AMC 電影院 (AMC) 2024 Q4 法說會逐字稿

Greetings and welcome to the AMC Entertainment Holdings, Inc., fourth quarter and full-year 2024 earnings webcast. (Operator Instructions) As a reminder, this conference is being recorded.

問候並歡迎收聽 AMC Entertainment Holdings, Inc. 2024 年第四季和全年收益網路廣播。（操作員指示）提醒一下，本次會議正在錄音。

It's now my pleasure to turn the call over to John Merriwether, Vice President, Capital Markets and Invest Relations. Please go ahead, John.

現在我很高興將電話轉給資本市場和投資關係副總裁約翰·梅里韋瑟。請繼續，約翰。

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

謝謝你，凱文。午安.歡迎大家收看 AMC 2024 年第四季和全年收益網直播。今天下午與我一起的有我們的董事長兼首席執行官亞當·阿隆 (Adam Aron)；以及我們的首席財務官 Sean Goodman。

Before I turn the webcast over to Adam, let me remind everyone that some of the comments made by management during this webcast may contain forward-looking statements that are based on management's current expectation. 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 most recent public filings, including our most recently filed 10-K and 10-Q.

在我將網路直播交給亞當之前，讓我提醒大家，管理層在本次網路直播中發表的一些評論可能包含基於管理層當前預期的前瞻性陳述。許多風險、不確定性和其他因素可能導致實際結果與今天表達的結果有重大差異。我們在最近的公開文件中討論了許多這些風險和不確定性，包括我們最近提交的 10-K 和 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 against relying on these statements. The company undertakes no obligation to revise or update any forward-looking statements, whether as a result of new information or future events.

決定公司未來業績的多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，請聽眾不要依賴這些陳述。無論出現新資訊或未來事件，本公司均不承擔修改或更新任何前瞻性聲明的義務。

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

在本次網路廣播中，我們可能會引用非 GAAP 財務指標，例如調整後的 EBITDA、固定匯率和自由現金流等。如需了解我們的非 GAAP 指標與 GAAP 結果的完整對照表，請參閱今天早些時候在我們網站的「投資者關係」部分發布的收益報告。

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

在我們準備好的發言之後，將有一個問答環節。今天下午的網路直播正在錄製中，重播將於今天晚些時候在我們的網站 amctheaters.com 的投資者關係部分提供。

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

說完這些，我會把電話轉給亞當。

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

謝謝你，約翰。大家下午好，感謝大家今天的參與。

What a superb quarter AMC just completed, so in November and December of 2024, thanks to hit movies like Gladiator 2, Wicked, and Moana 2, which pushed Thanksgiving patronage at AMC across the United States to the highest AMC has ever seen in our 105-year history. And Mufasa: The Lion King, along with numerous other titles, gave us results in December that were just stellar as well.

AMC 剛完成了一個輝煌的季度，2024 年 11 月和 12 月，得益於《角斗士 2》、《魔法壞女巫》和《海洋奇緣 2》等熱門電影，全美 AMC 的感恩節觀眾人數達到了 AMC 105 年曆史上的最高水平。《木法沙：獅子王》以及其他多部影片在 12 月的票房同樣十分亮眼。

AMC revenue in the fourth quarter was up 18% year over year, and our adjusted EBITDA of $164.8 million was more than triple. May I say that again? Our adjusted EBITDA was more than triple the adjusted EBITDA that was reported for the fourth quarter a year ago.

AMC 第四季營收年增 18%，調整後 EBITDA 為 1.648 億美元，成長兩倍多。我可以再說一次嗎？我們的調整後 EBITDA 是去年第四季報告的調整後 EBITDA 的三倍多。

We handily beat consensus estimates for both revenue and for adjusted EBITDA in the fourth quarter of 2024. Importantly, AMC generated more than $200 million of cash from operating activities and $114 million in free cash flow in the fourth quarter. It was our highest quarterly cash flow post-pandemic. These results underscore the continued progress that AMC has been making as we continue on the road to recovery, buttressed by growing lineup of consumer appealing movies opening exclusively in movie theaters.

我們輕鬆超越了 2024 年第四季營收和調整後 EBITDA 的普遍預期。重要的是，AMC 在第四季度從經營活動中產生了超過 2 億美元的現金和 1.14 億美元的自由現金流。這是我們疫情後最高的季度現金流。這些結果凸顯了 AMC 在復甦道路上不斷取得的進展，這得益於越來越多在電影院獨家上映的、吸引消費者的電影。

More than 62 million guests visited at AMC theater worldwide: AMC here in the United States, Odeon in Europe, and our operations in Middle East, in the fourth quarter of 2024, marking a post-pandemic fourth-quarter record for us and an impressive 20% increase in attendance compared to the fourth quarter of 2023.

2024 年第四季度，全球 AMC 影院的觀眾人數超過 6,200 萬：美國的 AMC、歐洲的 Odeon 以及我們在中東的業務，創下了疫情後第四季度的紀錄，與 2023 年第四季相比，觀眾人數增長了 20%。

Complementing this fourth-quarter attendance milestone, moviegoers enthusiastically embraced the variety and quality of our food and beverage offerings, driving food and beverage revenue per patron to $7.15, an all-time fourth-quarter record for AMC ever.

