AMC 電影院 (AMC) 2022 Q4 法說會逐字稿

Greetings, and welcome to the AMC Entertainment Fourth Quarter and Year-End 2022 Earnings Webcast. (Operator Instructions) As a reminder, this conference is being recorded.

大家好，歡迎收看 AMC Entertainment 2022 年第四季度和年終收益網絡直播。 （操作員說明）提醒一下，正在錄製此會議。

It is now my pleasure to introduce to your host, John Merriwether, Vice President, Capital Markets and Investor Relations. Thank you, John. You may begin.

現在我很高興向主持人介紹資本市場和投資者關係副總裁 John Merriwether。謝謝你，約翰。你可以開始了。

Thank you, Vikram. Good afternoon. I'd like to welcome everyone to AMC's Fourth Quarter and Year-End 2022 Earnings Webcast. With me this afternoon is Adam Aron, our Chairman and CEO; and Sean Goodman, our Chief Financial Officer.

謝謝你，維克拉姆。下午好。歡迎大家觀看 AMC 的 2022 年第四季度和年終收益網絡直播。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 Sean Goodman。

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.

在我將網絡廣播轉給亞當之前，讓我提醒大家，管理層在本次網絡廣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。許多風險、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結果大不相同。

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 against relying 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.

我們最近的公開文件中討論了許多這些風險和不確定性，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的控製或預測能力。鑑於任何前瞻性陳述中固有的不確定性，告誡聽眾不要依賴這些陳述。公司不承擔修改或更新任何前瞻性陳述的義務，無論是由於新信息還是未來事件。

On the 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.

在網絡直播中，我們可能會參考非 GAAP 財務指標，例如調整後的 EBITDA、不變貨幣、自由現金流、經營現金消耗和經營現金產生等。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。

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.

在我們準備好的發言之後，將進行問答環節。今天下午的網絡直播正在錄製中，重播將於今天晚些時候在我們網站 amctheatres.com 的投資者關係部分提供。

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. Let me add a very special welcome to the thousands of our individual shareholders who have been making it a habit to tune into these quarterly earnings webcast for AMC Entertainment.

謝謝你，約翰。大家下午好，感謝您今天加入我們。讓我向數以千計的個人股東表示非常特別的歡迎，他們已經養成了收聽 AMC 娛樂公司季度收益網絡廣播的習慣。

2022 marked another year of significant strategic, operational and financial gains for AMC Entertainment. With our 2 announcements today on Q4 2022 earnings and of the launch of AMC Perfectly Popcorn at more than 2,600 U.S. Walmart stores. Once again, AMC is demonstrating unmistakable progress along our multiyear pandemic report -- recovery glide path.

2022 年標誌著 AMC Entertainment 又取得了重大的戰略、運營和財務收益。我們今天發布了 2 份關於 2022 年第四季度收益的公告，以及在 2,600 多家美國沃爾瑪商店推出 AMC Perfectly Popcorn。再一次，AMC 在我們的多年大流行報告中展示了明確無誤的進展——恢復滑行路徑。

In my opinion, there are 5 reasons why AMC shareholders should be especially excited and smiling today: first, the increasing size of our industry as it recovers; second, AMC's performance in Q4; third, the fact that we are outperforming our competitors; fourth, our agility in raising cash and reducing debt; and fifth, this morning's Walmart-AMC Perfectly Popcorn announcement.

在我看來，AMC 股東今天應該特別興奮和微笑的原因有 5 個：第一，我們的行業在復蘇中規模不斷擴大；第二，AMC第四季度的表現；第三，我們優於競爭對手的事實；第四，我們在籌集現金和減少債務方面的靈活性；第五，今天早上的沃爾瑪-AMC 完美爆米花公告。

First and overarching is the size of our industry itself, which is increasing. For 5 consecutive years prior to the pandemic from 2015 to 2019, the domestic box office, which is all theaters, all brands across the United States and Canada, exceeded $11 billion. It was $11.4 billion in 2019. But then COVID came and brought our industry to its knees, and the 2020 domestic box office was only $2.2 billion. Down, as we all know, a breathtaking 82% year-over-year from the pre-pandemic level in 2019. Since then, our industry has seen a steady growth trajectory. The 2021 domestic box office was $4.5 billion, more than double that of 2020, and 2022's full year domestic box office of $7.4 billion was about 65% higher than 2021. The numbers again $11.4 billion in 2019, falling to $2.2 billion, rising to $4.5 billion, rising to $7.4 billion.

首先也是最重要的是我們行業本身的規模，它正在增加。從 2015 年到 2019 年，在大流行之前連續 5 年，美國和加拿大所有影院、所有品牌的國內票房超過 110 億美元。 2019 年是 114 億美元。但後來 COVID 來了，讓我們的行業屈服了，2020 年國內票房只有 22 億美元。眾所周知，與 2019 年大流行前的水平相比，同比下降了驚人的 82%。從那時起，我們的行業就出現了穩定的增長軌跡。 2021 年國內票房為 45 億美元，是 2020 年的兩倍多，2022 年全年國內票房為 74 億美元，比 2021 年高出約 65%。這個數字在 2019 年再次從 114 億美元下降到 22 億美元，上升到 4.5 美元億美元，增至 74 億美元。

Based on the box office results so far, in the first quarter of 2023, which is already up 44% year-over-year, combined with a much larger number of broader and deeper movie titles to be released in the coming quarters. Based on what we know today, the 2023 domestic box office will almost certainly be significantly higher in 2023 than that of 2022.

根據迄今為止的票房結果，2023 年第一季度的票房已經同比增長 44%，再加上未來幾個季度將發行更多更廣泛、更深入的電影。根據我們今天所知，2023 年的國內票房幾乎肯定會在 2023 年明顯高於 2022 年。

You all know that we finished 2022 and started 2023 on a very strong note with what is already the third highest grossing film of all time, James Cameron's epic sequel, Avatar: The Way of Water. It really is a testament to the genius of James Cameron that he is responsible for 3 of the 4 highest grossing movies in the history of cinema. I digress for a moment to say, thank you, Jim Cameron, and thank you to your producing partner, John Landau. It won't surprise you both to hear that you both are greatly appreciated by AMC and by the millions of AMC shareholders and the millions of AMC moviegoers. Please, please, Jim and John, keep making more movies.

你們都知道我們在 2022 年結束並以非常強勁的勢頭開啟了 2023 年，詹姆斯·卡梅隆的史詩續集《阿凡達：水之道》已經是有史以來票房收入第三高的電影。電影史上票房收入最高的 4 部電影中有 3 部由他執導，這確實證明了詹姆斯卡梅隆的天才。我離題了一會兒說，謝謝你，吉姆卡梅隆，並感謝你的製作夥伴約翰蘭道。聽到 AMC 以及數百萬 AMC 股東和數百萬 AMC 電影觀眾對你們都非常讚賞，你們都不會感到驚訝。拜託，拜託，吉姆和約翰，繼續拍更多的電影。

Speaking of more movies, that's one of the key stories of the coming year 2023. The incredible Tom Cruise's Top Gun: Maverick, which grows more than $1.5 billion of movie theaters in 2022 and Avatar: The Way of the Water, which has already grossed almost $2.3 billion of movie theaters in only 11 weeks, among many other successful movie releases. They all prove that moviegoers no longer are afraid to go to a cinema to watch a movie as they once were afraid in the darkest days of 2020 at the height of the pandemic.

說到更多電影，這是即將到來的 2023 年的關鍵故事之一。令人難以置信的湯姆克魯斯的壯志凌雲：特立獨行，在 2022 年增加了超過 15 億美元的電影院和阿凡達：水之道，已經票房收入僅 11 週就在電影院上映了近 23 億美元的票房，還有許多其他成功的電影發行。它們都證明，電影觀眾不再像在 2020 年疫情最黑暗的日子裡那樣害怕去電影院看電影。

Our problem now in generating attendance in theaters is quite different. Instead, it's simply that Hollywood has been releasing fewer movies of late. Depending upon how you count, the number of major movies released in 2022 was somewhere between 1/3 and 1/2 fewer than the total number of such major films released in 2019 before the pandemic.

我們現在在提高劇院上座率方面的問題是完全不同的。相反，這只是好萊塢最近發行的電影減少了。根據您的計算方式，2022 年上映的主要電影數量比大流行前 2019 年上映的此類主要電影總數少 1/3 到 1/2。

Fortunately, now, finally, that is all changing. We currently estimate that 30 or more movies will gross more than $100 million domestically in 2023. That compared with only 18 doing so in the just completed 2022. That is an increase in 2023 of about 75% of the number of movie titles grossing $100 million or more. Let me repeat that. We are expecting in 2023, about a 75% increase in the number of major movie titles grossing $100 million or more compared to last year.

幸運的是，現在，終於，這一切都在改變。我們目前估計，到 2023 年，國內票房收入將超過 1 億美元的電影將達到 30 部或更多。相比之下，在剛剛結束的 2022 年，只有 18 部影片做到這一點。也就是說，到 2023 年，票房收入達到 1 億美元的電影數量將增加約 75%或者更多。讓我重複一遍。我們預計到 2023 年，與去年相比，票房收入超過 1 億美元的主要電影數量將增加約 75%。

The second reason for our enthusiasm is that AMC posted much improved results for the fourth quarter of 2022. Naturally, we're pleased that AMC Entertainment easily bested consensus estimates for Q4 2022 revenue and for Q4 2022 adjusted EBITDA as well as posting a beat on adjusted net income and EPS for 2022 in Q4 after excluding for noncash impairment write-offs.

我們熱情的第二個原因是 AMC 公佈了 2022 年第四季度的業績有了很大改善。當然，我們很高興 AMC Entertainment 輕鬆超過了對 2022 年第四季度收入和 2022 年第四季度調整後 EBITDA 的普遍預期，並在扣除非現金減值註銷後，調整後的 2022 年第四季度淨收入和每股收益。

We are similarly encouraged that Q4 2022 revenue per patron of $19.98 was well above pre-pandemic levels. Thanks to rising ticket prices and the consumers continue predilection to indulge more at our concession stands in our high-margin food and beverage business.

