AMC 電影院 (AMC) 2022 Q2 法說會逐字稿

Greetings, and thank you for standing by. Welcome to the AMC Entertainment Second Quarter 2022 Earnings Conference Call.

您好，感謝您的支持。歡迎參加 AMC Entertainment 2022 年第二季度收益電話會議。

(Operator Instructions)

（操作員說明）

This conference is being recorded Thursday, August 4, 2022. And now I'd like to turn the conference over to John Merriwether. Please go ahead. .

本次會議將於 2022 年 8 月 4 日星期四錄製。現在我想將會議轉交給 John Merriwether。請繼續。 .

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. .

謝謝你，斯科特。大家下午好。歡迎您參加 AMC 的 2022 年第二季度收益網絡直播。今天下午和我在一起的是我們的董事長兼首席執行官 Adam Aron；和我們的首席財務官肖恩·古德曼。 .

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.

在我將網絡直播轉交給亞當之前，讓我提醒大家，管理層在這次網絡直播中發表的一些評論可能包含基於管理層當前預期的前瞻性陳述，眾多風險、不確定性和其他因素可能導致實際結果與今天可能表達的內容大不相同。我們最近的公開文件中討論了其中許多風險和不確定性，包括我們最近提交的 10-K 和 10-Q。決定公司未來業績的幾個因素超出了公司控製或預測的能力。

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.

鑑於任何前瞻性陳述中固有的不確定性，請聽眾注意不要過分依賴這些陳述。公司不承擔因新信息或未來事件而修改或更新任何前瞻性陳述的義務。

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.

在此網絡廣播中，我們可能會參考非 GAAP 財務指標，例如調整後的 EBITDA、固定貨幣自由現金流、運營現金消耗和運營現金產生等。有關我們的非 GAAP 措施與 GAAP 結果的全面協調，請參閱我們今天早些時候在我們網站的投資者關係部分發布的收益發布。在我們準備好的發言之後，將有一個問答環節。正在錄製今天下午的網絡廣播，今天晚些時候將在我們網站 amctheatres.com 的投資者關係部分提供重播。

With that, I'll turn the call over to Adam.

有了這個，我會把電話轉給亞當。

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; and second, our plan to issue later this month, a special AMC preferred equity, nondilutive stock dividend as it will all be going and only be going to our shareholder base as of the dividend date.

謝謝你，約翰。大家下午好，感謝您加入我們。今天，我們有一個非常激動人心的消息要與您分享。首先，我們第二季度的業績大大領先於去年第二季度，並且超出了市場對收入、調整後 EBITDA 和淨收入的預期；其次，我們計劃在本月晚些時候發行特殊的 AMC 優先股，非稀釋性股票股息，因為它將在股息日期之前全部發放，並且只會發放給我們的股東群。

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, and then I'll come back to talk about our special dividend announcement and the significant benefits that it brings for our shareholders.

這一舉措從根本上深刻地增強了我們公司的實力，並將在我們前進的過程中給予我們巨大的靈活性。對於 AMC 和我們的投資者來說，這是激動人心的時刻。我將從談論業務開始這個網絡廣播。然後，我會將電話轉給我們的首席財務官肖恩·古德曼（Sean Goodman），以更詳細地討論我們的財務狀況，然後我將回過頭來談談我們的特別股息公告及其為股東帶來的重大利益。

I cannot begin to put into words how much progress AMC Entertainment made in the second quarter of 2022. Thank you to Dr. Stephen Strange, to Tom Maverick Cruise, to Elvis Presley and to all those hungry people leading Jurassic dinosaurs because they all graced our big screens at AMC, the second quarter was quite the success and our best second quarter in 3 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.

我無法用語言來形容 AMC 娛樂公司在 2022 年第二季度取得了多大的進步。感謝斯蒂芬·斯特蘭奇博士、湯姆·馬弗里克·克魯斯、貓王和所有領導侏羅紀恐龍的飢餓人士，因為他們都為我們增光添彩在 AMC 的大屏幕上，第二季度相當成功，是我們三年來最好的第二季度。更重要的是？這是非常重要的。他們增強了好萊塢對戲劇表演的信心，也增強了好萊塢對戲劇表演的承諾。正如我們所預測的那樣，我們改善的第二季度業績鼓舞了我們的士氣，並有助於進一步說服我們確實在大流行複甦的道路上取得了長足的進步。

As you can see in our press release, AMC exceeded expectations as people came back to movie theaters. Some 59 million moviegoers came through our AMC theaters across the world in the second quarter, up 168% from the same quarter a year ago, that's more than 2.5x. They're taking us to new highs in our high-margin food and beverage business. And 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.

正如您在我們的新聞稿中所見，隨著人們重返電影院，AMC 超出了預期。第二季度，我們在全球的 AMC 影院約有 5900 萬觀眾，比去年同期增長 168%，超過 2.5 倍。他們正在將我們的高利潤食品和飲料業務推向新高。由於他們的讚助，我們在 2022 年第二季度產生了 1.07 億美元的正調整 EBITDA，比 2021 年第二季度的這一數字提高了 2.58 億美元。我們在 2022 年第二季度也產生了正的經營現金，為 5200 萬美元這比一年前同一季度的數字增加了 1.78 億美元。

The second quarter marked the strongest North American box office since 2019. Numerous films shined brightly in the second quarter, but none shine brighter than Top Gun: Maverick. I've seen it myself 4 times now. Top Gun: Maverick is now approaching $1.3 billion in worldwide box office receipts and holds the #1 box office position thus far in 2022. Maverick also broke all-time records by becoming the highest grossing movie of all time to open at Memorial Day weekend. It also is becoming the highest busing grossing movie ever, both for Paramount Pictures, and for a movie starring Tom Cruise.

第二季度是自 2019 年以來北美票房最強勁的一次。許多電影在第二季度大放異彩，但沒有一部比壯志凌雲：特立獨行更閃耀。我自己已經看過4次了。 《壯志凌雲：小牛》目前的全球票房收入已接近 13 億美元，並在 2022 年迄今保持票房第一的位置。《小牛》還打破了歷史記錄，成為在陣亡將士紀念日週末上映的有史以來票房最高的電影。它也成為了派拉蒙影業和湯姆克魯斯主演的電影有史以來票房最高的電影。

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 foresly, 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.

我一直說，人們會以令人瞠目結舌的人數重返影院，而這正是他們在 2022 年第二季度所做的事情，也是他們從那以後一直在做的事情。對於反對者，在我們看來，他們一直在預測戲劇展覽的長期衰退，我只能說，好吧，你已經在 Twitter 上看到了我的活躍標籤，你知道我在說什麼。

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 3 Disney films, including the animated Strange World, and 2 very highly anticipated tentpole Disney Sequels, James Cameron's Avatar 2: The Way Of Water, and Marvel's Black Panther: Wakanda Forever.

今年下半年也同樣令人興奮，融合了家庭友好型、恐怖片、動作片、戲劇和喜劇類型，從年輕到年老，包括華納兄弟 DC 漫畫公司的黑亞當，由 Dwayne 主演。搖滾約翰遜；和 3 部迪士尼電影，包括動畫《奇異世界》和 2 部備受期待的迪士尼續集、詹姆斯卡梅隆的《阿凡達 2：水之道》和漫威的《黑豹：永遠的瓦坎達》。

Just last week, the powerful and pointed trailer for Black Panther 2: Wakanda Forever, was released and committed 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 at AMC is now iconic and revered advertising campaign. Given that Hollywood is 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.

