AMC 電影院 (AMC) 2024 Q2 法說會逐字稿

Greetings and welcome to the AMC Entertainment Holdings second quarter 2024 earnings webcast.

歡迎收看 AMC Entertainment Holdings 2024 年第二季財報網路廣播。

(Operator Instructions) As a reminder, this conference is being recorded.

（操作員指示）謹此提醒，本次會議正在錄製中。

It is now my pleasure to introduce your host, John Merriwether, Vice President Capital Markets.

現在我很高興向您介紹主持人，資本市場副總裁約翰·梅里韋瑟 (John Merriwether)。

Thank you, John.

謝謝你，約翰。

You may begin.

你可以開始了。

Thank you, Alecia.

謝謝你，阿萊西亞。

Good afternoon.

午安.

I'd like to welcome everyone to AMC's second quarter 2024 earnings webcast.

歡迎大家觀看 AMC 2024 年第二季財報網路廣播。

With me this afternoon is Adam Aron, our Chairman and CEO, and Sean Goodman, our Chief Financial Officer.

今天下午與我在一起的是我們的董事長兼首席執行官亞當·阿倫 (Adam Aron) 和我們的首席財務官肖恩·古德曼 (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.

在我將網路廣播交給 Adam 之前，讓我提醒大家，管理層在本次網路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。

Numerous risks, uncertainties, and other factors may cause actual results to differ materially from those that might be expressed today.

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有重大差異。

Many of these risks and uncertainties are discussed in our most recent public filings, including our most recently filed 10-Q and 10-K.

我們最近提交的公開文件中討論了許多風險和不確定性，包括我們最近提交的 10-Q 和 10-K。

Several of the factors that will determine the company's future results are beyond the ability of the company to control or predict.

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。

In light of the uncertainties inherent in any forward-looking statements, listeners are cautioned against relying on these statements.

鑑於任何前瞻性陳述固有的不確定性，請聽眾不要依賴這些陳述。

The company undertakes no obligation to revise or update any forward-looking statements, whether as a result of new information or future events.

本公司不承擔因新資訊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, and non-GAAP cash burn, among others.

在此網路廣播中，我們可能會參考非 GAAP 財務指標，例如調整後 EBITDA、固定匯率和非 GAAP 現金消耗等。

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.

欲了解我們的非公認會計準則衡量指標與公認會計準則結果的全面對賬，請參閱今天早些時候發佈在我們網站投資者關係部分的收益報告。

After our prepared remarks, there will be a question and answer session.

在我們準備好的發言之後，將進行問答環節。

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.

今天下午的網路廣播正在錄製中，今天晚些時候將在我們網站 amctheatres.com 的投資者關係部分提供重播。

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

這樣，我會將電話轉給 Adam。

Thank you, John.

謝謝你，約翰。

Good afternoon, everybody, and thank you for joining us today.

大家下午好，感謝您今天加入我們。

You might think that someone reporting an 84% drop in adjusted EBITDA this quarter compared to the same quarter last year might be in a foul mood.

您可能會認為，有人報告本季調整後 EBITDA 與去年同期相比下降了 84%，這可能是心情不好。

But to the contrary, as I sit here today and look at what has transpired so far this year, and especially over the past seven weeks, I am ecstatic.

但相反，當我今天坐在這裡，回顧今年迄今為止，特別是過去七週所發生的事情時，我欣喜若狂。

Pick any adjective you want.

選擇任何你想要的形容詞。

Ecstatic, euphoric, almost giddy at AMC's prospects for near-term and medium-term improvement and recovery.

對 AMC 近期和中期改善和復甦的前景感到欣喜若狂、欣喜若狂，幾乎令人眼花繚亂。

In fact -- I'm now more confident than I've been in more than four years about how well AMC will perform over the next 6 to 30 months.

事實上，我現在比四年多來對 AMC 在未來 6 到 30 個月內的表現更有信心。

That would seem to be inconsistent with the earnings release that we just put out for the second quarter.

這似乎與我們剛發布的第二季財報不一致。

But here are the four key reasons for my optimism.

但我樂觀的四個主要原因如下。

First, including monies raised during the second quarter, AMC ended the second quarter with $770 million of cash.

首先，包括第二季籌集的資金在內，AMC 在第二季末擁有 7.7 億美元現金。

I've said it repeatedly over the past few turbulent years.

在過去動盪的幾年裡，我已經多次說過這句話。

Cash is king.

現金為王。

And having ample cash reserves is the single best strategy for survival.

擁有充足的現金儲備是生存的最佳策略。

Sometimes a few of our retail shareholders want to hang me by my tongue that on my watch we have brought so much cash into AMC's coffers.

有時，我們的一些散戶股東想掐住我的舌頭，因為在我任內，我們已經為 AMC 的金庫帶來瞭如此多的現金。

But I cannot say it enough times.

但我不能說太多次。

It is so important the single smartest thing that AMC has done since 2020 was to make sure that our bank account balances were always plentiful and abundant.

自 2020 年以來，AMC 所做的最明智的一件事就是確保我們的銀行帳戶餘額始終充足，這一點非常重要。

Despite all the rocky roads of the past several years, AMC has stayed strong.

儘管過去幾年道路坎坷，AMC 仍然保持著強勁的勢頭。

We've defied the conventional wisdom.

我們挑戰了傳統觀念。

We've continued to innovate and we've maintained our leading industry position.

我們不斷創新，維持了產業領先地位。

And we did that at the exact same time that many of our competitors, large and small in the US or in Europe, found themselves in ruin.

就在我們這樣做的同時，我們的許多競爭對手，無論是在美國還是在歐洲，無論大小，都發現自己陷入了破產。

How did we pull that off?

我們是如何做到這一點的？

Well, in honor of the Paris Olympics, which I might add in partnership with NBC, we have to be showing right now in our AMC theaters in the United States, I'll use the French word.

好吧，為了紀念巴黎奧運會，我可能會與 NBC 合作，我們現在必須在美國的 AMC 劇院放映，我將使用法語單字。

We pulled it off by having beaucoup of cash.

我們憑藉大量現金實現了這一目標。

I've said it before and I'll say it again.

我以前已經說過了，我還會再說一次。

Cash is king, cash is king, cash is king and we ended the quarter with $770 million.

現金為王，現金為王，現金為王，本季末我們的營收為 7.7 億美元。

The second reason.

第二個原因。

Starting in mid-June, this is just a month and a half ago, the box office finally, after four long tough years, has shown evidence of its making a real and enduring comeback.

從六月中旬開始，僅僅一個半月前，票房終於在經歷了四年漫長的艱難歲月之後，展現出真正持久的捲土重來的跡象。

Disney and Pixar's Inside Out 2, which debuted in mid-June, became the highest grossing animated film of all time.

迪士尼與皮克斯的《腦筋急轉彎 2》於 6 月中旬首映，成為有史以來票房最高的動畫電影。

It was followed by an enormous success from Universal's Illumination Studios with its Despicable Me 4, Twister's Old and Strong, and Disney then came right back with Marvel's Smash Hit Deadpool and Wolverine, which has set all sorts of attendance and revenue records for AMC.

隨後環球照明影業的《神偷奶爸4》、《龍捲風》的《老而強》取得了巨大成功，而迪士尼又憑藉漫威的《死侍》和《金剛狼》捲土重來，為AMC 創下了各種上座率和收入記錄。

We knew 2024 was coming.

我們知道 2024 年即將到來。

We correctly predicted and previously publicly disclosed that moviegoing in general would be weak in the early months of 2024 because production delays caused by the prolonged writers and actor strikes of 2023 would decrease the number of movies that would be ready for theatrical release early this year.

我們正確預測並先前公開披露，2024 年前幾個月的觀影總體疲軟，因為 2023 年編劇和演員長期罷工造成的製作延遲將減少今年年初準備在影院上映的電影數量。

But by the end of May, the impact of those 2023 Hollywood strikes was finally, for the most part -- firmly behind us.

但到 5 月底，2023 年好萊塢罷工的影響終於在很大程度上完全被拋在了身後。

And it is as clear as a bell right now that the box office has started its big upwards climb.

現在很明顯，票房已經開始大幅上升。

As but one example, the June domestic industry box office was so much larger than the prior months that June was only 2-percentage-points less than the box office of April and May combined.

舉個例子，6月國內電影票房遠超前幾個月，僅比4月和5月票房總和低2個百分點。

And comparing June to the earliest part of 2024, that same June domestic industry box office was 10% more than the January and February 2024 box office combined.

與 6 月和 2024 年上半年相比，同年 6 月的國內電影票房比 2024 年 1 月和 2 月的總票房高出 10%。

The strikes of 2023 had their impact, but that impact appears to be, for the most part, behind us.

2023 年的罷工產生了影響，但這種影響在很大程度上似乎已經成為過去。

It's not surprising then that with a surge in June box office, AMC saw a remarkable contrast in our own results between the early quarter with a dearth of movie releases and the end of the quarter with a record-setting movie, Inside Out 2, delighting audiences in theaters.

毫不奇怪，隨著 6 月票房的飆升，AMC 看到我們自己的業績形成了鮮明的對比：季度初電影發行量不足，季度末電影《頭腦特工隊 2》創紀錄，令人欣喜劇院裡的觀眾。

There was a soaring difference for the industry's performance and more importantly to us in AMC's performance when looking later in the second quarter versus looking earlier in the second quarter.

行業表現存在巨大差異，對我們來說更重要的是，在第二季晚些時候與第二季早些時候觀察時，AMC 的表現存在巨大差異。

The contrast was so vivid, the difference between the end of the quarter and the beginning of the quarter, that it was as if we were two totally different companies surrounded by two totally and completely different industry dynamics, and the proof is in the pudding.

季末和季初之間的差異如此鮮明，就好像我們是兩家完全不同的公司，被兩種完全不同的行業動態所包圍，證據就在布丁中。

AMC capitalized on the strong June box office recovery and in so doing, AMC set an all-time monthly adjusted EBITDA record for the month of June, meaning this was the best June result for AMC of any June in AMC's 104-year history.

AMC 充分利用了 6 月份票房的強勁復甦，從而創造了 6 月份的歷史月度調整後 EBITDA 記錄，這意味著這是 AMC 104 年曆史上任何 6 月份中 AMC 最好的 6 月份業績。

There were 103 Junes before this one, and this was the best.

在此之前已有 103 個 6 月，這是最好的。

And we did so across the board.

我們全面這樣做了。

We did so domestically, we did so internationally, and we did so on a consolidated basis.

我們在國內這樣做，我們在國際上這樣做，我們是在統一的基礎上這樣做的。

But the good box office does not stop with June.

但好票房不止於六月。

We have carefully and intensely studied the movie slate coming for the remainder of 2024, as well as the slates that are coming out for 2025 and 2026.

我們仔細而深入研究了 2024 年剩餘時間上映的電影名單，以及 2025 年和 2026 年上映的電影名單。

Our current expectations are that the box office turned an important corner in June of 2024, and looking ahead, we at AMC believe we will see sizable growth in industry-wide revenues, and therefore most likely in AMC revenues, in the second half of 2024.

我們目前的預期是，票房將在 2024 年 6 月迎來一個重要轉折點，展望未來，AMC 相信我們將在 2024 年下半年看到全行業收入大幅增長，因此 AMC 收入很可能會大幅成長。

It's possible that the third quarter box office may not overtake last year's record-breaking Barbenheimer phenomenon, but the fourth quarter slate really looks to easily outpace that of Q4 last year, with spectacular titles this year, like Warner Brothers' Joker: Folie à deux, Universal's Wicked, Disney's Mufasa: The Lion King, and Disney's Moana 2, Sony's Venom, and Paramount's Gladiator 2, among so many other big films that are coming out in the remainder of 2024.

第三季的票房可能不會超過去年破紀錄的巴本海默現象，但第四季的票房確實看起來很容易超過去年第四季，今年有一些精彩的影片，像是華納兄弟的《小丑：歡樂頌》 、環球影業的《魔法壞女巫》、迪士尼的《木法沙：獅子王》、迪士尼的《莫阿娜2》、索尼的《猛毒》和派拉蒙的《角鬥士2》，以及將於2024 年剩餘時間上映的眾多其他大片。

Based on the movies that we know are coming, including in 2025 and 2026, another Star Wars movie, another Avengers movie, and another Avatar movie, and so many more, a growing box office is also what we believe will be the case again in 2025 and again in 2026.

根據我們知道即將上映的電影，包括2025 年和2026 年上映的另一部《星際大戰》電影、另一部《復仇者聯盟》電影和另一部《阿凡達》電影等等，我們相信票房也會不斷成長。

Clearly, a rising box office is good news to those who are rooting for AMC to succeed, and bad news for those who root against us.

顯然，票房的上升對於那些支持AMC成功的人來說是個好消息，對反對我們的人來說則是個壞消息。

As a significant portion of our expense structure consists of fixed costs, more than half of incremental revenues wind up flowing through as contribution.