我們同樣感到鼓舞的是，2022 年第四季度每位贊助人的收入為 19.98 美元，遠高於大流行前的水平。由於票價上漲和消費者繼續偏好在我們的高利潤食品和飲料業務的特許攤位上享受更多。

AMC's full year 2022 results represented our strongest year since pre-pandemic 2019 with 2022 results improving over 2021, which in turn were better than those of 2020. Indeed, in full year 2022, AMC saw our annual revenue increase by more than 54% year-over-year, and our adjusted EBITDA improved in a single year by more than $338 million versus 2021. That's an enormous increase.

AMC 的 2022 年全年業績是自 2019 年大流行前以來最強勁的一年，2022 年的業績比 2021 年有所改善，這反過來又好於 2020 年。事實上，在 2022 年全年，AMC 的年收入增長了 54% 以上-與 2021 年相比，我們調整後的 EBITDA 在一年內增加了超過 3.38 億美元。這是一個巨大的增長。

The third reason we are smiling today is that it's the world's largest theater chain, we are outrunning our competitors. Number two, Regal Cineworld, is in bankruptcy court because they essentially ran out of cash in September. By contrast, AMC has been masterful in raising equity as needed, and we ended 2022 with over $840 million of cash in the bank or undrawn revolving credit line.

我們今天微笑的第三個原因是它是世界上最大的連鎖影院，我們正在超越我們的競爭對手。排名第二的 Regal Cineworld 正處於破產法庭，因為他們在 9 月份基本上用光了現金。相比之下，AMC 在根據需要籌集股本方面表現出色，到 2022 年底，我們的銀行現金或未提取的循環信貸額度超過 8.4 億美元。

As for #3 operator, Cinemark, we encourage you to look at the Q4 metrics where we overlap in the United States. Average ticket price: AMC, $12.22; Cinemark, only $10 even, $12.22, $10. Food and beverage per patron: AMC, $7.76; Cinemark $7.43. Total revenues per patron: AMC, $21.85; Cinemark $19.35. Film exhibition costs, and this is one where you want the number to be low, not high: AMC, our film exhibition costs were 51% of our admissions revenues; at Cinemark, it was 58%.

至於#3 運營商 Cinemark，我們鼓勵您查看我們在美國重疊的第四季度指標。平均票價：AMC，12.22美元； Cinemark，僅需 10 美元，12.22 美元，10 美元。每位顧客的餐飲：AMC，7.76 美元；喜滿客 7.43 美元。每個贊助人的總收入：AMC，21.85 美元；喜滿客 19.35 美元。電影放映成本，這是一個你希望數字低而不是高的地方：AMC，我們的電影放映成本佔入場收入的 51%；在 Cinemark，這一比例為 58%。

Our fourth marker of progress at AMC has been our ability to strengthen our liquidity profile and balance sheet. Over the last 12 months, AMC has raised approximately $314 million in gross cash proceeds. And we've also reduced the aggregate principal balance of our debt by approximately $390 million since the beginning of 2022.

我們在 AMC 取得進展的第四個標誌是我們有能力加強我們的流動性狀況和資產負債表。在過去 12 個月中，AMC 籌集了大約 3.14 億美元的總現金收益。自 2022 年初以來，我們的債務本金餘額總額也減少了約 3.9 億美元。

And as for that fifth reason for smiles today, the exciting Popcorn announcement this morning, we are launching with Walmart. What an enormous vote of confidence that's coming to AMC from the largest retailer in the United States in the quality and consumer appeal of our new microwave and ready-to-eat popcorn. I'll come back to that and other essential topics after I return.

至於今天微笑的第五個原因，今天早上令人興奮的爆米花公告，我們將與沃爾瑪一起推出。美國最大的零售商對 AMC 新微波爐和即食爆米花的質量和消費者吸引力投下了多麼大的信任票。我回來後會回到那個和其他重要主題。

But right now, let's pass the call over to Sean Goodman, our CFO, to review our financial and operating results in more detail. Sean?

但現在，讓我們將電話轉給我們的首席財務官肖恩古德曼，以更詳細地審查我們的財務和經營業績。肖恩？

Thanks, Adam, and thanks to everyone for joining us this afternoon. 2022 was a year of growth and recovery for AMC. During the year, we welcomed 201 million guests to our theaters around the world. That's a 56% increase compared to 2021 and at 72 million more guests than in 2021. This attendance improvement, coupled with strong admissions and food and beverage revenue per guest, translated into a $1.384 billion increase in consolidated revenue, representing a 54.7% increase compared to 2021. And likewise, 2022 adjusted EBITDA improved by more than $338 million to a positive $46.6 million. This compares to a loss of $291.7 million in 2021. Clearly, our recovery is continuing in earnest.

謝謝亞當，感謝大家今天下午加入我們。 2022 年是 AMC 增長和復甦的一年。在這一年裡，我們在世界各地的劇院接待了 2.01 億觀眾。這比 2021 年增長了 56%，比 2021 年多了 7200 萬客人。這種出勤率的提高，加上強勁的入場人數和每位客人的餐飲收入，轉化為綜合收入增長 13.84 億美元，與 2021 年相比增長了 54.7%到 2021 年。同樣，2022 年調整後的 EBITDA 增加了超過 3.38 億美元，達到 4660 萬美元。相比之下，2021 年損失了 2.917 億美元。顯然，我們的複蘇仍在繼續。

Now looking specifically at the fourth quarter of 2022 compared to the same period last year. The North American box office declined by 14.5% to $1.8 billion. This was due to the relative strength of Spider-Man: No Way Home in 2021 and the limited number of new titles available for release in October and November of 2022.

現在特別關注與去年同期相比的 2022 年第四季度。北美票房下降 14.5% 至 18 億美元。這是由於《蜘蛛俠：無路可歸》在 2021 年的相對實力以及 2022 年 10 月和 11 月發布的新遊戲數量有限。

Our fourth quarter consolidated revenue declined by $181 million or 15.4% to $991 million. However, on a constant currency basis, consolidated revenue declined by 12.4% as we outperformed the overall industry because of strong operating performance metrics.

我們第四季度的綜合收入下降 1.81 億美元或 15.4% 至 9.91 億美元。然而，在固定匯率的基礎上，綜合收入下降了 12.4%，因為我們的經營業績指標強勁，表現優於整個行業。

For the fourth quarter, on a constant currency basis, total consolidated revenue per patron was $20.69. This is approximately 5.4% higher than the fourth quarter of 2021. This was driven by admissions revenue per patron growth of 5.1% and food and beverage revenue per patron growth of 7.8%. It is worth noting that consolidated constant currency revenue per patron in Q4 of 2022 was 30.8% higher than pre-pandemic in 2019 indicative of the tremendous growth in revenue per patron during our recovery period.

第四季度，按固定匯率計算，每位顧客的綜合總收入為 20.69 美元。這比 2021 年第四季度高出約 5.4%。這是由每位顧客的入場收入增長 5.1% 以及每位顧客的餐飲收入增長 7.8% 推動的。值得注意的是，2022 年第四季度每位顧客的綜合固定貨幣收入比 2019 年大流行前高出 30.8%，這表明在我們的複蘇期間每位顧客的收入大幅增長。

Domestic revenue in Q4 declined by 10.7% with admissions revenue per patron increasing by 6.2% to $12.22, and food and beverage revenue per patron increasing by 7.7% to $7.76. In addition, other revenue per patron increased by 6.3%.

第四季度國內收入下降 10.7%，每位顧客的入場收入增長 6.2% 至 12.22 美元，每位顧客的餐飲收入增長 7.7% 至 7.76 美元。此外，每位顧客的其他收入增長了 6.3%。

In the international business, on a constant currency basis, revenue in Q4 declined by 16.6% with admissions revenue per patron increasing by 2.2% to $10.70 and food and beverage revenue per patron increasing by 7.4% to $4.98. Other revenue per patron decreased by 8.8% as theater rental revenue generated during 2021 was replaced by regular admissions and food and beverage revenue.

在國際業務方面，按固定匯率計算，第四季度收入下降 16.6%，每位顧客的入場收入增長 2.2% 至 10.70 美元，每位顧客的餐飲收入增長 7.4% 至 4.98 美元。由於 2021 年產生的劇院租金收入被定期入場和餐飲收入所取代，每位顧客的其他收入下降了 8.8%。

We continue to generate strong growth in revenue per patron as our guests enjoy our innovative food and beverage offerings, including movie theater themed cocktails and collectible items. Our initiatives to optimize admissions revenue, including blockbuster pricing are yielding positive results and the increased adoption of our industry-leading AMC app and our marketing initiatives, are all helping to drive overall revenue per patron growth.

隨著我們的客人享受我們的創新食品和飲料產品，包括電影院主題雞尾酒和收藏品，我們的每位顧客收入繼續強勁增長。我們優化入場收入的舉措（包括大片定價）正在產生積極成果，我們行業領先的 AMC 應用程序和營銷舉措的採用率不斷提高，都有助於推動每位顧客的總收入增長。

And this growth is further supported by increased premium format or PLF penetration. With PLF attendance representing 25.5% of domestic attendance in Q4 2022 compared to 19.8% in Q4 of 2021. And in our international markets, premium formats attendance represented 18% of attendance compared to 10.7% in the fourth quarter of 2021. So clearly, guests are increasingly appreciating the premium experience offered by our IMAX, Dolby and AMC Prime offerings.

