AMC 電影院 (AMC) 2023 Q1 法說會逐字稿

Greetings, and welcome to the AMC Entertainment First Quarter 2023 Earnings Conference Call. (Operator Instructions) As a reminder, this conference is being recorded.

您好，歡迎來到 AMC Entertainment 2023 年第一季度收益電話會議。 （操作員說明）提醒一下，正在錄製此會議。

I would now like to turn the conference over to your host, John Merriwether. Please go ahead, sir.

我現在想把會議轉交給你的主持人約翰·梅里韋瑟。請繼續，先生。

Thank you, operator. Good morning. I'd like to welcome everyone to AMC's First Quarter 2023 Earnings Webcast. With me this morning is Adam Aron, our Chairman and CEO; and Sean Goodman, our Chief Financial Officer.

謝謝你，運營商。早上好。歡迎大家收看 AMC 2023 年第一季度收益網絡直播。今天早上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 this morning.

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、不變貨幣、自由現金流、經營現金消耗和產生的經營現金等。有關我們的非 GAAP 措施與 GAAP 結果的全面協調，請參閱今天上午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 morning'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。今天上午的網絡廣播正在錄製中，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 Adam.

有了這個，我會把電話轉給亞當。

Thank you, John. Good morning, everybody. Thank you for joining us today. As we sit here this morning, I could not be more optimistic about AMC's future because of 2 vital developments from the first quarter of 2023. First, is the clearly growing industry-wide box office up in North America by some 29% quarter-to-quarter versus last year, growing to more than $1.7 billion in the quarter. And industry-wide attendance in movie theaters in our markets across Europe wasn't even closer to prepandemic levels, prior to prepandemic norms than even the surging North American box office gained.

謝謝你，約翰。大家早上好。感謝您今天加入我們。當我們今天早上坐在這裡時，由於 2023 年第一季度以來的兩個重要發展，我對 AMC 的未來感到無比樂觀。首先，北美全行業票房明顯增長，環比增長約 29% -與去年同期相比，本季度增長到超過 17 億美元。在我們整個歐洲的市場中，全行業的電影院上座率甚至都沒有接近大流行前的水平，甚至比大流行前的北美票房收入還要高。

Incidentally, that clearly growing industry box office has continued in April and so far in May. The April domestic box office was up about 58%, for example, and there is a flood of potential hit movies still to be released in the remainder of 2023. We previously indicated that we expected the 2023 industry-wide domestic box office to be up 15% to 25% or more over that of 2022. Well, now with a big start this year, we now believe the '23 domestic box office will be up 20% to 30% over last year.

順便說一下，這種明顯增長的行業票房在 4 月和 5 月一直持續。以4月國內票房為例，上漲約58%，2023年餘下時間還有大量潛力爆款電影待上映。我們此前表示，預計2023年全行業國內票房將上漲比 2022 年高 15% 到 25% 或更多。好吧，今年開局不錯，我們現在相信 '23 國內票房將比去年增長 20% 到 30%。

The second development in Q1 is that our shareholders at our March 14 special meeting voted by an enormous margin by 80% -- 88% in favor, but only 12% opposed abstaining to our proposal to combine our APE preferred units and AMC common shares. Of the AMC common shares that were voted, 72% voted yes. Of the [APE units] that were voted, 91% voted, yes. As a result, AMC should be able to raise significant equity capital to outlast the pandemic's lingering aftermath affecting our cash reserves, to help us pay down debt or for attractive M&A opportunities as well as for other growth initiatives.

第一季度的第二個發展是我們的股東在我們 3 月 14 日的特別會議上以 80% 的巨大優勢投票 - 88% 贊成，但只有 12% 反對棄權我們合併我們的 APE 優先股和 AMC 普通股的提議。在投票的 AMC 普通股中，72% 的人投了贊成票。在投票的 [APE 單位] 中，91% 的人投了贊成票。因此，AMC 應該能夠籌集到大量股權資本，以度過影響我們現金儲備的大流行的揮之不去的後果，幫助我們償還債務或獲得有吸引力的併購機會以及其他增長計劃。

AMC's unique and singular ability to raise capital since 2020 has been 1 of the key reasons for our success in avoiding the fate of other movie theater chains, big and small that didn't make it. Our continued ability to raise capital is what gives us unbridled confidence in AMC's future. We thank our shareholders for the real wisdom shown in their votes of March of 2023.

自 2020 年以來，AMC 獨特而獨特的融資能力一直是我們成功避免其他大小連鎖影院失敗的關鍵原因之一。我們持續籌集資金的能力使我們對 AMC 的未來充滿信心。我們感謝我們的股東在 2023 年 3 月的投票中表現出的真正智慧。

We are also aware that there is angst among some of the holders of a considerably smaller number that voted against our proposal. We hope to convince you over time that the majority of shares that were cast voted in favor of strategies and actions, which will generate the best long-term results at AMC. Let's turn back to the box office. First, there were many movies that were in theaters in Q1 that had extraordinary appeal. Thank you, above all, to James Cameron for Avatar: The Way of Water, at a current growth of $2.3 billion globally, it's the third highest grossing movie in the history of cinema.

我們還知道，一些投票反對我們提議的人數要少得多的持有人之間存在焦慮。我們希望隨著時間的推移讓您相信，大多數投票支持戰略和行動的股票，這將在 AMC 產生最佳的長期結果。讓我們回到票房。首先，第一季度上映的電影有很多具有非凡的吸引力。最重要的是，感謝詹姆斯·卡梅隆的《阿凡達：水之道》，目前全球票房增長 23 億美元，是電影史上票房收入第三高的電影。

I need to remind any of you that we are near 19 months and 14 days away from Avatar 3 gracing our AMC and Odeon screens. It will be a Merry Christmas indeed in 2024. But it wasn't just Avatar that resonated with consumers in Q1, 9 different movies won their week as the highest grossing films across the week of Q1, and the news is not only that there were more big movies in our theaters in Q1, there were more movies period.

我需要提醒大家，距離《阿凡達 3》登上 AMC 和 Odeon 銀幕還有將近 19 個月零 14 天。 2024 年確實將是一個快樂的聖誕節。但在第一季度引起消費者共鳴的不僅僅是《阿凡達》，還有 9 部不同的電影贏得了本週第一季度票房收入最高的電影，而且有消息稱，不僅有一季度我們影院的大片多了，電影期也多了。

Q1 proved out to be precisely true in what we have been predicting. The quantity of films now coming out theatrically is rising. If you look at wide releases, defined as films grossing $5 million or more domestically, there were 35 such movies in Q1 2023 versus only 26 in Q1 of 2022, that's a 34.6% increase in the supply of theatrically released films regardless of their ticket sales numbers and dollars.

Q1 被證明完全符合我們的預測。現在上映的電影數量正在增加。如果你看一下廣泛上映的電影，定義為國內票房收入 500 萬美元或以上的電影，2023 年第一季度有 35 部此類電影，而 2022 年第一季度只有 26 部，這意味著無論票房收入如何，院線上映電影的供應量都增加了 34.6%數字和美元。

As we look at the whole of the year, we continue to expect a similar substantial increase in a total movie count throughout the remainder of the year of movies being released theatrically. For more context, back to Q1, this year was the best first quarter domestic box office since March 31, 2020. And while still in a recovery mode, at 72% of 2019's pre-pandemic first quarter, the first quarter of 2023 represents a significant improvement compared to last year's first quarter which was only 56% of 2019 levels, 56% a year ago, 72% this year, still rising.

縱觀全年，我們繼續預計今年餘下時間影院上映的電影總數會出現類似的大幅增長。有關更多背景信息，回到第一季度，今年是自 2020 年 3 月 31 日以來最好的第一季度國內票房。雖然仍處於恢復模式，但 2023 年第一季度為 2019 年大流行前第一季度的 72%，代表了與去年第一季度相比有顯著改善，僅為 2019 年水平的 56%，一年前為 56%，今年為 72%，仍在上升。

As for AMC, the first quarter's box office success for the industry translated into AMC's strongest start in 4 full years. AMC exceeded consensus market expectations for revenue. We exceeded consensus market expectations for adjusted EBITDA and exceeded consensus market expectations for adjusted net income as well as exceeding consensus market expectations for adjusted EPS.

至於AMC，第一季度的行業票房成功轉化為AMC 4 年來最強勁的開局。 AMC 的收入超出了市場普遍預期。我們對調整後的 EBITDA 超出了市場普遍預期，對調整後淨收入超出了市場普遍預期，對調整後每股收益超出了市場普遍預期。

AMC enjoyed 21% growth in global revenues to $954 million and a $69 million improvement in adjusted EBITDA, up from a $62 million loss in EBITDA a year ago to positive $7 million this year. Indeed, Q1 of 2023, combined with Q4 of 2022, marked the first 2 consecutive quarters of positive adjusted EBITDA since March of 2020.

AMC 的全球收入增長了 21%，達到 9.54 億美元，調整後的 EBITDA 增加了 6900 萬美元，從一年前的 EBITDA 虧損 6200 萬美元增加到今年的正 700 萬美元。事實上，2023 年第一季度和 2022 年第四季度標誌著自 2020 年 3 月以來連續前兩個季度調整後 EBITDA 為正。

More than 47 million guests visited an AMC theater worldwide in the first quarter of 2023. 47 million guests stands in stark contrast to the naysayers and doom tellers of conventional wisdom who loudly, but wrongly predicted that moving theaters were dead and an anachronism of by gone days. Those 47 million people tell us, as we have known for years and years, that movie theaters are very much alive and very much the center of the cultural fabric of the United States for years and decades to come.

