AMC 電影院 (AMC) 2020 Q1 法說會逐字稿

Greetings, and welcome to AMC Entertainment's First Quarter 2020 Earnings Conference Call. (Operator Instructions) Please note this conference is being recorded.

您好，歡迎來到 AMC Entertainment 的 2020 年第一季度收益電話會議。 （操作員說明）請注意正在錄製此會議。

I would now like to turn the conference over to your host, Mr. John Merriwether. Thank you. You may begin.

我現在想把會議轉交給你的東道主約翰·梅里韋瑟先生。謝謝。你可以開始了。

Thank you, Devin. Good afternoon. I'd like to welcome everyone to AMC's First 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，德文。下午好。歡迎大家參加 AMC 2020 年第一季度收益電話會議。今天下午和我在一起的是我們的總裁兼首席執行官 Adam Aron；和我們的首席財務官 Sean Goodman。

Before I turn the call over to Adam, 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 of the factors that will determine the company's future results are beyond the ability of the company to control or predict. In light of the uncertainties inherent in any forward-looking statements, listeners are cautioned to not place undue reliance on these statements. The company undertakes no obligation to revise or update any forward-looking statements whether as a result of new information or future events.

在我把電話轉給亞當之前，讓我提醒大家，管理層在本次電話會議上發表的一些評論可能包含基於管理層當前預期的前瞻性陳述。許多風險、不確定性和其他因素可能導致實際結果與今天可能表達的結果大不相同。其中許多風險和不確定性在我們的公開文件中進行了討論，包括我們最近提交的 10-K 和 10-Q。決定公司未來業績的幾個因素超出了公司的控製或預測能力。鑑於任何前瞻性陳述中固有的不確定性，請聽眾不要過分依賴這些陳述。公司不承擔因新信息或未來事件而修改或更新任何前瞻性陳述的義務。

On this 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.

在這次電話會議上，我們可能會參考調整後的 EBITDA、自由現金流、調整後的自由現金流和不變貨幣等指標，這些都是非 GAAP 財務指標。有關我們的非 GAAP 措施與 GAAP 結果的全面協調，請參閱今天早些時候在我們網站的投資者關係部分發布的收益發布。

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

在我們準備好的發言之後，將進行問答環節。今天下午的電話會議正在錄製中，今天晚些時候我們網站 amctheaters.com 的投資者關係部分將提供網絡直播重播。

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

有了這個，我會把電話轉給亞當。

Thank you, John. Good afternoon, everyone. We're very pleased you could join us today. Let me start by saying on behalf of all of us at AMC, we hope that each of you and your families are safe and healthy. For the past 84 days, internally within AMC, we've interacted constantly via video and audio calls. But for the first time in a long time, Sean, John and I are actually in the same room physically to bring you this call as we reopened our theater support center headquarters here in Leawood, Kansas, a lovely suburb of Kansas City, just yesterday.

謝謝你，約翰。大家下午好。我們很高興你今天能加入我們。首先，我代表 AMC 的所有人說，我們希望你們每個人和你們的家人都安全健康。在過去的 84 天裡，在 AMC 內部，我們一直通過視頻和音頻通話進行互動。但是很長一段時間以來，肖恩、約翰和我實際上在同一個房間裡給你帶來這個電話，因為就在昨天，我們在堪薩斯州利伍德，堪薩斯城一個可愛的郊區重新開放了我們的劇院支持中心總部.

This afternoon, while we'll take a brief look at the first quarter results, we'll focus much more on what we believe is a primary interest to most listeners on the call, and that is the actions we've taken to manage through this crisis and the actions we will be taking to prepare to safely welcome our guests back to our theaters once again.

今天下午，雖然我們將簡要介紹第一季度的業績，但我們將更多地關注我們認為大多數電話聽眾的主要興趣，即我們為管理通過這場危機以及我們將採取的行動，以準備安全地歡迎我們的客人再次回到我們的劇院。

Before we begin, given what we've seen on the streets of U.S. cities these past 14 days and nights, I'd like to preface my remarks today by pointing out that at AMC theaters in the United States, more than half of our guests and more than half of our employees come from diverse communities from within the American melting pot. So last week, on the day of the very moving memorial service for George Floyd, I put out a strong and lengthy message to all of our employees expressing our outrage and heartbreak over the killing of Mr. Floyd and our special concern for the pain being felt among African-Americans. That was coupled in the strongest possible language with the reaffirmation of AMC's absolute, rock-solid and unshakable commitment that discrimination of any kind against anyone has no home or shelter at AMC.

在開始之前，鑑於我們過去 14 個日日夜夜在美國城市街道上看到的情況，我想在今天的發言前先指出，在美國的 AMC 影院，我們一半以上的客人我們一半以上的員工來自美國大熔爐內的不同社區。因此，上週，在非常感人的喬治·弗洛伊德 (George Floyd) 追悼會當天，我向所有員工發出了強烈而冗長的信息，表達了我們對弗洛伊德先生遇害的憤慨和心碎，以及我們對他的痛苦的特別關注。在非裔美國人中感受到。同時，用最強烈的語言重申了 AMC 的絕對、堅定和不可動搖的承諾，即在 AMC 沒有針對任何人的任何形式的歧視。

Now why don't we move from social unrest to global pandemic and economic lockdown all happening at the same time? To say that people the world over are all experiencing extraordinary times would be a colossal understatement. With the onset of the COVID-19 global pandemic and the resulting economic hardships it has created, literally everyone on the planet Earth has been affected and affected profoundly. For what it's worth, although it's likely to be a tough, long slog toward full recovery across the entire world, I'm convinced that people will emerge in this challenging time with a renewed sense of community and an appreciation of communal experiences, such as moviegoing that has proven to be an integral part of this nation's social fabric for well over a century and a tried and true source of enjoyment, amusement and emotional escape the world over.

現在，為什麼我們不從社會動盪轉向全球流行病和經濟封鎖同時發生呢？如果說世界各地的人們都在經歷非凡的時代，那是一種輕描淡寫的說法。隨著 COVID-19 全球大流行的爆發及其造成的經濟困難，地球上的每個人都受到了影響，而且影響深遠。無論如何，儘管要實現全世界的全面復甦可能是一段艱難而漫長的過程，但我相信，在這個充滿挑戰的時代，人們將以一種新的社區意識和對公共體驗的欣賞，例如一個多世紀以來，電影已被證明是這個國家社會結構不可或缺的一部分，並且是世界各地久經考驗的真正享受、娛樂和情感來源。

You all know that this is a time of uncertainty. Having said that, at AMC, we're focusing on what we can control and we're committed to taking big, bold action on multiple fronts to improve our circumstances. While cautious lawyers and accountants properly like for us to air the obvious substantial doubts should more calamity happen, I, for one, know that AMC will lift every rock and take every reasonable action we can to put AMC on a solid and improving path. In my heart of hearts, I passionately believe that in the end, AMC will both succeed and prosper, and we'll take every prudent step that we humanly can to achieve that all important objective.

大家都知道這是一個充滿不確定性的時期。話雖如此，在 AMC，我們專注於我們可以控制的事情，我們致力於在多個方面採取重大、大膽的行動來改善我們的環境。雖然謹慎的律師和會計師適當地希望我們在更多災難發生時表達明顯的實質性懷疑，但我知道，AMC 將克服一切困難，並採取我們所能採取的一切合理行動，使 AMC 走上穩固和改進的道路。在我的內心深處，我堅信最終 AMC 將取得成功和繁榮，我們將採取人類所能採取的每一個謹慎步驟來實現這一所有重要目標。

Looking ahead, everything at AMC in the near and immediate term will be focused on 4 things: one, reopening our theaters as smartly and as professionally as we can, optimizing safety and cleanliness for our guests and associates, benefiting from the industry-leading caliber of our marketing to drive revenues and implementing a wide variety of strategies to optimize theater profitability; two, continuing to take actions to bolster our liquidity and to deleverage our balance sheet; three, reducing our cost structure and spending posture, realizing that revenues may take time to ramp up and understanding the need to produce and harvest free cash flow; and four, managing our business through whatever structural change, world events or industry dynamics are thrown our way. In life, change is inevitable, of course, but in recent months, indeed in recent weeks, whoa, Nelly, has there been a lot of change, cataclysmic change, but smartly managing through change whatever that may entail is what management teams across all industries are paid to do.

展望未來，AMC 近期和短期內的一切都將集中在 4 件事上：第一，盡可能聰明和專業地重新開放我們的劇院，為我們的客人和員工優化安全和清潔，受益於行業領先的口徑我們的營銷以增加收入並實施各種戰略以優化劇院的盈利能力；第二，繼續採取行動增強我們的流動性並去槓桿化我們的資產負債表；第三，降低我們的成本結構和支出態勢，意識到收入可能需要時間才能增加，並了解產生和收穫自由現金流的必要性；第四，通過我們遇到的任何結構變化、世界事件或行業動態來管理我們的業務。在生活中，當然，變化是不可避免的，但最近幾個月，實際上最近幾週，哇，Nelly，發生了很多變化，災難性的變化，但通過變化巧妙地管理可能帶來的變化是所有管理團隊所做的行業是有報酬的。

Before looking ahead further, we can take great comfort that when we look back on the first quarter prior to the mid-March theater operation suspension, it's apparent that the hard work and cost controls that we put in place during the latter half of 2019 were taking hold. Similarly, the competitive success that we'd seen continuously as a result of our marketing efforts since mid-2018 was again very much in evidence. Domestically, in the first 2 months of 2020, AMC admission revenues were outperforming the rest of the industry by about 260 basis points. This industry outperformance, together with strong international results, yielded total company revenue growth of nearly 10%. And when combined with the operational efficiencies in place on the cost side, thanks to our previously initiated profit improvement plan, adjusted EBITDA for the company grew nearly $53 million compared to the first 2 months of 2019. But then, kaboom, our encouraging January and February results were overshadowed by world events, as we all know. During the latter part of February, only a few handfuls of our theaters, and these only in Italy, began to close in response to the coronavirus. But by March 17, as you know, we had made the decision to temporarily close all 1,000 of our U.S. and international theaters across all 15 countries that we serve.

在進一步展望之前，我們可以感到非常欣慰的是，當我們回顧 3 月中旬劇院運營暫停前的第一季度時，很明顯我們在 2019 年下半年進行的努力和成本控制是抓住。同樣，自 2018 年年中以來，我們通過營銷努力不斷看到的競爭成功再次得到充分證明。在國內，2020 年前 2 個月，AMC 的入場收入比其他行業高出約 260 個基點。這一出色的行業表現，加上強勁的國際業績，使公司總收入增長了近 10%。加上成本方面的運營效率，由於我們之前啟動的利潤改善計劃，與 2019 年前兩個月相比，公司調整後的 EBITDA 增長了近 5300 萬美元。但是，kaboom，我們令人鼓舞的 1 月和眾所周知，2 月份的結果因世界大事而黯然失色。在 2 月下旬，我們只有少數幾家劇院（僅在意大利）開始關閉以應對冠狀病毒。但如您所知，到 3 月 17 日，我們已決定暫時關閉我們服務的所有 15 個國家/地區的所有 1,000 家美國和國際劇院。

In addition to all the work associated with shuttering our theaters in March, we took swift action, focusing on 3 key areas: first, dramatically reducing our cash burn; second, strengthening our liquidity; and third, preserving the capabilities and commencing comprehensive planning efforts to effectively recommence operations at our theaters as soon as we were both able and would be wise to do so such that we can continue to grow and outperform our competition in the years ahead. Despite operating under a company-wide furlough, which included all the senior executives of AMC and myself, the AMC senior leadership team has spent what seems like every waking moment these past 2.5 months working diligently on these 3 focus areas to generate what we firmly hope and expect will be our future success.

