AMC 電影院 (AMC) 2020 Q2 法說會逐字稿

Greetings, and welcome to the AMC Entertainment Second Quarter 2020 Earnings Conference Call. (Operator Instructions) As a reminder, this conference is being recorded, Thursday, August 6, 2020.

各位好，歡迎參加 AMC Entertainment 2020 年第二季財報電話會議。(接線員指示) 提醒各位，本次會議正在錄音，時間為 2020 年 8 月 6 日（星期四）。

I would now like to turn the conference over to John Merriwether, Vice President, Investor Relations. Please go ahead.

現在我想把會議交給投資人關係副總裁 John Merriwether。請開始。

Thank you, Kevin. Good afternoon, everyone. I'd like to welcome you to AMC's Second Quarter 2020 Earnings Conference Call. With me this afternoon is Adam Aron, our President and Chief Executive Officer; and Sean Goodman, our Chief Financial Officer.

謝謝你，Kevin。各位下午好。歡迎各位參加 AMC 2020 年第二季財報電話會議。今天下午與我一同出席的有：我們的總裁兼執行長 Adam Aron，以及我們的財務長 Sean Goodman。

Before I turn the call over to Adam and Sean, let me remind everyone that some of the comments made by management during this conference call may contain forward-looking statements, which 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. Many of these risks and uncertainties are discussed in our public filings, including our most recently filed 10-K and 10-Q. Several other factors that will determine the company's future results are beyond the ability of the company to control or predict.

在我把電話交給 Adam 與 Sean 之前，先提醒各位，管理層在本次電話會議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、不確定性及其他因素可能導致實際結果與今日所表達者出現重大差異。其中許多風險與不確定性已在我們的公開申報文件中討論，包括我們最近提交的 10-K 與 10-Q。另有若干將決定公司未來業績的因素，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 these statements.

鑑於任何前瞻性陳述所固有的不確定性，提醒聽眾切勿過度依賴此等陳述。

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

公司不承擔因新資訊或未來事件而修訂或更新任何前瞻性陳述之義務。

On this call, we may reference measures such as adjusted EBITDA, free cash flow, adjusted free cash flow 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.

在本次電話會議中，我們可能會提及經調整 EBITDA、自由現金流、經調整自由現金流以及固定匯率等指標（以及其他指標），這些均屬非 GAAP 財務衡量指標。如需將我們的非 GAAP 指標完整調節至 GAAP 結果，請參閱我們今日稍早發布於本公司網站投資人關係專區的財報新聞稿。

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

在我們的準備發言結束後，將進行問答環節。今天下午的電話會議正在錄音，網路重播將於今日稍晚在 amctheaters.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. I -- needless to say, I'll begin the call as I've begun so many over the past several months. I do sincerely hope that all of you and your families are safe and healthy.

謝謝你，John。各位下午好，感謝各位今天加入我們。我——不用說，我會像過去幾個月許多次一樣，以同樣的方式開始這通電話會議。我真心希望各位以及各位的家人都平安健康。

This is a time that AMC has been waiting for since mid-March of this hard, horrible year of 2020. More than 1/3 of our theaters in Europe and the Middle East are already open once again, and essentially all should resume operations within 2 weeks. And of course, we are greatly looking forward to the reopening of our theaters in the United States, which seems to be at hand in most, but not all U.S. cities by the end of this month. Both for financial and psychological reasons, we are so eager to delight moviegoers as AMC has done now for a full 100 years.

這是 AMC 自 2020 年這艱難、可怕的一年自 3 月中旬以來一直等待的時刻。我們在歐洲與中東的影城已有超過三分之一重新開業，而基本上所有影城都應在兩週內恢復營運。當然，我們也非常期待在美國重新開放影城；看起來在本月底前，美國多數（但並非全部）城市都將近在眼前。無論從財務或心理層面，我們都迫不及待想再次取悅影迷，就像 AMC 在整整 100 年來所做的一樣。

It's no surprise to anyone that with all of our theater operations suspended between March and May, and most of our theater operations suspended even now, the COVID-19, once-in-a-century global pandemic, has significantly impacted the financial performance of companies across multiple sectors with the movie theater industry being particularly hard hit, and AMC has not been exempted from that fate. With no revenue to speak of coming in the door until June, and then for AMC only in some countries in Europe, you are already all aware that the second quarter of 2020 was arguably the most difficult and unsettling quarter that the theatrical exhibition industry and AMC have ever seen.

眾所周知，由於我們在 3 月至 5 月期間暫停所有影城營運，且即便到現在大部分影城營運仍處於暫停狀態，這場百年一遇的全球性 COVID-19 疫情已對多個產業的公司財務表現造成重大衝擊，其中電影院產業受創尤為嚴重，AMC 也未能倖免。在 6 月之前幾乎沒有任何收入進帳，而對 AMC 而言也僅是在歐洲部分國家開始有收入，你們都已經知道，2020 年第二季可說是院線放映產業以及 AMC 有史以來最艱難、最令人不安的一季。

I cannot tell you, though, enough how proud I am that the entire AMC organization has responded quickly, boldly and decisively with an exceptional level of commitment, tenacity and professionalism to adjust our plans, and then to deliver on very aggressive new targets, whether those be for massive capital expenditure and operating expense reductions, endless time devoted to landlord negotiations, achieving dramatic enhancements to our liquidity position or the skillful crafting of safe and responsible theater reopening plans.

然而，我無論如何都無法充分表達我有多麼自豪：整個 AMC 組織以極高的承諾、韌性與專業精神，迅速、大膽且果斷地做出回應，調整我們的計畫，並達成極具企圖心的新目標——無論是大幅削減資本支出與營運費用、投入大量時間與房東協商、顯著提升我們的流動性部位，或是巧妙擬定安全且負責任的影城重開計畫。

This afternoon, similar to our first quarter earnings call, we really won't spend very much time at all on the actual financial results of Q2, but instead, we'll focus on what we believe is of primary interest to most of you, and that is to update you on the actions we've taken to manage through this crisis, our preparations to safely welcome guests to our theaters once again, and our general thoughts about the prognosis for our company looking forward.

今天下午，與我們第一季財報電話會議類似，我們其實不會花太多時間討論第二季的實際財務結果；相反地，我們將聚焦於我們認為各位最關心的重點：更新我們為度過這場危機所採取的行動、我們為再次安全迎接賓客回到影城所做的準備，以及我們對公司未來展望的一般看法。

The 4 priorities that we outlined on our last call remain our primary focus: one, continuing to take actions to bolster our liquidity and to deleverage our balance sheet; two, reducing our cost structure and spending posture, realizing that revenues may take time to ramp up; three, reopening our theaters as smartly and as professionally as we can, enlisting some of the world's top scientists and experts to help us offer a safe and clean theatrical environment for our guests and associates; leveraging our industry-leading guest platform and rich consumer database to drive attendance and implementing a wide variety of strategies to optimize theater profitability once theaters do reopen; and four, managing our business through whatever structural changes, world events or industry dynamics are thrown in our direction.

我們在上次電話會議中提出的四項優先事項仍是我們的主要焦點：第一，持續採取行動以強化流動性並降低資產負債表槓桿；第二，降低成本結構與支出態勢，並認知到營收可能需要時間才能回升；第三，以盡可能聰明且專業的方式重新開放影城，邀請全球頂尖科學家與專家協助我們為賓客與員工提供安全、潔淨的觀影環境；運用我們業界領先的顧客平台與豐富的消費者資料庫來帶動出席人次，並在影城重新開放後實施多元策略以最佳化影城獲利能力；第四，因應任何可能出現的結構性變化、全球事件或產業動態，持續管理我們的業務。

In the 60 days or so since we last spoke, AMC has made significant progress in each of these 4 focus areas. The 2 most important of which include: first, our recent successfully completed debt exchange and new first lien debt issue that lowers leverage, provides additional liquidity and extends debt maturities; as well as second, the signing of a historic agreement between AMC and Universal Studios that we believe will expand the market for both Universal and for AMC. It will preserve the most important period of time during an exclusive theatrical window in which most of the movies' revenues come in the door, while allowing AMC to share in new premium video-on-demand revenue streams. Our agreement with Universal also works to increase studio profitability from theatrical releases, which over time should lead to the green lighting of more theatrical releases, which after all is the lifeblood of our core business.

自我們上次通話以來約 60 天，AMC 在這四個重點領域皆取得顯著進展。其中最重要的兩項包括：第一，我們近期成功完成的債務交換以及新增的第一順位擔保債務發行，降低槓桿、提供額外流動性並延長債務到期日；第二，AMC 與環球影業（Universal Studios）簽署一項具歷史意義的協議，我們相信這將擴大環球與 AMC 的市場。該協議將保留獨家院線窗口期中最重要的一段時間——也就是多數電影收入進帳的期間——同時讓 AMC 得以分享新的高級隨選視訊（PVOD）收入來源。我們與環球的協議也有助於提升片商從院線上映中獲得的獲利能力，長期而言應可促使更多院線電影獲得核准開拍，畢竟這正是我們核心業務的命脈。

We'll share more in a moment, but before we do, I'll now turn the call over to Sean to update you on the second quarter and some of the more recent specific actions taken by AMC. Mr. Goodman, sir, you're on.

我們稍後會分享更多內容，但在此之前，我先把電話交給 Sean，請他向各位更新第二季情況以及 AMC 最近採取的一些更具體的行動。Goodman 先生，請。

Thanks, Adam, and thank you, everyone, for joining us this afternoon. I do hope that you and your families have been safe and well during these difficult times.

謝謝你，Adam，也謝謝各位今天下午加入我們。在這段艱難的時期，我也希望各位與家人都平安無恙、身體健康。

As Adam mentioned, our results for the quarter were severely impacted by COVID-19 crisis, which necessitated the suspension of all our theater operations in the U.S. for the entire second quarter and all of our international theaters for 2/3 of the quarter. Theaters in our international markets began to reopen in early June, but only on a limited basis. And for the quarter, international attendance was only 100,000 tickets sold compared to around 25 million last year. As of June 30, we had 37 international theaters opened, mostly playing older library Hollywood titles and some local content. As of July 31, that number of open theaters had grown to more than 130, and as of today, we have 184 theaters open internationally. We now have theaters open in every country where we operate abroad.

如 Adam 所提到，我們本季業績受到 COVID-19 危機的嚴重衝擊，迫使我們在整個第二季暫停美國所有影城營運，並在本季三分之二的時間內暫停我們所有國際影城的營運。我們國際市場的影城於 6 月初開始重新開放，但僅限於有限度的營運。本季國際出席人次僅售出 10 萬張票，相較去年約 2,500 萬張。截至 6 月 30 日，我們在國際市場已有 37 家影城開放，主要放映較舊的好萊塢片庫作品以及部分本地內容。截至 7 月 31 日，開放影城數已增至 130 家以上；而截至今天，我們在國際市場已有 184 家影城開放。我們目前在所有海外營運國家都已有影城重新開放。

It's very early days but the initial results from our international locations are encouraging, particularly with respect to food and beverage spend per person, which is holding up nicely and actually running well ahead of last year. We're also especially encouraged by the performance of a local language sequel that just opened in Spain. The sequel this year is actually driving more box office revenue even in these coronavirus-impacted times than the original did last year. And the original was the single highest grossing domestic film in Spain in 2019. Hopefully, this is a harbinger of what can occur when new Hollywood titles are released in the U.S. and overseas starting later this month.