2023 年第一季度，全球有超過 4700 萬名賓客參觀了 AMC 影院。4700 萬名賓客與傳統智慧的反對者和厄運宣告者形成鮮明對比，他們大聲但錯誤地預測移動影院已死，時代錯誤已經過去天。這 4700 萬人告訴我們，正如我們多年來所知道的那樣，電影院非常活躍，並且在未來的歲月和幾十年裡都將成為美國文化結構的中心。

Also, as those 47 million guests came into our theaters, boy, did they even drink. Our food and beverage revenues per patron were eye-popping at $6.90 per patron globally and $7.99 per patron in the United States. This is so far above pre-pandemic consumption and it's occurring in a very high-margin business for us. When we walk through our doors, AMC guests also continue to seek out premium large format screens or PLF, as they're known, where AMC already has a commanding competitive lead.

此外，當那 4700 萬客人進入我們的劇院時，男孩，他們甚至喝酒了嗎？我們每位顧客的餐飲收入令人瞠目結舌，全球每位顧客 6.90 美元，美國每位顧客 7.99 美元。這遠遠高於大流行前的消費，而且它發生在我們利潤率非常高的業務中。當我們走進我們的大門時，AMC 的客人也繼續尋找優質的大幅面屏幕或 PLF，正如他們所知，AMC 在這方面已經擁有絕對的競爭優勢。

AMC is the largest IMAX operator in the world outside of China and about half of the IMAX screens in the United States can be found in AMC theaters. Similarly exciting, we're the only operator of Dolby Cinema screens in the United States and continue to have a contractual exclusive on Dolby Cinema going forward in the U.S. market. Our premium large format screens often over-indexed 5 or sixfold in box office revenues or more in the box office grosses that they bring to AMC, that's compared to a non-PLF AMC screen.

AMC 是全球除中國以外最大的 IMAX 運營商，美國大約一半的 IMAX 銀幕可以在 AMC 影院找到。同樣令人興奮的是，我們是美國唯一的杜比影院銀幕運營商，並繼續在美國市場上獨家提供杜比影院。與非 PLF AMC 銀幕相比，我們的優質大幅面銀幕通常為 AMC 帶來的票房收入高出 5 倍或 6 倍，甚至更多。

So over the next 1 to 3 years, you will see us continue to invest in our PLFs. We intend to upgrade a significant number of IMAX screens to IMAX with Laser. And we intend to increase the number of our PLFs by adding more IMAX screens and by adding more Dolby Cinema screens. We also expect to significantly grow the numbers of our private label house branded PLF screens called Private AMC in the United States and Middle East and iSense in Europe.

所以在接下來的 1 到 3 年裡，你會看到我們繼續投資於我們的 PLF。我們打算將大量 IMAX 銀幕升級為 IMAX with Laser。我們打算通過添加更多 IMAX 屏幕和更多杜比影院屏幕來增加 PLF 的數量。我們還希望顯著增加我們自有品牌 PLF 屏幕的數量，在美國和中東稱為 Private AMC，在歐洲稱為 iSense。

We're not only making AMC a more compelling experience for moviegoers through more and better PLF screens. We have also contracted to install laser projectors in about half of our U.S. screens over the next 3 calendar years. Laser projection increases the light levels on our screens by 50% to 100%, which makes the pictures much brighter, much sharper and more vivid. It's also our biggest green initiative ever in our company's history as laser projection consumes far less energy, and there are no Xenon bulbs to throw away in landfills. Installation of laser at AMC started back in 2022, and it is going extremely well.

我們不僅通過更多更好的 PLF 屏幕讓 AMC 成為電影觀眾更具吸引力的體驗。我們還簽訂了合同，在接下來的 3 年內在我們大約一半的美國屏幕上安裝激光投影儀。激光投影將我們屏幕上的亮度水平提高了 50% 到 100%，這使得圖片更亮、更清晰、更生動。這也是我們公司歷史上最大的綠色倡議，因為激光投影消耗的能源少得多，而且沒有氙氣燈泡可以扔進垃圾填埋場。 AMC 的激光器安裝始於 2022 年，進展非常順利。

The fact that I'm talking about the investments we will be making in upgrading and enhancing our product is in itself enlightening and revealing. During the height of the pandemic, when we were fighting for survival, long-term planning around here was like a week from Thursday. But now, as we become ever so much more confident in AMC's vitality, we can actually look forward again to our longer-term future and specifically how we can improve the appeal of our theaters and how we can grow and transform AMC for M&A activity.

事實上，我正在談論我們將在升級和增強我們的產品方面進行的投資，這本身就具有啟發性和啟發性。在大流行最嚴重的時候，當我們為生存而戰時，這裡的長期規劃就像從星期四開始的一周。但現在，隨著我們對 AMC 的活力越來越有信心，我們實際上可以再次展望我們的長期未來，特別是我們如何提高我們影院的吸引力，以及我們如何發展和改造 AMC 以進行併購活動。

Make no mistake, we are not out of the woods yet. The box office, while elevated, is not yet back at 2019 levels. As I previously indicated, that I believe COVID will be a 5-year detour for the movie industry, we just started the fourth year in our ramp-up to eventual normality, but we are indeed on an improving ramp.

別搞錯了，我們還沒有走出困境。票房雖然有所上升，但尚未回到 2019 年的水平。正如我之前指出的那樣，我相信 COVID 將是電影業 5 年的彎路，我們剛剛開始了第四年的加速發展，最終恢復正常，但我們確實正在改善。

Domestic box office revenues is a basic placeholder of size for our industry, was above $11 billion for 5 years in a row between 2015 and 2019. It was only $2 billion in 2020, then $4.5 billion in 2021, $7.5 billion in 2022, and no guarantees here, but we believe the domestic box office revenues are likely to be $9 billion or considerably more than that in 2023, that also is an upward ramp. We're looking at AMC EBITDA, which was $771 million in 2019. Incredibly, seemingly overnight, it sank to minus $999 million in calendar year 2020, minus $292 million a year in 2021. A positive, but paltry $46 million in 2022, and if you combine first quarter actual results for 2023 with analyst consensus estimates for quarters 2, 3 and 4 of 2023, that EBITDA number would be hundreds of millions of dollars higher in 2023 than was the case in our 2022 results.

國內票房收入是我們行業規模的基本佔位符，2015 年到 2019 年連續 5 年超過 110 億美元。2020 年只有 20 億美元，然後 2021 年 45 億美元，2022 年 75 億美元，沒有這裡有保證，但我們認為國內票房收入可能會達到 90 億美元，或遠高於 2023 年的水平，這也是一個上升趨勢。我們正在研究 AMC 的 EBITDA，它在 2019 年為 7.71 億美元。令人難以置信的是，似乎一夜之間，它在 2020 日曆年下降到負 9.99 億美元，在 2021 年下降到每年負 2.92 億美元。2022 年為正數但微不足道的 4600 萬美元，並且如果將 2023 年第一季度的實際結果與分析師對 2023 年第二、第三和第四季度的一致估計結合起來，那麼 2023 年的 EBITDA 數字將比我們 2022 年的結果高出數億美元。

Look at the trend, $771 million prepandemic, following the negative $999 million, negative $292 million, positive $46 million, hundreds of millions of dollars higher than that now. Again, that's a confidence building and encouraging upwards ramp. In summary, we just posted encouraging and excellent Q1 results, and we have excellent things coming down the pipe for moviegoers as we go forward. I'll be talk -- I'll be back to talk briefly about a few other important topics after Sean goes into more detail about our operational and financing results. Our CFO, Sean Goodman.

看趨勢，大流行前7.71億美元，緊隨其後的是負9.99億美元，負2.92億美元，正4600萬美元，比現在高出數億美元。同樣，這是建立信心並鼓勵向上攀升。總而言之，我們剛剛發布了令人鼓舞且出色的第一季度業績，並且在我們前進的過程中，我們為電影觀眾準備了一些很棒的東西。我會談談 - 在肖恩更詳細地介紹我們的運營和融資結果之後，我會回來簡要談談其他一些重要話題。我們的首席財務官肖恩古德曼。

Thank you, Adam. And thanks, everyone, for joining us this morning. 2023 is off to a really good start with our consolidated revenue up 21.5%, or 24% in constant currency compared to the first quarter of 2022. The highlight of this being food and beverage revenue. Food and beverage revenue is up 30% or 32% in constant currency versus the same period last year. Overall, our tenants increased by almost 22% over Q1 2022.

謝謝你，亞當。感謝大家今天早上加入我們。 2023 年的開局非常好，與 2022 年第一季度相比，我們的綜合收入增長了 21.5%，按固定匯率計算增長了 24%。其中的亮點是食品和飲料收入。食品和飲料收入按固定匯率計算與去年同期相比增長了 30% 或 32%。總體而言，我們的租戶比 2022 年第一季度增加了近 22%。

Revenue per patron was in line with the prior year or up 1.7% in constant currency at $20.45, and it's worth noting that this revenue per patron is some 36% higher in constant currency than pre-pandemic in 2019. In the North American business, the total revenue increased by 25.1% compared to Q1 of 2022, with admissions revenue per patron decreasing by 1.5% to $11.87, and food and beverage revenue per patron increasing by 6.2% to $7.99. This is an all-time record.