高級格式或 PLF 滲透率的提高進一步支持了這種增長。 PLF 出席人數佔 2022 年第四季度國內出席人數的 25.5%，而 2021 年第四季度為 19.8%。在我們的國際市場，高端格式出席人數占出席人數的 18%，而 2021 年第四季度為 10.7%。很明顯，客人越來越欣賞我們的 IMAX、杜比和 AMC Prime 產品提供的優質體驗。

Looking forward, we will maintain our focus on the guest experience that supports the strength of our key performance metrics, including: one, ongoing enhancement of our loyalty programs, and the functionality of the AMC app; two, innovative food and beverage offerings; three, investing in providing the best possible sight and sound experiences through advanced laser projection technology and premium offerings such as IMAX, Dolby and AMC Prime; and four, growing revenue through diversification initiatives, such as retail popcorn, the AMC credit card, renting out our theaters during off-peak times, marketing and promotional initiatives. All of the above to be achieved while paying very close attention to our overall operating efficiency.

展望未來，我們將繼續關注支持我們關鍵績效指標優勢的客戶體驗，包括：一是不斷增強我們的忠誠度計劃，以及 AMC 應用程序的功能；二、創新餐飲產品；第三，投資於通過先進的激光投影技術和 IMAX、杜比和 AMC Prime 等優質產品提供最佳的視覺和聽覺體驗；第四，通過零售爆米花、AMC 信用卡、在非高峰時段出租我們的劇院、營銷和促銷活動等多元化舉措來增加收入。在密切關注我們的整體運營效率的同時，要實現上述所有目標。

Let's talk about the balance sheet now. We ended the quarter with liquidity of $843 million, comprised of $632 million of cash and cash equivalents and $211 million of undrawn credit facilities. During the fourth quarter, net cash used in operating activities was $33.3 million, and we achieved positive non-GAAP operating cash generated of $57.5 million. And we define operating cash generated as cash from operating activities plus total capital expenditures before debt servicing costs and before deferred rent payback.

現在讓我們談談資產負債表。本季度結束時，我們的流動資金為 8.43 億美元，其中包括 6.32 億美元的現金和現金等價物以及 2.11 億美元的未動用信貸額度。第四季度，經營活動使用的現金淨額為 3330 萬美元，我們實現了 5750 萬美元的非 GAAP 經營現金產生。我們將產生的經營現金定義為經營活動產生的現金加上在償債成本和遞延租金償還之前的總資本支出。

During 2022, we were active in the capital markets as we took actions to strengthen our balance sheet. In total, in 2022, we raised $229 million of gross equity capital. We refinanced $1.4 billion of debt, we extended certain debt maturities through to 2026 and beyond, and we repurchased $123.5 million of debt at an average discount of 43.7%. The net result is a $220 million reduction in the principal amount of interest-bearing debt outstanding during 2022.

在 2022 年期間，我們在資本市場上表現活躍，因為我們採取了加強資產負債表的行動。總的來說，在 2022 年，我們籌集了 2.29 億美元的總股本。我們為 14 億美元的債務進行再融資，將某些債務期限延長至 2026 年及以後，並以 43.7% 的平均折扣回購了 1.235 億美元的債務。最終結果是 2022 年未償付息債務本金減少 2.2 億美元。

And during '22, we also strengthened our balance sheet by repaying approximately $158 million of deferred rent, and this reduced our deferred rent balance to $157.2 million at December 31, 2022. You may recall that back in March of 2021, this deferred rent balance was more than $470 million. So over the last 21 months, we have lowered our deferred rent liability by approximately $313 million.

在 22 年期間，我們還通過償還大約 1.58 億美元的遞延租金來加強我們的資產負債表，這使我們在 2022 年 12 月 31 日的遞延租金餘額減少到 1.572 億美元。您可能還記得，早在 2021 年 3 月，這個遞延租金餘額超過 4.7 億美元。因此，在過去 21 個月中，我們將遞延租金負債減少了約 3.13 億美元。

All told, if we include the decrease in deferred rent, we reduced our liabilities by a total of $378 million in 2022. And in addition to that, so far in the first quarter of 2023, we have raised another $84.7 million of gross equity proceeds and we have reduced the principal balance of our debt outstanding by an additional $170.2 million through the exchange of debt into equity and capitalizing on opportunities to repurchase debt at a discount.

總而言之，如果我們將遞延租金的減少包括在內，我們在 2022 年總共減少了 3.78 億美元的負債。除此之外，到 2023 年第一季度為止，我們又籌集了 8470 萬美元的股權收益總額通過將債務轉換為股權並利用機會以折扣價回購債務，我們已將未償債務的本金餘額再減少 1.702 億美元。

These actions in the first quarter of 2023 so far, take our total debt reduction to $548 million when we include the reduction in deferred rent liabilities, and our total equity capital so far raised to $314 million. Note that during 2023 we plan to further reduce the deferred rent balance by another $75 million to $100 million and this will reduce the liability to approximately $60 million to $80 million by the end of 2023.

到目前為止，2023 年第一季度的這些行動使我們的債務總額減少到 5.48 億美元（包括遞延租金負債的減少），並且我們的總股本到目前為止增加到 3.14 億美元。請注意，在 2023 年期間，我們計劃將遞延租金餘額進一步減少 7500 萬美元至 1 億美元，到 2023 年底，這將使負債減少至約 6000 萬至 8000 萬美元。

Regarding capital allocation, our priorities remain unchanged: one, we need to maintain sufficient liquidity to manage through the recovery phase of our business; two, we just strengthened our balance sheet by extending debt maturities, reducing debt and reducing associated interest costs; three, invest in our business to continue to enhance the guest experience; and four, opportunistically pursue value-enhancing initiatives, including those that lead to diversification of our business and revenue streams.

在資金配置方面，我們的重點沒有改變：一是我們需要保持充足的流動性，以應對我們業務的複蘇階段；第二，我們剛剛通過延長債務期限、減少債務和降低相關利息成本來加強我們的資產負債表；三、投資於我們的業務以持續提升賓客體驗；第四，機會主義地追求提升價值的舉措，包括那些導致我們的業務和收入來源多樣化的舉措。

Having the flexibility to raise equity capital allows us to opportunistically take critical actions to strengthen our balance sheet and at the same time, successfully navigate through the ongoing recovery of our industry. For these reasons, I would like to take this opportunity to urge shareholders to vote in favor of the proposals that will be voted on at the upcoming shareholder meeting on March 14. These proposals are designed to protect the long-term value of AMC equity and provide us with the flexibility necessary to ensure a successful recovery from the ongoing impact of the COVID pandemic.

擁有籌集股本的靈活性使我們能夠抓住機會採取關鍵行動來加強我們的資產負債表，同時成功地度過我們行業的持續復甦。基於這些原因，我想藉此機會敦促股東投票贊成將於 3 月 14 日召開的股東大會上表決的提案。這些提案旨在保護 AMC 股權的長期價值和為我們提供必要的靈活性，以確保從 COVID 大流行的持續影響中成功恢復。

Our capital expenditure, net of landlord contributions was $69 million in the fourth quarter of 2022, and we finished the year with a total net CapEx spend of $182.1 million. And similar to 2022, looking towards 2023, we expect our capital expenditure to be in the range of $150 million to $200 million.

2022 年第四季度，我們的資本支出扣除房東捐款後為 6900 萬美元，到年底我們的資本支出淨支出總額為 1.821 億美元。與 2022 年類似，展望 2023 年，我們預計我們的資本支出將在 1.5 億美元至 2 億美元之間。

Actively managing our theater portfolio continues to be a priority as we add new high-performing locations and eliminate low performance, all with the goal of improving our guest satisfaction and enhancing our overall profitability.

積極管理我們的劇院組合仍然是我們的首要任務，因為我們增加了新的高績效地點並消除了低績效，所有這些都是為了提高我們的客人滿意度和提高我們的整體盈利能力。

During the fourth quarter, we added 5 new theaters and we closed 9. This brings the total number of locations closed since the pandemic began to 115 and the total new locations opened to 54 for a net reduction of 61 locations. The combined 54 new locations continue to substantially outperform the 115 closed locations prior to their closings, and they also are outperforming our underwriting expectations.

第四季度，我們新增了 5 家影院，關閉了 9 家。這使自大流行開始以來關閉的影院總數達到 115 家，新開業影院總數達到 54 家，淨減少 61 家。合併後的 54 個新地點的表現繼續大大優於關閉前關閉的 115 個地點，而且它們的表現也超出了我們的承保預期。

Looking forward, we're optimistic about the future and the opportunities to strengthen and diversify our business while continuing to enhance our financial position.

展望未來，我們對未來以及在繼續增強我們的財務狀況的同時加強和多元化我們的業務的機會持樂觀態度。

So with that, I'll hand the call back over to Adam to review some exciting recent announcements and provide an update on our strategic initiatives, including our upcoming stockholder meeting. Adam?

因此，我將把電話轉回給亞當，讓他回顧最近一些令人興奮的公告，並提供我們戰略計劃的最新情況，包括即將舉行的股東大會。亞當？

Thank you, Sean. As I said at the top of the call, at AMC, we're all smiles today, but by no means are we out of the woods yet. We will need to remain smart and action-oriented to successfully chart our way through what are still COVID-impacted waters. But clearly, we have been and are now making great progress. And while we have much more work ahead of us still, my ongoing conversations with our studio partners, including some as recently as this weekend, buoys my optimism that more movies are indeed headed to theaters, and that the value of theatrical exhibition is clearly recognized and internalized by the heads of every single major studio.

謝謝你，肖恩。正如我在電話會議的開頭所說，在 AMC，我們今天都面帶微笑，但我們還沒有走出困境。我們將需要保持聰明和以行動為導向，以成功地通過仍受 COVID 影響的水域。但顯然，我們已經並且現在正在取得很大進展。雖然我們還有更多的工作要做，但我與我們的工作室合作夥伴正在進行的對話，包括最近在本週末的一些對話，讓我更加樂觀地認為，更多的電影確實會進入影院，而且院線放映的價值得到了明確的認可並被每個主要工作室的負責人內化。

As the leader of AMC, I am proud that we have resiliently weathered many storms over the past 36 months. A storm first of the virus itself, then the threat to exclusive theatrical windows. More recently, the conviction held by some that streaming services would win out over theaters and all through it was the concern that there would not be enough cash in the coffers for AMC to outlast all that we had to stir down.