除了 3 月份關閉影院的所有相關工作外，我們還迅速採取行動，重點關注 3 個關鍵領域：首先，大幅減少現金消耗；第二，加強我們的流動性；第三，保留能力並開始全面的規劃工作，以便在我們能夠並且明智地這樣做時盡快有效地重新開始我們的劇院運營，以便我們能夠在未來幾年繼續發展並超越我們的競爭對手。儘管在全公司範圍內休假，其中包括 AMC 的所有高級管理人員和我本人，但 AMC 高級領導團隊在過去 2.5 個月裡似乎每時每刻都在這 3 個重點領域努力工作，以產生我們堅信的希望期待將是我們未來的成功。

I'll now turn the call over to Sean, our CFO, to briefly review the first quarter financial results and to take you through some of the actions that we've taken to date to deal with all things corona. Sean?

我現在將電話轉給我們的首席財務官肖恩，簡要回顧第一季度的財務業績，並向您介紹我們迄今為止為應對新冠病毒所採取的一些行動。肖恩？

Thank you, Adam, and thank you, everyone, for being on the call with us today. I hope that you and your families have been safe and well during these unprecedented times.

謝謝亞當，也謝謝大家今天與我們通電話。我希望您和您的家人在這些前所未有的時期都平安無事。

Our results for the quarter were clearly significantly impacted by the COVID-19 crisis, which began to affect our operations in early March. As Adam pointed out, we began 2020 with very solid results. For the first 2 months of the year, our consolidated revenue was up nearly 10% and adjusted EBITDA was up $53 million or 134% compared to the same period last year. Key drivers of our success at the beginning of the quarter included the benefits of the profit improvement plan implemented last year and the continued success of our A-List subscription program. For the first 2 months of the quarter, we increased food and beverage revenue per person by almost 7% and average ticket price by 4.5%, clearly evidence that our pricing and food and beverage initiatives are working. In the month of March, we were significantly impacted for the quarter. The March results took adjusted EBITDA down from $92 million for January and February down to $3 million as we suspended operations at all of our theaters across the world. Our net income for the first quarter was also materially impacted by noncash impairment charges of approximately $1.85 billion. These noncash charges were driven by the suspension of our global operations and the resulting declines in the company's market capitalization and enterprise value.

我們本季度的業績顯然受到 COVID-19 危機的重大影響，該危機於 3 月初開始影響我們的運營。正如 Adam 指出的那樣，我們在 2020 年伊始取得了非常可觀的成果。今年前兩個月，我們的綜合收入增長近 10%，調整後的 EBITDA 比去年同期增長 5300 萬美元或 134%。我們在本季度初取得成功的主要驅動因素包括去年實施的利潤改善計劃帶來的好處以及我們的 A-List 訂閱計劃的持續成功。在本季度的前兩個月，我們的人均餐飲收入增長了近 7%，平均票價上漲了 4.5%，這清楚地表明我們的定價和餐飲舉措正在發揮作用。在 3 月份，我們對該季度產生了重大影響。由於我們暫停了全球所有影院的運營，3 月的結果使調整後的 EBITDA 從 1 月和 2 月的 9200 萬美元下降到 300 萬美元。我們第一季度的淨收入也受到約 18.5 億美元的非現金減值費用的重大影響。這些非現金費用是由於我們全球業務暫停以及由此導致的公司市值和企業價值下降所致。

2020 was to be the year when we would begin to see meaningful reductions in the company's leverage levels through EBITDA growth and a natural decline in our CapEx investment cycle. All of this changed with COVID-19, and early in the first quarter, we began planning for the possible impact of this global pandemic. From a financial management perspective, our clear focus since the beginning of this crisis has been to minimize our cash burn and optimize our liquidity.

2020 年是我們開始看到公司槓桿水平通過 EBITDA 增長和資本支出投資週期自然下降而顯著下降的一年。所有這一切都因 COVID-19 而改變，在第一季度初，我們開始計劃應對這一全球流行病的可能影響。從財務管理的角度來看，自這場危機開始以來，我們的明確重點一直是盡量減少現金消耗並優化我們的流動性。

With respect to managing our cash burn, some of the actions that we have taken include the following: We initiated full or partial furloughs of all corporate-level company employees, including senior executives with salary reductions ranging from 20% to 100%. We canceled annual merit pay increases. We eliminated or reduced non-health care benefits, including 401(k) match and vacation accruals. We fully furloughed all domestic theater-level crew members, and we reduced theater-level management to the minimum levels necessary to maintain our assets and our reopening capabilities. We eliminated nearly all contractor roles and we've cut nonessential operating expenditures, including costs that are normally considered to be fixed but that rapidly become variable in this environment. In addition, we have also been working with our studio and landlord partners to negotiate extended payment terms.

關於管理我們的現金消耗，我們採取的一些行動包括： 我們啟動了所有公司級公司員工的全部或部分休假，包括減薪 20% 至 100% 的高級管理人員。我們取消了年度業績加薪。我們取消或減少了非醫療保健福利，包括 401(k) 匹配和應計假期。我們讓所有國內戰區級工作人員完全休假，並將戰區級管理減少到維持我們的資產和重新開放能力所需的最低水平。我們取消了幾乎所有承包商角色，並削減了不必要的運營支出，包括通常被認為是固定但在這種環境下會迅速變化的成本。此外，我們還一直在與我們的工作室和房東合作夥伴協商延期付款條款。

To expand a bit on theater rental costs. We are grateful to our landlords for partnering with us during this crisis. As a result of our strong and long-term landlord relationships, we have successfully been able to defer or abate the vast majority of rent due during the period that our operations remain shutted, and this has had a positive impact on our monthly cash burn. Note that our income statement and EBITDA will reflect our full rent liability for each reporting period. You should note that we have a large number of landlords and that the terms that we have agreed with each one of them are confidential and specific to the particular facts and circumstances for each landlord and each theater. In addition, there remains some landlords where we are still finalizing agreements. For the second quarter, you should expect that the vast majority of rent reflected in the income statement will be deferred. Future cash rent payments will depend on our ultimate reopening schedule and level of attendance.

擴大一點劇院租金成本。我們感謝我們的房東在這場危機中與我們合作。由於我們與房東的牢固和長期關係，我們已經成功地推遲或減免了在我們的業務關閉期間應付的絕大多數租金，這對我們每月的現金消耗產生了積極影響。請注意，我們的損益表和 EBITDA 將反映我們在每個報告期間的全部租金負債。您應該注意，我們有很多房東，我們與他們每個人商定的條款都是保密的，並且針對每個房東和每個劇院的特定事實和情況。此外，還有一些房東我們仍在敲定協議。對於第二季度，您應該預計損益表中反映的絕大多數租金將被遞延。未來的現金租金支付將取決於我們最終的重新開放時間表和出勤率。

Regarding capital expenditure, we have reduced capital expenditure to minimum maintenance levels while theater operations are suspended. Essentially, we're halting all but absolutely indispensable CapEx. During the first quarter, our CapEx spend was $75.6 million, net of landlord contributions, compared to $79.6 million in the first quarter of last year. We now expect 2020 net CapEx to be between $130 million and $160 million. And one more thought relating to expense management: While the theaters -- while the theater closures are temporary, some of our cost-saving initiatives and learnings will not be temporary as we plan and prepare for significant EBITDA growth and margin improvement in the future.

在資本支出方面，我們已將資本支出減少到最低維護水平，同時劇院暫停運營。從本質上講，我們正在停止所有但絕對不可或缺的資本支出。第一季度，我們的資本支出為 7560 萬美元，扣除房東捐款，而去年第一季度為 7960 萬美元。我們現在預計 2020 年的淨資本支出將在 1.3 億美元至 1.6 億美元之間。還有一個與費用管理有關的想法：雖然劇院——雖然劇院關閉是暫時的，但我們的一些成本節約舉措和學習不會是暫時的，因為我們計劃和準備未來顯著的 EBITDA 增長和利潤率改善。

We expect to receive relief from the CARES Act in the following forms: approximately $18.5 million cash tax refund and refundable alternative minimum tax credits; a deferral of social security payroll tax matches that would otherwise be required in 2020; and the receipt of a payroll tax credit in 2020 for expenses relating to paying wages and health benefits to employees who are not working as a result of the impact of COVID-19 on our business. In addition to the CARES Act in the United States, during Q2, we are also benefiting from various government assistance programs in Europe that provide support for ongoing payroll and rent expenses during the period of suspended operations.

我們希望通過以下形式從 CARES 法案中獲得減免：大約 1850 萬美元的現金退稅和可退還的替代性最低稅收抵免；推遲 2020 年需要的社會保障工資稅匹配；以及在 2020 年收到工資稅抵免，用於支付因 COVID-19 對我們業務的影響而未工作的員工的工資和健康福利。除了美國的 CARES 法案外，在第二季度，我們還受益於歐洲的各種政府援助計劃，這些計劃為暫停運營期間的持續工資和租金支出提供支持。

From a liquidity point of view, in March, as a precautionary measure, we drew down our revolving credit lines totaling approximately $326 million. In April, we issued $500 million of 5-year first lien notes. As part of this financing, we undertook to suspend dividends and also suspend our stock repurchase program. We also obtained agreement to suspend our maintenance debt covenant requirements through 2021. The combined efforts to reduce our cash burn and strengthen our liquidity resulted in a cash balance as of April 30, 2020, of approximately $718 million. Finally, last week, we initiated a debt exchange offer to exchange existing senior subordinated debt due from 2024 to 2027 for second lien secured notes due in 2026. To the extent that our senior subordinated debt holders elect to exchange their notes, we have the potential to meaningfully reduce our leverage and further enhance our liquidity. Because this exchange offer is currently active in the market, we will not be able to take questions on today's call regarding this offer.

從流動性的角度來看，作為預防措施，我們在 3 月份提取了總計約 3.26 億美元的循環信貸額度。 4 月，我們發行了 5 億美元的 5 年期第一留置權票據。作為此次融資的一部分，我們承諾暫停派息並暫停我們的股票回購計劃。我們還獲得了在 2021 年之前暫停維護債務契約要求的協議。減少現金消耗和加強流動性的共同努力導致截至 2020 年 4 月 30 日的現金餘額約為 7.18 億美元。最後，上週，我們發起了一項債務交換要約，將 2024 年至 2027 年到期的現有高級次級債務交換為 2026 年到期的第二留置權擔保票據。如果我們的高級次級債務持有人選擇交換他們的票據，我們有潛力有意義地降低我們的槓桿率並進一步提高我們的流動性。由於此交換要約目前在市場上活躍，我們將無法在今天的電話會議上回答有關此要約的問題。

With that, I'll turn the call back over to Adam so he can share with you our reopening plans. Adam?

有了這個，我會把電話轉回給亞當，這樣他就可以和你分享我們的重新開放計劃。亞當？

Thank you, Sean. Over the past 3 months, we have not hesitated to move expeditiously in making difficult but necessary decisions to manage through this crisis and to position AMC well for a successful resumption of theater operations when it's safe for our guests and associates to return to our theaters.

