AMC 電影院 (AMC) 2024 Q3 法說會逐字稿

Greetings, and welcome to the AMC Entertainment Holdings third quarter 2024 earnings webcast. (Operator Instructions) Please note, this conference is being recorded.

您好，歡迎收看 AMC 娛樂控股公司 2024 年第三季收益網路廣播。 （操作員說明）請注意，本次會議正在錄製中。

I'll now turn the call over to John Merriwether, Vice President, Capital Markets and Investor Relations. Thank you. You may begin.

我現在將把電話轉給資本市場和投資者關係副總裁 John Merriwether。謝謝。你可以開始了。

Thank you, and good afternoon, everyone. I'd like to welcome you to AMC's third quarter 2024 earnings webcast. With me this afternoon is Adam Aron, our Chairman and CEO; and Sean Goodman, our Chief Financial Officer.

謝謝大家，大家下午好。歡迎您觀看 AMC 2024 年第三季財報網路廣播。今天下午和我在一起的是我們的董事長兼執行長 Adam Aron；以及我們的財務長肖恩·古德曼。

Before I turn the webcast over to Adam, let me remind everyone that some of the comments made by management during this webcast may contain forward-looking statements that are based on management's current expectations. Numerous risks, uncertainties and other factors may cause actual results to differ materially from those that might be expressed today.

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。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. 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。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固有的不確定性，請聽眾不要依賴這些陳述。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 refer to non-GAAP financial measures, such as adjusted EBITDA, constant currency contribution margin, 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 afternoon.

在此網路廣播中，我們可能會參考非公認會計準則財務指標，例如調整後的 EBITDA、恆定貨幣邊際貢獻率等。欲了解我們的非公認會計準則衡量標準與公認會計準則結果的全面對賬，請參閱今天下午早些時候在我們網站的投資者關係部分發布的收益報告。

After our prepared remarks, there will be a question-and-answer session. This afternoon's webcast is being recorded and a replay will be available in the Investor Relations section of our website at amctheatres.com later today.

在我們準備好的發言之後，將進行問答環節。今天下午的網路廣播正在錄製中，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. Good afternoon, and thank you to everyone for joining us today. What a difference a quarter makes. As most of you know all too well, the industry-wide box office late last year, and for several months at the start of this year, was severely affected by the prolonged Hollywood strikes of 2023.

謝謝你，約翰。下午好，感謝大家今天加入我們。四分之一的變化有多大啊。眾所周知，去年年底以及今年年初的幾個月，全行業的票房受到了2023年好萊塢長期罷工的嚴重影響。

Even so, when we looked ahead, knowing the movie titles that were scheduled for release, we saw better times ahead. So earlier this year, we started saying that we all would finally get to enjoy a surge in movie going in the second half of 2024. And that is exactly what happened.

即便如此，當我們展望未來，知道預定上映的電影名稱時，我們看到了更好的時光。因此，今年早些時候，我們開始表示，我們最終將在 2024 年下半年享受到電影上映量的激增。

In the third quarter 2024, the domestic industry box office set a third quarter post-pandemic high of $2.7 billion, up 37% from the second quarter of 2024. It slightly exceeded last year's Barbenheimer-dominated third quarter, and it came within 4% of the pre-pandemic domestic box office of Q3 of 2019.

2024年第三季度，國內電影票房創下疫情後第三季新高27億美元，較2024年第二季度增長37%，略超去年巴本海默主導的第三季度，差距在4%以內2019年第三季疫情前國內票房

The box office's return to life became evident on June 14, of this year with the release of Disney Pixar's record-breaking Inside Out 2, now the highest grossing animated film of all time, and thus far the top grossing movie of 2024, and the fourth highest grossing movie since 2019.

今年6 月14 日，隨著迪士尼皮克斯破紀錄的《腦筋急轉彎2》的上映，票房的復甦變得顯而易見，該片目前是有史以來票房最高的動畫電影，也是迄今為止2024 年票房最高的電影。

The third quarter followed Inside Out 2's lead-in fueled by blockbusters like Disney's Deadpool & Wolverine, Universal's Despicable Me 4 and Twisters, and Warner Bros, Beetlejuice Beetlejuice, among many other movie titles from a multitude of studios and distributors.

第三季是繼《腦筋急轉彎2》之後，迪士尼的《死侍》和《金鋼狼》、環球影業的《神偷奶爸4》和《龍捲風》、華納兄弟的《甲蟲汁Beetlejuice》以及來自眾多工作室和發行商的許多其他電影作品等大片的推動。

To illustrate the magnitude of the box office improvement since June 14, of this year, let's compare the first 5.5 months of 2024 to the next 3.5 months. On a per day basis, the domestic industry-wide box office was 82% stronger between mid-June and September than it was in 2024 prior to June 14. And that strengthened industry-wide box office translated to strong performance by AMC Entertainment in the third quarter of 2024.

為了說明今年 6 月 14 日以來票房改善的幅度，我們將 2024 年前 5.5 個月與接下來的 3.5 個月進行比較。按日計算，6 月中旬至 9 月期間，國內全行業票房比 2024 年 6 月 14 日之前增長了 82%。 。

Solidifying our financial metrics, our net loss in the third quarter of 2024 was narrowed by fully 37% compared with the loss in the second quarter of 2024. What's more, in this third quarter, AMC's total revenues were 31% stronger than our revenues of 2024.

鞏固我們的財務指標，我們2024 年第三季的淨虧損比2024 年第二季的虧損整整收窄了37%。高出31%。

So in the third quarter of 2024, we are proud that AMC achieved a new record for our third quarter admissions revenue per patron, and we're even happier to report that we set an all-time record for any quarter ever for our food and beverage revenues per patron.

因此，在2024 年第三季度，我們感到自豪的是，AMC 第三季度每位觀眾的入場收入創下了新紀錄，我們更高興地報告說，我們在食品和服務方面創下了任何季度的歷史記錄。

AMC's adjusted EBITDA was 4x stronger in Q3 of '24 than that of Q2 of 2024, 4x stronger. Indeed, AMC's adjusted EBITDA posted in the third quarter 2024 was the second-best EBITDA performance of any third quarter in AMC's 104-year history, second only to last year's third quarter of 2023.

AMC 24 年第三季的調整後 EBITDA 比 2024 年第二季高 4 倍，高 4 倍。事實上，AMC 2024 年第三季公佈的調整後 EBITDA 表現是 AMC 104 年歷史上任何第三季第二好的 EBITDA 表現，僅次於去年的 2023 年第三季。

It's especially encouraging that because we worked so hard to put in place operational and financial efficiencies, that AMC realized adjusted EBITDA in this just-completed third quarter that was in line with pre-pandemic Q3 of 2019, 5 years back, even though our attendance in the just-completed quarter was a full 25% lower than it was in that third quarter of 2019 pre-pandemic.

特別令人鼓舞的是，由於我們努力提高營運和財務效率，AMC 在剛完成的第三季實現了調整後的EBITDA，與5 年前的2019 年大流行前第三季一致，儘管我們的出席率剛結束的季度比 2019 年大流行前第三季足足下降了 25%。

Of enormous importance as we look ahead for the next 2 years, looking forward, not looking backwards, we believe that the box office will continue on its recent market rise. There is an impressive Q4 2024 movie slate about to be released into our theaters in the coming weeks, highlighted by 2 beloved blockbuster Disney story lines, Mufasa: The Lion King, and Moana 2. Adding to the excitement is Universal's highly anticipated Wicked, the adaptation of the 21-year-running [secular] successful Broadway musical ever.

非常重要的是，當我們展望未來兩年時，向前看，而不是向後看，我們相信票房將繼續保持最近的市場成長勢頭。未來幾週，一部令人印象深刻的2024 年第四季電影即將在我們的戲院上映，其中以2 條深受喜愛的迪士尼大片故事線《木法沙：獅子王》和《莫阿娜2 》為亮點。

Some people in the know are telling me that they think Moana 2 could eclipse and outshine even the success of Inside Out 2. And early critic reviews of Wicked are stellar. Wicked is already being described as a masterpiece.

一些知情人士告訴我，他們認為《海洋奇緣 2》甚至可以超越《腦筋急轉彎 2》的成功。 《魔法壞女巫》已經被稱為傑作。

Notwithstanding the success of Taylor Swift's record-breaking Eras Tour concept movie, which was the top movie in last year's fourth quarter, as well as Beyonce's Renaissance film, both of which are our very own creations here at AMC, we anticipate that the Q4 2024 domestic box office will emphatically surpass last year's Q4 results.

儘管泰勒絲(Taylor Swift) 破紀錄的Eras Tour 概念電影獲得了成功，該電影是去年第四季度的熱門電影，還有碧昂絲(Beyonce) 的《文藝復興》電影，這兩部本片都是我們AMC 自己的創作，但我們預計2024 年第四季國內票房將明顯超越去年第四季的成績。

And that's just the beginning. It is AMC's belief that the 2025 domestic industry box office should easily surpass that of 2024, with bankable titles hitting our theaters next year, such as Paramount's Mission: Impossible 8, Universal's Jurassic World 4, and Disney's Captain America, Snow White, the New Thunderbolts, and, of course, Avatar 3 as just some of the big movies coming next year.

而這只是開始。 AMC 認為，2025 年國內電影票房應該會輕鬆超過2024 年，明年我們的戲院將推出一些可獲利的影片，例如派拉蒙的《碟中諜8》、環球影業的《侏羅紀世界4》以及迪士尼的《美國隊長》、《白雪公主》、《新世界》。

And as for 2026, 2026 can make 2025 look small. We currently believe that the domestic box office will be bigger still 2 years out. Movie theater ticket sales should continue to build, led by some truly blockbuster releases, including the next chapters of the Avengers, Star Wars, Batman, Super Mario Brothers and Toy Story franchises, lighting up our huge silver screens at AMC in the United States, Odeon in Europe, and AMC Cinemas in the Middle East.

至於2026年，2026年可以讓2025年顯得很小。我們目前認為，兩年後國內票房還會更大。在一些真正的大片上映的帶動下，電影院的門票銷售應該會繼續增長，包括《復仇者聯盟》、《星際大戰》、《蝙蝠俠》、《超級瑪利歐兄弟》和《玩具總動員》系列的下一章，照亮了美國AMC 的巨大銀幕，歐洲有 Odeon，中東有 AMC Cinemas。

The buzz and excitement surrounding theatrically released movies over the next 2 years is nothing less than palpable. We believe that as the industry's largest player, and an increasingly efficient one at that, AMC is well poised to benefit from that highly likely increase in moving on.

未來兩年，圍繞院線上映的電影的喧囂和興奮是顯而易見的。我們相信，作為該行業最大的參與者，並且效率越來越高，AMC 已準備好從很有可能繼續發展的成長中受益。

The other accomplishment of vital importance by AMC in the third quarter of 2024 was our continuing to successfully strengthen our balance sheet. As you know, in the quarter, we announced that we extended up to $2.4 billion of our long-term debt maturities from 2026 to 2029 and 2030. That is a big step forward for AMC.