由於我們的費用結構的很大一部分由固定成本組成，因此超過一半的增量收入最終以貢獻的形式流入。

Clearly then, a box office that looks to be rising over the next 30 months goes extremely well for the cash generation and the financial results that AMC could be reporting over the 2.5 years ahead.

顯然，未來 30 個月的票房成長對於 AMC 未來 2.5 年可能報告的現金產生和財務表現非常有利。

The third reason for our optimism, and why there's such a palpable sense of confidence here and almost a relaxation compared to the stresses and pressures that we've been facing since the spring of 2020, is our company's laser focus on driving up revenue and driving down expense that's been in evidence over the last several years.

我們樂觀的第三個原因是，與 2020 年春季以來我們面臨的壓力和壓力相比，這裡有如此明顯的信心，幾乎是放鬆的原因是我們公司專注於提高收入和推動過去幾年來明顯降低了費用。

We've gotten this way both through product innovation to capture more revenues and by our cost-cutting efforts to reduce expense.

我們透過產品創新來獲得更多收入，並透過削減成本來減少開支，從而實現了這一目標。

As but one example of many in driving revenues, our retail shareholders floated an idea a few years back that we sell merchandise in our theaters.

幾年前，我們的零售股東提出了一個想法，我們在劇院銷售商品，這只是推動收入的眾多例子之一。

Three years ago, we sold next to nothing in the way of merchandise in our theaters until this recommendation came from our retail investor base.

三年前，我們在影院幾乎沒有出售任何商品，直到我們的散戶投資者提出這項建議。

This year, by comparison, we should sell around $50 million of merchandise, especially movie-themed collectibles, and we will do so with handsome profit margins.

相較之下，今年我們應該銷售約 5,000 萬美元的商品，尤其是電影主題的收藏品，我們將獲得可觀的利潤率。

Here's another statistic that drives home the point of our laser focus on becoming more efficient.

這是另一個統計數據，它讓我們明白我們的重點是提高效率。

AMC's June 2024 adjusted EBITDA was higher than AMC's June 2023 adjusted EBITDA, but that occurred despite the fact that the box office in June 2024 was actually 3.6% lower than the box office in June 2023.

AMC 2024 年6 月調整後的EBITDA 高於AMC 2023 年6 月調整後的EBITDA，但儘管2024 年6 月的票房實際上比2023 年6 月的票房低了3.6%，但這種情況還是發生了。

Even more dramatic, our June 2024 adjusted EBITDA was higher than the June 2019 adjusted EBITDA, pre-pandemic, despite the fact that the 2024 box office was approximately 12% lower in June of '24 than it was in June of 2019.

更引人注目的是，我們的 2024 年 6 月調整後 EBITDA 高於大流行前的 2019 年 6 月調整後 EBITDA，儘管事實上 2024 年 6 月的票房比 2019 年 6 月低了約 12%。

The summary of it all that continues to support our proposition that we are more innovative than ever before while being more lean than ever before is that often our contribution to overhead per patron, this is our contribution per head, can be as much as 50% more now than it was five years ago.

總而言之，我們對每位顧客的管理費用（即我們的人均貢獻）的貢獻通常可以高達50%，這繼續支持我們的主張，即我們比以往任何時候都更具創新性，同時也比以往任何時候都更加精簡。

A 50% improvement in our profit per head.

我們的人均利潤提高了 50%。

So what that means, because we're bringing in more per head, we don't actually need for movie theater attendance to rise all the way back up to pre-COVID levels for us to generate pre-COVID levels or maybe even more than pre-COVID levels of adjusted EBITDA.

那麼這意味著什麼，因為我們的人均收入增加了，所以我們實際上不需要電影院的上座率一路上升到新冠疫情前的水平，我們就可以產生新冠疫情前的水平，甚至可能超過新冠肺炎疫情前調整後EBITDA 水準。

And finally, the fourth reason our confidence levels are so high.

最後，我們信心如此高的第四個原因。

Just last week, we announced that AMC completed several transformative capital market transactions that took up to $2.45 billion of our debt, previously due in 2026, and extended their maturities to 2029 and 2030.

就在上週，我們宣布AMC 完成了幾項變革性的資本市場交易，這些交易佔用了我們原本於2026 年到期的債務，金額高達24.5 億美元，並將其到期日延長至2029 年和2030 年。

This was an enormously complex effort, but one that will have profound positive impact on AMC.

這是一項極其複雜的工作，但將對 AMC 產生深遠的正面影響。

The years 2029 and 2030 are a long way away.

2029年和2030年距離我們還很遙遠。

We have years and years of additional breathing room before them to further build, grow, and strengthen our company.

我們還有很多年的額外喘息空間來進一步建立、發展和加強我們的公司。

For full disclosure and complete transparency, we did not move all of our debt that was due in 2025 or 2026 to 2029 and 2030, but that which remains that is still due in 2025 or 2026, in my view, is de minimis compared to the previous amounts due, and we believe it's thoroughly and entirely manageable.

為了充分揭露和完全透明，我們沒有將2025 年或2026 年到期的所有債務轉移到2029 年和2030 年，但在我看來，與2025 年或2026 年到期的剩餘債務相比，這是微不足道的。

I cannot even begin to count the number of nervous Nellies, bloggers and journalists who are agonizing in the press about our losing debt repayment obligations just 20 months from now prior to this debt refinancing, and they were just over and over again wherever we looked predicting our demise in '25 or '26 as a result of the debt payment that until last week was owed 21 months from now.

我甚至數不清有多少緊張的內莉、部落客和記者在媒體上為我們在債務再融資前20 個月內失去債務償還義務而苦惱，而無論我們在哪裡尋找預測，他們都一遍又一遍又一遍。

Perhaps that's what they believe.

也許這就是他們所相信的。

Perhaps they were spurred on by the short-selling community who had every financial incentive in the world to sow seeds of doubt about AMC's viability.

也許他們是受到賣空界的刺激，他們有充分的經濟動機對 AMC 的生存能力播下懷疑的種子。

There's no way of knowing for sure, but in any case, it does not matter now because so much of our debt has been pushed so far out into the future, it's no longer an issue.

我們無法確定，但無論如何，現在這並不重要，因為我們的大部分債務已經被推遲到未來，這不再是一個問題。

With this debt refinancing and our other capital markets actions, this managing team has demonstrated our confidence in buttressing our balance sheet at AMC.

透過此債務再融資和我們其他資本市場行動，該管理團隊展現了我們對鞏固 AMC 資產負債表的信心。

Needless to say, there are still fertile lines here at AMC, and we have numerous other thoughts and ideas about how we can further reduce some of our debt or further improve the terms surrounding our debt along the pathway between now and 2029 and 2030.

不用說，AMC 仍然有豐富的資源，對於如何從現在到 2029 年至 2030 年進一步減少部分債務或進一步改善債務條款，我們還有許多其他想法和想法。

This debt refinancing is an accomplishment of the highest order.

此次債務再融資是一項最高成就。

One of the most important things that AMC will get done all year long in 2024.

這是 AMC 2024 年全年要做的最重要的事情之一。

So it would be an error -- an absolute error, if on behalf of myself personally and on behalf of our company, if I failed to express my gratitude and the gratitude of AMC to our lenders who work so constructively with us on this endeavor.

因此，如果我代表我個人和我們公司，如果我未能向我們的貸方表達我的謝意和AMC 的謝意，那麼這將是一個錯誤——絕對的錯誤，他們在這一努力中與我們進行了建設性的合作。

Make no mistake, AMC's lenders just gave our company a strong vote of confidence as to their view of the likelihood of AMC's long-term success, and we're grateful to them for that.

毫無疑問，AMC 的貸方剛剛對我們公司投下了強烈的信任票，表明他們對 AMC 長期成功的可能性的看法，我們對此表示感謝。

In summary, my comments this afternoon are simple and straightforward.

總而言之，我今天下午的評論是簡單明了的。

The 2023 strikes impacted the number of movie titles early in 2024 and somewhat crushed our profitability January and May.

2023 年的罷工影響了 2024 年初的電影數量，並在一定程度上削弱了我們 1 月和 5 月的獲利能力。

But look out world, June and July were decidedly different, and we believe the rest of 2024 and on into 2025 and on into 2026 also should be decidedly different.

但放眼世界，6 月和 7 月明顯不同，我們相信 2024 年剩餘時間以及 2025 年和 2026 年也應該明顯不同。

The power of our extending our financial runway for many years into the future combined with what we believe is a multi-year slate of blockbuster movie releases immediately ahead of us sets the stage for continued recovery at AMC.

我們將財務跑道延伸到未來許多年的力量，加上我們相信即將在我們面前上映的多年大片電影，為 AMC 的持續復甦奠定了基礎。

Now it does go without saying that we cannot just declare a win today and take a victory lap today.

現在，不言而喻的是，我們不能只是宣布今天的勝利並在今天取得勝利。

We still have to implement (technical difficulty) but even with that statement that we have to do our jobs well and we continue to have to excel and be on the ball every step of the way -- today as we sit here right now, we are more confident than ever in our ability to ensure that AMC will thrive as both our company and our industry continue to rebound.

我們仍然必須實施（技術困難），但即使有這樣的說法，即我們必須做好我們的工作，我們仍然必須表現出色，並在每一步中保持警惕——今天，當我們坐在這裡時，我們隨著我們公司和行業的不斷復甦，我們比以往任何時候都更有信心確保AMC 蓬勃發展。

With that, as introductory remarks, I'm going to turn the call over to our CFO, Sean Goodman, to give you more detail on our results.

作為介紹性發言，我將把電話轉給我們的財務長 Sean Goodman，為您提供有關我們結果的更多詳細資訊。

Thank you, Adam.

謝謝你，亞當。

Thanks to everyone for joining us this afternoon.

感謝大家今天下午加入我們。

As expected and as we've previously discussed, the North American box office was indeed challenging during the first half of this year.

正如我們之前所討論的和預期的那樣，今年上半年北美票房確實面臨挑戰。

The first half box office was some 19% below the same period in 2023 and 36% below the same period in 2019.

上半年票房較2023年同期下降約19%，較2019年同期下降36%。

And while the second quarter box office grew around 19% from the first quarter of this year, the box office nonetheless fell way short of the prior year by approximately 27% in the second quarter.

儘管第二季票房較第一季成長約 19%，但仍較去年同期下降約 27%。

The second quarter of 2023, as a reminder, was the highest quarter of that year.

提醒一下，2023 年第二季是當年最高的季度。

With this order's background, simple year-over-year comparisons may not necessarily be helpful in understanding our true financial position and potential future financial performance as the industry grows, as we expect it will.

在此訂單的背景下，簡單的同比比較可能不一定有助於了解我們真實的財務狀況和隨著行業發展而潛在的未來財務業績，正如我們預期的那樣。

I therefore want to focus my comments on some of the key metrics that we look at when we're assessing our performance and forecasting our future financial performance.

因此，我想重點討論我們在評估績效和預測未來財務表現時所關注的一些關鍵指標。

First, let's take a look at market share.

首先，我們來看看市場佔有率。

Our North American market share continued to increase in the second quarter of 2024, with approximately 50 basis points of growth compared to last year.

我們的北美市佔率在2024年第二季持續成長，與去年相比成長了約50個基點。

This is despite the fact that we reduced our North American theater count by approximately 15 locations during this period.

儘管事實上我們在此期間將北美影院數量減少了大約 15 個。

In a quarter where the North American box office declined by 27.2% compared to last year, our domestic admissions revenue declined by only 25.6%, outpacing the industry box office by approximately 160 basis points.

在北美票房較去年下降 27.2% 的一個季度，我們的國內票房收入僅下降 25.6%，比業界票房高出約 160 個基點。

Second, looking at our per patron revenue and profitability.

其次，看看我們的每位顧客收入和獲利能力。

We have successfully been able to grow and then sustain revenue and profit per patron at levels that are meaningfully higher than pre-pandemic 2019.

我們成功地實現了成長，並將每位顧客的收入和利潤維持在明顯高於 2019 年疫情大流行前的水平。

For Q2, consolidated revenue per patron was $20.61. This is some 33% higher in 2019, and also 1.5% higher than the prior year.

第二季度，每位顧客的綜合收入為 20.61 美元。這比 2019 年高出約 33%，也比前一年高出 1.5%。

But even more important than revenue per patron is contribution margin per patron, which we define as total revenue, less film exhibition costs, and less food and beverage costs, divided by the number of guests.

但比每位顧客的收入更重要的是每位顧客的邊際貢獻，我們將其定義為總收入減去電影放映成本以及減去餐飲成本後除以客人數量。

This measure is indicative of the incremental profit generated per guest at our theaters.

此指標反映了我們劇院每位客人產生的增量利潤。

Consolidated contribution margin per patron in Q2 2024 was $13.77. This is some 41% higher than 2019, and 4.6% above the prior year.

2024 年第二季每位顧客的綜合邊際貢獻為 13.77 美元。這比 2019 年高出約 41%，比前一年高出 4.6%。

Now if we look at the North American business, total revenue per patron at $22.36 was 38% ahead of the second quarter of 2019, 2.8% ahead of Q2 2023, and by the way, a record achievement in a second quarter.