謝謝你，肖恩。在過去的 3 個月裡，我們毫不猶豫地迅速採取行動，做出艱難但必要的決定，以度過這場危機，並使 AMC 做好準備，以便在我們的客人和員工安全返回我們的劇院時成功恢復劇院運營。

On the subject of immediate cost cutting, the robust nature of our actions is almost breathtaking. By just 2 weeks after our mid-March theater decision, we had already set in motion shedding or deferring almost 90% of our ongoing cash expenditures. Think of that: a $5 billion multinational operating across 15 countries on 3 continents chasing away almost 90% of its cash spending in the blink of an eye. I remember last August how we agonized over eliminating 50 positions in the name of efficiency. This March, by contrast, we furloughed around 35,000 people with a single decision, not callously, not mindlessly, not indifferently but because we knew with certainty that there simply was no other choice. Last year, I spent more than 4 full months discussing with and convincing our senior officers as to the wisdom of our all taking a 15% reduction in total compensation in exchange for a sizable out-of-the-money share grant. This March, by contrast, our senior officers came to me and, in a single conversation, insisted that we all take an additional 20% salary reduction in exchange for absolutely nothing solely because it was the right thing to do. For a century, we paid our theater landlords the rent that we owed them and right on time to boot. In the second quarter of 2020, nada. And with their understanding and cooperation, I might add, with almost everyone focused on getting through this now and rebuilding AMC to a position of strength and success. As I said, the company is taking big, bold action and doing so swiftly.

在立即削減成本的問題上，我們行動的穩健性幾乎令人嘆為觀止。在我們 3 月中旬的劇院決定後僅 2 週，我們已經開始削減或推遲將近 90% 的持續現金支出。想一想：一家業務遍及三大洲 15 個國家/地區的 50 億美元跨國公司眨眼間就將其現金支出減少了近 90%。我記得去年 8 月我們是如何以效率的名義為裁掉 50 個職位而苦惱的。相比之下，今年 3 月，我們通過一個決定讓大約 35,000 人休假，這不是冷酷無情，不是漫不經心，也不是漠不關心，而是因為我們確信，我們別無選擇。去年，我花了整整 4 個多月的時間與我們的高級管理人員討論並說服我們所有人是否明智地採取將總薪酬減少 15% 以換取大量的價外股票贈款。相比之下，今年 3 月，我們的高級管理人員來找我，在一次談話中，堅持要求我們都接受額外 20% 的減薪，以換取絕對沒有任何回報，僅僅因為這是正確的做法。一個世紀以來，我們向劇院房東支付了我們欠他們的租金，並且準時開機。 2020 年第二季度，nada。在他們的理解和合作下，我可以補充說，幾乎每個人現在都專注於度過這個難關，重建 AMC，使其處於強大和成功的位置。正如我所說，公司正在採取大而大膽的行動，而且行動迅速。

On the subject of liquidity, Sean earned his AMC stripes really fast and did a truly masterful job in containing cash going out the door. Similarly, our success in raising $500 million of new public market debt in April at least temporarily silenced all those journalists who are breathlessly reporting with certainty that AMC would lead Hertz, Neiman Marcus and J.Crew into bankruptcy court.

在流動性問題上，肖恩很快就獲得了 AMC 資格，並且在控制現金流出方面做得非常出色。同樣，我們在 4 月份成功籌集了 5 億美元的新公開市場債務，至少暫時讓所有那些屏息報導 AMC 將帶領 Hertz、Neiman Marcus 和 J.Crew 進入破產法庭的記者保持沉默。

On the debt raise, I would especially like to call out and thank Citibank and Silver Lake who threw everything they had into the effort of getting AMC $0.5 billion of fresh cash. As most of you know, 2020 is AMC's 100th anniversary. In 100 years of business activity, one picks up a lot of friends and allies along the way. Citibank and Silver Lake are 2 of those, and we're very grateful for their extraordinary skill and dedication to our company. And if it's completed, the bond offer that Moelis and Weil, Gotshal crafted is currently in the market and could be another huge step forward for AMC.

在債務融資方面，我特別要感謝花旗銀行和銀湖銀行，他們竭盡全力為 AMC 獲得 5 億美元的新鮮現金。眾所周知，2020 年是 AMC 成立 100 週年。在 100 年的商業活動中，一路上結識了很多朋友和盟友。花旗銀行和銀湖銀行就是其中的兩家，我們非常感謝他們非凡的技能和對我們公司的奉獻精神。如果完成，Moelis 和 Weil、Gotshal 精心設計的債券發行目前已投放市場，這可能是 AMC 向前邁出的又一大步。

Now let's turn to the subject that's on everyone's mind: the resumption of operations at our theaters. In Europe last week, we successfully opened the doors of our first 3 theaters in Norway. In a highly encouraging bit of trivia, even though those 3 theaters were limited in ticket sales to 25% of seat capacity, we sold 83% of our available seats this past weekend. Additionally, food and beverage spending held up nicely. So taking all things into consideration, amazing but true, these 3 theaters wound up doing about the same business this weekend this year as they did for the same weekend last year. As we sit here today, we now have 10 theaters currently operating across 4 countries: Norway, Germany, Spain and Portugal. On Monday, we will start operations at theaters in Italy. More theaters in more countries again will welcome paying guests in June. Our current expectation in our 2 largest territories is that but for a few exceptions, essentially all of our theaters in the United States and the United Kingdom will resume operations in the month of July. Our current plan is to have almost all of our theaters globally operating in July, which is time for and assumes that the industry stays on schedule for Warner Bros.' release of Christopher Nolan's Tenet currently scheduled for July 17, followed by Disney's release of Mulan currently scheduled for July 24. The second half of this year continues to have strong -- a strong film slate that benefits from really big titles such as Wonder Woman 1984, Black Widow, Top Gun: Maverick, A Quiet Place II, among many, many others.

現在讓我們談談每個人都在關注的話題：我們的劇院恢復運營。上週在歐洲，我們在挪威成功開設了前 3 家劇院。在一個非常令人鼓舞的瑣事中，儘管這 3 家劇院的門票銷售量限制在座位容量的 25%，但我們在上週末售出了 83% 的可用座位。此外，食品和飲料支出保持良好。因此，考慮到所有因素，令人驚訝但真實的是，這 3 家劇院今年這個週末的營業額與去年同一個週末的營業額大致相同。當我們今天坐在這裡時，我們現在有 10 家劇院，目前在 4 個國家/地區運營：挪威、德國、西班牙和葡萄牙。週一，我們將在意大利的劇院開始運營。更多國家的更多影院將在 6 月再次迎來付費客人。我們目前在我們最大的兩個地區的預期是，除了少數例外，基本上我們在美國和英國的所有劇院都將在 7 月份恢復運營。我們目前的計劃是讓我們幾乎所有的影院都在 7 月在全球運營，這是時候了，並且假設該行業仍按華納兄弟的時間表進行。克里斯托弗·諾蘭的《信條》目前定於 7 月 17 日上映，隨後迪斯尼的《花木蘭》定於 7 月 24 日上映。今年下半年繼續保持強勁勢頭——受益於《神奇女俠 1984》等大片的強大電影陣容、黑寡婦、壯志凌雲：特立獨行、寂靜之地 II 等等。

Of course, I should point out that this entire situation is fluid and we stand prepared to adjust the timing of our phased theater operations schedule as necessary to comply with local regulations and the timing of major studio releases. We have an incredibly detailed and comprehensive approach to running our theaters, to rehiring and retraining the people who will be working in our theaters, to be welcoming our guests and to doing all of this safely. The most critical aspect of our plan, of course, is to do all that we can to provide an environment that's safe and comfortable both for our guests and our associates. To that end, we have left no stone unturned, and we're working with the most trusted names in cleaning and public health and safety to develop industry-leading cleaning procedures and safety protocols.

當然，我應該指出，整個情況是不穩定的，我們隨時準備根據當地法規和主要工作室發布的時間調整必要的分階段影院運營時間表。我們有一個非常詳細和全面的方法來運營我們的劇院，重新僱用和重新培訓將在我們劇院工作的人，歡迎我們的客人並安全地完成所有這些工作。當然，我們計劃中最關鍵的方面是盡我們所能為我們的客人和我們的員工提供一個安全舒適的環境。為此，我們不遺餘力，與清潔、公共衛生和安全領域最值得信賴的品牌合作，制定行業領先的清潔程序和安全規程。

Many things can change between now and July even though that's but a few short weeks away. But with the safety and well-being of our guests and associates as our first priority combined with our commitment to rebuilding a successful and thriving business, we are taking the following 7 steps aimed at optimizing the timeliness, safety and profitability of our resumed theater operations: One, maintaining close contact with local, national and international officials to understand and coordinate the timing and requirements under which we can operate. Two, consulting with current and former faculty from the prestigious Harvard University School of Public Health to seek guidance from the best scientists and experts on how best to create a safe environment for our guests and associates. Personal protection equipment, much more intensive cleaning regimens, employee health protocols, limited theater capacity, blocked seating and other strategies are now all being planned. We are especially looking at high-tech solutions as well to aid in our sanitization techniques including the use of electrostatic sprayers, HEPA vacuums and, wherever possible, upgraded MERV 13 air ventilation filters.

從現在到 7 月，許多事情可能會發生變化，儘管那隻是短短幾週的時間。但是，我們將客人和同事的安全和福祉作為我們的首要任務，並致力於重建成功和繁榮的業務，我們正在採取以下 7 個步驟，旨在優化恢復劇院運營的及時性、安全性和盈利能力：第一，與地方、國家和國際官員保持密切聯繫，以了解和協調我們可以開展業務的時間和要求。第二，諮詢著名的哈佛大學公共衛生學院的現任和前任教職員工，向最優秀的科學家和專家尋求指導，了解如何最好地為我們的客人和同事創造一個安全的環境。個人防護設備、更密集的清潔方案、員工健康協議、有限的劇院容量、封閉的座位和其他策略現在都在計劃中。我們還特別關注高科技解決方案，以幫助我們的消毒技術，包括使用靜電噴霧器、HEPA 吸塵器以及盡可能升級的 MERV 13 空氣通風過濾器。

Three, establishing a protocol partnership with the global leader in all things clean, The Clorox Company, as they advise us as to how we best can make our theater environments as safe and clean as possible. Four, using our industry-leading technology in our website and smartphone apps to facilitate contactless ticketing and expanding our mobile food and beverage ordering capabilities to an additional 300 U.S. theater locations. These will all help us as we implement our social distancing practices all across the company. Five, educating our guests so that they understand the actions we're taking with their safety in mind. Six, implementing aggressive marketing communications and promotional activity all aimed at jump-starting consumer demand. And finally, seven, seriously reducing our cost structure, intensely examining every category of our expenditures to lower our spending wherever possible. The full details of these strategies and protocols with respect to resumed theater operations will be announced publicly later this month, possibly as soon as early next week.

