Fourth, quarter of 2021 represented strongest quarterly results in two full years: uh total revenues for and uh by the way, you also have to keep in mind that the last uh one of those years is an asterisk because of uh obvious reasons right. The obvious reason is that covid completely wiped out the revenue so uh, but it is so strong. It's good to see. Total revenues for the fourth quarter grew to uh 1.17 million compared to 162.5 million for the fourth quarter of uh 2020.

So did grow right compared to a year prior once again, that's an asterisk net loss for the fourth quarter, improved to 134.4 million, including a non-cash impairment charge related to long-lived assets of 77.2 million compared to a net loss of 946.8 million for the same quarter a Year ago, which has an 800 million dollar uh improvement, that's phenomenal! That's a great improvement compared to a year prior back when uh, when the kobit restrictions were were starting to lift i mean things were really uh getting a little bit better. It's crazy to think that kovit has been around for so long now. I remember when i was still on the track team and they shut down indoor nationals. We're gon na go watch a couple: people, that's an improvement.

Uh. Fourth quarter adjusted ebitda, improved 487 uh 86.7 million dollars to 152 59.2 million compared to an adjusted ebitda loss of uh, 327.5 million for the fourth quarter of 2020. uh generated non-gaap 224 uh 0.4 million dollars all right that quick available liquidity and cash. This is actually interesting check this out.

This is the conference operator. Welcome to the amc, entertainment's. Fourth quarter: 2021 earnings conference call wow. So the obvious piece here guys the the big elephant in the room, the huge huge, huge elephant in the room is this: this monster right here holy dude, that's disgusting, 90 percent 90 of the float is owned by retail.

There's two options here: there's two options: right: we're gon na talk about all the other uh fundamental base, things that were discussed because i think there's actually a couple of good updates worth diving into and he answered at least a couple of my questions. Uh. If you were in my previous live streams, you know there's a couple of main key things that i was watching for uh and he discussed quite a bit of it. He discussed the debt he discussed nfts and the monetization of nfts, which i find to be actually huge right.

But the big thing is this: the big nuts, the thing worth a lot of nickels a lot of attention is that 90 of this stock is owned by retail, excluding etfs that are required to own amc stock right now, based on some simple math. If that's just retail, if that's just retail, that's not including etfs, that's certainly not including institutions, because, let's just let's just make this painfully clear right, uh institutions, ins institutions do not equal retail right. That is, that is a pretty fair assessment to make. If you were to do some simple looking right now right, i pulled up the fintel reported 13 f's, which are what you use: 13 g's, 13, f, 13 d's 13 a's.

All the different uh filings that essentially state how much is owned by specific institutions. If you were to look at this, it states up here about 36 percent, but we're just going to do some basic napkin math, based on perhaps the most recent and relevant information unless there has been some form of a change here as of late right. Let's just pull this up here uh, i don't know where that went really quick i'll, just pull it up again. Amc institutional ownership check this out.

If you were to only take these two names which are updated as of february 9th and february 4th - that is 47 million shares and almost 43 million, but we'll even be conservative, we'll say 42 uh million total shares right. You do some basic math, 47 plus 42. You take that over here, 47 plus 42, that comes out to a whopping 89 million total shares. Well, if you're gon na take 89 million out of 516 million total shares.

This number coming from the total float of the stock, we're actually going to expand this right here. Just so, i can show you exactly where that that comes from 512 is actually here, but i'm gon na we're wrong with 516 right, we'll even be more conservative, we'll be more conservative right 512. You take 90 of that i'll pull out my phone i'll. Just do some basic calculations on what that looks like 512 times 0.9.

That's 460 million total shares 460.. 90. That's the low ball, not including etfs 460 million shares, if you're only to take vanguard and blackrock from the recently reported fintel institutional ownership. That comes out to about uh, we'll actually run with uh.

That 89 million total shares right. 89 million. You add these together, eight four five, this itself, not including etfs, not including any sort of shorts or maybe rehypothecation or perhaps hedging, perhaps failure to delivers, perhaps short exemptions, perhaps a multitude of different things that could be taking place with an amc stock. The numbers do not make sense now.