AMC 在 2024 年第三季取得的另一個至關重要的成就是我們繼續成功地強化了我們的資產負債表。如您所知，在本季度，我們宣布將 24 億美元的長期債務期限從 2026 年延長至 2029 年和 2030 年。

So too is that in 2024 year-to-date, we paid down some $345 million of debt and raised some $250 million gross proceeds of equity. This all translated to ending the third quarter with some $527 million of cash on hand.

同樣，2024 年迄今，我們還清了約 3.45 億美元的債務，並籌集了約 2.5 億美元的股本收益。這一切意味著第三季末手頭現金約為 5.27 億美元。

I have said many times that cash is king and that AMC must maintain ample cash reserves. Similarly, paying close attention to our balance sheet has been a mandatory priority at AMC Entertainment. These are among the major reasons why AMC has survived these past 4.5 years at a time by contrast when so many of our competitors failed. As we move forward, we will continue to take actions as needed to keep our cash reserves robust and to lessen our debt.

我多次說過，現金為王，AMC必須保持充足的現金儲備。同樣，密切關注我們的資產負債表一直是 AMC Entertainment 的首要任務。這些是 AMC 在過去 4.5 年裡倖存下來的主要原因之一，而我們的許多競爭對手卻都失敗了。隨著我們的前進，我們將繼續根據需要採取行動，以保持現金儲備強勁並減少債務。

Before I turn the call over to Sean, I've been asked by many of our retail shareholders to give you an update on our AMC Perfectly Popcorn home offering. So here it goes. We could not be more pleased with response both from retailers and by consumers to our ready-to-eat and microwave lines of popcorn. As you'll recall, it was launched exclusively at Walmart in 2023 on walmart.com and at more than 2,500 Walmart stores for our ready-to-eat popcorn and at 500 Walmart stores for our microwave corn.

在我把電話轉給肖恩之前，我們的許多零售股東要求我向您介紹我們的 AMC Perfectly Popcorn 家庭產品的最新情況。所以就這樣了。我們對零售商和消費者對我們的即食和微波爐爆米花系列的反應感到非常滿意。您可能還記得，它於 2023 年在 walmart.com 上獨家在沃爾瑪推出，並在 2,500 多家沃爾瑪商店銷售我們的即食爆米花，在 500 家沃爾瑪商店銷售我們的微波爐玉米。

In 2024, this year, we successfully added Kroger, Publix, Meijer and Amazon.com online, bringing our store count now to well more than 6,000 locations selling AMC Perfectly Popcorn. For 2025, Walmart and Kroger have advised us that they are adding our microwave line in up to 4,000 or more of their stores on top of where it was carried previously. We also added Hy-Vee and Associated Wholesale Grocers, which supplies several dozen regional and smaller grocery chains.

2024 年，也就是今年，我們成功將 Kroger、Publix、Meijer 和 Amazon.com 上線，使我們的 AMC Perfectly Popcorn 商店數量現在達到 6,000 多個。沃爾瑪和克羅格已告知我們，到 2025 年，他們將在多達 4,000 家或更多商店中增加我們的微波爐系列產品（除之前的產品外）。我們還添加了 Hy-Vee 和 Associated Wholesale Grocers，它們為數十家區域性和小型雜貨連鎖店供貨。

As a result, we would expect to see AMC Perfectly Popcorn on the shelves of as many as 10,000 or more retail locations by earlier mid-year 2025, that's about 4x where it was in mid-2023. Our distribution footprint is expanding so rapidly because sales of our home popcorn are brisk. And it is AMC Perfectly Popcorn that is actually driving the category growth.

因此，我們預計到 2025 年中期早些時候，AMC Perfectly Popcorn 會出現在多達 10,000 個或更多零售店的貨架上，大約是 2023 年中期的 4 倍。我們的分銷足跡正在迅速擴大，因為我們的自製爆米花銷售旺盛。真正推動該品類成長的是 AMC Perfectly Popcorn。

Successfully launching a new packaged goods food product for the home is not at all an easy task. Most people who try fail. And as I just said, at AMC, we could not be more pleased about where we are only 18 months after initial product launch.

要成功推出新的家庭包裝食品絕非易事。大多數嘗試的人都會失敗。正如我剛才所說，在 AMC，我們對首次產品發布僅 18 個月後所取得的進展感到非常高興。

With that, I'll now turn the call over to Sean Goodman, our Executive VP and Chief Financial Officer, to take you through the third quarter in more detail. And then I'll return afterwards for a very important update on our plans for our growth trajectory ahead. Sean?

現在，我將把電話轉給我們的執行副總裁兼財務長 Sean Goodman，他將帶您更詳細地了解第三季的情況。然後我會回來對我們未來的成長軌跡計劃進行非常重要的更新。肖恩？

Thank you, Adam, and thanks to everyone for joining us this afternoon. As Adam noted, the North American box office experienced a very strong recovery as we moved into the second half of this year. While the box office in North America exceeded the prior year's third quarter, AMC's consolidated attendance was approximately 12% below the same period last year. There were 2 factors driving this result.

謝謝你，亞當，也謝謝大家今天下午加入我們。正如亞當指出的那樣，隨著今年下半年的到來，北美票房經歷了非常強勁的復甦。儘管北美第三季的票房超過了去年同期，但 AMC 的綜合上座率卻比去年同期下降了約 12%。有兩個因素推動了這個結果。

First, the film slate did not resonate as well in Europe as in North America. This is particularly for titles such as Deadpool & Wolverine, Twisters and Beetlejuice Beetlejuice. The result is that the overall theater industry in the European markets in which we operate, experienced entertainment decline of approximately 16% in Q3 '24 when compared to the same quarter last year when titles such as Oppenheimer and Barbie outperformed in the European markets.

首先，電影在歐洲的迴響不如北美。尤其是《死侍與金鋼狼》、《龍捲風》和《甲蟲汁》等遊戲。結果是，與去年同期相比，我們經營的歐洲市場的整個劇院產業在24 年第三季經歷了約16% 的娛樂下降，當時《奧本海默》和《芭比娃娃》等影片在歐洲市場的表現優於去年同期。

Second, in our domestic business, film slate in Q3 2024 skewed in attendance away from the major urban centers such as New York and Los Angeles where AMC has our largest presence. This was particularly evident with titles such as Twisters, Despicable Me, and Beetlejuice, compared to the prior year when again Oppenheimer and Barbie attendance skewed very much in favor of AMC's urban geographic footprint. As a result, our overall North American market share declined by approximately 60 basis points. This is related to the interplay between the film slate and our geographic mix.

其次，在我們的國內業務中，2024 年第三季的觀影人數偏向紐約和洛杉磯等主要城市中心，而 AMC 在這些城市擁有最多的業務。與去年相比，《龍捲風》、《神偷奶爸》和《甲蟲汁》等影片的這一點尤其明顯，去年奧本海默和芭比的上座率再次偏向 AMC 的城市地理足跡。因此，我們在北美的整體市佔率下降了約 60 個基點。這與電影板和我們的地理組合之間的相互作用有關。

During the third quarter, we welcomed 65 million moviegoers to our theaters worldwide. This represents a sequential revenue increase of approximately 31% compared to the Hollywood strike impact in the second quarter of 2024, and resulted in an EBITDA of more than 4x that of Q2 of 2024.

第三季度，我們在全球影院迎來了 6,500 萬電影觀眾。與 2024 年第二季好萊塢罷工的影響相比，這意味著營收季增約 31%，並導致 EBITDA 超過 2024 年第二季的 4 倍。

A key to our post-pandemic recovery trajectory over the last few years has been the success of our profit optimization initiatives, including elevating the guest experience, optimizing the theater fleet, tightly managing expenses, and improving operating efficiency. These initiatives allowed us to achieve adjusted EBITDA in Q3 of 2024 that was in line with pre-pandemic Q3 of 2019 despite selling 25% or 22 million fewer tickets.

過去幾年，我們在疫情後恢復軌跡的關鍵是我們利潤優化措施的成功，包括提升賓客體驗、優化戲院陣容、嚴格管理費用和提高營運效率。這些舉措使我們能夠在 2024 年第三季實現調整後的 EBITDA，與疫情前的 2019 年第三季一致，儘管門票銷售減少了 25% 或 2,200 萬張。

We achieved this notable result due to record revenue per patron of $20.72, up 37.1% from pre-pandemic in 2019, and contribution margin per patron of $13.49, up 41% from pre-pandemic 2019. And by the way, compared to Q3 of 2023, both revenue per patron and contribution margin per patron increased by approximately 8%.

我們之所以取得這一顯著成績，是因為每位顧客的收入達到了創紀錄的20.72 美元，比2019 年大流行前增長了37.1%，每位顧客的貢獻利潤為13.49 美元，比2019 年大流行前成長了41%。

Recall that we define contribution margin per patron as total revenue, less film exhibition costs and less food and beverage costs, divided by the number of guests. This measure is indicative of the incremental profit generated per additional guest at our theaters.

回想一下，我們將每位顧客的邊際貢獻定義為總收入減去電影放映成本和餐飲成本，除以客人數量。此指標反映了我們戲院每增加一位客人所產生的增量利潤。

It is worth noting this quarter that our food and beverage initiatives led to all-time record achievements in food and beverage revenue per patron during the quarter. Consolidated food and beverage per patron hit a high of $7.53, an increase of 14.8% compared to Q3 of 2023 and an increase of 56.3% compared to Q3 of 2019.

本季值得注意的是，我們的食品和飲料舉措在本季實現了每位顧客的食品和飲料收入創歷史新高。每位顧客的綜合食品和飲料價格達到 7.53 美元的高位，較 2023 年第三季成長 14.8%，較 2019 年第三季成長 56.3%。

Both the domestic and international business achieved all-time records for food and beverage per patron. In our domestic market, food and beverage revenue per pattern was $8.49, 14.2% ahead of Q3 of 2023 and 58.8% ahead of Q3 of 2019. And in our international business, food and beverage revenue per patron was $5.7, 12% ahead of Q3 of 2023 and 41.5% ahead of Q3 of 2019.

國內和國際業務均創下了每位顧客的食品和飲料的歷史記錄。在我們的國內市場，每位顧客的餐飲收入為8.49 美元，比2023 年第三季提早14.2%，比2019 年第三季提早58.8%。 5.7 美元，較第三季度提早12% 2023 年第三季度，較 2019 年第三季提早 41.5%。

Our results for the quarter reflect the continued success of our market-leading food and beverage offerings, including collectible movie-themed items, movie-themed cocktails and menu upgrades, world-class marketing, a leading position in immersive premium large-format auditoriums, and revenue diversification initiatives such as retail popcorn. All of this underscores our belief that we can achieve pre-pandemic levels of EBITDA even while the box office is not quite back to 2019 levels.

