AMC 電影院 (AMC) 2021 Q3 法說會逐字稿

Greetings. Welcome to the AMC Entertainment Third Quarter Webcast. (Operator Instructions) And please note that this conference is being recorded.

您好。歡迎收看 AMC Entertainment 第三季網路直播。（接線員指示）並請注意，本次會議將被錄音。

I will now turn the conference over to your host, John Merriwether, Vice President of Investor Relations. You may begin.

現在我將把會議交給主持人——投資人關係副總裁 John Merriwether。您可以開始了。

Thank you, John. Good afternoon, everyone. I'd like to welcome you to AMC's Third Quarter 2021 Earnings Webcast. With me this afternoon is Adam Aron, our CEO and Chairman; and Sean Goodman, our Chief Financial Officer.

謝謝你，John。各位下午好。歡迎各位參加 AMC 2021 年第三季財報網路直播。今天下午與我一同出席的有我們的執行長兼董事長 Adam Aron，以及我們的財務長 Sean Goodman。

Before I turn the webcast over to Adam, let me remind everyone that some of the comments made by management today during this webcast may contain forward-looking statements that are based on management's current expectations. Numerous risks and uncertainties and other factors may cause actual results to differ materially from those that might be expressed today. Many of these risks and uncertainties are discussed in our most recent public filings, including our most recently filed 10-Q. Several of the factors that will determine the company's future results are beyond the ability of the company to control or predict.

在我把網路直播交給 Adam 之前，先提醒各位，管理層今天在本次網路直播中所發表的部分評論可能包含前瞻性陳述，係基於管理層目前的預期。眾多風險與不確定性及其他因素，可能導致實際結果與今日所表達者存在重大差異。許多此類風險與不確定性已在我們最近的公開申報文件中討論，包括我們最近提交的 10-Q。決定公司未來業績的若干因素超出公司可控制或可預測的範圍。

In light of the uncertainties inherent in any forward-looking statements, listeners are cautioned to not place undue reliance on those statements. The company undertakes no obligation to revise or update any forward-looking statements, whether as a result of new information or future events.

鑑於任何前瞻性陳述所固有的不確定性，提醒聽眾不要對該等陳述過度依賴。公司不承擔修訂或更新任何前瞻性陳述之義務，無論係因新資訊或未來事件所致。

On this webcast, we may reference measures such as adjusted EBITDA, free cash flow, operating cash burn and constant currency, among others, which are non-GAAP financial measures. For a full reconciliation of our non-GAAP measures to GAAP results, please see our earnings release posted in the Investor Relations section of our website earlier today.

在本次網路直播中，我們可能會提及經調整 EBITDA、自由現金流、營運現金消耗以及固定匯率等指標，這些均為非 GAAP 財務衡量指標。若要查看我們的非 GAAP 指標與 GAAP 結果之完整調節，請參閱我們今日稍早發布於官網投資人關係專區的財報新聞稿。

After our prepared remarks, there will be a Q&A 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.

在我們的準備發言結束後，將進行問答環節。今天下午的網路直播將被錄音，重播將於今日稍晚在 amctheatres.com 的投資人關係專區提供。

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

接下來，我把電話交給 Adam。

Thank you, John. Good afternoon, everyone, and thank you for joining us today. And a very special welcome to thousands of our individual shareholders who we expect will be joining us on this webcast as well.

謝謝你，John。各位下午好，感謝各位今天加入我們。也特別歡迎我們預期將一同收看本次網路直播的數千位個人股東。

At the beginning of 2021, we shared with you our view that both the film exhibition industry and AMC would see sequential improvements in the industry-wide box office during the course of 2021. And indeed, we are seeing exactly that. The industry's box office has been meaningfully increasing each and every quarter, thanks to improved vaccination levels and an increasingly appealing film slate. Add to that AMC's commitment to robust health and safety protocols through AMC Safe & Clean and our stepped-up marketing activity, and our numbers for attendance and admission ticket revenues at AMC also continue to rise.

在 2021 年初，我們與各位分享了我們的看法：電影放映產業以及 AMC 都將在 2021 年期間看到全產業票房逐季改善。事實上，我們確實正看到這一點。受惠於疫苗接種率提升以及片單愈發吸引人，產業票房每一季都在顯著增加。再加上 AMC 透過 AMC Safe & Clean 持續落實強健的健康與安全防護措施，以及我們加大行銷活動力度，AMC 的觀影人次與門票收入也持續上升。

When we reported second quarter 2021 numbers, I said on that quarterly earnings call in August that "AMC crushed it." I didn't say that because we were yet profitable or because we were out of the pandemic woods at that point, but rather, because our results were so much better than market expectations and also because Q2 results were so much stronger than Q1 results.

當我們公布 2021 年第二季數字時，我在 8 月的那次季度財報電話會議上說「AMC 表現炸裂（AMC crushed it）」。我之所以這麼說，並不是因為我們當時已經獲利，或因為我們已走出疫情陰霾，而是因為我們的結果遠優於市場預期，而且第二季的結果也遠強於第一季。

In that spirit, the just announced Q3 results for AMC once again are encouraging. Our numbers for attendance, revenues, adjusted EBITDA and net loss continue to markedly improve and continue to be well ahead of consensus market expectations.

本著同樣的精神，剛剛公布的 AMC 第三季業績再次令人鼓舞。我們的觀影人次、營收、經調整 EBITDA 以及淨損持續明顯改善，並且持續大幅優於市場一致預期。

Looking at our industry, the third quarter of 2021 posted the largest domestic industry box office of the year at nearly $1.4 billion, 66% higher than that of Q2 2021 and 486% higher than that of Q1 2021.

就產業而言，2021 年第三季創下今年美國國內產業票房最高水準，接近 14 億美元，較 2021 年第二季高出 66%，較 2021 年第一季高出 486%。

And as for AMC, more specifically, here are just a few snippets of the improving performance that we reported today. The global attendance count for AMC in Q3 2021 was 40 million people. Now we'd not normally be smiling at an attendance level that was not even half of what it was 2 years ago. But again, this attendance count of 40 million in Q3 of this year is so very much larger than the 22 million guests we had with us in Q2 of this year, or the 7 million guests we had in Q1 of this year. And for that matter, the 40 million guests in Q3 are so much higher than the 8 million guests we had in Q4 of 2020, the 6.5 million guests we had in Q3 of 2020 and the mere 100,000 guests we had in Q2 of 2020. 40 million AMC guests in Q3 2021 was up 81% from our Q2 2021 attendance and up 488% from our Q1 2021 attendance.

至於 AMC，更具體而言，以下是我們今天所報告之改善表現的幾個片段。2021 年第三季 AMC 的全球觀影人次為 4,000 萬人。一般而言，若觀影人次甚至不到兩年前的一半，我們通常不會感到欣喜。但同樣地，今年第三季的 4,000 萬人次，遠高於今年第二季的 2,200 萬名觀眾，或今年第一季的 700 萬名觀眾。再者，第三季的 4,000 萬名觀眾也遠高於 2020 年第四季的 800 萬名觀眾、2020 年第三季的 650 萬名觀眾，以及 2020 年第二季僅 10 萬名觀眾。2021 年第三季 AMC 的 4,000 萬名觀眾，較 2021 年第二季觀影人次增加 81%，較 2021 年第一季觀影人次增加 488%。

And look at this positive trend another way. Q1 2021 attendance at AMC was only 9% of that from the comparable prepandemic first quarter of 2019. However, Q2 2021 AMC attendance was 23% of the comparable Q2 of 2019 and Q3 at AMC just completed was 46% of the comparable Q3 of 2019. Importantly, these positive trends continue as the fourth quarter of 2021 begins. Thanks to Venom, Bond, Halloween Kills and Dune, 4 different film titles that each won in the first 4 weeks of October, respectively. Last week, we announced that October 2021 was AMC's biggest month for attendance and admission revenues since February of 2020. And we can tell you now that our attendance in October 2021 was 72% of that of October 2019, and admissions revenue was even stronger, almost 90% of that of October 2019. The upward trend is clear and unmistakable.

我們也可以用另一種方式來看這個正向趨勢。2021 年第一季 AMC 的觀影人次僅為疫情前可比的 2019 年第一季的 9%。然而，2021 年第二季 AMC 的觀影人次為可比 2019 年第二季的 23%，而剛結束的 AMC 第三季則達到可比 2019 年第三季的 46%。重要的是，隨著 2021 年第四季開始，這些正向趨勢仍在延續。受惠於《猛毒》、《007：生死交戰》、《月光光心慌慌：萬聖殺》以及《沙丘》這四部電影——它們分別在 10 月前四週各自奪得冠軍。上週我們宣布，2021 年 10 月是自 2020 年 2 月以來 AMC 觀影人次與門票收入最高的月份。我們現在也可以告訴各位，2021 年 10 月的觀影人次達到 2019 年 10 月的 72%，而門票收入更強，接近 2019 年 10 月的 90%。上升趨勢清晰且無可置疑。

The story is similarly compelling for AMC's total consolidated revenues. $763 million in Q3 2021 was up 72% over 2021 Q2's $445 million. It was up 414% from 2021 Q1's $148 million. And if you want a year-over-year comparison, $763 million of consolidated revenues in Q3 of 2021 was up 539%, over the $120 million of revenue AMC had in Q3 of 2020 a year ago.

AMC 的合併總營收同樣呈現引人注目的故事。2021 年第三季的 7.63 億美元，較 2021 年第二季的 4.45 億美元成長 72%。較 2021 年第一季的 1.48 億美元成長 414%。若以年對年比較，2021 年第三季 7.63 億美元的合併營收，較一年前 2020 年第三季 AMC 的 1.20 億美元營收成長 539%。

How about we looked at adjusted EBITDA? We essentially broke even on the EBITDA line in Q3 2021, with an adjusted EBITDA loss for the combined 3-month period of only $5 million. That number is much better than consensus market expectations. And it is $145 million or 96% better than the Q2 2021 adjusted EBITDA loss. It's $329 million better or 98% better than the Q3 2020 adjusted EBITDA loss for the same quarter a year ago.

那麼經調整 EBITDA 呢？我們在 2021 年第三季的 EBITDA 幾乎打平，合計三個月期間的經調整 EBITDA 虧損僅 500 萬美元。該數字遠優於市場一致預期。並且相較 2021 年第二季的經調整 EBITDA 虧損，改善了 1.45 億美元或 96%。相較一年前同季 2020 年第三季的經調整 EBITDA 虧損，改善了 3.29 億美元或 98%。

But let's also look beyond the numbers. There were many bright spots for AMC during the third quarter of 2021 and the first 5 weeks of the current Q4. High notes that are of interest to consumers generally and what our shareholders tell us make them proud to be the owners of AMC.

但我們也要把目光放在數字之外。2021 年第三季以及目前第四季的前五週，AMC 有許多亮點。這些高光時刻不僅是一般消費者所關注的，也正如股東們告訴我們的那樣，讓他們以成為 AMC 的股東而感到自豪。

Here are 9 examples of a variety of positive developments going on inside AMC right now. One, we upped our game on alternative content, showing concert movies and live sports -- sporting events, including UFC, WWE, heavyweight boxing championship fights and professional football games on Sunday afternoon in Q3. Two, we introduced open caption showtimes each week in hundreds of our U.S. theaters, specifically for the benefit of the hearing impaired and for those where English is a second language.

以下是 AMC 目前內部正在發生的各種正向發展的 9 個例子中的兩個。第一，我們在替代內容方面更上一層樓，於第三季放映演唱會電影與現場體育賽事——包括 UFC、WWE、重量級拳王賽，以及週日下午的職業美式足球比賽。第二，我們在美國數百家影城每週推出開放式字幕（open caption）場次，特別是為了聽障人士，以及以英語為第二語言的觀眾。

Three, recognizing the success of our promoting artist-driven curated movie releases through our artisan films effort that was launched in the summer of 2019, we just now launched AMC Thrills and Chills, our unique promotional spot lighting of horror movies that are showing at AMC. Four, we similarly launched $5 Fan Faves so we can bring back popular movies that were released in prior years.