I know this is is absolute fact right. This is a great thing to be able to discuss right off the bat adam aaron did say in the call he said for legal reasons. We are not going to comment on the existence of naked or synthetic shares that are circulating around in the company all right right. He doesn't want any legal ties to that.

So be it. You don't even need adam to tell you that this is very realistically possible. Simply by what he just stated on the call, and it's that ninety percent of the stock is owned by retail, look come on come on. What else do you need if you were to take that and then come over here to ortex, which is the actual reported data only giving you 85 at that of the reported shares both short interest and shares on loan, because there is typically a discrepancy between those Two numbers uh you you can just take this number you can take this number and shares on loan typically could come from institutions like blackrock or vanguard, that's very possible right.

They can easily lend out shares, collect the 1.9, a 1.3 interest rate average on those shares. So, even if you took out the institutional ownership - and all you used was 115 million total shares on loan retail doesn't really lend out shares right, that's not something that retail does the numbers do not add up, then i'm sure that doesn't even include the etf owned Shares i mean: what else do you need? What else do you need? That's absolutely, nuts! That's nuts! That's crazy! 90! You know what else that means. You know what else that means right. The price action, if you're to look at amc right now.

You look at sort of what's been happening over the previous quarter. I mean the last time that we got any sort of report off of uh off of earnings was back here november, 8th of 2021. What happened between now and then right, well, retail ownership. Back then, was roughly 80-ish percent, or so that's the numbers uh that we've been told that we've kind of been spoon fed the entire time it's been selling off.

If retail owns 90 of the stock, what's actually been happening, is 10 of the stock, the actual stock, if there's no dilution, if there's no synthetic shares, if there's no synthetic selling, pressure has been pushing the stock down if 90 is controlled by retail owned by retail, Bought by retail, not even including the retail short sellers right owned by retail, what do you think is happening here that is as blatant obvious out there as it possibly gets for me to look at this and say: look this is up. This is up the price action. That's been happening is messed up. I got ta be honest.

I got ta be honest, like let's just be real here, then we've gone through a couple of dark months where, where there's been some sentiment, that's got swayed one direction and the other has been volatile. The emotions we've been feeling have been volatile, chat. Everybody watching right now, you feel it. I know that you do, but that is all the evidence in the world that you need that people are owning this.

They buy this stock, they own it. So this narrative that goes around of of you guys are just stupid. Retail is just dumb. The stupid-ass freaking charles gasparino comments that come out saying no mo ass apes are stupid; they don't get it.

They don't understand, what's happening here right. Well, we do all right. We just got what actually is happening here if 90 of the stock is bought and owned invested owned by retail investors. That means 10 of holdings stock is what's moving the price around right now, that's insanity, that's crazy! That is not price discovery that comes back to things.

We've talked about before right, a lot of the problems with the current market structure market, mechanics that allow these sort of things to happen, perhaps one of the big ones. I think there are two right if i was to attribute the two big things that allow the stock to trade. This way, despite ninety percent of the stock being owned by retail investors, two big things that do this are one max payne theory right. Market makers such as citadel, this is where they can really be the villain here and allow the stock to ladder down and get crapped on the way that it has, and the second one is algorithms and computers.

Algorithms and computers are literally moving. This thing penny by penny: penny by penny: penny by penny up and down up and down up and down either direction that they want, despite utilizing ten percent of the float to do it, let that sink in your head, i'm taking the low ball here, i'm taking The low ball he said over 90 percent. He didn't even give us an exact number, i'm taking the conservative number of 90 when i say that 10 of all the float that exists is what is pushing the freaking stock price down. Let that sink in.