現在，如果我們看看北美業務，每位顧客的總收入為22.36 美元，比2019 年第二季度增長38%，比2023 年第二季度增長2.8%，順便說一下，這是第二季度的創紀錄成就。

It's worth noting that our food and beverage revenue per patron reached an all-time high of $8.34 in the second quarter -- an all-time high.

值得注意的是，第二季我們每位顧客的餐飲收入達到了 8.34 美元的歷史新高。

And most importantly, contribution margin per patron at $14.73 was 48% above the second quarter of pre-pandemic 2019, and also 6% above the second quarter of 2023.

最重要的是，每位顧客的貢獻利潤為 14.73 美元，比大流行前的 2019 年第二季高出 48%，也比 2023 年第二季高出 6%。

And we achieved yet another all-time record with food and beverage gross profit per patron of $6.86, another all-time record.

我們又創造了一項歷史記錄，每位顧客的食品和飲料毛利為 6.86 美元，又一項歷史記錄。

Now looking at our international segment in constant currency, total revenue per patron of $15.96 was 20.8% ahead of the second quarter of pre-pandemic 2019, and it was in line with the second quarter of 2023.

現在以固定匯率計算我們的國際業務，每位顧客的總收入為 15.96 美元，比疫情前的 2019 年第二季高出 20.8%，與 2023 年第二季持平。

And the important contribution margin per patron was approximately 26% above the second quarter of pre-pandemic 2019, and {3.9%} ahead of the second quarter of 2023.

每位顧客的重要貢獻率比 2019 年第二季大流行前高出約 26%，比 2023 年第二季高出 {3.9%}。

These achievements in market share growth and revenue and profit per patron, they're as a result of the ongoing success of our market-leading food and beverage offerings, including collectible movie themed items, movie-themed cocktails, and menu upgrades, as well as our leading position in immersive premium large format auditoriums and our innovative alternative content options, plus also revenue diversification initiatives, such as retail popcorn.

這些市佔率成長以及每位顧客收入和利潤的成就歸功於我們市場領先的食品和飲料產品的持續成功，包括電影主題收藏品、電影主題雞尾酒和菜單升級。和創新替代內容選項的領先地位，以及零售爆米花等收入多元化措施。

This all coupled with active portfolio rationalization and focused expense management initiatives means that we should be able to achieve pre-pandemic levels of EBITDA even while the box office is lower than in 2019.

這一切再加上積極的投資組合合理化和有針對性的費用管理舉措，意味著即使票房低於 2019 年，我們也應該能夠達到大流行前的 EBITDA 水平。

Now let's talk a bit about the balance sheet.

現在我們來談談資產負債表。

Since our last earnings webcast, we have been incredibly active taking meaningful steps to materially strengthen the balance sheet.

自從上次收益網路廣播以來，我們一直非常積極地採取有意義的措施來實質地加強資產負債表。

We're not done, but the progress is undeniable.

我們還沒完成，但進步是不可否認的。

We started this quarter by completing a $250 million equity capital raise through an at-the-market offering, and then we followed up with the elimination of $173.9 million of our second lien 10% debt obligations.

本季開始，我們透過市場發行完成了 2.5 億美元的股本融資，然後我們取消了 1.739 億美元的第二留置權 10% 負債義務。

That's the elimination of $173.9 million of our second lien 10% debt obligations through debt for equity exchanges.

透過債務換股，我們消除了 1.739 億美元的第二留置權 10% 債務義務。

In the process of doing that, we recorded a profit on debt extinguishment of $85.3 million.

在此過程中，我們記錄了 8,530 萬美元的債務清償利潤。

Most noteworthy is last week's refinancing announcement that considerably improved our financial position by extending the maturity date of up to $2.45 billion of our debt of 2026 to 2029 and 2030, as Adam mentioned in his remarks.

最值得注意的是上週的再融資公告，正如亞當在演講中提到的那樣，該公告將我們2026 年高達24.5 億美元的債務的到期日延長至2029 年和2030 年，從而大大改善了我們的財務狀況。

The transactions that we announced last week represent an unequivocal sign that our lenders believe in AMC and our recovery trajectory.

我們上週宣布的交易明確表明，我們的貸方相信 AMC 和我們的復甦軌跡。

These transactions are unique in that they represent the of true collaboration between AMC, our second lien, and our first lien term loan lenders, which we believe will extend AMC's liquidity runway for the benefit of all of our stakeholders.

這些交易的獨特之處在於它們代表了AMC、我們的第二留置權和我們的第一留置權定期貸款機構之間的真正合作，我們相信這將擴展AMC 的流動性跑道，造福我們所有利益相關者。

These are complex transactions, and I urge you to read our public disclosures for more details.

這些都是複雜的交易，我強烈建議您閱讀我們的公開披露資訊以了解更多詳細資訊。

However, in summary, the results of the transactions are as follows.

但綜上所述，交易結果如下。

One, as of today, $1.864 billion of term loans that were previously due in 2026 are now new term loans due in 2029.

其中之一，截至今天，先前於 2026 年到期的 18.64 億美元定期貸款現在變成了 2029 年到期的新定期貸款。

That represents more than a 98% participation rate.

這代表著超過 98% 的參與率。

Two, $518 million of second lien debt that was due in 2026 has been refinanced with $104 million of new term loans due in 2029 and $414 million of exchangeable notes due in 2030.

第二，2026 年到期的 5.18 億美元第二留置權債務已透過 2029 年到期的 1.04 億美元新定期貸款和 2030 年到期的 4.14 億美元可交換票據進行了再融資。

Three, new term loans, their interest at SOFR plus between 600 basis points and 700 basis points, depending on our leverage levels.

第三，新定期貸款，其 SOFR 利息加 600 個基點至 700 個基點，取決於我們的槓桿水平。

Four, the exchangeable notes, their cash interest at 6% per annum or 8% per annum if the interest is paid in kind.

四是可交換票據，其現金利息為每年 6%，如果以實物支付利息，則為每年 8%。

Five, we have the ability to further reduce the amount of debt maturing in 2026 by increasing the size of the new term loan due in 2029 by an additional $31 million.

第五，我們有能力透過將2029年到期的新定期貸款規模再增加3,100萬美元，進一步減少2026年到期的債務金額。

And we also have the ability to further reduce near-term debt maturities by increasing the size of the exchangeable notes due in 2030 by an additional $50 million.

我們也有能力透過將 2030 年到期的可交換票據規模再增加 5,000 萬美元來進一步縮短近期債務期限。

And finally, very importantly, as the exchangeable notes can be exchanged into equity under various conditions, we have the potential to permanently reduce debt for up to $464 million.

最後，非常重要的是，由於可交換票據可以在各種條件下兌換成股權，因此我們有可能永久減少高達 4.64 億美元的債務。

Pro forma, for this transaction, our remaining debt due in 2026 is now approximately $340 million.

預計，對於此交易，我們 2026 年到期的剩餘債務目前約為 3.4 億美元。

As I said, there's still more to do, but the progress is undeniable.

正如我所說，還有更多工作要做，但進步是不可否認的。

Since the beginning of 2022, we've raised more than $1.3 billion of gross equity capital.

自 2022 年初以來，我們已籌集了超過 13 億美元的總股本。

We've lowered the principal value of our debt and finance leases by $888.3 million, and we've repaid $268.8 million of deferred leases.

我們已將債務和融資租賃的本金降低了 8.883 億美元，並償還了 2.688 億美元的延期租賃。

All of this for total debt and deferred rent reduction of $1.16 billion since the beginning of 2022.

自 2022 年初以來，所有這些都使總債務和遞延租金減少了 11.6 億美元。

For now, our capital allocation priorities remain.

目前，我們的資本配置優先事項仍然存在。

One, ensure that we have sufficient liquidity to manage through our recovery phase, and two, continuing the work that we're doing to strengthen the balance sheet by extending maturities, reducing debt obligations, and improving our financial leverage.

第一，確保我們有足夠的流動性來管理復甦階段；第二，繼續我們正在進行的工作，透過延長期限、減少債務和提高財務槓桿來加強資產負債表。

Before handing the webcast back over to Adam, a couple of additional points worth noting.

在將網路廣播交還給 Adam 之前，還有幾點值得注意。

First, the deferred rent balance at the end of Q2 was approximately $40 million.

首先，第二季末的遞延租金餘額約為 4,000 萬美元。

We plan to reduce this balance by another approximately $5 million by the end of 2024.

我們計劃在 2024 年底將這一餘額再減少約 500 萬美元。

We ended the second quarter, as Adam mentioned, with a cash position of $770 million.

正如 Adam 所提到的，我們第二季末的現金部位為 7.7 億美元。

This translates into $34.6 million of net cash used in operating activities for the quarter.

這意味著本季經營活動使用的淨現金為 3,460 萬美元。

This is roughly $21 million better than in Q2 of 2023, and this despite the box office in Q2 2024 obviously being significantly below that of Q2 2023.

儘管 2024 年第二季度的票房明顯低於 2023 年第二季度，但這比 2023 年第二季度高出約 2,100 萬美元。

CapEx, net of landlord contributions, was $34 million in the second quarter.

扣除房東捐款後，第二季資本支出為 3,400 萬美元。

We continue to expect net CapEx in 2024 to be in the range of $175 million to $225 million.

我們仍預期 2024 年的淨資本支出將在 1.75 億至 2.25 億美元之間。

From a theater portfolio perspective, we continue to actively manage our footprint.

從劇院投資組合的角度來看，我們繼續積極管理我們的足跡。

During the second quarter, we closed nine underperforming locations.

第二季度，我們關閉了九個表現不佳的地點。

This will bring the total number of locations closed since the pandemic began to 178.

這將使自疫情爆發以來關閉的門市總數達到 178 家。

Total number of new locations opened to 60 for a net reduction of 118 locations, or 11.8% of our locations at December 31, 2019.

截至 2019 年 12 月 31 日，新開店總數達到 60 家，淨減少 118 家，佔門市數量的 11.8%。

Of course, we continue to see that the 60 new locations significantly outperform the 178 closed locations.

當然，我們繼續看到 60 家新店的表現明顯優於 178 家關閉的店。

So, in summary, Q2 has been a quarter of indisputable progress.

因此，總而言之，第二季度是無可爭議的進步的一個季度。

We've materially strengthened our financial position.

我們的財務狀況得到了實質的加強。

As Adam noted, the box office recovery from the impact of the Hollywood strikes has very clearly begun with a particularly strong performance in June, and we see that same strong performance in July.

正如 Adam 指出的那樣，票房從好萊塢罷工的影響中復甦已經明顯開始，六月的表現尤其強勁，我們在 7 月也看到了同樣強勁的表現。

And as the box office grows, we believe AMC is incredibly well positioned to leverage our operating capabilities to meaningfully grow, but adjusted EBITDA and cash flow, and finally recover from the challenges of the last four years.

隨著票房的成長，我們相信 AMC 處於非常有利的位置，能夠利用我們的營運能力實現有意義的成長，但調整 EBITDA 和現金流，並最終從過去四年的挑戰中恢復過來。

And with that, I'll now hand the call back over to Adam.

現在，我將把電話轉回給 Adam。

Thank you, Sean.

謝謝你，肖恩。

As I said at the start, and Sean just reiterated, we really do believe that the good times are about to roll, and that AMC is very well positioned for an industry and company recovery in 2025 and 2026.

正如我在開始時所說的那樣，肖恩剛剛重申，我們確實相信美好時光即將到來，AMC 已經為 2025 年和 2026 年行業和公司的復甦做好了充分準備。

It's been a lot of work to get the company to this position, but we can feel it in our bones now, based on what we've seen starting with Inside Out 2, and what's happened ever since, and with what we know is coming down the pike.

為了讓公司達到目前的地位，我們付出了很多努力，但根據我們從《腦筋急轉彎2》開始所看到的情況以及此後發生的事情，以及我們知道即將發生的事情，我們現在可以從骨子裡感受到這一點順著長矛走下去。

Before we move to your questions, I'd just like to touch very briefly on just a few topics.

在回答您的問題之前，我想簡單地談談幾個主題。

Let me start by saying, clearly a significant innovation for AMC last year in 2023 was our distributing, for the first time in AMC's history, a movie, and exhibiting that movie.

首先我要說的是，去年 2023 年 AMC 的一項重大創新顯然是我們在 AMC 歷史上首次發行電影並放映該電影。

Of course, that movie being the concert film of the Taylor Swift Eras Tour, followed almost immediately by the concert film of Renaissance, a film by Beyoncé and Ellis Carter.

當然，那部電影是泰勒絲 Eras 巡迴演唱會的音樂會電影，緊隨其後的是碧昂絲和艾利斯卡特拍攝的文藝復興音樂會電影。

Those two efforts were quite lucrative for AMC.

這兩項努力對 AMC 來說是相當有利可圖的。

They were perceived to be big successes in the marketplace.