目前仍處於非常早期的階段，但我們國際據點的初步結果令人鼓舞，特別是在每人餐飲（food and beverage）消費方面，表現維持得相當不錯，且實際上明顯領先去年。我們也對一部在西班牙剛上映的本地語言續集作品之表現感到格外振奮。即使在這些受新冠疫情影響的時期，該續集今年實際上帶動的票房收入仍高於去年原作。而原作在2019年是西班牙單一最高票房的國產電影。希望這能預示著，當新的好萊塢片名自本月稍晚起在美國及海外上映時，可能出現的情況。

But with virtually no revenue generated in the second quarter, our bottom line financial performance in the second quarter is almost irrelevant. What is crucial is how we performed against our priorities, namely the preservation and enhancement of liquidity, the reduction of debt and the management of our expenses.

但由於第二季幾乎沒有產生任何營收，我們第二季的最終損益表現幾乎無關緊要。關鍵在於我們在各項優先事項上的執行情況，也就是：維持並強化流動性、降低負債，以及管理我們的費用。

From a liquidity point of view, as of June 30, 2020, we had $498 million of cash, plus $10 million of restricted cash. Our total cash burden for the second quarter was $292 million, precisely within our targeted monthly cash burn that I guided you to on our last call. In early June, as you know, we announced an exchange offer to our senior subordinated debt holders and other related transactions which closed on July 31. More than 87% of the senior subordinated note holders elected to participate in the exchange, resulting in the issuance of approximately $1.46 billion of new second lien notes that are not due until 2026 and the elimination thereby of $555 million of debt.

從流動性的角度來看，截至2020年6月30日，我們持有4.98億美元現金，另有1,000萬美元受限制現金。我們第二季的現金總負擔為2.92億美元，精準落在我在上次電話會議中所指引的目標月度現金消耗範圍內。如各位所知，6月初我們宣布向高級次順位債務持有人提出交換要約，並進行其他相關交易，該等交易已於7月31日完成交割。超過87%的高級次順位票據持有人選擇參與交換，因而發行約14.6億美元、到期日為2026年的新第二順位擔保票據，並因此消除5.55億美元的債務。

In addition, as part of this overall transaction, we raised $300 million of new cash prior to transaction costs, premiums payable and original issue discount from the issuance of new 10.5% first lien notes due in 2026. $200 million of this new cash was raised from subordinated debt holders and $100 million was raised from Silver Lake. Also, in conjunction with the debt exchange, the $600 million of 2.95% Silver Lake convertible notes have been restructured to first lien convertible notes with a maturity extension from 2024 to 2026. And a reminder that the coupon on these Silver Lake notes remains unchanged at an extremely attractive 2.95%. The transaction also calls for the interest expense on the exchange notes to be picked due in 2026 instead of cash due now for the first 12 to 18 months. This saves the company between $120 million and $180 million of cash outflow -- outlay in the coming 4 to 6 quarters.

此外，作為整體交易的一部分，我們透過發行2026年到期、票面利率10.5%的新第一順位擔保票據，在扣除交易成本、應付溢價及原始發行折價之前，募集了3億美元的新現金。其中2億美元的新現金來自次順位債務持有人，另1億美元來自Silver Lake。同時，配合此次債務交換，6億美元、票面利率2.95%的Silver Lake可轉換票據已重整為第一順位擔保可轉換票據，並將到期日由2024年延長至2026年。並提醒各位，這些Silver Lake票據的票息仍維持不變，仍是極具吸引力的2.95%。該交易亦規定，交換票據的利息費用可採取「遞延累計（PIK）」方式，於2026年到期支付，而非在未來12至18個月以現金立即支付。此舉可在未來4至6個季度為公司節省約1.2億至1.8億美元的現金流出——現金支出。

In summary, this debt exchange transaction meaningfully improves our financial position in 4 key areas: one, reduces net debt by $555 million; two, provides incremental liquidity of $300 million before discounts and transaction costs from the issuance of the new first lien debt; three, provides $120 million to $180 million of enhanced liquidity from the ability to defer cash interest payments on newly issued second lien debt for the first 12 to 18 months; and four, extends maturities for approximately $1.7 billion of debt that was previously due in 2024 and 2025 through to 2026. As a result, our liquidity runway, should theater operations remain suspended, is extended through 2021.

總結而言，這項債務交換交易在4個關鍵面向實質改善了我們的財務狀況：第一，淨負債減少5.55億美元；第二，透過發行新的第一順位擔保債務，在折價與交易成本之前提供3億美元的新增流動性；第三，因新發行第二順位擔保債務在前12至18個月可遞延支付現金利息，額外提升1.2億至1.8億美元的流動性；第四，將先前於2024年與2025年到期、約17億美元的債務到期日延長至2026年。因此，若影城營運仍持續停擺，我們的流動性可支撐期間將延長至2021年。

Switching topics, I'd like to provide an update on our negotiations with landlords. Our strong and long-term landlord relationships remain the foundation upon which we have successfully been able to defer or abate the vast majority of rent owed during the second quarter. Currently, we have over 900 distinct theater leases, and we have already reached agreements on approximately 75% of our leases to defer or abate rent. Each agreement is unique. But you should note that in the second quarter, the vast majority of the rent expense shown on the face of the income statement has been deferred with repayment terms mostly around 24 months, although a number of agreements have repayment periods that extend through the remaining lease term, which, in some cases, is in excess of 10 years.

接著換個話題，我想更新我們與房東的協商進度。我們與房東之間強健且長期的關係，仍是我們得以成功遞延或減免第二季絕大多數應付租金的基礎。目前我們有超過900份不同的影城租賃合約，且已就約75%的租約達成遞延或減免租金的協議。每一份協議皆不盡相同。但各位應注意，第二季損益表上所列示的租金費用中，絕大多數已被遞延，償付條件多數約為24個月；不過也有若干協議的償付期間延伸至剩餘租期，在某些情況下甚至超過10年。

As I previously mentioned, the terms that we have agreed with our landlords are generally confidential and specific to particular facts and circumstances for each landlord and each theater. While future cash rent payments will depend on our ultimate reopening schedule and level of attendance, we expect that a sizable portion of the rent reflected in the income statement for the third quarter will also be deferred.

如我先前提到，我們與房東所同意的條款通常屬於機密，且會依各房東與各影城的具體事實與情況而定。雖然未來的現金租金支付將取決於我們最終的重新開業時程與出席人次水準，但我們預期第三季損益表所反映的租金中，也將有相當大的一部分會被遞延。

Shifting to capital expenditures. We have slashed capital expenditures to minimize -- to the minimum maintenance levels while theater operations remain suspended. We've halted all but essential maintenance CapEx and growth CapEx that is associated with projects that were committed to prior to the onset of COVID-19. During the second quarter, our CapEx spend was only $26.1 million, net of landlord contributions, most of which was committed prior to the outbreak of the pandemic. This spend is $85.4 million lower than the same quarter a year ago. We continue to expect 2020 net CapEx to be between $130 million and $160 million.

接著談資本支出。在影城營運仍停擺期間，我們已大幅削減資本支出，將其降至最低的維護水準。除必要的維護性資本支出，以及與COVID-19爆發前已承諾之專案相關的成長性資本支出外，我們已全面暫停其他支出。第二季我們的資本支出僅為2,610萬美元（扣除房東出資後），其中多數在疫情爆發前即已承諾。此支出較去年同期減少8,540萬美元。我們仍預期2020年淨資本支出將介於1.3億至1.6億美元之間。

Finally, before handing the call back over to Adam, it's worth noting that we are using these unprecedented times as an opportunity to intensely examine literally every category of our spending and all plausible opportunities to enhance our efficiency and improve our profitability for the longer term. While the closure of our theaters is temporary, the learnings and the actions that we are taking will have an enduring benefit for AMC. Adam?

最後，在把電話交回給Adam之前，值得一提的是，我們正把這段前所未有的時期視為一個機會，深入檢視我們支出的每一個類別，以及所有可行的提升效率與改善長期獲利能力的機會。雖然影城關閉是暫時的，但我們所獲得的經驗與正在採取的行動，將為AMC帶來持久的效益。Adam？

Thank you, Sean. In response to the unprecedented environment that we find ourselves in, we have taken bold and decisive action to get through this period of extended suspended operations to best position AMC for the future. Many of my personal friends and business colleagues graciously have asked me in recent months how stressed am I feeling or how am I holding up or something like that, given the tough hand that we in the movie theater business have been dealt. Ironically, I have been able to reply each and every time that I honestly haven't felt any pressure because if we want AMC to get through this, it was just so obvious to us exactly what we had to do, and so essential that we get the things we needed to do actually accomplished and to do so expeditiously. The lack of doubt made it easy to proceed.

謝謝你，Sean。面對我們所處的前所未有環境，我們已採取大膽且果斷的行動，以度過這段長期停業的期間，並讓AMC在未來處於最佳位置。過去幾個月，許多我的私人朋友與商業同事都很客氣地問我，在電影放映業遭遇如此艱難局面的情況下，我感到多大壓力、是否還撐得住之類的問題。諷刺的是，我每一次都能誠實地回答：我其實沒有感到任何壓力，因為若我們希望AMC能挺過這一關，對我們而言必須做什麼實在太明顯了，而且我們必須把該做的事情真正完成，並且迅速完成。毫無疑慮讓我們更容易推進。

Dating back to March, in a very short period of time, this is what AMC has done, 8 crucial steps absolutely necessary which enabled us to move forward: one, we suspended operations and mothballed a multibillion-dollar global enterprise with 1,000 locations spanning 3 continents in only a week.

回溯到3月，在非常短的時間內，AMC已完成以下工作——8個絕對必要、使我們得以前進的關鍵步驟：第一，我們暫停營運，並在僅僅一週內讓一家橫跨三大洲、擁有1,000個據點、價值數十億美元的全球企業進入封存狀態。

Two, we reduced our capital expenditures and operating expenses so dramatically, while simultaneously stepping up our cash management efforts with such stringency that our sustained cash outlays were cut by an incredible 80% to 90% in just a matter of weeks.

第二，我們大幅削減資本支出與營運費用，同時以極其嚴格的方式加強現金管理，使我們持續性的現金支出在短短數週內驚人地降低了80%至90%。

Three, in April of 2020, we raised $500 million of new public debt, we needed that cash.

第三，於2020年4月，我們發行了5億美元的新公開市場債務，我們需要那筆現金。

Four, we renegotiated hundreds and hundreds and hundreds and hundreds of theater leases the world over. In addition to deferring and abating rent in 2020, we took this opportunity to permanently lower some rent agreements going forward. Not talking about the reimbursement of deferred rent dating back to Q2 or Q3 of this year, but looking at ongoing lease contracts, we already know, for example, that our rents owed for 2021 operations, and for essentially all the years thereafter, will be permanently lowered by at least $35 million per annum as a result of these lease renegotiations. And discussions and negotiations with landlords are still ongoing and continuing in many cases.