每位顧客的收入與上年持平，按固定匯率計算增長 1.7%，為 20.45 美元，值得注意的是，按固定匯率計算，2019 年每位顧客的收入比大流行前高出約 36%。在北美業務中，與 2022 年第一季度相比，總收入增長了 25.1%，每位顧客的入場收入下降了 1.5% 至 11.87 美元，每位顧客的餐飲收入增長了 6.2% 至 7.99 美元。這是一個歷史記錄。

Note that admissions revenue per patron in the quarter was impacted by an increased proportion of discount tickets during our Tuesday Discount Program and A-List subscription member attendance. In the international business, on a constant currency basis, total revenue increased by 21% compared to Q1 of 2022, with admissions revenue per patron increasing nearly 6% to $10.61 and food and beverage revenue per patron increasing by 12.5% to $4.96. This is another all-time record. And this growth is further supported by increased premium format or PLF penetration with PLF revenue representing 29.2% of domestic admissions revenue in Q1 2023, this compares to 21.7% in the first quarter of 2022, and 19.9% in Q1 of 2019.

請注意，本季度每位顧客的入場收入受到我們週二折扣計劃和 A-List 訂閱會員出席期間折扣門票比例增加的影響。在國際業務中，按固定匯率計算，總收入比 2022 年第一季度增長 21%，每位顧客的入場收入增長近 6% 至 10.61 美元，每位顧客的餐飲收入增長 12.5% 至 4.96 美元。這是另一個歷史記錄。 2023 年第一季度，PLF 收入佔國內門票收入的 29.2%，而 2022 年第一季度和 2019 年第一季度的這一比例分別為 21.7% 和 19.9%，進一步支持了這一增長。

And then our international markets, premium format revenue represented 24.1% of admissions revenue compared to 13.1% in Q1 of 2022, and 10.6% in Q1 of 2019. Clearly, guests are increasingly appreciating the premium experience offered by our IMAX, Dolby and AMC Prime offerings. Our strong revenue growth per patron is being achieved as guests increasingly choose the premium auditoriums and indulge in our innovative food and beverage offerings, including movie-themed cocktails and collectible items.

然後是我們的國際市場，優質格式收入佔入場收入的 24.1%，而 2022 年第一季度為 13.1%，2019 年第一季度為 10.6%。顯然，客人越來越欣賞我們的 IMAX、杜比和 AMC Prime 提供的優質體驗產品。隨著客人越來越多地選擇高級禮堂並沉迷於我們的創新食品和飲料產品，包括電影主題雞尾酒和收藏品，我們實現了每位顧客的強勁收入增長。

Our initiatives to optimize revenue, including blockbuster pricing are yielding positive results and the increased adoption of our industry-leading AMC app and targeted marketing initiatives are all helping to drive revenue growth. Looking forward, we will maintain our focus on the overall guest experience in order to drive our key performance metrics, including: one, our loyalty programs on the AMC app, two, our food and beverage innovations, three, site and sound experiences through advanced laser projection technology and premium offerings and four, diversification initiatives such as the successful launch of the AMC ready-to-eat and microwave popcorn and the AMC branded credit card. All of the above, of course, to be achieved while paying very close attention to our overall operating efficiency.

我們優化收入的舉措，包括重磅炸彈定價正在產生積極成果，我們行業領先的 AMC 應用程序和有針對性的營銷舉措的更多采用都有助於推動收入增長。展望未來，我們將繼續關注整體賓客體驗，以推動我們的關鍵績效指標，包括：一，我們在 AMC 應用程序上的忠誠度計劃，二，我們的餐飲創新，三，通過先進的網站和聲音體驗激光投影技術和優質產品以及四項多元化舉措，例如成功推出 AMC 即食微波爆米花和 AMC 品牌信用卡。當然，要實現上述所有目標，同時密切關注我們的整體運營效率。

Before moving on to talk about the balance sheet, I do want to just point out that our consolidated statement of operations included a charge of $126 million related to the potential settlement of litigation in the Delaware Court Support by the Allegheny County Employees' Retirement System, et al. $10 million of this charge represents estimated legal fees, net of estimated insurance recoveries and is included as a reduction in our adjusted EBITDA for the quarter. If excluded, the adjusted EBITDA would have been $17 million and $116 million represents a noncash estimate of the value of this settlement, which is subject to court approval, and this is included in net income but excluded from adjusted net income.

在繼續談論資產負債表之前，我只想指出，我們的綜合運營報表包括 1.26 億美元的費用，與阿勒格尼縣僱員退休系統在特拉華州法院支持的潛在訴訟和解有關，等。這筆費用中有 1000 萬美元代表估計的法律費用，扣除估計的保險賠償金，並作為我們本季度調整後 EBITDA 的減少。如果排除在外，調整後的 EBITDA 將為 1700 萬美元，而 1.16 億美元代表對本次和解價值的非現金估計，需要法院批准，這包括在淨收入中，但不包括在調整後的淨收入中。

Moving to the balance sheet. We ended the quarter with liquidity of $704 million. This is comprised of $496 million of cash and cash equivalents and $208 million of undrawn credit facilities. During the quarter, net cash used in operating activities was $190 million, and non-GAAP operating cash burn, which represents cash from operating activities after deducting capital expenditures and before both debt servicing costs and deferred rent payback was $139 million. This compares to a non-GAAP operating cash burn of $224 million in Q1 of 2022.

轉到資產負債表。本季度末，我們的流動資金為 7.04 億美元。這包括 4.96 億美元的現金和現金等價物以及 2.08 億美元的未提取信貸額度。本季度，經營活動使用的現金淨額為 1.9 億美元，非 GAAP 經營現金消耗為 1.39 億美元，即扣除資本支出後、償債成本和遞延租金償還前的經營活動現金。相比之下，2022 年第一季度的非 GAAP 運營現金消耗為 2.24 億美元。

Note that our cash burn in the first quarter was, as anticipated, as adversely impacted by normal seasonal first quarter working capital needs. We are anticipating an improvement in cash flow during the remainder of 2023. During the quarter, we made significant progress in strengthening our balance sheet. We raised $155.4 million of gross equity capital through APE unit issuances. We repurchased approximately $103.5 million of debt at an average discount of 45.4%, and we reduced the principal amount of our debt by an additional $100 million through a debt for equity exchange. The net result of all this in the first quarter is a $208.5 million reduction in the principal amount of interest-bearing debt during Q1 of 2023.

請注意，正如預期的那樣，我們第一季度的現金消耗受到正常季節性第一季度營運資金需求的不利影響。我們預計 2023 年剩餘時間內現金流量將有所改善。本季度，我們在加強資產負債表方面取得了重大進展。我們通過 APE 單位發行籌集了 1.554 億美元的總股本。我們以平均 45.4% 的折扣回購了約 1.035 億美元的債務，並通過債轉股將債務本金再減少了 1 億美元。第一季度所有這一切的最終結果是 2023 年第一季度帶息債務本金減少 2.085 億美元。

During the quarter, we also strengthened our balance sheet by repaying approximately $33.6 million of deferred rent reducing our deferred rent liability to $123.6 million at March 31, 2023. I might recall that back in March of 2021, this deferred rent balance was $473 million. And so over the last 24 months, we have lowered the deferred rent liability by nearly $350 million. All told, including the decrease in deferred rent, we have reduced our liabilities by a total of $242 million thus far in 2023 alone. And if one goes back to the beginning of 2022, the reduction in liabilities is $620 million.

在本季度，我們還通過償還約 3360 萬美元的遞延租金來加強我們的資產負債表，使我們的遞延租金負債在 2023 年 3 月 31 日減少到 1.236 億美元。我可能還記得在 2021 年 3 月，這個遞延租金餘額為 4.73 億美元。因此，在過去 24 個月中，我們將遞延租金負債減少了近 3.5 億美元。總而言之，包括遞延租金的減少，我們僅在 2023 年就已經將負債減少了 2.42 億美元。如果回到 2022 年初，負債將減少 6.2 億美元。

Strengthening the balance sheet is an ongoing priority. And to that end, so far in the second quarter, we have already raised another $34.2 million of gross equity proceeds and we have bought back another $9 million of debt. And during the remainder of 2023, we plan to further reduce the deferred rent balance by another $50 million to $70 million reducing this liability to approximately $50 million to $75 million by the end of this year.

加強資產負債表是一項持續的優先事項。為此，到目前為止，在第二季度，我們已經籌集了另外 3420 萬美元的股權收益總額，並且我們已經回購了另外 900 萬美元的債務。在 2023 年剩餘時間內，我們計劃進一步將遞延租金餘額再減少 5000 萬至 7000 萬美元，到今年年底將此負債減少至約 5000 萬至 7500 萬美元。

Note that we have fully issued the APE units that were available for issuance under the most recent September 2022 at the market equity program. Our capital allocation priorities, these remain unchanged, one, liquidity; two, reducing financial leverage and strengthening the balance sheet; three, investing in our existing business; and four, investing in value-enhancing growth and diversification initiatives. CapEx, net of landlord contributions was $41 million in Q1 of 2023. And consistent with our previous guidance, we expect net CapEx for 2023 to be in the range of $150 million to $200 million.