作為 AMC 的領導者，我很自豪我們在過去 36 個月中經受住了多次風暴。首先是病毒本身的風暴，然後是對獨家影院窗口的威脅。最近，一些人堅信流媒體服務將勝過影院，而自始至終，人們擔心 AMC 的金庫中沒有足夠的現金來維持我們不得不動搖的一切。

What's more? There was the added complexity for us of doing something well that few, if any company ever thought about before, how to adjust to a whole new cadre of millions of individual shareholders taking ownership of our company. Fortunately, for us, the people who predicted that we could not weather the storms were all wrong. And more fortunately, for us, those new retail investors turned out to be the savers of our company. Their passion for AMC saved our company as they provide us with the cash resources we needed to survive.

更重要的是？對我們來說，要做好一些事情會增加複雜性，很少有公司（如果有的話）以前想過如何適應擁有我們公司所有權的數百萬個人股東的全新幹部。幸運的是，對我們來說，那些預測我們經不起風雨的人都錯了。更幸運的是，對我們來說，那些新的散戶投資者竟然是我們公司的救星。他們對 AMC 的熱情拯救了我們的公司，因為他們為我們提供了生存所需的現金資源。

They also flooded us with some truly great ideas, including one of my personal favorites, that we should sell popcorn into the home market in what is, after all, a multibillion-dollar category. This morning's exciting news announcement that the retail launch of AMC's microwave and ready-to-eat Perfectly Popcorn is at hand and exclusively with the nation's largest retailer, Walmart. It keeps a promise to do so that I made 16 months ago to our shareholders and is yet another example of AMC's powerful commitment to innovation.

他們還向我們灌輸了一些真正偉大的想法，包括我個人最喜歡的想法之一，即我們應該在國內市場銷售爆米花，畢竟這是一個價值數十億美元的品類。今天早上令人振奮的消息是，AMC 的微波爐和即食 Perfectly 爆米花的零售發布即將在全美最大的零售商沃爾瑪獨家發售。它兌現了我 16 個月前向我們的股東做出的承諾，這是 AMC 對創新的堅定承諾的又一個例子。

Beginning on March 11, just ahead of the Oscars telecast on March 12, AMC's ready-to-eat popcorn will be available exclusively at hundreds of Walmart locations on much sought after featured and cap displays. In the weeks that follow, AMC Perfectly Popcorn will hit the shelves again exclusively at more than 2,600 Walmart stores in the United States with 3 varieties of ready-to-eat popcorn in the following flavors: classic butter; extra butter; and for those seeking a lower sodium solution, lightly salten.

從 3 月 11 日開始，就在 3 月 12 日奧斯卡電視轉播之前，AMC 的即食爆米花將在數百家沃爾瑪門店獨家發售，並以備受追捧的特色和瓶蓋展示形式出售。在接下來的幾週內，AMC Perfectly Popcorn 將再次在美國 2,600 多家沃爾瑪門店獨家上架，提供以下 3 種即食爆米花口味：經典黃油；額外的黃油；對於那些尋求低鈉溶液的人，可以稍微加鹽。

The ready-to-eat varieties are expected to be priced at $3.98 per bag, plus tax, and they all offer the authentic taste of real AMC movie theater popcorn to be enjoyed anywhere. Then our microwave AMC Perfectly Popcorn will become available at Walmart. Again, in the same 3 flavors: classic butter, extra butter, lightly salted. And they are expected to retail for $4.98 plus tax for a 6-count box.

即食品種的預計售價為每袋 3.98 美元（含稅），它們都提供正宗的 AMC 電影院爆米花口味，可在任何地方享用。然後我們的微波爐 AMC Perfectly Popcorn 將在沃爾瑪上市。同樣，具有相同的 3 種口味：經典黃油、特級黃油、微鹹。預計每盒 6 盒的零售價為 4.98 美元加稅。

As an added and unique benefit, the extra butter microwave boxes will include 6 packets of additional buttery topping that eaters at home can use and slather all over their popcorn truly replicating that ultimate AMC movie theater popcorn experience. This first-of-a-kind approach by a theatrical exhibitor to distribute ready-to-eat and microwave popcorn at retail outlets all across the country, further differentiates AMC as the undisputed leader in this industry and greatly extends the visibility of the AMC brand.

作為一項額外的獨特好處，額外的黃油微波爐盒將包括 6 包額外的黃油配料，在家用餐的人可以使用這些配料，並在爆米花上塗上厚厚的一層，真正複製 AMC 電影院的終極爆米花體驗。影院放映商首次在全國各地的零售店銷售即食爆米花和微波爆米花，進一步突出了 AMC 作為該行業無可爭議的領導者的地位，並極大地提高了 AMC 品牌的知名度.

Another idea that came to us from our investors was to sell AMC and movie themed merchandise. We are doing so now across the United States and online. As every major movie releases, as every big tent-pole releases, we have something themed for that film. And it's but one of many such examples of success here are if you can believe it, Ant-Man popcorn helmets have been quite popular, selling almost $2 million worth in less than 2 weeks. This has proven to be such a successful concept that we're about to launch the same activity across our theaters in Europe. Thank you, retail shareholders for the idea.

我們的投資者提出的另一個想法是銷售 AMC 和電影主題商品。我們現在正在全美和網上這樣做。隨著每一部主要電影的上映，隨著每一部大片的上映，我們都會為那部電影準備一些主題。這只是眾多此類成功案例中的一個，如果您能相信的話，蟻人爆米花頭盔非常受歡迎，在不到 2 週的時間內售出了價值近 200 萬美元的商品。這已被證明是一個非常成功的概念，我們即將在歐洲的劇院推出同樣的活動。謝謝散戶股東的想法。

Next on the innovation docket is the launch of our new co-branded AMC Entertainment Visa Card coming soon to a wallet or a purse near you. It's been designed to drive increased AMC brand loyalty along with incremental attendance to our AMC theaters and should generate attractive financial returns with very little risk to boot.

接下來的創新計劃是推出我們新的聯合品牌 AMC Entertainment Visa 卡，即將推出您身邊的錢包或錢包。它旨在提高 AMC 品牌忠誠度以及增加我們 AMC 影院的上座率，並且應該以極低的啟動風險產生有吸引力的財務回報。

And finally, we recently announced a potentially important development, we announced that we are testing Sightline seating at AMC in some of our theaters in New York, Chicago and Kansas City. New York and Chicago because they're big cities in the United States. Kansas City because we're headquartered here, and we ourselves want to walk into our theaters and talk to our guests and gauge their reactions directly and firsthand.

最後，我們最近宣布了一個潛在的重要發展，我們宣布我們正在紐約、芝加哥和堪薩斯城的一些影院測試 AMC 的 Sightline 座椅。紐約和芝加哥，因為它們是美國的大城市。堪薩斯城，因為我們的總部設在這裡，我們自己也想走進我們的劇院，與我們的客人交談，直接和第一手地評估他們的反應。

This -- the test is being done as a -- for a potential nationwide rollout later in 2023. With Sightline seating, as you know, if you saw the release, we are charging a slight premium for the most popular seats in an auditorium but discounting the prices of less popular seats closer to the screen upfront. This is in line with our other sellers price their seats for live theater, for concerts, for sporting events. It's also how we've been pricing movie theater tickets in Europe for many years.

這項測試正在進行中，可能會在 2023 年晚些時候在全國范圍內推出。如您所知，如果您看到了發布的 Sightline 座位，我們將對禮堂中最受歡迎的座位收取少量費用，但提前打折靠近屏幕的不太受歡迎的座位的價格。這與我們其他賣家為現場劇院、音樂會和體育賽事的座位定價一致。這也是我們多年來在歐洲為電影院門票定價的方式。

We do understand, however, that this is a substantial change to the status quo for U.S. moviegoers. So we will be watching very closely how moviegoers react to the changes that are being tested right now. We will report back to you in future calls what we're seeing in the tests, and we look forward to this thing working well for the benefit both of our moviegoing public and for AMC.

然而，我們確實理解，這是對美國電影觀眾現狀的重大改變。因此，我們將密切關注影迷對目前正在測試的變化的反應。我們將在未來的電話會議中向您報告我們在測試中看到的情況，我們期待這件事能夠很好地為我們的電影公眾和 AMC 帶來好處。

AMC's ability to continue to raise capital during our ongoing recovery, makes all these potentially transformative innovations and new actions possible. And it is crucial to our future success. To that end, I'd like to utilize the remainder of my formal remarks today to discuss the upcoming March 14 Special Stockholders' Meeting, and the importance of the proposals on which our shareholders are already voting.

AMC 在我們持續復甦期間繼續籌集資金的能力，使所有這些潛在的變革性創新和新行動成為可能。這對我們未來的成功至關重要。為此，我想利用今天剩餘的正式發言來討論即將召開的 3 月 14 日特別股東大會，以及我們的股東已經投票表決的提案的重要性。

Last August, we issued 516,800,000 APE, preferred equity units as the dividend to holders of our AMC common shares on a one-for-one basis. The primary goals of issuing the APE dividend was to provide AMC with a new currency that could be used to strengthen our balance sheet by generating cash, bolstering our liquidity to reduce our debt and to allow us to grow. And that is precisely what the APE units have done.

去年 8 月，我們發行了 516,800,000 APE，即優先股，作為對我們 AMC 普通股持有人的紅利。發行 APE 股息的主要目標是為 AMC 提供一種新貨幣，這種貨幣可用於通過產生現金來加強我們的資產負債表，增強我們的流動性以減少我們的債務並允許我們發展。而這正是 APE 單位所做的。

Since September of 2022, the creation of APE units resulted in AMC successfully raising $314 million of gross cash proceeds and allowed us to reduce the principal balance of our debt by more than $221 million, most of which was profitably repurchased at a substantial discount. Indeed, AMC is unequivocally a stronger company today as a result of the creation of the APE dividend and it's allowing us to raise cash and reduce debt.