第四，我們在全球範圍內重新談判了數以百計、數以百計、數以百計、數以百計的影城租約。除了在2020年延後與減免租金之外，我們也把握這個機會，將部分租金協議在未來永久下調。我們不是在談今年第二季或第三季起所遞延租金的補繳，而是著眼於持續性的租賃合約；例如，我們已經知道，因這些租約重新談判的結果，我們在2021年營運所應付的租金，以及其後幾乎所有年度的租金，將每年至少永久降低3,500萬美元。而且在許多情況下，與房東的討論與談判仍在進行並持續中。

Five, John just took you through the successful bond exchange offer, which reduced our debt, increased our cash and extended our maturities. I want to take this opportunity to thank our investment bankers and attorneys, who so ably helped us through this complex transaction, namely Moelis & Company and Weil, Gotshal, respectively. Thanks also to all of the firms who thought long and hard about this effort to strengthen AMC. Our senior subordinated noteholders, led by PGIM and H/2, deserve special mention as they, too, worked incredibly hard to buttress AMC's future. Many of these noteholders provided AMC with much needed additional cash as did Silver Lake. Their actions were consistent with the support that AMC has enjoyed over many, many years from all of our stakeholders, up and down the capital stack from top to bottom for which we're all so truly grateful.

第五，John剛剛向各位說明了成功的債券交換要約，該交易降低了我們的負債、增加了我們的現金並延長了到期年限。我也想藉此機會感謝我們的投資銀行家與律師，他們非常能幹地協助我們完成這筆複雜的交易，分別是Moelis & Company以及Weil, Gotshal。也感謝所有對強化AMC這項努力深思熟慮的各家公司。我們的優先次順位票據持有人（senior subordinated noteholders），由PGIM與H/2領銜，值得特別一提，因為他們同樣極其努力地支撐AMC的未來。其中許多票據持有人如同Silver Lake一樣，為AMC提供了我們迫切需要的額外現金。他們的行動與AMC多年來自所有利害關係人所獲得的支持一致——在資本結構中自上而下、從頭到尾——我們對此都由衷感激。

Six, John also just related our pouring through every operating expense line and every staff position in our headquarters and at our theaters to reduce our cost structure going forward for the long haul. We'll be talking about this in more detail on our next quarterly call. But you should know that our target for a reduction in operating and capital expenditures is in the several hundred million dollar range. As part of the effort to reduce cost, it's always painful to have to say goodbye to some truly talented managers. But under these unique circumstances, we had no choice but to reduce staffing at our corporate headquarters by about 1/3 fewer people going forward as compared only a year ago. Our theater management teams have similarly been streamlined. We are certainly getting leaner than we have ever been before.

第六，John也剛剛提到，我們逐一檢視每一項營運費用科目，以及總部與影城的每一個員額編制，以在未來長期降低我們的成本結構。我們會在下一次季度電話會議中更詳細地說明。但各位應該知道，我們降低營運支出與資本支出的目標規模，將達數億美元。在降低成本的過程中，必須向一些真正才華洋溢的管理者道別，總是令人痛苦。但在這些特殊情況下，我們別無選擇，只能將公司總部的人力編制相較於一年前縮減約三分之一。我們的影城管理團隊也同樣已精簡。我們確實正變得比以往任何時候都更精實。

Seven, we developed our extremely important AMC safe and clean protocols consulting with the Clorox Company and faculty of Harvard's prestigious School of Public Health. This all being done with the overarching goal in the near-term of resuming theatrical operations, safely and responsibly.

第七，我們制定了極其重要的AMC安全與清潔作業規範，並諮詢了高樂氏公司（Clorox Company）以及哈佛大學享負盛名的公共衛生學院（School of Public Health）的教職員。這一切的首要目標，是在短期內以安全且負責任的方式恢復影城營運。

And finally, eight, we just negotiated an industry-changing agreement with Universal that will reshape exhibition for years to come and will do so in ways that we believe will materially benefit AMC's shareholders.

最後，第八，我們剛與環球影業（Universal）談成一項將改變產業的協議，這將在未來多年重塑院線發行（exhibition），並且我們相信將以實質方式使AMC股東受益。

There are signs that we're starting to emerge from the deepest abyss of the pandemic as our international theaters began reopening over the last 60 days. Just yesterday, we welcomed back our 1 millionth paid guest since resuming operations in our international markets. And we are literally counting the days to our U.S. reopening expected to commence only a couple of weeks from now in the United States.

隨著我們的國際影城在過去60天陸續重新開業，已有跡象顯示我們正開始走出疫情最深的谷底。就在昨天，自我們在國際市場恢復營運以來，我們迎回了第100萬名付費入場的觀眾。而我們也正在倒數計日，等待美國影城重新開業；預計在美國僅再過幾週就會開始。

Let's turn to the subject that many of you are now thinking about, our agreement with Universal, what it means for AMC and what it means for exhibition more broadly. As you know, from our previous announcement, this is a multiyear agreement that provides for theatrical exclusivity for all Universal pictures and focused features, theatrical releases for at least 3 weekends comprising at least 17 days, the time went as much as 80% of a film's theatrical viewing has already taken place. After which time, the studio will have the option to make its titles available across premium video-on-demand platforms, known as P-V-O-D or PVOD, including our very own AMC Theaters On Demand accessible at the amctheaters.com website. Universal has said publicly that not all of their titles will move to PVOD after 17 days, but admittedly, it does provide Universal with that option. Even though the Universal agreement is about a week old, we already have offered similar arrangements to all of our studio partners. Undoubtedly, some will and some will not take us up on our offers to do the same.

接下來談談許多人此刻正在思考的主題：我們與環球的協議，這對AMC意味著什麼，以及更廣泛地對院線發行意味著什麼。如各位所知，根據我們先前的公告，這是一項多年期協議，為所有環球影片與重點作品提供院線獨家期；院線上映至少3個週末、合計至少17天——而在這段期間內，過去往往已完成一部電影高達80%的院線觀影。之後，片商可選擇將其片名上架至高級隨選視訊（premium video-on-demand）平台，稱為P-V-O-D或PVOD，其中也包括我們自家的AMC Theaters On Demand，可透過amctheaters.com網站使用。環球已公開表示，並非所有片名都會在17天後轉至PVOD，但不可否認的是，該協議確實賦予環球這項選擇權。儘管與環球的協議才約一週，我們已向所有片商合作夥伴提出類似安排。毫無疑問，有些會接受我們的提案，有些則不會。

So why did AMC do this? Here's the answer. We cannot just live in the past, fear change and hope that it will never take root. Sometimes, one has to stare change in the face, recognize that it has or soon will arrive and reshape it to one's own benefit. That's what we've done at AMC. Yes, the press seemed focused on Universal's experiment with Trolls back in March, but we were looking at much larger and more important trends, take a deeper look at what has happened of late.

那麼，AMC為什麼要這麼做？答案如下。我們不能只活在過去、害怕改變，並寄望改變永遠不會發生。有時候，你必須直視改變，承認它已經到來或即將到來，並將其塑造成對自己有利。這正是我們在AMC所做的事。是的，媒體似乎聚焦在環球於3月以《魔髮精靈：世界巡迴》（Trolls）的實驗，但我們看到的是更大、更重要的趨勢，並更深入地檢視近期所發生的一切。

Netflix has outbid major studios for one script after another. Disney took Hamilton, Artemis Fowl and now Mulan to Disney+. Warner took SCOOB! to HBO MAX. Paramount took SpongeBob to CBS All Access. Sony sold Tom Hanks' new Greyhound to Apple TV+. Exhibition will not receive $0.01 on any of these movies. Sure, some hope that this is merely a short-term coping with closed theaters during the virus, but we saw a changing industry where we at AMC needed to figure out how to be included in the economics of all film viewing whether it takes place in our theaters, on our own website or on people's couches at home. Incidentally, our capital cost invested in someone's couch at home is precisely 0.

Netflix一次又一次以更高出價擊敗各大片商，拿下劇本。迪士尼把《漢密爾頓》（Hamilton）、《阿特米斯奇幻歷險》（Artemis Fowl），以及現在的《花木蘭》（Mulan）帶到Disney+。華納把《史酷比！》（SCOOB!）帶到HBO MAX。派拉蒙把《海綿寶寶》（SpongeBob）帶到CBS All Access。索尼把湯姆・漢克斯的新片《怒海戰艦》（Greyhound）賣給Apple TV+。院線對這些電影將拿不到0.01美元。當然，有些人希望這只是因疫情導致影城關閉下的短期應對，但我們看到的是產業正在改變；我們AMC必須想辦法，讓自己能參與所有電影觀影的經濟利益——不論觀影發生在我們的影城、在我們自己的網站，或是在家中沙發上。順帶一提，我們投資在某人家中沙發的資本成本，精確地說是0。

Although the financial terms of the Universal agreement are confidential, I can tell you that the agreement allows AMC to participate handsomely in the entirety of the economics of this new structure, including receiving a share of each film's PVOD revenue stream, whoever may be the retailer as well as receiving considerable additional economics when the film is retailed on our own AMC Theaters On Demand service.

雖然與環球協議的財務條款屬機密，但我可以告訴各位，該協議使AMC能在這種新結構的整體經濟利益中獲得相當可觀的參與，包括不論零售商是誰，我們都能分得每部影片PVOD收入流的一部分；此外，當影片在我們自家的AMC Theaters On Demand服務上架銷售時，我們也能獲得可觀的額外經濟利益。

AMC benefits in 3 ways with this new Universal agreement, and hopefully, with other studios where we do something similar. One, we now will be cut in, included and paid when Universal movies go to the home early. Two, hopefully, the market will expand. Think about this very carefully. Of the hundreds of movies released last year in 2019, pre-COVID, only about 15 grossed more than $150 million domestically. Only another 15 or so grossed between $100 million and $150 million domestically. That means that even though movie theaters sold well more than 1 billion tickets in the U.S. and Canada last year, which is a stunningly high number in total, only 30 movies in total sold more than about 10 million tickets in the U.S. and Canada, only 15 movies in total sold more than 15 million tickets in total. That in 2 countries of more than 340 million people in total. How much can moviegoing and movieviewing increase with PVOD?

透過這項新的環球協議——並希望也能與其他片商採取類似作法——AMC將以三種方式受益。第一，當環球電影提早轉至家庭端時，我們現在將能分得一杯羹、被納入並獲得報酬。第二，希望市場規模能擴大。請非常仔細地思考這點。在2019年、COVID之前，去年上映的數百部電影中，只有約15部在美國國內票房超過1.5億美元。另外也只有約15部在美國國內票房介於1億至1.5億美元之間。這意味著，儘管去年美國與加拿大的影城售出了遠超過10億張電影票——總量驚人地高——但合計只有30部電影在美國與加拿大各自售出超過約1,000萬張票，合計也只有15部電影售出超過1,500萬張票。而這僅是在兩個合計人口超過3.4億的國家。有了PVOD之後，觀影與看電影的規模能增加多少？

As AMC will meaningfully share in that new revenue stream, this potential dramatic expansion of revenues should protect AMC against the cannibalization that admittedly will occur as some people shift from theatrical viewing to home viewing instead. This is something that we have very carefully researched, very thoughtfully modeled and something that our company has been thinking about for almost 5 years.