請注意，我們已經根據最近的 2022 年 9 月市場股權計劃完全發行了可發行的 APE 單位。我們的資金配置重點，這些不變，一，流動性；二、降低財務槓桿，強化資產負債表；三、投資於我們現有的業務；第四，投資於提升價值的增長和多元化舉措。 2023 年第一季度，扣除房東貢獻的資本支出為 4100 萬美元。與我們之前的指導一致，我們預計 2023 年的淨資本支出將在 1.5 億美元至 2 億美元之間。

Actively managing our theater portfolio also continues to represent a profit enhancement opportunity. During the first quarter, we added 1 new theater and we closed 21, which includes the 13 Saudi theaters. This brings the total number of locations closed since the pandemic began to 136 and the total new locations opened to 55 for a net reduction of 81 locations. The combined 55 new locations continue to substantially outperform the 136 closed locations prior to their closings, and they also continue to outperform our underwriting expectations.

積極管理我們的劇院組合也繼續代表著增加利潤的機會。第一季度，我們新增了 1 家影院，關閉了 21 家，其中包括 13 家沙特影院。這使自大流行開始以來關閉的地點總數達到 136 個，新開業地點總數達到 55 個，淨減少 81 個。合併後的 55 個新地點的表現繼續大大優於關閉前關閉的 136 個地點，它們的表現也繼續超出我們的承保預期。

Looking forward, we're optimistic about the future and the opportunities to strengthen and diversify our business while continuing to enhance our financial position as we progress along our recovery glide path. And with that, I'll hand the webcast pass back over to Adam to provide an update on our strategic initiatives, Adam.

展望未來，我們對未來以及加強和多元化我們的業務的機會持樂觀態度，同時隨著我們沿著復甦的滑行道路繼續改善我們的財務狀況。有了這個，我將把網絡廣播傳回給亞當，以提供我們戰略計劃的最新情況，亞當。

Thank you, Sean. Our goal as leaders of AMC is to increase the value of the company over the long term for our shareholders. We do this by efficiently managing our operations and taking decisive actions to provide the best products, services and experiences for our guests, which in turn drives revenues and profit growth.

謝謝你，肖恩。作為 AMC 的領導者，我們的目標是為我們的股東增加公司的長期價值。我們通過有效管理我們的運營並採取果斷行動為我們的客人提供最好的產品、服務和體驗來實現這一目標，這反過來又推動了收入和利潤的增長。

At the same time, we seek to invest in the development of our business, enhancement of our theater footprint, and the growth through value creating diversification initiatives. Over the last 3 years, we have operated in an extremely challenging environment, as you all know. Survival was our primary focus. That is changing now. It is finally starting to be time again when AMC can focus not only on surviving but instead on thriving.

與此同時，我們尋求投資發展我們的業務，擴大我們的影院足跡，並通過創造價值的多元化舉措實現增長。眾所周知，在過去 3 年中，我們在極具挑戰性的環境中開展業務。生存是我們的首要關注點。現在情況正在改變。終於到了 AMC 不僅可以專注於生存，還可以專注於繁榮的時候了。

Thus far this morning, you've heard about the progress we're making in our ongoing recovery. I'd now like to provide an update on some of the key strategic initiatives we're implementing that will transform AMC in a post pandemic operating environment. In that light, I'd like to highlight 4 other recent developments. First, our retail popcorn launch. On March 11, the day before Oscars Sunday, we launched AMC's ready-to-eat Perfectly Popcorn for exclusive 6 months engagement at about 550 locations of the nation's largest retailer, Walmart.

今天上午到目前為止，您已經聽說了我們在持續恢復中取得的進展。我現在想提供一些我們正在實施的關鍵戰略舉措的最新情況，這些舉措將在大流行後的運營環境中改變 AMC。有鑑於此，我想強調其他 4 個最近的發展。首先，我們推出零售爆米花。 3 月 11 日，即奧斯卡週日的前一天，我們在美國最大的零售商沃爾瑪的約 550 個門店推出了 AMC 的即食 Perfectly 爆米花，獨家為期 6 個月。

As you know, AMC's Perfectly Popcorn hit special (inaudible) with 3 varieties of ready-to-eat popcorn, classic butter, extra butter and lightly salted. Sales were brisk. In fact, so much so that most of the Walmarts sold out of their initial supply. Not only are we very pleased by the initial positive consumer reaction, but so too, Walmart is pleased.

如您所知，AMC 的 Perfectly Popcorn 非常受歡迎（聽不清），有 3 種即食爆米花、經典黃油、特級黃油和淡鹽。銷售旺盛。事實上，數量如此之多，以至於大多數沃爾瑪都賣光了他們最初的供應。不僅我們對最初的積極消費者反應感到非常高興，而且沃爾瑪也很高興。

Importantly, the second phase of our exclusive Walmart launch began on April 29, when we scaled up the supply chain with the distribution of AMC's ready-to-eat popcorn hitting their shelves at approximately 2,600 Walmart stores and for shipping nationally in the United States on walmart.com. AMC's microwave popcorn was also introduced at that time at Walmarts across the country as well. As was the case back in March, again, in the early days, sales were brisk.

重要的是，我們在沃爾瑪獨家推出的第二階段於 4 月 29 日開始，當時我們擴大了供應鏈，AMC 的即食爆米花在大約 2,600 家沃爾瑪商店上架，並在美國全國范圍內發貨沃爾瑪網站。 AMC的微波爐爆米花也在當時在全國各地的沃爾瑪超市推出。與 3 月份的情況一樣，在早期，銷售也很活躍。

We think that our home popcorn is going to turn into a substantial business for AMC. We are already currently exploring opportunities for its eventual expansion into other grocery store chains and to other e-commerce and other channels, once Walmart's exclusivity ends.

我們認為我們的家庭爆米花將成為 AMC 的一項重要業務。一旦沃爾瑪的獨家經營權結束，我們目前已經在探索其最終擴展到其他雜貨連鎖店以及其他電子商務和其他渠道的機會。

Second, development. We kept our promise to our shareholders in launching the AMC Entertainment branded credit card in partnership with Visa, a world leader in digital payments, and deserve a leading mobile-first fintech credit card platform, the rewards which -- AMC Entertainment Visa card is the only credit card that earns in-theater rewards whatever it's used. AMC Entertainment Visa cardholders earn extra AMC Stubs points, which they can use as currency rewards they get with every purchase made on their AMC Entertainment Visa card. That card exemplifies AMC's ongoing commitment to delivering tangible benefits, both to our guests and to our shareholders while reinforcing our bond with our devoted moviegoing patrons.

第二，發展。我們兌現了對股東的承諾，與世界領先的數字支付公司 Visa 合作推出了 AMC Entertainment 品牌信用卡，並理應擁有領先的移動優先金融科技信用卡平台，而 AMC Entertainment Visa 卡是唯一一張無論使用什麼都能獲得影院獎勵的信用卡。 AMC Entertainment Visa 持卡人可以獲得額外的 AMC Stubs 積分，他們可以將這些積分用作每次使用 AMC Entertainment Visa 卡購物時獲得的貨幣獎勵。該卡體現了 AMC 不斷致力於為我們的客人和我們的股東提供切實利益，同時加強我們與忠實電影贊助人的聯繫。

Third, development. The creation of APE units in August of 22, was vital for AMC. It resulted in our being able to raise $418 million of much needed gross cash proceeds allowing us to boost our liquidity and reduce debt, including deferred rent by more than $470 million. Indeed, AMC is unequivocally financially a stronger company today as a result of our having created APE units. Nonetheless, despite having the same economic and voting rights of our AMC common shares, APE units have consistently traded at a substantial discount to AMC common shares. That discount creates inefficiencies that increase our cost of capital, and cause unnecessary and preventable dilution. Therefore, after careful thought, the AMC Board presented proposal to amend our corporate charters to simplify our capital structure via a reverse stock split and a conversion of APE units into AMC common shares.

第三，發展。 APE 部門於 22 日 8 月成立，這對 AMC 至關重要。這使我們能夠籌集到 4.18 億美元的急需總現金收益，使我們能夠提高流動性並減少債務，包括超過 4.7 億美元的遞延租金。事實上，由於我們創建了 APE 部門，AMC 今天在財務上無疑是一家更強大的公司。儘管如此，儘管 APE 單位擁有與我們的 AMC 普通股相同的經濟和投票權，但 APE 單位的交易價格始終低於 AMC 普通股。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，經過深思熟慮，AMC 董事會提出了修改公司章程的提案，以通過反向股票拆分和將 APE 單位轉換為 AMC 普通股來簡化我們的資本結構。

Based on your vote on March 14 to approve such amendments, we think our shareholders overwhelmingly agreed with the importance of doing this. However, in response to litigation about this shareholder vote, we worked with the playoffs and found common ground to settle our differences, which, if approves, will allow the charter amendments to be implemented in accordance with the affirmative shareholder vote. Because that proposed settlement is currently under review by the Delaware Chancery Court, we do not intend during this call, to discuss this litigation further.

根據您在 3 月 14 日投票批准此類修正案，我們認為我們的股東絕大多數同意這樣做的重要性。然而，為了應對有關此次股東投票的訴訟，我們與季后賽合作，找到了解決分歧的共同點，如果獲得批准，將允許根據股東投票贊成的規定實施章程修正案。由於該提議的和解方案目前正在接受特拉華州衡平法院的審查，因此我們不打算在本次電話會議期間進一步討論該訴訟。

And the fourth development, we are so appreciative that Hollywood Studios again seem to recognize the incredible value creation of theatrical exhibition. In recent years, some studios were prioritizing their streaming services over theaters. Today, the talk in Hollywood, is flipped. Moviemakers know there is money to be made in theaters and studio after studio is rushing to increase the number of movies that they release first theatrically.