我們本季的業績反映了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、世界一流的營銷、沉浸式優質大型禮堂的領先地位、以及收入多元化舉措，例如零售爆米花。所有這些都強調了我們的信念，即即使票房尚未完全恢復到 2019 年的水平，我們也可以實現大流行前的 EBITDA 水平。

Now let's move on to the balance sheet. The third quarter began with a substantive strengthening of our balance sheet. As previously announced at the beginning of the third quarter, in a collaborative agreement with both our second lien and first lien term loan lenders, we extended the maturity date of approximately $2.4 billion of debt from 2026 to 2029 and 2030.

現在讓我們來看看資產負債表。第三季開始，我們的資產負債表大幅增強。正如先前在第三季初宣布的那樣，在與我們的第二留置權和第一留置權定期貸款機構的合作協議中，我們將約24 億美元債務的到期日從2026 年延長至2029 年和2030 年。

And in addition, since our last webcast, we've taken significant further actions to reduce debt and extend the maturities. Specifically, one, we extended the maturity of $31 million of term loans from 2026 to 2029. And as of September 30, all $1.9 billion of term loans that were due in 2026 are now due in 2029.

此外，自上次網路廣播以來，我們採取了進一步的重大行動來減少債務並延長期限。具體來說，一是我們將 3,100 萬美元定期貸款的期限從 2026 年延長至 2029 年。

Two, we reduced our second lien debt due in 2026 by approximately $128 million through buybacks and exchanges of debt for equity. Three, we reduced our senior subordinated notes due in 2025 by approximately $28 million through buybacks or exchanges of debt for equity. And four, we reduced our senior subordinated notes due in 2026 by approximately $10 million through exchanges of debt for equity.

第二，我們透過回購和債轉股，將 2026 年到期的第二留置權債務減少了約 1.28 億美元。第三，我們透過回購或債轉股，將 2025 年到期的優先次級票據減少了約 2,800 萬美元。第四，我們透過債轉股將 2026 年到期的優先次級票據減少了約 1,000 萬美元。

In addition -- sorry, in total, since our Q2 earnings webcast, we were able to reduce our debt through these transactions by approximately $165 million using a combination of cash and approximately 14.2 million shares of common stock, bringing the total reduction in principal debt and finance leases to $349 million thus far in 2024 alone.

此外，抱歉，自第二季收益網廣播以來，我們透過現金和約 1,420 萬股普通股的組合，透過這些交易減少了約 1.65 億美元的債務，從而使本金債務總額減少迄今為止，僅2024 年融資租賃就達3.49 億美元。

And since the beginning of 2022, we've lowered the principal value of our debt and finance leases by approximately $1 billion. And we've repaid $277.3 million of deferred leases. All this for total debt and deferred rent reduction of $1.31 billion.

自 2022 年初以來，我們已將債務和融資租賃的本金價值降低了約 10 億美元。我們已經償還了 2.773 億美元的延期租賃。所有這些都減少了總債務和遞延租金 13.1 億美元。

For now our capital allocation priorities remain: one, liquidity; two, reducing financial leverage and strengthening the balance sheet; three, investing in our existing business; and four, investing in attractive, high-return growth initiatives.

目前我們的資本配置重點仍是：一是流動性；二是流動性。二是降低財務槓桿，強化資產負債表；三、投資我們現有的業務；第四，投資有吸引力的高回報成長計劃。

Before handing the webcast back over to Adam, a couple of quick additional points worth noting. Q3 net cash used in operating activities was $31.5 million, and we ended the quarter with cash of $527.4 million excluding restricted cash which was $49.7 million. Based on our box office forecast, we would expect net cash provided by operating activities to be positive in the fourth quarter.

在將網路廣播交還給 Adam 之前，有幾點值得注意。第三季經營活動使用的淨現金為 3,150 萬美元，本季末我們的現金為 5.274 億美元，不包括 4,970 萬美元的限制性現金。根據我們的票房預測，我們預計第四季度經營活動提供的淨現金將為正值。

CapEx net of landlord contributions was [$50.2 million]. And we continue to expect net CapEx in 2024 to be in the range of $175 million to $225 million. The deferred rent balance at the end of Q3 was approximately $38 million. We plan to reduce this balance by another $2 million during the fourth quarter.

扣除房東捐款後的資本支出為 [5,020 萬美元]。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。第三季末的遞延租金餘額約為 3,800 萬美元。我們計劃在第四季將這一餘額再減少 200 萬美元。

And from a theater portfolio perspective, during the quarter, we closed 11 underperforming locations, and we opened one new location. This will bring the total number of locations closed since 2020 to 187 and the total new locations opened to 61, for a net reduction of 126 locations or approximately 13% of our locations at December 31, [2019]. And we continue to see that the 61 new locations very significantly outperformed the 187 closed locations.

從戲院投資組合的角度來看，本季我們關閉了 11 家表現不佳的戲院，並開設了 1 家新戲院。這將使自 2020 年以來關閉的門市總數達到 187 家，新開店總數達到 61 家，截至 [2019]12 月 31 日淨減少 126 家門市，約占我們門市的 13%。我們繼續看到 61 個新地點的表現明顯優於 187 個關閉地點。

So in summary, the box office recovery has resumed and our profit enhancement initiatives that are yielding record results, plus the actions that we continue to take to strengthen the balance sheet, position us very well to capitalize on what we expect will be an increasingly strong box office through the remainder of 2024 and in 2025 and beyond.

因此，總而言之，票房復甦已經恢復，我們的利潤增強計劃正在產生創紀錄的成果，加上我們繼續採取的加強資產負債表的行動，使我們能夠很好地利用我們預期將日益強勁的收入。年剩餘時間以及2025 年及以後的票房。

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

現在，我將把網路廣播交還給 Adam。

Thank you, Sean. At AMC, our hard work, imaginative thinking, and bold actions over the past few years have allowed us to successfully manage through challenging times when others in our industry have folded. But by definition, to survive COVID and then the 2023 Hollywood strikes, we've necessarily been on our heels much of the time and playing on the defensive.

謝謝你，肖恩。在AMC，我們過去幾年的辛勤工作、富有想像的思維和大膽的行動使我們能夠在業內其他公司倒閉時成功度過充滿挑戰的時期。但根據定義，為了在新冠疫情和 2023 年好萊塢罷工中生存下來，我們必須在大部分時間裡緊隨其後，採取守勢。

Yes, we've repeatedly taken smart and decisive actions to protect the business and position our company for success as the industry recovers. But now, finally, now, we can see that real success is at hand and not all that far ahead of us, with an expected multiyear rise in theatrical box office in our near-term future and the significant debt maturities having been extended far out. We are finally ready to play on the offense again with what we are calling, and we'll announce by press release tomorrow, AMC's GO Plan. [G period O period], G.O. on offense.

是的，我們一再採取明智而果斷的行動來保護業務，並讓我們的公司在行業復甦時取得成功。但現在，最後，現在，我們可以看到，真正的成功就在眼前，而且距離我們並不遙遠，預計在不久的將來，影院票房將出現多年增長，而重大債務到期日也已被延長很長一段時間。我們終於準備好再次發動進攻，我們將在明天的新聞稿中宣布 AMC 的 GO 計劃。 [G期O期]，G.O.進攻。

AMC's G.O. Plan is a multi-year initiative focused on strategically reinvesting in our core business to further elevate and differentiate the moviegoing experience that we offer AMC and Odeon guests. In the process, we will be striving to add mightily to our current adjusted EBITDA levels and to generate attractive returns for our shareholders as a result.

AMC 的 G.O. 計劃是一項多年計劃，重點是對我們的核心業務進行戰略性再投資，以進一步提升我們為 AMC 和 Odeon 客人提供的觀影體驗並使其與眾不同。在此過程中，我們將努力大幅提高目前調整後的 EBITDA 水平，並為股東創造有吸引力的回報。

Specifically, AMC's G.O. Plan calls for AMC to invest between $1.0 billion and $1.5 billion over the coming four to seven years back into our theaters and into the AMC Odeon moviegoing experience. Coming at a time of a likely theatrical box office resurgence, we are hopeful that, in so doing, investing back in our core business, we can turbocharge our financial results in the quarters and years ahead.

具體來說，AMC 的 G.O. 計劃要求 AMC 在未來四到七年內投資 10 億至 15 億美元，以恢復我們的影院和 AMC Odeon 觀影體驗。在戲院票房可能復甦之際，我們希望透過對核心業務的投資，能夠在未來幾季和幾年內大幅提升我們的財務表現。

Of course, it goes without saying that we will implement AMC's Plan G.O. -- sorry, AMC's G.O. Plan, only as we successfully managed our debt reserves, our debt levels, our liquidity, our cash reserves and our leverage. With AMC's G.O. Plan, we will be providing our guests with an ever greater selection of premium experiences, immersive sight and sound enhancements, more comfortable seating and upgraded theaters, as well as other initiatives, including upgrading our IT systems and considering how the smart use of AI can improve AMC's bottom line.

當然，不言而喻，只有當我們成功管理我們的債務儲備、債務水平、流動性、現金儲備和槓桿率時，我們才會實施 AMC 的 G.O. 計劃——對不起，AMC 的 G.O. 計劃。透過 AMC 的 G.O. 計劃，我們將為客人提供更多優質體驗選擇、沉浸式視覺和聲音增強、更舒適的座椅和升級的影院，以及其他舉措，包括升級 IT 系統和考慮如何智能使用人工智能的應用可以提高AMC 的利潤。

Some of the components of AMC's G.O. Plan are already being implemented now and others will be implemented over time, but only as and when our financial resources prudently allow.

AMC G.O. 計劃的一些組成部分現已實施，其他部分將隨著時間的推移實施，但前提是我們的財務資源審慎允許。

So let's talk some more about just some of the key components of AMC's G.O. Plan. Here are three in ascending order of importance. First, laser projection. As you know, we previously announced an agreement with Cinionic to launch our first major broad-scale projector upgrade since the transition to digital film decades ago by now installing Barco laser projectors broadly throughout AMC auditoriums.

因此，讓我們多討論一下 AMC G.O. 計劃的一些關鍵組成部分。以下是三個依重要性升序排列的。第一，雷射投影。如您所知，我們先前宣布與 Cinionic 達成協議，啟動自幾十年前向數位電影過渡以來的首次大型投影機升級，現在在整個 AMC 禮堂廣泛安裝巴可雷射投影機。

++++++++++++This project is currently well underway. And as we sit here right now today, we currently have some 2,137 screens in the United States now equipped with and marketed as Lasers at AMC. No surprise, guests are reacting extremely positively to the brighter images, more vivid colors and consistently sharp image quality associated with laser projection. Dimming and lamp degradation are a thing of the past in these auditoriums.

