analyst questions at this point? Absolutely. Yes, we have a question on the line of Wold with B. Riley Securities. Please go ahead. Your line's open. Hey, good afternoon, guys. Eric Wold. A couple questions. I guess one, obviously, the use of this new currency to potentially accelerate the deleveraging of the company and kind of pay down some of the debt that's been taken on in recent years. You know, aside from any new actions you may take in terms of major acquisitions or new M&A, just like the current state of the company, what do you view as the optimal leverage for a company like yours right now and given your outlook into next year? Eric, the optimal leverage for our company is a lot less than we're currently leveraged. Throughout the pandemic, we've taken action to reduce debt. You may recall that in July of 2020, we did a sophisticated bond exchange where we traded equity for debt, and we wiped out, by memory, I think it was $555 million of debt with the stroke of a pen, gone. Similarly, just a few weeks ago, we announced that in the second quarter, or July, I forget the actual day. I know we announced it. I forget the actual day we bought the debt. I think it was in the second quarter, that we bought $72.5 million worth of debt for $50 million, got a 31% discount on that debt. Now, $72 million out of $5 billion is like a drop in the ocean. Being able to get our debt back at a 31% discount, that was certainly a good day for AMC. Just as we did a sophisticated bond exchange in the summer of 2020, if we have debt holders who would like to give us our debt back at a discount in exchange for AMC stock, that is a great trade for our shareholders. Similarly, you know, you all have asked us on previous calls about the deferred rent obligations that we took on with landlords, theater landlords, where we owe rent from calendar year 2020 or 2021, this year, next year 2024, and into the future. We've already been in contact with several landlords who said that they wouldn't mind getting paid early, and they wouldn't mind getting paid early at a discount if we could swing it. We've been very mindful of holding on to our cash hoard, that war chest as I described it, because we wanted to make sure that we were always fundamentally in a strong position, with liquidity at our side. We now have a preferred stock currency that we might be able to use to reduce some of that, those landlord obligations, again, at a discount. You know, how quickly we can delever, Eric, I don't. You know, this is only. We're in the first hour of having this new currency at our disposal, so I'm not sure we can give you an exact number how much debt we can bring down, you know, over the next three months, six months, 12 months, 24 months, 36 months. What I can tell you is that we're a pretty creative management team. We've taken on a whole host of challenges since 2020, and strengthening our balance sheet and getting a better debt-to-EBITDA leverage ratio is very much in our bailiwick. It should happen, and we'll be able to report more to you as we ourselves learn more. Sounds good. Thanks, Adam. Congrats. There are no further questions from the analysts.(crosstalk) Sorry, operator? There are no further questions from the Analysts. Right. We're gonna go back to Sean. Do you have any last ones from our shareholder base? Yes, I do. Let me take a quick look here. There is a question here. I think I'll just cover three more quick questions from the shareholders. There's a question here about Hycroft, and what is your timeline for the investment, and are there any anticipated interactions between Hycroft and AMC? In terms of Hycroft, I am so convinced that when the story is finally written, this is gonna be a good one for AMC. I put out a kind of macho tweet a few months back that said, "When the dust all settles, there'll be a lot of crow eating about the Hycroft investment. I wasn't gonna be the one eating crow." I still believe that to be the case, in part because Hycroft has raised all the cash it needs to stay in business for years and years and years. Second, in terms of our interaction with Hycroft, I hear that Hycroft has picked up a very smart new member of its board of directors. That would be you, Sean. 'Cause Sean Goodman, our CFO, is now a member of the Hycroft board. One of the things that was so intriguing about Hycroft is it operates on 71,000 acres of land in Northern Nevada that's mineral rich, and it had only explored in the 40 years it was around 2% of its 71,000 acres. Gold and silver doesn't just exist in a small place. It spreads. Hycroft just announced because of the cash that we enabled it to raise. Hycroft just announced that it's starting the biggest exploration program of more of its land than it has done in a decade. While we won't know what the results of that exploration will be until they do it, you and I are hopeful that they will find a lot more mineral reserves that should be quite lucrative. As far as the timeline for the investment, we got in at a great low market price. We got an amount of warrants in the same quantity as the number of shares that we bought. We basically double our economics without having to put up double the cash. When we went into Hycroft, we didn't do it for a 90-day hit. If we wanted to do a 30-day or 90-day hit, we could've, you know, doubled our money in a couple of weeks. That's not why we entered into the Hycroft investment. We think there's much more there ahead of it for us. I think our timeline with Hycroft is sort of like a private equity firm. Hold it for two-seven years and see what kind of value we can create for AMC shareholders. Sometime in that timeline is when I would expect. We know when we got in. That's when I would expect we would get out, some number of years from now. A question here about AMC's growth initiatives. Person says, "I'm particularly interested in branded merchandise, retail popcorn, credit card, NFTs, and alternative content. You know, I tried to mention it in my prepared remarks, and in the interest of time, I'm just gonna say quickly that, we're making progress on each of these fronts. I gave some timing in my earlier comments, and I think whether it's our popcorn business, our credit card business, our merchandise business, you're gonna see increasing activity, beginning in the second half of this year and the first half of next year on all fronts. The final question that I will ask this afternoon is, investors are asking for an update on our green initiatives. You know, the buzzword in the corporate world these days is ESG, and the E stands for environment, and with good reason. Many of us are quite concerned about what's happening to the climate on this planet. Here in the Midwest of the United States, it was over 100 degrees for a lot of time over the last few weeks. That's hot. It would behoove all of us to respect our planet if we'd like our kids and our grandkids to have a planet to live on. The laser projection announcement that we made is not a small announcement. It represents putting in a quarter of a billion dollars of new projectors into our theaters. The benefits are numerous. One, of course, is that for moviegoing, it's gonna make for much better moviegoing. It increases the light levels on screen by 50%-100%. Makes the pictures brighter, sharper, clearer, crisper. Moviegoers are gonna love it. Environmentalists should like it too, because laser projectors consume far less electricity. We have thousands of them, and they operate, you know, half the day, 24/7. Or not 24/7, but seven days a week. They take a lot less energy. A little known factor of our current 10-year-old projection technology is that they use halogen bulbs. Halogen bulbs burn out, and they burn out often. They need to be replaced, which happens to be expensive. Laser lights don't burn out any time as quickly as halogen bulbs. Once you have a burned-out halogen bulb, guess what you do with it? You put it in a landfill, and I think I'm told it has a half-life of about 5 trillion years. That's not really true, but the point is, not having to discard. I mean, it is true that they got a long half-life. It's just not 5 trillion years. Not having to discard halogen bulbs is very good for the planet. We consume less energy. It's an expensive step for AMC, but it's a good one environmentally, and it's a good one for moviegoers. I think you said that was your last question, and I'm gonna wrap. That's right. Yeah. I'm gonna wrap. To all of you listening today, thank you for your affection and your passion for AMC Entertainment. We've been listening to all the things you've been telling us for the last year and a half. We've taken a lot of actions that reflect your thinking, and we took one today, with the creation of APE that will trade on the New York Stock Exchange in just a few weeks under the symbol APE. It's an enormous positive step for AMC. We're thrilled that we're doing it. We think you should be thrilled that we're doing it. Over the long haul, we know that this company will benefit. This is a very good day at AMC because today we did announce. Thank you one and all. We're signing off. That does conclude the call for today. We thank you for your participation. At this time, you please disconnect your line.