就在上週，黑豹 2：Wakanda Forever 的強大而尖銳的預告片已發布，並在前 24 小時內獲得了驚人的 1.72 億次觀看，成為漫威電影宇宙有史以來最頂級的預告片之一。正如妮可基德曼在 AMC 提醒我們的那樣，現在是標誌性和受人尊敬的廣告活動。考慮到好萊塢是好故事，很明顯，影迷們非常渴望在 AMC 巨大的銀幕上欣賞那些令人眼花繚亂的畫面。

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 but 2 examples of left the good times roll. Attendance in the just completed month of July 2022 saw the highest number of guests visit in AMC's U.S. theaters since December of 2019. And our preliminary July food and beverage revenue numbers appear to be the biggest single month figure at our U.S. theaters in our company's entire 102-year history.

談到妮可，我們的廣告活動非常有效，以至於我們已經簽下她作為我們的代言人又一整年。第二季度的成功一直持續到第三季度的開始。因為只有 2 個例子留下了美好的時光。自 2019 年 12 月以來，剛剛結束的 2022 年 7 月的觀眾人數創下了 AMC 美國影院的最高訪客人數。我們 7 月份的初步食品和飲料收入數字似乎是我們公司整個美國影院的最大單月數字102年的歷史。

For full transparency, there is a dearth of new big movie titles being released in August or September. So things will slow for several weeks. Don't expect too much of us for all of Q3. But 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 and Ticket to Paradise. Dwayne Johnson, Pierce Brosnan and Viola Davis in Black Adam. Jessica Chastain, Anne Hathaway, and Sir Anthony Hopkins in Armageddon Time. Margo Robbie, Christian Bale and Robert DeNiro in Amsterdam. Tom Hanks in A Man Called Otto. Brad Pitt and Margo Robbie in Babylon. Oh, and don't forget the ever so much anticipated sequels, The Black Panther, Shazam and Avatar. So too, the movie slate for calendar year 2023 should also make us all smile.

為了完全透明，8 月或 9 月上映的新大電影很少。所以事情會慢幾個星期。對於第三季度，不要對我們抱有太多期望。但隨後是 2022 年第四季度。談論明星力量，在電影院中展示自己。這些電影以及更多電影都將在 2022 年第四季度的 13 週內為我們的銀幕增光添彩。傑米·李·柯蒂斯（Jamie Lee Curtis）在萬聖節結束。朱莉婭羅伯茨和喬治克魯尼以及天堂門票。黑亞當中的巨石強森、皮爾斯布魯斯南和維奧拉戴維斯。傑西卡查斯坦、安妮海瑟薇和安東尼霍普金斯爵士在世界末日時代。阿姆斯特丹的瑪戈·羅比、克里斯蒂安·貝爾和羅伯特·德尼羅。湯姆漢克斯在一個叫奧託的人中。布拉德皮特和瑪戈羅比在巴比倫。哦，別忘了備受期待的續集《黑豹》、《沙贊》和《阿凡達》。同樣，2023 日曆年的電影也應該讓我們都微笑。

Our current internal forecast is that the 2023 domestic box office, the basic metrics suggesting the health of theatrical exhibition, both in the U.S. and globally is likely to be billions of dollars larger than that of calendar year '22, billions of dollars ahead. We look forward to Q4 of 2022, and we look forward to calendar year 2023 with absolute bay.

我們目前的內部預測是，2023 年的國內票房，即表明美國和全球影院放映健康狀況的基本指標，可能比 22 日曆年高出數十億美元，未來數十億美元。我們期待 2022 年第四季度，我們期待 2023 年絕對灣。

There were other strides forward made at AMC in the recent months since our last quarterly call. We 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, and laser projection will make the pictures on those screens so much brighter and so much sharper that it's certain to excite movie bumps 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.

自上次季度電話會議以來，最近幾個月 AMC 取得了其他進展。我們開始實施公司歷史上最大的環保綠色倡議，在未來幾年內將激光投影技術引入我們近一半的美國屏幕，激光投影將使這些屏幕上的圖像更加明亮和如此銳利，肯定會激發未來的電影顛簸。我們已經與我們的合作夥伴 Uber Eats 在芝加哥和堪薩斯城進行測試市場，將 AMC Perfectly Popcorn 和我們影院的其他特許商品送上門。

The early results are favorable, so we expect to roll out nationally in Q4 of this year. Similarly, recipe development from 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. And at the specific urging of our shareholders, we are stepping up our game mightily on AMC branded and movie branded merchandise.

早期的結果是有利的，因此我們預計將在今年第四季度在全國推廣。同樣，微波和即食爆米花的配方開發也在順利進行，進展非常順利，我們期待明年能夠在雜貨店和/或便利店銷售我們的爆米花產品。我們也在與信用卡發行商積極對話，希望推出一款聯名 AMC 信用卡，該信用卡可以在 2023 年初或最早在 2022 年底在全國推出。在股東的特別敦促下，我們正在在 AMC 品牌和電影品牌商品上大力加強我們的遊戲。

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, using the pun, to be quite lucrative for AMC.

至於 Hycroft Mining，Hycroft 剛剛宣布了大約十年來最大的勘探計劃。請記住，迄今為止，Hycroft 僅勘探了其 71,000 英畝礦場中的大約 2%，我們完全相信，我們的 Hycroft 投資將會成功，使用雙關語，對 AMC 來說非常有利可圖。

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.

說到投資，我們的董事會還授權我們設立一個高達 1 億美元的基金，用於額外的變革性投資，AMC 可以在這些投資中尋求增值，從而為我們的股東創造有意義的額外價值。事實上，正如我之前經常說的那樣，我們絕對致力於將 AMC 轉變為比大流行之前存在的公司更大、更大膽、更強大和更成功的公司。

With that said, let me turn it over to Sean to discuss our financials in more detail. Sean?

話雖如此，讓我把它交給肖恩更詳細地討論我們的財務狀況。肖恩?

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 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 2.5x 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. But 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 second quarter and also the first quarter of this year.

謝謝亞當，謝謝大家今天下午加入我們。正如亞當所說，第二季度對我們來說是一個了不起的季度。我們在全球的影院迎來了 5900 萬賓客，這遠遠超過了我們在去年第二季度接待的 2200 萬賓客和 2022 年第一季度訪問我們的 3900 萬賓客。此次出席帶來了11.7億美元。這是我們 2021 年第二季度收入 4.45 億美元的 2.5 倍多，比我們今年第一季度記錄的 7.86 億美元收入高出近 50%。但更重要的是，我們實現了 1.07 億美元的正調整 EBITDA，與去年第二季度和今年第一季度的 EBITDA 虧損相比，這是一個非常有意義的改善。

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.

我們的財務業績清楚地反映了行業和我們業務的持續復甦。正如我們在恢復期間的做法一樣，我們認為，查看我們相對於大流行前水平的財務業績指標是有幫助的，以便在我們恢復過程中最好地衡量業務的動態和盈利能力。該分析顯示，我們在第二季度的每位客人的績效指標普遍高於 2019 年大流行前的水平。

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 for patron of 65%. This is all compared to the second quarter of 2019.

2022 年第二季度，在合併的基礎上，每位顧客的總收入為 19.73 美元。這比 2019 年第二季度高出 27%。這是由於每位顧客的入場收入增長了 19%，每位顧客的餐飲收入增長了 32%，顧客的其他收入增長了 65%。這都是與 2019 年第二季度相比的。

In the domestic business, admissions revenue per patron increased by 22% compared to Q2 2019. And in our international business, the increase was 12%. And when we normalize for the strengthening of the U.S. 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 site and sound experiences that are found in our premium large-format offerings, such as IMAX, Dolby Cinema and AMC Prime.