第三，鑑於我們自 2019 年夏季推出的 artisan films 計畫，透過推廣由藝術家主導、精選策劃的電影上映而取得成功，我們剛剛推出 AMC Thrills and Chills，這是我們對在 AMC 上映的恐怖電影所做的獨特宣傳聚焦。第四，我們也推出了 5 美元 Fan Faves，讓我們能夠重新帶回過去年度上映的熱門電影。

Five, having a charitable event around the 20th anniversary of 9/11 in September, AMC again screened the Paul Greengrass movie, United 93, and donated the ticket proceeds to the Flight 93 National Memorial. On Veterans Day, on Thursday of this week, we will show Clint Eastwood film, American Sniper, and we'll donate our ticket proceeds to the Wounded Warrior Project. And we could never forget September 24, which is World Gorilla Day, where the ticket proceeds of Gorillas in the Mist showing in our theaters and the 9 Planet of the Apes showing on AMC theaters on demand, were donated both in the Dian Fossey Gorilla Fund and to the Wildlife Conservation Society.

第五，為了在9/11二十週年（9月）前後舉辦慈善活動，AMC 再次放映保羅・葛林葛拉斯（Paul Greengrass）執導的電影《聯航93》（United 93），並將票房收入捐給「93號航班國家紀念園區」（Flight 93 National Memorial）。在退伍軍人節，也就是本週四，我們將放映克林・伊斯威特（Clint Eastwood）的電影《美國狙擊手》（American Sniper），並把票房收入捐給「傷殘勇士計畫」（Wounded Warrior Project）。此外，我們也絕不會忘記9月24日「世界大猩猩日」，當天我們在戲院放映《迷霧中的大猩猩》（Gorillas in the Mist），以及在 AMC 戲院隨選（on demand）放映《猩球崛起》（Planet of the Apes）系列9部作品，其票房收入分別捐給「黛安・佛西大猩猩基金會」（Dian Fossey Gorilla Fund）與「野生動物保育學會」（Wildlife Conservation Society）。

Sixth, we started accepting cryptocurrency for AMC gift cards and are encoding right now to accept cryptocurrency for online payments on our website and mobile app. Bitcoin, Ethereum, Litecoin, Dogecoin, among other cryptocurrencies, are all in the works, and we are exploring now how we can take Shiba Inu as well. While we will accept cryptocurrency, we will not hold it on our balance sheet, and therefore, will not face increased balance sheet risks.

第六，我們開始接受以加密貨幣購買 AMC 禮品卡，並且目前正在進行系統編碼，以便在我們的網站與行動 App 上接受加密貨幣線上付款。比特幣（Bitcoin）、以太幣（Ethereum）、萊特幣（Litecoin）、狗狗幣（Dogecoin）等多種加密貨幣都在規劃中，我們也正在探索如何同樣接受柴犬幣（Shiba Inu）。雖然我們會接受加密貨幣，但我們不會將其持有於資產負債表上，因此不會面臨資產負債表風險增加。

Seventh, we introduced a new program called AMC Investor Connect, a communication and rewards program for our shareholders, already with more than 385,000 people enrolled in AMC Investor Connect since its inception in late June of 2021. Next, we opened The Grove at Americana theaters in Los Angles to great success. Under AMC's management and benefiting from the power of AMC's marketing programs, a few weeks ago, these 2 theaters had already climbed to become the 8th and 34th highest-grossing movie theaters in the entire United States. And we're not done. As we sit here today, we have signed 3 signed leases and 5 signed letters of intent on particularly appealing potentially successful movie theater pickups around the U.S. 7 of the 8 are coming to us from ArcLight/Pacific Theatres, which has ceased operations, as you know.

第七，我們推出了一項名為「AMC Investor Connect」的新計畫，這是一個面向股東的溝通與回饋獎勵方案；自2021年6月下旬推出以來，已有超過385,000人加入 AMC Investor Connect。接著，我們在洛杉磯成功開幕了位於 Americana 的 The Grove 影城。在 AMC 的管理之下，並受惠於 AMC 行銷方案的力量，幾週前，這兩家影城已攀升為全美票房第8名與第34名的影城。而我們還沒結束。就目前而言，我們已簽署3份已簽約的租約（leases）以及5份已簽署的意向書（letters of intent），鎖定美國各地一些特別具吸引力、可能相當成功的影城收購／承接機會。在這8個案子中有7個來自 ArcLight/Pacific Theatres——如各位所知，該公司已停止營運。

Beyond these 8 new theaters, we are continuing to review additional new theater opportunities that are coming our way. And finally, there are our 7 new, in our opinion, simply stunning Nicole Kidman television commercials for AMC Theatres in the United States, also been used for all our theaters across Europe, which debuted in September of 2021 in Q3, and in which Nicole Kidman reminds us all how wonderful it is to see, in her words, dazzling images on a huge silver screen, and that at AMC Theatres, we make movies better.

除了這8家新影城之外，我們也持續評估更多主動找上門的新影城機會。最後，我們在美國推出了7支全新、我們認為簡直令人驚豔的妮可・基嫚（Nicole Kidman）為 AMC Theatres 拍攝的電視廣告，也同樣用於我們在歐洲的所有影城；該系列於2021年第三季（Q3）的9月首播。在廣告中，妮可・基嫚提醒我們，在她的話語中，能在巨大的銀幕上看到令人目眩神迷的影像是多麼美好；而在 AMC Theatres，我們讓電影更精彩。

Our financial results have gotten stronger and stronger, and our company is doing good things, innovative things, in area after area after area. One can see and one can feel that our industry and our company, AMC Entertainment, are on a path of recovery and improvement from this hard global pandemic that has occupied us all since early in 2020. Therefore, no surprise, our spirits are upbeat.

我們的財務表現愈來愈強，而我們公司也在一個又一個領域做出好的事情、創新的事情。人們看得見、也感受得到，我們的產業與我們的公司 AMC Entertainment，正走在從這場自2020年初以來影響所有人的艱難全球疫情中復甦與改善的道路上。因此，我們士氣高昂也就不足為奇。

However, even amidst such good news, we're not yet where we want and where we need to be. We wish to emphasize that no one should have any illusions. There is more challenge ahead of us still to be met. The virus continues to be with us. We need to sell more tickets in future quarters than we did in the most recent quarter. And adjusted EBITDA is still well below prepandemic levels. But also clear, we are making progress, considerable progress.

然而，即使在這些好消息之中，我們仍未達到我們想要、也需要達到的水準。我們要強調，任何人都不應抱持不切實際的幻想。前方仍有更多挑戰需要面對。病毒仍與我們同在。我們需要在未來幾個季度賣出比最近一季更多的電影票。而調整後 EBITDA 仍遠低於疫情前水準。但同樣明確的是，我們正在取得進展，而且是相當可觀的進展。

Sean, over to you.

Sean，交給你。

Thank you, Adam, and thank you, everyone, for joining us this afternoon. For the first time since the fourth quarter of 2019, essentially all of our theaters around the world were open for the entire quarter. Much has been written about the impact of the COVID pandemic on the theatrical exhibition industry and AMC, in particularly.

謝謝你，Adam，也謝謝各位今天下午加入我們。自2019年第四季以來，這是第一次我們全球幾乎所有影城在整個季度期間都保持開放。外界已大量討論 COVID 疫情對戲院放映產業以及 AMC（尤其是 AMC）的影響。

Recovery takes time, but with all of our theaters now open and looking at how our financial results have progressed over the last 9 months and considering the strength of the upcoming film slate, it really feels like we are moving towards a more normal theatrical exhibition environment. The numbers clearly show our recovery trajectory. Adam has already highlighted some of this information.

復甦需要時間，但隨著我們所有影城如今都已開放，回顧過去9個月我們財務結果的進展，並考量即將上映的片單實力，確實讓人感覺我們正朝向更正常的戲院放映環境邁進。數據清楚顯示我們的復甦軌跡。Adam 已經強調了其中一些資訊。

In Q3, we achieved, one, 40 million global attendees, representing an 81% increase over Q2 and a nearly fivefold increase over Q1; two, consolidated adjusted EBITDA of negative $5 million, very close to breakeven, and $145 million improvement over Q2's EBITDA loss of $151 million and a $289 million improvement over Q1's EBITDA loss of $295 million; and finally, operating cash burn representing operating cash flow before interest payments, payback of deferred rent and nonrecurring rent prepayments and after capital expenditure was approximately $10 million per month, and this compares to approximately $42 million per month in Q2 and $107 million per month in Q1.

在第三季（Q3），我們達成：第一，全球入場人次4,000萬，較第二季（Q2）成長81%，較第一季（Q1）幾乎成長近5倍；第二，合併調整後 EBITDA 為負500萬美元，已非常接近損益兩平，較 Q2 的 EBITDA 虧損1.51億美元改善1.45億美元，較 Q1 的 EBITDA 虧損2.95億美元改善2.89億美元；最後，營運現金消耗（operating cash burn，指利息支付前的營運現金流、償還遞延租金與一次性租金預付款之後，並扣除資本支出後）約為每月1,000萬美元；相較之下，Q2 約為每月4,200萬美元，Q1 約為每月1.07億美元。

And we continue to expect sequential improvement as we go into the fourth quarter. Indeed, as Adam noted, the fourth quarter got off to a very strong start. October 2021 admissions revenue was almost 90% of October 2019's admission revenue levels. And this just in, this last weekend's total AMC revenue exceeded the 2019 comparative period.

而我們仍預期進入第四季後將呈現逐季改善。確實如 Adam 所提到，第四季一開始就非常強勁。2021年10月的入場票房收入幾乎達到2019年10月入場票房收入水準的90%。而最新消息是，上週末 AMC 的總營收已超過2019年同期。

So while we have more room for improvement ahead, the comparisons of our performance now to that of 2 years ago, prepandemic, are much improved over where they were during the past 5 quarters. As you just heard, the 40 million guests that we welcomed at our theaters during the third quarter represented 46% of attendance in Q3 of 2019, but that was also 67% of attendance per show time during Q3 of 2019. This difference between having 46% of Q3 2019 attendance versus having 67% of Q3 attendance per show time illustrates our continued ability to flex capacity and, therefore, flex operating costs to efficiently meet the level of demand. This effective management of our cost structure is one of the key reasons we were able to achieve the sort of strong results that we saw this quarter, results that were considerably better than many expected from AMC.

因此，雖然我們未來仍有進一步改善的空間，但我們目前的表現與兩年前、疫情前相比，其差距已比過去5個季度大幅縮小。正如各位剛聽到的，我們在第三季於影城接待的4,000萬名觀眾，相當於2019年第三季（Q3 2019）出席人次的46%；但若以每場次（per show time）的出席人次來看，則達到 Q3 2019 的67%。這種「總出席人次為46%」與「每場次出席人次為67%」之間的差異，顯示我們仍能持續彈性調整場次容量，進而彈性調整營運成本，以有效率地滿足需求水準。這種對成本結構的有效管理，是我們本季能取得強勁成果的關鍵原因之一；這些成果明顯優於許多人對 AMC 的預期。

As we are still in a ramp-up phase, comparison of our results to prior periods in 2020 and 2019 is often not particularly meaningful. However, there are some important performance indicators that are worth discussing. Our consolidated revenue per patron for Q3 was a very strong $19.08. This compares to $15.12 in Q3 of 2019, a 26% increase. In the domestic market, revenue per patron was $20.15, up $4.28 or 27% from Q3 of 2019. This was driven by a 39% increase in food and beverage spend per patron from $5.35 in 2019 up to $7.41 in 2021, coupled with a 16% increase in average ticket price from $9.45 in 2019 up to $10.98 in 2021 and a 64% increase in other revenue per patron from $1.07 in 2019 up to $1.76 in 2021.