How is it happening max payne theory, options, market makers such as citadel and vertu utilize, the max payne theory, which is where the most premium can possibly be collected, to pin price down to specific levels, so they can collect as much money as they want from specific Strike prices, for example, a hard strike price to crack has been the 20 calls week by week by week by week, between 18 and 20 dollars. It has been very difficult to crack these numbers. Why? Because they've been collecting premium? That is the perfect example of max payne theory. They've been doing that week by week by week, by week, by week, by week by week for the last couple of months, it's absolutely crazy algorithms and computers.

Well, this isn't even taking into consideration the hedging and unhedging that has to take place at citadel, inverter 2 right, that's how they move the stock price up and down when it calls and puts run in and out and in and out the money. Essentially, they have to buy and sell shares back and forth. They have to short, they have to go long, shares back and forth as a market maker in order to keep premiums in a spot where they are not losing capital they're not losing their money right, not even considering that, let's just take into consideration the rest of The trading right, algorithms and computers on a day-to-day basis if 90 of this stock is owned by retail, who knows how much actually gets traded by retail on a day-to-day basis. I'm sure there's some out of four million retail investors, individual investors.

We cannot assume, rightfully it's not right to do so - that every single one of those four million people have been holding, but the majority obviously have been, as you can see, there's been an increase, actually an increase in retail ownership. That means that look at this volume right here right - 43 million today, 42 million the day before 36 million the day before. Where is this trading volume coming from right? Well, what's 10 of 512 million, let's fill out 50 million shares. 50 million shares means that out of the 10 percent, the 10 available shares not even including institutional ownership, etf ownership, perhaps short selling.

Perhaps we have politication, perhaps the hedging and unhedging of citadel and virtue, and all these big market makers, not even taking into consideration of that right. Ten percent of what's available is basically being traded, it's basically being traded. It's crazy! This is absolutely crazy stuff and i cannot understate how insanely heavy and how much gravity that holds. That's a big number, that's a big big big number, like i'm sweaty, i'm almost shaking right now at the thought of that number.

Having been talked about just now on that earnings call like you, have every right to be going absolutely ape right now thinking about the weight of that statement, because it verifies in my mind just using basic napkin math. You look at one simple source or text shares on loan. 115 million shares not taken into consideration any of the institutions out there any of the other shorts that shouldn't exist any of the market makers any of the etfs any of the other 15, which isn't actually reported, because it's a friend-to-friend basis transaction that takes place. Then math doesn't add up and if it doesn't make sense, it's probably for a reason.

Simple thinking gets you pretty far in life. You do some basic math, you say huh, this x plus y doesn't equal z. Here, it's probably because one of the variables is messed up in this case the variable z is messed up, it doesn't make sense, it doesn't make sense. Let me take a step back for a sec, oh man, and then you look at this right.

You look at the after hours price action and he's literally talking about the exact moment when amc starts selling off a little bit he's talking about how how 90 of retail owns 90 ownership is retail and it's selling off in the after hours, like yeah yeah. Out of those 90 retail they hear, 90 of the stock is owned by retail and they're like oh, you know what that that that's bad, that's, not good! That's not good! They start selling yeah right yeah right. What else could this be? What else could it be? You know it just makes sense, it makes perfect sense. It makes too much sense.

I just don't even understand how you can argue against this narrative at this point. How how can you do it? I love love. I can't wait. I can't wait to see what charles gasparito has to say about this.

Now, what can you even say? What can you say? I have no clue. I have no clue. I. I trust me when i say this right.

I know that i've been the type to get over hyped over excited uh to to really just like - maybe sometimes push it a little too soon. But in the past couple months i have tried poking holes in every theory that i've laid out and i i can't think of a single way. This doesn't make sense. It's crazy! It's nuts man! Let me tell you, let me tell you, i'm gon na pop back a quick round of cracking for you guys that feels like it's worth celebrating.

That is one million percent worth celebrating i'll. Tell you what cheers to all you crazy chickens out there and keep in mind right. This is a sliver of a percentage right. I've got 9 600 people watching right now and 90 is in the realm of 400, 450 60 million total uh shares that are being held, and we have four million and back and actually look at uh.