第三，與清潔領域的全球領導者 The Clorox Company 建立協議合作夥伴關係，因為他們建議我們如何最好地使我們的劇院環境盡可能安全和清潔。第四，在我們的網站和智能手機應用程序中使用我們行業領先的技術來促進非接觸式票務，並將我們的移動食品和飲料訂購功能擴展到另外 300 個美國劇院位置。這些都將幫助我們在全公司範圍內實施保持社交距離的做法。第五，教育我們的客人，讓他們了解我們為他們的安全而採取的行動。六、實施積極的營銷傳播和促銷活動，旨在啟動消費者需求。最後，七，認真降低我們的成本結構，認真檢查我們的每一類支出，以盡可能降低我們的支出。這些與恢復劇院運營有關的戰略和協議的全部細節將於本月晚些時候公佈，最早可能在下周初公佈。

In conclusion, after a period of time where billions of people have endured confinement and limited social interaction, we believe that there will be a significant pent-up demand to get back out into the world, including enjoying the immersive and social experience of watching compelling content on the big screen. Having said that, we're under no illusions. The waters will be choppy. There may be unforeseen tosses and turns to be navigated through, and full recovery may take quite a while. Still, AMC is extremely well positioned to benefit from this demand with a modern and upgraded theater portfolio, with the world's largest moviegoing customer database, with an industry-leading subscription, loyalty and technology program all combined with an unparalleled global footprint. We have a highly able executive team that is absolutely committed to AMC's long-term survival and more importantly to our long-term success, knowing that to do so, we'll have to resume our theater operations well and safely. We'll have to strengthen AMC's liquidity and deleverage our balance sheet. And the true measure of that success, of course, will be AMC's ability to make smiles happen for our guests and are producing once again meaningful free cash flow for our shareholders.

總而言之，在數十億人經歷了一段時間的禁閉和有限的社交互動之後，我們相信會有大量被壓抑的需求重新回到這個世界，包括享受觀看引人入勝的沉浸式社交體驗大屏幕上的內容。話雖如此，我們並不抱任何幻想。水域會波濤洶湧。可能會經歷無法預料的輾轉反側，而完全恢復可能需要相當長的時間。儘管如此，AMC 憑藉現代化和升級的影院組合、全球最大的觀影客戶數據庫、行業領先的訂閱、忠誠度和技術計劃以及無與倫比的全球足跡，完全有能力從這一需求中受益。我們擁有一支非常能幹的執行團隊，他們絕對致力於 AMC 的長期生存，更重要的是我們的長期成功，我們知道要做到這一點，我們必須安全地恢復影院運營。我們將不得不加強 AMC 的流動性並去槓桿化我們的資產負債表。當然，衡量成功的真正標準將是 AMC 是否有能力為我們的客人帶來微笑，並再次為我們的股東創造有意義的自由現金流。

With that, we're looking forward to seeing you back at the movies. And operator, we're now ready for questions.

有了這個，我們期待著在電影中見到你。接線員，我們現在準備好提問了。

(Operator Instructions) Our first question comes from the line of Eric Wold with B. Riley FBR.

（操作員說明）我們的第一個問題來自 Eric Wold 和 B. Riley FBR。

I'm glad you guys are all back together. A couple of questions. I guess, one, are there still some fluid situations out there in terms of when theaters can reopen? Maybe give us a better sense of once you get the green light in a region or have a fairly good sense of when that green light will come, when do you start hiring employees back? And what's the time line to get a theater ready? And do you -- would you ever kind of plan to have a theater ready open for Tenet even if you don't necessarily know that, that market will allow it yet or you have to wait until you completely have that green light?

我很高興你們都回來了。幾個問題。我想，第一，就劇院何時可以重新開放而言，是否仍然存在一些不穩定的情況？也許讓我們更好地了解一旦你在一個地區獲得綠燈，或者對綠燈何時到來有很好的了解，你什麼時候開始重新僱用員工？準備劇院的時間表是什麼時候？而且你 - 你是否曾經計劃過為 Tenet 準備好一個劇院，即使你不一定知道，那個市場會允許它，或者你必須等到你完全擁有那個綠燈？

Thanks, Eric. So yes, it's fluid. I believe that for 14 of the 15 countries that we serve, we have national guidelines as to reopening dates. The only country that I think has not yet declared is Saudi Arabia. In addition though to national guidelines, there are local guidelines. And that's especially important in the United States, which is the largest movie market in the world. We were greatly heartened that last night, the governor of California announced that theaters could open on June 12. That was new and welcome news. We still want to engage with the mayors of Los Angeles and San Francisco, but we believe that both will be on time for a July 17 Tenet opening date, assuming that, that date holds. New York State has similarly announced that theaters there can reopen for Tenet, assuming it stays on schedule of July 17. The mayor of New York City has not yet opined as to when the 5 boroughs of New York, the city, not the state, will reopen. We expect to know that soon.

謝謝，埃里克。所以是的，它是流動的。我相信，對於我們服務的 15 個國家中的 14 個，我們有關於重新開放日期的國家指導方針。我認為唯一尚未申報的國家是沙特阿拉伯。除了國家指南外，還有地方指南。這在美國尤為重要，美國是世界上最大的電影市場。昨晚，加利福尼亞州州長宣布劇院可以在 6 月 12 日開放，這讓我們大為振奮。這是一個令人欣喜的新消息。我們仍然希望與洛杉磯和舊金山的市長接觸，但我們相信兩者都將準時在 7 月 17 日的 Tenet 開放日期舉行，假設該日期成立。紐約州同樣宣布那裡的劇院可以為 Tenet 重新開放，前提是它保持在 7 月 17 日的時間表。紐約市市長尚未就紐約市而非紐約州的 5 個行政區何時開放發表意見。將重新開放。我們希望很快知道。

We can open the -- because we've been planning this now for 3 months and our planning efforts have been massive, we actually can open our theaters very quickly. I actually was on the telephone earlier -- a Zoom call earlier today with the managers of the 635 theaters that we have in the United States, discussing our reopening planning with them and telling them to be ready to open on a moment's notice. We do believe that we can open our theaters in a matter of a week or 2 at the most, defined as the date from when the first employee shows up inside a theater to when all the employees are in a theater and it's open for business. And we would expect, as I said with a handful of exceptions -- there may be a few theaters that economically we decide not to reopen because they weren't making all that much money beforehand, that we should have all of our theaters, essentially all of our theaters, pick your number, 97%, 98% of our theaters, open in time for Tenet and Mulan if they hold to those dates. Other circuits who've opened earlier than that have opened with what's called catalog products at discounted prices, meaning older movies, old not necessarily meaning Gone With the Wind but movies that -- some might be very old, some might be classic, some might be movies from last year. We'll do the same. But we also think that optimizing the profitability of our theaters is a good idea. And our attendance and our revenues will be much more lush on the new movie releases rather than playing the repertory, older product.

我們可以開放——因為我們已經計劃了 3 個月，而且我們的計劃工作量很大，我們實際上可以很快開放我們的劇院。事實上，我早些時候在打電話——今天早些時候與我們在美國擁有的 635 家劇院的經理進行了 Zoom 通話，與他們討論了我們的重新開放計劃，並告訴他們準備好在收到通知後立即開放。我們確實相信我們最多可以在一周或兩週內開放我們的劇院，定義為從第一位員工出現在劇院內到所有員工都在劇院內並開始營業的日期。正如我所說，除了少數例外，我們預計可能會有一些劇院在經濟上我們決定不重新開放，因為他們事先沒有賺那麼多錢，我們應該擁有我們所有的劇院，基本上我們所有的劇院，請選擇您的號碼，97%，我們 98% 的劇院，如果他們堅持這些日期，就會及時為 Tenet 和 Mulan 開放。其他比這更早開放的電路以折扣價開放了所謂的目錄產品，這意味著舊電影，舊的不一定意味著亂世佳人但電影 - 有些可能很老，有些可能是經典的，有些可能是去年的電影。我們也會這樣做。但我們也認為優化影院的盈利能力是個好主意。我們的出勤率和收入將更多地來自於新電影的發行，而不是播放保留劇目的老產品。

So we're -- we also think that it's important, as I said over and over again in the script, to operate our theaters safely and well. It is our view that some jurisdictions, which tried to open various venues as early as the first of May, were opening prematurely. We're much happier opening in June and July, with the bulk of our theaters opening in July, not in June, giving more time for preparation and more time for the world to get the pandemic under better control and containment. So to be more safe and to be more profitable, we're going to open our movie theaters right up before Tenet but not months before Tenet.

所以我們 - 我們也認為重要的是，正如我在劇本中一遍又一遍地說的那樣，安全和良好地運營我們的劇院。我們認為，一些早在 5 月 1 日就試圖開放各種場所的司法管轄區開放得太早了。我們更願意在 6 月和 7 月開張，因為我們的大部分影院在 7 月而不是 6 月開張，這讓我們有更多的時間進行準備，也讓世界有更多的時間更好地控制和遏制這一流行病。所以為了更安全和更有利可圖，我們將在 Tenet 之前而不是幾個月前開放我們的電影院。

In terms of Tenet and for that matter, Mulan, based on conversations we had as recently as last night, those 2 movies are still on schedule for July 17 and July 24. There are a whole host of movies that are also being released in the month of August, but we can't guarantee you that those dates won't slip. Those decisions are made by Warner and by Disney and by the other studios who release. What I do know is that we will be ready to open our theaters whenever new movies are ready for us.

就 Tenet 而言，就此而言，花木蘭，根據我們昨晚的談話，這兩部電影仍按計劃在 7 月 17 日和 7 月 24 日上映。還有很多電影也在上映8 月，但我們不能保證這些日期不會錯過。這些決定是由華納、迪士尼和其他發行電影的工作室做出的。我所知道的是，只要有新電影上映，我們就會準備好開放影院。

And just last question, I guess maybe for Sean, is given that we're kind of going into kind of a new world, so to speak, I guess, with attendance restrictions at least initially, coupled with your efforts to control costs in places last year, offset by intentionally new costs and cleaning procedures, et cetera, maybe give a sense of how you expect four-wall margins to kind of vary on various attendance levels as you kind of ramp up. If you initially restricted to 25%, that goes to 50%. And then obviously, you would staff accordingly. How would you expect that delta to move your margins?

最後一個問題，我想可能是對肖恩來說，考慮到我們正在進入一個新世界，可以這麼說，至少在最初階段有出勤限制，再加上你在地方控製成本的努力去年，被有意增加的新成本和清潔程序等抵消，也許可以讓您了解隨著您的增加，您期望四壁利潤率在不同的出勤率上會有所不同。如果您最初限制為 25%，那將變為 50%。然後很明顯，你會相應地配備人員。您期望該增量如何影響您的利潤率？

So we're both going to take this question, Eric, because it's so important. A reminder to one and all: even the 25% limitation is not nearly as painful as you would think on first -- at first blush. If you think about a Broadway theater, all of us has gone to a Broadway theater in our lives one time or another, you often find that every seat is full for every performance. By contrast, if you look at the movie theater industry, we are very much a church built for Easter Sunday and our theaters are mostly empty, not mostly full. And that's the reason why it was so easy for AMC to reduce seat capacities when we renovated seats -- renovated theaters by putting in reclining seats because what we were doing is we were pulling out empty seats. Even with the number of theaters that have reclining seats installed today, if you look at the number of seats that we had available for sale in 2019 against the tickets that we sold, we only sold 17% of our seats. So when you marry that up against the 25% seat limit and certainly against the 50% seat limit, you don't chase out many guests. Of course, you're going to chase out some Friday and Saturday night guests. But we've looked at the economic modeling and we went back and ran our theaters as if we had imposed a 50% seat limit last year, and it knocked out only about 12% of our guests and that assumes that no one shifted the performances that they went to see based on not having available seats or alternatively because of a desire on the consumer's part of social distancing to go to performances that are not as full.