他們被認為在市場上取得了巨大的成功。

They should be perceived that way, since Taylor's film was the highest grossing concert film in history, and Beyoncé's film was strong.

他們應該被這樣看待，因為泰勒的電影是史上票房最高的音樂會電影，而碧昂絲的電影也很強大。

It's no surprise since that we realized we had an opportunity here.

這並不奇怪，因為我們意識到我們在這裡有機會。

Many world-class artists have come to us.

許多世界級的藝術家都來到我們這裡。

We've gone to many world-class artists.

我們拜訪了許多世界級的藝術家。

We've had many more such interactions, and I can say with certainty that there will be more such theatrical events ahead of us over the next 30 months.

我們已經進行了很多這樣的互動，我可以肯定地說，在接下來的 30 個月裡，我們還會有更多這樣的戲劇性活動。

The first of those was in May, when AMC, in partnership with Apple Music and Interscope Records, hosted exclusively listening parties at more than 100 of our US theaters for Billie Eilish in the launch of her latest smash hit album, Hit Me Hard and Soft.

第一個是 5 月份，AMC 與 Apple Music 和 Interscope Records 合作，在美國 100 多家影院為 Billie Eilish 舉辦了獨家聆聽派對，以推出她最新的熱門專輯《Hit Me Hard and Soft》 。

And just this week, we announced that we will be showing Usher's concert film, called Usher Rendezvous in Paris, in our AMC theaters beginning on September 12 of this year, 2024.

就在本週，我們宣布將於 2024 年 9 月 12 日開始在我們的 AMC 影院放映亞瑟小子的演唱會電影《巴黎亞瑟約會》。

We're doing so in partnership with Usher, of course, but also with Sony Music Vision and Trafalgar Releasing.

當然，我們是與 Usher 合作，同時也與 Sony Music Vision 和 Trafalgar Releasing 合作。

We have ongoing conversations right now with several others of the best musicians and the best performers on the planet, and you can expect more announcements from us in this regard as time goes by.

我們目前正在與地球上其他幾位最優秀的音樂家和最優秀的表演者進行對話，隨著時間的推移，您可以期待我們在這方面發布更多公告。

That segues nicely into other alternative content, and to that end, we're also very proud to be in an exclusive partnership with NBC to be showing NBC's telecasts of the Paris Olympics right now in many of our AMC theaters across the United States.

這很好地融入了其他替代內容，為此，我們也非常自豪能夠與 NBC 建立獨家合作夥伴關係，立即在美國各地的許多 AMC 劇院播放 NBC 的巴黎奧運電視轉播。

If you think watching the Olympics is great at home, wait until you see it on a 40-foot screen in our theaters.

如果你認為在家​​觀看奧運會很棒，請等到我們影院 40 英尺的螢幕上觀看。

Of course, that content is shown in our theaters, and I should also mention that it is our intent to continue to invest in our theaters to improve their overall consumer appeal as our finances prudently allow through capital expenditure dollars.

當然，這些內容是在我們的劇院放映的，我還應該提到，我們打算繼續投資我們的劇院，以提高其整體消費者吸引力，因為我們的財務狀況審慎地允許資本支出。

Speaking of our theaters, what sells first at our theaters is the seats in our auditoriums with large screens.

說到我們的戲院，我們的戲院首先賣的就是我們的大螢幕禮堂的座位。

AMC theaters and Odeon cinemas in the US, across Europe and the Middle East, have more premium large-format screens now than any other movie theater operator in the world.

美國、歐洲和中東的 AMC 影院和 Odeon 影院目前擁有比世界上任何其他影院運營商更多的優質大螢幕螢幕。

Consumers clearly are showing that they have a preference.

消費者顯然表明他們有偏好。

They're showing it through their buying habits for large-format auditoriums, and so over the course of the next year, I expect that AMC will be making a variety of announcements to further strengthen our lead in having more large-format screens than anyone else in our industry.

他們透過對大尺寸禮堂的購買習慣來展示這一點，因此在接下來的一年裡，我預計AMC 將發佈各種公告，以進一步加強我們在擁有比任何人都多的大尺寸屏幕方面的領先地位我們行業的其他人。

Our market teams not only reacted in marketing upgrades to theaters that include our large-screen auditoriums, but significant work is also underway right now within our marketing groups to enhance two of the most powerful marketing programs that AMC has ever launched, AMC Stubs, our loyalty program, and AMC Stubs A-List, our movie subscription program.

我們的行銷團隊不僅對包括大螢幕禮堂在內的戲院進行行銷升級，而且我們的行銷團隊目前也在進行重大工作，以增強AMC 有史以來推出的兩項最強大的行銷計畫：AMC Stubs、我們的忠誠度計劃，以及我們的電影訂閱計劃 AMC Stubs A-List。

Look for announcements coming about those two programs towards the end of this year and early next.

請留意今年年底和明年初有關這兩個計劃的公告。

I'm relaying this information to you not to tease you now but hinting that things are coming, but then forcing you to wait for the full announcements later.

我現在向您傳達此訊息不是為了取笑您，而是暗示事情即將發生，但隨後又迫使您等待稍後的完整公告。

But instead, my intent is to point out that there are so many, many facets to a company like AMC, and our goal here is to make progress in as much of our business activities as we can.

但相反，我的目的是指出，像 AMC 這樣的公司有很多很多方面，我們的目標是在我們的業務活動中盡可能取得進展。

We're always thinking and we're always willing to dare to innovate where it makes sense for us to do so.

我們總是在思考，總是願意在對我們有意義的地方敢於創新。

We're about to turn over the call to fielding your questions, but before we do, I'd just like to remind you one last time why at AMC right now we're so optimistic, we're so bullish as we look ahead to 2025 and 2026.

我們即將轉交電話來回答您的問題，但在此之前，我想最後一次提醒您，為什麼 AMC 現在我們如此樂觀，我們如此樂觀地展望未來到 2025 年和 2026 年。

It's very simple.

這很簡單。

It's four things.

這是四件事。

We had $770 million of cash at quarter end.

截至季末，我們擁有 7.7 億美元現金。

The box office is roaring back.

票房正在回升。

We're running our company more efficiently than ever, and our debt extension transactions are literal game changers for this company.

我們比以往任何時候都更有效率地經營我們的公司，我們的債務延期交易實際上改變了這家公司的遊戲規則。

We're proud of the fact that we know we're the biggest movie theater operator in the world, and we like to think that among the mass operators, we're also the best.

我們感到自豪的是，我們知道我們是世界上最大的電影院營運商，我們認為在大眾運營商中，我們也是最好的。

What we think is pretty clear to one and all is that because of our size and because of the innovations that we have made, AMC for many years now has been the clear leader in our industry, and let me tell you what leaders do, what they do best.

我們認為大家都很清楚的是，由於我們的規模和我們所做的創新，AMC 多年來一直是我們行業中明顯的領導者，讓我告訴您領導者做什麼、做什麼他們做得最好。

What leaders do best is they lead, and so now with what we believe is finally the wind in our back at AMC, we intend to continue to lead and to be out front.

領導者最擅長的就是領導，因此，現在我們相信 AMC 終於有風了，我們打算繼續領導並走在前面。

With that, thank you for listening today, Sean.

至此，感謝您今天的收聽，肖恩。

Let's turn to taking questions both from our equity research analysts and from our retail shareholders.

讓我們來回答我們的股票研究分析師和散戶股東的問題。

(Operator Instructions).

（操作員說明）。

Eric Wold, B. Riley Securities.

沃爾德 (Eric Wold)，B. 萊利證券。

Thank you.

謝謝。

Good afternoon, Adam and Sean.

下午好，亞當和肖恩。

Obviously, doing great here domestically with the share gains and improved monetization.

顯然，隨著份額的成長和貨幣化的改善，在國內表現出色。

I guess, maybe give us an update on the current state of the UK and your international market.

我想，也許可以跟我們介紹一下英國和國際市場的最新狀況。

What are you seeing there with underlying movie-going demand relative to the US?

您認為與美國相比，潛在的觀影需求為何？

How its pricing power improved or not in recent months, given the competitive environment there?

考慮到那裡的競爭環境，近幾個月來其定價能力是否有所提高？

And lastly, how do you view the opportunity to take share internationally either organically or inorganically with some competitors struggling and closing locations?

最後，您如何看待在一些競爭對手苦苦掙扎並關閉工廠的情況下有機或無機地搶佔國際份額的機會？

First of all, hello, Eric.

首先，你好，埃里克。

Nice to hear your voice.

很高興聽到你的聲音。

And since Europe reports to Sean directly.

由於歐洲直接向肖恩報告。

I'm going to let him answer the question first and then I might chime in after.

我會讓他先回答問題，然後我可能會插嘴。

Go ahead, Sean.

繼續吧，肖恩。

Sure.

當然。

Hi Eric.

嗨埃里克。

So, the European business overall the industry in Europe has been responding quite well.

因此，歐洲企業整體上歐洲產業的反應相當良好。

The industry performance in Q2 '24 is actually better than in the domestic market.

24年第二季的產業表現其實比國內市場好。

But the thing about the European business is a couple of things.

但歐洲業務有幾個特點。

One from an operating leverage point of view, inherent in the structure of that business is it has higher operating leverage than what we have here in the US.

從營運槓桿的角度來看，該業務結構固有的特點是它的營運槓桿比我們在美國的營運槓桿更高。

That's just part of the enhanced structure there.

這只是那裡增強結構的一部分。

So, when you have a situation where attendance is down on the previous year's quarter and attendance is still significantly down versus 2019, do have more of operating leverage impact there.

因此，當出現上一季出席人數下降且與 2019 年相比仍顯著下降的情況時，確實會受到更大的營運槓桿影響。

So, one has to bear that in mind when looking at the European results.

因此，在查看歐洲結果時必須牢記這一點。

The other thing one has to bear in mind when looking at our European results is.

在查看我們的歐洲結果時，必須記住的另一件事是。

If you look at the percentage of theaters closed in Europe versus percentage of theaters closed in US, we closed a higher percentage of theaters in Europe than we closed in the US.

如果你看一下歐洲關閉的劇院的百分比與美國關閉的劇院的百分比，我們在歐洲關閉的劇院的百分比高於在美國關閉的劇院的百分比。

The first thing to bear in mind with the European business is the market there is different from the US market in that during the pandemic and for a while after that many of the competitors in the market received government assistance.

對於歐洲業務，首先要記住的是，那裡的市場與美國市場不同，在疫情期間以及之後的一段時間內，市場上的許多競爭對手都獲得了政府的援助。

So, you haven't seen that level of theater closures yet as we saw in the US market.

所以，你還沒有看到像我們在美國市場看到的那樣的影院關閉程度。

So, those are all factors impacting the performance of the business there.

因此，這些都是影響那裡業務績效的因素。

As you heard in my prepared remarks, our business there is doing well.

正如您在我準備好的演講中所聽到的，我們在那裡的業務進展順利。

The contribution margin profitability is high, significantly higher than it was pre-pandemic.

邊際貢獻率獲利能力較高，明顯高於疫情前。

It's actually slightly higher than it is in the US, with that operating leverage and with the debt as we've closed, you do see more of the bottom-line impact.

它實際上比美國略高，考慮到營運槓桿和我們關閉時的債務，你確實會看到更多的底線影響。

Just on the market point of view.

只是從市場角度來看。

The market there is quite challenging particularly in the UK market.

那裡的市場非常具有挑戰性，特別是在英國市場。

We have a competitive situation there where it's somewhat irrational pricing from one of our competitors in the UK market.

我們在那裡面臨競爭局面，我們在英國市場的競爭對手之一的定價有些不合理。

That irrational pricing is not sustainable for them, but that is creating some pressure on our ability to take price increases there.

這種不合理的定價對他們來說是不可持續的，但這對我們在那裡接受價格上漲的能力造成了一些壓力。

But as I said that's not sustainable for them over the long period of time.

但正如我所說，這對他們來說是不可持續的。

So, we do see our ability to take market share as being sort of normalized there to certainly get better.

因此，我們確實認為我們獲得市場份額的能力已經正常化，肯定會變得更好。

But that's sort of my perspective on the European market.

但這是我對歐洲市場的看法。

I don't know if Adam...

我不知道亞當是否...

No, that's all right.

不，沒關係。

I would just maybe comment in the UK in particular.

我可能會特別在英國發表評論。

There is one circuit that's pricing movie theater tickets privately in bulk.

有一家電影院私下大量定價電影院票。

They're doing sort of an institutional business-to-business program, as well as [three pounds], which is lunacy, it's idiocy.

他們正在進行某種機構性的企業對企業計劃，以及[三磅]，這是瘋狂的，這是白痴的。

But it'll be very hard to take.

但這會很難接受。

But if that's what they're doing, market share will move in their direction.

但如果他們這樣做，市場佔有率就會朝著他們的方向發展。

And it'll be very difficult to take share back when a competitor is practically giving it away free.