由於 AMC 將在這條新的收入來源中實質分得一杯羹，這種潛在的營收大幅擴張，應可保護 AMC 免於（我們也坦承）當部分人從戲院觀影轉向改在家中觀影時所必然發生的自我侵蝕效應。這是我們非常審慎研究、非常周延建模的事項，也是我們公司近 5 年來一直在思考的事情。

And the third way that we benefit from PVOD is this, PVOD creates the added potential for increased movie studio profit from that added home viewing of theatrical movies. More profitable theatrical movie making should logically, in turn, lead to more theatrical movies being made. The reaction of one major studio to our Universal agreement was that AMC would take some incoming flack. But more importantly, and I quote them verbatim, "Adam, you're going to take heat. But with this action, AMC just saved Exhibition. Honestly, we were going to greenlight fewer and fewer theatrical movies. Now with an added revenue stream to studios, we'll be greenlighting more and more theatrical movies instead."

而我們從 PVOD 受益的第三種方式是：PVOD 透過增加院線電影在家觀影，為片廠帶來提高獲利的額外潛力。更高獲利的院線電影製作，從邏輯上說，反過來應會促使製作更多院線電影。某家大型片廠對我們與環球（Universal）協議的反應是，AMC 會遭受一些外界抨擊。但更重要的是——我逐字引用他們的話——「Adam，你會被砲轟。但採取這個行動，AMC 剛剛拯救了院線放映產業（Exhibition）。老實說，我們原本打算核准（greenlight）越來越少的院線電影。現在片廠多了一條收入來源，我們反而會核准越來越多的院線電影。」

No doubt, some of you may be interested in our reaction to Disney's Mulan announcement this week. I'll save the sharing of our view until one of you ask us during Q&A.

毫無疑問，你們之中有些人可能對我們本週對迪士尼《花木蘭》（Mulan）公告的反應感興趣。我會先保留我們的看法，等到你們在問答環節有人問到時再分享。

Before we open up the call to your questions, in summary: One, AMC remains focused on driving down costs, preserving and increasing liquidity and reducing debt as we manage our way through the current market challenges.

在我們開放提問之前，總結如下：第一，AMC 仍專注於降低成本、維持並提升流動性，以及在我們因應當前市場挑戰的過程中降低負債。

Two, the safety and well-being of our guests is enormously important. And those of you who visit our theaters when they reopen, will see for yourself that AMC is all over this issue of providing a clean, safe and enjoyable experience at our theaters as we resume operations. Our marketing activity will be extensive to convince moviegoers to get out of their homes and apartments, where they've almost been in prison since March, and see movies once again at AMC's and Odeon's theaters in our big seats, with our big sound and on our big screens.

第二，賓客的安全與福祉極其重要。當你們在戲院重新開放後前來觀影時，將親眼看到 AMC 對於在恢復營運時提供乾淨、安全且愉悅的觀影體驗這件事，已全面到位。我們將展開大規模行銷活動，說服影迷走出自三月以來幾乎像被關在牢裡的家中與公寓，再次到 AMC 與 Odeon 的戲院，在我們的大座椅上、享受我們的大音響、在我們的大銀幕上看電影。

Three, AMC is not afraid of change. And as said, we believe that we are forcing that inevitable change to bend in ways that will serve AMC well and will benefit AMC shareholders as a result.

第三，AMC 不害怕改變。如前所述，我們相信我們正在迫使那個不可避免的改變，以對 AMC 有利的方式轉向，並因此讓 AMC 股東受益。

And four, finally, as we celebrate AMC's 100th anniversary, we're thankful to all those institutions standing by us during difficult times. We're especially thankful to the dedication and commitment of our management group and our associates who have been and continue to be working tirelessly with great dedication and a great personal sacrifice to allow us to emerge from this crisis as a strong industry leader, ready to provide thrilling experiences for audiences at home and abroad as we've done for decades and decades and decades in century #1 now behind us.

第四，也是最後，值此慶祝 AMC 成立 100 週年之際，我們感謝所有在艱難時刻支持我們的機構。我們尤其感謝管理團隊與同仁的投入與承諾；他們一直並仍在不懈努力，以高度的奉獻精神與巨大的個人犧牲，讓我們能以強大的產業領導者之姿走出這場危機，並如同過去數十年、數十年、數十年一樣，準備好在國內外為觀眾提供令人振奮的體驗——如今我們已走過第一個百年。

With that, thank you for listening. We now look forward to taking your questions. Operator?

說到這裡，感謝各位收聽。我們現在期待回答各位的提問。接線員？

(Operator Instructions)

(接線員指示)

The first question is from Eric Wold with B. Riley.

第一個問題來自 B. Riley 的 Eric Wold。

A couple of questions is one -- probably for Adam, I guess. I guess a follow-up question on the Universal deal. Obviously, you spoke with Universal extensively on this digital modeling. How do you think about -- how should we think about the decision that we made as to whether or not a film is pulled after 17 days or not? I'll leave it to you to answer if you want.

我有幾個問題，其中一個——我想應該是問 Adam。我想追問一下與環球的交易。顯然你們就這個數位模型與環球做了大量討論。你怎麼看——我們應該怎麼看待我們所做的決策：一部電影是否會在 17 天後被撤下（pulled）？如果你願意回答的話，就交給你。

I guess -- and how would that be communicated to consumers. Is this communicated well ahead of time? Will they be a movie showing on the screen so they know it's on PVOD in 10 days? Will it not be announced until right the release to PVODs? I just want to make sure that they're not obviously adjusting their behavior as much as they can with advance notice.

我想——以及這會如何傳達給消費者。這會提前很久就溝通嗎？會不會在銀幕上放映時就讓他們知道 10 天後會上 PVOD？還是要到 PVOD 上線前才會宣布？我只是想確認，顯然不要讓他們因為提前得知而盡可能調整他們的行為。

Thanks, Eric. And I really appreciate the question because it gives me an opportunity to make sure that everybody on the call understands what we actually did. First of all, under the Universal agreement, no movie is being pulled. The movies that go to PVOD at 17 days are going to stay in theaters, and we expect to still sell a whole bunch of tickets at our theaters even when movies are available on PVOD. There are certain advantages to watching a film on a 40-foot screen than watching a film on a 40-inch screen.

謝謝你，Eric。我也非常感謝這個問題，因為它讓我有機會確保電話會議上的每個人都理解我們實際做了什麼。首先，在與環球的協議之下，沒有任何電影會被撤下。在第 17 天進入 PVOD 的電影仍會留在戲院上映，而我們預期即使電影在 PVOD 上也可觀看，我們在戲院仍會賣出大量票券。在 40 英尺的銀幕上看電影，相較於在 40 吋的螢幕上看，確實有某些優勢。

Our company has invested billions of dollars over the past few years to make sure that our theaters are in great condition, and that our fleet of theaters appeals to consumers. Similarly, I'll remind everybody the conventional wisdom about streaming and PVOD and all this before the pandemic was -- by the way, conventional wisdom from people who I disagree with but that's a different issue -- was oh, theaters are an anachronism, why would anybody go to a theater? People want to stay home. If the pandemic has taught us anything, it's that people would do anything to get out of their house or their apartment. If you told me right now I could go spend 3 hours at a hardware store, I would tell you, that's an exciting afternoon.

過去幾年，我們公司已投資數十億美元，確保我們的戲院維持在極佳狀態，並讓我們的戲院組合對消費者具有吸引力。同樣地，我也提醒大家：在疫情之前，關於串流、PVOD 等等的所謂「傳統觀點」是——順帶一提，這些傳統觀點來自一些我不同意的人，但那是另一回事——他們說：喔，戲院是過時的產物，為什麼有人要去戲院？人們想待在家裡。如果這場疫情教會我們任何事，那就是人們會想盡辦法走出家門或公寓。如果你現在告訴我，我可以去五金行逛 3 個小時，我會告訴你：那會是一個令人興奮的下午。

And so movies aren't going to get pulled from theaters. They'll stay in theaters. We'll continue to sell tickets. On that score, yet another reminder, every house has a kitchen, every apartment has a kitchen, people go out to restaurants all the time.

所以電影不會從戲院被撤下。它們會繼續在戲院上映。我們會持續賣票。就這點再提醒一次：每個房子都有廚房、每間公寓也都有廚房，但人們仍然經常外出上餐廳。

On the issue of when people find out that a film will be going to PVOD, remember that not all films will. So already you've unpredictability as to which films are going to go PVOD and which films are not going to go PVOD, especially if some other studios take very few films to PVOD, and even Universal itself has said that on many of their films, they won't go to the home in 17 days. By contract with Universal, they are not allowed to talk about a film being released to the home or to tablet or to cellphone or whatever other distribution channel, to your laptop, I guess. They're not allowed to state that until after the 10th day of theatric release. So the only advertising for a movie through its first 2 theatrical weekends, when well more than half of the movie's revenues are booked, we'll say only in theaters. It's only the Monday after the second weekend where Universal can start talking about the fact that this -- starting this coming weekend, the movie would be available in theaters and at home.

至於人們何時會知道某部電影將上 PVOD，請記得並非所有電影都會。因此，哪些電影會上 PVOD、哪些不會，本來就具有不確定性；尤其如果其他片廠只有極少數電影會上 PVOD，而就連環球自己也表示，他們許多電影不會在 17 天內就轉到家庭端。依照與環球的合約，他們不得在院線上映的第 10 天之前，談論某部電影將在家中、平板、手機或任何其他發行通路（我想也包括你的筆電）上架。在院線上映的第 10 天之前，他們不得對外聲明。因此，一部電影在前兩個院線週末（此時通常已入帳超過一半的票房收入）的所有宣傳，都只會說「僅在戲院上映」。只有在第二個週末結束後的那個星期一，環球才可以開始談論：從接下來這個週末起，該電影將可在戲院與家中同步觀看。

And finally, one last important point in -- buried in the press release -- no not buried, it was there, but I'm not sure everybody focused on it. In the press release announcing the agreement, we contractually reaffirmed with Universal the 74-day electronic sell-through window and the even later video-on-demand window than that. So other than the PVOD channel, those cheaper distribution vehicles that exist today for consumers to watch movies in other than theaters, are not going to slide forward. And there's been enormous discussion and pressure within the industry over the past 4 or 5 years to bring those windows forward. Those windows have been fully protected under the terms of the Universal agreement.

最後，再補充一個重要重點——在新聞稿裡——不是被埋起來，它就在那裡，只是不確定大家是否有注意到。在宣布協議的新聞稿中，我們在合約上與環球再次確認：電子銷售（electronic sell-through）的 74 天窗口期，以及比那更晚的隨選視訊（video-on-demand）窗口期。因此，除了 PVOD 通路之外，現今消費者用來在戲院以外觀看電影的那些更便宜的發行方式，不會提前。而在過去 4 到 5 年間，業界對於把這些窗口期提前，已有大量討論與壓力。在與環球協議的條款下，這些窗口期已獲得完全保障。

Perfect. And just one last follow-up. As you think about the theaters reopening in the coming weeks and you think about kind of the combination of the operational changes you've made to reduce expenses going forward, including kind of offset by some of the expected pressure from enhanced cleaning procedures, et cetera, how should we think about, on a consolidated basis, the best you can domestically, what kind of a breakeven level attendance would look like?