第四個發展，我們非常感激好萊塢影城似乎再次認識到戲劇放映所創造的不可思議的價值。近年來，一些工作室將流媒體服務置於影院之上。今天，好萊塢的話題發生了翻天覆地的變化。電影製作人知道，在製片廠急於增加他們首先在影院上映的電影數量後，劇院和製片廠可以賺錢。

Traditional studios aren't the only ones interested in launching films on the big screen. Amazon Studios just theatrically released their wonderful movie about the true story of Nike introducing the Air Jordan Sneaker. Air starring Ben Allfeck and Matt Damon has enjoyed more than $70 million -- $47 million of domestic box office success, and received far greater consumer acclaim and awareness than it would have had it been released directly to streaming without a theatrical release first.

傳統電影公司並不是唯一有興趣在大銀幕上放映電影的電影公司。亞馬遜工作室剛剛在影院上映了他們精彩的電影，講述了耐克推出 Air Jordan 運動鞋的真實故事。由 Ben Allfeck 和 Matt Damon 主演的 Air 已經獲得了超過 7000 萬美元 - 4700 萬美元的國內票房成功，並且獲得了比沒有先在影院上映就直接發佈到流媒體的更多的消費者讚譽和意識。

And we look forward to showing 2 Apple theatrical releases later this year. The highly anticipated Killers of the Flower Moon distributed by Paramount, directed by Martin Scorsese and starring Leonardo DiCaprio and Robert De Niro. In addition, the riveting movie, Napoleon distributed by Sony, directed by Ridley Scott and starring Joaquin Phoenix. These initial releases by Amazon and Apple could be just the tip of the iceberg of new content for AMC.

我們期待在今年晚些時候展示 2 個 Apple 影院版本。備受期待的花月殺手由派拉蒙發行，由馬丁·斯科塞斯執導，萊昂納多·迪卡普里奧和羅伯特·德尼羅主演。此外，由索尼發行、雷德利斯科特執導、傑昆菲尼克斯主演的引人入勝的電影《拿破崙》。亞馬遜和蘋果最初發布的這些內容可能只是 AMC 新內容的冰山一角。

There have been numerous press reports that these 2 tech giants each plan to spend about $1 billion per year on movies that will be headed first to theaters prior to going on streaming platforms. This means that you'll be able to watch in the friendly confines of an AMC theater or an Odeon Cinema or on our big screens, Amazon and Apple movies, that's potentially $2 billion of new content annually headed for theatrical release. We can't wait to showcase their films.

有大量媒體報導稱，這兩家科技巨頭各自計劃每年花費約 10 億美元購買電影，這些電影將在進入流媒體平台之前首先進入影院。這意味著您將能夠在 AMC 劇院或 Odeon 電影院的友好範圍內觀看，或者在我們的大屏幕上觀看亞馬遜和蘋果的電影，這些電影每年可能有 20 億美元的新內容用於影院上映。我們迫不及待地想放映他們的電影。

So in conclusion on this call, we could not be more optimistic about the prospects for the movie slate of films coming out during the remainder of '23, except only to say that 2024 looks even better. The 2023 Q1 financial results, coupled with a strong start to the second quarter, make us confident about the path we are on towards an ongoing recovery for an AMC in '23, '24 and 2025.

因此，在本次電話會議的結論中，我們對 23 年剩餘時間上映的電影片單的前景再樂觀不過了，只能說 2024 年看起來更好。 2023 年第一季度的財務業績，加上第二季度的強勁開局，使我們對 AMC 在 23 年、24 年和 2025 年實現持續復甦的道路充滿信心。

And as I conclude a special final word to the APEs. I have greatly enjoyed meeting so many of you in our theaters. I personally hosted 23 movie screens in 23 different cities over the past 18 months. And I do my next one in Berlin in Germany on May 13. I also greatly appreciate your communicating with me on Twitter. As I think many of you know, I write all of my tweets myself, and I devote about an hour a day to reading the voluminous inbound comments from you about AMC. It is illuminating for me to hear what you have to say.

最後，我要對 APE 說一句特別的話。我非常高興在我們的劇院見到你們中的許多人。在過去的 18 個月裡，我親自在 23 個不同的城市主持了 23 場電影放映。我將於 5 月 13 日在德國柏林做我的下一個。我也非常感謝你在 Twitter 上與我交流。我想你們很多人都知道，我自己寫了所有的推文，我每天花大約一個小時來閱讀你們關於 AMC 的大量評論。聽到你要說的話對我來說很有啟發性。

I am a better educated and a better able CEO because I get to hear your views directly and uncovered. Thank you for your ongoing support. Thank you for your passion and enthusiastic commitment to AMC, and I look forward to you seeing any number of great movies that will be (inaudible) on the big screen of our AMC theaters and Odeon cinemas in the weeks, months and years ahead. Sean let's now move to questions, both from shareholders and from industry analysts.

我是一個受過更好教育、能力更強的 CEO，因為我可以直接和公開地聽取你的意見。感謝您一直以來的支持。感謝您對 AMC 的熱情和熱情承諾，我期待您在未來數週、數月和數年內在我們的 AMC 影院和 Odeon 影院的大屏幕上（聽不清）看到任何數量的精彩電影。肖恩，現在讓我們轉向來自股東和行業分析師的問題。

Thanks, Adam. Let's start with a couple of questions from our shareholders. The first one here is, are there any plans to enhance or expand our AMC loyalty programs?

謝謝，亞當。讓我們從股東提出的幾個問題開始。這裡的第一個問題是，是否有任何計劃來增強或擴展我們的 AMC 忠誠度計劃？

Yes.

是的。

What a surprise. Yes.

真是個驚喜。是的。

So 2 of the most important marketing programs that we have, let's say, 3 of the most important marketing programs we have. First, A-List, of course, our subscription program that titles people to see up to 3 movies a week for $20 to $25 a month plus tax. The other is AMC Stubs in which we have 2 tiers, Insider and Premier that allow moviegoers at our theaters to earn discounts and freeze when they return the AMC theaters in the future as the reward for their current spending in AMC, and third is of just an enormous amount of outbound communications by e-mail, push notification, text that we send to members of our loyalty programs that talk about the movies that will be appearing in our theaters and other benefits that could accrue to them as a result of their support of AMC.

因此，我們擁有 2 個最重要的營銷計劃，比方說，我們擁有 3 個最重要的營銷計劃。首先，當然是 A-List，我們的訂閱計劃允許人們每週觀看最多 3 部電影，每月收費 20 到 25 美元加稅。另一個是 AMC Stubs，我們有 2 層，Insider 和 Premier，允許我們影院的電影觀眾在未來返回 AMC 影院時獲得折扣和凍結，作為他們當前在 AMC 消費的獎勵，第三個是通過電子郵件、推送通知、我們發送給忠誠度計劃成員的文本進行大量對外通信，討論將在我們的影院上映的電影以及他們可能因他們的支持而獲得的其他好處的AMC。

As you might expect, COVID brought all those programs to the grinding halt. Our theaters were shut for almost 6 months. And the volumes in all those 3 programs started back in a much lower number than where they were just before the pandemic hit us. So we've been in a build back mode ever since we reopened. And I'm pleased to say that the numbers are starting to look good again.

正如您所料，COVID 使所有這些計劃陷入停頓。我們的劇院關閉了將近 6 個月。所有這 3 個項目的數量都比大流行病襲擊我們之前的數量要少得多。因此，自從我們重新開放以來，我們一直處於重建模式。我很高興地說，這些數字又開始看起來不錯了。

We have a significant number of A-List members. And there are a lot of possible enhancements to A-List that we're thinking about and talking about for 2023 and beyond. One of the most interesting of them is there is something about churn where A-List members, a small number, but each month, some of them drop out. And we don't want to lose those people as AMC customers. So one of the things we'll be aiming to do is to communicate directly with former A listers who for whatever reason, has not tried to continue with the program and try to keep them loyal to us.

我們有大量的 A-List 成員。我們正在考慮和討論 2023 年及以後的 A-List 有很多可能的增強功能。其中最有趣的一個是 A-List 成員流失，數量很少，但每個月都會有一些人退出。我們不想失去那些作為 AMC 客戶的人。因此，我們要做的其中一件事就是直接與前 A listers 溝通，無論出於何種原因，他們都沒有嘗試繼續該計劃並試圖讓他們對我們保持忠誠。

Turning to the Stubs program. There are a whole host of initiatives that are now being tested in some markets. We'll see which of these tests meet with positive consumer appeal. And we're going to do interesting new things both for Insider members and for Premier members. And as I said, we're testing a variety of options right now in small quantities in certain markets around the U.S. as we learn which of our initiatives are testing well and producing good results, we'll start to roll that out nationwide.