自 2022 年 9 月以來，APE 單位的創建使 AMC 成功籌集了 3.14 億美元的總現金收益，並使我們的債務本金餘額減少了超過 2.21 億美元，其中大部分以大幅折扣回購併獲利。事實上，由於 APE 股息的產生，AMC 今天無疑是一家更強大的公司，它使我們能夠籌集現金並減少債務。

I might add that, that came amidst a lot of press speculation that we'd be unsuccessful in doing so. To the naysayers and doom tellers, you know what I say, choke on that.

我可能會補充說，這是在很多媒體猜測我們這樣做不會成功的情況下出現的。對於反對者和宣告末日的人，你知道我在說什麼，對此感到窒息。

However, despite having the same economic and voting rights as our AMC common shares, APE preferred equity units have consistently traded at a mysterious and substantial discount to AMC common shares. This discount creates inefficiencies that increases our cost of capital and causes unnecessary and preventable dilution. So after careful thought, the AMC Board of Directors is presenting important proposals for shareholders to vote on at the upcoming special meeting on March 14, 2022.

然而，儘管 APE 優先股與我們的 AMC 普通股擁有相同的經濟和投票權，但其優先股一直以相對於 AMC 普通股的神秘且大幅折扣進行交易。這種折扣造成效率低下，增加了我們的資本成本，並導致不必要和可預防的稀釋。因此，經過慎重考慮，AMC 董事會提出重要提案，供股東在即將於 2022 年 3 月 14 日召開的特別會議上進行表決。

These proposals are designed to protect the long-term value of a shareholders' investment in AMC while still providing AMC with the flexibility necessary to continue along our recovery trajectory in a challenging environment. As you already know, the 2 key proposals are to: one, increase the number of authorized AMC common shares from 524 million to 550 million and combine the AMC common shares and APE preferred units; second, to affect a reverse stock split of 1 share for every 10, which, together with the increase in authorized common shares permits that automatic conversion of APE units into AMC common stock.

這些提案旨在保護股東對 AMC 投資的長期價值，同時仍為 AMC 提供必要的靈活性，以便在充滿挑戰的環境中繼續沿著我們的複蘇軌道前進。如您所知，2項關鍵提案是：一是將授權AMC普通股數量從5.24億股增加到5.5億股，並將AMC普通股與APE優先股合併；其次，影響每 10 股 1 股的反向股票分割，這與授權普通股的增加一起允許 APE 單位自動轉換為 AMC 普通股。

Our Board and I strongly believe that's in the best interest now of AMC shareholders to convert APE units into AMC common shares, thereby simplifying our capital structure and eliminating the gap between the prices of APE units and of AMC shares.

我們的董事會和我堅信，現在將 APE 單位轉換為 AMC 普通股符合 AMC 股東的最佳利益，從而簡化我們的資本結構並消除 APE 單位和 AMC 股票價格之間的差距。

As AMC's single largest individual shareholder with millions of AMC shares and APE units. I have a vested interest in the outcome of this election because my net worth rises as AMC strengthens and my network falls as AMC gets weaker. I currently own outright some 3.7 million AMC shares or APE units and have a further economic interest and an additional 4.5 million APE units or AMC shares as a result of granted but unvested stock. In total, I have some 8.2 million AMC shares or AMC units.

作為 AMC 的單一最大個人股東，擁有數百萬的 AMC 股份和 APE 單位。我對這次選舉的結果有既得利益，因為我的淨資產隨著 AMC 的增強而增加，而我的網絡隨著 AMC 的減弱而下降。我目前完全擁有大約 370 萬股 AMC 股份或 APE 單位，並且由於已授予但未歸屬的股票而擁有進一步的經濟利益和額外的 450 萬股 APE 單位或 AMC 股份。我總共擁有大約 820 萬股 AMC 股票或 AMC 單位。

You know what that means? It means that my interests are directly aligned with those of our shareholders. I am not some hedge fund plan or Trojan Horse as a few of the more bizarre conspiracy theories go. I'm on the side of the retail investor because I am myself a retail investor. And I'd like to share with you the 7 reasons why I have voted yes, voting for the proposals that are being recommended by the Board.

你知道這意味著什麼？這意味著我的利益與我們股東的利益直接一致。我不是一些對沖基金計劃或特洛伊木馬，因為一些更離奇的陰謀論。我站在散戶投資者一邊，因為我自己就是散戶投資者。我想與大家分享我投贊成票的 7 個理由，投票支持董事會推薦的提案。

Before I do so, however, I should point out that litigation has been brought in the Delaware Court of Chancery attempting to block our shareholder proposals, and you are right to vote on them. We believe such litigation is without merit, that our actions have been totally lawful and consistent with our charter, and we will vigorously defend our position in this matter.

然而，在我這樣做之前，我應該指出，特拉華州衡平法院已經提起訴訟，試圖阻止我們的股東提案，你有權對它們進行投票。我們認為這樣的訴訟是沒有根據的，我們的行為是完全合法的，符合我們的章程，我們將在這件事上積極捍衛我們的立場。

The court has ordered that the March 14 vote shall take place on schedule, but then any implementation action resulting from the vote be held in advance until the court rules on the substance of the claims being made. So the vote is on, and it is on now. I urge our shareholders to vote now so that your voice can be heard. And because I think it's the right thing for me to do and for you to do. I urge you to vote for the proposals with me.

法院已下令 3 月 14 日的投票應如期進行，但隨後因投票產生的任何實施行動將提前舉行，直到法院就所提出的索賠的實質內容作出裁決。所以投票開始了，現在開始了。我敦促我們的股東現在投票，以便聽到您的聲音。因為我認為這對我和你來說都是正確的。我敦促你和我一起投票支持這些提案。

Here's why. First, a more resilient AMC. Having the flexibility to efficiently and opportunistically tap both the equity and debt capital markets results in a more resilient company. Were it not for our ability to have raised both equity and debt over the past 3 years, AMC would not have survived the pandemic that caused a material decline in our business activity.

這就是為什麼。首先，更具彈性的資產管理公司。能夠靈活地有效地和機會主義地利用股票和債務資本市場，可以造就一家更具彈性的公司。如果不是因為我們有能力在過去 3 年中同時籌集股權和債務，AMC 將無法在導致我們業務活動大幅下滑的大流行中倖存下來。

Second, reduced capital raising inefficiencies associated with APE units trading at a discount to AMC shares. Converting APE units to AMC shares will result in a single price for all AMC equity. This single price eliminates the inefficiency inherent in the discount between APE units and AMC common stock and will allow AMC to more efficiently raise equity capital at the most attractive terms in the future.

其次，減少與 APE 單位以低於 AMC 股票的價格交易相關的融資效率低下。將 APE 單位轉換為 AMC 股份將導致所有 AMC 股權採用單一價格。這一單一價格消除了 APE 單位與 AMC 普通股之間折扣所固有的低效率，將使 AMC 能夠在未來以最具吸引力的條款更有效地籌集股本。

Third, enhance the ability to raise cash and increase liquidity. While I believe AMC is currently in a strong liquidity position with more than $840 million of available liquidity at the end of December 22, the ability to efficiently raise additional liquidity when needed has proven to be critical for this company in the past. And depending upon the path and timing of recovery may be critical to our survival, again, in the future.

三是增強變現能力，增加流動性。雖然我認為 AMC 目前處於強勁的流動性狀況，截至 12 月 22 日年底可用流動性超過 8.4 億美元，但過去證明，在需要時有效籌集額外流動性的能力對該公司至關重要。取決於恢復的路徑和時間，這可能對我們未來的生存至關重要。

Fourth, strengthen AMC's balance sheet. AMC's balance sheet is expected to strengthen over time as the box office grows. At the same time, as we have demonstrated in recent months, there continue to be attractive opportunities for us to use available equity or equity proceeds to buy back debt or exchange debt for equity at a discount to face value, which greatly benefits shareholders.

第四，加強AMC的資產負債表。隨著票房的增長，AMC 的資產負債表預計會隨著時間的推移而增強。與此同時，正如我們最近幾個月所證明的那樣，我們繼續有誘人的機會使用可用股權或股權收益以低於面值的價格回購債務或將債務換成股權，這極大地有利於股東。

Fifth, simplify ownership in AMC. Consolidating ownership of AMC into 1 single class for all shareholders eliminates the added complexity that some brokerages have imposed on their clients in the holding or trading of our preferred equity securities. In addition, the single class of equity eliminates the potential for hedge funds or other investors to engage in arbitrage trading strategies between the APE and AMC securities.

第五，簡化資產管理公司的所有權。將 AMC 的所有權合併為所有股東的單一類別，消除了一些經紀公司在持有或交易我們的優先股證券時強加給客戶的額外複雜性。此外，單一類別的股權消除了對沖基金或其他投資者在 APE 和 AMC 證券之間進行套利交易策略的可能性。

Sixth, position AMC to transform into a stronger, more diversified company. A single equity class will better allow us to pursue attractive shareholder value creation opportunities to diversify and to transform our business.

第六，將AMC定位為更強大、更多元化的公司。單一股權類別將使我們能夠更好地尋求有吸引力的股東價值創造機會，以實現業務多元化和轉型。

And last, seventh, create long-term value for AMC. A vote for the resolutions is a vote in favor of the long-term value of AMC. Since we announced our intention to hold a shareholder vote to convert APE units into AMC shares, the total equity value of our company has increased.

最後，第七，為 AMC 創造長期價值。對決議的投票是對 AMC 長期價值的投票。自從我們宣布打算舉行股東投票將 APE 單位轉換為 AMC 股份以來，我們公司的總股本價值有所增加。

The other matter of consequence being discussed at the March 14 shareholder meeting is the one for tender of our stock split. So let me quickly address that topic. If you have 10 $1 bills in your pocket and you exchange them for 1 $10 bill, you still have $10 either way. If you would have 10 $10 bills in your pocket, and you exchange them for 1 $100 bill, you'd still have $100 either way. This reverse split in and of itself should be neutral.