在國內業務中，每位顧客的入場收入與 2019 年第二季度相比增長了 22%。在我們的國際業務中，增幅為 12%。當我們將美元與 2019 年相比走強正常化時，按固定貨幣計算，每位顧客的國際門票收入增長了 16%。每位顧客的入場收入增長是由客人選擇升級到我們的優質大格式產品（如 IMAX、杜比影院和 AMC Prime）中最好的網站和聲音體驗所推動的。

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. And 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 procing adjustments including blockbuster and opening weekend pricing. From the food and beverage perspective, we enjoyed extremely strong food and beverage revenue per patron as our guests continue to participate in the full in-theater entertainment experience.

優質大幅面出席人數在第二季度佔國內出席人數的 15.6%，與 2019 年第二季度的 10.9% 相比，在我們的國際市場上，2022 年第二季度優質大幅面出席人數佔 10.4%，而這一比例為 6.4% 2019 年第二季度。此外，第二季度的招生收入受益於整體有利的放映時間組合以及包括大片和開幕週末定價在內的節目調整。從餐飲的角度來看，隨著我們的客人繼續參與完整的影院內娛樂體驗，我們的每位顧客的餐飲收入都非常可觀。

In our domestic markets, food and beverage spend per patron in the second quarter was $7.52, that is 55% higher than the average spend in pre-pandemic Q2 2019. And 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.

在我們的國內市場，第二季度每位顧客的餐飲支出為 7.52 美元，比 2019 年第二季度大流行前的平均支出高出 55%。在國際業務中，每位顧客的餐飲支出為 4.43 美元，即比 2019 年第二季度高 22%，按固定匯率計算高 26%。

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 then purchasing more items per each order. And both of which are made easy and convenient through our AMC apps.

我們顯著的食品和飲料表現繼續主要是由於選擇享受我們行業領先的食品和飲料產品的客人比例增加，以及每個訂單購買更多商品。通過我們的 AMC 應用程序，這兩者都變得簡單方便。

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.

與 2019 年第二季度相比，每位顧客的國內其他收入增長了 65%，每位顧客的國際其他收入增長了 63%，按固定匯率計算增長了 69%。這反映出越來越多的客人選擇使用我們行業領先的網站和應用程序預訂座位和訂購食品和飲料，同時受益於增長和多元化舉措，例如在非高峰時段出租我們的劇院和收入來自各種促銷和營銷計劃。

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.

在恢復期間，我們非常靈活地調整了我們的發薪時間和靈活的放映時間，以反映市場需求並優化效率。我們第二季度的國內觀眾人數佔 2019 年第二季度觀眾人數的 60.5%，但每次演出的觀眾人數佔 2019 年第二季度的 85%。

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 facility. The strong results for the quarter led to non-GAAP operating cash generated of $52 million, that's operating cash generated. This is $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.

讓我們轉向現金和流動性。我們在本季度末擁有約 11.8 億美元的強勁流動性頭寸，其中包括 9.65 億美元的現金和現金等價物以及 2.11 億美元的未提取信貸額度。本季度的強勁業績導致產生了 5200 萬美元的非 GAAP 營業現金，即營業現金。與 2021 年第二季度相比，這增加了 1.78 億美元。回想一下，這種非 GAAP 運營現金產生的計量代表在償債成本和遞延租金償還之前產生的現金。

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.

展望未來，我們預計第三季度非美國通用會計準則運營現金消耗將恢復，因為我們經歷了季節性強勁的票房疲軟以及與強勁的第二季度票房相關的營運資金壓力。但是，我們確實預計今年第四季度產生的非公認會計準則營業現金將恢復正數。

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; and three, investing in our business to enhance the guest experience; and finally, four, opportunistically pursuing value-enhancing initiatives, including those that lead to diversification and growth of our business.

在資本配置方面，我們繼續追求平衡和嚴謹的資本配置方式。我們的主要優先事項保持不變：一，確保我們有足夠的流動性來管理我們業務的恢復階段；第二，通過減少我們的債務和相關的利息成本來加強我們的資產負債表；第三，投資我們的業務以提升客戶體驗；最後，第四，投機取巧地追求增值舉措，包括那些導致我們業務多元化和增長的舉措。

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.

正如之前報導的那樣，在本季度，我們通過公開市場回購了大約 7250 萬美元的 10% 第二留置權次級擔保票據，該票據將於 2026 年到期，從而悄悄地加強了我們的資產負債表。我們以大約 5000 萬美元的價格進行了此次回購，而這相當於債務面值的 31% 折讓。由於這項交易，我們在本季度記錄了 3900 萬美元的債務清償收益，我們的年度利息成本現在將減少 725 萬美元。

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.

在 2022 年第二季度，我們還通過償還約 5300 萬美元的遞延租金來加強我們的資產負債表，將我們的遞延租金餘額減少到約 2.19 億美元。回想一下，早在 2021 年 3 月，遞延租金餘額就超過 4.7 億美元。在過去 15 個月中，我們將遞延租金餘額降低了超過 2.5 億美元。我們預計在 2022 年下半年將這一遞延租金餘額再減少約 7000 萬美元。

Actively managing our theater portfolio continues at AMC as we add new high-performing locations and at the same time, eliminate low performance, all with the goal of improving their 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. And 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.

隨著我們增加新的高性能地點，同時消除低性能，AMC 繼續積極管理我們的劇院組合，所有這些都是為了提高他們的滿意度和提高我們的盈利能力。在本季度，我們又增加了 12 家新影院，並關閉了 3 家。這使自大流行開始以來關閉的地點總數達到 98 家，新開的地點總數達到 45 家，淨減少了 53 家。我可以告訴你，這 45 家新門店的合併不僅大大超過了 98 家關閉的門店，而且也大大超出了我們的承保預期。

CapEx net of landlord contributions was $36 million in the quarter. And for this year, separate and apart from any M&A activity, we expect net CapEx to be in the range of $150 million to $200 million.

本季度資本支出扣除房東貢獻後為 3600 萬美元。今年，與任何併購活動分開，我們預計淨資本支出將在 1.5 億美元至 2 億美元之間。

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?

最後，在將網絡直播交還給 Adam 之前，我想與大家分享一下我自己和 AMC 的整個領導團隊對 Adam 現在將更詳細地談論的開創性特別股息是多麼的熱情和興奮。亞當？

Thank you, Sean. We'll open up the call to questions in just a few minutes. But 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.

謝謝你，肖恩。我們將在幾分鐘內打開提問電話。但在我們這樣做之前，我想談談我們今天下午早些時候採取的果斷和大膽的行動。經過數月和數月的工作以發布此公告，我們在最後一小時爆料稱，我們將在股息日期向我們現有的普通股股東發行新的 AMC 優先股單位的一對一股票股息本月晚些時候的 8 月 19 日。這是AMC向前邁出的重要一步。

In my view, probably the biggest favorable development for our company in all of calendar year '22, 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.

在我看來，這可能是我們公司在 22 年所有日曆年中最大的有利發展，無論是回顧還是展望未來。著眼於我們公司的長遠未來。我們相信這對 AMC 來說確實是個好消息，而不是對那些可能反對我們的末日預言家來說不是什麼好消息。

Indeed, I just spoke with someone I greatly respected at the Wall Street Journal, who saw our stock dividend announcement. He told me it was a "genius move". Somehow, I don't think the journal is going to 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 voice repeatedly in social media and in other forums.

事實上，我剛剛與我在《華爾街日報》上非常尊敬的人交談過，他看到了我們的股票股息公告。他告訴我這是一個“天才之舉”。不知何故，我不認為該雜誌會實際打印那個，但他就是這麼說的。今年早些時候，我曾說過 AMC 打算採取重要而大膽的步驟來加強我們的公司，並解決我們的許多股東在社交媒體和其他論壇上反复表達的一些不滿。

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 the Top Gun: Maverick, and Jurassic World Dominion were coming.