由於我們仍處於爬坡（ramp-up）階段，將我們的結果與2020年與2019年的先前期間相比，往往不具太大意義。不過，仍有一些重要的績效指標值得討論。我們第三季的合併每位顧客營收（revenue per patron）表現非常強勁，為19.08美元。相較2019年第三季的15.12美元，成長26%。在美國本土市場，每位顧客營收為20.15美元，較2019年第三季增加4.28美元或27%。其驅動因素包括：每位顧客餐飲消費自2019年的5.35美元增至2021年的7.41美元，成長39%；同時平均票價自2019年的9.45美元增至2021年的10.98美元，成長16%；以及其他每位顧客營收自2019年的1.07美元增至2021年的1.76美元，成長64%。

In our international markets, revenue per patron was $16.95, up $3.60 or 27% from the third quarter of 2019. This was driven by a 41% increase in food and beverage spend per patron from $3.59 in 2019 up to $5.07 in 2021, coupled with a 17% increase in average ticket price from $8.45 in 2019 up to $9.91 in 2021 and a 50% increase in other revenue per patron from $1.31 in 2019 up to $1.96 in 2021.

在國際市場方面，每位顧客營收為16.95美元，較2019年第三季增加3.60美元或27%。其驅動因素包括：每位顧客餐飲消費自2019年的3.59美元增至2021年的5.07美元，成長41%；同時平均票價自2019年的8.45美元增至2021年的9.91美元，成長17%；以及其他每位顧客營收自2019年的1.31美元增至2021年的1.96美元，成長50%。

Clearly, across all of our markets, we continue to see significant strength in average ticket prices, food and beverage spend and other revenue per patron. The strength in average ticket price has been helped by pricing actions taken during the third quarter, plus a high utilization of our premium large-format offerings such as IMAX and Dolby Cinema.

顯然，在我們所有市場中，我們持續看到平均票價、餐飲消費以及每位觀眾的其他收入均展現顯著強勁的表現。平均票價的強勢受惠於第三季採取的定價措施，以及我們對 IMAX 與 Dolby Cinema 等高端大銀幕（PLF）產品的高使用率。

Our guests view going to the movies as a special occasion, and they increasingly choose to splurge on the best possible site and sound experiences available through our premium offerings. Likewise, the increase in our food and beverage revenue per patron is a reflection of guests' enjoyment of the full theatrical experience at AMC. The significant outperformance compared to 2019 is mainly driven by an increase in the proportion of guests choosing to enjoy our industry-leading food and beverage offerings.

我們的賓客將看電影視為一種特別的場合，且他們愈來愈傾向於在我們的高端產品中，選擇最好的影像與音效體驗並願意多花一些。相同地，我們每位觀眾的餐飲收入增加，反映出賓客在 AMC 享受完整戲院體驗的程度。相較於 2019 年的顯著超越，主要是由於選擇享用我們業界領先餐飲產品的賓客占比提升所帶動。

Moving over to the balance sheet. We ended the quarter with $1.825 billion of total liquidity. This is comprised of $1.613 billion of cash and cash equivalents and $212 million undrawn under our revolving credit facilities.

接著看資產負債表。我們在本季末的總流動性為 18.25 億美元。其中包括 16.13 億美元的現金及約當現金，以及在我們循環信用額度下尚未動用的 2.12 億美元。

Regarding capital allocation, we continue to pursue a balanced and disciplined approach to capital allocation. Our priorities remain, one, ensuring that we do have sufficient liquidity; two, strengthening our balance sheet by reducing our debt and associated interest costs; three, investing in our business to enhance the guest experience; and four, opportunistically pursuing value-enhancing initiatives, including those that lead to diversification of our business.

就資本配置而言，我們持續採取平衡且嚴謹的資本配置方式。我們的優先事項仍然是：第一，確保我們擁有充足的流動性；第二，透過降低債務及相關利息成本來強化資產負債表；第三，投資於業務以提升賓客體驗；第四，把握機會推動能提升價值的措施，包括能促進業務多元化的方案。

With respect to strengthening our balance sheet, as discussed during our last webcast, we continue to choose to pay cash interest rather than payment in kind, or PIK interest, thus avoiding any increases in our debt position. During the third quarter, we exercised an option to repurchase $35 million of our highest cost debt that carried a 15% cash, 17% payment in kind coupon. While this may seem like a relatively small amount, it is yet another step that we are taking on the path to recovery and will result in a reduction in our annual interest cost by approximately $5 million.

在強化資產負債表方面，如同我們上次網路直播所討論的，我們仍選擇支付現金利息，而非以實物支付（PIK）利息，從而避免我們的債務部位增加。第三季期間，我們行使選擇權回購了 3,500 萬美元、成本最高的一筆債務，該債務票息為 15% 現金利息、17% 實物支付利息。雖然這看起來可能是相對較小的金額，但這是我們在復甦道路上採取的又一步，並將使我們的年度利息成本約減少 500 萬美元。

Similarly, during the quarter, we repaid approximately $45 million of deferred rent, taking our deferred rent balance down to $376 million. In total, during Q2 and Q3 of 2021, we have reduced our deferred rent obligations by approximately $100 million.

同樣地，本季我們償還了約 4,500 萬美元的遞延租金，使遞延租金餘額降至 3.76 億美元。合計而言，在 2021 年第二季與第三季期間，我們已將遞延租金義務約減少 1 億美元。

For now, we continue to focus the substantial majority of our capital expenditures on maintenance spend. CapEx for the third quarter was $17.5 million, net of landlord contributions. And net CapEx for the whole of 2021 is now expected to be in the range of $80 million to $100 million.

目前，我們仍將絕大多數資本支出集中於維護性支出。第三季資本支出（扣除房東出資後）為 1,750 萬美元。而 2021 年全年淨資本支出目前預期將落在 8,000 萬至 1 億美元區間。

As part of our ongoing efforts to optimize our theater portfolio, during the quarter, we opened 7 new theaters and closed 4. This brings the total number of locations closed in 2021 to 17 and the total number of new locations opened to 18 for a net add of 1 location as we continue to effectively manage our portfolio by adding new high-performing locations and eliminating lower-performing ones.

作為我們持續優化影城組合努力的一部分，本季我們新開 7 家影城並關閉 4 家。這使得 2021 年累計關閉據點達 17 家、累計新開據點達 18 家，淨增加 1 個據點；我們持續透過新增表現優異的新據點並淘汰表現較弱的據點，以有效管理我們的組合。

Looking towards the fourth quarter and 2022, as Adam noted, we have reason to be optimistic. Based on a Q4 domestic box office forecast of approximately $2 billion, we currently believe that our adjusted EBITDA and our operating cash burn is likely to turn positive in the fourth quarter. While we are buoyed by our Q3 results and the momentum going into the fourth quarter, we do recognize that there is much work still to be done. We are very focused on the task at hand, and we are confident that we are well positioned to capitalize on the improving and increasingly more attractive industry box office as we close our 2021 and head into 2022.

展望第四季與 2022 年，如 Adam 所提到的，我們有理由保持樂觀。基於第四季美國國內票房約 20 億美元的預測，我們目前認為調整後 EBITDA 與營運現金消耗很可能在第四季轉為正值。儘管第三季的結果以及邁入第四季的動能令我們振奮，我們也清楚仍有大量工作要完成。我們非常專注於眼前的任務，並有信心在 2021 年收官並邁入 2022 年之際，能把握產業票房改善且愈發具吸引力的機會。

And with that, I will pass the call back over to Adam.

接下來，我把電話交回給 Adam。

Thanks, Sean. Before we open this up to your questions, I'd like to talk about our strategy going forward for a moment. It goes without saying that we're going to do all in our power to bring back AMC as you used to know it prepandemic, the biggest and most successful movie theater company in the world. And true to our company's heritage, we will strive to be as creative and innovative as we possibly can as we do so.

謝謝你，Sean。在我們開放提問之前，我想先花點時間談談我們未來的策略。不用說，我們將竭盡所能把 AMC 帶回到疫情前你所熟悉的樣子——全球最大且最成功的電影放映公司。而且秉持我們公司的傳統，我們也會盡可能地發揮創意並持續創新。

But you don't drive a car by looking only in the small rearview mirror and only ponder where you've been. Instead, you also look to the much larger front windshield, you look forward, you gaze at where you're headed in addition to where you've been. When some people have looked at AMC, they've made the mistake of only looking back to the company that we once were prepandemic. They don't factor in that our enthusiastic new shareholders have armed us with a war chest currently of more than $1.8 billion in liquidity.

但你不會只看著小小的後視鏡來開車，只去思考你曾經走過的路；相反地，你也會看向更大的前擋風玻璃，向前看，注視你要去的方向，同時也記得你來自哪裡。有些人看待 AMC 時犯了錯，只回頭看我們在疫情前曾經是什麼樣的公司。他們沒有把我們熱情的新股東所提供的資源納入考量——目前我們擁有超過 18 億美元的流動性「戰備資金」。

Now we intend to be extremely careful with that liquidity, using it first to get to the other side of this global pandemic. At the same time, however, these monies should allow us to think hard and boldly about how we might transform AMC into a new and different company that does a lot more than just show movies in cinemas.

我們打算對這些流動性極度謹慎，首先用它來度過這場全球疫情的另一端。然而同時，這些資金也應能讓我們更深入且更大膽地思考：我們是否能把 AMC 轉型為一家全新且不同的公司，做的不僅僅是在戲院放映電影。

You've already seen, for example, our announcement of last week that at AMC, we will be entering the multibillion-dollar popcorn industry in 2022. There are 2 significant advantages that AMC enjoys in that regard. First, our brand. AMC Theatres Perfectly Popcorn, has credibility. After all, our company has been selling popcorn for 101 years. And on a peak day, we already sell some 50 tons of the stuff. And I ask you, is there anything that tastes better than real movie theater popcorn? Is there anything that tastes better than popcorn from AMC?

例如，你們已經看到我們上週的公告：AMC 將在 2022 年進軍規模達數十億美元的爆米花產業。在這方面，AMC 具備兩項顯著優勢。第一，是我們的品牌。AMC Theatres Perfectly Popcorn 具有公信力。畢竟，我們公司販售爆米花已經 101 年了。而在尖峰日，我們已經能賣出約 50 噸的爆米花。我想問各位：有什麼比真正的戲院爆米花更好吃？有什麼比 AMC 的爆米花更好吃？

And second, we have terrific long-standing business relationships with the biggest and best mall operators around. So AMC, starting in '22, will open kiosks, counters and stores in retail malls around the country. We also are in discussions with manufacturers and co-packers to introduce an AMC Theatres line of ready-to-eat and microwaveable popcorn to be sold in grocery stores and convenience stores under the AMC Theatres brand, again, hopefully commencing later in 2022.

第二，我們與全美最大、最優質的購物中心營運商長期維持極佳的商業合作關係。因此，從 2022 年開始，AMC 將在全國各地的零售商場設置亭點、櫃台與門市。我們也正與製造商與代工包裝商洽談，推出 AMC Theatres 品牌的即食與微波爆米花產品線，並在超市與便利商店販售，同樣希望能在 2022 年稍晚開始推行。

And given that we are now cooking popcorn right now, this very minute at nearly 1,000 theaters in a dozen countries, we also intend in 2022 to introduce new to-go packaging so we can offer pick-up and take-out options and partnering with existing home delivery services to offer home delivery as well.