在 3 月 14 日的股東大會上討論的另一項重要事項是我們的股票分割招標。所以讓我快速談談這個話題。如果你口袋裡有 10 張 1 美元的鈔票，你用它們換了 1 張 10 美元的鈔票，無論哪種方式，你仍然有 10 美元。如果你口袋裡有 10 張 10 美元的鈔票，你用它們換了 1 張 100 美元的鈔票，無論哪種方式，你仍然有 100 美元。這種反向分裂本身應該是中性的。

However, for a variety of reasons, including the technical listing rules of stock exchanges, we think it's unwise for our shares to be trading at levels in the single digits. The reverse split also creates room to allow for the full conversion of APEs into common stock, which we also think is a good idea for each of you, as I previously explained, and creates the capacity for common stock to be issued -- adds equity in the future.

然而，出於各種原因，包括證券交易所的技術上市規則，我們認為我們的股票以個位數交易是不明智的。反向拆分還創造了允許 APE 完全轉換為普通股的空間，正如我之前解釋的那樣，我們也認為這對你們每個人都是一個好主意，並創造了發行普通股的能力——增加股權將來。

In my view, I believe that there is no compelling argument why our shareholders should generally be averse to reverse stock split. As I stated earlier, having the flexibility to continue to raise capital as we navigate through our recovery is crucial to AMC's future success and has thus far kept us from the state of several of our competitors who have been forced to seek bankruptcy protection. Where we to be somehow the pride of this cash-raising capability, our future may not nearly be so bright as it appears currently. Indeed, our future could turn quite bleak in just a blink of an eye.

在我看來，我認為沒有令人信服的論據可以說明為什麼我們的股東通常應該反對反向股票分割。正如我之前所說，在我們經歷復甦的過程中能夠靈活地繼續籌集資金對於 AMC 未來的成功至關重要，並且迄今為止使我們避免了我們的幾個競爭對手被迫尋求破產保護的情況。如果我們以某種方式成為這種籌款能力的驕傲，我們的未來可能不會像現在看起來那麼光明。事實上，我們的未來可能會在眨眼之間變得黯淡無光。

I cannot emphasize enough that while things are looking up now, our success could literally vaporize in an instant if we misstep. The reason we have succeeded to date is that in our opinion, we have threaded the needle perfectly heretofore during this pandemic. But make no mistake, the need to continue to thread the needle perfectly going forward is unchanged at AMC Entertainment. Fortunately, we're pretty good at this. And we've been at it a while and we know what we're doing.

我怎麼強調都不為過，儘管現在情況正在好轉，但如果我們失誤，我們的成功可能會瞬間化為烏有。我們迄今為止取得成功的原因是，在我們看來，迄今為止，我們在這場大流行病期間已經完美地完成了工作。但請不要誤會，AMC Entertainment 沒有改變繼續完美前進的需求。幸運的是，我們很擅長這個。我們已經有一段時間了，我們知道我們在做什麼。

I know I have about 3 million or 4 million friends out there who like to give me advice. But I'd like to remind you, we've done a pretty good job of stewarding this company during tough times. Avoiding a dire fate is a commitment that I personally made to our shareholders in the earliest days of this global pandemic when our revenues went to 0 overnight and stayed there for months. I remain steadfast in that commitment to you today.

我知道我有大約 300 萬或 400 萬朋友願意給我建議。但我想提醒你，我們在困難時期很好地管理了這家公司。避免可怕的命運是我個人在這場全球大流行的最初幾天對我們的股東做出的承諾，當時我們的收入一夜之間變為 0 並保持了幾個月。今天，我仍然堅定不移地履行對您的承諾。

Every action that AMC has taken is in direct support of that commitment. Despite what the naysayers or the short sellers of those that wish us harm would have you believe, our mission now is clear. And it's the same exact cause that so many of our shareholders joined and embraced way back in the dark days of 2020 and early 2021. You all remember the hashtag, SaveAMC.

AMC 採取的每一項行動都是對這一承諾的直接支持。儘管那些希望我們受到傷害的反對者或賣空者會讓您相信什麼，但我們現在的使命很明確。這正是我們的許多股東在 2020 年和 2021 年初的黑暗日子裡加入並擁抱的確切原因。你們都記得標籤 SaveAMC。

That's the report for Q4 2022. Sean, let's now move to questions, both from our industry analysts and from our shareholders.

這是 2022 年第四季度的報告。肖恩，現在讓我們談談來自我們的行業分析師和股東的問題。

Great. Thanks, Adam. Let's start with some questions from our shareholders. There are a number of questions coming through about the upcoming shareholder vote that we just spoke about. Here is a good example. What are the implications if the vote passes? And what are the implications if the vote does not pass?

偉大的。謝謝，亞當。讓我們從股東提出的一些問題開始。關於我們剛才談到的即將舉行的股東投票，有很多問題。這是一個很好的例子。如果投票通過，會有什麼影響？如果投票不通過，會有什麼影響？

So if the vote passes, it's my expectation that this ridiculous gap between the price of an APE and the price of an AMC share will go away. And when I say it's a ridiculous gap, folks have the same thing. They have the same economic rights. They have the same voting rights. Why shouldn't APE be trading at 1/3 the price of a common share or 1/7 of the price of a common share as it was just 2 months ago. If the vote passes, I think what you'll find is that this discounting of the APE goes away. What that means is that we'll be able to raise capital on -- in my opinion, more attractive terms.

因此，如果投票通過，我預計 APE 價格與 AMC 股票價格之間的這種荒謬差距將會消失。當我說這是一個荒謬的差距時，人們也有同樣的看法。他們擁有相同的經濟權利。他們擁有相同的投票權。為什麼 APE 不應像 2 個月前那樣以普通股價格的 1/3 或普通股價格的 1/7 進行交易。如果投票通過，我想你會發現 APE 的這種貼現消失了。這意味著我們將能夠籌集資金——在我看來，更有吸引力的條款。

If the -- similarly what will happen if vote passes is there will be a 1 to 10 reverse stock split. So you'll stop seeing the share price of AMC floating around $3 or $4 or $5 a share. The simple math is it should multiply by 10. Where it goes in there, up or down, that's a function of market dynamics. But it is simple math, you'll be trading 1 share -- you'll be trading 10 shares for 1, which mathematically should be priced 10x higher.

如果——同樣，如果投票通過，將會發生 1 到 10 的反向股票拆分。因此，您將不再看到 AMC 的股價在每股 3 美元、4 美元或 5 美元左右浮動。簡單的數學計算是它應該乘以 10。它在哪裡，向上或向下，這是市場動態的函數。但這是簡單的數學運算，您將交易 1 股——您將以 10 股換 1 股，從數學上講，其價格應高出 10 倍。

If it -- if the votes that we're voting on at this shareholder meeting do not pass. It's true that the reverse split won't happen. But what is true is that the status quo doesn't change, which means that there's still be APEs, and there are still the AMC shares. The APEs will continue to trade at a discount, I would guess. No one has a perfect crystal ball, but that's been the experience since August.

如果它 - 如果我們在本次股東大會上投票的選票沒有通過。反向分裂確實不會發生。但事實是，現狀沒有改變，這意味著 APE 仍然存在，AMC 份額仍然存在。我猜 APE 將繼續以折扣價交易。沒有人擁有完美的水晶球，但這是自八月以來的經驗。

And since our ability to raise capital is tied only to the price of the APE. If the APE continues to exist, it would seem that we would be -- we wouldn't be bought from raising capital but we'll be raising capital on much less attractive terms. It would cause more dilution of the stock that is entirely 100% preventable if a majority of our shareholders vote, yes.

而且由於我們籌集資金的能力只與 APE 的價格掛鉤。如果 APE 繼續存在，我們似乎會 - 我們不會通過籌集資金被收購，但我們將以吸引力低得多的條件籌集資金。如果我們的大多數股東投票，這將導致更多的股票稀釋，這完全是 100% 可以預防的，是的。

So here, another question related to this. It's related to the reverse stock split. And basically, it says, why do we need to do a reverse stock split? Can't we just convert APE units into AMC without doing this reverse stock split?

所以在這裡，另一個與此相關的問題。這與反向股票分割有關。基本上，它說，為什麼我們需要進行反向股票分割？我們不能在不進行反向股票拆分的情況下將 APE 單位轉換為 AMC 嗎？

We could. But as I said in my earlier remarks, the share price would hover in the single digits. And there are certain technical listing rules on stock exchanges. We don't think it's a good idea for our stock to be trading in single digits. And since we're going to have a shareholder vote anyway, it seems logical to us to resolve both questions at the same time.

我們可以。但正如我之前所說，股價將徘徊在個位數。並且在證券交易所有一定的技術上市規則。我們認為我們的股票以個位數交易不是一個好主意。而且由於我們無論如何都要進行股東投票，所以我們同時解決這兩個問題似乎是合乎邏輯的。

It's expensive to call these special meetings of shareholders, cost millions of dollars to do so. We'd rather get them both done now than have to deal with a reverse stock split at some point in the future.

召開這些特別股東大會的費用很高，要花費數百萬美元。我們寧願現在就完成它們，也不願在未來某個時候處理反向股票分割。

We have a number of shareholders asking about their proxy materials. One example he has, I have not yet received my proxy materials from my broker. What do I need to do to be able to vote to get my proxy materials and be able to vote?

我們有一些股東詢問他們的代理材料。他有一個例子，我還沒有從我的經紀人那裡收到我的代理材料。我需要做什麼才能獲得我的代理材料並能夠投票？

As Bill Clinton seamlessly said the 1990s for those of you who are old enough to remember the 1990s, I feel your pain. My AMC shares and APE units are at 4 brokerage firms, and I've received the voting materials from 3 of the 4 firms but not the fourth. So if you have not heard from your broker, you should do what I'm about to do, call them, explain to them that there is a March 14 shareholder vote, that you own shares or units and that you'd like to cast your vote, and they should get you a proxy.