當競爭對手實際上免費贈送份額時，要收回份額將非常困難。

But we're very proud of what we're doing in Europe and our European team.

但我們對我們在歐洲所做的事情以及我們的歐洲團隊感到非常自豪。

First of all, we run our European theaters from Europe.

首先，我們在歐洲經營我們的歐洲劇院。

We don't run them from Kansas City, which is the best decision we made as a company eight years ago, because there are a lot of people in Kansas City who speak Portuguese.

我們不在堪薩斯城經營它們，這是我們八年前作為一家公司做出的最佳決定，因為堪薩斯城有很多人說葡萄牙語。

But they've really done a great job running the circuit there, and come up with a lot of imaginative ideas.

但他們在那裡的賽道運行確實做得很好，並提出了許多富有想像的想法。

And one that I just want to it wasn't in my prepared remarks, but I talked about large screens and they've done something I think is quite interesting that I might share.

我只想說的一點不在我準備好的發言中，但我談到了大螢幕，他們做了一些我認為非常有趣的事情，我可以分享。

In almost all of our buildings, we have movie theater screens that are quite large, and we've never marketed them as anything special.

在我們幾乎所有的建築中，我們都有相當大的電影院螢幕，但我們從未將它們作為任何特殊的東西進行行銷。

Although that's where the newest most important movie scope and it makes sense.

儘管這就是最新、最重要的電影範圍，也是有道理的。

You would put if Inside Out 2 is coming out, you're not going to put it on a small screen way in the back, you're going to put it on the biggest screen that you have in the entire theater complex.

如果《腦筋急轉彎 2》上映，你不會把它放在後面的小螢幕上，你會把它放在整個劇院綜合體中最大的螢幕上。

And so what Odeon did earlier this year is they branded these large auditoriums with large screens, like really large screens, and they branded them XL as their shorthand for extra-large, and started to market them as being exactly what they are, a better movie experience than even other screens in the same theater because they can be as much as double the size of other screens in the same theater.

因此，Odeon 今年早些時候所做的就是，他們給這些大型禮堂貼上大螢幕的標籤，就像真正的大螢幕一樣，他們將它們貼上XL 的標籤，作為超大型的簡寫，並開始行銷它們，就像它們本身一樣，更好的電影體驗甚至比同一影院中的其他螢幕還要大，因為它們的尺寸可以是同一影院中其他螢幕的兩倍。

And that's a really smart idea that we might try to bring over here in the United States, because there's almost no capital required to implement the idea because the large screen is sitting right there.

這是一個非常聰明的想法，我們可能會嘗試將其帶到美國，因為實施這個想法幾乎不需要資本，因為大螢幕就在那裡。

It just hasn't been packaged and tied up with a nice little bow and marketed to consumers as being exactly what it is.

它只是沒有被包裝好，並用一個漂亮的小蝴蝶結綁起來，並以它本來的樣子向消費者推銷。

And right now we have 67 of these things in Europe already.

現在我們在歐洲已經擁有 67 個這樣的東西。

So our team in Europe is really quite good, and we're proud of them, we're proud of the business and as the box office grows, Europe will be the beneficiary of the growing box office just the same way that we here in the United States will be the beneficiary of the growing box office.

所以我們在歐洲的團隊真的非常好，我們為他們感到自豪，我們為我們的業務感到自豪，隨著票房的增長，歐洲將成為票房增長的受益者，就像我們在這裡一樣美國將成為票房增長的受益者。

As you all know, the whole of our industry is not doing as well with the $9 billion box office as we did with the $11.5 billion box office, which is basically what we had five years in a row pre-COVID or a $10 billion to $12 billion box office, which we had 11 years in a row pre-COVID.

眾所周知，我們整個產業在90 億美元的票房上的表現並不像我們在115 億美元的票房上表現得那麼好，這基本上是我們在新冠疫情之前連續五年取得的票房成績，或者是100億美元的票房成績。

We're still not back to those levels yet, but, obviously, we're quite bullish that the box office is going to grow in the second half of '24.

我們還沒有回到這些水平，但是，顯然，我們非常看好票房將在 24 年下半年增長。

We think it's going to grow in '24.

我們認為它會在 24 年增長。

We think it's going to grow in '26, and that should boost profitability levels across the whole of the industry, but certainly across all of AMC, and not only in the US, but also in Europe.

我們認為它將在 26 年增長，這應該會提高整個行業的盈利水平，但肯定會提高整個 AMC 的盈利水平，不僅在美國，而且在歐洲。

Perfect.

完美的。

Thank you both.

謝謝你們倆。

Appreciate it.

欣賞它。

Chad Beynon, Macquarie.

查德貝農，麥格理。

Afternoon, thanks for taking my question.

下午，謝謝您提出我的問題。

Wanted to continue the conversation on operating leverage, but maybe focus it back here on the US.

希望繼續討論營運槓桿，但也許將焦點放回美國。

A few times in your prepared remarks, you talked about June results.

在您準備好的發言中，您多次談到了六月的結果。

I guess, really without giving us the exact numbers, but wanted to think about margins here.

我想，確實沒有給我們確切的數字，但想考慮這裡的利潤。

For the quarter, your domestic margins were 6%, pre-pandemic, you guys were in the mid to high teens.

本季，你們的國內利潤率為 6%，在疫情爆發前，你們的利潤率在十幾歲左右。

So, I guess maybe the best way to ask it is, is there anything that you're seeing in the business, in terms of where it is now versus before or anything that you saw in June that makes you think that, you can't get back to those margins that you experienced in '19?

所以，我想也許最好的提問方式是，你在這個行業中看到的任何東西，比如現在與以前的情況，或者你在 6 月份看到的任何東西，讓你認為，你可以再也回不到19 年的那種邊緣了嗎？

Thank you, Chad.

謝謝你，查德。

First of all.

首先。

Hello, Chad.

你好，查德。

I'll start, and then I'll pass it off to Sean.

我先開始，然後將其傳遞給肖恩。

So, we just don't want to get start to -- we release quarterly results.

所以，我們只是不想開始——我們發布季度業績。

We don't want to make the mistake of releasing monthly results and then have to release monthly results forever after.

我們不想犯下發布月度結果的錯誤，然後必須永遠發布月度結果。

But you should without giving you a quantifiable number, so we've said to press and I mean to tell you what every single month is going forward in perpetuity.

但你不應該給你一個可量化的數字，所以我們已經說過要按，我的意思是告訴你每個月永久發生的事情。

I think the right way to describe our profitability in June compared to that of April and May and by profitability I'm referring to adjusted EBITDA.

我認為正確的方式是描述我們 6 月與 4 月和 5 月獲利能力的比較，我所說的獲利能力指的是調整後的 EBITDA。

I think there's a technical term called through-the-roof and there might be a curse word before the roof.

我想有一個專業術語叫做“穿透屋頂”，在“屋頂”之前可能有一個咒語。

Like the difference between April, May and June is just it would take your breath away of how much of a change.

就像四月、五月和六月之間的差異一樣，變化之大足以讓你驚嘆不已。

And that's why in my earlier remarks, I kept on saying, this is such a strange quarter, where you can't really even look at the quarterly results because the April and May results are so radically different than the June results.

這就是為什麼在我之前的演講中，我一直說，這是一個如此奇怪的季度，你甚至無法真正查看季度業績，因為四月和五月的業績與六月的業績截然不同。

Now as to your specific question about margins, can we get back to the start margins?

現在，關於您關於利潤的具體問題，我們可以回到起始利潤嗎？

Sean, do you want to take that one?

肖恩，你想拿走那個嗎？

Yes.

是的。

Following up from what Adam said, by definition, what Adam said in his prepared remarks is that, the June EBITDA was higher than June 2019, right?

根據 Adam 的說法，按照定義，Adam 在他準備好的演講中所說的是，6 月的 EBITDA 高於 2019 年 6 月，對嗎？

So, by definition, our EBITDA margin in June 2024 was higher than it was in June 2019.

因此，根據定義，我們 2024 年 6 月的 EBITDA 利潤率高於 2019 年 6 月。

And I think to your question, Mike, is there any reason why we shouldn't be able to do that going forward?

我想，對於你的問題，麥克，我們是否有任何理由不能繼續這樣做？

I don't think so, because remember we spoke about the contribution margin per patron and contribution margin profitability so much higher than it was pre-pandemic.

我不這麼認為，因為請記住，我們談到了每位顧客的邊際貢獻率和貢獻邊際盈利能力比大流行前高得多。

We've been able to sustain that now for year-after-year, where we were concerned initially is that sustainable back in 2021, beginning 2022, is that sustainable...

我們現在已經能夠年復一年地維持這種狀態，我們最初擔心的是 2021 年、2022 年開始的永續發展…

It only got better.

它只會變得更好。

It only got better, and I think the actions that we've taken particularly on the food and beverage side and enhancing the guest experience and with potential new investments in PRS et cetera.

它只會變得更好，我認為我們特別在食品和飲料方面採取的行動，增強了客人的體驗，並在 PRS 等方面進行了潛在的新投資。

I don't see any reason why we shouldn't be able to return to those sort of margins as the industry recovers.

我不認為我們有任何理由不能隨著產業的復甦而恢復到這樣的利潤率。

And I would just add, just when you look at F&B, right, these numbers are pretty public.

我想補充一點，當你看看餐飲業時，這些數字是相當公開的。

If you assume that it's not a perfect assumption, but if you assume that labor stays constant in a theater regardless of volume, this isn't really totally true, but we just step up a little bit as volume increases at the theater.

如果你認為這不是一個完美的假設，但如果你假設無論音量如何，劇院中的勞動力都保持不變，那麼這並不完全正確，但我們只是隨著劇院音量的增加而稍微增加一點。

But if you were to make that assumption, you already know what our film rent is.

但如果你做出這樣的假設，你就已經知道我們的底片租金是多少了。

So, you know, what percentage of ticket price flows through the contribution line.

所以，你知道票價有多少百分比流經捐款線。

Prior to all those other expenses that you have to cover like labor, but I'm assuming I'm pretending that that's fixed at the moment.

在您必須支付的所有其他費用（例如勞動力）之前，但我假設我假裝目前這是固定的。

We've been very public over the years saying that our margins at F&B are in the low-80% range.

多年來，我們一直公開表示，我們餐飲業的利潤率約為 80%。

And you have our food and beverage revenues released for the quarter.

您也發布了本季的食品和飲料收入。

And if you go back and compare the food and beverage revenues of 2024 against the food and beverage revenues of 2019 pre-pandemic, you're going to see that we used to be doing about $5 a head in food.

如果你回顧一下 2024 年的食品和飲料收入與 2019 年大流行前的食品和飲料收入，你會發現我們過去在食品上的支出約為每人 5 美元。

And now we're doing $9 and I'm not talking about you, I’m using US numbers, I'm not using consolidated numbers.

現在我們的價格是 9 美元，我不是說你，我使用的是美國號碼，我沒有使用合併號碼。

And now we're doing $9 a head, sometimes $10 a head, depends on the day, week, month, quarter.

現在我們每人的收入是 9 美元，有時每人 10 美元，具體取決於日期、週、月、季度。

Well, by definition that extra food and beverage revenue has much higher margins, than our other revenues.

嗯，根據定義，額外的食品和飲料收入比我們的其他收入具有更高的利潤率。

And that's where we've seen the biggest growth.

這就是我們看到最大成長的地方。

The biggest growth has come in extra food and beverage revenue.

最大的成長來自額外的食品和飲料收入。

And so that's one of it's not the only reason, but that's one of the key reasons why the profit per patron is up so much.

因此，這不是唯一的原因之一，但卻是每位顧客的利潤成長如此之多的關鍵原因之一。

The other reason that the profit per patron number is up so much is that we've really just done such a great job in cutting costs.

每個顧客數量的利潤增長如此之多的另一個原因是我們在削減成本方面確實做得非常出色。

And remember in my prepared remarks I said even though the box office was down 3.5% June-over-June, the adjusted EBITDA in June was up.

請記住，我在準備好的發言中說過，儘管 6 月票房較 6 月下降了 3.5%，但 6 月調整後的 EBITDA 卻有所上升。

So what that means is it all came out of expense cuts.

所以這意味著這一切都來自於開支削減。

Now that's comparing June of ‘24, June of ‘23.

現在我們正在比較 24 日 6 月和 23 日 6 月。

If you compare June of ‘24 to April May of ‘24, then the big and profit drivers in June of ‘24 versus April May of ‘24 is a combination of the expense cuts and the fact that the revenues were so much higher in June because the box office was so much higher in June than it was in April May.

如果您將 24 月 6 月與 24 月 4 月、5 月進行比較，那麼 24 月 6 月與 24 月 4 月、5 月的主要驅動因素和利潤驅動因素是費用削減和以下事實的組合：六月的收入高得多，因為六月的票房比四月高得多。

That makes a lot of sense.

這很有意義。

Thanks.

謝謝。

But the point of that long winded answer is to say.

但這個冗長答案的重點是說。

I believe our margins are going to look really good.