完美。最後再追問一點。當你思考未來幾週戲院重新開放，以及你們為了降低未來費用所做的一系列營運調整（其中也包括因加強清潔程序等帶來的預期壓力所抵銷的一部分），我們應該如何看待——以合併口徑、在你能就美國國內所能提供的最佳估計下——大概需要達到什麼樣的觀影人次水準才會損益兩平？

A simple question, complicated answer. First of all, on enhanced cleaning costs, they are sizable. I've seen others of our competitors state what they think they are for their chains. We think they are appreciably higher, in part, because we're taking this so seriously. We've got electrostatic sprayers and HEPA vacuums and upgraded MERV-13 air filtration filters that are quadruple the cost of what we had previously. We can't eat all these costs. Ultimately, we're going to have to pass these costs on the consumer as all businesses pass costs on to the consumer. So I don't think you necessarily should assume that enhanced cleaning costs are only going to come out of our bottom line.

問題很簡單，答案很複雜。首先，關於加強清潔的成本，金額相當可觀。我看過我們一些競爭對手對其連鎖體系所認為的成本數字。我們認為我們的成本明顯更高，部分原因是我們非常嚴肅地看待這件事。我們配備了靜電噴霧器、HEPA 吸塵器，以及升級到 MERV-13 的空氣過濾濾網，其成本是我們先前使用的四倍。我們不可能把這些成本全部自行吸收。最終，我們必須把這些成本轉嫁給消費者，就像所有企業都會把成本轉嫁給消費者一樣。所以我不認為你應該假設加強清潔成本只會從我們的損益表底線中被吸收。

In terms of breakeven, it's a question I'd like to save for the next quarterly call when we can exactly and precisely identify our cost-cutting targets for 2021. The -- as I said, our ambitions are high. We already have $35 million found in rent reductions. We've already knocked several hundred people off the payroll, and we're cutting costs all over the place. So we'll be looking for hundreds of millions of savings, either in capital expenditures or operating expenses, and by definition, where we land will also affect the breakeven point. But let me just share with you this number. The real question is, are we better off open or closed? And by our calculation, if we're more than about 25% of last year's volumes, we're better off open than shut because the theaters would be cash positive. They may not be generating as much EBITDA as they generated if we were -- had last year's attendance level, but they'll be generating contribution to overhead, contribution to landlord rent payments.

至於損益兩平，這個問題我想留到下一次季度電話會議，屆時我們可以明確且精準地界定我們 2021 年的削減成本目標。正如我所說，我們的企圖心很高。我們已經找到 3,500 萬美元的租金減免。我們已經從薪資名冊中裁減了數百人，並且在各方面削減成本。因此，我們將尋求數億美元的節省，可能來自資本支出或營運費用；而按定義，我們最終落點也會影響損益兩平點。但我先跟你分享一個數字。真正的問題是：我們開門營業比較好，還是關門比較好？依我們的計算，只要達到去年量能的大約 25% 以上，開門就比關門更好，因為戲院將會有正向現金流。它們可能不會產生像——如果我們有去年那樣的出席水準——那麼多的 EBITDA，但它們會對總部間接費用有貢獻，對房東租金支付也有貢獻。

And I haven't seen any research that suggests that with new Hollywood content, with new titles that we'll be doing less than 25% of last year's attendance levels for any lengthy period of time. So I think that's the most important number. If we cross 25% of last year's levels, we're better off open than shut. And of course, the sooner we can ramp up to a much higher attendance level, the sooner -- it won't be an issue are we better off open than shut. It will be an issue of how much EBITDA are we generating and driving the business forward.

而且我沒有看到任何研究顯示，在有新的好萊塢內容、推出新片名的情況下，我們會在任何較長的一段時間內低於去年出席水準的 25%。所以我認為那是最重要的數字。只要我們跨過去年水準的 25%，開門就比關門更好。當然，我們越快把出席水準拉升到更高，越快——「開門比較好還是關門比較好」就不會是問題。問題將會變成：我們能產生多少 EBITDA，並推動業務向前。

Next question is from Jim Goss with Barrington Research.

下一個問題來自 Barrington Research 的 Jim Goss。

A couple more on the topic du jour, Adam. When you say 80% of the revenues are -- box office revenues are usually generated in the first 3 weekends, I wonder if that figure changes as it gets more compressed, if people do know that PVOD will be available. And I guess that's always been the whole argument against a longer window because even though the majority are done upfront, that's because of the longer lag. And so I wonder what you think that might come down to. And what sort of PVOD sell-through do you think you'd need to make up for whatever it is you might give up?

Adam，再就今天的熱門話題多問幾個。你提到通常 80% 的票房收入——也就是票房收入——通常在前三個週末產生，我想知道當檔期更被壓縮、而且大家知道 PVOD 會上線時，這個比例是否會改變。我想這一直是反對更長窗口期的核心論點：即便大多數收入一開始就完成，那也是因為後面拖得更久。所以我想知道你認為這個比例可能會降到什麼程度。另外，你認為需要達到什麼樣的 PVOD 銷售（sell-through）水準，才能彌補你們可能會放棄的那部分？

And are you suggesting today that whole issue might involve not just that particular film, but the broader group of films, so that's how -- part of the rationale as well? And maybe go with that first.

以及你今天是否在暗示，整個議題可能不只是針對那一部特定電影，而是涉及更廣泛的一組影片，因此那也是部分的理由？也許先回答這個。

Okay. So on the 80% figure, that number's a pretty good number but it does vary title by title. And on some movies, it's only half of the business is done in the first 3 weekends. On other films, it's almost 100% of the business is done in the first 3 week -- by the end of the first 3 weekends. Obviously, the bigger the film, the more successful the film, the more of its revenues will occur after 17 days. Having said that, the bigger the film, the bigger the potential theatrical revenue to come, that could actually cause a studio not to want to take the film to PVOD in 17 days. They might prefer to wait and milk the exclusive theatrical window for all they can get.

好的。關於 80% 這個數字，它是個相當不錯的概括，但確實會因片而異。有些電影，前三個週末只完成了一半的生意。另一些電影，幾乎 100% 的生意都在前三個週末結束前——也就是前三個週末結束時——完成。顯然，電影越大、越成功，其在第 17 天之後發生的收入就越多。話雖如此，電影越大，潛在的院線票房收入就越大，這反而可能讓片商不想在 17 天就把電影推到 PVOD。他們可能更願意等待，盡可能榨取院線獨家窗口期的收益。

Remember, there's not a requirement here that all movies go to the home in 17 days. It's an option on a film-by-film basis for each and every studio who participate in something similar. And we're putting them in the driver's seat because, as I said, we believe that we're well compensated if they go to the home.

請記住，這裡並沒有要求所有電影都必須在 17 天後上家庭端。這是一個選項，片商可針對每一部電影逐片決定，只要參與類似安排的每一家片商都可以這麼做。而我們把決定權交給他們，因為如我所說，我們相信如果他們把片子推到家庭端，我們會獲得充分補償。

How much we need to essentially breakeven from cannibalization really depends on how big PVOD becomes or not and for what films is it allocated. In some circumstances, we would need for the incrementality to be very small for us to be ahead of the game on -- of the admitted cannibalization that's going to come. Some people clearly who would have seen it in a theater are going to watch at home instead. But we're getting paid for everybody who watches at home. And as I said, we're getting a meaningful chunk of that revenue. And we do need some incrementality for this to prove to be a wise decision for AMC. But it's a reasonable amount of incrementality that we need.

我們基本上需要多少才能在「蠶食效應」下達到損益兩平，真的取決於 PVOD 會變得多大、或不會變得多大，以及它被分配到哪些影片上。在某些情況下，我們只需要非常小的增量，就能在——面對必然會出現的蠶食效應——仍然占上風。很明顯，有些原本會去戲院看的觀眾，會改在家裡看。但每一個在家裡觀看的人，我們都能拿到報酬。而且如我所說，我們能分到其中相當有意義的一部分收入。我們確實需要一些增量，才能證明這對 AMC 來說是明智的決策。但我們所需要的增量幅度是合理的。

We've modeled this with very high cannibalization rates. And based on our agreement with Universal, we come out just fine. The terms are confidential, so I'm not at liberty to say what they are. And so I -- it would be wiser if I duck the third question, but as I said, we've modeled this very carefully. It's gone through a tremendous amount of analysis. And we're pretty sure we're ahead of the game, not behind the game.

我們已用非常高的蠶食率來建模。根據我們與環球（Universal）的協議，我們的結果完全沒問題。條款屬於機密，所以我無法透露具體內容。因此我——我最好迴避第三個問題；但如我所說，我們已非常審慎地建模。這經過大量分析。我們相當確定我們是占上風，而不是處於劣勢。

Okay. I appreciate that. A couple of others, I'll give you the chance to talk about Mulan as you seem to be interested in. And also, is there room for the other exhibitors to do a similar deal? Or do you have first-mover advantage, and they would not -- there would not be enough left that one of the studios would want to cut in more than one on the PVOD issue?

好的。我理解，謝謝。另外還有幾個問題，我也給你機會談談《花木蘭》，看起來你對此很有興趣。還有，其他院線業者是否也有空間做類似的交易？或者你們有先行者優勢，而他們——在 PVOD 議題上——剩下的利益不足以讓片商願意同時跟不只一家院線分成？

I'm expecting this is going to become an industry standard. So I would expect that some of our competitors will do it, not all. That's going to be up to the heads of those other exhibitors and the heads of each studio as to -- that's a private negotiation between lots of parties, multiple studios, multiple exhibitors. Our agreement is U.S. only at the moment. But we did say in the release that we expect this to go to some European territories over the next -- in the coming weeks or months, we'll sit down with Universal and sort through that where it makes sense.

我預期這將會成為業界標準。因此我預期我們的一些競爭對手會跟進，但不會是全部。這將取決於其他放映商的負責人以及各家片廠的負責人——那是許多當事方之間的私下協商，涉及多家片廠、多家放映商。我們目前的協議僅限於美國。但我們也在新聞稿中表示，我們預期在接下來——未來幾週或幾個月內，這會推進到一些歐洲地區；我們會與環球坐下來，針對在哪些地方有意義進行梳理。

I do think you should assume that we got a first-mover advantage because we were a first mover, and first movers do deserve to get a first-mover advantage. As I said, we think we made an attractive deal for AMC's shareholders, and we know it's an attractive deal for Universal. This is something they've wanted to do for a very long time. And it's interesting, with all the letter writing and press statements, privately, our discussions with Universal were always amiable, respectful. We sell more tickets for Universal than anybody on the planet. We want Bond in our theaters. We want F9 in our theaters. We want Candyman in our theaters. And there might have been a little posturing but there was no ill will between Universal or AMC during this whole process. And coming out of this whole process, both AMC and Universal are both all smiles and very much committed to continuing to sell a lot of tickets for AMC.