轉向 Stubs 程序。現在有許多舉措正在某些市場進行測試。我們將看看這些測試中的哪些測試能夠滿足消費者的積極需求。我們將為 Insider 會員和 Premier 會員做一些有趣的新事情。正如我所說，我們目前正在美國某些市場小批量測試各種選項。當我們了解我們的哪些計劃測試良好並產生良好結果時，我們將開始在全國范圍內推廣。

And as for the Communications program, it's ramping right back up. And again, moviegoers at AMC can continue to expect that we'll communicate to them based on their specific moviegoing preferences. We do after all know what movies you want to see. And so it makes sense to talk to you about the kind of movies that you historically have liked as new similar movies coming out in the future.

至於通信計劃，它正在逐漸恢復。同樣，AMC 的電影觀眾可以繼續期望我們會根據他們的特定電影偏好與他們溝通。我們畢竟知道您想看什麼電影。因此，與您討論您過去喜歡的電影類型是很有意義的，因為未來會出現新的類似電影。

Thanks, Adam. That's great. The next question here asked about will AMC expand the distribution of retail popcorn to grocery stores than perhaps in international markets? And also is it possible to arrange for the shipping of AMC merchandise internationally.

謝謝，亞當。那太棒了。下一個問題是 AMC 是否會將零售爆米花的分銷範圍擴大到雜貨店，而不是國際市場？也可以安排 AMC 商品的國際運輸。

(inaudible) is almost definitely yes mostly. So definitely yes. We would like to expand where AMC Perfectly Popcorn can be bought in the United States. The reasons we were so eager to give Walmart a 6-month exclusive, Walmart is one of the great retailers of the world, and it's very rare that there are product launches that start at 2,600 Walmart stores across the United States. They showed great enthusiasm for our product, and therefore, we were willing to give them a head start.

（聽不清）幾乎肯定是肯定的。所以絕對是的。我們想擴大在美國可以買到 AMC Perfectly Popcorn 的地區。我們如此渴望為沃爾瑪提供 6 個月的獨家銷售權的原因是，沃爾瑪是世界上最大的零售商之一，而且在美國 2,600 家沃爾瑪商店開始推出產品是非常罕見的。他們對我們的產品表現出極大的熱情，因此，我們願意讓他們搶先一步。

But you can be sure that we'll be talking to just about every major grocery store in the country. We'll be talking to convenience stores in the country. We're looking at other possible places to buy AMC Perfectly Popcorn through e-commerce. It has been suggested to us that we now sell it on Amazon.com, for example. It's been successful to us that we had to sell it on amctheatres.com in addition to it's being available at walmart.com.

但你可以肯定，我們將與該國幾乎所有主要的雜貨店交談。我們將與該國的便利店交談。我們正在尋找其他可能通過電子商務購買 AMC Perfectly Popcorn 的地方。例如，有人建議我們現在在 Amazon.com 上銷售它。除了在 walmart.com 上有售外，我們還必須在 amctheatres.com 上銷售它，這對我們來說是成功的。

We're also going to look at other unconventional places potentially to showcase AMC Perfectly Popcorn. Like, for example, sports stadiums, company cafeterias, that are privately catered. When I say privately catered, I don't mean like fancy privately catered and is being little. There are companies with big -- big companies with big cafeterias. And hopefully, we can get in there, too. It might just be the best food that is found in the companies cafeterias.

我們還將尋找其他可能展示 AMC Perfectly Popcorn 的非常規場所。例如，私人餐飲的體育場館、公司自助餐廳。當我說私人餐飲時，我並不是說喜歡私人餐飲而且很少。有些公司有大——大公司有大自助餐廳。希望我們也能進去。它可能只是公司食堂中最好的食物。

So there are a lot of places that we can take it after the 6-month Walmart exclusive. I've heard a lot of the (inaudible) on Twitter asking that we take it to Canada, and we take it to the U.K. and Continental Europe. It's a little harder because right now we've only found manufacturers in the United States and the cost of shipping that Perfectly Popcorn overseas, for example, would raise its price to be able to sell in Europe. We'd have to find a European manufacturer who could meet our very high quality standards.

所以在6個月的沃爾瑪獨占之後，我們可以帶它去很多地方。我在 Twitter 上聽到很多（聽不清）要求我們把它帶到加拿大，然後我們把它帶到英國和歐洲大陸。這有點困難，因為現在我們只能在美國找到製造商，而將 Perfectly Popcorn 運往海外的成本會提高其價格，以便能夠在歐洲銷售。我們必須找到一家能夠滿足我們極高質量標準的歐洲製造商。

What's really fascinating about -- in my mind about AMC Perfectly Popcorn, people don't necessarily realize this, but we spent almost a full year in flavor testing, both the ready-to-eat popcorn and the microwavable popcorn because we wanted it to taste as good as the popcorn does in our theaters. And we do buy a much higher grade of popcorn than many other -- I mean, sorry, a much higher grade of corn than other popcorn makers buy. It's one of the reasons why our popcorn in theaters are so good. And we've been selling it for 100 years. We do know how to prepare it.

真正令人著迷的是——在我看來，關於 AMC Perfectly Popcorn，人們不一定意識到這一點，但我們花了將近整整一年的時間來測試即食爆米花和微波爐爆米花的風味，因為我們希望它味道和我們劇院裡的爆米花一樣好。而且我們確實購買了比其他許多爆米花等級高得多的爆米花——我的意思是，對不起，比其他爆米花製造商購買的玉米等級高得多。這就是為什麼我們的影院爆米花如此美味的原因之一。我們已經銷售了 100 年。我們確實知道如何準備它。

And we tested a whole variety of flavor protocols to make sure the product we are taking to home was just as good as what we serve in the theaters. And the [reason they're fabulous] is in the early weeks. So to take it overseas, even to take it into Canada, we probably have to find a manufacturer who could live up to the high standards of what we're doing at launch here in the U.S.

我們測試了各種風味協議，以確保我們帶回家的產品與我們在劇院提供的產品一樣好。 [他們很棒的原因] 是在最初幾週。因此，要將它帶到海外，甚至是帶到加拿大，我們可能必須找到一家能夠達到我們在美國推出時所做的高標準的製造商。

As for shipping the merchandise internationally, I don't see any reason why not. So we're on the case. We don't have it sorted out yet. But it does raise another question. We have a very successful program for AMC shareholders called AMC Investor Connect. We have almost 1 million members of AMC Investor Connect. These are people who self-identified to us that they have owned AMC shares since we launched the program 1.5 years back. We've made offer after offer after offer to our U.S. members of AMC Investor Connect. Because we're in a dozen countries in Europe because we have a dozen different systems because we're in different languages across Europe, we've not been able to easily make an offer that's pan-European, the way we can make an offer that's Pan United States, so to speak, it's good across the United States.

至於國際運輸商品，我看不出有任何理由不這樣做。所以我們正在處理這個案子。我們還沒有解決。但它確實提出了另一個問題。我們為 AMC 股東制定了一個非常成功的計劃，稱為 AMC Investor Connect。我們擁有近 100 萬名 AMC Investor Connect 會員。自從我們 1.5 年前推出該計劃以來，這些人向我們表明他們擁有 AMC 股份。我們向 AMC Investor Connect 的美國成員發出了一個接一個的要約。因為我們在歐洲的十幾個國家，因為我們有十幾個不同的系統，因為我們在整個歐洲使用不同的語言，所以我們無法輕鬆地提供泛歐洲的報價，我們可以提供報價的方式那就是泛美，可以說，全美都好。

So I think that our European shareholders have taken short shrift in investor connects. We communicate with them just as much as we do with the U.S. shareholders, but the offers have been like -- and it's a high priority for me in 2023 to come up with ways to make AMC Investor Connect offers to our international shareholders in Canada, in Europe, in the Middle East, where we have theaters.

因此，我認為我們的歐洲股東在投資者聯繫方面表現不佳。我們與他們的溝通與我們與美國股東的溝通一樣多，但報價就像——我在 2023 年的首要任務是想出辦法向我們在加拿大的國際股東提供 AMC Investor Connect 報價，在歐洲，在中東，我們有劇院。

That's very exciting. And the next question here is talking about AMC's plans to expand theaters, both in new markets within the U.S. and perhaps in other countries as well.

這非常令人興奮。下一個問題是關於 AMC 擴大影院的計劃，既包括美國的新市場，也可能包括其他國家。

So we do have plans going forward, and it's impressive the plans that we've already implemented. We've done a tremendous amount of work addressing what we call our fleet of theaters since the pandemic hit in March of -- hit us in March of 2020 and we've actually closed like 150 of our roughly 1,000 theaters because they were money losers or because they were in terrible shape or on their end of their lease or some other good reason to close.

所以我們確實有未來的計劃，而且我們已經實施的計劃令人印象深刻。自從 2020 年 3 月大流行病襲擊我們以來，我們已經做了大量工作來解決我們所謂的劇院艦隊問題，實際上我們已經關閉了大約 1,000 家劇院中的 150 家，因為它們是虧損的或者因為他們的狀況很糟糕，或者他們的租約即將結束或其他一些關閉的充分理由。

At the same time, we either acquired or built from a scratch, 66 new theaters. And interestingly, the 66 new theaters greatly outproduced in profitability, the 100-plus that we closed. We're going to continue to look at our theaters every single year. And if there is dead wood in our fleet of over 900 theaters throughout the world, we'll take them out of our fleet. At the same time, though, we're going to continue to add theaters. And where we've added theaters, we've been very successful.