所以我們都將回答這個問題，埃里克，因為它非常重要。提醒所有人：即使是 25% 的限制也沒有您最初想像的那麼痛苦——乍一看。如果你想到百老匯劇院，我們所有人在生活中都去過一次或那次百老匯劇院，你經常會發現每場演出的每個座位都坐滿了。相比之下，如果你看看電影院行業，我們就像一座為複活節星期天建造的教堂，我們的電影院大多是空的，而不是大部分都是滿的。這就是為什麼 AMC 在我們翻新座椅時很容易減少座位容量的原因——通過放置傾斜座椅來翻新劇院，因為我們正在做的是拉出空座位。即使今天安裝了躺椅的劇院數量很多，如果你看看我們在 2019 年出售的座位數量與我們售出的門票數量，我們也只售出了 17% 的座位。因此，當您將其與 25% 的座位限制以及 50% 的座位限制相提並論時，您不會趕走很多客人。當然，您會趕走一些週五和周六晚上的客人。但我們研究了經濟模型，然後回過頭來經營我們的劇院，就好像我們去年實施了 50% 的座位限制，結果只淘汰了大約 12% 的客人，而且假設沒有人改變演出他們去看的原因是沒有可用的座位，或者是因為消費者希望保持社交距離，去看不太滿的表演。

So really, even a 50% seat limitation probably only knocks out a single -- when you especially factor in this voluntary redistribution of performances that people go to by -- done by the consumer, even a 50% seat limitation only knocks out single-digit attendance at AMC. And the difference between 25% and 50% isn't a whole lot greater. So it's a counterintuitive notion but the seat limit capacity is not as painful as you might think given that last year, we only sold 17% of our available seats. Having said that, it goes without saying that the more full our auditoriums are, the better our margins will be. And the less full that our theaters are, the worse that our margins will be. And while I'd love to think that the whole world is going to operate like Norway did, where in our very first weekend, we essentially did the same business as last year, that seems to be too optimistic of an assumption. And we've seen market research that says the vast majority of our customers are going to come immediately back to theaters but not all of them and that there will be a ramp-up of increasing attendance over time, which does mean that there should be a ramp-up of our margin increasingly over time, which means that our margin on the first day of Tenet will not be as good as our margins at Christmas or our margins in 2021 or beyond. Sean, do you want to add anything to that?

所以說真的，即使是 50% 的座位限制也可能只會淘汰一個——當你特別考慮到這種自願重新分配人們參加的表演時——由消費者完成，即使是 50% 的座位限制也只會淘汰一個—— AMC 的數字出勤率。 25% 和 50% 之間的差異並沒有大很多。所以這是一個違反直覺的想法，但考慮到去年我們只售出了 17% 的可用座位，座位限制容量並不像您想像的那麼痛苦。話雖如此，不用說我們的禮堂越滿，我們的利潤就越高。我們的影院越不滿，我們的利潤就越差。雖然我很樂意認為整個世界都會像挪威那樣運作，但在我們的第一個週末，我們基本上做了與去年相同的業務，但這個假設似乎過於樂觀。我們已經看到市場研究表明，我們的絕大多數客戶將立即回到劇院，但不是全部，而且隨著時間的推移，觀眾人數將會增加，這確實意味著應該有隨著時間的推移，我們的利潤率會越來越高，這意味著我們在 Tenet 第一天的利潤率將不如我們在聖誕節或 2021 年或以後的利潤率。肖恩，你想補充什麼嗎？

Thank you, Adam. Two other things I'll just add to that is -- one is we looked at this very carefully when designing the opening plan for our theaters. So what you would expect is the first theaters to open versus the last theaters to open before the major studio releases, the last theaters will be the ones that require a higher level of attendance in order to break even than the first ones, which could break even earlier. The other point, and I think Adam mentioned this as well, is we have a flexible asset base in terms of capacity unlike live theater or sports. We can adjust times, we can adjust the number of screens, we can adjust the number of screen times, and that allows us to manage our profitability quite well. And then as Adam said, we can operate very profitably at 40%, even significantly lower capacity levels as we have done in the past on average.

謝謝你，亞當。我要補充的另外兩件事是——一是我們在設計劇院的開業計劃時非常仔細地研究了這一點。所以你會期望第一家影院與最後一家影院在主要製片廠上映之前開放，最後一家影院將是那些需要更高的上座率才能比第一家影院收支平衡的影院，這可能會打破甚至更早。另一點，我想 Adam 也提到了這一點，我們在容量方面擁有靈活的資產基礎，這與現場戲劇或體育活動不同。我們可以調整時間，我們可以調整屏幕數量，我們可以調整屏幕時間，這使我們能夠很好地管理我們的盈利能力。然後正如亞當所說，我們可以在 40% 的情況下非常有利可圖地運營，甚至像我們過去平均所做的那樣顯著降低產能水平。

And if I can just add to that last point of Sean's, in dialogue with every studio, big and small, as you would expect, and they're saying to us, holy mackerel, capacity limitations. And we're saying, right, but we normally play 20 movies. We have theaters with 14 screens. We have some theaters with 24 and 30 screens. When Tenet and Mulan come out, don't worry about seat capacity limitations. We'll double or triple or quadruple the number of auditoriums that we allocate to showing Tenet or Mulan, as examples among many. So we have a lot of arrows in our quiver to make sure that the seat capacity limitations don't hurt us.

如果我可以補充肖恩的最後一點，正如你所期望的那樣，在與每個大小工作室的對話中，他們對我們說，聖鯖魚，容量限制。我們說，對，但我們通常播放 20 部電影。我們有帶 14 個屏幕的劇院。我們有一些帶有 24 和 30 個屏幕的劇院。 Tenet 和 Mulan 出來的時候，不用擔心座位限制。我們將把分配給放映《信條》或《花木蘭》的放映廳數量增加一倍、三倍或四倍，作為許多例子中的一個。所以我們的箭筒裡有很多箭，以確保座位容量限制不會傷害到我們。

Perfect.

完美的。

And if I can add one more thing. It's the inverse of that, right? We can add a lot of showtimes by adding screens. Also, if attendance is light, we can decrease the number of showtimes especially in the off-peak periods. Remember, our theaters -- routinely, we're open at 10 in the morning until 1 in the morning. If demand is lighter than normal, we can take out a lot of operating cost by reducing showtimes in those very marginal time slots when there's not much demand, which allows us to concentrate opening hours and lower costs and therefore improve our economic performance.

如果我可以再添加一件事。正好相反，對吧？我們可以通過添加屏幕來增加很多放映時間。另外，如果上座率低，我們可以減少放映時間，尤其是在非高峰期。記住，我們的劇院——通常，我們從早上 10 點開到凌晨 1 點。如果需求比平時少，我們可以通過減少需求不多時那些非常邊緣的時段的放映時間來減少大量運營成本，這使我們能夠集中營業時間並降低成本，從而提高我們的經濟績效。

Our next question comes from the line of Meghan Durkin with Credit Suisse.

我們的下一個問題來自瑞士信貸的 Meghan Durkin。

So I wanted -- so in your discussions with the landlords, have you been able to negotiate any reductions to your rents going forward, not just the deferrals?

所以我想——所以在你與房東的討論中，你是否能夠就未來的租金減免進行談判，而不僅僅是延期？

And a follow-up, I hope you'll allow me this one. Since Silver Lake needs to approve the exchange, I wonder if its Board members were involved in the decision to commence the exchange.

還有一個後續，我希望你能允許我做這個。由於銀湖需要批准交易所，我想知道其董事會成員是否參與了開始交易所的決定。

Sure. Before we begin, I owe you an apology because on the last earnings call, you asked me about 15 questions about the coronavirus in Italy. And I think I said something like -- it's like 8 theaters in Italy. 2.5 weeks later, it was 1,000 theaters in 15 countries.

當然。在我們開始之前，我欠你一個道歉，因為在上次財報電話會議上，你問了我關於意大利冠狀病毒的 15 個問題。我想我說過類似的話——就像意大利的 8 家劇院。 2.5 週後，15 個國家/地區的 1,000 家影院上映。

But back to your question of today, on landlords, yes, we've had -- we have literally hundreds and hundreds of different leases with different landlords all across the world. We've had considerable success so far in abating and deferring rent. But yes, we've also had considerable success, especially for the second half of 2020 in actually lowering rents and converting rents from fixed-price rents to percentage of revenue rents. And similarly, with other individual landlords, we have been talking about forgiving rent, not just deferring rents from Q2 but actually forgiving rents in Q2. And with other landlords, we've had considerable success and discussions about actually reducing our rents going forward not just for a short period of time like in 2020, but permanently with respect to the entire duration of the lease.

但回到你今天的問題，關於房東，是的，我們有 - 我們實際上與世界各地的不同房東簽訂了成百上千份不同的租約。到目前為止，我們在減免和推遲租金方面取得了相當大的成功。但是，是的，我們也取得了相當大的成功，尤其是在 2020 年下半年實際上降低了租金並將租金從固定價格租金轉換為收入租金百分比。同樣，對於其他個人房東，我們一直在談論免租，不僅僅是從第二季度推遲租金，而是實際上免除第二季度的租金。我們與其他房東取得了相當大的成功，並就實際降低租金進行了討論，不僅是像 2020 年這樣的短時間，而且是在整個租約期限內永久性地降低租金。

On the issue of the bond exchange offer, you're absolutely correct that to get it done, we need the consent of the bondholders who will be exchanging their bonds. Those are individual consents, not a universal consent. We will need Silver Lake's consent to do the whole thing. And of course, it goes without saying that our Silver Lake Board member has recused himself from all matters associated with the exchange effort, as you would properly expect good corporate governance in place.

關於債券交換要約的問題，你完全正確，要完成它，我們需要得到將要交換債券的債券持有人的同意。這些是個人同意，而不是普遍同意。我們將需要 Silver Lake 的同意才能完成整件事。當然，不用說，我們的 Silver Lake 董事會成員已迴避與交易所工作相關的所有事務，因為您可以適當地期望良好的公司治理到位。

Okay. Got it. I'll leave it there and no issues on the last call.

好的。知道了。我會把它留在那裡，最後一次通話沒有問題。

If you have any -- we've got the worst health problem since 1918, we've got the worst economic crisis since the 1930s, and we have the biggest social unrest in the United States since the 1960s. If there's a fourth one the world would like to throw at us, I just want to know if you want to predict what that one is since you certainly had corona called 90 days ago.

如果你有任何 - 我們遇到了自 1918 年以來最嚴重的健康問題，我們遇到了自 1930 年代以來最嚴重的經濟危機，並且我們遇到了自 1960 年代以來美國最大的社會動盪。如果世界上有第四個病毒想扔給我們，我只想知道你是否想預測那個是什麼，因為你肯定在 90 天前被稱為電暈。

Oh, please no. I can't take any more.

哦，請不要。我受不了了。

Our next question comes from the line of Chad Beynon with Macquarie Group.

我們的下一個問題來自麥格理集團的 Chad Beynon。

Good to hear you're all well. At the beginning, you guys talked about just everything you've done reexamining all of your theaters and just the business in general. And I was wondering if you would comment on how you're thinking about domestically the 200-or-so classic theaters, which I believe haven't received a lot of the same CapEx and renovations as the others versus, I guess, your AMC branded and kind of the renovated theaters, which I believe are almost fully CapEx. So how does that fit into your future thinking? And the sidebar of that is, should we expect any closures in either of those segments?