我確實認為你應該假設我們取得了先行者優勢，因為我們是先行者，而先行者理應獲得先行者優勢。如我所說，我們認為我們為AMC股東談成了一筆具吸引力的交易，而我們也知道這對環球而言同樣具吸引力。這是他們想做很久的一件事。而且很有意思的是，儘管有各種寫信與新聞聲明，私底下我們與環球的討論始終友善、相互尊重。我們為環球賣出的電影票比地球上任何人都多。我們希望《007》在我們的戲院上映。我們希望《玩命關頭9》在我們的戲院上映。我們希望《糖果人》在我們的戲院上映。或許有一點姿態上的角力，但在整個過程中，環球與AMC之間並沒有惡意。而在整個過程結束後，AMC與環球都笑容滿面，並且非常致力於持續為AMC賣出大量電影票。

Speaking of our great friends, if I'm being honest, if I just talk about Universal, and I'm going to talk about Disney, I would be really remiss if I just didn't say the word Warner Bros. Because I think Warner Bros. is doing something heroic for the exhibition industry by releasing Tenet in a few weeks, assuming it doesn't slip, but sounds pretty good for a Labor Day weekend. And I just would like to thank everybody at Warner, Ann Sarnoff, Ron Sanders, Jeff Goldstein, Andrew Cripps, Toby Emmerich. Warner Bros. is right out there on the edge for exhibition.

說到我們的好朋友，坦白說，如果我只談環球，接著要談迪士尼，而我卻不提華納兄弟，那就太失職了。因為我認為華納兄弟在幾週後推出《天能》（Tenet），對放映產業而言是在做一件英勇的事——前提是檔期不再延後，但看起來勞動節週末的安排相當不錯。我也想感謝華納的每一位：Ann Sarnoff、Ron Sanders、Jeff Goldstein、Andrew Cripps、Toby Emmerich。華納兄弟正站在放映業的最前沿。

Now having said that, surprisingly, you might think I'm disappointed that Mulan is moving. But AMC has no bigger friend in the planet than Disney. We sell more tickets for Disney than anyone else in the world. Disney provided us with more content last year than any other studio in the world. It's a symbiotic relationship between Disney and AMC, where both companies will thrive if each company thrives. Mulan was supposed to go to market and have its premiere in March. It got delayed and delayed and delayed. Their company just announced earnings. Just like AMC is under duress, Disney is under pressure, too. And at some point, they've got to monetize their movie products. They have a huge slate coming for the balance of 2020.

話雖如此，令人意外的是，你可能以為我會對《花木蘭》延期感到失望。但在這個世界上，AMC沒有比迪士尼更大的朋友。我們為迪士尼賣出的電影票比全球任何人都多。去年迪士尼提供給我們的內容量，超過全球任何一家片廠。迪士尼與AMC之間是一種共生關係：兩家公司都會在彼此繁榮時一同茁壯。《花木蘭》原本應該在三月上市並舉行首映。它一再延後、一再延後、一再延後。他們公司剛公布財報。就像AMC正承受壓力一樣，迪士尼也同樣面臨壓力。而在某個時間點，他們必須把電影產品變現。他們在2020年剩餘期間還有非常龐大的片單要推出。

We will benefit mightily from Disney titles in 2020, with or without Mulan. So we fully understand that we -- what they did. We would have preferred that they kept the movie as a theatrical movie only. But I think our biggest reaction overall to the Mulan announcement is how much it reaffirms our wise and smart decision last week to take the risk and sign on to PVOD because, right now, Disney's choice under the current world order are these 2 choices: they can take it to the home or they can take it to theaters. They can't do both. Under the PVOD model, they could have taken it to theaters and taken it to the home, essentially at the same time, admittedly with this at least 17-day lag where a huge percentage of Mulan's revenues theatrically would have been booked.

我們將在2020年從迪士尼片單中大幅受益，不論有沒有《花木蘭》。所以我們完全理解他們——他們所做的決定。我們本來更希望他們把這部片維持為僅限院線上映。但我認為，對《花木蘭》公告我們整體最大的反應，是它再次印證了我們上週做出一個明智且聰明的決定：承擔風險加入PVOD，因為在當前的世界秩序下，迪士尼的選擇只有兩個：要嘛上家庭端，要嘛上戲院端。他們無法兩者兼顧。在PVOD模式下，他們本可以把它帶進戲院，同時也帶進家庭端——基本上幾乎同時，當然至少會有17天的延遲，而《花木蘭》在院線的很大一部分收入本可在那段期間入帳。

As we go down the road with studios like Disney, I'm hoping that we take them out of the Hobson's choice of having to choose between Disney+ or theatrical. I'd like to give them the opportunity to do an and not an or. And I assure you that we would make far more money out of Mulan if that movie had been released to our theaters and then to PVOD, especially if we got a cut, than we would benefit from Mulan just going straight to the home and our not seeing a penny from it.

當我們與像迪士尼這樣的片廠繼續往前走時，我希望我們能讓他們不必陷入霍布森式選擇（Hobson's choice），也就是必須在Disney+或院線之間二選一。我希望給他們一個「而且」而不是「或者」的機會。我向你保證，如果《花木蘭》先在我們戲院上映、再上PVOD——尤其是如果我們能分到一部分——我們從中賺到的錢會遠多於《花木蘭》直接上家庭端、而我們一毛錢都看不到的情況。

Interesting point of view.

很有意思的觀點。

I do realize that some of our competitors are anxious about this change. Change is always difficult for some to cope with. But as I said, we researched it. We've modeled it. We thought about it. We've argued it. We've debated it. And we're sure that we're coming out ahead.

我確實知道我們的一些競爭對手對這項改變感到焦慮。改變對某些人而言總是難以適應。但如我所說，我們做過研究。我們做過模型推演。我們思考過。我們爭論過。我們辯論過。而我們確信最後我們會是占上風的一方。

Okay. They have an extra issue because you have to pay for a Disney+ subscription and pay the extra $30. So that makes it even more interesting because it limits the audience.

好的。他們還有一個額外的問題，因為你必須付Disney+訂閱費，還要再額外支付30美元。所以這讓事情更有意思，因為它限制了受眾規模。

Well, that's true. That's one reason why theatrical release would still be attractive. And right now, they're prevented from doing the theatrical release. But if the AMC-Universal thing becomes an industry standard, they would not be. And by the way, the Universal-AMC agreement calls that movies cannot be retailed for less than $20. You'll notice that Disney chose to retail Mulan for $30, $29.99. That's interesting to us because that gives our theaters an easier point of price comparison.

嗯，沒錯。這也是為什麼院線上映仍然具有吸引力的原因之一。而且就目前而言，他們被限制而無法進行院線上映。但如果AMC-環球的模式成為業界標準，他們就不會被限制。順帶一提，環球-AMC協議規定，電影的零售價格不得低於20美元。你會注意到迪士尼選擇以30美元、也就是29.99美元的價格零售《花木蘭》。這對我們而言很有意思，因為這讓我們的戲院在價格比較上更占優勢。

The other thing that we are especially relieved about is until the Mulan announcement, the Disney+ model was the Netflix model. It was you pay some dollars a month and you have unlimited content. There was nothing transactional in it. So it'll be hard to figure out how we might share in Disney's Disney+ revenue stream. But what Disney just created with Mulan is a transactional PVOD release, where the consumer does have to pay a premium to watch Mulan. That's a very good thing for us because they -- if they so choose, they could strike an agreement similar to what we've done with Universal without compromising any of the economics of the basic Disney+ option.

另外一件讓我們特別鬆一口氣的是：在《花木蘭》公告之前，Disney+模式其實就是Netflix模式。也就是你每月付一些錢，就能無限觀看內容。其中沒有任何單筆交易（transactional）的成分。因此很難判斷我們可能如何分享迪士尼Disney+的營收來源。但迪士尼透過《花木蘭》剛剛創造的是一種具交易性的PVOD發行，消費者確實必須支付溢價才能觀看《花木蘭》。這對我們非常有利，因為——如果他們願意——他們可以在不損及Disney+基本方案經濟性的前提下，達成一個類似我們與環球所做的協議。

(Operator Instructions) Our next question is from Meghan Durkin with Crédit Suisse.

（接線員指示）下一個問題來自瑞士信貸（Crédit Suisse）的Meghan Durkin。

I just wanted one for Adam and one for Sean. If other exhibitors, Adam, don't sign on to a similar deal with Universal, how do you envision that proceeds? Like Universal then, would they sort of segment their titles and deliver the ones that they're aiming for PVOD to just you, and then the tentpoles go to everyone? How do you envision that would go? And then I have a follow-up question for Sean.

我只是想各問 Adam 一個、Sean 一個。如果其他院線業者（Adam）沒有跟環球簽類似的協議，你怎麼看後續會怎麼發展？例如環球是否會把片單做某種區隔：打算走 PVOD 的片只給你們，然後大片（tentpoles）則給所有人？你怎麼想像會如何運作？然後我還有一個要追問 Sean 的問題。

I think that's a question more smartly directed to Universal than to AMC. But I can tell you that under certain scenarios, if other circuits do not reach an agreement with Universal, then AMC stands to benefit even more and, potentially, dramatically more, than we do in an environment where everybody signs on to the AMC-Universal model. But I think that's smarter for me to let Universal comment on the distribution of their films and their alliances with other exhibitors.

我認為這個問題更應該、也更聰明地去問環球，而不是問 AMC。但我可以告訴你，在某些情境下，如果其他院線沒有與環球達成協議，那 AMC 反而會受益更多，而且可能是大幅更多，相較於大家都採用 AMC-環球模式的環境。不過我想，關於他們影片的發行以及與其他放映商的合作關係，還是讓環球來評論會更合適。

Got it. So Sean, I just wanted to clarify on the comment you made on liquidity through 2021. Does that mean you have liquidity through the end of calendar '21? And then just to -- I just wanted to touch on the food and beverage strength that you're seeing overseas. Where is that coming from? I'm assuming you're not selling any expanded menus currently. Is there alcohol that's fueling that? Anything you can give us on that?

了解。那 Sean，我想釐清你剛才提到 2021 年的流動性（liquidity）那段話。你的意思是你們的流動性可以支撐到 2021 年曆年年底嗎？另外我也想談一下你們在海外看到的餐飲（food and beverage）強勁表現。那是從哪裡來的？我猜你們目前並沒有販售任何擴充菜單。是酒精飲品在帶動嗎？有任何資訊可以分享嗎？

Sure. So from a liquidity point of view, one thing I'll give you that might be quite helpful. So we disclosed that at the end of June, we had $498 million of cash available to us. Pro forma for the debt exchange transaction that goes up to over $700 million of cash. And when you think about then our run rate, assuming that theaters remained closed, right, throughout the remainder of 2020, so we -- in that scenario, we continue to spend roughly $100 million a month. That will take us into early 2021.

當然。就流動性而言，我先提供一點可能很有幫助的資訊。我們揭露過，截至 6 月底，我們可動用的現金為 4.98 億美元。以債務交換交易（debt exchange transaction）的備考（pro forma）計算，現金會提高到超過 7 億美元。再來看我們的燒錢速度（run rate），假設電影院在 2020 年剩餘期間都維持關閉，對吧，在那種情境下，我們每月大約會支出 1 億美元。那會讓我們撐到 2021 年初。

Obviously, we benefit from the -- as a result of the debt exchange transaction, we benefit from the interest savings from PIK interest. That kicks in at various points in time during the year, so that will give us some additional liquidity as well. So that should give you an idea of kind of how things look should everything remain closed right through 2020.