The short thesis here right short thesis is very simple. In my mind, short thesis is that amc will never be able to actually expand their their current revenue situation right, they're, never going to be able to uh to make it make it big they're, never going to be able to uh to grow and become a company That is not just staying stagnant but improving right. How do they? How do they come to this conclusion? Too much debt, no expansion opportunities, uh, no evolution right. They believe that movie theaters will never be able to evolve right evolution.

Well, he had all the all three of these things sort of talked about today, debt they were able to pay off some debt. I believe it was in the realm of it was either 13 million or 30 million dollars. I didn't know with absolute certainty. I'm gon na have to scan through the actual uh pdf the actual paperwork later here today, but they have been paying off debt and they did talk about uh, pushing to the right, the actual rent that is owed in the debt that is owed.

So they are uh checking boxes here right. They are slowly paying off that debt, not at a crazy rate. This is definitely a long-term situation where i don't expect that to be paid off in one year unless the expansion opportunity, which i believe is nfts, truly uh - takes off in a good way. Now i do want to disclaim by saying this.

I personally believe that a lot of nfts are, i think, that somewhere in the realm of 90 of nfts and time will become worthless. I think it's the same way with coins. A lot of cryptocurrencies, some of the especially the influencer created cryptocurrencies, will become garbage, but if this is executed well - and i think that it can be because of the way that movie theaters can pitch this right, nfts can act as a commemorative sort of symbolic, uh. Collectible, that represents movies.

If you really enjoy the batman movie and that thing performs well, it crushes the box office. It does absolutely fantastic uh. Maybe it makes into the top 10 all-time grossing uh for a movie right, you get an nft for that. You buy an nft for that that nft will grow in value in the same way that perhaps a movie ticket would or perhaps uh merchandise would like.

I've got collectibles uh from back in the the old teenage mutant ninja turtle days. Right, i'm sure those action figures uh if there was a great fan out there - would want to buy them in the same way that an nft can be a collectible that can and crew value over time and what adam aaron stated. This is actually where i was very happy, as he is finding a way to monetize these nfts, not just going to give them out for free forever. That's actually important right, it's great to get a free nft, but how do you improve and evolve your company? This is a form of evolution to me, and they were also talking about perhaps a cryptocurrency which would do the same thing right.

They make some sort of a commission off of both nfts and cryptocurrency. Whenever there is a transaction that takes place, that commission will add up huge over time huge, huge, huge, huge, huge huge. I mean that is a beautiful way to expand movie theaters beyond just a brick and mortar location that takes it to the internet. You can buy an nft anywhere, i mean that's exactly where you do it, you do it on the internet right so to be able to monetize and commission nfts based on perhaps big hit.

Movies. Uh is huge, that's that's massive. I mean i can imagine. Batman will do decent, we'll see i'm personally more of a spiderman spider-man guy myself, but to say that it won't do well uh, i think, you're.

Looking the other way. You know in the same way that i think avatar too right. The blue people not uh the the last airbender avatar two. I think if there was an nft for this, it would perform spectacularly.

There are people who have been waiting over a decade for this new movie and if they were able to monetize, sell an nft. I can nearly guarantee you that in 10 years they would make a grand grand amount of money on commissions and uh the monetization of avatar two nfts. I can imagine that right, cryptocurrency this is uh. I think that's gon na take a little more time.

I think crypto they're, looking at a little more regulation, they have to find ways to to stay in compliance with the standards uh that a a real company should, by the way. So that's that's, uh, i'm a little less excited about crypto, more excited about the nfts. I think there's way more value in this and i'm going to tell you why it's the same reason: people love, amc, sentimental, emotional, cultural, historical value. You can't put you cannot put a number.

You cannot express the way that movies make. You feel because it's different for everybody, something means something different to everybody. Every movie means something different to everybody, depending on who you are and the experiences you've lived throughout your life. So i think that nfts can basically encapsulate that in a very beautiful way, uh and allow amc to find a way to monetize that and pay off debt and improve as they as they continue on hey demon, slayer, nft christopher.

I.