我相信我們的利潤率看起來會非常好。

And if you.

如果你。

I said in my prepared remarks that more than 50% of our incremental dollar flows to the contribution line, right?

我在準備好的發言中說過，我們增量資金的50%以上都流向了繳款線，對嗎？

And some cases, it's a lot closer to 65% than over 50%.

在某些情況下，該比例更接近 65%，而不是超過 50%。

Well, in an industry where the revenues are increasing and 65% of the marginal dollars flow to the bottom line, not the net profit line, but the EBITDA line and the contribution to overhead line.

嗯，在一個收入不斷增長且 65% 的邊際美元流向利潤的行業中，不是淨利潤線，而是 EBITDA 線和對管理費用線的貢獻。

That's huge operating leverage.

這是巨大的營運槓桿。

And conversely, if the revenues are shrinking, which is what we've been dealing with the last five years of our lives, 4.5 years of our lives that incremental, operating leverage works against you.

相反，如果收入萎縮，這就是我們生命中最後五年、4.5 年所面臨的問題，那麼增量營運槓桿就會對你不利。

And so every dollar of revenue that we lost, we were losing $0.65 from the EBITDA line.

因此，我們每損失 1 美元的收入，EBITDA 就會損失 0.65 美元。

But in our opinion and by the way for full disclosure, we could be wrong, right?

但在我們看來，順便說一句，我們可能是錯的，對吧？

I don't think, we're wrong.

我不認為，我們錯了。

I got we have a lot of data that proves the right, but no one's crystal ball is absolutely perfect.

我知道我們有很多數據證明是正確的，但沒有人的水晶球是絕對完美的。

But, if we're right that industry revenues are about to grow and AMC revenues are about to grow, and recently we've been gaining market share, not losing market share, which means, if that were to continue and there's no guarantee they will, but if it were to continue, it means we will even grow faster.

但是，如果我們正確地認為行業收入即將增長，AMC 收入也即將增長，而且最近我們一直在獲得市場份額，而不是失去市場份額，這意味著，如果這種情況繼續下去，並不能保證他們會的，但如果繼續下去，就意味著我們會成長得更快。

It means, our margins are going to expand, because our overall margins are in the teens and our incremental margins are in the 50s and 60s.

這意味著，我們的利潤率將會擴大，因為我們的整體利潤率在十幾歲，而我們的增量利潤率在 50 多歲和 60 多歲。

There's a big difference.

有很大的不同。

So I think there's a possibility, as opposed to like, is there a chance we can't get our margins back?

所以我認為我們有可能無法收回利潤嗎？

I think it might go the other way.

我認為事情可能會走向另一個方向。

I think it's a possibility.

我認為這是有可能的。

The probability is our margins will actually start to expand.

我們的利潤率很可能實際上會開始擴大。

Great.

偉大的。

Thank you both very much.

非常感謝你們倆。

Appreciate it.

欣賞它。

Jason Bazinet, Citi.

傑森·巴齊內特，花旗銀行。

I just had a quick question on the theatrical window.

我只是想問一個關於劇院窗口的問題。

Do you mind just giving us an update on sort of how the contours of the window have changed?

您介意向我們提供有關視窗輪廓如何變化的最新資訊嗎？

And whether that's good or bad for the spring?

這對春天來說是好事還是壞事？

Thanks.

謝謝。

Yeah.

是的。

Friday night, it's an hour later on the East Coast, so I'll try to talk shorter.

週五晚上，東海岸時間晚了一個小時，所以我會盡量說短一點。

In the good old days, I'm going to use US only because the windows are different in every country in the world.

在過去的好日子裡，我只會使用美國，因為世界上每個國家的窗戶都不同。

But US, in the good old days pre-pandemic.

但美國，在大流行前的美好時光。

The windows were 74 days before the movie went to a pay window in the home, or to -- and it often was -- and then it might have gone to DVD, and it might have been six months before I went to the home for free.

74天后，這部電影才進入家裡的付費窗口，或者——而且經常如此——然後它可能已經變成了DVD，而我可能已經過了六個月才回家觀看。

I want to say for free, like going on to HBO, where you're not paying.

我想說的是免費，就像觀看 HBO 一樣，你無需付費。

You're subscribing to the service, but you're not paying immediately for the title.

您正在訂閱該服務，但不會立即為該標題付費。

Understood.

明白了。

There was a lot of experimentation during COVID.

新冠疫情期間進行了許多實驗。

People tried a lot of different things and you know you've heard of all the things they did.

人們嘗試了很多不同的事情，你知道你已經聽說過他們所做的所有事情。

Some studios took movies to their streaming services and took them out of theaters, by the way a lot of studios tried lots of different things.

一些製片廠將電影帶到他們的串流媒體服務上，並將它們帶出影院，順便說一句，很多製片廠嘗試了很多不同的事情。

When I think some studios I don't mean a studio only did one thing, they might have done multiples of these.

當我想到一些工作室時，我並不是說工作室只做了一件事，他們可能做了多件事。

Some of them tried to take the movie to the home day and date, the same day that it went to theaters, it went to the home with a streaming service.

他們中的一些人試圖將電影帶回家，並在電影上映的同一天透過串流媒體服務帶回家。

Sometimes they took it to a streaming service free, sometimes they took it to a streaming service for pay.

有時他們免費將其帶到串流媒體服務，有時他們將其付費到串流媒體服務。

One studio in particular, with our full agreement, we've entered a deal with Universal that they would take a few movies that were small to a pay window at 17 days and we would share in the revenue of that.

特別是一家電影公司，在我們完全同意的情況下，我們與環球影業達成了一項協議，他們將拍攝一些小到 17 天付費窗口的電影，我們將分享其收入。

That was later amended to they would take small movies at 17 days and they would take big movies at 30 to 35 days.

後來修改為17天拍小電影，30到35天拍大電影。

But with all that experimentation that went on, what the industry coalesced around was a 45 day window exclusively in theaters and after that it could go to the home on streaming services.

但隨著所有這些實驗的進行，該行業最終達成了 45 天的獨家影院窗口期，之後可以透過串流媒體服務進入家庭。

So you have to pay to have the streaming service, but you didn't have to pay to have the title.

所以你必須付費才能獲得串流媒體服務，但你不必付費才能獲得標題。

And the only exception to that was the Universal PVOD deal and occasional PVOD deal that somebody might throw at us on an ad hoc basis.

唯一的例外是通用 PVOD 交易和偶爾有人可能會臨時向我們拋出的 PVOD 交易。

And there aren't that very many movies that were going in the PVOD system.

而且在 PVOD 系統中播放的電影並不多。

So, if I was a guess, I would say 90% of the movies coming out where we're observing a 45 day cruise and theatrical window.

所以，如果我猜的話，我會說 90% 的電影都是在我們觀察 45 天的巡迴演出和戲院窗口期上映的。

Okay.

好的。

It's unclear whether that was just fine or whether theaters have been hurt by it.

目前還不清楚這是否正常，或者劇院是否因此受到傷害。

The reason I say it's unclear is just because you know the box office is not yet back to pre-COVID levels.

我之所以說不清楚，是因為你知道票房尚未恢復到新冠疫情前的水準。

So how much of that is because there have been fewer titles and how much of that is fewer attendance?

那麼，這其中有多少是因為頭銜減少，又有多少是因為出席人數減少呢？

It looks to us like it's more fewer titles is causing the drop in the box office, not lesser attendance per movie released.

在我們看來，導致票房下降的是影片數量的減少，而不是每部電影上映的上座人數減少。

So right now we think the 45 day window has not hurt us, but we don't know that for sure.

所以現在我們認為 45 天的窗口期並沒有對我們造成傷害，但我們還不確定這一點。

And we'll learn a lot more over the next 18 months as the clearly the number of titles increases, the revenue is going to increase, and we'll see.

在接下來的 18 個月裡，隨著遊戲數量的顯著增加，我們將了解到更多信息，收入也會增加，我們拭目以待。

The only reason I mentioned all that is there was one other learning.

我提到這一切的唯一原因是還有另一個學習。

Warner Brothers for one year took all their movies to Max on the same day for free as they put them in theaters for pay.

華納兄弟公司在一年內將他們所有的電影在同一天免費帶到麥克斯，因為他們將它們放在影院付費。

And they compensated us for that somewhat not entirely by dramatically reducing the film run that we were charged.

他們透過大幅減少我們收費的電影放映量來補償我們，但這並不完全是這樣。

But I will tell you that was a disaster for theaters.

但我會告訴你，這對劇院來說是一場災難。

And our quantification is when movies went to the home for free the same day that they were released to theaters for full price, we lost about half the audience in theaters.

我們的量化是，當電影以全價在戲院上映的同一天免費進入家庭時，我們就失去了大約一半的戲院觀眾。

Now you'll notice that that went away from the industry because it would have destroyed the whole industry.

現在你會注意到它已經離開了這個行業，因為它會摧毀整個產業。

But so the -- it's unclear whether the 45 day window is okay, but it might be, it might not be, but it might be.

但是，目前還不清楚 45 天的窗口期是否可以，但可能是，也可能不是，但也可能是。

But it was very clear that going to the home day and day was a disaster.

但很明顯，日復一日地回家是一場災難。

I don't want to say it was a disaster for Warner, I'd say it was a disaster for the theater industry.

我不想說這對華納來說是一場災難，我想說這對戲劇業來說是一場災難。

Crystal clear.

晶瑩剔透。

Thank you very helpful.

謝謝你非常有幫助。

Jim Goss, Barrington Research.

吉姆‧戈斯，巴靈頓研究中心。

All right.

好的。

Thank you.

謝謝。

I wanted to ask you, Adam, about the screen based rationalization effort.

亞當，我想問你關於基於螢幕的合理化工作的情況。

You've been carrying back on the both the domestic and international screens, especially domestic.

您一直在國內和國際銀幕上表演，尤其是國內的。

Typically, that happens when leases come up for expiration and you decide to extend or end the lease.

通常，當租約到期並且您決定延長或終止租約時，就會發生這種情況。

I'm wondering what share of the decision tends to go to extension versus ending the lease.

我想知道延長租約和終止租約的決定佔多大比例。

Do they tend to be focused in the AMC Classic markets?

他們是否傾向於專注於 AMC Classic 市場？

And is there more room to run on that?

還有更多的空間嗎？

So we've closed 160 theaters out of 1,000 in the last four years.

因此，過去四年我們關閉了 1,000 家劇院中的 160 家。

So, the theater is a money loser.

所以，劇院是賠錢的。

We sit at -- and it's at the end of the lease term.

我們現在正處於租賃期結束的時候。

We sit down with the landlord and we discuss it.

我們和房東坐下來討論。

And there are any variety of outcomes.

結果有很多種。

Often, the landlord will renegotiate the rent terms and make them more favorable, such that we can keep the theater open.

通常，房東會重新協商租金條款並使其更加優惠，以便我們可以保持劇院開放。

Sometimes jointly with the landlord, we decide that, the best course of action is to renovate the theater and invest in the theater and improve the product with the hope of driving more revenue with the theater, which would then support a different rent structure.

有時，我們會與房東共同決定，最好的行動方案是翻新劇院並投資劇院並改進產品，希望為劇院帶來更多收入，從而支持不同的租金結構。

In other cases, the rent structures are moved from fixed price to variable price, which is to say that, instead of we take all the risk like the rent is [ex-dollars] no matter what the volume of theater is.

在其他情況下，租金結構從固定價格轉變為可變價格，也就是說，我們不再像劇院的規模有多大，租金就[美元]一樣承擔所有風險。

In some cases, we are successful in convincing the landlord to take a percentage of revenue.

在某些情況下，我們成功說服房東收取一定比例的收入。

The landlord can make more if the theater succeeds, but the landlord takes less if the theater, can't sustain a higher rent.

如果劇院成功，房東可以賺更多錢，但如果劇院無法維持更高的租金，房東就會少拿錢。

And sometimes we have to close the theater.

有時我們不得不關閉劇院。

If I had to guess on the percentage, I mean, my real estate guy knows it like intimately and he's told me 20 times and I think I have it directly right, but I might be marginally off.

如果我必須猜測百分比，我的意思是，我的房地產人員非常了解這一點，他已經告訴我 20 次了，我認為我完全正確，但我可能有點偏離。

I think we wind up closing about 40% of the theaters, where we have those conversations with the landlords at the end of lease.

我認為我們最終會關閉大約 40% 的劇院，我們會在租約結束時與房東進行對話。

And this again, these are round numbers, but about 10% of our theaters come up for lease renewal every year.

再說一次，這些都是整數，但我們每年約有 10% 的劇院需要續約。

So, we say 55 theaters come up in the United States every year, 85 theaters come up globally every year, and more than half of them will stay open on better terms or different terms, but some will close.

因此，我們說美國每年有 55 家影院開業，全球每年有 85 家影院開業，其中一半以上會以更好的條件或不同的條件繼續營業，但有些會關閉。

And I don't know that, the percentages are going to change.