當然，因為債務交換交易的結果，我們也會受益於 PIK 利息帶來的利息節省。那會在一年中的不同時間點開始生效，因此也會為我們帶來一些額外的流動性。所以，如果一切都一直關到 2020 年底，這應該能讓你大致了解情況會是什麼樣子。

And before Sean goes to the second question, I just want to weigh in, Meghan. We're not done yet. We have identified other ways to bolster our liquidity if we need to bolster our liquidity even further. And these are options that we think are well within our grasp. But of course, the modeling that Sean just described assumes that all of our theaters are shut. Already, that's not true, right? Already 1/3 of our theaters are open in Europe. We think all of our theaters will be open in -- by Tenet's August 26 release. And we ought to be able to open 2/3 of our -- at least 2/3 of our theaters this month in the United States. So we're not going to be shut.

在 Sean 回答第二個問題之前，我也想補充一下，Meghan。我們還沒做完。如果我們需要進一步強化流動性，我們已經找出其他方法來提升流動性。而且這些選項我們認為都在可掌握的範圍內。但當然，Sean 剛才描述的模型是假設我們所有戲院都關閉。但現在顯然不是這樣，對吧？目前我們在歐洲已經有 1/3 的戲院開門。我們認為在《天能》（Tenet）8 月 26 日上映前，我們所有戲院都會開門。而且我們本月在美國應該能開出 2/3 的戲院——至少 2/3。所以我們不會一直關著。

So if our theaters are indeed cash-positive, that even further pushes the runway out later into 2021. I really do think that, subject to never relying on a forward-looking statement, which is a good time to bring that up again, I think we've survived the corona crisis. And now we just have to get back to running the company really well. And I say that either because of the liquidity actions we've already taken or the liquidity actions that are within our grasp if we need to take more.

因此，如果我們的戲院確實能做到現金流轉正（cash-positive），那就會把可支撐的時間再往後推到 2021 年更晚。我真的認為——當然要再次提醒不要依賴前瞻性陳述（forward-looking statement），這也是個適合再提一次的時機——我認為我們已經挺過新冠危機了。現在我們只需要回到把公司經營好。我這麼說，是因為我們已經採取的流動性措施，或是如果需要再採取更多、我們也有能力做到的流動性措施。

Now on food in Europe, you want to take that?

那關於歐洲的餐飲，你要回答嗎？

Yes. So just a couple of points on food and beverage in Europe. What's interesting there is that some countries, because of the regulations, the audience is required to wear masks. And in some countries, they aren't. But we're seeing that food and beverage strength across both, and actually in the countries where audience is required to wear masks, Spain, Italy, I think Germany, food and beverage growth is really in line with the rest of Europe. So that's really pleasing to see.

好。關於歐洲的餐飲，我補充幾點。有趣的是，有些國家因為法規，觀眾必須戴口罩。但有些國家則不需要。不過我們在兩種情況下都看到餐飲表現強勁；而且在要求觀眾戴口罩的國家——西班牙、義大利，我想還有德國——餐飲成長其實與歐洲其他地區非常一致。所以看到這點真的很令人欣慰。

What we're seeing is really in terms of transactions, a higher percentage of audience is purchasing food and beverage. There is a limited menu in certain of the countries, but it's just a higher percentage of people purchasing food and beverage. Bear in mind that, obviously, the attendance is lower than normal level just because of the library content that we're showing. So it's fairly early stages. But we're very encouraged by this. And hopefully, we'll see similar trends in the U.S. when we open here.

我們看到的主要是交易面（transactions）：購買餐飲的觀眾占比更高。在某些國家菜單確實有所精簡，但就是有更高比例的人在購買餐飲。也請記得，因為我們播放的是片庫內容（library content），所以入場人次顯然比正常水準低。因此目前還算是相當早期的階段。但我們對此非常受到鼓舞。也希望我們在美國開門後能看到類似趨勢。

Never the underestimate the appeal of the aroma of popcorn slathered in healthy butter and salt, washed down with a Coca-Cola.

千萬別低估爆米花那股香氣——淋上「健康」的奶油和鹽，再配上一杯可口可樂——的吸引力。

Next question is from Jason Bazinet with Citi.

下一個問題來自 Citi 的 Jason Bazinet。

I just had a question regarding some of the covenants in your -- in the new first lien bonds. The language seems to suggest you might be contemplating asset sales potentially in Europe. Is that a reasonable interpretation?

我有個問題是關於你們——新的第一順位擔保債券（new first lien bonds）——裡面的一些契約條款（covenants）。條文看起來似乎暗示你們可能在考慮於歐洲進行資產出售。這樣解讀合理嗎？

What -- look, what I will say is the covenants were negotiated with our first lien bondholders to give us flexibility to do transactions that may be helpful or are ongoing liquidity going forward. Yes, according to the covenants, there are opportunities to sell assets. We're allowed to do that. If you look at the details in the covenants, there are certain restrictions on the cash flow from those asset sales in terms of what percentage goes to repay debt and what percentage stays in with the company. But we do have the ability in some -- we do have the ability to sell certain assets. And we do have the ability to keep some of the proceeds from those sales, yes.

我想說的是，這些契約條款是我們與第一順位擔保債券持有人協商出來的，目的是讓我們在未來能有彈性去做一些可能有幫助、或有助於持續流動性的交易。是的，依照契約條款，確實存在出售資產的機會。我們被允許這麼做。如果你看契約條款的細節，對於資產出售所得現金流有一些限制，例如有多少比例要用來償還債務、多少比例可以留在公司。但我們確實在某些情況下——我們確實有能力出售某些資產。而且我們也確實有能力保留部分出售所得，是的。

Next question is from Eric Handler with MKM Partners.

下一個問題來自 MKM Partners 的 Eric Handler。

So I want to touch on the Universal deal a bit more. So when I'm doing the math, when you look at the average ticket price you had last year and the average spend on food and beverage, and then took your margin on both of those lines, I get to a per person gross margin of $9.23. If you add on the profit associated with digital ticketing fees that goes even higher. Now I can't imagine universal's willing to give you $10 when they're only charging $20 for PVOD.

我想再多談一點環球的協議。我在算數時，用你們去年平均票價與平均餐飲消費，再把這兩條線的毛利率納入後，我算出每位觀眾的毛利約為 9.23 美元。如果再加上數位售票手續費（digital ticketing fees）相關的利潤，數字會更高。但我無法想像環球願意給你們 10 美元，因為他們的 PVOD 也才收 20 美元。

So unless you're getting a substantial reduction in film rents, how are you making profit on a Universal deal? And then secondly, are you getting paid for each transaction that occurs for PVOD by Universal? Or are you just getting paid on the PVOD transactions done in ZIP codes where you have theaters?

所以，除非你們在影片租金（分帳）上拿到相當幅度的下調，否則你們要怎麼在與環球（Universal）的協議上獲利？第二，你們是否會因為環球在 PVOD 上發生的每一筆交易而獲得報酬？還是你們只會在你們有戲院所在郵遞區號內完成的 PVOD 交易上拿到報酬？

So -- like, the terms are confidential. So I can't, as much as I'd like to help you model. Your numbers are right, right? We're -- for every cannibalized fellow, male or female, we lose $9. It could be more if they're coming in Manhattan or Los Angeles. And we're getting paid something on PVOD attendees. I'm not allowed to tell you what that is. But since we can do the same math that you just did, I've been saying for 4 years, we would never do a PVOD deal that was bad for our shareholders. So I think you should assume, without being specific, that we knew the same math that you're aiming at, and we would not have signed on to an economic program that we thought was a negative.

所以——像是，條款是保密的。所以我不能，儘管我很想幫你建立模型。你的數字是對的，對吧？我們——每流失一位被「蠶食」的觀眾，不論男女，我們就少賺 9 美元。如果是在曼哈頓或洛杉磯進場，可能還會更多。而我們也會從 PVOD 觀眾那裡拿到一些報酬。我不被允許告訴你那是多少。但既然我們也能做你剛剛做的同樣數學計算，我已經說了 4 年，我們絕不會做一個對股東不利的 PVOD 交易。所以我認為你應該假設——不必具體化——我們知道你想算的同一套數學，我們不會簽下一個我們認為在經濟上是負面的方案。

And to clarify your final question, I know I'm dodging a little bit, but I can't release the terms. So I can't release the terms. I can't release the terms. But we're getting paid on regardless of whether the PVOD customer would have gone to our theater or not, would have -- lives in a ZIP code near our theater or not. But of course, the exact structure of that and the other components of the agreement are not released and you don't actually have -- you have the loss of the cannibalization that you can calculate but you don't have the inflows. And it's the combination of the incrementality -- the payments on incrementality, the payments in total against the cannibalization loss, and I think you -- I've said that we've researched it, and modeled it and analyzed it as carefully as we can, we think we're ahead of the game there. But what's not even in our calculus, if this causes more movies to get released, to be greenlighted and released theatrically, then we're so far ahead of the game here, so far ahead of the game.

再釐清你最後一個問題，我知道我有點在閃躲，但我不能公布條款。所以我不能公布條款。我不能公布條款。但我們拿到的報酬，與該 PVOD 客戶原本是否會去我們戲院、或是否——住在我們戲院附近的郵遞區號，無關。但當然，具體的結構以及協議的其他組成部分都沒有對外公布，而你其實——你可以計算被蠶食的損失，但你沒有看到流入。而這是「增量」的組合——對增量的支付、以總額支付來對沖蠶食損失；而且我想你——我也說過我們做過研究、建模並盡可能仔細地分析，我們認為在這件事上我們是占上風的。但甚至不在我們計算範圍內的是：如果這會讓更多電影得以推出、被核准立項並以院線方式上映，那我們在這裡就遠遠領先了，遠遠領先。

Because as I -- is in that quote that I shared with you, and the examples that I gave you of so many -- what could have been theatrical movies not being released theatrically, our industry was facing a circumstance, not just during this PVOD time, but looking ahead where we might see fewer theatrical movies being released. And if fewer theatrical movies are being released, whether there's PVOD or no PVOD, theatrical attendance will be lower, theatrical revenues will be lower. We've got a 25% market share in the United States. That's very meaningful to AMC. So it's extremely important to us that studios continue to release movies and if we can provide them with incentives to produce -- to release even more movies to first make and then release even more movies, that's where we -- that's -- that dwarfs the PVOD economics, positive or negative. But as I said, we think that the PVOD economics on their own are positive for AMC based on the deal that we cut.

因為正如我——就在我跟你分享的那段引述，以及我給你的許多例子：有那麼多——本來可能是院線電影的作品卻沒有以院線方式上映，我們的產業正面臨一種情況，不只是這段 PVOD 時期，而是往前看，我們可能會看到更少院線電影被推出。而如果院線上映的電影變少，不管有沒有 PVOD，院線觀影人次都會更低，院線營收也會更低。我們在美國有 25% 的市占率。這對 AMC 非常重要。所以對我們而言，片商持續發行電影極其重要；如果我們能提供他們誘因去製作——去發行更多電影，先讓更多電影被製作出來、再讓更多電影以院線方式上映，這就是我們——這——其重要性遠遠超過 PVOD 的經濟效益，不論正面或負面。但如我所說，我們認為就 PVOD 經濟本身而言，基於我們談成的協議，對 AMC 是正面的。

Got it. And then one question for Sean. When you think about your stated interest, not the cash interest, but the overall interest that you'll be paying each quarter, you'll have a reduction because of the redemptions that are being done, but you'll see an increase because of the new debt that you now have. So net-net, what is your as-reported quarterly interest payment going to look like? And what is -- what will be the cash component of that?