我還說過，雖然領導一家公司的藝術形式很複雜，而且與 AMC 一樣備受關注的是知道做什麼和不做什麼，知道什麼時候該做，什麼時候不該做。我之前評論說，在我看來，我們應該耐心等待至少 AMC 2022 年第二季度財務業績的發布。畢竟我確實知道《壯志凌雲：特立獨行》和《侏羅紀世界統治》即將到來。

While we posted those results today and in our minds, those results are incredibly encouraging as we showed 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.

雖然我們今天發布了這些結果，但我們認為這些結果非常令人鼓舞，因為我們顯示出勤率顯著增加，收入增加以及調整後的 EBITDA 為正，與去年同期相比有了很大改善。正如我之前在電話會議上所說的，謝謝你，湯姆克魯斯。

So 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, add that word to dictionary, valorous. Today, we announced 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 the holders of our 516,820,595 issued and outstanding company issued common shares.

因此，AMC 的股東們，我很高興向你們報告，今天我們突襲。在第二季度 AMC 的 Q2 有利收益的背景下，現在是我們採取果斷甚至勇敢行動的時候了，將這個詞添加到字典中，勇敢。今天，我們宣布，本月晚些時候，AMC 將創建一種新的證券類別，我們將發行 AMC 優先股單位股票股息，僅支付給我們 516,820,595 股已發行和已發行公司已發行普通股的持有人。

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 1 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, APE as in AMC, A; preferred, P; equity, E, APE, ape. And informally, we will now refer to our 2 New York Stock Exchange listed securities as shares for the common stock and as APEs for the AMC preferred equity units.

這包括我們所有的美國股東以及我們所有的國際股東。我們將以一對一的方式發行這些新的 AMC 優先股單位。截至 8 月中旬的記錄日，投資者每持有 AMC 普通股，將獲得 1 個 AMC 優先股。除了我們的普通股（現在並將繼續在紐約證券交易所交易，代碼為 AMC）外，這個新的 AMC 優先股也將成為可交易證券。它也將於 2022 年 8 月 22 日開始在紐約證券交易所上市，股票代碼為 APE，是的，猿，APE，如 AMC，A；優選，P；股權，E，猿，猿。非正式地，我們現在將我們的 2 個紐約證券交易所上市證券稱為普通股的股份，以及 AMC 優先股單位的 APE。

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. So too, this issuance of 516,820,595 new APEs will essentially serve the same purpose as a much voiced request for "share count" as the new AMC preferred equity units will only go to holders of company issued and outstanding AMC common share. Again, today, we answered the call. Because the dividend is only being distributed to our current shareholder base as of the dividend record date.

由於各種原因，幾乎任何形式的股息分配一直是我們投資者群體的長期要求。今天，我們接聽了這個電話。同樣，本次發行 516,820,595 股新 APE 的目的基本上與提出“股數”的要求相同，因為新的 AMC 優先股單位將僅發給公司已發行和流通的 AMC 普通股的持有人。今天，我們再次接聽了電話。因為股息僅在股息記錄日期分配給我們當前的股東群。

There also is no dilution from this initial issuance of the APEs associated with the stock dividend because these new APEs all go and only go to the holders of company issued AMC common shares. The number of issued and outstanding AMC commercial shares will remain unchanged at 516,820,595 after the dividend is paid. But of course, each shareholder also will own 1 APE for every share of AMC common stock held. So 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 2-for-1 stock split.

與股票股息相關的 APE 的首次發行也沒有稀釋，因為這些新的 APE 全部歸於並且僅歸於公司發行的 AMC 普通股的持有人。派發股息後，AMC商業股已發行流通股數將維持在516,820,595股不變。但當然，每位股東也將擁有每持有 AMC 普通股的 1 股 APE。因此，截至 8 月 22 日，還將有 516,820,595 份 APE 發行和流通。認為這與 2 比 1 的股票分割非常相似。

Except that in a stock split, an investor would get 2 shares of new common stock for each 1 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 1 share and 1 APE in lieu of owning just 1 common share. Since this stock dividend being announced today is like a stock split, it's logical to assume that once a dividend is issued on August 22, the price of our common shares will fall.

除了在股票分割中，投資者每擁有 1 股舊普通股，將獲得 2 股新普通股。然而，在今天宣布的 AMC 案例中，鑑於這是優先股股利，投資者將擁有 1 股和 1 股 APE，而不是僅擁有 1 股普通股。由於今天宣布的股票股息就像股票分割，因此可以合理地假設，一旦在 8 月 22 日發放股息，我們的普通股價格就會下跌。

Vitally, however, and I cannot repeat this enough, for each own share, investors would not own only a single share, but would own instead a share and an APE. So their economic interest in AMC, which is now just 1 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. And 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.

然而，重要的是，我不能重複這一點，對於每一個自己的股票，投資者將不會只擁有一個股票，而是會擁有一個股票和一個 APE。因此，他們對 AMC（現在只有 1 股）的經濟利益將是每股價格加上 APE 的價格，兩者都將在紐約證券交易所交易。雖然沒有人的水晶球可以準確預測股市波動或波動，但我們的股東對股票和 APE 的經濟利益將在我們認為比 AMC 強得多的公司中，現在是在發布此公告之前今天下午。

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 for future discretion.

鑑於 AMC 股東早在 2013 年一再宣布，AMC 優先股的創建和發行只能由 AMC 娛樂董事會自行決定，因此發行 APE 成為可能。

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 fully 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, or not, it's up to them. But here is probably the most important thing of all in this announcement about the creation of APEs today.

雖然每個 APE 的設計都具有與普通股相同的權利，並且可以轉換為普通股，但轉換決定仍完全取決於我們的股東。只有在未來的股東大會上，公司提議並且股東（包括 APE 持有人）投票批准額外普通股的授權，才能進行轉換。這仍然是我們股東的呼籲，是否繼續，這取決於他們。但這可能是今天關於創建 APE 的公告中最重要的事情。

With the creation of APEs, AMC is deeply and fundamentally strengthening our company. We already have shareholder approval in hand such that our Board can 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.

隨著 APE 的創建，AMC 正在從根本上深入地加強我們的公司。我們已經獲得了股東的批准，這樣我們的董事會就可以決定我們可以在未來發行更多的 APE，而不是那些帶有初始股息的股票。鑑於能夠發行更多 APE 將給我們帶來靈活性，我們相信，如果我們願意，我們將能夠輕鬆籌集資金，這極大地降低了任何生存風險，因為我們將繼續努力度過這場大流行以實現復甦和轉型.

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.

不必擔心生存，APE 賦予我們的靈活性可以讓我們繼續努力，嘗試讓 AMC 茁壯成長和騰飛。這種新的 AMC 優先股為 AMC 提供了一種貨幣，可以在未來用於進一步加強我們的資產負債表，包括通過償還我們的一些債務和其他負債。

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. And anything that moves AMC so far forward in a single step is bad news, bad, bad, bad news for those who wish us harm.

它還使我們能夠尋求額外的股東價值提升和潛在的變革性投資機會。我相信所有這一切都讓 AMC 變得更加強大，我的意思是更加強大。對於那些希望我們受到傷害的人來說，任何讓 AMC 向前邁出一步的事情都是壞消息，壞的，壞的，壞的消息。

Having said all of that, there are a myriad of details and cautions related to our announcement today. So 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.

說了這麼多，還有很多與我們今天的公告相關的細節和注意事項。因此，我強烈敦促投資者仔細閱讀我們的新聞稿和美國證券交易委員會關於這些事項的文件，這些文件以引用方式併入本文。為了慶祝這一里程碑，並作為我們對股東持續支持的感謝，我們還將向所有現有的 AMC Investor Connect 成員以及在 2022 年 8 月 31 日之前加入的新成員提供免費的 I own APE NFT。順便說一下，我們在過去 13 個月中，約有 765,000 人加入了 AMC Investor Connect。

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, to those who joined by August 31, 2022, they will also be entitled to receive a pre updated version of that I own AMC NFT make it appear.