很高興聽到你一切都好。一開始，你們談論的只是你們所做的一切，重新審視你們所有的劇院和一般的業務。我想知道你是否會評論你如何看待國內 200 多家經典劇院，我認為這些劇院沒有像其他劇院那樣接受很多相同的資本支出和翻新，我猜，你的 AMC品牌和某種翻新的劇院，我相信它們幾乎完全是資本支出。那麼，這如何符合您未來的想法呢？側邊欄是，我們是否應該期望這兩個部分中的任何一個關閉？

Thanks, Chad. Look, that's a very important question and I'll take it the way you frame it. Let's just start with the classic theaters. While they're not as profitable as AMC theaters, they're not unprofitable. They're just not very profitable. So for example, 90% of our cash flow comes -- that's a rough number. John will correct me if I'm wrong. 85% to 90% of our cash flow comes out of the AMC and AMC DINE-IN brand, but that doesn't mean that there's no cash flow coming out of the classic brand even though each of those theaters individually is not nearly as profitable as each of the big papa bear AMC theaters. So that's sort of one way to look at it. The second way to look at it is to the extent that we have an unprofitable theater, you have to look at profitability 2 ways. Is it absolutely unprofitable? Or is it not making a big profit but it's providing contribution to overhead that is greater than the rent that is contractually owed to the landlord? In which case, it's better for that theater to be in operation because it's contributing to overhead, maybe not much but it's contributing to overhead. So again, those theaters stay open.

謝謝，乍得。聽著，這是一個非常重要的問題，我會按照你提出的方式來回答。讓我們從經典劇院開始吧。雖然它們的盈利不如 AMC 影院，但它們並非無利可圖。他們只是利潤不高。因此，例如，我們 90% 的現金流來自——這是一個粗略的數字。如果我錯了，約翰會糾正我。我們 85% 到 90% 的現金流來自 AMC 和 AMC DINE-IN 品牌，但這並不意味著沒有現金流來自經典品牌，儘管這些影院中的每一個都沒有那麼有利可圖作為每個大爸爸熊的AMC影院。所以這是一種看待它的方式。第二種看待它的方式是，我們有一個無利可圖的劇院，你必須用兩種方式來看待盈利能力。是絕對無利可圖嗎？或者它並沒有賺取大筆利潤，但它提供的間接費用大於合同欠房東的租金？在這種情況下，該劇院最好繼續運營，因為它會增加開銷，可能不多，但會增加開銷。因此，這些劇院再次開放。

Having said that, we have some -- we have about 50-or-so theaters that we own in the United States, where we don't even -- where there are no theater leases. If any of those theaters are unprofitable, they may not reopen. I'm expecting that we're going to open up 97%, 98% of our U.S. theaters in July, but I wouldn't be surprised if a couple of percentage points -- maybe 96%, if a couple of percentage points of our theaters we choose not to reopen because their profitability is marginal. Over time, meaning looking ahead, not just the next 90, 180 days but looking into '21 and '22 and '23, we're going to have to take a very hard look especially as theaters come up for normal lease expiration. And we're going to go through an exhaustive analysis of every single theater and make the determination whether that theater stays in our fleet or it leaves our fleet or it only stays in our fleet if we can renegotiate terms with a landlord such that rents are more affordable going forward on a, let's say, 5-year contractual extension. I don't see anything that's going to decrease our theater count that would have us fall below being the largest theater operator in the United States. Having said that, I don't think we'll be at 635 theaters either because we are going to take a very hard look at profitability and we want to run those theaters that are contributing to overhead and shedding those theaters that are not.

話雖如此，我們有一些 - 我們在美國擁有大約 50 家左右的劇院，我們甚至沒有 - 沒有劇院租賃。如果這些劇院中的任何一家無利可圖，它們可能不會重新開放。我預計我們將在 7 月份開放 97%、98% 的美國影院，但如果有幾個百分點——也許是 96%，如果有幾個百分點，我不會感到驚訝。我們選擇不重新開放我們的劇院，因為它們的盈利能力微乎其微。隨著時間的推移，這意味著展望未來，不僅僅是接下來的 90 天、180 天，而是展望 21 年、22 年和 23 年，我們將不得不非常認真地審視，尤其是在劇院正常租約到期時。我們將對每一個劇院進行詳盡的分析，並確定該劇院是留在我們的機隊中還是離開我們的機隊，或者它只留在我們的機隊中，前提是我們可以與房東重新談判條款，這樣租金是比方說，5 年合同延期的未來更實惠。我看不出有什麼會減少我們的影院數量，使我們無法成為美國最大的影院運營商。話雖如此，我認為我們也不會擁有 635 家影院，因為我們將非常認真地審視盈利能力，我們希望經營那些產生開銷的影院，並剝離那些沒有產生開銷的影院。

Okay. That's perfect, Adam. And then, Sean, I'm going to be a little greedy here. You gave us the March quarter end cash balance and then you gave us the April 30 cash balance of $718 million. Are you willing to give us a more updated number, a May number, which might help us kind of bridge what your monthly cash burn was in May and then kind of what that would essentially assume for June? Or are you holding that back because of the bond offering?

好的。太完美了，亞當。然後，肖恩，我要在這裡有點貪婪。你給了我們 3 月季度末的現金餘額，然後你給了我們 4 月 30 日的現金餘額 7.18 億美元。你願意給我們一個更新的數字，一個 5 月的數字，這可能會幫助我們在某種程度上彌合你在 5 月的每月現金消耗，然後是 6 月的基本假設嗎？或者你因為債券發行而退縮了？

Well, I won't give you direct numbers but I will give you some guidance to point you in the right direction perhaps. Maybe we can compromise at that level. If you think about the information that we publicly disclosed at the moment, we said when we raised the additional $500 million, that would give us approximately $800 million cash equivalent at the beginning of the second quarter. We said that, that would be sufficient cash to enable us to withstand a suspension of our theater operations right through to Thanksgiving, so $800 million, 8 months. Now we wouldn't use all that cash so that we'd have nothing at the end of November. Obviously, there'd be a cash balance from that point of view. So our monthly cash burn is something slightly south of $100 million, and that includes the debt servicing cost that run at about $24 million a month. So you can kind of use that to roughly estimate what the cash position is end of May and at the end of period thereafter.

好吧，我不會給你直接的數字，但我會給你一些指導，也許可以為你指明正確的方向。也許我們可以在那個層面上妥協。如果你想想我們目前公開披露的信息，我們說過，當我們籌集額外的 5 億美元時，這將使我們在第二季度初獲得大約 8 億美元的現金等價物。我們說，那將是足夠的現金，使我們能夠經受住劇院運營的暫停，直到感恩節，即 8 億美元，8 個月。現在我們不會動用所有現金，這樣到 11 月底我們就一無所有了。顯然，從那個角度來看會有現金餘額。因此，我們每月的現金消耗略低於 1 億美元，其中包括每月約 2400 萬美元的償債成本。因此，您可以使用它來粗略估計 5 月底和此後期末的現金頭寸。

We have to be careful because we are in the market with a bond offering and we got an OM out, and we have to be careful what new numbers we supply.

我們必須小心，因為我們在市場上發行債券，我們得到了 OM，我們必須小心我們提供的新數字。

So what I will -- and just one other thing I'd add to that. Our cash burn is in line with to slightly better with -- than our expectations when we did the bond offering. We're managing very well towards the projections that we had. As Adam indicated in his prepared remarks, I am watching the cash very carefully.

那麼我會做什麼——我還要補充一件事。我們的現金消耗與我們發行債券時的預期一致，略好於我們的預期。我們對我們的預測進行了很好的管理。正如亞當在他準備好的發言中指出的那樣，我正在非常仔細地觀察現金。

Like a hawk. The man -- we're going to give a new nickname. His name is like a hawk. But -- you didn't ask this question but since it's related. We're not only bringing down operating costs. We said in the remarks that we're taking capital expenditures to the bare bone. I think Sean, in his prepared remarks, said that the CapEx expenditure in the first few months was under $80 million. We think that for the remaining 10 months of the year, CapEx may be another $50 million to $80 million, meaning that total CapEx for the year will be somewhere between $130 million and $160 million. You may recall last year, we were spending over $400 million. 2 years before that, we were spending around $600 million. And we gave guidance that CapEx would be $250 million to $300 million this year. We always said that if we needed to turn on the brakes and turn CapEx off immediately, we have the ability to do it. And if anybody doubted that we could pull that off, well, we just pulled that off because CapEx this year is going to be $130 million to $160 million in total. And had we not spent $80 million in the first -- or $75 million to $80 million in the first 2 months of this year, the CapEx burn would have been a lot less than $130 million to $160 million this year.

像一隻鷹。這個人——我們要給它起一個新的綽號。他的名字像一隻鷹。但是——你沒有問這個問題，因為它是相關的。我們不僅降低了運營成本。我們在評論中表示，我們正在將資本支出降至最低。我認為肖恩在他準備好的發言中說過，頭幾個月的資本支出低於 8000 萬美元。我們認為，對於今年剩餘的 10 個月，資本支出可能會再增加 5000 萬至 8000 萬美元，這意味著全年的資本支出總額將在 1.3 億至 1.6 億美元之間。您可能還記得去年，我們花費了超過 4 億美元。 2 年前，我們花費了大約 6 億美元。我們給出的指導意見是，今年的資本支出將為 2.5 億至 3 億美元。我們總是說，如果我們需要立即剎車並關閉資本支出，我們有能力做到。如果有人懷疑我們能否實現這一目標，好吧，我們只是實現了這一目標，因為今年的資本支出總額將達到 1.3 億至 1.6 億美元。如果我們沒有在第一時間花費 8000 萬美元——或者在今年前兩個月花費 7500 萬至 8000 萬美元，今年資本支出的消耗將遠低於 1.3 億至 1.6 億美元。

And just one quick clarification on that. That's net CapEx, the numbers that Adam's referring to.

只是一個快速的澄清。那是淨資本支出，亞當指的是數字。

All of those numbers were net.

所有這些數字都是淨值。

All of those were net CapEx.

所有這些都是淨資本支出。

Including for the prior period.

包括前期。

Correct.

正確的。

Our next question comes from the line of Eric Handler with MKM Partners.

我們的下一個問題來自 Eric Handler 與 MKM Partners 的合作。

Adam, I wonder if we could talk about New York City a little bit. Specifically, what percentage of your U.S. circuit in terms of screens or revenue does New York City account for? And considering that the state or the city just entered its phase 1 of reopening and theaters, I believe, are part of the phase 4 opening, how hopeful are you that New York City could be part of a July opening?