此外，鑑於我們此時此刻正在十多個國家、近 1,000 家影城現場製作爆米花，我們也計畫在 2022 年推出新的外帶包裝，讓我們能提供自取與外帶選項，並與既有的到府外送服務合作，提供宅配到府。

On a completely separate idea, AMC has also been speaking publicly in recent months about cryptocurrencies and NFTs. I can confirm today that we have been exploring with third parties over the past few months both how we can accept cryptocurrency and if it is feasible for AMC to consider even launching our own cryptocurrency. Similarly, I can confirm to you today that we are now in conversation with multiple major Hollywood studios about the concept of joint venturing commemorative NFTs related to major film titles that show in our theaters. This is the 21st century after all, and it would seem that there may be a real opportunity for AMC in these areas.

在另一個完全不同的構想上，AMC 近幾個月也公開談到加密貨幣與 NFT。我今天可以確認，過去幾個月我們一直與第三方探索兩件事：我們如何能接受加密貨幣付款，以及 AMC 是否可行、甚至是否應考慮發行我們自己的加密貨幣。同樣地，我也可以向各位確認，我們目前正與多家好萊塢大型片廠洽談，探討針對在我們影城上映的重要電影片名，共同推出紀念性 NFT 的合資合作概念。畢竟這是 21 世紀，而看起來 AMC 在這些領域確實可能存在真正的機會。

But -- so there's absolutely no confusion on the store. Some of these conversations are only preliminary in nature. The regulatory climate is fast-moving and could affect our thinking, and there can be no assurance how, when or if we will proceed. Still, the whole concept is quite intriguing to us. But popcorn, cryptocurrency and nonfungible tokens are only 3 ideas of several we are actively thinking about within AMC. We'll say more publicly about them when and if we know more.

不過——為了避免在這件事上有任何混淆：其中一些對話目前仍屬初步性質。監管環境變化快速，可能影響我們的想法，而且無法保證我們將如何、何時或是否會推進。儘管如此，整體概念對我們而言相當引人入勝。但爆米花、加密貨幣與非同質化代幣只是我們在 AMC 正積極思考的多個點子中的三個。當我們有更多資訊、並在適當時機時，我們會再對外公開說明。

Our point, though, is that when you think about AMC's future, especially securities analysts for major firms who sometimes publish long [treatises] about various exhibitors, including AMC, you should be thinking broadly about us because at AMC, we are thinking broadly about our future.

不過，我們的重點是：當你思考 AMC 的未來時，尤其是那些大型券商的證券分析師——他們有時會發表關於各家院線（包括 AMC）冗長的[論述]——你應該更宏觀地看待我們，因為在 AMC，我們也正以更宏觀的角度思考我們的未來。

Before we head to your questions, I'd like to end our prepared remarks with a personal comment, if I can. I believe that Chief Executive Officers of companies should own company stock, and I believe in transparency. So I want to repeat today comments that I made on our last earnings call 3 months ago. As one of my first acts this summer as the new Chairman of the Board of AMC, I announce my intention to recommend to our full Board of Directors a new executive stock ownership policy. The Board approved that recommendation of the new policy at its most recent meeting. It applies to 19 of our most senior executives. Without taking you through its many nuances and complexities, the new stock ownership policy generally requires that I, as CEO, be required to carry 8 years of my salary in fully owned or Board-granted AMC stock. The goal is for our company's CEO to think and act like a shareholder because I am a shareholder. I want my interests to be aligned with yours.

在進入各位的提問之前，如果可以的話，我想以一段個人感想作為我們事先準備發言的結尾。我相信，公司首席執行長應該持有公司股票，我也相信透明度。因此，我想在今天重申我在 3 個月前上一場財報電話會議中所說的話。作為我今年夏天就任 AMC 新任董事會主席後的首批行動之一，我宣布我打算向全體董事會建議一項新的高階主管持股政策。董事會在最近一次會議上已核准該新政策的建議。此政策適用於我們最資深的 19 位高階主管。不逐一說明其眾多細節與複雜之處，新的持股政策大致要求我作為 CEO，必須持有相當於我 8 年薪資的、完全持有或由董事會授予的 AMC 股票。其目標是讓公司的 CEO 以股東的角度思考與行動，因為我本身就是股東。我希望我的利益能與各位一致。

Separately, on the last call, I pointed out that much of my annual compensation is not in cash but is in AMC stock. Each year, 62.5% of my compensation is in AMC stock, not cash, to be exact. In the almost 6 full years I have led AMC, with a caveat that I did get some shares to my 2 adult children and I forfeited some granted shares in some years, but not in others to cover federal and state income tax withholding obligations, I have not sold a single AMC share. When AMC stock was rising in value earlier this year, I did not sell even one AMC share, not in March, not in June, not in September when I could have done so.

另外，在上一通電話會議中，我也指出，我的年度薪酬有很大一部分不是現金，而是 AMC 股票。精確地說，我每年 62.5% 的薪酬是以 AMC 股票而非現金支付。在我領導 AMC 將近 6 個完整年頭期間——但要補充的是，我確實曾將部分股份給了我兩位已成年的子女，而且我在某些年度為了支付聯邦與州所得稅預扣義務而放棄了部分已授予的股份，但在其他年度則沒有——我沒有賣出過任何一股 AMC 股票。今年稍早 AMC 股價上漲時，我也沒有賣出哪怕一股 AMC 股票；不論是 3 月、6 月，或是 9 月，即使我當時完全可以賣出。

But on our last call, I also pointed out to you that in September of 2021, I would turn 67 years of age, a youthful, vibrant, vigorous full of life 67, I might add, but 67 nonetheless. Prudent estate planning suggests I should diversify my assets a bit, especially with Congress having been discussing imposing potentially soaring capital gains tax rates and significant changes to what can be passed on to one's heirs. So even though I was not required to make the public disclosures that I made back in August, to be transparent, I made those public announcements anyway. Nor am I required to make any public announcement today, although to be transparent, repeating those same public announcements today.

但在上一通電話會議中，我也向各位提到，到了 2021 年 9 月，我將滿 67 歲——我得補充一句，是一個年輕、有活力、精力充沛、熱愛生活的 67 歲，但畢竟仍是 67 歲。審慎的資產與遺產規劃建議我應該稍微分散資產，尤其是國會一直在討論可能大幅提高資本利得稅率，以及對可傳承給繼承人的資產規則做出重大變更。因此，儘管我在 8 月時並不需要做出我所做的公開揭露，為了透明起見，我仍然做了那些公開宣布。我今天同樣也不需要做任何公開宣布，但為了透明起見，我今天再次重申同樣的公開宣布。

I said then that I expected to sell some AMC shares before year-end and that I would do so under the auspices of a so-called 10b5-1 plan where I give up stock trading control and turn it over to an independent bank, in my case, JPMorgan Chase. My plan, though, which I did put in place back in August, has several parameters, including that the plan be set up several months in advance and that any stock sale be spread over at least 3 different calendar months. So you should expect to see some stock transactions shortly on my behalf.

我當時表示，我預期會在年底前出售部分 AMC 股票，並且會在所謂的 10b5-1 計畫架構下進行，也就是我放棄股票交易的控制權，交由獨立銀行處理；就我而言，是摩根大通（JPMorgan Chase）。不過，我在 8 月就已設立的該計畫有若干參數，包括必須提前數月設立，且任何股票出售必須分散在至少 3 個不同的曆月進行。因此，各位應該很快就會看到代表我進行的一些股票交易。

I can only imagine that naysayers and others who wish AMC harm, will try to spread fear, uncertainty and doubt in this regard. But here's what they probably won't tell you. Even after this brief wave of selling comes to an end, I, Adam Aron, still will have well more than 2 million, 2 million fully owned or granted AMC shares in my name. If you do the math, you will see that with this much current and future ownership of AMC, I have an enormous personal stake in the future of our company, of your company, of AMC Entertainment. I fervently believe in AMC, and my interests are very much aligned with our broad shareholder base to care very much about the value of your ongoing investment and my ongoing investment in AMC Entertainment stock.

我只能想像，唱衰者以及其他希望 AMC 受害的人，會試圖在此事上散播恐懼、不確定性與懷疑。但他們很可能不會告訴你的是：即使這一小波賣出行為結束之後，我——Adam Aron——名下仍將持有遠超過 200 萬股、200 萬股完全持有或已授予的 AMC 股票。如果你做一下數學，你會看到，憑藉如此龐大的現有與未來持股，我在我們公司、你們公司、AMC Entertainment 的未來上有著極其重大的個人利害關係。我由衷相信 AMC，而我的利益也與我們廣大的股東基礎高度一致——我們都非常在意你持續投資以及我持續投資於 AMC Entertainment 股票的價值。

So that's our thoughts coming out of Q3. Sean, let's turn first to questions that were submitted to us from our shareholders. What's the first question?

以上就是我們對第三季（Q3）結束後的看法。Sean，我們先來回答股東提交給我們的問題。第一個問題是什麼？

Thanks, Adam. So the first question is, will AMC consider various promotions associated with the new popcorn sales such as perhaps a golden ticket?

謝謝你，Adam。第一個問題是：AMC 是否會考慮針對新的爆米花銷售推出各種促銷活動，例如金色票券（golden ticket）？

So I have to admit, I mean, it's no surprise, I think I'm following almost 2,500 of our shareholders on Twitter. And I receive hundreds, sometimes thousands of inbound messages every day on my Twitter feed. I tend to read as many of those as I possibly can every single day because I learn so much from what our shareholders tell me and what they think. And what's happened this year is we've been deluged by suggestions from our shareholder base. Over and over again, since the popcorn announcement, which was just last week, I've seen suggestions that we include in the boxes of popcorn that we sell in supermarkets, for example, that we include an AMC discount certificate or, occasionally, just as a random surprise, maybe a free ticket, even a free private theater rental at our theaters. And I got to tell you, I think it's a great idea.

我得承認，這其實不令人意外——我想我在 Twitter 上關注了將近 2,500 位股東。我每天在 Twitter 動態上會收到數百則、甚至有時數千則的私訊與留言。我傾向於每天盡可能多讀一些，因為我從股東告訴我的內容與他們的想法中學到很多。今年發生的情況是，我們被股東提出的建議淹沒了。一再地，自從爆米花的宣布——就在上週——之後，我看到許多建議：例如在我們於超市販售的爆米花盒中，放入 AMC 的折扣券；或者偶爾作為隨機驚喜，放一張免費電影票，甚至是在我們影城的免費包廳。我得說，我認為這是個很棒的主意。

If you look -- just turn on your television and look at other companies' advertisements these days, Domino's has a major promotion right now of something called Surprise Frees, where they're giving out things along with the pizzas that you order from them. It's not exactly a new idea. All my life, Cracker Jack has put a surprise. It's not a very good one, but they put a little surprise. in every package of Cracker Jack. And I think we have a great opportunity to bring down the perceived cost of buying AMC Theatres popcorn by putting in either discount certificate to go to a theater or a freebie of some kind. And similarly, we have an enormous promotional opportunity to let people know that they should go and give them incentives, that they should go see a movie. In some cases, it may be a particular movie. In some cases, it may be all movies at a nearby AMC theater. So I think it's a great idea. And write it down, folks, we're going to do it.

如果你看看——只要打開電視看看其他公司最近的廣告，達美樂（Domino's）現在就有一個大型促銷活動，叫做「Surprise Frees」，他們會在你訂披薩時一併送出一些東西。這並不是什麼新點子。我這一輩子以來，Cracker Jack 每一包都會放一個驚喜——雖然不是什麼很好的驚喜，但他們確實每包都放一個小驚喜。我認為，我們有很好的機會，透過放入可到影城使用的折扣券或某種贈品，來降低消費者對購買 AMC Theatres 爆米花的「感覺成本」。同樣地，我們也有巨大的促銷機會，讓大家知道他們應該去看電影，並提供誘因讓他們去看。在某些情況下，可能是特定的一部電影；在某些情況下，可能是附近 AMC 影城的所有電影。所以我認為這是個很棒的主意。各位記下來，我們會做。

Thanks, Adam. So the next question is, will you accept Shiba Inu?

