Here are the facts that some of you want to ignore or refuse to accept. The industry-wide domestic box office in movie theatres was over $11 billion five years in a row pre-Covid. It was over $10 billion years eleven years in a row pre-Covid. In 2024, four long and trying years after COVID, it was still only about $8.8 billion, down by more than 20% from full year 2019 levels (the last pre-Covid year). When a high fixed cost industry like the movie theatre industry loses 20% of its revenues, its profits and cash balances plummet by far more. Those are not AMC numbers, those are industry-wide numbers. Some of you want to blame AMC results on market manipulation, management incompetence or other conspiratorial notions. The reality instead is that our industry has not fully recovered yet. It has taken far longer for movies to come back than most of us would have expected or hoped. As a result, many of our major competitors had to file for bankruptcy. Not AMC. We navigated these uncharted waters with considerable skill. But finally, here’s the bright side of all this. As we have been saying for quite some time, after a slow start to 2025, the box office in the U.S. looks like it will show considerable growth. And the 2026 box office looks to be.even bigger still. There is real operational leverage in our business. With revenues static, profits are greatly stressed. But with revenues rising, the profits rise even more so. We are optimistic that a rising box office over the next year or two will be a great boon for AMC. That does not solve all our issues, though, as it is not all wine and roses. There are challenges aplenty that we will have to deal with, and we are still going to need to thread the managerial needle perfectly going forward. We could succeed brilliantly or we could stumble. Only time will tell. But our heads are very much in the game, and we are keenly focused on doing all we can to achieve success. — Adam Aron