正如比爾·克林頓 (Bill Clinton) 對你們這些年長到足以記住 1990 年代的人所說的 1990 年代一樣，我感受到了你們的痛苦。我的 AMC 股票和 APE 單位在 4 家經紀公司，我收到了 4 家公司中 3 家的投票材料，但第四家沒有。所以如果你沒有收到你的經紀人的消息，你應該做我接下來要做的，打電話給他們，向他們解釋 3 月 14 日有股東投票，你擁有股票或單位並且你想投你的投票，他們應該給你一個代理人。

If your broker is not acting in response to your question quickly enough, e-mail or call our proxy solicitor, DF King. You can reach them at an e-mail address amc@dfking.com, amc@dfking.com. Their phone number is (800) 859-8511. All the information I just gave is for our U.S. shareholders, probably our Canadian shareholders and international shareholders in many countries, but we are all aware of painfully that the brokerage firms in some countries, especially in Europe do not facilitate shareholder voting. And there's -- if that -- if you're with one of those firms, there's not much you can do other than put your shares in a different broker who would allow you to vote at future shareholder meetings.

如果您的經紀人沒有足夠快地回答您的問題，請發送電子郵件或致電我們的代理律師 DF King。您可以通過電子郵件地址 amc@dfking.com、amc@dfking.com 與他們聯繫。他們的電話號碼是 (800) 859-8511。我剛剛給出的所有信息都是針對我們美國股東的，可能是我們加拿大股東和許多國家的國際股東，但我們都痛苦地意識到一些國家，特別是歐洲的經紀公司不促進股東投票。還有——如果那樣的話——如果你在其中一家公司工作，除了把你的股票放在另一個允許你在未來股東大會上投票的經紀人之外，你無能為力。

And there's a question here about the lawsuit that you mentioned in your prepared remarks. Is it has been reported that AMC is defending against 2 lawsuits relating to the issuance of APE units. Is this true? And can you elaborate?

這裡有一個關於你在準備好的發言中提到的訴訟的問題。是否有報導稱AMC正在就2起與發行APE單位有關的訴訟進行抗辯。這是真的？你能詳細說明一下嗎？

Yes, litigation has been filed. We think it's misguided. We believe that all the actions we've taken are lawful. We think we have the merits in this case. It's consistent with our charter. We will defend our position vigorously. And we are encouraged that the Delaware Court of Chancery has allowed this March 14 vote to proceed on schedule.

是的，已經提起訴訟。我們認為這是錯誤的。我們相信我們採取的所有行動都是合法的。我們認為在這種情況下我們有優點。這符合我們的章程。我們將有力地捍衛我們的立場。我們感到鼓舞的是，特拉華州衡平法院允許 3 月 14 日的投票如期進行。

There are some questions here about our loyalty programs, and I'll just read a few of them to you. Does AMC have any plans to revise loyalty programs and A-List memberships, for example, what about family memberships, partnerships with streaming companies, maybe a lower price for memberships with restrictions to limit frequency of attendance, et cetera?

這裡有一些關於我們的忠誠度計劃的問題，我將向您朗讀其中的一些問題。 AMC 是否有計劃修改忠誠度計劃和 A-List 會員資格，例如，家庭會員資格、與流媒體公司的合作夥伴關係、可能會限制出席頻率的較低會員價格等等？

So those are all good questions and good ideas. We have been and are studying them all. The two of the most important marketing programs we have, our AMC Stubs and especially AMC Stubs A-List. About half of our total clientele in the United States, participates in Stubs and about 15% of our total activity in the United States comes from A-List members. These are very important programs. We're constantly reviewing them for possible changes and improvements. There's nothing immediately on the horizon that would change either program other than AMC Visa Entertainment Card, it's going to be added -- and it's the AMC Entertainment Visa card you got to say right. AMC Entertainment Visa card that will be coming as part of the Stubs program that will allow Stubs members to even -- to earn even more Stubs points, both when they spend at our theaters and when they spend away from our theaters but keeps the good ideas flowing. We continue to think hard about what's the best way for AMC to approach the moving-going public.

所以這些都是好問題和好想法。我們已經並且正在研究它們。我們擁有的兩個最重要的營銷計劃，我們的 AMC Stubs，尤其是 AMC Stubs A-List。我們在美國的總客戶中約有一半參與 Stubs，我們在美國的總活動中約有 15% 來自 A-List 成員。這些都是非常重要的程序。我們會不斷審查它們以進行可能的更改和改進。除了 AMC Visa Entertainment Card 之外，沒有什麼可以立即改變這兩個項目，它將被添加——你必須說對的是 AMC Entertainment Visa 卡。 AMC Entertainment Visa 卡將作為 Stubs 計劃的一部分推出，這將使 Stubs 會員甚至可以賺取更多的 Stubs 積分，無論是在我們的影院消費還是在我們的影院以外消費，但保留好主意流動。我們繼續努力思考什麼是 AMC 接觸不斷變化的公眾的最佳方式。

Question about our theater footprint, does AMC plan on opening new theaters in areas such as perhaps South Carolina or other states where AMC has a limited presence?

關於我們的劇院足蹟的問題，AMC 是否計劃在南卡羅來納州或 AMC 業務有限的其他州等地區開設新劇院？

I can't make a specific comment about South Carolina, but at least South Carolina is one of our theaters. We have none in Hawaii. We have none in Alaska. We have none in Mississippi. I don't think we're in Vermont. But we do have the largest national footprint of any operator. I think we're in 43 or 44 states on the District of Columbia. We have a sizable market share in the largest cities all across the country. Plus we have a big platform in theaters, even in smaller rural markets. We're always looking to add theaters and you said earlier in the call, Sean, that we closed over 100 theaters that were not performing during the pandemic, but we opened up 54 new ones. And the 54 new ones were producing to the bottom line far more than the 100 that we closed.

我不能對南卡羅來納州做出具體評論，但至少南卡羅來納州是我們的劇院之一。我們在夏威夷沒有。我們在阿拉斯加沒有。我們在密西西比州沒有。我不認為我們在佛蒙特州。但我們確實擁有所有運營商中最大的全國足跡。我想我們在哥倫比亞特區的 43 或 44 個州。我們在全國最大的城市擁有相當大的市場份額。此外，我們在劇院擁有一個大平台，即使在較小的農村市場也是如此。我們一直在尋求增加劇院，肖恩，你早些時候在電話中說過，我們關閉了 100 多家在大流行期間沒有演出的劇院，但我們開設了 54 家新劇院。這 54 家新工廠的利潤遠遠超過我們關閉的 100 家。

I think 10 of the 54 probably produce far more EBITDA than the 100 that we closed. So we're always looking to grow. We can grow by adding new build theaters from the ground up or there's also the opportunity for us to inexpensively add into our system theaters that may have been opened by other operators who have faltered during the pandemic. Several firms declared for bankruptcy in over the last 3 years and shed a lot of theaters. And we picked up a bunch.

我認為這 54 家公司中有 10 家產生的 EBITDA 可能遠遠超過我們關閉的 100 家。所以我們一直在尋求成長。我們可以通過從頭開始增加新的影院來實現增長，或者我們也有機會以低廉的價格將這些影院添加到我們的系統中，這些影院可能是由其他在大流行期間步履蹣跚的運營商開設的。在過去的 3 年裡，有幾家公司宣布破產，並撤掉了很多劇院。我們撿了一堆。

As you know, we picked up about 1/3 of the ArcLight circuit, which was headquartered in Los Angeles. We picked up more than half of the Bow Tie circuit that was headquartered in Connecticut. Our eyes continue to be wide open. I do believe that there will be a continued opportunity for AMC to add theater locations quite inexpensively, and I might add to do so sometimes it requires money, which is why it was so very helpful to us that we have raised over $300 million of cash from August through January. The more cash in the bank, the easier it is to make the decision to add theaters and grow.

如您所知，我們收購了總部位於洛杉磯的 ArcLight 電路的大約 1/3。我們獲得了總部位於康涅狄格州的 Bow Tie 電路的一半以上。我們的眼睛繼續睜大。我確實相信 AMC 將有持續的機會以相當低廉的成本增加影院位置，我可能會補充說，這樣做有時需要錢，這就是為什麼它對我們非常有幫助，我們已經籌集了超過 3 億美元的現金從八月到一月。銀行里的現金越多，就越容易做出增加影院和發展的決定。

There is a huge amount of interest in the retail launch of AMC Perfectly Popcorn. Let me read you just a few of the questions. Can you talk more about the opportunity for AMC in retail popcorn? When will AMC Popcorn be available in the U.S. nationwide? Will AMC Popcorn be available to purchase online through the AMC website? Will AMC Popcorn be available to purchase in Canada and maybe in Europe?

AMC Perfectly Popcorn 的零售發布引起了極大的興趣。讓我讀給你一些問題。你能多談談 AMC 在零售爆米花方面的機會嗎？ AMC 爆米花何時會在美國全國上市？是否可以通過 AMC 網站在線購買 AMC 爆米花？ AMC 爆米花可以在加拿大甚至歐洲購買嗎？

That's lots of questions. Yes. The enthusiasm and excitement for AMC Perfectly Popcorn in home is real. I see it on Twitter. When I look at the readership of the tweets, I've been putting out recently on popcorn, they're sky high. The likes are sky high. The retweets are sky high. The comments back to me, every single one of which I read, by the way, I got like 4,000 or 5,000 inbound messages on the Popcorn tweets recently, and I read them all. Were they make me excited because you're excited about it. We launched March 11, Oscar weekend with end cap displays at Walmart, they're almost impossible to get. And Walmart volunteered them up to us because they're excited about popcorn. And by late April, we'll be at 2,600 -- more than 2,600 Walmart stores. That's more than half of all Walmart locations in the United States. We will have a website where you'll be able to go to find out at what locations you'll be able to actually pick up boxes of microwave popcorn or bags of ready-to-eat popcorn.