謝謝你，Adam。下一個問題是：你們會接受柴犬幣（Shiba Inu）嗎？

So Shiba Inu, again, suggestions from shareholders. There's just been a tidal wave of inbound messaging to our company and to me personally that we ought to get much more active in the sphere of cryptocurrency and that there was real opportunity for AMC. And in a groundbreaking announcement back in August or September, we announced with some bravado that we're going to accept Bitcoin by year-end for online payments, either on our website or our mobile app. It was very well received. So we figured out a way to increase the currencies that we would take, growing it to include Ethereum, Litecoin and Bitcoin Cash. We then received so many messages about Dogecoin. We took a quick look. I did a Twitter poll. A lot of you voted. A lot of you voted yes. So we're in the process of figuring out how to take Dogecoin.

柴犬幣，同樣也是股東的建議。公司以及我個人都收到如海嘯般大量的訊息，認為我們應該在加密貨幣領域更積極，且 AMC 有真正的機會。在 8 月或 9 月的一項突破性宣布中，我們帶著一些豪氣宣布：我們將在年底前接受比特幣（Bitcoin）作為線上付款方式，可在我們的網站或行動 App 上使用。市場反應非常好。因此我們想出辦法擴增可接受的幣種，納入以太幣（Ethereum）、萊特幣（Litecoin）與比特幣現金（Bitcoin Cash）。接著我們又收到大量關於狗狗幣（Dogecoin）的訊息。我們快速看了一下。我做了一個 Twitter 投票。很多人投票，很多人投了「是」。所以我們正在研究如何接受狗狗幣。

More recently, once the Dogecoin announcement was out there, we announced that we'd already figured out a way to -- for people to buy AMC gift cards right now using all these currencies that I mentioned here before. And we are on track right now to accept, as we promised, Bitcoin, Ethereum, Litecoin, Bitcoin Cash and others prior to year-end next month. We believe that we'll be in a position -- that's for online payments directly with us on our -- through our website and app. We think we'll be able to launch the acceptance of Dogecoin in the first quarter of '22, just a few months from now, again, on our website and smartphone app.

更近期，在狗狗幣的宣布發布之後，我們宣布我們已經找到了方法——讓人們現在就能使用我先前提到的所有這些幣種來購買 AMC 禮品卡。我們目前也按計畫推進：如我們承諾的，在下個月年底前接受比特幣、以太幣、萊特幣、比特幣現金以及其他幣種。這是指透過我們的網站與 App，直接向我們進行的線上付款。我們認為，我們將能在 2022 年第一季推出接受狗狗幣的功能——也就是從現在起幾個月內——同樣是在我們的網站與智慧型手機 App 上。

And as we made those announcements, which was making a lot of you happy, the flood of commentary came in about Shiba Inu. So again, I did a Twitter poll. And again, a lot of you read the tweet. A lot of you voted, and a lot of you voted yes and we are now figuring out how we can take Shiba Inu as a currency. That's the next one on our cryptocurrency hit parade.

而當我們發布那些公告時——這讓你們許多人很開心——關於柴犬幣（Shiba Inu）的評論如潮水般湧入。所以我再次做了一個 Twitter 投票。又一次，你們很多人看了那則推文。很多人投票，而且很多人投了「是」，我們現在正在研究如何把柴犬幣作為一種貨幣來接受。這將是我們加密貨幣熱門清單上的下一個。

I might add that we believe we have figured out ways where we do not have to hold cryptocurrency on our balance sheet. So we're not taking increased balance sheet risk with all this potential acceptance of cryptocurrency. And as I said in -- earlier in the remarks, as we learn more and more about the opportunities available to AMC with cryptocurrency, it does really raise the question in a serious way. And we are engaged in serious thought and discussions with third parties on this subject, do we just accept cryptocurrency, or do we issue an AMC cryptocurrency of our own? By the way, that one I might hold on the balance sheet because we might own a lot of that. And it would be interesting to see what value creation could occur for the benefit of our shareholders if we do.

我還要補充的是，我們相信已經想出一些方法，使我們不必在資產負債表上持有加密貨幣。因此，面對這些可能接受加密貨幣的安排，我們並未增加資產負債表風險。正如我在——先前的發言中所說，隨著我們對加密貨幣為 AMC 帶來的機會了解得越來越多，這確實以嚴肅的方式提出了一個問題。而我們也正就此議題與第三方進行認真的思考與討論：我們是僅僅接受加密貨幣，還是發行我們自己的 AMC 加密貨幣？順帶一提，那一種我可能會放在資產負債表上，因為我們可能會持有很多。若我們這麼做，看看能否為股東創造價值，將會很有意思。

Thanks, Adam. And the next question is, what are the opportunities for AMC with respect to NFTs?

謝謝你，Adam。下一個問題是，關於 NFT，AMC 有哪些機會？

Here again, our inbox is filled with ideas from our shareholders about NFTs. I remember reading the first tweet that came to me -- was it a tweet or a DM, a direct message, that said, you really ought to launch the issuance of commemorative movie tickets in a format of an NFT. And I instantly thought, that's a really smart idea. That's just a really smart idea. And then I realized as I kept reading that wasn't the only inbound message I got about NFTs or about commemorative tickets. And the more I saw this cavalcade of advice from our shareholder base that we should explore commemorative movie theater tickets as NFTs, the more they set us down this path.

同樣地，我們的收件匣裡塞滿了股東對 NFT 的各種點子。我記得讀到第一則傳到我這裡的訊息——那是推文還是 DM（私訊），一則直接訊息——內容說，你真的應該以 NFT 的形式發行紀念版電影票。我立刻就想，這真是個非常聰明的點子，真的非常聰明。接著我在繼續閱讀時才意識到，關於 NFT 或紀念票券的建議並不只這一則。當我看到越來越多來自股東群體的建議，說我們應該探索把紀念版電影院電影票做成 NFT，這些建議就越把我們帶上了這條路。

We have already commenced serious discussions with multiple Hollywood studios, major studios, about launching NFTs in conjunction with some of the major titles of movies that are playing in our theaters.

我們已經開始與多家好萊塢片廠、主要片廠進行認真的討論，探討是否要配合在我們影城上映的一些重磅片名，一起推出 NFT。

As I said in the prepared remarks, there's nothing to report today. But stay tuned, this space is very intriguing to us.

正如我在事先準備的發言中所說，今天沒有可報告的內容。但請持續關注，這個領域對我們而言非常耐人尋味。

Thanks, Adam. The next question is, will AMC offer a method by which people can buy retail AMC merchandise?

謝謝你，Adam。下一個問題是，AMC 是否會提供一種方式，讓人們可以購買 AMC 的零售周邊商品？

Well, you seem to be on the hit parade of suggestions of our shareholders. Over and over and over and over and over again, people are telling me that we ought to launch various lines of AMC merchandise. It's a whole variety of things that would carry the AMC logo, whether it's golf shirts or coffee mugs or hats or a lot of other things. And again, it seems like a good idea to us, especially if we can connect it to major movie titles that are playing in our theaters. And so we're going to be exploring this area very carefully as we enter the new year 2022.

嗯，你似乎正好點到我們股東建議的熱門清單。一次又一次又一次又一次又一次，人們告訴我我們應該推出各種 AMC 周邊商品。種類非常多，凡是能印上 AMC 標誌的東西，不論是高爾夫球衫、咖啡杯、帽子或許多其他商品。再一次，這看起來對我們是個好主意，尤其是如果我們能把它與在我們影城上映的重磅片名連結起來。因此，當我們邁入 2022 新的一年時，我們將非常審慎地探索這個領域。

Will AMC offer eSports and gaming in the theaters?

AMC 會在影城提供電競與遊戲嗎？

eSports and gaming, this is something we looked at repeatedly over the 6 years that I have run AMC. There are reasons to think it might be one of these many ideas where we could branch out our company and do something different going forward than we have done in the past, hopefully creating shareholder value in the process. We're living up to the shareholder value that's already implied in our share price.

電競與遊戲，這是我經營 AMC 這 6 年來反覆研究過的事情。有一些理由讓人相信，這可能是眾多點子之一：我們可以讓公司向外延伸，未來做一些不同於過去的事情，並希望在過程中創造股東價值。我們也正在兌現股價中已經隱含的股東價值。

Interestingly for us, on our Board of Directors, is another Adam, Adam Sussman, who's the President of Epic Games. And not a week goes by that I don't receive suggestions in my inbound Twitter feed that we form some kind of partnership with a company called GameStop, which apparently many of you have heard of. So we'll -- we're going to take a look at what opportunity is available to AMC through gaming and eSports as the new year comes forward.

對我們而言很有意思的是，我們董事會裡還有另一位 Adam——Adam Sussman，他是 Epic Games 的總裁。幾乎每週我都會在我收到的 Twitter 訊息流中看到建議，說我們應該與一家名為 GameStop 的公司建立某種合作關係，顯然你們很多人都聽過。所以我們——隨著新的一年到來，我們將看看在遊戲與電競方面，AMC 有哪些可把握的機會。

Next question is, what theater locations are you looking to expand into?

下一個問題是，你們正在尋找擴張到哪些影城地點？

I'm really proud of the caliber of talent in our development organization. Development is our name for our real estate group. They have ownership of the -- whatever is -- the leases on almost 1,000 theaters that we have. They're in active dialogue with proprietors in the commercial real estate industry, mall operators, other commercial space.

我對我們開發組織的人才水準感到非常自豪。「開發」是我們對房地產團隊的稱呼。他們負責——我們近 1,000 家影城的租約等相關事務。他們正與商用不動產產業的業主、購物中心營運商以及其他商業空間的業者保持積極對話。

AMC, over the past several years, has really become what we think is the clear undisputed leader in our industry. And what we're hearing from landlords across the United States as well as across Europe is that we're a company of choice and gets first crack on a lot of superb movie theater locations that may come our way.

在過去幾年裡，AMC 已經真正成為我們認為在本產業中清楚且無可爭議的領導者。而我們從美國各地以及歐洲各地的房東那裡聽到的是，我們是他們優先選擇的公司，對於許多可能出現的絕佳影城地點，我們往往能優先取得洽談機會。

So in addition to the 8 theaters that I mentioned are in the pipeline right now on their signed leases or signed LOIs to go to the next step with these leases, our development group is out there looking at and fielding proposals like every week for a new theater here, a new theater there based on the intriguing commercial real estate opportunity that's in front of us.

因此，除了我提到的那 8 家影城——目前已在流程中，租約已簽署或已簽署意向書（LOI），準備進入租約的下一步——我們的開發團隊也在外面每週都在看、也在接洽各式提案：這裡一間新影城、那裡一間新影城，都是基於我們眼前極具吸引力的商用不動產機會。

I think it was in your remarks on the call earlier, Sean. You talked about how we're adding high-performing theaters like the Grove and Americana in Los Angeles, which, a month after we took them over, were the 8th and 34th highest-gross movie theaters in the United States. At the same time, we're pruning out of our network of almost 1,000 theaters, low-performing theaters that essentially make no money at all or even lose money. We'd love to be in a position where we can refine our fleet so that we can continue to add high-performing profitable theaters and chase away leases that are far less attractive.

我想是在你先前在電話會議上的發言裡，Sean。你談到我們正在新增表現優異的影城，例如洛杉磯的 Grove 和 Americana；在我們接手一個月後，它們分別成為美國票房收入第 8 名與第 34 名的影城。與此同時，我們也在近 1,000 家影城的網路中汰除表現不佳的影城——那些基本上完全不賺錢，甚至還虧錢的影城。我們希望能處於一個位置，得以精煉我們的影城組合：持續增加高表現、具獲利能力的影城，同時淘汰吸引力遠低得多的租約。

Thank you. And what about issuing AMC-branded credit cards?