亞當，我想知道我們是否可以談談紐約市。具體來說，紐約市在屏幕或收入方面占美國電路的百分比是多少？考慮到州或市剛剛進入重新開放的第一階段，我相信劇院是第四階段開放的一部分，您對紐約市成為 7 月開放的一部分有多大希望？

Well, we're a major player in New York City. We have a market share in excess of 40%, but we do have 600 -- well, we -- pre-corona, we had 635 open theaters in the United States. New York City represents a single-digit percentage of our total circuit. The -- Eric, obviously, I would love for New York City to open as soon as it can and as soon as it safely can. I've already said that as a company that AMC did not rush out the opening of theaters ahead of when we thought it was safe to do so. So we're empathetic with the public officials in New York City who have a herculean task to try to get a city of 8 million people open in a healthy manner. I don't -- so I don't really want to make any predictions whether New York City will be open for a July 17 Tenet date or not. I hope so. They probably would just skirt through it. They might not. And the reality is, I think if you ask the mayor of New York that question, he wouldn't know the answer either. I think what we'll learn over the next 4 weeks will determine what happens 4 weeks from now. As I said in my earlier remarks, it's a very fluid situation. But let's hope we can get open New York State certainly -- I shouldn't say -- I should never use the word certainly about anything in this environment. But based on current expectations, New York State is supposed to open broadly in early July ahead of Tenet. New York City will be right on the cusp. And of course, that assumes that Tenet holds at July 17, and that's a decision that's being made in a different boardroom than ours.

好吧，我們是紐約市的主要參與者。我們的市場份額超過 40%，但我們確實有 600 家——好吧，我們——在新冠病毒爆發前，我們在美國有 635 家開放式劇院。紐約市在我們的總賽道中只佔個位數的百分比。埃里克，顯然，我希望紐約市盡快安全地開放。我已經說過，作為一家公司，AMC 並沒有在我們認為安全的情況下提前開放影院。因此，我們對紐約市的公職人員表示同情，他們肩負著一項艱鉅的任務，要努力讓這座擁有 800 萬人口的城市以健康的方式開放。我不知道——所以我真的不想對紐約市是否會在 7 月 17 日的 Tenet 日期開放做出任何預測。但願如此。他們可能會繞過它。他們可能不會。而現實情況是，我認為如果你問紐約市長這個問題，他也不會知道答案。我認為我們在接下來的 4 週內學到的東西將決定 4 週後發生的事情。正如我在之前的發言中所說，這是一個非常不穩定的情況。但是，讓我們希望我們能夠肯定地開放紐約州——我不應該說——我永遠不應該在這種環境中對任何事情使用肯定這個詞。但根據目前的預期，紐約州應該在 Tenet 之前於 7 月初全面開放。紐約市將處於風口浪尖。當然，這是假設 Tenet 在 7 月 17 日成立，而且這是在與我們不同的董事會中做出的決定。

Fair enough. I wonder -- could you comment a little about A-List, where A-List ended up in the first quarter? I'm assuming you've -- you're telling your customers that you're halting their payments and how churn is holding up through this pandemic.

很公平。我想知道 - 你能對 A-List 發表一些評論嗎？A-List 在第一季度結束了嗎？我假設你已經 - 你告訴你的客戶你正在停止他們的付款以及在這種大流行期間客戶流失是如何持續的。

So let's just talk about January and February, we're talking about now. So A-List was great in January and February. We were over 900,000 members. Film usage was right in the sweet spot of where it had been in the months prior. The program, as we look at program profitability, was greatly profitable. It was a big reason -- not the only reason but a big reason why our EBITDA was up $53 million as a company year-over-year in 2 months. Extrapolate that. If we had been up $53 million every 2 months of EBITDA for all of 2020, how would this company have looked financially going forward? This was a year we were going to harvest free cash flow and all these wonderful plans we laid out pre-coronavirus. As soon as we did theater shutdown, we went out to all of our AMC Stubs members and all of our AMC Stubs A-List members. We paused all payments without them having to take any action.

所以讓我們只談談一月和二月，我們現在正在談論。所以 A-List 在 1 月和 2 月很棒。我們有超過 900,000 名會員。電影的使用恰好處於前幾個月的最佳位置。從項目盈利能力來看，該項目非常有利可圖。這是一個很大的原因——不是唯一的原因，但卻是我們公司 EBITDA 在兩個月內同比增長 5300 萬美元的一個重要原因。推斷。如果我們在 2020 年全年的 EBITDA 每兩個月增加 5300 萬美元，那麼這家公司的財務前景會如何？這一年我們將收穫自由現金流，我們在冠狀病毒爆發前製定了所有這些美妙的計劃。劇院一關閉，我們就聯繫了所有 AMC Stubs 成員和所有 AMC Stubs A-List 成員。我們暫停了所有付款，而無需他們採取任何行動。

And we are -- when I talked in my remarks, there were 7 things we're going to do. One of them is an aggressive plan of marketing communications and promotional activity. Some of that will be aimed at our A-List population. When we go out with our resumption of operations, communications to our guests, we'll tell them what we're going to do with respect to A-List going forward. I don't want to jump that gun. I think our members deserve to hear first what we're going to do for them rather than doing it on this call and having it bleed out into the press. But I can tell you that A-List population is a very important part of our customer base, roughly 15% in very round numbers of our customer base. The Stubs population in total -- of our U.S. customer base. The Stubs population in total is a very important part of our customer base, so right around half of our customer base, very, very important to us. We were -- we will take a lot of action to make them happy with AMC to give them benefit that hopefully will propel them to come right back into our theaters. What the result of all that activity will be none of us are going to really know until, a, we do it; and b, the theaters are open and operating and we see how they respond. So I think rather than guessing -- and it would just be a guess. Rather than guessing how they'll perform ahead of time, we'll be very open and comprehensive in giving you information about how they did perform as we report third quarter numbers.

我們是——當我在發言中談到時，我們將要做 7 件事。其中之一是營銷傳播和促銷活動的積極計劃。其中一些將針對我們的 A-List 人群。當我們恢復運營、與客人溝通時，我們會告訴他們我們將在 A-List 方面做些什麼。我不想搶那把槍。我認為我們的成員應該首先聽到我們將要為他們做些什麼，而不是在這次電話會議上這樣做，然後讓它流到媒體上。但我可以告訴你，A-List 人口是我們客戶群中非常重要的一部分，大約占我們客戶群的 15%。 Stubs 總人口——我們的美國客戶群。 Stubs 人口總數是我們客戶群中非常重要的一部分，因此大約占我們客戶群的一半，對我們來說非常非常重要。我們 - 我們將採取很多行動讓他們對 AMC 感到滿意，讓他們受益，希望能推動他們回到我們的影院。所有這些活動的結果是什麼，我們都不會真正知道，直到，a，我們去做； b，劇院是開放和運營的，我們看到他們如何回應。所以我認為而不是猜測——這只是一個猜測。我們不會提前猜測他們的表現，而是會非常開放和全面地向您提供有關他們在報告第三季度數據時表現如何的信息。

And just to...

只是為了...

Oh, yeah, how they're going to -- Eric, I can tell you how they're going to perform in the second quarter. They're not going to go to a single movie in the second quarter.

哦，是的，他們將如何——埃里克，我可以告訴你他們將如何在第二季度表現。他們不會在第二季度去看一部電影。

Yes. Just as a refresh, you said January, February, there was about 900,000 members. How did that compare to where you ended 2019 in December?

是的。只是作為一個刷新，你說一月，二月，大約有 900,000 名會員。這與您在 12 月結束 2019 年的情況相比如何？

It was right around the same. We...

大致相同。我們...

Same. Okay.

相同的。好的。

Our next question comes from the line of David Miller with Imperial Capital.

我們的下一個問題來自 Imperial Capital 的 David Miller。

A few questions. Sean, I'll start with you. And Adam, if you want to chime in or contribute, that would be great. I know you guys are still in the market with the second lien notes. Can you say though whether or not the second lien notes are going to rank pari passu with the term loan? And then I have a couple of follow-ups.

幾個問題。肖恩，我將從你開始。亞當，如果你想插話或貢獻，那就太好了。我知道你們還在市場上拿著第二留置權票據。你能說第二留置權票據是否會與貸款期限享有同等地位嗎？然後我有幾個後續行動。

Sean?

肖恩？

So we're not in the market with the first lien notes. Sorry, just repeat the -- you said you know we were still in the market with the first lien notes?

所以我們並沒有帶著第一張留置權票據進入市場。抱歉，請重複一遍——你說你知道我們還在市場上持有第一張留置權票據？

Well, the -- yes. So my understanding is that the first lien notes ranked pari passu with the term loan. So -- but you're out with second lien notes. You're out in the market with...

嗯，是的。所以我的理解是，第一張留置權票據與貸款一詞享有同等地位。所以 - 但你沒有第二留置權票據。你在市場上...

Oh, with the exchange offering, yes?

哦，通過交換產品，是嗎？

Yes.

是的。

Sorry. And what was the question?

對不起。問題是什麼？

Will that rank pari passu as well as the initial offering?

該排名是否與首次公開募股具有同等地位？

No, it won't.

不，不會的。

Okay. All right. Fair enough. And then...

好的。好的。很公平。進而...

Second lien is second lien.

第二留置權是第二留置權。

Second lien is -- lien, yes.

第二留置權是——留置權，是的。

First lien is first lien. But those notes that exchange would be ahead of those notes that do not exchange.

第一留置權就是第一留置權。但是那些交換的票據將領先於那些不交換的票據。

Correct.

正確的。

Right, exactly. We can -- there are some nuances to that. We could talk about it off-line. That's totally fine.

沒錯，沒錯。我們可以——這有一些細微差別。我們可以離線討論。那完全沒問題。

Actually, we -- Sean -- actually, David, we can't talk about it on this call and we can't talk about it online. We're in the market with an active bond exchange. We've got to live on the OM and not say much more than that publicly.

實際上，我們——肖恩——實際上，大衛，我們不能在這個電話上談論它，我們不能在網上談論它。我們在市場上有一個活躍的債券交易。我們必須以 OM 為生，而不是在公開場合說太多。

Okay. And then I appreciate the color about the rents. In many cases, obviously, rents are going to be deferred. Can you talk about like, in general, how is this going to be reconciled on the back end of the virus? I mean is all -- is some or all of it going to have to be paid back in 2021? Or is it more like fourth quarter '20? Or how would you -- if you were us, how would you model that?

好的。然後我欣賞租金的顏色。顯然，在許多情況下，租金將被推遲。你能談談一般來說，這將如何在病毒的後端進行協調嗎？我的意思是全部 - 部分或全部是否必須在 2021 年償還？或者它更像是 20 世紀第四季度？或者你會如何 - 如果你是我們，你會如何建模？

It literally varies agreement by agreement, landlord by landlord, but we are trying to get agreements in place that extend repayment at least until the end of 2021. And in some cases, we've got -- we're approaching agreement to have repayment over a period of 6 years. So it really depends deal by deal. All the deals aren't done yet. We'll probably be able to give you more color on a future call as we make more progress.

它實際上因協議而異，房東因房東而異，但我們正在努力達成協議，將還款至少延長到 2021 年底。在某些情況下，我們已經——我們正在接近達成還款協議在 6 年的時間裡。所以這真的取決於一筆一筆的交易。所有的交易都還沒有完成。隨著我們取得更多進展，我們可能會在未來的電話會議上為您提供更多色彩。

Okay. Great. And then Adam, any progress in sort of warming relations with Universal? We're obviously aware of the letter that you wrote. You stated that you're not going to show any Universal films. That was, I don't know, 6, 7, 8 weeks ago or so. I'm more asking the question actually on behalf of MGM's shareholders who might be on the call and who are somewhat worried about James Bond 25 out in November because Universal is the international distributor on that film.