我不知道百分比會改變。

Well, actually I do know the percentage will change.

好吧，實際上我確實知道百分比會改變。

As we look ahead, as opposed to looking back.

當我們向前看時，而不是向後看。

We will continue to close tired, worn-out, ended their life stage theaters.

我們將繼續關閉疲憊、破舊、結束生命的舞台劇院。

Especially where the market rents are too high to support the revenues of the theater.

尤其是在市場租金過高而無法支撐劇院收入的情況下。

But my prediction is, here's what's going to happen.

但我的預測是，這就是將會發生的事情。

We've just said in this call over and over again, the box office is about to grow radically.

我們剛剛在這次電話會議中一遍又一遍地說，票房即將大幅增長。

If the box office grows radically, the profitability of theater will rise, and it will rise precipitously.

如果票房大幅成長，戲院的獲利能力就會上升，而且會直線上升。

And if the profitability of the theater rises precipitously, then there won't be as much desire by a theater operator to close it, because by definition more theaters will be profitable or there'll be, more theaters will be more profitable than they were previously.

如果劇院的盈利能力急劇上升，那麼劇院運營商就不會那麼願意關閉它，因為根據定義，更多的劇院將會盈利，或者將會有更多的劇院比以前更盈利。

Some won't rise to the level to get above the threshold from losing a lot to, making a lot.

有些人不會上升到從虧損很多到賺很多的門檻之上。

Some may go from losing a lot to losing a little those stores will get closed.

有些可能會從大量損失變成少量損失，那些商店將關閉。

But in an era of rising revenues, that means that, era of rising profitability that means fewer theaters are closed.

但在收入成長的時代，這意味著獲利能力上升的時代意味著更少的劇院被關閉。

But we're not quite at that point yet.

但我們還沒有完全做到這一點。

I mean, I think that might be a year away.

我的意思是，我認為這可能需要一年的時間。

In terms of whether they're not all classic theaters.

就是否它們不都是經典劇場而言。

Some of them are classic theaters and a healthy chunk of them are classic theaters, but there are plenty of instances where you've got big theaters, where the rents are just out of kilter because somebody signed a contract 10, 15, 20, 25 years ago, took on a theater and agreed to a rent and an escalator clause where it might have worked 20 years ago, but it's just out of kilter today.

其中一些是經典劇院，其中很大一部分是經典劇院，但在很多情況下，你有大劇院，租金不平衡，因為有人簽了 10、15、20、25 的合約幾年前，它接手了一家劇院，並同意租金和自動扶梯條款，這在20 年前可能還行得通，但現在已經不合時宜了。

Or similarly, there might be theaters that weren't classic theaters they were in good retail malls.

或類似地，可能有些劇院不是經典劇院，而是位於良好的零售商場。

But not great retail malls.

但不是大型零售商場。

And in the course of 15 years from when the original lease was established, the mall itself has become a failing mall, in which case the theater is going to be a failing theater.

從最初的租約簽訂的 15 年裡，購物中心本身已經成為一個失敗的購物中心，在這種情況下，劇院也將成為一個失敗的劇院。

So they're not all classic theaters, but a healthy percentage are.

因此，它們並不都是經典劇院，但其中有相當一部分是經典劇院。

Okay.

好的。

Well thanks for taking my question.

好的，謝謝你回答我的問題。

Thank you, Jim.

謝謝你，吉姆。

Nice to talk to you again as always.

很高興一如既往地再次與您交談。

Same here.

同樣在這裡。

Alicia Reese, Wedbush.

艾莉西亞·里斯，韋德布希。

Hi, guys.

嗨，大家好。

Thanks for taking the question.

感謝您提出問題。

I had a quick question really on the concessions per cap and margin.

我有一個關於每個上限和利潤的優惠的快速問題。

Just looking at the specialty popcorn buckets and assuming that there's obviously going to be a bigger benefit in quarters where you have titles like Dune 2, Deadpool Wolverine and such.

看看特色爆米花桶，假設擁有《沙丘 2》、《死侍金鋼狼》等遊戲的季度顯然會帶來更大的收益。

But I'm wondering if what you're seeing there on films like that?

但我想知道你在這樣的電影中看到了什麼？

I do understand that you only offer that in the very early days of the film's release.

我確實知道您只在電影發行的初期提供這一點。

But are you seeing a larger basket of concessions purchased around that?

但您是否看到圍繞這一點購買了更多的優惠措施？

Obviously, you're going to get higher margins on that.

顯然，你會獲得更高的利潤。

I was just wondering if you could give a little bit more detail around that.

我只是想知道您是否可以提供更多細節。

Well, we're learning as we're going and the.

好吧，我們正在邊走邊學習。

We built this up from basically zero to $50 million a year in 30 months, which is pretty good.

我們在 30 個月內將其從基本上為零增加到每年 5000 萬美元，這非常好。

And our -- we didn't want to get stuck with a lot of excess inventory.

我們不想陷入大量過剩庫存的困境。

So we tended, as a company our strategy was buy for the biggest movies only and buy enough quantity that you could kind of last the whole of opening weekend, but you weren't stuck with a lot of excess supply beyond opening weekend.

所以我們傾向於，作為一家公司，我們的策略是只購買最大的電影，併購買足夠的數量，讓你可以持續整個首映週末，但在首映週末之後，你不會陷入大量過剩的供應。

And the first learning is we can do a lot more movie programs than just a few.

第一個教訓是我們可以製作更多的電影節目，而不僅僅是幾個。

So when we started this thing, we were doing maybe six movies a year, maybe eight, maybe four, I forgot exactly those single digit.

所以當我們開始這件事時，我們一年可能拍六部電影，也許八部電影，也許四部電影，我完全忘記了那些個位數。

And now we're practically doing them every week, almost every week, but certainly twice a month.

現在我們幾乎每週都會這樣做，但肯定每月兩次。

So I'm guessing we have [30-ish] maybe 40 merchandise programs a year now.

所以我猜我們現在每年可能有 [30 左右] 40 個商品計劃。

And the other thing, the next thing that we've learned is whether it's because we've trained the consumer to like these things or the consumer does like these things, they're flying off the shelves.

另一件事，我們了解到的下一件事是，是否是因為我們訓練了消費者喜歡這些東西，或者消費者確實喜歡這些東西，所以它們很快就被搶購一空。

And so the other thing that's happened is to satisfy the full opening weekend demand.

因此，發生的另一件事是滿足整個開放週末的需求。

We've got to this is a high quality problem, not a bad problem.

我們必須確定這是一個高品質問題，而不是一個壞問題。

We've had to increase how much of the stuff we order.

我們不得不增加訂購的商品數量。

Remember, we order like eight months in advance because we're -- it's often made overseas and shipped to the United States.

請記住，我們提前八個月訂購，因為我們通常在海外製造並運往美國。

And so we've got to increase our orders and it's getting so popular that we might have had one movie themed merchandise item for a film and now we'll have three different merchandise things for a film.

因此，我們必須增加訂單，它變得如此受歡迎，以至於我們可能會為一部電影提供一種電影主題商品，而現在我們將為一部電影提供三種不同的商品。

And in the case of Deadpool and Wolverine, where are we ordered about 50% more than we've ever ordered before.

就《死侍》和《金鋼狼》而言，我們在哪裡訂購的數量比以前多了大約 50%。

We were sold out by Thursday night around 5:00 clock, which is mind blowing to us.

週四晚上 5 點左右，我們的票就賣完了，這讓我們大吃一驚。

So, one of the learnings is, these are very popular.

因此，我們學到的教訓之一是，這些非常受歡迎。

We're going to wind up doing more movies not fewer.

我們最終會製作更多而不是更少的電影。

We're going to wind up doing more merchandise items per movie not fewer.

我們最終將為每部電影製作更多的商品，而不是更少。

We're going to order larger quantities.

我們將訂購更大的數量。

We might not be so insistent that we be sold out at the end of the first weekend.

我們可能不會那麼堅持在第一個週末結束時就賣光了。

We might be willing to take the risk of ordering up to last two or three weekends.

我們可能願意冒險訂購最多兩三個週末的訂單。

Right now, you can only get buy this stuff really easily at our theaters.

現在，您只能在我們的劇院輕鬆購買這些東西。

We haven't yet worked this onto the web yet, where people could buy this stuff online, but we went from [$0 million] to $50 million in two years and I think we could double it again.

我們還沒有將其應用到網路上，人們可以在線上購買這些東西，但我們在兩年內從 [000 萬美元] 增加到 5000 萬美元，我認為我們可以再次翻倍。

So, I think there's real upside for us.

所以，我認為我們有真正的優勢。

And then, some of the merchandise items is sort of geared for commemorative cups for soda purchase, commemorative popcorn tins or tubs for popcorn purchase.

然後，一些商品有點適合購買蘇打水的紀念杯、購買爆米花的紀念爆米花罐或桶子。

So it may not only drive an incremental sale of the merchandise item.

因此，它可能不僅會推動商品銷售的增量。

But it might also drive an incremental sale of a $7 coke or a $10 tub of popcorn, which is also high margin for us.

但這也可能帶動 7 美元可樂或 10 美元一桶爆米花的銷售增加，對我們來說也是很高的利潤。

So, it's just like all good news story.

所以，這就像所有好消息故事一樣。

And our margins on these concession items are similar to normal retail margins.

我們在這些特許商品上的利潤與正常零售利潤相似。

So, you know, what normal retail margins are.

所以，你知道，正常的零售利潤是多少。

They are 40%, 50%, something like that.

他們是 40%、50% 之類的。

We haven't disclosed the exact number, but you can guess the rest of the day you can probably be pretty close.

我們還沒有透露確切的數字，但你可以猜測當天剩下的時間你可能會非常接近。

Yeah.

是的。

It seems like a good program.

這似乎是一個很好的程序。

Were you able to get any merchandise around the Olympics?

奧運期間你能買到什麼商品嗎？

And also I was wondering what the ticket price was around that if you're able to share that or just qualitatively if it's higher or lower than typical field ticket?

我還想知道票價大約是多少，如果您能夠分享的話，或者只是定性地分享它是否比典型的現場門票更高或更低？

We did not get Olympics merchandise and honestly I don't know what price we're charging for the Olympics.

我們沒有得到奧運商品，說實話，我不知道我們為奧運收取的價格是多少。

I never asked.

我從來沒有問過。

I was so excited that we landed it.

我很興奮我們成功了。

I never asked, our head of programming what she's going to charge.

我從來沒有問過我們的程式主管她要收費多少。

I could tell you what every concert movie goes for though, to the penny.

我可以告訴你每部音樂會電影的價值，一分錢一分貨。

Yeah.

是的。

If you would.

如果你願意。

(technical difficulty) was $19.89 for adults and $13.13 for kids. [Beyonce] was $22.

（技術難度）成人 19.89 美元，兒童 13.13 美元。 [碧昂絲] 是 22 美元。

I know -- sorry go ahead.

我知道——抱歉，請繼續。

Thank you.

謝謝。

I appreciate the detail.

我很欣賞細節。

And I just had one last housekeeping item for Sean.

我剛剛為肖恩準備了最後一件家務用品。

I think I heard you say the CapEx for the year was $175 million to $225 million as you had said before.

正如您之前所說，我想我聽到您說今年的資本支出為 1.75 億至 2.25 億美元。

But did you say $175 million to $200 million, does that come down or was that still $225 million on the high end?

但你說的是 1.75 億美元到 2 億美元，這個數字會下降還是 2.25 億美元仍然處於高端？

No, it's the same as it was before $175 million to $225 million.

不，與 1.75 億美元至 2.25 億美元之前的情況相同。

Excellent.

出色的。

Thanks.

謝謝。

If you still there the price for we just pulled up the price for the Olympics, it's $8.99 for adults, $6.69 [for children]

如果你還在的話，我們剛剛提高了奧運會的價格，成人8.99美元，[兒童]6.69美元

That's a reasonable price, so that will get people in.

這個價格很合理，所以才會有人進來。

Thank you.

謝謝。

Adam, let's take just two quick questions from our retail shareholders.

Adam，讓我們簡單回答散戶股東的兩個問題。

Yes, the call is run long, and it's it is a Friday night.

是的，電話打得很長，而且現在是星期五晚上。

Like, for us, it may be a Friday night of summer, but, this is a 24/7 kind of a place.

就像，對我們來說，這可能是夏天的星期五晚上，但是，這是一個 24/7 的地方。

We didn't actually get the debt extension deal done by working Monday to Thursday, 9:30 to 4:30.

我們透過週一至週四 9:30 至 4:30 的工作實際上並沒有完成債務延期協議。

But it is a Friday night, so we do want to let get off the phone and let you guys go home.

但現在是星期五晚上，所以我們確實想掛斷電話，讓你們回家。

So, let's take a couple of shoulder questions and then we'll sign off.

那麼，讓我們回答幾個肩部問題，然後我們就結束了。

Okay.

好的。

We'll just take two quick ones here.