++++++++++++該專案目前正在順利進行中。當我們今天坐在這裡時，我們目前在美國有大約 2,137 個螢幕在 AMC 配備並作為雷射器進行銷售。毫不奇怪，客人對雷射投影帶來的更明亮的影像、更鮮豔的色彩和始終如一的銳利影像品質反應非常積極。在這些禮堂裡，調暗和燈泡老化已成為過去。

And this is a major greening of AMC as well, which also plays well with consumers, because laser projection is considerably more environmentally friendly than its predecessor projection technologies. In the time frame of AMC's G.O. Plan, it would be our hope to at least double and maybe even triple our current number of laser and AMC equipped auditoriums.

這也是 AMC 的一項重大環保舉措，也受到了消費者的歡迎，因為雷射投影比其先前的投影技術更環保。在 AMC 的 G.O. 計劃的時間內，我們希望將目前配備雷射和 AMC 的禮堂數量至少增加一倍甚至三倍。

Second, in the plan is theater renovation and upgrading seating efforts. For over a decade, AMC has led the way in this industry in introducing a bit of luxury for the masses through the upgrades and renovations at our theaters. Our signature recliner seats have often driven instant and dramatic financial returns. AMC's G.O. Plan will allow us to continue to invest in some of our best and most productive theaters where, in our view, renovation would cause significant increases in their theater-level EBITDA and/or prevent erosion in our operating cash flows when competitors try to claim the moviegoers who are currently ours.

二是在劇院改造和座位升級上下功夫。十多年來，AMC 在這個行業中一直處於領先地位，透過對影院的升級和翻新，為大眾帶來了一點奢華。我們標誌性的躺椅常常能帶來即時和龐大的財務回報。 AMC 的G.O. 計畫將使我們能夠繼續投資於一些最好、最有生產力的影院，在我們看來，改造將導致其影院級EBITDA 大幅增加和/或在競爭對手試圖改造時防止我們的營運現金流受到侵蝕。

In recent years, as Sean just mentioned, we have not been shy, to the contrary, been quite aggressive, in opening in shiny new theaters and superb locations geographically and in closing tired older theaters where it would be unwise for us to reinvest. That strategy of pruning our fleet, by eliminating weak theaters and adding profitable new ones, will continue. And some of that will be funded by AMC's G.O. Plan.

正如肖恩剛才提到的那樣，近年來，我們並不害羞，相反，相當積極地在地理位置優越的閃亮新劇院開業，並關閉那些對我們來說再投資不明智的老舊劇院。透過消除薄弱影院和增加有利可圖的新影院來精簡我們的機隊的策略將繼續下去。其中部分資金將由 AMC 的 G.O. 計劃資助。

But AMC's G.O. Plan also will allow us to make important what we think of as almost short-bet investments in some of our absolute best and most productive theaters, where, in our view, renovation would cause significant improvements to our already quite solid financial results. The caveat, of course, in saying it's an almost-sure bet is that nothing in life of certainty, but there is opportunity in life that is often worth grabbing.

但AMC 的G.O. 計劃也將使我們能夠對一些絕對最好和最有生產力的劇院進行我們認為幾乎是短期投資的重要投資，在我們看來，改造將為我們已經相當穩健的財務業績帶來重大改善。當然，在說這是一個幾乎肯定的賭注時，需要注意的是，生活中沒有什麼是確定的，但生活中往往有值得抓住的機會。

Right now, for example, we've been putting in new wider and much more comfortable, plush rocker seats with a feel of leather, at 3 theaters which routinely rank among the 5 highest grossing AMC theaters in the entire United States currently. We started at our flagship theater, Burbank 16, in Los Angeles, which received this major seating upgrade last year. Our guest scores went up markedly.

例如，現在，我們已經在 3 家影院安裝了新的更寬、更舒適、帶有皮革質感的毛絨搖椅，這 3 家影院目前通常躋身全美票房最高的 5 個 AMC 影院之列。我們從位於洛杉磯的旗艦劇院 Burbank 16 開始，該劇院去年進行了重大座位升級。我們的客人分數顯著上升。

Based on that success, since Labor Day of this year, we are in the process now of doing so at our 2 most successful New York City theaters in Manhattan, at AMC Lincoln Square 13 and at AMC Empire 25. Over 4,000 aged and tired fabric chairs in Manhattan are being replaced with plush deluxe rockers, offering guests between 12% and 23% wider seats. These significantly upgraded seats are visually stunning and physically much more comfortable.

基於這項成功，自今年勞動節以來，我們正在曼哈頓的兩家最成功的紐約市劇院（AMC Lincoln Square 13 和 AMC Empire 25）開展這項工作。更換為豪華豪華搖椅，為客人提供寬12% 至23% 的座位。這些顯著升級的座椅在視覺上令人驚嘆，而且身體上更加舒適。

As part of the seat renovation at Lincoln Square, our new seats and most of the trims also will feature 10 inches of additional legroom from the current 38 inches instead to 48 inches of legend between rows in 8 of our 13 Lincoln Square auditoriums. That will mean that AMC will offer legroom of 4 feet for your 2 legs. How's that for a slogan? Making for a much more enjoyable viewing experience, and we believe that will open the door to even higher profitability at that already very successful theater for AMC.

作為林肯廣場座椅改造的一部分，我們的新座椅和大部分內飾還將在13 個林肯廣場禮堂中的8 個座位之間增加10 英寸的腿部空間，從當前的38 英寸增加到8排之間的48 英吋。這意味著 AMC 將為您的 2 條腿提供 4 英尺的腿部空間。怎樣才算是口號呢？打造更愉快的觀賞體驗，我們相信這將為 AMC 已經非常成功的戲院打開更高獲利能力的大門。

The upgrade at Lincoln Square will be completed this month before Thanksgiving. We expect to complete much of the Empire 25 seating upgrades before the rush of the holiday movies around Christmas with the entire renovation of Empire 25 being finished during Q1 of 2025.

林肯廣場的升級改造將於本月感恩節前完成。我們預計將在聖誕節前後的假日電影熱潮之前完成帝國 25 的大部分座位升級，帝國 25 的整體翻新將於 2025 年第一季完成。

Beyond just these 3 theaters, we have a prioritized long list of high-performing AMC theaters that could receive significant seating and other upgrades as part of AMC's G.O. Plan which, in our view, will make those theaters even more successful, even more profitable.

除了這3 家影院之外，我們還有一長串高性能AMC 影院的優先名單，作為AMC G.O. 計劃的一部分，這些影院可以獲得大量座位和其他升級，我們認為，這將使這些影院更加成功，利潤更高。

As a third, an extremely important element to AMC's G.O. Plan, premium large format, or PLFs, and extra large formats, or XLF, screens. AMC already benefits from having the most premium large-format screens of any movie theater chain in the world. In the United States, for example, AMC single-handedly represents just under half of all of IMAX's US screens, and 100% of all of Dolby's Dolby Cinema branded US screens.

第三個因素是 AMC 的 G.O. 計畫中極為重要的元素：進階大幅面 (PLF) 和超大幅面 (XLF) 螢幕。 AMC 已經受益於擁有世界上所有連鎖電影院中最優質的大螢幕銀幕。例如，在美國，AMC 佔據了 IMAX 美國銀幕總數的近一半，以及杜比杜比影院 (Dolby Cinema) 品牌美國銀幕總數的 100%。

We also have 31 PRIME at AMC screens in the US. That's our house brand here domestically. Some 423 PLF screens in total. Including IMAX, Dolby Cinema and our 82 iSense, those are our house brand PLFs in Europe, we now have some 566 PLF screens globally. No one else comes close.

我們在美國 AMC 銀幕上也有 31 部 PRIME。這是我們在國內的自有品牌。總共約 423 個 PLF 螢幕。包括 IMAX、杜比影院和我們的 82 個 iSense，這些都是我們在歐洲的自有品牌 PLF，我們現在在全球擁有約 566 個 PLF 螢幕。沒有人能接近。

From our patronage data, we know with certainty that moviegoers increasingly seek out our premium large-format screens. On average, our PLF screens in the US, for example, do about quadruple the revenues of our non-PLF houses.

從我們的贊助數據中，我們可以肯定地知道，電影觀眾越來越多地尋求我們的優質大尺寸螢幕。例如，我們在美國的 PLF 銀幕平均收入是非 PLF 影院的四倍左右。

You all know the saying, fish where the fish are. Moviegoers clearly want PLFs, and through AMC's G.O. Plan, we have every expectation of improving the quality and increasing the number of our PLF auditoriums. Under the auspices of AMC's G.O. Plan, we would expect to continue to increase the number of our IMAX auditoriums. But more importantly, we intend to upgrade many to IMAX's latest technology.

大家都知道，有魚在的地方釣魚。電影觀眾顯然想要 PLF，透過 AMC 的 G.O. 計劃，我們完全期望提高 PLF 影廳的品質並增加數量。在 AMC G.O. 計劃的支持下，我們預計將繼續增加 IMAX 影廳的數量。但更重要的是，我們打算將許多內容升級到 IMAX 的最新技術。

Not so long ago, only 42 of our 223 IMAX theaters offered the superb IMAX with Laser product, including laser projection and its enhanced 12-channel [cell] system, along with significant recliner or [Plus Rocker] seating upgrades. We are optimistic that AMC's G.O. Plan will enable us going forward to have IMAX with laser installed in more than 2/3 of our IMAX deployments.

不久前，我們的 223 家 IMAX 影院中只有 42 家提供一流的 IMAX 雷射產品，包括雷射投影及其增強的 12 通道 [cell] 系統，以及重要的躺椅或 [Plus Rocker] 座椅升級。我們樂觀地認為，AMC 的 G.O. 計劃將使我們能夠在超過 2/3 的 IMAX 部署中安裝雷射 IMAX。

We are also proud of our success, our clear success in establishing the Dolby Cinema PLF brand in the United States. As a result of AMC's G.O. Plan, we would expect to increase the number of our Dolby Cinema locations in the US by 25%, bringing our total globally up to about 214.

我們也為我們的成功感到自豪，我們在美國建立杜比影院 PLF 品牌取得了明顯的成功。由於 AMC 的 G.O. 計劃，我們預計美國的杜比影院數量將增加 25%，使我們的全球杜比影院總數達到約 214 個。

As envisioned in AMC's G.O. Plan, we further expect to more than triple, more than triple, the number of our PRIME at AMC auditoriums, Prime Day, our US house brand PLFs, from the current 31 to what we hope will get up to about 100. We indeed hope to have 100 of these wonderful offerings in which no royalty has to be paid to a third party, I might add, installed in our theaters over the next several years.