好的。偉大的。然後是亞當，在與環球公司的關係升溫方面有什麼進展嗎？我們顯然知道你寫的那封信。你說你不會放映任何環球電影。那是，我不知道，大約 6、7、8 週前。我實際上是代表米高梅的股東問這個問題，他們可能正在打電話，他們有點擔心 11 月上映的詹姆斯·邦德 25，因為環球影業是這部電影的國際發行商。

Thank you for the question. So look, relations are warm with Universal. You said they were not warm. Relations with Universal have always been warm, and I'm using warm as a good word as opposed to not a good word. There's nothing personal about this issue with Universal. I have great respect for Universal executives. I think they have great respect for us. This is just an issue about money. And we are in active dialogue with Universal. But if you look at the press release on Page 3, it says and I quote, "While we're in active dialogue with Universal, no movies made by Universal Studios are currently on our docket." We'll see how it all shakes out.

感謝你的提問。所以看，與環球公司的關係很融洽。你說他們不溫暖。與環球公司的關係一直很溫暖，我用溫暖作為一個好詞，而不是一個不好的詞。環球影業的這個問題與個人無關。我非常尊重環球公司的高管。我認為他們非常尊重我們。這只是錢的問題。我們正在與環球影業進行積極對話。但是如果你看一下第 3 頁上的新聞稿，它說，我引用，“雖然我們正在與環球影業進行積極對話，但目前我們的日程表上沒有環球影城製作的電影。”我們將看看這一切是如何發生的。

Okay. And then real quickly, Adam, were you aware of the attendance caps imposed by the State of California Health Department today prior to what you announced today? Were you aware of that when you wrote up the script? Or were you just made aware of that today?

好的。然後很快，亞當，在你今天宣布之前，你是否知道加利福尼亞州衛生部今天實施的出勤上限？你在寫劇本的時候意識到這一點了嗎？還是你今天才意識到這一點？

Are you talking about the 100 cap on attendance?

你說的是 100 人的出勤上限嗎？

No, the 25% caps out here in California with this limit and its caps.

不，加利福尼亞州的 25% 有此限制及其上限。

Yes. It's a 25% cap and in no case more than 100 people. We had all that yesterday -- well before it was announced by the governor but certainly immediately after it was announced by the governor. And all the comments we made on this call today assumed those caps were -- would be in place. The governor of California also said that they would quickly reevaluate those caps of 25% and 100 seats -- 100 maximum people per performance and possibly reevaluate that in a matter of weeks after the June 12 reopening. But as I -- that's why I've been saying throughout the call more than once, this whole situation is quite fluid and things are going to change and they're not going to -- and they're going to change on a daily and weekly basis. And you can be sure we're very much in touch with all these authorities and have a very good sense of what's going on.

是的。這是一個 25% 的上限，並且在任何情況下都不會超過 100 人。昨天我們擁有了所有這些——遠在州長宣布之前，但肯定是在州長宣布之後。我們在今天的電話會議上發表的所有評論都假設這些上限已經到位。加利福尼亞州州長還表示，他們將迅速重新評估 25% 和 100 個座位的上限——每場演出最多 100 人，並可能在 6 月 12 日重新開放後的幾週內重新評估。但正如我——這就是為什麼我在整個電話會議中不止一次說過，整個情況非常不穩定，事情會發生變化，但他們不會——而且每天都會發生變化和每週一次。你可以肯定我們與所有這些當局都保持著密切聯繫，並且非常了解正在發生的事情。

Ladies and gentlemen, we have time for one final question from the line of Jim Goss with Barrington Research.

女士們，先生們，我們有時間聽取 Barrington Research 的 Jim Goss 的最後一個問題。

One question is involving the capacity limitations that was just brought up to some extent. But in general, to the extent that -- are the limitations on capacity really primarily an issue in just the most densely populated urban areas, which I know is a big share of your emphasis? And are those areas also ones where you might have the most flexibility in, say, film times and that sort of thing that might have people willing to spread around and maybe minimize the impact? I'm just wondering what your thoughts are on that.

一個問題涉及剛才提到的容量限制。但總的來說，容量限制是否真的主要是人口最稠密的城市地區的一個問題，我知道這是你強調的很大一部分？這些區域是否也是您在拍攝時間方面可能具有最大靈活性的區域，以及那些可能會讓人們願意四處走動並可能將影響降至最低的事情？我只是想知道你對此有何看法。

Yes. So Jim, it's a great question. I don't -- I mean, I think if you look at the whole portfolio of our theaters, we got flexibility everywhere. We have 1.1 million seats in the United States with an average of 4.5 showtimes a day pre-corona's 365 days a year, and we only sold 250 million tickets. We do not lack for seats. And we have 8,000 screens in the United States. And whether it's a big city or a small location, the average AMC theater has more than 12 screens. Between all those screens, all the show times, we have enormous flexibility to move people around. That's why I said that the seating limitation cap is much less of a problem for us than it is for other industries. Let's just think of other industries that sell seats, right? The load factor on U.S. airplanes pre-corona was probably in excess of 75% of their seats sold. The average sports team tends to sell out its arenas every night with often with 100% of seats being occupied. At AMC, we sold 17% of our seats last year. If there's anybody who can get through this social distancing, seat blocking, capacity limitation thing, it's our industry as an industry. And with respect to AMC as a company, I do believe that our company is data rich, very analytic, has lots of quantitative, analyst resource within the company. And so I think within the industry, our ability to manage through this is even better than a lot of our smaller competitors who may not be as quantitatively sophisticated as is AMC.

是的。所以吉姆，這是一個很好的問題。我不——我的意思是，我想如果你看看我們劇院的整個組合，我們到處都有靈活性。我們在美國有 110 萬個座位，在冠狀病毒爆發前一年 365 天平均每天放映 4.5 場，我們只售出了 2.5 億張門票。我們不缺座位。我們在美國有 8,000 塊屏幕。而且無論是大城市還是小地方，AMC 影院平均擁有 12 個以上的屏幕。在所有這些屏幕之間，所有的放映時間，我們有極大的靈活性來移動人們。這就是為什麼我說座位限制上限對我們來說比對其他行業的問題要小得多。我們就想想其他賣席位的行業吧？新冠疫情前美國飛機的載客率可能超過其售出座位的 75%。一般的運動隊往往每晚都會售罄其競技場，通常 100% 的座位都被佔用。在 AMC，我們去年售出了 17% 的席位。如果有任何人能夠度過這種社交距離、座位阻塞、容量限制等問題，那就是我們這個行業。關於 AMC 作為一家公司，我確實相信我們公司數據豐富，分析能力強，公司內部擁有大量定量分析資源。因此，我認為在行業內，我們的管理能力甚至優於許多規模較小的競爭對手，這些競爭對手在數量上可能不如 AMC。

Okay. And I have one other...

好的。而我還有一個...

Jim, just to -- I don't think the issue that you should be worried about is a limitation on supply. The issue is what's the level of demand. We can accommodate whatever level of demand the world wants to throw at us. Last year, we could have basically increased our demand and accommodate our demand if it grew sixfold, which it certainly is not going to do in a coronavirus situation. So the issue for us to manage through is what happens if it's less than last year and how we manage our way through that from a cash burn standpoint, from a profitability standpoint, from a ramp-up standpoint. And we're all over it and as -- and you had one more that you wanted to ask.

吉姆，我認為你應該擔心的問題不是供應限制。問題是需求水平如何。我們可以滿足世界想要向我們提出的任何級別的需求。去年，如果需求增長六倍，我們基本上可以增加我們的需求並滿足我們的需求，這在冠狀病毒的情況下肯定不會發生。因此，我們要解決的問題是，如果它比去年少會發生什麼，以及我們如何從現金消耗的角度、盈利能力的角度、從提升的角度來管理我們的方式。我們已經解決了這個問題，因為 - 你還有一個你想問的問題。

Well, the one other thing I was going to ask was related to some of the cost benefits you might have developed out of the coronavirus, mainly working from home and office space utilization. Are there savings you think might persist beyond this where you may not need quite as much space or in terms of -- yes, I suppose it's mainly headquarters but it could be other areas as well within the company. So are there things that will persist beyond the pandemic?

好吧，我要問的另一件事與您可能從冠狀病毒中獲得的一些成本效益有關，主要是利用家庭和辦公室空間。在您可能不需要那麼多空間的情況下，您認為還有哪些節省可能會持續存在，或者就 - 是的，我想它主要是總部，但也可能是公司內部的其他區域。那麼，是否有一些事情會在大流行之後持續存在？

Oh, yes. The answer to your question is oh, yes. Remember, we had a profit improvement plan that we announced a year back. I think we said that we identified $75 million of savings and therefore, we were going to commit to $50 million because we wanted to make sure we got it all. We told you something we want to deliver on it. We got to be looking for hundreds of millions of dollars of savings because the revenues are not going to come back to pre-corona levels on the first day. They're going to ramp up and they're going to start at some level and they're going to grow. And it's anybody's guess whether they grow over 6 weeks, 6 months or 6 years. But it's going to take time for them to grow. We're going to be operating not just AMC as a company but as an industry. And by the way, the whole of the economy is going to be operating in a demand-limited environment, which means that revenues will be harder to come by, which means costs are going to have to be cut. So this isn't just about whether we need less office space at our headquarters. We're going to have to run our company more efficiently at our theaters, in our headquarters. We're going to have to cut labor costs. We're going to have to cut nonlabor costs. And the management team here does not have small targets or small aims. We've got to balance our revenues with our costs -- or we've got to balance our costs with our revenues to the extent that it's possible to do so, and we're on the case with big targets in mind.

哦是的。你的問題的答案是哦，是的。請記住，我們在一年前宣布了一項利潤改善計劃。我想我們說過我們確定了 7500 萬美元的節省，因此，我們將承諾投入 5000 萬美元，因為我們想確保我們得到全部。我們告訴過你一些我們想要實現的事情。我們必須尋求數億美元的節省，因為收入不會在第一天就回到疫情前的水平。他們會增加，他們會從某種程度上開始，他們會成長。任何人都可以猜測它們的生長時間是 6 週、6 個月還是 6 年。但它們的成長需要時間。我們不僅要將 AMC 作為一家公司，還要作為一個行業來運營。順便說一句，整個經濟將在需求受限的環境中運行，這意味著收入將更難獲得，這意味著必須削減成本。所以這不僅僅是關於我們是否需要減少總部的辦公空間。我們將不得不在我們的總部、我們的劇院更有效地運營我們的公司。我們將不得不削減勞動力成本。我們將不得不削減非勞動力成本。這裡的管理團隊沒有小目標或小目標。我們必須平衡我們的收入與成本——或者我們必須在可能的範圍內平衡我們的成本與我們的收入，我們在考慮大目標的情況下。

Ladies and gentlemen, we have reached the end of our question-and-answer session, and I would like to turn the call back over to Mr. Adam Aron for any final remarks.

女士們，先生們，我們的問答環節已經結束，我想把電話轉回給 Adam Aron 先生，聽取最後的評論。

Thank you, operator. Look, guys, thank you for participating in the call. I'm just going to end it with one sentence: we will do everything in our power to make sure that this company thrives and prospers. With that, see you at the movies.

謝謝你，運營商。聽著，伙計們，感謝您參與電話會議。我只想用一句話來結束它：我們將竭盡全力確保這家公司蓬勃發展。有了這個，我們電影院見。

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

今天的電話會議到此結束。此時您可以斷開線路。感謝您的參與，祝您有美好的一天。