同樣，基於我在 1 月份向 AMC Investor Connect 成員發行的原始 AMC NFT 的受歡迎程度。對於那些加入 AMC Investor Connect 的人，以及在 2022 年 8 月 31 日之前加入的人，他們還將有權收到我擁有的 AMC NFT 的預更新版本。

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.

當我想到這場流行病以及我們在過去 2.5 年中共同走過的旅程時。我一直銘記我們的股東對 AMC 娛樂的奉獻。如果我能親自談談他們對我作為其首席執行官的信任。我希望今天收聽此網絡廣播或稍後重播的每個人都再次知道，我的每一個決定和我的每一個行動都旨在為我們所有股東的長期利益服務。我像股東一樣行事和思考，因為我也是股東，而且是大股東。

At the current AMC share price, I now own, outright, approximately $15 million of AMC stock, and counting in also my previously granted but unvested shares, assuming they vested 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 have always tried to keep my word to our shareholders. Always. I promised only a few months ago, that we would be bold. And to that end, a few months ago, I promised that at the right time, we would pounce. Well, today, we pounced.

以目前的 AMC 股價，我現在完全擁有大約 1500 萬美元的 AMC 股票，並且還算上我之前授予但未歸屬的股票，假設它們達到了所謂的目標歸屬水平，我擁有超過 5000 萬美元的經濟股權在 AMC。這是很明顯的事情，但這是我為所有股東做正確事情的強大動力。在整個努力過程中，我一直很坦率，我一直努力向我們的股東信守諾言。總是。幾個月前我還承諾過，我們會大膽一些。為此，幾個月前，我承諾在適當的時候，我們會突襲。好吧，今天，我們突襲了。

Sean, let's move to questions, both from shareholder and from analysts.

肖恩，讓我們轉向股東和分析師的問題。

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 the shareholders. Is this really as big and important as you claim it is?

偉大的。亞當，剛剛提出一個問題，內容如下。它說我在新聞稿中看到你說這種 APE 股息將從根本上加強 AMC，並具有為 AMC 和股東創造有意義價值的巨大潛力。這真的像你所說的那麼重要嗎？

Well, I didn't put it in the press release if I wouldn't believe it. They always read those press releases pretty carefully, and they make sure that I want to -- I'm able to back up what I say. But I'm actually going to surprise everybody. And I'm going to 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.

好吧，如果我不相信的話，我沒有把它放在新聞稿中。他們總是非常仔細地閱讀這些新聞稿，並確保我想要——我能夠支持我所說的話。但我實際上會讓每個人都感到驚訝。我現在要在這個電話會議上發言。不，它不像我在新聞稿中所說的那麼大和重要，它更大。這比我在新聞稿中說的更重要。

As I mentioned in my prepared remarks, I think this is the biggest single step forward that AMC is going to 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, but 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. And 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.

正如我在準備好的發言中提到的那樣，我認為這是 AMC 將在 2022 年向前邁出的最大的一步。它基本上消除了短期生存風險。你永遠不能說世界上永遠不會，總是存在不確定性，但我相信，我們將從創建這種新的優先股中獲得的靈活性將使我們能夠在需要時籌集現金。這將使我們能夠減少我們的債務。這將使我們能夠進行有趣的併購機會。這是AMC向前邁出的一大步。這對 AMC 來說是個好消息。我們都知道世界上有很多人不支持 AMC，這對他們來說不是好消息。

Thanks, Adam. And there's actually another one that just came in through the Twitter. It's from an international shareholder saying, well, international shareholders get the chance to fully participate in this APE dividend?

謝謝，亞當。實際上還有另一個剛剛通過 Twitter 進來的。有國際股東說，嗯，國際股東有機會充分參與這次APE分紅嗎？

The answer to that question is absolutely yes. It's one of the things that we made sure would be the case. One of the things that has bothered me over the past 1.5 years is that we've gone forward with lots of offers to our shareholders often through Investor Connect, but often separate apart from Investor Connect. And 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. 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.

這個問題的答案是肯定的。這是我們確定的事情之一。在過去的 1.5 年裡，困擾我的一件事是，我們經常通過 Investor Connect 向股東提出大量要約，但通常與 Investor Connect 分開。通常，我們會在我們的美國劇院提供福利。那是因為我們在美國的所有影院都擁有一套 IT 系統。我們在十幾個國家開展業務，我們擁有不同的 IT 系統，並在整個歐洲和中東地區以不同的品牌運營。這使得提供全球報價變得非常困難，因為我們不一定能通過所有這些不同的信息系統對其進行編程。

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. And so many of our international shareholders feel somewhat either different franchise because they're not getting the offers, a free popcorn and a free ICE, a free cup of coffee or early advanced screenings that we've offered to our U.S. 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.

除此之外，在投票權方面，我們在美國有一個比較奇怪的地方，就是很多國際經紀公司都沒有能力為股東投票提供便利。我們的許多國際股東要么覺得特許經營權有所不同，因為他們沒有得到我們提供給美國 Investor Connect 成員或他們被剝奪了投票的機會，因為他們——不是因為我們剝奪了他們，而是因為他們的經紀人是。

And so 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 at AMC shareholders. I must say I enjoy your devotion to our company and appreciate reading your comments to me.

因此，我們絕對確定，當我們發行這個 AMC 優先股單位時，它將進入我們的賬戶，不僅是我們的美國股東，還有我們的加拿大股東、歐洲股東和我們分散在世界各地的股東。我在 AMC 股東所在的許多不同國家收到了很多關於我的入站 Twitter 提要的評論。我必須說我喜歡你對我們公司的投入，也很欣賞你對我的評論。

So yes, this new APE, this AMC preferred equity unit, will be available to our international shareholders as well.

所以是的，這個新的 APE，這個 AMC 優先股單位，也將提供給我們的國際股東。

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 home studios? How has it all changed compared to before the pandemic? And where do you see things going in the future?

亞當，我將只閱讀下一個問題，因為我認為這裡很容易解釋。問：現在票房正在從大流行中恢復，您如何看待流媒體、電影院和家庭工作室之間的關係？與大流行之前相比，這一切發生了怎樣的變化？你認為未來會發生什麼？

So this is not a new question or a new problem. This has been -- this whole issue, not streaming necessarily, but windows and Hollywood Studios commitment of theatrical exhibition has been a live topic really ever since the summer of 2017. And we've been in active dialogue with studios ever since. Nothing really happened to change theatrical exclusivity. With all that discussion in 2017 and '18 and '19, nothing really happened until the pandemic showed up in 2020.

所以這不是一個新問題或新問題。這一直是——整個問題，不一定是流媒體，但自 2017 年夏天以來，windows 和好萊塢工作室對戲劇展覽的承諾一直是一個現場話題。從那時起，我們一直在與工作室進行積極對話。並沒有真正改變戲劇的排他性。在 2017 年和 18 年和 19 年的所有討論中，直到 2020 年大流行出現之前，什麼都沒有發生。

And just as theaters were closed, Hollywood could not distribute their movies. And so studio after studio experimented with different releasing strategies of their movies that are already in the can, including some other attempts away from theatrical exhibition.

就在劇院關閉時，好萊塢無法發行他們的電影。因此，一個又一個的工作室嘗試了不同的發行策略來發布他們已經在罐子裡的電影，包括一些遠離影院放映的其他嘗試。

Some studios release films only to streaming, some issued movies to streaming and theaters simultaneously. Some issued movies to theaters, but on a much shorter basis. Well, this experimenting went on for 2 years. But 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 after another, Dr. 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.