了解。接著有一個問題問 Sean。當你思考你所說的利息支出——不是現金利息，而是你每季將支付的整體利息——你會因為正在進行的贖回而看到下降，但也會因為你現在新增的債務而看到上升。所以綜合起來，你帳面上（as-reported）的季度利息支付會長什麼樣子？以及——其中的現金部分會是多少？

So the cash -- let's start with the cash component. The cash component, if you assume that we pick interest on the new second lien debt, the cash component are when you compare before the debt exchange versus after the debt exchange and taking into account the new incremental first lien debt and your cash interest will be lower, lower by probably around $20 million, $30 million on an annualized basis, right? Because, obviously, you've got the significantly lower interest that you're paying on the second lien debt because of PIK, but you've also got all the new interest that you're paying on the new first lien instruments.

所以現金——我們先從現金部分開始。現金部分，如果你假設我們在新的第二順位擔保債上採用 PIK 利息，那麼把債務交換前與債務交換後相比，並把新增的第一順位擔保債增量納入考量，你的現金利息會更低——以年化計大概會低 2,000 萬到 3,000 萬美元，對吧？因為很明顯，你在第二順位擔保債上因為 PIK 而支付的利息顯著較低，但同時你也要為新的第一順位擔保工具支付所有新增的利息。

When you look at the income statement amount, the interest is going to be a little bit higher. It's roughly about 115, 120 basis points higher on the new second lien debt. It's quite apples-to-apples basis, so it's about that 120 basis points higher just given the 10% versus the average of 6% and then adjusting for the exchange ratio. So you've got that impact, and then you'll have the impact of the new first lien debt so you can kind of calculate it from there.

如果你看損益表上的金額，利息會稍微高一些。在新的第二順位擔保債上大約高 115 到 120 個基點。在相當可比（apples-to-apples）的基礎上，大概就是高那 120 個基點，主要是因為 10% 相對於平均 6%，再加上依交換比例做調整。所以你會有那個影響，然後你還會有新的第一順位擔保債的影響，因此你可以從那裡大致推算。

And everyone, we have time for one more question. So our last question is from Chad Beynon with Macquarie.

各位，我們還有時間再問一題。所以我們最後一題來自 Macquarie 的 Chad Beynon。

This is Aaron on for Chad. I just want to talk about A-List for a little bit. Given you're...

我是代 Chad 發問的 Aaron。我想稍微談一下 A-List。鑑於你們……

You want to talk about what? You broke up a little. You want to talk about what? Say again?

你想談什麼？你剛剛有點斷線。你想談什麼？再說一次？

Can you hear me? Yes. I wanted to talk about A-List a little bit.

你聽得到我嗎？聽得到。我想稍微談一下 A-List。

Sure.

當然。

Yes. Given your success with the program last year, are there any features you're thinking about rolling out in the near term that you think could help drive attendance or engagement upon reopening?

是的。鑑於你們去年這個方案的成功，近期是否有任何你們正在考慮推出的功能，你認為在重新開放後能幫助提升觀影人次或參與度？

Yes. And we're going to share them with A-List members first before we share them with all of our competitors who are going to get a copy of this transcript of this call. But you should assume that we are going to be very aggressive in marketing offers to A-List members, the Stubs members and through our general customer base at large because we need to get them back in our theaters. And when we get them back in our theaters, they will just be surrounded by a massive amount of AMC safe and clean paraphernalia.

有的。而且我們會先跟 A-List 會員分享，再跟所有競爭對手分享——因為他們都會拿到這通電話逐字稿的副本。但你可以假設，我們會非常積極地向 A-List 會員、Stubs 會員，以及我們更廣泛的一般客群推廣行銷優惠，因為我們需要把他們帶回我們的戲院。而當我們把他們帶回戲院時，他們將會被大量的「AMC 安全與清潔」相關宣傳物所包圍。

And we hope that they will look around our theaters and say, "The theater has never been cleaner, and I felt good there." And so if we get them in our theaters, we think the experience that is created in our theaters will accelerate word-of-mouth as they tell all their friends, "I went to a movie theater and, my goodness, that was -- I enjoyed the movie and the theater felt great." And to do that, we've got to be very aggressive to win people back.

我們希望他們環顧我們的戲院後會說：「戲院從來沒有這麼乾淨過，而且我在那裡感覺很好。」因此，如果我們能讓他們走進戲院，我們認為在戲院裡創造出的體驗會加速口碑傳播，因為他們會告訴所有朋友：「我去看電影了，天啊——我喜歡那部電影，而且戲院的感覺很棒。」而要做到這一點，我們就必須非常積極地把人贏回來。

So -- and I think there's -- I think there would be a general agreement on this call that if you look at the past 5-ish years, AMC has been a really good consumer marketer, whether it's A-List or Stubs or other things that we've done, we're a really good marketing organization. Our marketing department continues to blow me away with how good our marketing materials look, the power of their thinking and designing offers for consumers. So without necessarily revealing exactly what they are, you should just assume that the words hyperaggressive are going to -- should be connected to AMC in terms of convincing moviegoers to come back to AMC once we reopen in the States.

所以——而且我認為——我想這通電話上大家普遍會同意，如果你回顧過去大約 5 年，AMC 一直是非常出色的消費者行銷者，不論是 A-List、Stubs，或是我們做過的其他事情，我們是一個非常強的行銷組織。我們的行銷部門持續讓我驚豔，他們的行銷素材看起來有多好、思考的力量，以及為消費者設計優惠方案的能力。所以在不必然揭露它們究竟是什麼的前提下，你應該直接假設，「超強勢（hyperaggressive）」這些字眼將會——應該會——與 AMC 連結在一起，用來說服影迷在我們於美國重新開業後回到 AMC。

Got it. That's helpful. Last one for me. As you think about the international operations, how do you think the recovery will be different from the U.S.? I mean you guys have talked about the higher -- the strong CPP. Any reasons why that shouldn't be the case in the U.S. as well?

了解。這很有幫助。我最後一個問題。當你思考國際營運時，你認為復甦會和美國有何不同？我是說你們談到較高——強勁的 CPP。有任何理由認為美國也不會同樣如此嗎？

No, there's no reason why the U.S. should or should not perform differently than Europe on food. But I will tell you that within the various countries that we serve in Europe, even though it's the same continent, and a couple of islands off the Northwest Coast called England and Ireland, the performance country-by-country is very different country-by-country. So if you ask me how the U.S. will perform versus Europe, the virus is under better control in Europe currently than it is currently in the United States. So I think the ramp-up of attendance levels in Europe would logically come faster than it will come in the United States, but no one's going to know exactly what that ramp is until we open.

不，沒有任何理由認為美國在餐飲方面應該或不應該與歐洲表現不同。但我可以告訴你，在我們於歐洲服務的各個國家之間，即使同在一個大陸，外加西北海岸外的幾個島嶼——英格蘭與愛爾蘭——各國的表現差異非常大、國與國之間差很多。所以如果你問我美國相較於歐洲會如何表現，目前歐洲對病毒的控制比目前美國更好。因此我認為，歐洲的觀影人次爬升在邏輯上會比美國更快，但在我們開門之前，沒有人會確切知道那個爬升曲線會是什麼樣子。

And we all can speculate, but there's not one of us on this phone call who really knows what the state of play of the virus is going to be in the United States in October or November or December. We talk to our scientists and experts at Harvard and elsewhere almost every day, and we're hearing very encouraging signs about rapid testing, rapid inexpensive saliva testing, therapeutic treatment improvements, could you get the virus, the prospects of vaccines being close at hand. I was on a Harvard call yesterday, for a couple of hours with Sanjay Gupta and Dr. Anthony Fauci, who were sharing with some Harvard insiders their views as to what's coming.

我們都可以推測，但這通電話上沒有任何一個人真正知道，到了 10 月、11 月或 12 月，美國的病毒情勢會是什麼狀態。我們幾乎每天都與哈佛及其他地方的科學家與專家交流，我們聽到許多令人鼓舞的訊號：快速檢測、快速且低成本的唾液檢測、治療方式的改善、是否會感染病毒、以及疫苗近在咫尺的前景。我昨天參加了一場哈佛的電話會議，與 Sanjay Gupta 及 Anthony Fauci 醫師通話了幾個小時，他們向一些哈佛內部人士分享他們對未來發展的看法。

There is a lot of talk that vaccines and therapeutic treatments and rapid testing are close. There's also a concern that the virus is obviously not as well under control in the United States as it is in some other countries abroad. So this is something we're all going to learn together.

目前有很多討論認為疫苗、治療方式以及快速檢測都已接近成熟。同時也有人擔心，美國對病毒的控制顯然不如一些海外國家。所以這是我們大家將一起學習、一起看清楚的事情。

This is Sean. I just want to come back to one thing. I was just looking at the numbers on the interest question from the previous question. I just want to clarify, right, the new first lien debt, the $300 million of first lien debt, 10.5%, that's $31 million of interest payment, cash interest payment. The cash savings that we get on the previous subordinated debt of $120 million, I'm talking everything on a 12-month basis. So effectively, from a cash basis, as a result of the transaction, the interest expense is down by about $90 million.

我是 Sean。我想回到一件事。我剛剛在看上一題關於利息問題的數字。我想澄清一下，對，新的第一順位留置權債務（first lien debt），3 億美元的第一順位留置權債務，利率 10.5%，那就是 3,100 萬美元的利息支出，也就是現金利息支出。我們在先前 1.2 億美元的次順位債務（subordinated debt）上所取得的現金節省——我講的是以 12 個月為基礎的所有數字。所以實際上，從現金角度來看，因為這筆交易，利息費用大約下降了 9,000 萬美元。

Then you have the April financing as well.

然後你還有 4 月的融資也是。

Sure. So I'm just performing for the debt exchange. The April financing, obviously, you've got another $500 million at 10.5%, which you would adjust for as well. I just wanted to make that clear.

當然。所以我剛才只是在說債務交換（debt exchange）。至於 4 月的融資，顯然你還有另外 5 億美元、利率 10.5%，你也需要把那部分一併調整進來。我只是想把這點說清楚。

Operator, we'll take one more question if there is one.

接線員，如果還有問題的話，我們再接最後一題。

There's nothing in the queue at the moment. (Operator Instructions) Very good.

目前佇列中沒有問題。（接線員指示）非常好。

Then we'll let people go. I leave you with one and only one thought. We are very close to theaters opening soon in the United States. See you at the movies. See you at AMC. Thank you all for joining us today.

那我們就讓大家先離線。我留給各位一個、也只有一個想法。我們距離美國的戲院很快重新開門已經非常接近了。電影院見。AMC 見。感謝各位今天加入我們。

And everyone, that does conclude our conference call for today. We thank you for participating, and you may now disconnect.

各位，今天的電話會議到此結束。感謝各位參與，現在可以掛線。