與此同時，我們收購或從頭開始建造了 66 家新劇院。有趣的是，這 66 家新影院的盈利能力大大超過了我們關閉的 100 多家。我們將繼續每年看我們的劇院。如果我們在全球擁有 900 多家劇院的劇團中有廢柴，我們會將它們從我們的劇團中剔除。但與此同時，我們將繼續增加影院。在我們增加影院的地方，我們非常成功。

We bought just under half of the ArcLight Pacific circuit, mostly in California. The Grove Theater and the Americana at Brand theater, 2 at the ArcLight -- the Pacific, I guess they are by Pacific , they're Pacific that we picked up. The growth is routinely in our 5 to 7 most highest grossing theaters in the entire United States. The Americana at Brand is routinely in the dozen most highest grossing theaters in the entire United States. We opened a new theater just a couple of months ago at a new Westfield Mall in Topanga, sort of above Malibu and we shut a nearby theaters a mile or 2 away. It was also in the Westfield Mall.

我們購買了不到一半的 ArcLight Pacific 電路，主要在加利福尼亞。 The Grove Theater 和 Americana at Brand theater，2 個在 ArcLight -- the Pacific，我猜他們在 Pacific 旁邊，他們是我們挑選的 Pacific。這種增長通常發生在全美國票房收入最高的 5 到 7 家影院中。 The Americana at Brand 通常是全美國十幾個票房收入最高的劇院。幾個月前，我們在 Topanga 的一個新的 Westfield 購物中心開了一家新劇院，就在馬里布上方，我們關閉了附近一兩英里外的一家劇院。它也在韋斯特菲爾德購物中心。

So Westfield -- the old Westfield theater was making no money, the new Westfield theater, the one at Topanga, it's a beautiful theater, by the way, with an incredible food court that's opening up this week at that mall. That new theater is among the 20 highest grossing theaters for AMC in the United States. And the list goes on and on, where we've added theaters, they've done really well. The Bow Tie theaters that we bought mostly in Connecticut. It looks like we bought more than half of the Bow Tie circuit.

所以韋斯特菲爾德 - 老韋斯特菲爾德劇院沒有賺錢，新的韋斯特菲爾德劇院，在 Topanga 的那個，這是一個美麗的劇院，順便說一句，有一個令人難以置信的美食廣場，將於本週在那個購物中心開放。這家新劇院是美國 AMC 票房收入最高的 20 家劇院之一。名單還在繼續，我們增加了劇院，他們做得非常好。我們主要在康涅狄格州購買的 Bow Tie 劇院。看起來我們買了一半以上的 Bow Tie 電路。

When you look at the purchase price that we paid, and if you look at the EBITDA in those theaters, it's looking like we acquired those theaters at 3x current EBITDA. That's a bargain compared to where we currently trade and where movie theaters historically have traded. We think there are any number of opportunities to continue to add theaters into our network that will perform well in our network that either are built from scratch theaters or come to us from failing circuits, who've had difficulty surviving COVID.

當您查看我們支付的購買價格時，如果您查看這些影院的 EBITDA，看起來我們以 3 倍當前 EBITDA 的價格收購了這些影院。與我們目前的交易地點以及電影院歷史上的交易地點相比，這是一筆划算的交易。我們認為有很多機會繼續將影院添加到我們的網絡中，這些影院將在我們的網絡中表現良好，這些影院要么是從頭開始建造的，要么是從失敗的電路中找到的，這些電路很難在 COVID 中倖存下來。

And at any given time, we're talking to a half a dozen different movie theater chains about possibly acquiring some or a significant number of their theaters and bringing them into AMC on attractive economics. And that's true not only in the U.S. but also internationally in Europe.

在任何時候，我們都在與六家不同的連鎖電影院討論可能收購他們的部分或大量影院，並以有吸引力的經濟效益將它們帶入 AMC。不僅在美國如此，在歐洲也是如此。

Terrific. Question here, we've all seen the news. Can you comment on the possible impact of the Hollywood writers strike on AMC and particularly the availability of new movies perhaps in 2024?

了不起。在這裡提問，我們都看到了新聞。您能否評論一下好萊塢作家罷工對 AMC 的可能影響，尤其是 2024 年新電影的可用性？

Sure. Look, we're very sympathetic to the real problems that exist for members of the Writers Guild. Streaming has changed the landscape of television, changed the economics of what writers earn. We are hopeful that the Hollywood producers and Writers Guild can work in good faith to craft the solution that's good for all parties. As far as its impact on AMC and the movie industry, if this is a short strike, and when I short -- mean short strike, I don't mean days, I mean months, its impact will mostly be felt on television programming, because the movies for '23 and '24 pretty much been written. In many cases, they've already been filmed. And I think only a very prolonged writer strike would have impact -- a material impact on the movie theater industry or an AMC.

當然。看，我們非常同情作家協會成員所面臨的實際問題。流媒體改變了電視的格局，改變了作家收入的經濟學。我們希望好萊塢製片人和作家協會能夠真誠合作，制定出對各方都有利的解決方案。至於它對 AMC 和電影業的影響，如果這是一次短期罷工，我說的短期罷工，我指的不是幾天，而是幾個月，它的影響主要體現在電視節目上，因為 23 年和 24 年的電影幾乎都寫好了。在許多情況下，它們已經被拍攝了。而且我認為只有非常長時間的編劇罷工才會產生影響——對電影院行業或 AMC 產生重大影響。

Got it. Question here, can you comment on the take-up of the AMC credit card and the sale of AMC branded retail popcorn? What are the initiatives are planned?

知道了。在這裡提問，您能否評論一下 AMC 信用卡的使用和 AMC 品牌零售爆米花的銷售？有什麼計劃？

So -- we only launched a credit card a couple of weeks ago. We only launched popcorn at home a couple of weeks ago. We've said that sales for the popcorn are brisk, maybe announced publicly, if we're not, but then we wouldn't also hear that 80,000 people signed up on the waitlist to be notified when the AMC credit card is being launched. The AMC cards that have been out provisioned at this point are ahead of our expectations. And it's not 80,000, obviously. But the number of cards that have already been out provisioned are ahead of our expectations.

所以 - 我們幾週前才推出信用卡。我們幾週前才在家裡推出爆米花。我們已經說過爆米花的銷售很活躍，也許會公開宣布，如果我們不這樣做的話，那麼我們也不會聽說有 80,000 人在等候名單上註冊，以便在推出 AMC 信用卡時得到通知。此時已超出供應的 AMC 卡超出了我們的預期。顯然不是 80,000。但是已經預配的卡片數量超出了我們的預期。

We're very pleased with those initiatives. As for other new initiatives in the works, there are many. I'll reveal one for the first time today, which I'm particularly excited about. We noticed recently as a result of pandemic and the supply chain shortages that candy manufacturers had increased their price to us by a huge amount. Some candy makers increasing their cost for candy -- wholesale candy as much as 33% in a onetime bump. That kind of thinking very hard about our candy. And we realized that we could manufacture a private label brand of candy to very high-quality standards. Price it less expensively than our current candy is priced and have a higher profit margin because our cost to manufacture the private label brand is so much less than the normal brands that you've seen in our previous 3 years.

我們對這些舉措感到非常滿意。至於工作中的其他新舉措，還有很多。今天我將首次公開一個，我對此感到特別興奮。我們最近注意到，由於大流行和供應鏈短缺，糖果製造商大幅提高了對我們的價格。一些糖果製造商增加了糖果的成本——一次性批發糖果高達 33%。那種對我們的糖果非常認真的思考。我們意識到，我們可以按照非常高質量的標準生產自有品牌的糖果。它的價格比我們目前的糖果價格低，而且利潤率更高，因為我們製造自有品牌的成本遠低於您在過去 3 年中看到的普通品牌。

This doesn't mean we're going to discontinue our branded candy. Of course, we'll continue it. But I would expect that sometime in late 2023, early '24, if our purchase department doesn't get off its tester. But I'm going to hold out for late '23 that we can introduce a private label brand of popular candies, in our theaters, offer them to consumers at a lower price and achieve a higher profitability in doing so.

這並不意味著我們要停止生產我們的品牌糖果。當然，我們會繼續這樣做。但我希望在 2023 年末，24 年初的某個時候，如果我們的採購部門不停止測試。但我要堅持到 23 年底，我們可以在我們的影院推出一個自有品牌的流行糖果，以更低的價格向消費者提供它們，並通過這樣做獲得更高的盈利能力。

And for the people who want the branded candies, of course, we will showcase them in all their beloved [glory, too]. But I like that one. We're really out of time. So I would try -- I've been answering all these questions for over a year now. So I'd like to ask you one for a change. And then let's turn to investor questions.

對於那些想要品牌糖果的人，我們當然會展示他們所鍾愛的[榮耀]。但我喜歡那個。我們真的沒時間了。所以我會嘗試——一年多來我一直在回答所有這些問題。所以我想請你換一個。然後讓我們轉向投資者問題。

In your presentation on this call, there were a lot of numbers. And I would just like you to highlight to how much cash were we able to generate from the sale of equity since the APEs were created in August of 2022. And if you go back to January 1 of 22, all the way to today, how much debt that we've been able to pay off including the deferred rents which we have worked down because those 2 numbers, how much cash we've generated and how much debt we've reduced are extremely important in considering the state -- current state of the AMC balance sheet and the progress that we've made in shoring it up.