這是很多問題。是的。在家裡對 AMC Perfectly Popcorn 的熱情和興奮是真實的。我在推特上看到了。當我查看這些推文的讀者群時，我最近一直在吃爆米花，它們漲得很高。喜歡的人是天價。轉發量很高。回复我的評論，我讀過的每一個評論，順便說一句，最近我在爆米花推文上收到了大約 4,000 或 5,000 條入站消息，我都閱讀了它們。他們讓我興奮是因為你對此感到興奮嗎？我們在 3 月 11 日奧斯卡週末推出，在沃爾瑪展示了端蓋，幾乎不可能買到。沃爾瑪自願將他們提供給我們，因為他們對爆米花很感興趣。到 4 月下旬，我們將擁有 2,600 家——超過 2,600 家沃爾瑪商店。這占美國所有沃爾瑪門店的一半以上。我們將有一個網站，您可以在該網站上找到可以實際領取盒裝微波爆米花或袋裝即食爆米花的地點。

We are going to sell on walmart.com, which of course, is nationwide. I would expect it will sell at amctheaters.com, we're discussing whether or not we should sell microwave boxes of popcorn at our theaters. Like it's all new. We haven't started yet, and the interest level is very high. This is a nice position to be in when you're launching a new product.

我們將在 walmart.com 上銷售，當然，這是全國性的。我預計它會在 amctheaters.com 上出售，我們正在討論是否應該在我們的劇院出售微波爐爆米花盒。就像一切都是新的一樣。我們還沒有開始，興趣水平很高。當您推出新產品時，這是一個很好的位置。

Let's put it this way. We're setting up our production plans to make millions of bags and microwave pouches of popcorn. We think this is a big opportunity for us. Right now, we're going to launch only in the United States. Canada is a possibility. If we did it in Europe, we would probably not do it under the AMC brand. We would do it under the -- one of the Odeon brands of our cinemas operate with their own distinct brands and several countries across Europe. But right now, were you crawl before you walk, you walk before you run. We're going to start in the United States and see where it goes from there.

讓我們這樣說吧。我們正在製定生產計劃，以生產數百萬袋和微波爐袋裝爆米花。我們認為這對我們來說是一個很大的機會。現在，我們將只在美國推出。加拿大是一個可能性。如果我們在歐洲做，我們可能不會在 AMC 品牌下做。我們將在 - 我們電影院的 Odeon 品牌之一以自己獨特的品牌和歐洲多個國家運營。但是現在，你是先爬再走，現在是先走再跑。我們將從美國開始，看看它會從那裡走向何方。

Thanks, Adam. We continue to receive a very large number of really terrific suggestions from our retail investors. Business ideas to grow and diversify and build on the business. And I want to say that we as a management team, review these. We investigate these, so please investors, please keep these ideas coming. I think with that...

謝謝，亞當。我們繼續從散戶投資者那裡收到大量非常棒的建議。發展和多樣化並建立在業務基礎上的商業理念。我想說，我們作為一個管理團隊，審查這些。我們調查了這些，所以請投資者，請不斷提出這些想法。我認為……

Let me just respond to that Sean. What is oddity, a company that actually listens to its investors? How about that for a change? Yes, sir, you want to go to a question from an analyst?

讓我來回應那個肖恩。什麼是奇怪，一家真正聽取投資者意見的公司？換個地方怎麼樣？是的，先生，您想回答分析師的問題嗎？

Let's have the questions from the...

讓我們從...中提出問題

We're already running a little bit long, but on this call today, but if any investor wants to ask, go ahead.

我們已經跑了有點長了，但在今天的電話會議上，但如果有投資者想問，請繼續。

Operator, we can go to questions from analysts.

接線員，我們可以回答分析師的問題。

(Operator Instructions) So we have time for only 1 question, and we take a question from the line of Eric Wold with B. Riley Securities.

（操作員說明）所以我們只有 1 個問題的時間，我們從 Eric Wold 和 B. Riley Securities 那裡提出一個問題。

Adam and Sean, I appreciate it. I guess as much as I'm looking forward to the Popcorn business being a separately reported segment, just a couple of questions on the core theater business. I guess, first off...

亞當和肖恩，我很感激。我想，儘管我很期待爆米花業務成為一個單獨報告的細分市場，但關於核心影院業務的幾個問題。我想，首先...

Eric, not to interrupt, but now you're going to like more than how we report the Popcorn results. Eating the popcorn. It's really good. We actually worked for a full year on the flavor profile of these products. They are really great.

埃里克，不要打擾，但現在你會喜歡我們報告爆米花結果的方式。吃爆米花。真的很棒。我們實際上花了整整一年的時間研究這些產品的風味特徵。他們真的很棒。

I'm looking forward to enjoying it with the [Oscars]. On the Sightline seating plan or program, I guess, obviously, that makes sense given what we've seen with other entertainment businesses. I guess what are your thoughts on where you see the biggest benefit coming from? Is it the premium on the better seats? Is it filling up the less desirable seats to have the price lower? Or is it that loyalty members don't pay the premium seat charges if the benefit driving more loyalty membership into that program?

我期待與 [奧斯卡] 一起享受它。在 Sightline 座位計劃或計劃中，我想，很明顯，考慮到我們在其他娛樂業務中看到的情況，這是有道理的。我想您認為最大的收益來自哪裡？是更好座位的溢價嗎？是為了讓價格更低來填補不太理想的座位嗎？還是忠誠會員不支付高級座位費用，如果利益推動更多忠誠會員加入該計劃？

And the answer is all of the above. You've got the 3 benefits of the concept, right? We can discount upfront. We can charge a slight premium in the middle. And we don't charge -- when I say in the middle, the dead center of the auditorium, where most people want to sit. And if we don't charge that premium and impose it on A-Listers, that's just another big value increase for A-List members, which should make more people want to be A-List members.

答案是以上所有。你已經得到了這個概念的 3 個好處，對吧？我們可以提前打折。我們可以在中間收取一點溢價。我們不收費——當我說在禮堂的中間，大多數人想坐的地方。如果我們不收取溢價並將其強加給 A-Listers，那隻是 A-List 成員的又一次巨大價值增長，這應該會讓更多人想成為 A-List 成員。

So all 3 have the ability to drive improvement. And some people have looked at this as a price increase, which, of course, it is on day 1. But what's really interesting is that we are in inflationary times, and inflationary times cause costs to rise. And without making any comment about what AMC is going to do because it's not legal to talk about pricing prospectively. But companies facing inflationary pressures tend to raise prices, not talking about AMC.

所以這三者都有能力推動改進。有些人將此視為價格上漲，當然，這是在第一天。但真正有趣的是，我們正處於通貨膨脹時期，而通貨膨脹時期導致成本上升。並且沒有對 AMC 將要做什麼發表任何評論，因為談論未來定價是不合法的。但面臨通脹壓力的企業往往會漲價，更不用說AMC了。

Under the pre-sightline structure of our industry, if we want to raise the price in a theater, the only choice we had was to raise the price on all the seats in the theater. And so what's -- one of the many benefits of sightline other than the 3 that you mentioned, are that if we feel the need to raise prices, we might only do it in the most popular seats in the auditorium and actually hold the line and not raise prices on other seats in the auditorium. So it's actually a way of -- well, it is a way of increasing the price now, it's a potential way of preventing a price increase later on.

在我們這個行業的前視線結構下，如果要在一個影院漲價，我們唯一的選擇就是把整個影院的所有座位都漲價。那麼，除了您提到的 3 個之外，視線的眾多好處之一是，如果我們覺得有必要提高價格，我們可能只會在禮堂最受歡迎的座位上進行，並實際保持排隊和不提高禮堂其他座位的價格。所以這實際上是一種方式——好吧，這是一種現在提高價格的方式，它是一種防止以後價格上漲的潛在方式。

And then there is, in fact, the opportunity to discount upfront. I'm telling you, I be looking at what we call heat maps, which are what seats are booked for a particular movie. And nobody sits in Row 1 in the movie theater. It just doesn't happen. It could be opening night of Star Wars. Every seat in the auditorium in row 3 to 18 is booked solid and Row 1 is empty. And it really -- there is a possibility here that by discounting the price upfront, we might be able to expand the moviegoing market to more price-sensitive consumers.

事實上，還有機會提前打折。我告訴你，我正在查看我們所說的熱圖，這是為特定電影預訂的座位。沒有人坐在電影院的第一排。它只是沒有發生。這可能是星球大戰的開幕之夜。禮堂中第 3 排至第 18 排的每個座位都已預訂，而第 1 排是空的。確實 - 這裡有可能通過預先打折價格，我們可以將電影市場擴大到對價格更敏感的消費者。

Ladies and gentlemen, we have reached the end of the question-and-answer session. And I would like to turn the floor back over to Mr. Aron for closing comments. Over to you, sir.

女士們，先生們，我們的問答環節已經結束。我想將發言權轉回給 Aron 先生以徵求結束意見。交給你了，先生。

Thank you, operator. To everyone on the call, thank you for being with us today. Today was a good day for AMC. We reported results that were unexpectedly positive. We introduced our popcorn line. And we've had a lot of discussion about the importance of the March 14 shareholder meeting that will simplify and strengthen the capital structure of this company going forward. Thank you for joining us today. There are a lot of big movies coming out. We look forward to seeing you at our theaters sometime soon.

謝謝你，運營商。對於通話中的每個人，感謝您今天與我們在一起。今天對 AMC 來說是個好日子。我們報告了出乎意料的積極結果。我們推出了爆米花系列。我們已經就 3 月 14 日股東大會的重要性進行了很多討論，這將簡化和加強該公司未來的資本結構。感謝您今天加入我們。有很多大電影上映。我們期待很快在我們的劇院見到您。

Thank you very much, sir. Ladies and gentlemen, this concludes today's teleconference. You may disconnect your lines at this time. Thank you for your participation.

先生非常感謝您。女士們，先生們，今天的電話會議到此結束。此時您可以斷開線路。感謝您的參與。