謝謝你。那麼，發行 AMC 品牌信用卡呢？

It's another great idea. Well, I don't remember seeing that from -- on Twitter. I think that came from within our company. I thought about doing that when I joined AMC back in 2016 because earlier in my career, when I was the Chief Marketing Officer of United Airlines, United MileagePlus reported to me, and therefore, United's co-branded credit card reported to me. And back in 1990, which I hate to admit is 31 years ago, United was doing about $10 billion of volume on that branded credit card, $10 billion of volume or more. I didn't launch a branded credit card at AMC back in 2016 because at the time, I thought it was a small idea for us and that we wouldn't place a lot of cards. But something very dramatic has changed at AMC, first, in 2018 and now again in 2021.

這又是另一個很棒的點子。嗯，我不記得在——Twitter 上看過這個。我想那是公司內部提出的。我在 2016 年加入 AMC 時就想過要做，因為在我職涯更早之前，當我擔任聯合航空（United Airlines）的首席行銷長時，United MileagePlus 向我匯報，因此聯合航空的聯名信用卡也向我匯報。回到 1990 年——我不太想承認那是 31 年前——聯合航空那張品牌信用卡的刷卡量大約是 100 億美元，100 億美元或更多。我當時沒有在 2016 年於 AMC 推出品牌信用卡，因為那時我認為對我們而言那是個小點子，我們也不會發出很多卡。但 AMC 發生了一些非常戲劇性的改變，先是在 2018 年，現在又在 2021 年。

Between 2016 and 2018, we started dramatically growing the amount of participation in our AMC Stubs loyalty program. And we now have over 20 million households who are enrolled in AMC Stubs just in the United States. A lot of those people are very committed at AMC. Then in the summer of 2018, we launched A-List and added another almost 1 million people who were -- particularly with our subscription program, committing to pay us each and every month for the opportunity to see as many as 3 movies a week for a fixed price. That's another group of people who are uniquely committed to AMC.

在 2016 年到 2018 年之間，我們開始大幅提升 AMC Stubs 忠誠度計畫的參與度。如今僅在美國，就有超過 2,000 萬個家庭加入 AMC Stubs。其中很多人對 AMC 非常投入。接著在 2018 年夏天，我們推出 A-List，又增加了將近 100 萬人——特別是透過我們的訂閱方案——他們承諾每個月都付費給我們，以固定價格每週最多可看 3 部電影。這又是另一群對 AMC 有獨特承諾的人。

And then there's what happened this year. As you know, individual retail investors descended upon AMC, bought control of AMC. And the last time we announced it, we announced that we had some 4.1 million retail shareholders who are very much invested in our company, not just invested financially in our company, but invested mostly with our company. And that's another group of people who are very interested in our company and very committed to AMC.

然後就是今年發生的事。如你所知，個人散戶投資人湧入 AMC，買下 AMC 的控制權。上一次我們對外宣布時，我們說大約有 410 萬名散戶股東，他們對我們公司投入很深——不只是財務上投資我們公司，更是在很大程度上投入於與我們公司同行。而這又是另一群對我們公司非常感興趣、也對 AMC 非常承諾的人。

So given these 3 populations now that are large, in the millions, that are committed to AMC, I think an AMC-branded credit card might work really well, both for the holder of the card and for us as the company with the co-branding partnership with a major bank. We have already started discussions with several of the major credit card issuing banks to see if we can do something here in 2022. This is yet another one of these big ideas where AMC, going forward, could be a company that is much more active and engaged in people's lives than just being the repository of where they go to watch movies at a movie theater when they want to go see a flick.

因此，鑑於目前這三個龐大的族群（以百萬計）都支持並投入 AMC，我認為推出一張 AMC 品牌的信用卡可能會非常奏效，對持卡人以及對我們公司（與一家大型銀行進行聯名合作）都會有利。我們已經開始與幾家主要的信用卡發卡銀行洽談，看看是否能在 2022 年在這方面做些事情。這又是另一個宏大構想：未來的 AMC 可能會成為一家在人們生活中更積極、更投入的公司，而不僅僅是人們想看電影時去電影院看電影的場所。

Next question I have is, would you consider expanding further in Europe?

我的下一個問題是，你們會考慮在歐洲進一步擴張嗎？

Well, we would consider expanding further in Europe, but I do want to remind everybody that already today, AMC Entertainment is the largest movie theater exhibitor in Europe. We are either #1 or #2 in the U.K. and Ireland, in Portugal and Spain, in Italy, in Sweden, in Norway and Finland and Scandinavia. And we're #4 in Germany today. So we have a significant position in Europe. The brand names that we use are different in Europe. It's Odeon in the U.K. and Ireland. It's Cinesa in Spain. And it's UCI in Italy. It's Finnkino, (inaudible) other names and local names in Scandinavian languages up in the north. But we're a big player in Europe, and we're always looking to see if we can become bigger and stronger still.

我們會考慮在歐洲進一步擴張，但我也想提醒大家，其實截至今天，AMC Entertainment 已經是歐洲最大的電影院放映商。我們在英國與愛爾蘭、葡萄牙與西班牙、義大利、瑞典、挪威與芬蘭以及斯堪地那維亞地區，不是第 1 就是第 2；而我們目前在德國排名第 4。因此我們在歐洲已具備相當重要的地位。我們在歐洲使用的品牌名稱不同：在英國與愛爾蘭是 Odeon；在西班牙是 Cinesa；在義大利是 UCI；在芬蘭是 Finnkino，（聽不清）以及北歐地區以斯堪地那維亞語系的其他名稱與在地名稱。但我們在歐洲是重要的參與者，也一直在尋找是否能變得更大、更強。

Will AMC consider making its own movies?

AMC 會考慮自己製作電影嗎？

Yet another interesting idea that has come into us of late, especially after we raised the $1.250 billion of equity capital in the month of May. When our shareholders facilitated our raising capital, equity capital, that puts our company in a position where we can consider how to deploy that capital and do so to create value for our shareholders. This is not entirely a new subject for AMC.

這是我們近期又收到的一個有趣想法，尤其是在我們於 5 月募集了 12.50 億美元的股權資本之後。當股東協助我們募資、募集股權資本時，這讓公司得以思考如何運用這些資本，並藉此為股東創造價值。這對 AMC 來說並不是全新的議題。

Many years ago, AMC became a 50% owner of something called Open Road Films. I was the Co-Chairman of Open Road Films back in 2016. And you'll recall that in 2016, Open Road Films won the Oscar for Best Picture of the Year for one of the movie called Spotlight. And so we've made content before. I do think in this day and age when so much content is being created, it is interesting to contemplate should AMC fund content? Should AMC fund exclusive content that might only be seen at our own theaters? These are all possibilities, again, possibilities that we'll be exploring in 2022 and beyond.

多年前，AMC 曾成為一家名為 Open Road Films 的公司 50% 的股東。我在 2016 年擔任 Open Road Films 的共同主席。你們也會記得，2016 年 Open Road Films 以一部名為《Spotlight》的電影獲得奧斯卡年度最佳影片。因此我們以前就做過內容。我確實認為，在這個大量內容被創作的時代，思考 AMC 是否應該出資製作內容是很有意思的：AMC 是否應該出資製作只能在我們自家戲院看到的獨家內容？這些都是可能性——再次強調，是可能性——我們將在 2022 年及之後加以探索。

I've already had conversations with several of the best filmmakers in Hollywood, very experienced moviemakers that thanks to our shareholder base who armed us with what I called earlier on this call a war chest of equity capital to think differently about our future than some of you look merely at our past that possibly going into joint venture with moviemakers is something that we can consider. But again, no promises. No decisions have been made. It's a decision we'll make later in 2022.

我已經與好萊塢幾位最優秀的電影製作人談過，他們都是非常資深的電影人。多虧我們的股東基礎，為我們提供了我在本次電話會議前面所稱的「股權資本戰備金庫」，讓我們能以不同於僅僅回顧過去的角度來思考未來；因此，與電影人進行合資可能是我們可以考慮的方向。但再次強調，不做任何承諾，尚未做出任何決定。我們會在 2022 年稍晚再做決定。

So the next question, Adam, is can you increase the pay for loyal, hard-working AMC workers?

那麼下一個問題，Adam，你能提高忠誠、努力工作的 AMC 員工薪資嗎？

So that is a fabulous question. There are so many reasons why AMC survived calendar year 2020 when the pandemic was at its height. Our landlord community sided with us and gave us a pass on not forcing us to be current in rent when our theaters were closed and we had no revenue. In 2021, our new retail shareholders who were so enthusiastic about AMC, literally gave us billions of dollars of additional equity capital to strengthen the company's reserves and its financial strength.

這真是個很棒的問題。AMC 之所以能在 2020 年（疫情最嚴峻之時）存活下來，有很多原因。我們的房東群體站在我們這邊，當我們的戲院關閉、沒有收入時，他們沒有強迫我們必須按時繳租。到了 2021 年，我們新的散戶股東對 AMC 充滿熱情，實際上為我們帶來了數十億美元的額外股權資本，強化公司的準備金與財務實力。

But there's another group of people who you just can't say enough good things about, and that's the people who work at our theaters. We call them our film crew. And these are -- in some cases, they are the general managers of our theaters. In other cases, they're hourly workers who are manning the box offices and the concession stands and cleaning up the theaters and keeping them clean and putting -- making sure that we institute all the AMC Safe & Clean, safety health and safety protocols, which have made it so possible for you to be come back in big quantities to our theaters.

但還有另一群人，我們再怎麼稱讚都不為過，那就是在我們戲院工作的同仁。我們稱他們為我們的 film crew（影廳團隊）。其中有些是戲院的總經理；另一些則是時薪員工，負責售票處、販賣部，清理影廳並保持整潔，並且——確保我們落實所有 AMC Safe & Clean 的安全與衛生規範，正因如此，你們才能夠大量回到我們的戲院。

And I mean you've all read about the so-called labor shortages in the United States. You've seen that unemployment is now at the lowest rate than it's been since the pandemic started. You can't go anywhere in America without seeing help wanted and We're Hiring signs. At every retail store, at every fast food place, wherever you turn, people are looking for quantity workers -- quality workers. And among other things, that means you have to pay them. And so we already have taken a hard look at the wages that we pay around the United States. And especially with the political occurrence of the country, there's a lot of talk about $15 minimum wages, and you see rising minimum wages all around the country being instituted locally or in certain state jurisdictions, if not federally. We actually have already taken action to increase our wages for our film crew. And I can say without equivocation, they work hard, they work well, and they've earned it.

而且你們都讀過美國所謂的勞動力短缺。你們也看到失業率已降到疫情開始以來的最低水準。在美國你幾乎走到哪裡都能看到「徵才」與「我們正在招募」的標示：每一家零售店、每一家速食店，隨處可見，大家都在找大量員工——優質員工。而其中一個含意就是，你必須付得起薪資。因此我們已經嚴肅檢視我們在全美支付的薪資水準。特別是隨著國內政治情勢發展，關於每小時 15 美元最低工資的討論很多，你也看到全國各地的最低工資在地方或某些州的管轄下（即使不是聯邦層級）陸續上調。我們其實已經採取行動，提高我們 film crew 的薪資。我可以毫不含糊地說，他們工作努力、表現出色，而且他們值得。

Thanks, Adam. The next question here is, what are your plans to pay off AMC's debt? And how long will it take?

謝謝你，Adam。下一個問題是，你們打算如何償還 AMC 的債務？需要多久？

This question really highlights, I think, some of the flood as it's called, the uncertainty and doubt that's thrown around our company. The -- of all the things that have kept me up at night in the last 2 years, our debt load is not one of them. And I'll tell you why. First of all, prior to the pandemic, we had extended out our debt maturities. And second, during the pandemic, we worked with our lenders, mostly -- both our first lien holders and our second lien holders, to again further stretch out our debt maturities.