正如 AMC 的 G.O. 計劃所設想的那樣，我們進一步預計 AMC 禮堂、Prime Day、我們的美國自有品牌 PLF 的 PRIME 數量將增加三倍以上，從目前的 31 個增加到我們希望的數量100. 我確實希望在未來幾年內在我們的劇院安裝100 個這樣的精彩產品，其中無需向第三方支付版稅，我可以補充一下。

Beyond our so-called PLFs, also in another press release that will be issued tomorrow, we will unveil a new auditorium product, but I don't think any of you have heard about yet, called XL at AMC. XL stands for extra large streams, and will be yet another AMC innovation and one of the many premium experiences that AMC will offer to our guests.

除了我們所謂的 PLF 之外，在明天發布的另一篇新聞稿中，我們還將推出一款新的禮堂產品，但我認為你們中沒有人聽說過，它被稱為 AMC 的 XL。 XL 代表超大流，將是 AMC 的另一項創新，也是 AMC 將為我們的客人提供的眾多優質體驗之一。

It is modeled after something that we've been testing and piloting in Europe over the last year where, over the past 12 months, we have quietly but successfully introduced some 68 XL screens across Europe. XL, or XL at AMC, lets us brand and leverage other offerings currently in place or envisioned for Odeon and for AMC.

它是根據我們去年在歐洲測試和試點的項目進行建模的，在過去的 12 個月裡，我們已悄悄但成功地在歐洲推出了一些 68 XL 螢幕。 XL（或 AMC 的 XL）讓我們能夠品牌化並利用 Odeon 和 AMC 目前已有或設想的其他產品。

For example, here in the United States, we already have extra large screens in place at almost all of our theaters presently, but they've never been marketed as such. Now we're just not living in the laurels that we have large screens, we're combining some of these larger screens with a new laser projection that has been or will be deployed in our theaters.

例如，在美國，我們目前幾乎所有的劇院都已經安裝了超大螢幕，但它們從未被這樣行銷過。現在，我們不再滿足於擁有大螢幕的榮譽，我們正在將一些較大的螢幕與已經或將要在我們的劇院中部署的新雷射投影相結合。

Specifically, the brand standard for XL at AMC here in the United States will include screens that are sized only 40 feet or wider. What's more, in our new XL product, we will especially offer another upgrade in immersive sight and sound, the latest 4K laser projection technology. Thanks to AMC's G.O. Plan. We anticipate rolling out approximately 50 to 100 XL at AMC screens in the United States within calendar year 2025, with the potential to grow the total number of XL at AMC screens in the United States to between 200 and 250 screens over time in addition to our XL screen count in Europe.

具體來說，美國 AMC XL 的品牌標準將包括尺寸僅 40 英尺或更寬的螢幕。更重要的是，在我們的XL新產品中，我們將特別提供沉浸式視覺和聲音的另一個升級，即最新的4K雷射投影技術。感謝 AMC 的 G.O. 計劃。我們預計在 2025 年內在美國 AMC 銀幕上推出約 50 至 100 個 XL 銀幕，隨著時間的推移，除了我們的歐洲的 XL 螢幕數量。

With the introduction of AMC XL, we will specifically identify the largest screen or screens in the theater, equip them with the best in 4K laser projection. And through XL and AMC branding, arm our guests with the knowledge to select their auditorium of choice when reserving their seats.

隨著 AMC XL 的推出，我們將專門確定劇院中最大的螢幕，為其配備最好的 4K 雷射投影。透過 XL 和 AMC 品牌，讓我們的客人在預訂座位時了解選擇禮堂的知識。

In Europe, we are currently charging an extra euro or an extra pound for our XL screens. We've not yet decided whether it's smarter to charge an extra dollar here in the United States or instead to keep our current pricing as is, and instead generate our financial returns from the added patronage that will come our way, thanks to offering a clearly superior and guest-pleasing consumer offering.

在歐洲，我們目前對 XL 螢幕收取額外歐元或額外英鎊費用。我們還沒有決定在美國收取額外的美元是否更明智，還是保持我們當前的定價不變，而是從我們將要增加的惠顧中產生我們的財務回報，這要歸功於提供明確的優質且令客人滿意的消費者服務。

Take all this together, adding IMAX screens, upgrading our current IMAX screens to IMAX with Laser, increasing accounts of Dolby Cinema and Prime screens, and introducing XL at AMC and introducing XL in Europe, AMC's G.O. Plan features as its hallmark a significant commitment to building upon AMC's now massive competitive lead in PLF moviegoing.

綜上所述，增加IMAX 銀幕、將我們現有的IMAX 銀幕升級為雷射IMAX、增加杜比影院和Prime 銀幕的數量、在AMC 引入XL 以及在歐洲引入XL，AMC 的G.O. 計劃的特點是對以下方面的重大承諾：建立在 AMC 目前在 PLF 觀影領域的巨大競爭領先地位的基礎上。

It's our view that these investments in premium auditoriums are an ambitious and an aggressive step and indeed going on offense. They have the likelihood of generating attractive shareholder returns for our much-deserving retail shareholder base and those institutional investors who care to join them.

我們認為，這些對高級禮堂的投資是一項雄心勃勃、激進的舉措，而且確實是一種攻擊。他們有可能為我們當之無愧的散戶股東群和那些願意加入他們的機構投資者帶來有吸引力的股東回報。

That so, given their popularity of premium screens, not only with moviegoers, but also with movie studios who tell us constantly that they recognize and seek out the unparalleled audience experiences and creative opportunities that AMC offers through our premium screens at AMC theaters.

因此，考慮到高級銀幕不僅受到電影觀眾的歡迎，而且也受到電影製片廠的歡迎，他們不斷地告訴我們，他們認識到並尋求AMC 透過我們在AMC 影院的高級銀幕提供的無與倫比的觀眾體驗和創意機會。

Two final thoughts about AMC's G.O. Plan. First, it does not pertain exclusively to our domestic theaters. Our Odeon team in Europe is excited about the opportunity to roll out internationally as well, where industry PLF screen density is lower than that of the United States and a differentiated experience as evidenced in our PLF resonates with consumers extremely well.

關於 AMC 的 G.O. 計劃的最後兩個想法。首先，它不僅適用於我們國內的影院。我們歐洲的 Odeon 團隊也對有機會在國際上推廣感到興奮，其中行業 PLF 屏幕密度低於美國，並且我們的 PLF 所證明的差異化體驗與消費者產生了非常好的共鳴。

Similarly, in terms of theater renovation in Europe and the introduction of new theaters into our fleet, we've already identified opportunities to add theaters or to develop a meaningful number of additional luxe cinemas especially in the United Kingdom. Our luxe theaters here before introduced in Europe have been quite a successful innovation by AMC. These theaters, as you know, both have upgraded amenities, including reclining seats, premium auditoriums, handsome theater lobbies, and enhanced bars and concession areas.

同樣，在歐洲的劇院改造和在我們的機群中引入新劇院方面，我們已經確定了增加劇院或開發大量額外豪華電影院的機會，特別是在英國。我們在歐洲推出的豪華影院是 AMC 的一項相當成功的創新。如您所知，這些劇院都擁有升級的設施，包括斜躺座椅、高級禮堂、漂亮的劇院大廳以及增強的酒吧和特許區。

Audiences have been keen on our luxe cinema experience in Europe and, happily for us, theater landlords eager to drive footfall to their developments often have been quite willing to provide a substantial portion of the required capital investment, resulting in healthy financial returns for AMC.

觀眾一直熱衷於我們在歐洲的豪華影院體驗，令我們高興的是，渴望增加其開發項目客流量的影院業主往往非常願意提供所需資本投資的很大一部分，從而為AMC 帶來了健康的財務回報。

The second thing that I want to stress about our G.O. Plan is that we will carefully marry our going on offense plan with respect to added capital investments, with our financial ability to do so. We can either go fast or go slow. We said 4 years to 7 years, but we will not get ahead of our skis.

關於我們的 G.O. 計劃，我想強調的第二件事是，我們將謹慎地將我們在增加資本投資方面的進攻計劃與我們的財務能力結合起來。我們可以走得快，也可以走得慢。我們說4年到7年，但我們不會超越我們的滑雪板。

As we see it today, substantially heightened CapEx levels will only occur with rising EBITDA or a sense within our shareholder base that it is wise to increase the pace of equity raising, not just to maintain our cash reserves or manage our debt load, but also for the purpose of increased capital expenditures specifically aimed at accelerating our growth.

正如我們今天所看到的，只有當EBITDA 上升，或者我們的股東認為加快股權融資步伐是明智之舉時，資本支出水平才會大幅提高，這不僅是為了維持我們的現金儲備或管理我們的債務負擔，而且目的是增加資本支出，特別是為了加速我們的成長。

Thank you for listening today. Life's not all rosy. We had a good quarter, but we still have challenges to navigate. Most obviously, adjusted EBITDA in calendar year 2024 is expected to be but a fraction of where it was in 2019 pre-pandemic. And we are well aware that it's not yet where we will need to get it to be.

感謝您今天的收聽。生活並不都是美好的。我們度過了一個不錯的季度，但我們仍然面臨挑戰。最明顯的是，預計 2024 年調整後的 EBITDA 僅相當於 2019 年疫情爆發前的一小部分。我們很清楚，目前還沒有達到我們需要的目標。

But even so, the quick synopsis of this call is fourfold. One, the third quarter was a success at AMC. Two, we have been smartly managing our cash levels and then are determined to keep our cash reserves robust, just at the same time as we're actively addressing the amount and timing of our debt obligations. Three, a rising box office filled us with optimism for the remainder of 2024, 2025 and 2026. And four, we have a plan and are committed to going on offense again.

但即便如此，這次電話會議的簡要概要還是有四個面向的。第一，AMC第三季取得了成功。第二，我們一直巧妙地管理我們的現金水平，然後決心保持強勁的現金儲備，同時我們正在積極解決債務義務的金額和時間問題。第三，不斷上升的票房讓我們對 2024 年、2025 年和 2026 年剩餘時間充滿樂觀。

Looked at as a whole, assuming we continue to do all the right things in managing this company, in making sure that our liquidity and leverage is well managed, that our business is operating efficiently, and that we produce rising EBITDA in the years ahead, we could not be more confident about the future for AMC.

從整體來看，假設我們繼續在管理這家公司方面採取所有正確的做法，確保我們的流動性和槓桿得到良好管理，我們的業務高效運營，並且我們在未來幾年產生不斷增長的 EBITDA，我們對AMC 的未來充滿信心。

Sean, that concludes my remarks. Let's open up the webcast for questions both from our retail shareholders and from our equity research analysts.

肖恩，我的發言到此結束。讓我們開始網路廣播，接受散戶股東和股票研究分析師的提問。

Thanks, Adam. So we have questions from the retail shareholders. And I'll ask just a few of those, and then we'll pause and see if there's any questions from the equity research analysts.