一些製片廠只向流媒體發行電影，一些製片廠同時向流媒體和影院發行電影。有些人向影院發行了電影，但時間要短得多。好吧，這個實驗持續了 2 年。但我相信每個人都學到了這一點，尤其是從 2021 年 12 月首映的索尼電影《蜘蛛俠：無路可歸》開始。如果你看看過去 8 個月發生的事情，《蜘蛛俠》、《神秘海域》和《蝙蝠俠》華納兄弟。然後是這個大範圍的熱門，一個接一個，奇異博士和壯志凌雲：特立獨行和侏羅紀世界統治和貓王和雷神和小黃人。好萊塢再次意識到，首先在影院上映電影可以賺多少錢。除此之外，眾所周知，一些主要流媒體公司的股價開始受到打擊，他們開始失去訂閱者。

And there's a lot of speculation that while the market might be big enough to support one streamers or 2 streamers or maybe even 3 streamers, how can it support 10 streamers or more?

並且有很多猜測，雖然市場可能足夠大，可以支持一個主播或兩個主播，甚至可能是三個主播，但它如何支持 10 個主播或更多主播？

And 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.

我相信你把這一切都放在一起，好萊塢正在遠離流媒體，華爾街正在遠離流媒體。好萊塢將重返戲劇展。我們現在與每個主要工作室達成了協議，在我們認為工作室和 AMC 可以賺錢的足夠長的時間內，將他們在我們影院上映的電影在影院上映。

And if that new window, which is like 1.5 months of exclusive theatrical access, if that's too long, we'll be willing to shorten it with studios. And if it's not long enough, we'll be beating down the doors of studios saying to lengthen it. But you take all of it together, I think this is all very good news for AMC. We have a plate of hits on our hands that either started last December or last March or last May, depending on where you want to start. And remember what I said looking forward, it is going to be a pretty tough slow August, September.

如果這個新窗口，就像 1.5 個月的獨家影院訪問，如果太長，我們願意與工作室一起縮短它。如果它不夠長，我們會敲開工作室的大門說要延長它。但是你把所有這些放在一起，我認為這對 AMC 來說都是非常好的消息。我們手頭有一盤從去年 12 月或去年 3 月或去年 5 月開始的熱門歌曲，具體取決於您想從哪裡開始。請記住我所說的展望，這將是一個非常艱難的緩慢的八月，九月。

So don't get -- let's not get over our skis and be too optimistic about third quarter numbers. But look at the movies that are coming in the fourth quarter of 2022, it's going to be monster hit after monster hit after monster hit after monster hit. And if you think the box office is big in 2022, it's going to be billions of dollars more in '23 if our current estimates are accurate. So again, we're quite bullish as we look to the future.

所以不要得到 - 讓我們不要忘記我們的滑雪板並對第三季度的數字過於樂觀。但看看 2022 年第四季度即將上映的電影，這將是一個又一個怪物命中又一個怪物命中的怪物。如果你認為 2022 年的票房很大，那麼如果我們目前的估計是準確的，那麼 23 年的票房將會增加數十億美元。因此，在展望未來時，我們非常看好。

Thanks, Adam. Question here from a shareholder and Investor Connect member saying what are the bonuses and bits that are offered by AMC to its investors?

謝謝，亞當。一位股東和 Investor Connect 成員在此提問，AMC 向其投資者提供哪些紅利和比特幣？

A lot. Well, the first as -- the first part is -- we all just announced -- we announced that you are getting a stock dividend in a couple of weeks. And by the way, if I can 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.

很多。嗯，第一個 - 第一部分是 - 我們都剛剛宣布 - 我們宣布您將在幾週內獲得股票股息。順便說一句，如果我可以補充一下關於我們的國際股東的答案，你也應該得到一份，但如果你沒有得到一份，一定要聯繫你的經紀人來確定你應該如何得到一份，因為你有權一。

In addition to the new stock dividend that's coming out, we did set up the AMC Investor Connect program. We've got more than 0.75 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 in an announcement in Investor Connect, some free offers at our concession stands.

除了即將推出的新股票股息外，我們還設立了 AMC Investor Connect 計劃。在前 13 個月內，我們有超過 75 萬人註冊。這適用於美國和國際股東。這樣做的好處之一是我們經常就正在發生的事情進行溝通。對於我們的美國股東，請查看我們在 Investor Connect 的公告中所做的工作，我們的特許攤位提供了一些免費優惠。

We've had a new -- a sort of major movie screening every month, almost every month in advance of its public release. In the world of movies fandom bragging rights, 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.

我們每個月都會進行一次新的電影放映，幾乎每個月都在公開發行之前。在電影迷們吹噓權利的世界裡，你可以在它全面上映之前看到一部重要的電影。這是很好的吹牛的權利。我們月復一月地做了那個月。

Another fun one, 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.

另一個有趣的，無論如何對我來說很有趣的是，我們通過 Investor Connect 宣布，我作為 AMC 的董事長兼首席執行官，一直在美國各地親自主持電影放映，以便有機會與我們的股東一起觀看電影。

I've done it in 7 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.

我在7個城市做過。洛杉磯、紐約、芝加哥、堪薩斯城、達拉斯、邁阿密和華盛頓特區。我預計第四季度會做得更多。今天我可以很高興地宣布，在 9 月和聖誕節之間的某個時候，我預計將在倫敦舉行我的第一次海外投資者篩選，儘管我們也有可能去歐洲其他地方。

And at these ones that I attend, I shake every hand in the room, I take a selfie picture with everybody who wants one. I have autographed everything from shirts to -- I even autographed banana, one of them. It's a great opportunity to meet our shareholders individually one-on-one in 7 of the happiest evenings I've had all year.

在我參加的這些活動中，我與房間裡的每一個人握手，我和每個想要自拍的人合影。從襯衫到我什至給香蕉都簽名過，其中之一。這是一個很好的機會，可以在我一年中最快樂的 7 個晚上與我們的股東進行一對一的單獨會面。

We will continue to look for more ways to award our shareholders and especially on my plate is to figure out how to get some of these offers that were routinely making in our U.S. theaters available to our investors overseas as well.

我們將繼續尋找更多方式來獎勵我們的股東，尤其是在我看來，要弄清楚如何讓我們的美國影院經常向海外投資者提供這些優惠。

Question, Adam, about our expansion plans. The question says, will we see AMC theaters in Canada, for example, or more expansion within Europe?

亞當，關於我們的擴張計劃的問題。問題是，我們會在加拿大看到 AMC 影院，還是在歐洲進一步擴張？

Well, in Europe, sure, because as you said in your comments earlier on the call, the last couple of years, we opened 45 theaters.

嗯，在歐洲，當然，因為正如你在電話會議早些時候的評論中所說，過去幾年，我們開設了 45 家影院。

Most of those were in the U.S., but many of those were in Europe. And we And we keep on signing agreements on attractive pieces of real estate to open new theaters. We just opened a theater a couple of months ago in Finland that's already one of the those successful theaters in Finland. And that's true that we're looking for new opportunities in all the countries that we currently serve. But for us to enter Canada or other countries in Europe where we're not now present, you pick it, the Netherlands, Poland, where we may not be.

其中大多數在美國，但其中許多在歐洲。我們和我們繼續就有吸引力的房地產簽署協議以開設新劇院。幾個月前，我們剛剛在芬蘭開設了一家劇院，這已經是芬蘭最成功的劇院之一。確實，我們正在我們目前服務的所有國家/地區尋找新的機會。但是，如果我們要進入加拿大或我們現在不在的歐洲其他國家，您可以選擇荷蘭、波蘭，我們可能不在的地方。

The best way to do it is not go into a country and open a theater or two and be a relevant player in that country. The best way to do it would be to acquire something of some size and scale. And prior to today, even though we had $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 want to make sure that our cash flow is always strong. With this new preferred stock currency that we now have, we can get much more aggressive on the acquisition front.