我認為這個問題凸顯了外界所謂的「FUD」——也就是圍繞我們公司的恐懼、不確定性與疑慮。在過去兩年裡，所有讓我夜不能寐的事情之中，我們的負債水準並不在其中。我告訴你原因。首先，在疫情之前，我們已經延長了債務到期日。其次，在疫情期間，我們與放款人合作——主要是與第一順位擔保債權人與第二順位擔保債權人——再次進一步拉長我們的債務到期結構。

When you look at how much money we have been, for sure, we took on a lot of additional debt to make it through the pandemic, but we did in a smart way. And if you look at our maturities, we don't have any debt maturities before August of 2023, and that's only a few hundred million dollars' worth.

當你看我們手上的資金狀況時，確實，為了度過疫情我們新增了不少債務，但我們是以聰明的方式進行。如果你看我們的到期結構，在 2023 年 8 月之前我們沒有任何債務到期，而那也只有幾億美元的規模。

We don't have big maturities until '20 -- debt maturities, which means that's when you got to pay the debt back until 2026. That gives us -- 2026, that's 5 years from now. That gives us a lot of time to build our EBITDA back. Remember that before the pandemic, this company was routinely generating $800 million or so of EBITDA each year. As the recovery moves to full bloom, we ought to be bringing in a lot of EBITDA between now and 2026. We can use some of that EBITDA to pay down debt.

我們直到 2026 年才會有較大規模的到期——所謂債務到期，意思是你必須在那時償還債務。這讓我們——2026 年，也就是從現在起 5 年——有充裕時間把 EBITDA 建立回來。請記得，在疫情之前，這家公司每年經常能產生約 8 億美元的 EBITDA。隨著復甦全面開花，我們在現在到 2026 年之間應該能帶來大量 EBITDA。我們可以用其中一部分 EBITDA 來償還債務。

If you look at what we've already done, it is true that we took on a lot of additional debt between March of 2020 and January of 2021 to survive the pandemic. But if you look at what we've done since the end of January through to now, we converted $600 million of debt into equity. We paid off our $200 million balance on our revolving credit line. We did that in March. We've paid in the second and third quarters, we paid off $100 million of deferred rent, which is debt. If you look at this -- recently, we announced we clawed back $35 million of debt -- high interest rate expense of debt that we took on last December. So we're already paying back debt.

如果你看我們已經做過的事，確實在 2020 年 3 月到 2021 年 1 月之間，為了挺過疫情我們新增了不少債務。但如果你看從 1 月底到現在我們做了什麼：我們把 6 億美元的債務轉換成股權；我們在 3 月償還了循環信用額度上 2 億美元的餘額；我們在第二與第三季償還了 1 億美元的遞延租金（這也是債務）。再看這個——最近我們宣布收回（claw back）了 3,500 萬美元的債務——也就是我們去年 12 月承擔的高利率債務所帶來的利息費用。因此我們已經在還債了。

But here's why I don't lose sleep on this and why people who don't necessarily wish AMC well throw this debt load around to scare people. Companies will never pay off all their debt. Companies do want to manage the debt load down to a prudent level. But every major company in America carries debt, may carry it almost in perpetuity. And the reason they do so is returns on equity are higher. Remember, shareholders own the equity. Returns on equity are higher if you can borrow some debt at reasonable cost.

但這就是為什麼我不會為此失眠，以及為什麼那些未必希望 AMC 好的人，會拿這個債務負擔來嚇唬大家。公司永遠不會把所有債務都還清。公司確實希望把債務負擔管理到一個審慎的水準。但美國每一家大型公司都背負債務，而且可能幾乎是永久性地持有債務。他們之所以這麼做，是因為股東權益報酬率會更高。請記得，股東擁有的是權益。如果你能以合理成本借入一些債務，股東權益報酬率就會更高。

And so we will, over the next 3 years when the first small maturity comes and the next 5 years when -- I guess, 2 years when the first small maturity comes and the next 5 years when the large maturities come, we will pay -- we will continue to pay down debt as we have over 2021, but we're also going to refinance our debt. And we've done that 3 times, at least, since I joined the company in 2016 where we get the debt hopefully down to a more prudent level, and then we stretch out the maturity, pushing it out another 2 years, 3 years, 4 years, 5 years, again, carrying a prudent level of debt so that we can increase returns on equity.

因此，在未來 3 年當第一筆小額到期來臨，以及接下來 5 年——我想應該是 2 年後第一筆小額到期來臨、再接下來 5 年大額到期來臨時——我們會償還——我們會像 2021 年那樣持續償還債務，但我們也會為債務再融資。我自 2016 年加入公司以來，我們至少已經做過 3 次再融資：希望把債務降到更審慎的水準，然後拉長到期日，把期限再往後延 2 年、3 年、4 年、5 年；同時維持審慎的負債水準，以便提高股東權益報酬率。

And by the way, when we refinance that debt, we borrowed some of that money when we were right on our knees because of the pandemic, and our theaters were all shut, and the interest rates we had to pay were very high, like very high. And I would expect that as we refinance our debt in '23 and '24 and '25 and '26, that we'll be able to refinance our debt, not only stretching out the maturities well out in the future, but also doing so at a much lower interest rate, which I'll say was a lot of interest expense as we go forward.

順帶一提，當我們為那筆債務再融資時，我們當初是在疫情期間幾乎跪倒在地的情況下借到部分資金：我們的戲院全部關閉，而我們必須支付的利率非常高，真的非常高。我預期，當我們在 2023、2024、2025、2026 年為債務再融資時，不僅能把到期日大幅延後到更遠的未來，也能以更低的利率完成再融資；我想說的是，這將在未來大幅降低利息費用。

Thanks, Adam. And the final question from our shareholders is, what is AMC doing to ensure exclusive theatrical releases?

謝謝你，Adam。股東的最後一個問題是：AMC 正在做什麼來確保院線獨家上映？

The issue of exclusive theatrical releases, the industry jargon is a window. The window that movies are in theaters solely as contrasted with when they go to the home, when they're still in theaters, has been one of the biggest issues that we've been tackling since when the pandemic started. Some studios started taking movies to the home right away simultaneously. And it makes it easier for people to watch at home instead of coming to one of our theaters.

關於院線獨家上映這個議題，業界術語叫做「窗口期」（window）。也就是電影只在戲院上映、相對於何時上架到家庭端；以及在仍於戲院上映期間就上架到家庭端——自疫情開始以來，這一直是我們在處理的最大議題之一。有些片商開始把電影立刻同步上架到家庭端。這讓人們更容易在家觀看，而不是來到我們的戲院。

So no surprise, AMC, as the largest exhibitor on the planet and having actually very solid relationships at the top of every major studio, engaged in constant dialogue with studio chiefs about how important it was for our business. But as we articulated to them, how important we thought it was to their business that we both get the benefit of the monies that are flowing in the movie theaters.

因此毫不意外，AMC 作為全球最大的院線業者，且與每一家主要片商的最高層都維持非常穩固的關係，我們持續與各大片商高層對話，說明這對我們業務有多重要。但我們也向他們闡述：我們認為這對他們的業務同樣重要——因為我們雙方都能受益於流入電影院的票房收入。

In calendar year 2019, $43 billion of movie theater tickets were sold across the face of the earth. You don't really want to light a match. If you're a major studio, you don't really want to light a match to $43 billion of revenue even if they share some of it with theaters. And we've been making that point. We were making that point strongly. They get strongly, sometimes publicly. Sometimes, we're making the point strongly privately. And I'd like to report that of late, we've had real success on this front.

在 2019 年曆年，全球售出的電影票房收入達 430 億美元。作為一家主要片商，你不會想要點一把火把 430 億美元的收入燒掉——即使其中一部分要與戲院分成。我們一直在強調這一點，而且強力地強調。有時候我們會強力到公開表態；有時候則是私下強力溝通。我很高興可以回報，最近我們在這方面確實取得了成果。

You may recall that in July of 2020, we launched a groundbreaking announcement with Universal that we were going to participate, as what you might think, it was like a venture partner as they took movies to the home either at the 17-day mark or the 31-day mark where AMC was going to get paid whether they -- people came to see our -- their movies in our theaters or their movies on their home couches.

你可能還記得，2020 年 7 月，我們與環球影業（Universal）發布了一項突破性的公告：當他們在第 17 天或第 31 天把電影帶到家庭端時，我們將以你可以理解為「合作夥伴」的方式參與其中；也就是說，不論觀眾是到我們的戲院看他們的電影，或是在家裡沙發上看他們的電影，AMC 都能獲得分潤。

In August of this year, we reached a very important agreement with Warner Bros., who had been experimenting during the pandemic in calendar '21 of taking movies simultaneously to the home and theaters. We think that decision may have helped HBO Max, but we think it costs Warner Bros. Studios a lot of money. We think it costs us a lot of money. And so we're very pleased that we're able to sign a contractual commitment with Warner Bros. for calendar '22, beginning January 1, that if it's a theatrical movie being made by Warner Bros., it's coming to theaters first and coming to theaters only for a -- essentially a 45-day window where we have the movie exclusively.

今年 8 月，我們與華納兄弟（Warner Bros.）達成一項非常重要的協議。華納在疫情期間的 2021 年曆年曾試驗把電影同步上架家庭端與戲院。我們認為那個決策或許有助於 HBO Max，但我們也認為它讓華納影業損失了很多錢；同時也讓我們損失了很多錢。因此，我們非常高興能與華納簽下 2022 年曆年的合約承諾，自 1 月 1 日起，只要是華納製作的院線電影，就會先上戲院，並且在本質上有約 45 天的窗口期，期間由我們獨家放映。

We were similarly thrilled that Disney announced just right around Labor Day weekend that it, too, during the pandemic -- you might say COVID rules apply, was experimenting with different distribution models, including taking movies to Disney+ Premier Access, as they called it, where they were charging usually a $30 fee to watch a movie on Disney+. At the same time, they were taking the move to theaters.

同樣地，我們也非常振奮，因為迪士尼（Disney）在勞動節週末前後宣布：在疫情期間——你可以說是 COVID 規則適用——他們也在試驗不同的發行模式，包括把電影上架到他們所稱的 Disney+ Premier Access，通常收取 30 美元費用在 Disney+ 上觀看。同時，他們也把電影送進戲院上映。

What Disney announced Labor Day weekend was that for -- there are 4 movies that were being released between Labor Day and New Year's Day, that they were going to give theaters an exclusive theatrical window. And now it's our burden to generate significant -- and when I say our, I don't mean just AMC, I mean, all the exhibition, to generate significant revenues for Disney in movie theaters so that Disney has confidence that when it's deciding how to release movies in '22 and '23 and beyond, that they put in place and respect an exclusive theatrical window. And as I said, the Disney announcement in September was a significant announcement for us. What's more, Disney has an amazing movie product coming out.

迪士尼在勞動節週末宣布的是：在勞動節到元旦之間上映的 4 部電影，他們將給予戲院一段獨家院線窗口期。現在，我們的責任是創造可觀的——當我說「我們」時，不只是指 AMC，而是指整個院線產業——在電影院為迪士尼創造可觀的收入，讓迪士尼有信心在決定 2022、2023 年及之後如何發行電影時，能建立並尊重院線獨家窗口期。正如我所說，迪士尼在 9 月的宣布對我們而言是一項重大消息。更重要的是，迪士尼即將推出的片單非常強大。

I had the privilege last Monday of going out to Manhattan Beach and going to the studios of Lightstorm, which is James Cameron's and Jon Landau's production company, that's the company that made the incredible movie Avatar, the most successful movie of all time until Avengers: Endgame came out. And I'm told Avatar just repassed Avengers: Endgame as the #1 movie of all time.