謝謝，亞當。所以我們有散戶股東的提問。我只會問其中的幾個問題，然後我們會暫停一下，看看股票研究分析師是否有任何問題。

Starting with questions from our retail shareholders. The first one relates to the loyalty programs, our AMC loyalty programs. The question is really, are there plans in place to enhance or change these loyalty programs at AMC in the future?

從我們的散戶股東的問題開始。第一個涉及忠誠度計劃，即我們的 AMC 忠誠度計劃。問題是，AMC 未來是否有計劃加強或改變這些忠誠度計劃？

I'm actually very glad you asked that question because, as you know, I'm a marketing guy by training. And I'm so proud of what AMC has done in the area of loyalty. We have 3 major programs that have massive enrollments. Each of the three is vital to our success.

我實際上很高興你問了這個問題，因為如你所知，我是一名受過培訓的行銷人員。我對 AMC 在忠誠度領域所做的一切感到非常自豪。我們有 3 個招生人數眾多的主要項目。這三者中的每一個對我們的成功至關重要。

A couple of years ago, we launched something called AMC Investor Connect. It was a free program for our retail shareholders to join that would get them frequent benefits at AMC, including free this and free that. Normally, they're buying a movie ticket when they're there, which is a good thing too, right? We have 1.4 million members of that program. We're communicating to them almost on a monthly basis. We're coming out with significant offers to them 4 times to 6 times a year.

幾年前，我們推出了 AMC Investor Connect。這是一個供我們的散戶股東加入的免費計劃，這將使他們在 AMC 經常受益，包括免費這個和免費那個。通常，他們在那裡時會買一張電影票，這也是一件好事，對吧？我們有 140 萬該計劃的成員。我們幾乎每月與他們溝通一次。我們每年向他們提供 4 到 6 次重要優惠。

This is a group that has been very loyal to AMC. And in fact, we track their patronage because they also were enrolled in AMC Stubs, our frequent moviegoer program, so we could see what movie tickets they were buying. And our AMC Investor Connect population, 1.4 million strong is about twice as loyal to AMC as our regular AMC Insider Stubs members and like intimately more loyal to AMC than the great population as a whole who are not in our only program. Then -- that's program one.

這是一個對AMC非常忠誠的團體。事實上，我們追蹤他們的贊助，因為他們也加入了 AMC Stubs（我們的常客計畫），因此我們可以看到他們購買了哪些電影票。我們的 AMC Investor Connect 人口有 140 萬，他們對 AMC 的忠誠度大約是我們的常規 AMC Insider Stubs 會員的兩倍，並且比不參與我們唯一計劃的廣大人口對 AMC 的忠誠度更高。然後——這就是方案一。

Program 2 is AMC Stubs, which is our play-for-points, movie theater equivalent of a frequent flyer program. Over the years, we've enrolled, I think it's 34 million households, US households in AMC Stubs. It was only 2.5 million households when I joined the company 9 years ago. This has been a massive area of increase for AMC.

方案 2 是 AMC Stubs，這是我們的積分遊戲，類似常旅客計畫。多年來，我們已經註冊了 AMC Stubs 的美國家庭，我想有 3400 萬個家庭。 9年前我加入公司時，只有250萬戶家庭。對於 AMC 來說，這是一個巨大的成長領域。

Back when I joined AMC, about 19% of our guests were playing for points through AMC Stubs. In the third quarter, and in fact, for the latest 12 months ending September 30, 48% of our guest tickets are purchased by members of the AMC Stubs program.

當我加入 AMC 時，大約 19% 的客人透過 AMC Stubs 玩遊戲來獲取積分。在第三季度，事實上，在截至 9 月 30 日的最近 12 個月中，我們 48% 的賓客門票是由 AMC Stubs 計劃的成員購買的。

And it's not just that we've got a lot of consumers intrigued with playing our game, it's so important for us. Because, remember, we know the movie ticket buying habits of the members of our AMC Stubs program. So if you went to see Mission Impossible 7 last year, guess who's going to get a lot of marketing to see Mission: Impossible 8 in 2025. If you show up as a Stubs member to see Wicked 2 weeks from now, guess who's going to get a reminder next Thanksgiving when Wicked Part 2 comes out?

這不僅是因為我們有很多消費者對玩我們的遊戲感興趣，這對我們來說非常重要。因為，請記住，我們了解 AMC Stubs 計畫會員的電影票購買習慣。因此，如果您去年觀看了《碟中諜7》，猜猜誰會在2025 年觀看《碟中諜8》而獲得大量營銷。猜猜誰會獲得大量行銷機會觀看《碟中諜8》。

We actively market through e-mail, push notification and text literally billions of times a year to the members of our Stubs program. It's immensely important and successful program for us. And then the third program, which is actually a subset of AMC Stubs, is AMC Stubs A-List, our subscription program, where under current rules, for somewhere between $20 and $25 a month, you get to see up to 3 movies a week.

我們每年透過電子郵件、推播通知和簡訊積極向 Stubs 計畫的成員進行數十億次行銷。這對我們來說是非常重要且成功的計劃。第三個方案實際上是 AMC Stubs 的子集，是我們的訂閱方案 AMC Stubs A-List，根據當前規則，每月 20 至 25 美元之間，您每週最多可以觀看 3 部電影。

You may recall that pandemic just gutted AMC Stubs A-List. We had to pause the program for a couple of years because there's no point in having a subscription program when movie theaters are closed for months on end, or when there are very few movie titles coming out. Fortunately, since we reopened our theaters and restarted AMC Stubs, we've seen a dramatic increase in the number of members. And I believe the count that I last saw was up about two-thirds in terms of AMC list active paying current members today as contrasted with the number we started with coming out of the pandemic pause.

您可能還記得，大流行剛剛摧毀了 AMC Stubs 的一線明星。我們不得不暫停該計劃幾年，因為當電影院連續幾個月關閉或上映的電影很少時，訂閱計劃就沒有意義了。幸運的是，自從我們重新開放劇院並重新啟動 AMC Stubs 以來，我們看到會員數量急劇增加。我相信，就今天 AMC 名單上的活躍付費現有會員而言，我上次看到的人數比我們在疫情暫停後開始的人數增加了約三分之二。

The only other reason I'm just so excited to talk about Stubs and A-List endlessly is because I don't want to announce it today, I don't want to announce it tomorrow, we're going to announce other things, but I can tease this audience to tell you we have some significant enhancements coming both to the Stubs program and the A-List program in 2025.

我如此興奮地無休止地談論 Stubs 和 A-List 的唯一另一個原因是因為我不想今天宣布它，我不想明天宣布它，我們要宣布其他事情，但我可以開玩笑地告訴你們，我們將在2025年對Stubs 計劃和A-List 計劃進行一些重大改進。

We've been working on this for almost a year. We did a lot of market research in 2024. We test-marketed some of these things in a few cities. We're confident they're going to work we're confident they're going to drive significant improvements to our bottom line and make both the A-List and the Stubs programs all that more appealing to their members. So watch this space for important Stubs and A-List announcements for 2025.

我們為此已經努力了近一年。我們在 2024 年做了很多市場調查。我們相信他們會發揮作用，我們相信他們會顯著提高我們的利潤，並使 A-List 和 Stubs 計劃對其會員更具吸引力。因此，請關注此空間，以了解 2025 年重要的存根和 A-List 公告。

It's exciting stuff. And the next question here is about investment spend. Can you talk more about the financing and timing of investments that we try to make in the future?

這是令人興奮的事。下一個問題是關於投資支出。您能多談談我們未來嘗試進行的投資的融資和時機嗎？

Sure. For the past several years, we've been investing about $200 million a year in CapEx. What we've announced with the AMC G.O. Plan is that we're going to invest in CapEx in our fleet of theaters somewhere between $1 billion and $1.5 billion over the next 4 to 7 years.

當然。在過去的幾年裡，我們每年在資本支出上投資約 2 億美元。我們在 AMC G.O. 計畫中宣布，我們將在未來 4 到 7 年內對我們的影院群進行 10 億到 15 億美元的資本支出投資。

Now at the slowest, that's a little bit more than $200 million a year. At the fastest, it's $375 million a year. We'll decide how much we're spending in the future years, only by applying the fiscal discipline that you practice as our CFO, and I've talked about on this call already, we've got to marry our spending with either rising EBITDA which could fund increased spending, or alternatively, if our shareholders were to tell us that they think it's smart of us to increase capital expenditure spending, specifically with the purpose in mind of accelerating growth.

現在最慢的話，每年也就 2 億美元多一點。最快的話，每年可達 3.75 億美元。我們將決定未來幾年的支出，只有透過應用您作為我們的財務長所實行的財務紀律，我已經在這次電話會議上談到過，我們必須將我們的支出與成長結合起來EBITDA 可以為增加的支出提供資金，或者，如果我們的股東告訴我們，他們認為我們增加資本支出是明智之舉，特別是為了加速成長。

So the exact timing and speed is something that we'll decide over the course of the next several years. But as we outlined on the call today, we have a lot of very specific ideas of opportunity in the company that could turbocharge our EBITDA returns.

因此，確切的時間和速度是我們將在未來幾年內決定的。但正如我們今天在電話會議上概述的那樣，我們對公司有很多非常具體的機會想法，可以提高我們的 EBITDA 回報。

Thanks, Adam. And Diego, let's pause with the retail investor questions and see if there are any questions from equity research analysts.

謝謝，亞當。迭戈，讓我們暫停一下散戶投資者的問題，看看股票研究分析師是否有任何問題。

(Operator Instructions)

（操作員說明）

Jim Goss, Barrington Research.

吉姆‧戈斯，巴靈頓研究中心。

Okay. Adam, I know you are all about the creative use of your platform. I was wondering if you might talk a little bit about AMC's participation and the effort by IMAX, I'm sure its biggest partner, to exhibit the Penn State-Washington football game live on selected IMAX screens.

好的。 Adam，我知道您非常注重創意地使用您的平台。我想知道您是否可以談談 AMC 的參與以及 IMAX（我確信是其最大的合作夥伴）在選定的 IMAX 螢幕上現場直播賓州州立大學與華盛頓大學橄欖球比賽的努力。

And sort of on a related basis, is there any likelihood you might try to initiate a similar program since you would arguably have greater available screen capacity? I assume rights issues are the primary obstacle and the level of interest in specific games tend to be very localized. But how do you approach this opportunity? How do you size it? And maybe this new emphasis on the XL screens might tie into this.

與此相關的是，您是否有可能嘗試啟動類似的程序，因為您可能擁有更大的可用螢幕容量？我認為版權問題是主要障礙，對特定遊戲的興趣程度往往非常本地化。但你要如何抓住這個機會呢？你如何決定它的大小？也許對 XL 螢幕的新重視可能與此相關。

Thanks for the question, Jim, and hope you're well. I spoke with Rich Gelfond, the CEO of IMAX, as recently as yesterday, about their Penn State-Washington initiative. We've long been in IMAX's corner. We represent, as I said, almost half of the total US IMAX screens in the United States. Provided they can get a suitable window, an exclusive theatrical window, we're -- well do just about anything with IMAX. And I'm optimistic that IMAX could do some interesting things, not just related to Penn State-Washington, but other things as well.