做到這一點的最好方法不是進入一個國家並開設一兩個劇院並成為該國的相關參與者。最好的方法是獲得某種規模和規模的東西。在今天之前，儘管在最近的第二季度末我們有 10 億美元的流動資金可供我們使用，但我們非常謹慎地使用和投資它，因為我們希望確保我們的現金流是總是很強大。有了我們現在擁有的這種新的優先股貨幣，我們可以在收購方面變得更加積極。

And so 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, AMC has grown through acquisition. Three years ago -- 6 years ago when I joined AMC, 6.5 years ago, in my first year, we did 3 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.

所以這是可以想像的，而不是確定的。目前沒有計劃，但可以想像我們可以進行一些國際收購。這對 AMC 或我來說都不是一個新概念。在 AMC 的整個發展歷程中，AMC 都是通過收購而發展壯大的。三年前——6 年前我加入 AMC 時，6.5 年前，在我的第一年，我們進行了 3 次重大收購，使我們從美國第二大連鎖電影院變成了美國最大的連鎖電影院。 ，歐洲最大的連鎖電影院線，也是世界上最大的連鎖電影院線。

Recently, just in the last year, we bought about 1/3 of the ArcLight Pacific circuit, which did not reopen after the COVID pandemic. And that's going very well so far. The Grove and the Americana theaters in L.A., for example, are already 2 of the 30 most -- the highest grossing movie theaters in the entire United States under our management. We just bought 5 -- 6 of the Bow Tie Cinema 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. And 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. So we know we're doing with acquisitions. We're good at it. And now that we have a new preferred stock currency at our disposal, we'll keep our eyes open on acquisition opportunities as well.

最近，就在去年，我們購買了大約 1/3 的 ArcLight Pacific 賽道，該賽道在 COVID 大流行後沒有重新開放。到目前為止進展順利。例如，洛杉磯的 Grove 和 Americana 影院已經是 30 家最受歡迎的影院中的 2 家——在我們管理下的全美國票房收入最高的影院。我們剛剛在東北部購買了 5 到 6 條 Bow Tie Cinema 電路。這讓我們在康涅狄格州的業務翻了一番，康涅狄格州是紐約市的主要臥室社區，我們在那裡擁有重要的市場份額。而且，我們收購 Bow Tie 的劇院的表現已經比我們在進行收購時在建模中所做的預測高出約 20%。所以我們知道我們正在做收購。我們很擅長。現在我們有了一種新的優先股貨幣可供我們使用，我們也將密切關注收購機會。

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?

亞當，我有更多的投資者問題，但為什麼我們不花點時間來看看此時是否有分析師的問題？

Absolutely.

絕對地。

Yes, we have a question from the line of Eric Wold with B. Riley Securities.

是的，我們有一個來自 B. Riley Securities 的 Eric Wold 的問題。

Eric Wold. A couple of questions. I guess, one, obviously, you used 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. What -- aside from any new actions you've been taking to major acquisitions or new MG.Just 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?

埃里克·沃爾德。幾個問題。我想，一個，很明顯，你使用這種新貨幣可能會加速公司的去槓桿化並償還近年來承擔的一些債務。什麼——除了您對重大收購或新 MG 採取的任何新行動。就公司的當前狀況而言，您認為目前對像您這樣的公司以及您對明年的展望而言，最佳槓桿是什麼?

Eric, the optimal leverage for our company is a lot less than we're currently leveraged. And 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.

埃里克，我們公司的最佳槓桿比我們目前的槓桿要低得多。在整個大流行期間，我們已採取行動減少債務。你可能還記得，在 2020 年 7 月，我們進行了一次復雜的債券交易，我們用股權換債，我們憑記憶消滅了 5.55 億美元的債務，一筆勾銷。

Similarly, just a few weeks ago, we announced that in the second quarter or July, I forget the actual date, I know we announced it. I forgot the actual date 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, it's like a drop in the ocean. But being able to get our debt back at a 31% discount that was certainly a good day for AMC.

同樣，就在幾週前，我們宣佈在第二季度或 7 月，我忘記了實際日期，我知道我們宣布了它。我忘記了我們購買債務的實際日期，我認為是在第二季度，我們以 5000 萬美元購買了價值 7250 萬美元的債務，並獲得了 31% 的債務折扣。現在 50 億美元中有 7200 萬美元，就像滄海一粟。但能夠以 31% 的折扣收回我們的債務，這對 AMC 來說無疑是個好日子。

And 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 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 and this year, next year, 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 that we could swing it.

就像我們在 2020 年夏天進行了一次復雜的債券交易一樣。如果我們有債務持有人願意以折扣價返還我們的債務以換取 AMC 股票，那麼這對我們的股東來說是一筆不錯的交易。同樣，你們都曾在之前的電話中向我們詢問過我們與房東、劇院房東承擔的延期租金義務，我們從 2020 年或 2021 日曆年以及今年、明年、2024 年和未來欠租。我們已經聯繫了幾位房東，他們說他們不介意提早付款，他們不介意以我們可以擺動的折扣提早付款。

But we've been very mindful of holding on to our cash for that war chest as I described it because we want to make sure that we are always fundamentally in a strong position with liquidity at our side. But 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. How quickly we can delever, Eric, I don't know. This is only -- we're in the first hour of having this new currency at our disposal.

但是，正如我所描述的那樣，我們一直非常注意為那筆資金保留現金，因為我們希望確保我們始終處於有利地位，流動性在我們身邊。但是我們現在有一種優先股貨幣，我們可以用它來減少其中的一些——這些房東義務，再次以折扣價出售。我們能多快去槓桿，埃里克，我不知道。這只是 - 我們正處於擁有這種新貨幣的第一個小時。

So I'm not sure we can give you an exact number of how much debt we can bring down over the next 3 months, 6 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 value. So it should happen, and we'll be able to report more to you as we ourselves learn more.

所以我不確定我們能否給你一個確切的數字，說明我們可以在未來 3 個月、6 個月、12 個月、24 個月、36 個月內減少多少債務。我可以告訴你的是，我們是一個非常有創意的管理團隊。自 2020 年以來，我們已經應對了一系列挑戰。加強我們的資產負債表並獲得更好的債務與 EBITDA 槓桿比率對我們來說非常重要。所以它應該會發生，隨著我們自己了解更多，我們將能夠向您報告更多。

There are no further questions from the analysts.

分析師沒有進一步的問題。

All right. We are going to go back to Sean. You're getting last ones from our shareholder base?

好的。我們要回到肖恩身邊。你從我們的股東群中得到最後一個？

Yes, I do. Let me take a quick look at. There is a question here. I think I'll just cover 3 more quick questions from the shareholders. There's a question here about Hycroft and what is your time line for the investment? And are there any anticipated interactions between Hycroft and AMC?

是的，我願意。讓我快速瀏覽一下。這裡有一個問題。我想我將再回答股東們提出的 3 個快速問題。這裡有一個關於 Hycroft 的問題，你的投資時間表是什麼？ Hycroft 和 AMC 之間是否有任何預期的互動？

So in terms of Hycroft, I am so convinced that when the story is finally written. This is going to 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 going to be one eating a 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, because Sean Goodman, our CFO, is now a member of the Hycroft Board. But third, 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.