上週一我有幸前往曼哈頓海灘（Manhattan Beach），參觀 Lightstorm 的片廠——那是詹姆斯・卡麥隆（James Cameron）與喬恩・蘭道（Jon Landau）的製作公司，也就是拍出驚人電影《阿凡達》（Avatar）的公司。《阿凡達》曾是史上最賣座電影，直到《復仇者聯盟：終局之戰》（Avengers: Endgame）上映。我聽說《阿凡達》剛剛又超越《終局之戰》，重新成為史上票房第 1 名。

Avatar 2 is coming out at Christmas of 2022. I've seen footage from it, it's mind-blowing. Avatar 2 is going to be such an incredible movie. And I can tell you right now, there is one and only one place to watch Avatar, and it's not on your telephone, and it's not on your tablet, and it's not in your home TV, it is on a big screen. To quote Nicole Kidman, dazzling images on a huge silver screen.

《阿凡達 2》將在 2022 年聖誕節上映。我看過一些片段，令人震撼。《阿凡達 2》會是一部極其精彩的電影。我現在就可以告訴你，觀看《阿凡達》的地方只有一個，而且不是在你的手機上，也不是在你的平板上，也不是在你家裡的電視上，而是在大銀幕上。引用妮可・基嫚（Nicole Kidman）的話：在巨大的銀幕上呈現令人目眩神迷的影像。

So I'm quite upbeat about what's coming, about -- as COVID lessens, the degree to which Americans have been trapped in their homes and apartments, and we are -- start getting out and about again, I think you're going to see a revival of an exclusive theatrical window, and that clearly is to AMC's benefit.

所以我對接下來的發展相當樂觀——隨著 COVID 緩解，美國人被困在家中與公寓裡的程度降低，而我們——開始再次外出活動，我認為你將會看到院線獨家窗口期的復甦，而這顯然對 AMC 有利。

Having said all that, we weren't exactly wallflowers as all this was going on. And so if studios were going to experiment with windows, we were going to negotiate hard about film rent terms. And if you look at the third quarter financials that were released in, a little over an hour ago or 2 hours ago, I guess, you'll see that our film exhibition costs in the third quarter were in the low 40s. And I compared our film exhibition costs to those of Cinemark, who just announced their earnings a couple of days ago, and our film exhibition costs in the third quarter were 1,100 basis points lower than Cinemark. So make no mistake, AMC as industry leader, knows how to negotiate hard for the benefit of our shareholders.

話雖如此，在這一切發生的同時，我們也不是袖手旁觀。因此，如果片商要試驗窗口期，我們就會在片租條款（film rent terms）上強力談判。若你查看大約一個多小時前或兩個小時前——我想是兩個小時前——發布的第三季財報，你會看到我們第三季的影片放映成本（film exhibition costs）落在 40% 出頭。我把我們的影片放映成本與 Cinemark（喜滿客）做了比較；他們幾天前才公布財報，而我們第三季的影片放映成本比 Cinemark 低了 1,100 個基點。所以請不要懷疑：AMC 作為產業領導者，知道如何為股東利益而強力談判。

Thank you.

謝謝。

Operator, we have no more questions from those who are on the call. So I'm going to conclude -- we do? There is one, I'm sorry. That concludes our shareholder questions. And I guess there is a question that we have from someone on the call.

接線員，我們對於在線上的與會者已沒有更多問題。所以我將做個總結——我們有嗎？抱歉，還有一個。以上結束我們股東的提問。我想我們還有一個來自線上某位與會者的問題。

Our final question comes from the line of Meghan Durkin with Crédit Suisse.

我們最後一個問題來自瑞士信貸（Crédit Suisse）的 Meghan Durkin 專線。

So Sean, I think you gave the October box office. Is there a way you can give us the idea of how that breaks down in the U.S. versus international? And I think you said that based on a $2 billion box office in the fourth quarter, that you'll be adjusted EBITDA positive. Is that total consolidated company? Is that U.S. and international? Or is it a just U.S. number? What exactly was that? And then, how are you doing with A-List? I think you talked about the almost 1 million subscribers. But are they still subscribing? Because I think you turned that back on recently.

Sean，我想你提供了 10 月的票房數字。你能否讓我們了解一下美國與國際市場的拆分？另外，我想你說過，若第四季票房達到 20 億美元，你們將會是調整後 EBITDA 為正。那是整個合併公司的總數嗎？包含美國與國際嗎？還是只是美國的數字？那到底指的是什麼？再來，A-List 的情況如何？我想你提到接近 100 萬名訂閱者。但他們仍在訂閱嗎？因為我記得你們最近才重新啟用。

Yes, Meghan. A couple of questions there. Let me try to address them. Firstly, on the expectation for Q4, what I said in the prepared remarks was assuming a $2 billion domestic box office. And the expectation that is both positive from an EBITDA point of view, adjusted EBITDA point of view that we disclosed, and also from an operating cash flow -- operating cash burn point of view as well. So that's the expectation for Q4.

是的，Meghan。你問了幾個問題，我試著逐一回覆。首先，關於第四季的預期，我在事先準備的講稿中所說的是，假設美國本土票房達到 20 億美元。我們的預期是，從 EBITDA 的角度、也就是我們揭露的調整後 EBITDA 角度來看會轉正；同時從營運現金流——也就是營運現金消耗（operating cash burn）的角度來看也會轉正。因此，這就是我們對第四季的預期。

When you look -- I think your question was on October attendance numbers. And if you look, at a high level, at our October attendance numbers, what you'll see is actually the international business outperformed the U.S. business a little bit. But overall, they were pretty much in line. So the domestic business was, from an attendance point of view, was around 30% below 2019's level, and the international business was around 25%, 26% below 2019's level.

至於你問的——我想你的問題是 10 月的觀影人次。如果從整體層面來看我們 10 月的觀影人次，你會看到國際業務的表現其實比美國業務略好一些。但整體而言兩者大致一致。因此，就觀影人次而言，美國本土業務約較 2019 年水準低 30%，而國際業務約較 2019 年水準低 25%、26%。

But we also did refer on the call earlier to the box office for Q3 and the box office for October. Those numbers were all domestic numbers, Meghan.

不過我們在稍早的電話會議中也提到第三季的票房以及 10 月的票房。那些數字全部都是美國本土的數字，Meghan。

Yes. They're all domestic box office.

是的，全部都是美國本土票房。

And as for A-List, out of zenith, A-List had 900,000 people prepandemic who are paying us between $20 plus tax a month and $24 a month plus tax a month to see multiple movies. Needless to say, when all the theaters were shut, we thought it's probably a good idea to pause their memberships and keep them hanging around the hoop, so to speak, and not having them all disappear. And we did turn A-List back on in the July, August time frame, just a few months ago in this quarter. And we're already back at -- right around 2/3 of A-List members are back, subscribing us, paying us every single month. That was ahead of our expectations, and we're really pleased. And as more -- remember, the whole appeal of A-List is, you may recall, prepandemic, on average, those people were seeing 2.6 movies a month.

至於 A-List，在高峰時期，疫情前 A-List 有 90 萬人，每月付給我們 20 美元以上加稅，或每月 24 美元加稅，以觀看多部電影。不用說，當所有戲院都關閉時，我們認為暫停他們的會員資格、讓他們先保留著（打個比方，先讓他們在場邊待著），而不是讓他們全部流失，可能是個好主意。我們確實在 7、8 月期間重新啟用 A-List，也就是在本季的幾個月前。而我們已經回到——大約有 2/3 的 A-List 會員回來訂閱，每個月都在付費。這比我們預期更好，我們非常高興。隨著更多——請記得，A-List 的吸引力在於，你可能還記得，疫情前這些人平均每月看 2.6 部電影。

If you look at the titles that were released early in 2021, we weren't always seeing 2.6 movies a month that people want to see, or for that matter, 5 movies a month they want to see or 8 movies a month they want to see. But -- and -- but things started to get big when Shang-Chi opened up Labor Day weekend, and -- but then the new releases in September were a little light.

如果你看 2021 年初上映的片單，我們並不總是能看到讓大家每月想看 2.6 部電影的片量；更不用說每月想看 5 部、8 部的片量了。不過——而且——但在《尚氣》於勞動節週末上映後，情況開始變得熱絡；只是 9 月的新片上映相對偏少。

But if you look at October, we're back to an old pattern of big new movies coming out every single week. There was Venom, and there was Bond and No Time to Die, and there was Halloween Kills and there was Dune. I also got to see Ghostbusters: Afterlife. You all need to go see Ghostbusters: Afterlife. What a movie. If you remember the original Ghostbusters movie from a long time ago, this new Ghostbusters, which was directed by the son of the director of the original Ghostbusters movie, it's just wonderful. And I think it opens November 19, if I'm not mistaken, Sony Movie.

但如果你看 10 月，我們又回到過去那種每週都有大片上映的模式。有《猛毒》，有《007：生死交戰》（No Time to Die），有《月光光心慌慌：萬聖殺》（Halloween Kills），還有《沙丘》（Dune）。我也去看了《魔鬼剋星：未來世》（Ghostbusters: Afterlife）。你們都應該去看《魔鬼剋星：未來世》。真是一部好電影。如果你還記得很久以前的原版《魔鬼剋星》，這部新的《魔鬼剋星》由原版《魔鬼剋星》導演的兒子執導，真的非常精彩。我想它是 11 月 19 日上映，如果我沒記錯的話，是索尼的電影。

And when you look ahead, there are so many big movies coming out. Eternals just opened up a couple of nights ago. We've got Ghostbusters: Afterlife, and we've got West Side Story, and we've got the Spiderman movie coming out of Christmas. And we have a solid fleet starting immediately after New Year's Day for 2022. And there are -- there's an enormous array of major franchise blockbusters that are going to hit theaters in 2022. We've been waiting and waiting and waiting for the Top Gun: Maverick movie, which again I've seen footage of that movie. It's going to be incredible.

而往前看，還有非常多大片即將上映。《永恆族》（Eternals）就在幾個晚上前才剛上映。我們有《魔鬼剋星：未來世》，還有《西城故事》（West Side Story），以及聖誕節檔期要上的《蜘蛛人》電影。2022 年在元旦過後不久，我們也會立刻有一整套穩健的片單。而且——2022 年將有大量主要系列的超級大片登上大銀幕。我們一直等、一直等、一直等《捍衛戰士：獨行俠》（Top Gun: Maverick），我也看過那部片的片段，會非常震撼。

There's a Mission Impossible. At Christmas, we have Avatar. It's -- we have a Jurassic World coming out again in 2022. It's movie after movie after movie. The more movie releases that come out that are appealing, the more people who will sign up for A-List. So we're quite pleased with where we are, and we're expecting the A-List numbers to grow going forward, especially as we get into 2022.

還有一部《不可能的任務》。到了聖誕節，我們還有《阿凡達》。另外，2022 年也會再推出《侏羅紀世界》。一部接一部、一部接一部、一部接一部。越多吸引人的新片上映，就會有越多人加入 A-List。所以我們對目前的狀況相當滿意，也預期 A-List 的人數未來會持續成長，尤其是進入 2022 年之後。

So with that, operator, that'll be our last question on this call. I'm going to end the call by repeating something I just said. There are some incredible movies coming to an AMC theater near you really soon. They're in theaters now, and new ones are coming really soon. So see you at the movies, see you at AMC theater. Thank you for listening to our webcast today.

那麼，接線員，這將是我們本次電話會議的最後一個問題。我將以重申我剛才說過的一句話來結束：很快就會有一些令人驚豔的電影在你附近的 AMC 影城上映。現在就有電影正在上映，而且很快還會有新片推出。那麼，電影見，AMC 影城見。感謝各位今天收聽我們的網路直播。

Thank you. This concludes today's conference. You may disconnect your lines at this time. Thank you for your participation, and have a great day.

謝謝。今天的電話會議到此結束。您現在可以掛斷電話線路。感謝您的參與，祝您有美好的一天。