謝謝你的提問，吉姆，希望你一切都好。就在昨天，我與 IMAX 執行長 Rich Gelfond 討論了他們的賓州州立大學-華盛頓倡議。我們長期以來一直處於 IMAX 的角落。正如我所說，我們幾乎占美國 IMAX 銀幕總數的一半。只要他們能得到一個合適的窗口，一個獨家的影院窗口，我們就可以用 IMAX 做任何事情。我樂觀地認為 IMAX 可以做一些有趣的事情，不僅與賓州州立大學華盛頓分校有關，還與其他事情有關。

And I've got a lot of confidence in Rich to make good things happen for IMAX, which in turn makes good things happen for AMC. If he brings us to Penn State-Washington game, we will play it, of course.

我對 Rich 充滿信心，他會為 IMAX 帶來美好的事情，進而為 AMC 帶來美好的事情。如果他帶我們去看賓州州立大學與華盛頓大學的比賽，我們當然會參加。

That triggers the whole question about sports and sports rights. I've long believed that sports programming is extremely an attractive alternate programming opportunity for AMC. You'll recall that for two seasons we carried NFL games. But we did sell under some quirky rights from -- given to us by DIRECTV. We couldn't ever mention the word NFL, we couldn't ever mention a team name because those were proprietary trademarks of the league and the clubs.

這引發了有關體育和體育權利的整個問題。我一直相信體育節目對 AMC 來說是一個極具吸引力的替代節目機會。您可能還記得，我們​​連續兩個賽季轉播 NFL 比賽。但我們確實根據 DIRECTV 授予我們的一些奇怪的權利進行了出售。我們永遠不能提及 NFL 這個詞，我們永遠不能提及球隊名稱，因為這些是聯盟和俱樂部的專有商標。

And we can only carry the wrong games, which are out-of-market games. Like here in Kansas City, they only want to watch The Chiefs. When you are in Chicago, they want to watch The Bears. Like I'm sure that Jacksonville-Seattle game is a great game, but the games that we ought to be playing are home games, and we ought to do it in full cooperation with the NFL, not going around them.

而我們只能攜帶錯誤的遊戲，也就是市場外的遊戲。就像在堪薩斯城一樣，他們只想看酋長隊。當你在芝加哥時，他們想看熊隊比賽。就像我確信傑克遜維爾對西雅圖的比賽是一場精彩的比賽，但我們應該打的是主場比賽，我們應該與 NFL 充分合作，而不是繞過他們。

There are some things we are willing to expand that with. Even in football, we've been quite intrigued about carrying nationally broadcast games, whether that's the Thursday Night Games or the Saturday Night Games or the Sunday Night Games or the Monday Night Games, or the playoff games. We don't have those rights yet, but we will continue to work with those entities that can get us those rights. And when we succeed, we'll be very happy and we'll test it and we'll bring it out and see what happens.

我們願意在某些方面進行擴展。即使在足球領域，我們也對轉播全國範圍內的比賽很感興趣，無論是周四晚上的比賽、週六晚上的比賽、週日晚上的比賽、週一晚上的比賽，還是季後賽。我們還沒有這些權利，但我們將繼續與那些能夠為我們獲得這些權利的實體合作。當我們成功時，我們會非常高興，我們會對其進行測試，然後將其推出，看看會發生什麼。

I think you mentioned college football. What we've long thought that, while the teams may have regional appeal, there are a lot of teams with a lot of regional appeal in a lot of regions. So I will hope that we'll also continue to introduce conversation with collegiate sports to see what kind of collegiate sports we can carry. Obviously, would be different collegiate teams that we'll be following in different cities around the country. We had good success with things like UFC and others, things that we tried a couple of summers ago. Certainly try to bring some of those opportunities back in the system.

我想你提到了大學橄欖球。我們長期以來一直認為，雖然球隊可能具有地區吸引力，但在許多地區都有很多球隊具有很大的地區吸引力。所以我希望我們也能繼續引入與大學運動的對話，看看我們能進行什麼樣的大學運動。顯然，我們將在全國不同的城市關注不同的大學球隊。我們在 UFC 等方面取得了很好的成功，這些都是我們幾年前嘗試過的。當然要嘗試將其中一些機會帶回系統中。

So that's the long answer to your question. The short answer to your question is, yes, I think there's real promise in the content. The key is getting the rights to the correct events, and we're in active dialogue with a lot of sports leagues to see what we can get our hands on at AMC.

這就是你問題的長答案。對你的問題的簡短回答是，是的，我認為內容中確實有希望。關鍵是獲得正確賽事的轉播權，我們正在與許多體育聯盟積極對話，看看我們能在 AMC 獲得什麼。

Okay. Thank you. And one other one, if I may. The franchise-heavy film release slate should support some assurances of continued recovery. I was wondering though if you can discuss the role of the smaller films relative to norms and the impact of gaining those films and concentration in film rent splits and also the interplay with streaming options for these smaller films versus theatrical releases?

好的。謝謝。如果可以的話，還有另一本。特許經營權重的電影發行清單應該會為持續復甦提供一些保證。我想知道您是否可以討論較小型電影相對於規範的作用，以及獲得這些電影的影響和電影租金分攤的集中度，以及這些較小型電影與院線發行的流媒體選項的相互作用？

I'm glad you limited your follow-up to one question, because it was 2 questions but really 9 questions in there.

我很高興您將後續行動限制為一個問題，因為它是 2 個問題，但實際上有 9 個問題。

Okay. I tried.

好的。我試過。

No, you're doing well. I'll just try to give you a general answer to the whole thing.

不，你做得很好。我將嘗試為您提供整個問題的一般答案。

When we do our forecast around here for the size of the box office, we literally do it on a title-by-title basis. And in year, that film forecast is updated on a weekly basis. I mean, it's circulated on a weekly basis. It's upgraded by our programming staff on a daily basis. And so we're tracking not only the blockbuster or the titles, but also the smaller and midsize titles.

當我們在這裡預測票房規模時，我們實際上是在逐個標題的基礎上進行預測。在一年中，該電影預測每週更新一次。我的意思是，它每週分發一次。我們的程式設計人員每天都會對其進行升級。因此，我們不僅追蹤大片或影片，還跟蹤中小型影片。

And yes, we're thrilled, beyond thrilled, that there are so many blockbuster franchises coming in '25 and 2026. But there are also a lot of medium and smaller-sized movies coming. And like we need them all. We can't just survive on the blockbusters. We need the blockbusters, but we also need the medium and smaller-sized movies.

是的，我們非常興奮，非常興奮，因為 25 年和 2026 年將有如此多的大片特許經營權上映。就像我們都需要它們一樣。我們不能只靠大片生存。我們需要大片，但我們也需要中小尺寸的電影。

And in our conversations with major Hollywood studios, one thing we're like most encouraged about is so many studios are trying to increase the number of movies that they release now as compared with what they were releasing a year or two or three years ago. And I don't want to name studios, but you have some studios that were producing 25 films that were down to like 10 or 12.

在我們與主要好萊塢電影公司的對話中，我們最受鼓舞的一件事是，與一年前、兩年前或三年前相比，許多電影公司都在努力增加他們現在發行的電影數量。我不想透露哪些工作室的名字，但有些工作室原本製作了 25 部電影，但現在減少到了 10 或 12 部。

And like we talked to 1 major studio just 2 weeks ago who said their aspiration for calendar year '25 was at least 38 movies. Now whether they actually can release -- that's a lot of movies, by the way. Whether they can actually release 38, there's no commitment. But what I'm comforted by is the fact that each and every studio that we talk to wants to issue more products. And some of that's the big massive products like Avatar 3 and the latest Star Wars movie and the latest of Avengers movie, like we're happy about that. But we're also happy with the medium and smaller-sized movies.

就像我們兩週前與一家大型電影公司交談過一樣，他們表示他們對 25 日曆年的願望是至少 38 部電影。現在他們是否真的可以發行——順便說一句，這涉及到很多電影。至於他們是否真的能發布 38 個，目前還沒有承諾。但令我感到欣慰的是，與我們交談的每個工作室都希望發行更多產品。其中一些是大型產品，例如《阿凡達 3》、最新的《星際大戰》電影和最新的《復仇者聯盟》電影，我們對此感到很高興。但我們也對中小尺寸的電影感到滿意。

And as you rightly pointed out, our film rents, we don't really disclose the terms of our deals with these studios, but it's well-known that the bigger the movie, often we pay a higher gross split to a major studio, which means that we get to keep more of the smaller and medium film box office grosses. And that's helpful to us as well.

正如您正確指出的那樣，我們的電影租金，我們並沒有真正披露與這些製片廠的交易條款，但眾所周知，電影越大，我們通常向主要製片廠支付的總分越高，這意味著我們可以保留更多中小型電影的票房收入。這對我們也有幫助。

So on balance, as we look at the remainder of 2024, all of '25 and all of '26, there are a lot of big, big blockbusters coming. We know that studios want to release more and more titles, including medium and smaller-sized ones. And that all bodes very well for the recovery of our industry broadly, but of AMC specifically.

因此，總的來說，當我們展望 2024 年剩餘時間、整個 25 年和整個 26 年時，將會有許多大片即將上映。我們知道工作室希望發行越來越多的遊戲，包括中型和小型遊戲。這一切都預示著我們整個產業的復甦，尤其是 AMC 的復甦。

Alicia Reese, Wedbush Securities.

艾莉西亞·里斯，韋德布希證券。

Hi, thanks for taking my question. Jim asked one of my questions specifically, but I do have a couple of others. Wondering if you could just give some maybe puts and takes on the concession costs. It looks like some -- that was quite a bit lower domestically than it has been trending recently. Perhaps there were some onetime items, perhaps some easing of commodity costs in the domestic region. Wondering if you could give your take on the quarter and what to expect going forward on that line item.

您好，感謝您提出我的問題。吉姆專門問了我一個問題，但我還有其他幾個問題。想知道您是否可以提供一些可能的看跌期權和承擔特許權成本。看起來國內的價格比最近的趨勢低很多。也許有一些一次性的項目，也許國內地區的商品成本有所放鬆。想知道您是否可以談談您對本季的看法以及對該訂單項目的未來預期。

Let me pass that one to Sean.

讓我把那個交給肖恩。

Sure. Thanks, Alicia. With respect to the food and beverage costs, when you compare it to quarters when our attendance and revenue is lower, we do get a benefit, right, on food and beverage costs when attendance is higher. Why is that? Because you have less spoilage and less shrinkage as a percentage of the total volume of food and average sold. So that's one factor to take into account.