所以就 Hycroft 而言，當故事最終寫完時，我深信不疑。這對 AMC 來說將是一件好事。幾個月前我發布了一條男子氣概的推文說，當一切塵埃落定時，會有很多關於 Hycroft 投資的烏鴉吃。我不會成為一個吃烏鴉的人。我仍然相信情況會如此。部分原因是 Hycroft 已經籌集了維持業務多年所需的所有現金。其次，就我們與 Hycroft 的互動而言。我聽說 Hycroft 已經挑選了一位非常聰明的新董事會成員。那就是你，肖恩，因為我們的首席財務官肖恩古德曼現在是 Hycroft 董事會的成員。但第三，Hycroft 最吸引人的一件事是，它在內華達州北部的 71,000 英畝土地上經營著豐富的礦產。它在 40 年中才進行了探索，僅佔其 71,000 英畝土地的 2% 左右。

Gold and silver doesn't just exist in a small place, it spreads. And Hycroft just announced, in part because of the cash -- not in part, 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. And 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.

黃金和白銀不僅存在於一個小地方，它還在蔓延。 Hycroft 剛剛宣布，部分是因為現金 - 不是部分，因為我們能夠籌集到的現金，Hycroft 剛剛宣布它正在啟動其土地面積超過十年的最大勘探計劃.雖然在他們完成之前我們不會知道那次勘探的結果是什麼，但你和我都希望他們會發現更多的礦產儲量，這些儲量應該是相當有利可圖的。

As far as the time line 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. So we basically doubled our economics without opting to put up double the cash. And 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 have doubled our money in a couple of weeks. But that's not why we entered into Hycroft's investment. We think there's much more there ahead of them for us. And so I think our time line with Hycroft is sort of like a private equity firm. Hold it for 2 to 7 years and see what kind of value we can create for AMC shareholders sometime in that time line is what I would expect. We know we got in. That's what I would expect we would get out, some number of years from now.

至於投資的時間線。我們以極低的市場價格進入。我們得到的認股權證數量與我們購買的股票數量相同。所以我們基本上把我們的經濟翻了一番，而沒有選擇投入雙倍的現金。當我們進入 Hycroft 時，我們並沒有因為 90 天的成功而這樣做。如果我們想做一個 30 天或 90 天的熱門遊戲，我們可以在幾週內將我們的資金翻倍。但這並不是我們參與 Hycroft 投資的原因。我們認為在他們面前還有更多。所以我認為我們與 Hycroft 的時間線有點像一家私募股權公司。持有 2 到 7 年，看看我們可以在那個時間線的某個時候為 AMC 股東創造什麼樣的價值，這是我所期望的。我們知道我們進入了。這就是我期望我們會退出的情況，從現在開始的幾年。

And a question here about AMC's growth initiatives. The person says I'm particularly interested in branded merchandise, retail popcorn, credit card, NFTs and alternative content.

還有一個關於 AMC 增長計劃的問題。該人說我對品牌商品、零售爆米花、信用卡、NFT 和替代內容特別感興趣。

I tried to mention it in my prepared remarks and in the interest of time, I'm just going to 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 going to see increasing activity beginning in the second half of this year and the first half of next year on all fronts.

我試圖在我準備好的評論中提到它，為了時間的緣故，我只想快速地說，我們在這些方面都取得了進展，我在之前的評論中給出了一些時間。而且我認為無論是我們的爆米花業務、信用卡業務還是商品業務，你都會看到從今年下半年和明年上半年開始，各方面的活動都會增加。

And the final question that I will ask this afternoon is investors are asking for an update on our green initiatives.

今天下午我要問的最後一個問題是，投資者要求我們提供有關我們綠色倡議的最新信息。

So the buzz word 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, in the United States, it was over 100 degrees for a lot of time over the last few weeks, that's hot. And it behoove all of us to respect our planet, that we'd like our kids and our grandkids to have a planet to live on. The laser projection announcement that we made, it's not a small announcement. It represents putting in $0.25 billion of new projectors into our theaters.

因此，如今的流行詞是 ESG，而 E 代表環境。有充分的理由，我們中的許多人都非常關心這個星球上的氣候正在發生什麼。在中西部，在美國，過去幾週的很多時間裡氣溫都超過了 100 度，太熱了。我們所有人都應該尊重我們的星球，我們希望我們的孩子和我們的孫子孫女有一個可以生活的星球。我們發布的激光投影公告，這不是一個小公告。它代表著向我們的影院投入 2.5 億美元的新投影機。

And the benefits are numerous. One, of course, is that for moviegoing, it's going to make for a much better moviegoing. It increases the light levels on screen by 50% to 100%. Makes pictures brighter, sharper, clearer, crisper, moviegoers are going to love it. But environmentalists should like it too, because laser projectors consume far less electricity. And we have thousands of them and they operate half a day, 24/7 -- or not 24/7, but 7 days a week. And it take a lot less energy and a little note on sector of our current 10-year-old projection technology is that they use halogen bulbs and halogen bulbs burn out.

而且好處很多。一個，當然，對於看電影來說，它會帶來更好的看電影。它將屏幕上的亮度水平提高 50% 到 100%。使圖片更亮、更清晰、更清晰、更清晰，影迷會喜歡它。但環保主義者也應該喜歡它，因為激光投影儀消耗的電量要少得多。我們有成千上萬的人，他們每週 7 天 24 小時不間斷地運行半天——或者不是 24 小時 7 天，而是每週 7 天。而且它消耗的能量要少得多，而且我們目前已有 10 年曆史的投影技術部門需要注意的是，它們使用的是鹵素燈泡，而鹵素燈泡會燒壞。

And they burn out often. And so they need to be replaced, which happens to be expensive and laser lights don't burn out any time as quickly as halogen bulbs. But once you have a burned down halogen bulb, guess what you do with it. You put it in a landfill. And I think I've 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's true that they got a long half life. It's just not 5 trillion years. But not having to discard halogen bulbs is very good for the planet. We consume less energy.

他們經常燒壞。因此它們需要更換，這恰好是昂貴的，而且激光燈不會像鹵素燈泡那樣快速燒毀。但是一旦你有一個燒毀的滷素燈泡，猜猜你用它做什麼。你把它放在垃圾填埋場。我想我已經說過它的半衰期約為 5 萬億年，這不是真的。但重點是不必丟棄。我的意思是，他們確實有很長的半衰期。只是不是5萬億年。但不必丟棄鹵素燈泡對地球非常有益。我們消耗更少的能源。

It's an expensive step for AMC, but it's good environmentally and it's a good one for moviegoers. So I think -- you said that was your last question?

這對 AMC 來說是一個昂貴的步驟，但它對環境很好，對電影觀眾來說也是一個很好的步驟。所以我想——你說這是你的最後一個問題？

Yes.

是的。

So I'm going to wrap. To all of you listening today. Thank you for your infection and your passion for AMC Entertainment. We've been listening to all the things you've been telling us for the last 1.5 years. We've taken a lot of actions that reflects your thinking. And we took one today with the creation of APEs 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. And so this is a very good day at AMC because today, we did pounce. Thank you, one and all. We're signing off.

所以我要包起來。今天給大家聽。感謝您的感染和對 AMC 娛樂的熱情。在過去的 1.5 年裡，我們一直在傾聽您告訴我們的所有事情。我們採取了許多反映您想法的行動。今天，我們創建了一個 APE，該 APE 將在幾週內以 APE 的代碼在紐約證券交易所交易。這對 AMC 來說是一個巨大的積極步驟。我們很高興我們正在這樣做。我們認為您應該為我們正在這樣做而感到興奮。從長遠來看，我們知道這家公司將受益。所以這是 AMC 非常美好的一天，因為今天，我們確實突襲了。謝謝你，一個和所有。我們正在簽字。

That does conclude the call for today. We thank you for your participation and ask that you please disconnect your line.

這確實結束了今天的呼籲。我們感謝您的參與，並請您斷開您的線路。