我們在這裡只拿兩個快速的。

The first one is about our auditoriums.

第一個是關於我們的禮堂的。

The question is general, what are the plans to enhance the auditorium experience for the future?

問題很籠統，未來有什麼計畫來增強禮堂體驗？

What about things like private booths or 4D experiences for our guests?

為我們的客人提供私人展位或 4D 體驗之類的東西怎麼樣？

So that's a good question, because there actually there's some serious activity going on in this area within the company right now.

這是一個很好的問題，因為實際上公司內部目前在這一領域正在進行一些嚴肅的活動。

First, we have about 43 theaters out of 550 that represent about a third of our EBITDA.

首先，我們 550 家影院中約有 43 家，約占我們 EBITDA 的三分之一。

So these are our very successful dealers.

這些都是我們非常成功的經銷商。

These are the -- this is the opposite of the Jim Goss to close them.

這些是——這與吉姆·戈斯關閉它們的相反。

This is where we make a lot of our money.

這是我們賺很多錢的地方。

And so, we keep on looking at ways to improve those theaters, and at the highest grossing AMC Theater in the United States, which is our theater in Burbank, California, it's not every single week it's highest grossing, but most week it's the highest grossing theater in the country.

因此，我們一直在尋找改進這些影院的方法，而在美國票房最高的AMC 劇院，也就是我們位於加州伯班克的劇院，它並不是每週都是票房最高的，但大多數時候它都是票房最高的國內票房最高的劇院。

The seats were quite run down, and we didn't have the option of putting in reclining seats because the theater was packed.

座位很破舊，我們無法選擇放置可躺的座位，因為劇院擠滿了人。

And the seat loss would have been too high if we put in reclining seats.

如果我們安裝可躺式座椅，座位損失就會太大。

But we did rip out all the fabric seats and we put in a brand with which were like cinema straight uncomfortable seats, so traditional movie theater seats that have gone by the wayside over the years.

但我們確實拆掉了所有的織品座椅，並加入了一個品牌，它就像電影院裡不舒服的直排座椅，多年來已經被淘汰的傳統電影院座椅。

But in the words of Yogi Berra, the place is so crowded nobody goes there anymore.

但用 Yogi Berra 的話來說，這裡太擁擠了，沒人再去那裡了。

The place is so crowded we couldn't like take seats out.

這個地方太擁擠了，我們不想把座位拿出來。

So what we did is we did replace all those seats and we put in leather seats, and they were 15% wider and they had more padding and they rocked.

所以我們所做的就是更換所有的座椅，換上真皮座椅，它們加寬了 15%，有更多的襯墊，而且很晃動。

So you can control so the comfort was much better.

所以你可以控制，這樣舒適度就好多了。

And we had minimal seat loss, and it's changed the entire look of the theater and made it look like a car with beautiful leather seats instead of a junky stained fabric seats that have been had Coca Cola spilled on them for the last 14 years.

我們的座位損失最小化，它改變了劇院的整體外觀，讓它看起來像一輛配有漂亮皮革座椅的汽車，而不是過去 14 年被可口可樂灑在上面的破爛的布質座椅。

We are going to make some press announcements next week about doing that same kind of a program in other places.

下週我們將發布一些關於在其他地方進行同類計劃的新聞公告。

And we're not going to get to all 43 theaters right away, but we are going to continue to see what we can do to upgrade our profitable theaters.

我們不會立即涵蓋所有 43 家影院，但我們將繼續研究如何升級我們盈利的影院。

So that's point one.

這就是第一點。

Point two, I think there's enormous opportunity to capitalize on the consumer's desire to watch movies on a giant screen.

第二點，我認為有巨大的機會可以利用消費者在大螢幕上觀看電影的願望。

That means more Dolby Cinemas, it either means more IMAXs or upgrading.

這意味著更多的杜比影院，也意味著更多的 IMAX 影院或升級。

Remember we were one of the first people to put IMAX in with a lot of them.

請記住，我們是最早將 IMAX 投入其中的人之一。

So that means maybe converting some regular IMAX auditoriums, IMAX lasers with an upgraded sound system which is a much better IMAX experience.

因此，這意味著也許可以將一些常規的 IMAX 放映廳、IMAX 雷射機與升級的音響系統進行改造，從而獲得更好的 IMAX 體驗。

It also means more of our house label PLS iSense in the UK and Europe Prime here in the United States.

這也意味著我們在英國的自家品牌 PLS iSense 和在美國的 Europe Prime 的更多知名度。

We have this XL concept in Europe, which is interesting.

我們在歐洲有這個 XL 概念，這很有趣。

I'd really like to see us play up the fact that we have large auditoriums and make sure the consumer knows we have them, because that's what the consumer wants.

我真的很希望看到我們宣傳我們擁有大型禮堂的事實，並確保消費者知道我們擁有它們，因為這就是消費者想要的。

There are other things.

還有其他事情。

4DX is popular, some chains have them and they're a little gimmicky.

4DX 很流行，有些連鎖店也有，但有點花俏。

The receipts bounce around like a roller coaster seat and depending upon whether it's D-BOX or 4DX and someone who sprays water in your face when it's raining on the movie screen.

收據就像過山車的座位一樣跳來跳去，這取決於它是 D-BOX 還是 4DX，以及電影螢幕上下雨時向你噴水的人。

We at AMC believe that there's a possibility one could put something like that in.

我們 AMC 相信人們有可能加入這樣的東西。

There's another concept called, what's the Screen X, which is a wraparound screen, where the screen not only covers the front, the normal screen, but it comes up about a third of the way on either wall, around you to give you sort of an envelope feel with obviously more of the image on the screen.

還有另一個概念，叫做“Screen X”，它是一個環繞式屏幕，屏幕不僅覆蓋前面的普通屏幕，而且它出現在每面牆上大約三分之一的地方，圍繞著你，給你一種螢幕上明顯有更多圖像的信封感。

There are a lot of things we could do.

我們可以做很多事。

But what we think is the most relevant for the consumer and the one where we already have a big presence.

但我們認為與消費者最相關的，也是我們已經擁有大量的業務。

We're the -- we AMC, we're the place where you go to a premium large format screen.

我們是——我們AMC，我們是您觀看優質大螢幕的地方。

And I think if we increase the number of our large screens, that's the smartest thing that we could do.

我認為如果我們增加大螢幕的數量，那是我們能做的最明智的事情。

Just to tell you why we're doing this, the premium large format screens and this is not just IMAX and Dolby because we have some house brands too.

只是為了告訴您我們這樣做的原因，優質大尺寸螢幕，這不僅僅是 IMAX 和杜比，因為我們也有一些自有品牌。

But if you add up all of our PLS, we have 421 of them in the United States.

但如果你把我們所有的 PLS 加起來，我們在美國就有 421 個。

We have 550 of them globally.

我們在全球擁有 550 個此類服務。

Those are exact numbers.

這些是確切的數字。

And they represent about 5% or 6% of our screens, and they represent about 20% of our revenue.

它們約占我們螢幕的 5% 或 6%，約占我們收入的 20%。

There are some, in the case of Inside Out 2, the typical, PLF seat sold 7 times more tickets than the typical seat in non-PLF auditorium.

以《腦筋急轉彎 2》為例，典型的 PLF 座位售出的門票是非 PLF 禮堂中典型座位的 7 倍。

In very few cases, there's a PLF auditorium sell fewer than 3 times as many tickets, as a regular seat in a regular auditorium.

在極少數情況下，PLF 禮堂的門票銷售不到普通禮堂普通座位的 3 倍。

The large format screens are very successful and that's where I think we have the greatest opportunity and that's where I'd like to see us really make a big dent in improving the product at AMC.

大尺寸螢幕非常成功，我認為這就是我們擁有最大機會的地方，也是我希望看到我們在改進 AMC 產品方面真正取得重大進展的地方。

The second area where we go is also in the food and beverage area, and we continue to change menus on a monthly or quarterly basis.

我們去的第二個區域也是餐飲區，我們繼續每月或每季更換菜單。

We continue to try to find consumer pleasing items, because if they're happier at the concession stand, they're going to be happier in the theater experience.

我們繼續努力尋找令消費者滿意的商品，因為如果他們在小賣部感到更快樂，他們在劇院的體驗也會更快樂。

If they're happy with the experience, they'll come back more and more.

如果他們對這次經歷感到滿意，他們會越來越多地回來。

Other questions, Sean?

還有其他問題嗎，肖恩？

Yeah.

是的。

The last question, staying on the theme of investment opportunities, the question is sort of where we focus on investment and I think you've spoken about that right now.

最後一個問題，停留在投資機會的主題上，問題是我們專注於投資的重點，我想你現在已經談到了這個問題。

But then it goes on to say, are there investment opportunities outside of the exhibition industry that we would consider?

但接著又說，我們會考慮展覽業以外的投資機會嗎？

This is an area where AMC has had our head jerked around a bit, in the last year, because exactly a year ago at this time, we thought, based on the number of authorized shares that we had in our share price that, if we were to use other shares not that we would, don't get nervous retail investors.

去年，AMC 在這個領域讓我們有點困惑，因為就在一年前的這個時候，我們認為，根據我們股價中的授權股票數量，如果我們如果我們不使用其他股票，請不要讓散戶投資者緊張。

We know these shares are quite precious quite precious.

我們知道這些股票非常珍貴。

Give me one sec.

給我一秒鐘。

We might have been able to raise $6 billion.

我們本來可以籌集 60 億美元。

How do we try to sell our shares of market, not that we would have done so?

我們如何嘗試出售我們的市場份額，而不是我們本來會這樣做的？

We would have only done so if we had something really good to do with money, and we didn't have anything been that brilliant to do with money.

只有當我們能用錢做一些真正有用的事情時，我們才會這樣做，而我們並沒有用錢做那麼出色的事情。

But our share price has come way down in the last year.

但去年我們的股價大幅下跌。

And today, based on the current share price, we could probably only raise about $500 million.

而今天，以目前的股價，我們可能只能籌到 5 億美元左右。

And if we only could raise $500 million and you add that to the $770 million of cash that we have now.

如果我們只能籌集 5 億美元，然後將其添加到我們現在擁有的 7.7 億美元現金中。

That money needs to be husbanded very carefully to make sure that our liquidity position is strong, that we can bring in debt as we need to bring in debt.

需要非常謹慎地管理這筆錢，以確保我們的流動性狀況強勁，我們可以像需要藉債一樣借債。

We still have about $450 million of debt that is currently due in ‘25 or ‘26.

我們目前仍有約 4.5 億美元的債務將於 25 月或 26 月到期。

Some of that we might be able to push out and extend it, but some we might buy back some we might buy back at a discount.

其中一些我們可能能夠推出並延長，但有些我們可能會回購，有些我們可能會以折扣價回購。

We also need money to invest in growth initiatives inside the business like more PLF auditoriums like I just described a few minutes ago.

我們還需要資金投資於業務內部的成長計劃，例如我幾分鐘前剛剛描述的更多 PLF 禮堂。

So I think right now external M&A, if we were doing, it would only be if we're investing a very small amount of money, $25 billion -- $25 million not $1 billion.

所以我認為現在外部併購，如果我們真的這麼做，那也只是我們投資很少的資金，250 億美元——2,500 萬美元，而不是 10 億美元。

And so right now external M&A is not our highest priority because we think that we should treat these, the cash that we have is precious.

所以現在外部併購不是我們的首要任務，因為我們認為我們應該對待這些，我們擁有的現金是寶貴的。

We should treat the shares that are in the treasury that we have not yet used as precious.

我們應該把庫房裡還沒用完的股票當成珍貴的東西。

And so, I think we've got to grow the business internally organically for now.

因此，我認為我們現在必須在內部有機地發展業務。

With that, everybody, we're going to end the question-and-answer session.

至此，各位，我們的問答環節就結束了。

I'd just like to close the call by reminding everybody the challenging first half of '24 which was impacted by the 2023 strikes is behind us.

在結束通話時，我想提醒大家，受 2023 年罷工影響的 24 年上半年充滿挑戰的情況已經過去。

It's in the rear view mirror.

它在後視鏡裡。

So now at AMC we believe we're off to the races.

所以現在在 AMC，我們相信我們已經開始比賽了。

We're highly confident that the box office will be growing in the second half of ‘24.

我們對24年下半年票房的成長充滿信心。

We're highly confident that box office will be growing in ‘25.

我們對 25 月份的票房成長充滿信心。

We're highly confident that box office will be growing in ‘26.

我們非常有信心 26 月份的票房將會成長。

And that's good news for us, and that's good news for people who want us to succeed.

這對我們來說是個好消息，對那些希望我們成功的人來說也是個好消息。

With that, thank you very much for your time today.

在此，非常感謝您今天抽出時間。

And we'll adjourn the call.

我們將暫停通話。

We appreciate you joining us.

我們感謝您加入我們。

This concludes today's teleconference.

今天的電話會議到此結束。

You may disconnect your lines at this time.

此時您可以斷開線路。

Thank you for your participation.

感謝您的參與。