當然。謝謝，艾莉西亞。就餐飲成本而言，當您將其與我們的出勤率和收入較低的季度進行比較時，當出勤率較高時，我們確實在餐飲成本方面獲得了好處，對吧。這是為什麼？因為在食品總量和平均銷售量中，腐敗變質和收縮率較少。所以這是需要考慮的因素之一。

The other factor to take into account is, yes, there have been price increases, particularly in commodities like [cocoa]. But at the same time, we have a very focused and successful procurement team that has done a lot of work in terms of looking at mix of products, the supplies of different products, et cetera. And that has helped up in beverage costs. And we do get a rebate and you see some of the impact of rebates coming through the numbers in Q3. That certainly helps out in beverage costs as well.

另一個需要考慮的因素是，是的，價格上漲了，特別是像[可可]這樣的商品。但同時，我們擁有一支非常專注且成功的採購團隊，他們在產品組合、不同產品的供應等方面做了大量工作。這增加了飲料成本。我們確實得到了回扣，你可以透過第三季的數字看到回扣的一些影響。這當然也有助於降低飲料成本。

So going forward, if I look out for the remainder of the year, which is basically Q4, right, I think that food and beverage costs should be pretty much in line with what we were able to achieve in the third quarter.

因此，展望未來，如果我專注於今年剩餘時間，基本上是第四季度，對吧，我認為食品和飲料成本應該與我們在第三季度能夠實現的目標基本一致。

And let me just chime in. So small numbers, but when you go to margins and percentages, including our food and beverage numbers, the merchandise that we sell in our concession stands, and there's been a massive success for AMC. Three years ago, our merchandise sales were precisely $0. And in calendar year 2024, it's going to be about $50 million. And I think in calendar year '25, somewhere between $50 million and $75 million. Maybe we can even do $75 million next year. But our profit margins on merchandise are more like 50%, whereas our profit margins on other food and beverages are in the low 80s.

讓我插話一下。三年前，我們的商品銷售額剛好為 0 美元。到 2024 年，這一數字將達到約 5,000 萬美元。我認為在 25 日曆年，大約在 5000 萬美元到 7500 萬美元之間。也許明年我們甚至可以做到 7500 萬美元。但我們商品的利潤率約為 50%，而其他食品和飲料的利潤率則在 80 左右。

So mind you, a 50% profit margin is nothing to sneer at. We'll take as much of that as we can get. But that's just one more thing in your list of modeling.

所以請注意，50% 的利潤率並沒有什麼好嘲笑的。我們將盡可能多地利用它。但這只是您的建模清單中的另一件事。

I think that's an important point, Adam, because despite that, because the merchandise and collectible concession vehicles were up significantly in Q3 '24 versus Q3 '23, like the question said, that does put pressure on your food and beverage cost, exactly as you said. Despite that, our food and beverage costs are still lower, which gives you an indication of the success we're having in managing those costs. .

我認為這是很重要的一點，亞當，因為儘管如此，因為商品和可收藏的特許車輛在24 年第三季度與23 年第三季度相比顯著增加，就像問題所說的那樣，這確實給您的食品和飲料成本帶來了壓力，正如您說。儘管如此，我們的食品和飲料成本仍然較低，這表明我們在管理這些成本方面取得了成功。 。

That makes a lot of sense. And then lastly, the other revenue, obviously, there's so many things in there. And with the popcorn expanding early to mid-year, next year, just taking that into consideration, alongside Q4 '23 when you had Taylor Swift, that added quite a bit in there, I think, for distributing that. Just wondering if you could give us some sense of where you expect that to track on a per cap basis, maybe around [$1.82] on a normalized basis perhaps once you get the full distribution of popcorn into stores?

這很有意義。最後，其他收入，顯然，裡面有很多東西。隨著爆米花在年初到年中的擴張，明年，只要考慮到這一點，再加上泰勒·斯威夫特(Taylor Swift) 的支持，我認為，在23 年第4 季度，這為分發增加了相當多的內容。只是想知道您是否可以讓我們了解您期望在每個上限的基礎上追踪什麼，也許在標準化基礎上大約[1.82美元]，也許一旦您將爆米花全部分配到商店？

Good luck, Sean. Go ahead.

祝你好運，肖恩。前進。

No. Look, that's absolutely right, included in other revenue is the retail popcorn sales. So you would expect -- and that -- the retail popcorn sales have grown significantly when you look at the quarter-over-quarter -- year-over-year, right, comparison, Q3 '24 versus Q3 2023. So that impacts your revenue per patron.

不，你看，這是絕對正確的，其他收入包括零售爆米花銷售。因此，您會預期，當您查看季度環比、同比時，24 年第 3 季與 2023 年第 3 季相比，零售爆米花銷量顯著增長。

And I think when you look at Q4 and you look at the following year, well, what's going to happen is the retail revenue sales probably in Q3 and Q4 are going to be relatively similar. But because Q4 is likely to be higher attainments, likely to be higher box office, the impact is going to be less. Looking out to 2025, you should continue to see that revenue per patron -- that other revenue per patron increase, but probably more towards the second half of 2025 as retail popcorn does increase a little bit.

我認為，當你看看第四季和接下來的一年時，將會發生的情況是，第三季和第四季的零售收入可能會相對相似。但由於第四季的成就可能會更高，票房可能會更高，所以影響會較小。展望 2025 年，您應該會繼續看到每位顧客的收入——每位顧客的其他收入增加，但可能會在 2025 年下半年增加，因為零售爆米花確實會略有增加。

Before we end with -- you're welcome, of course. Before we end the call, I know it's late and there's like a lot of election news that people want to continue to go back and pay attention to, let's take one last question from our retail shareholders before we end the call.

在我們結束之前——當然，不客氣。在我們結束電話會議之前，我知道已經很晚了，而且有很多選舉新聞人們想要繼續回去關注，讓我們在結束電話會議之前回答散戶股東的最後一個問題。

Thanks, Adam. And so the last question that I will read out from our retail shareholders relates to the box office. And the question is really, when do we expect the industry box office to reach a steady state and return to the traditional pre-pandemic industry growth rates?

謝謝，亞當。因此，我將從散戶股東那裡宣讀的最後一個問題與票房有關。問題是，我們預期產業票房何時能達到穩定狀態並恢復到疫情前的傳統產業成長率？

So I mean, I think the answer to that question is almost the whole [saga] of this earnings call, combined with Jim Goss's question. It's been a long time in coming. The pandemic knocked the industry box office down 80%. And it's -- we've been on a build sort of straight up since 2021, but it's been a slow build and the pace of that growth was knocked off to the side by the Hollywood strikes in 2023.

所以我的意思是，我認為這個問題的答案幾乎是本次財報電話會議的全部內容，再加上吉姆·戈斯的問題。已經等了很久了。疫情導致該產業票房下降80%。自 2021 年以來，我們一直在穩步推進建設，但建設速度很慢，而且增長的步伐被 2023 年好萊塢的罷工所擱置。

But as we look ahead, we'll all know on December 31, where this year ends up, but should be close to around $9 billion. It may be more, it may be less, but closer to $9 billion than to $8 billion. As we look ahead to 2025, it's going to be a lot bigger than that. As we look at 2026, we think it'd be a lot bigger than that. It would be nice thought to think that the industry box office in 2026 could get near to pre-pandemic levels. I don't know that it's going to go all the way up to $11.5 billion in 2026.

但展望未來，我們都會在 12 月 31 日知道今年的最終結果，但應該會接近 90 億美元左右。可能多，也可能少，但更接近 90 億美元，而不是 80 億美元。當我們展望 2025 年時，它的規模將會比這個大得多。當我們展望 2026 年時，我們認為它會比這大得多。如果認為 2026 年行業票房可能會接近大流行前的水平，那就太好了。我不知道到 2026 年它會一路飆升至 115 億美元。

But an important point for everyone to remember is that AMC does not need the box office to return to pre-pandemic levels to outproduce pre-pandemic levels of EBITDA because of the operational and financial efficiencies that we've achieved in this company over the past several years. Just look at this year, the attendance in Q3 was 25% down from the third quarter of 2019 pre-pandemic, and yet our EBITDA was in line with the pre-pandemic level of EBITDA in the third quarter.

但每個人都要記住的重要一點是，AMC 不需要票房恢復到大流行前的水平來超過大流行前的 EBITDA 水平，因為我們在過去取得了這家公司的運營和財務效率。看看今年，第三季的上座率比2019年第三季疫情前下降了25%，但我們的EBITDA與第三季疫情前的EBITDA水準是一致的。

So our -- whatever you want to call it, our contribution per patron, our profit per patron, there are a lot of phrases you can describe it. But the amount of money we make from each body coming into our theaters is a lot more today than it was a few years ago. And so we don't need the box office to return to historic levels at the top line of revenue to our ticket revenue, let's say, to outshine our former performance at the bottom line, which is, of course, where the whole story is written.

所以我們的——無論你想怎麼稱呼它，我們每個顧客的貢獻，我們每個顧客的利潤，有很多短語你可以描述它。但今天我們從每個進入戲院的機構賺到的錢比幾年前多得多。因此，我們不需要票房收入回到歷史水平，即門票收入的頂線，比我們之前的底線表現更好，當然，這就是整個故事的所在書面。

So I'd say everybody should be very excited about '25, '26 and '27. And the box office looks good enough to us for us to be a quite successful company in '25 and even more so again in '26.

所以我想說每個人都應該對 '25、'26 和 '27 感到非常興奮。對我們來說，票房看起來足夠好，足以讓我們在 25 年成為一家相當成功的公司，在 26 年更是如此。

With that, I think we're going to end the call. We had a good quarter. We have an exciting plan going forward. We're going to put out a press release tomorrow that will give you a little bit more information about AMC's G.O. Plan. We similarly is going to put out a press release tomorrow that will give you a little more description about XL at AMC, which we are quite excited about. As I said, we think we can get it up to 200 to 250 screens in the United States in addition to the current 68 that we already have in Europe.

至此，我想我們就結束通話了。我們度過了一個美好的季度。我們有一個令人興奮的未來計劃。我們明天將發布一份新聞稿，為您提供有關 AMC 的 G.O. 計劃的更多資訊。同樣，我們明天將發布新聞稿，為您提供有關 AMC XL 的更多描述，對此我們感到非常興奮。正如我所說，我們認為，除了目前歐洲已有的 68 個螢幕外，我們還可以在美國安裝 200 到 250 個螢幕。

Thank you for joining us, everybody. We will talk to you again 90 days from now.

謝謝大家加入我們。 90 天後我們將再次與您交談。

Thank you. And this concludes today's call. All parties may disconnect. Have a good day.

謝謝。今天的電話會議到此結束。所有各方都可以斷開連接。祝你有美好的一天。