在您關於此次電話會議的演示中，有很多數字。我只想強調一下，自 2022 年 8 月創建 APE 以來，我們能夠通過出售股權產生多少現金。如果你回到 22 年 1 月 1 日，一直到今天，如何我們已經能夠償還多少債務，包括我們已經減少的遞延租金，因為這兩個數字，我們產生了多少現金以及我們減少了多少債務，在考慮當前狀態時極其重要AMC 資產負債表的狀況以及我們在支撐資產負債表方面取得的進展。

Thanks Adam. That's a really, as you say, important question. And the 2 numbers that I want people to take away from this is, one, since the creation of the APEs and an indication of how important that creation was and impact that it has to AMC is one, we've been able to raise $480 million of cash as a result of the creation of the APEs. So it's a significant impact on our liquidity and cash position.

謝謝亞當。正如你所說，這是一個非常重要的問題。我希望人們從中得到的 2 個數字是，一個，自從 APE 的創建以及該創建的重要性及其對 AMC 的影響的指示是一個，我們已經能夠籌集到 480 美元萬現金作為 APE 的創建結果。因此，這對我們的流動性和現金狀況產生了重大影響。

But maybe even more importantly, is the debt reduction. And if one goes back to the beginning of 2022 and just look over the last 18 months, we have reduced our debt balance by $620 million. That includes a reduction in deferred rent. This is a significant reduction in our debt. And I think I'll add 1 more number. You asked for 2, but I'll add 1 more number that I think people don't recognize as well is that if you look at our net debt, net financial debt position today as of March 31, and you compare that to our net debt position just prior to the pandemic, December 31, 2019, what one sees is actually our net debt is surprisingly less than it was pre-pandemic by more than $440 million.

但也許更重要的是債務減少。如果回到 2022 年初，看看過去 18 個月，我們的債務餘額就減少了 6.2 億美元。這包括減少遞延租金。這是我們債務的顯著減少。我想我會再添加 1 個數字。你問的是 2，但我會再添加 1 個數字，我認為人們還沒有意識到，如果你看看我們截至 3 月 31 日的淨債務，今天的淨金融債務頭寸，然後將其與我們的淨債務進行比較大流行之前的債務狀況，2019 年 12 月 31 日，我們實際上看到的是我們的淨債務比大流行前少了 4.4 多億美元。

So it's not more, it's less than what's pre-pandemic, so I think that is a real indication of the importance of the equity raises that we have done since the pandemic and particularly as a result of the creation of the APEs.

所以它不多，比大流行前少，所以我認為這真正表明了自大流行以來我們所做的股權融資的重要性，特別是由於 APE 的創建。

Operator, are there any questions from analysts that we should be taking.

接線員，我們應該回答分析師的任何問題嗎？

Yes sir, we have 1 question from Eric Wold from B. Riley Securities.

是的，先生，我們有 1 個來自 B. Riley Securities 的 Eric Wold 的問題。

Adam and Sean, congratulations on the strong results and turning the positive adjusted EBITDA. I want to focus on the structural improvements in the business that you've made over the past few years, given I think that those benefits may not completely be understood. I'm currently projecting that domestic industry box office revenue to get back to pre-pandemic levels by 2025, but that attendance will continue to lag that recovery as you talked about, that recovery is also being fueled by consumers choosing the premium large format screens and driving up average ticket prices.

Adam 和 Sean，祝賀您取得了強勁的業績並將調整後的 EBITDA 轉為正值。我想重點介紹您在過去幾年中所做的業務結構改進，因為我認為這些好處可能還沒有被完全理解。我目前預計到 2025 年國內行業票房收入將恢復到大流行前的水平，但正如您所說，上座率將繼續落後於復蘇，消費者選擇優質大屏幕也推動了復甦並推高平均票價。

Can you talk about the structural benefits of the expense reductions you've made in both the corporate and theater levels along with the benefit of the higher per patron spending? And if it's possible that AMC could actually return to pre-pandemic profitability even if attendance remains below pre-pandemic levels?

您能否談談您在公司和劇院層面削減開支所帶來的結構性好處，以及更高的每位顧客支出帶來的好處？即使上座率仍低於大流行前水平，AMC 是否有可能真正恢復大流行前的盈利能力？

Sure. I'll respond to that. We had no choice. We had to cut costs like crazy. Because if we didn't, we're going to run out of cash. And nobody likes to even think about job loss, but the pandemic forces to be lean. If you look at our corporate headquarters, it only has about 2/3 of the people working here today that it had pre-pandemic. If you look at our theaters, the management staff at our theaters is down about 1/3 from the amount of management staff we had prior to the pandemic.

當然。我會回應的。我們別無選擇。我們不得不瘋狂地削減成本。因為如果我們不這樣做，我們就會用完現金。甚至沒有人願意考慮失業，但大流行病迫使人們精簡。如果你看看我們的公司總部，今天在這里工作的人中只有大約 2/3 是大流行前的。如果你看看我們的劇院，我們劇院的管理人員數量比大流行前減少了大約 1/3。

We've learned to be more efficient. And interestingly, at the same time, we're paying higher wages. So our film crews are earning a lot more, but there may not be as many of them in the theater at any one time. And I know that so many of those people who work for us work very hard. And they like the fact that whereas we used to be a minimum -- often be a minimum wage employer, now we're routinely paying between $10 and $15 an hour depending upon the market for the line workers. So, number one, fewer management at headquarters, fewer management at theaters, higher paid, but fewer employees in our theaters, and our guests satisfaction scores are all very high. And the leader management team is still running the company just fine.

我們學會了變得更有效率。有趣的是，與此同時，我們支付的工資更高。所以我們的攝製組賺得更多，但在任何時候在劇院裡的人可能都沒有那麼多。我知道很多為我們工作的人都非常努力。他們喜歡這樣一個事實，雖然我們過去是最低工資 - 通常是最低工資雇主，但現在我們通常每小時支付 10 到 15 美元，具體取決於生產線工人的市場。所以，第一，總部的管理人員少了，劇院的管理人員少了，工資高了，但我們劇院的員工少了，我們的客人滿意度都很高。而領導者管理團隊仍在很好地經營公司。

On the revenue side, I guess I'm not supposed to tell you second quarter numbers yet, but I'll just hit -- tease that the food and beverage per patron spending in April is higher than what it was in the first quarter. We are killing it in F&B, slightly higher, by the way, don't get too excited. But we are killing in F&B. And our F&B spending per patron pre-pandemic was around $5.60. In the first quarter, it was $7.99, that's up $2.40 per patron, and 85% of that drops to the bottom line. That definitely changes the contribution per patron.

在收入方面，我想我不應該告訴你第二季度的數字，但我會開玩笑說 4 月份每位顧客在食品和飲料方面的支出高於第一季度。我們在F&B殺牠，稍微高一點，順便說一句，不要太激動。但我們在 F&B 殺戮。在大流行前，我們每位顧客的餐飲支出約為 5.60 美元。第一季度為 7.99 美元，每位顧客上漲 2.40 美元，其中 85% 下降到利潤。這肯定會改變每位贊助人的貢獻。

And the same is true with ticket price. Our ticket prices have not risen by 20% since prepandemic in actual fact. But when you include the mix changes, because there's been such a surge of attendance in IMAX auditoriums and Dolby Cinema auditoriums, our average realized price for ticket is up around 20%. And that again, that's not raw price increase, that's mixed change, where there's -- our PLF screens, as I talked about in our prepared remarks, our PLF screens are over indexing like 5 and sixfold, in terms of productivity, and we get a much higher price, which means, again, higher contribution per patron, which for your question, means that we don't need as many attendees going forward, as we needed in the past to generate EBITDA.

票價也是如此。實際上，自大流行前以來，我們的票價沒有上漲 20%。但是當你包括混合變化時，由於 IMAX 放映廳和杜比影院放映廳的上座率激增，我們的平均實際票價上漲了 20% 左右。再一次，這不是原始價格上漲，而是混合變化，那裡有——我們的 PLF 屏幕，正如我在準備好的評論中所說的那樣，我們的 PLF 屏幕在生產力方面超過了 5 倍和 6 倍的索引，我們得到更高的價格，這再次意味著每位贊助人的貢獻更高，對於您的問題，這意味著我們不需要像過去那樣需要那麼多的與會者來產生 EBITDA。

With that being questioned, and we're over an hour, and you all are busy -- you're all busy in other things to do, we will let you go. I want to end the call by thanking all of you who care about AMC and reminding you that there is just an incredible array of really great movies that are coming out between now and Christmas of 2023. You just spent a lot of time in movie theaters. If you do, you will be amused and you will be entertained and as Nicole Kidman says, you'll see dazzling images on a huge silver screen, and you'll see stories that are perfect and powerful, because here at AMC, they are. Thank you for joining us today.

有了這個問題，我們已經過了一個多小時，你們都很忙——你們都在忙其他事情要做，我們會讓你們離開。我想結束電話會議，感謝所有關心 AMC 的人，並提醒你們，從現在到 2023 年聖誕節，將會有一系列非常棒的電影上映。你們只是在電影院度過了很多時間.如果你這樣做，你會被逗樂，你會被娛樂，正如妮可基德曼所說，你會在巨大的銀幕上看到令人眼花繚亂的圖像，你會看到完美而有力的故事，因為在 AMC，他們是.感謝您今天加入我們。

Thank you. Ladies and gentlemen, that then concludes today's conference. Thank you for joining us. You may now disconnect your lines.

謝謝。女士們，先生們，今天的會議到此結束。感謝您加入我們。您現在可以斷開線路。