除了第四季上座率創下紀錄之外，影迷們還對我們食品和飲料的種類和品質表示了極大的讚賞，使得每位顧客的食品和飲料收入達到 7.15 美元，創下了 AMC 影院第四季度的歷史最高紀錄。

All those quarter-over-quarter improvements are especially noteworthy given agencies incredibly high market share and the resulting strong financial performance that AMC enjoyed in last year's fourth quarter, specifically due to our distributing Taylor Swift: The Eras Tour movie and Beyoncé's Renaissance film in October, November, and December of 2023 to great acclaim.

鑑於代理商極高的市場份額以及 AMC 在去年第四季度所取得的強勁財務業績，所有這些季度環比增長都尤其值得注意，特別是由於我們在 2023 年 10 月、11 月和 12 月發行了泰勒·斯威夫特：時代巡演電影和碧昂絲的文藝復興電影並獲得了巨大好評。

Looking at the full-year of 2024, AMC welcome some 224 million moviegoers to our theaters across the globe. And those moviegoers gravitated toward our premium experiences, to our largest screens, our best projection technologies, our most immersive sound systems, and our luxurious seating. Accordingly, we are pleased to report to you that for full-year 2024, AMC achieved all-time per-patron result records on several key metrics, an all-time record for admissions revenue per patron, an all-time record for food and beverage revenue per patron, and an all-time record for total revenue per patron.

展望 2024 年全年，AMC 將在全球影院迎來約 2.24 億電影觀眾。這些影迷被我們的優質體驗、我們最大的螢幕、我們最好的放映技術、我們最具沉浸感的音響系統和我們豪華的座位所吸引。因此，我們很高興地向您報告，2024 年全年，AMC 在幾項關鍵指標上都創下了每位顧客的歷史最高紀錄，包括每位顧客的門票收入、每位顧客的食品和飲料收入以及每位顧客的總收入。

Another crucial accomplishment during 2024 was AMC's continued successful strengthening of our balance sheet. Sean will provide more details in just a few minutes. But suffice it to say that our balance sheet is meaningfully stronger today as a result of the significant actions that AMC took during the year to reduce our debt, to lengthen our debt maturities, and to bolster our cash reserves.

2024 年的另一個重要成就是 AMC 繼續成功加強我們的資產負債表。肖恩將在幾分鐘內提供更多詳細資訊。但可以說，由於 AMC 公司在今年採取了重大舉措，減少債務、延長債務期限並增加現金儲備，我們的資產負債表如今顯著增強。

2024 was truly a year of two-halves. The first half was heavily impacted by Hollywood's long strikes of 2023, followed by a resurgent second half, driven by an increase in new releases and an overall stronger film slate. The domestic industry box office, which is kind of the basic measure of the size of our industry, which was only $3.6 billion for the first six months of 2024, soared to $5.1 billion in the second six months of 2024, much, much stronger than the first half by orders of magnitude.

2024 年確實是兩個半的一年。上半年受到好萊塢 2023 年長期罷工的嚴重影響，而下半年則因新片上映數量增加和電影片單整體走強而復蘇。國內電影票房是我們電影產業規模的基本衡量標準，2024 年上半年的票房僅為 36 億美元，而 2024 年下半年則飆升至 51 億美元，比上半年高出幾個數量級。

The second-half turnaround was certainly eventful with a number of long-standing box office records being shattered. Notably in the second half, the movie industry saw the highest grossing animated film in history. It saw the most successful R-rated film of all time. It saw the highest grossing musical film adaptation of a Broadway musical of all time. And as I said earlier, we at AMC enjoyed the biggest Thanksgiving weekend box office ever.

下半年的逆轉無疑是重大事件，許多長期保持的票房紀錄被打破。值得注意的是，下半年電影業迎來了史上票房最高的動畫電影。這是有史以​​來最成功的 R 級電影。該片是史上票房最高的百老匯音樂劇改編電影。正如我之前所說，AMC 迎來了有史以來最高的感恩節週末票房。

Looking at all the progress made in the latter half of 2024, it seems to us that it's clear that our industry finally is getting healthier. We're still not where we want to be. We're still not where we need to ultimately be, but real progress has been and is being made. And looking to 2025, the current year that started less than 60 days ago, at AMC, we are highly optimistic that the box office for this new current year will feel much more in line with that of the robust revenues of the second half of 2024 as compared to the anemic revenues of the first half of 2024.

回顧 2024 年下半年的所有進展，我們可以清楚地看到，我們的行業終於變得更加健康了。我們還沒有達到我們想要的目標。我們尚未達到最終目標，但我們已經並正在取得真正的進展。展望 2025 年，也就是開始不到 60 天的今年，對於 AMC 來說，我們非常樂觀地認為，與 2024 年上半年的疲軟收入相比，今年的票房將與 2024 年下半年的強勁收入更加一致。

Early projections indicate that the number of wide-release films in 2025 could increase by approximately 17% compared to the number of wide-release films of 2024, representing yet another significant step toward ultimately getting to pre-pandemic output levels and another cause for our optimism that the box office will materially rise in 2025.

早期預測表明，2025 年廣泛上映的電影數量可能比 2024 年廣泛上映的電影數量增加約 17%，這代表著我們朝著最終達到疫情前的產出水平又邁出了重要一步，也是我們樂觀地認為 2025 年票房將大幅上升的另一個原因。

During this current new year, we anticipate the box office will strengthen with each successive quarter. Historically, Q1 has been the quietest period of the year. And this year, it's likely to be no exception to that longstanding trend, driven by seasonal consumer behavior and studio release patterns. But following Q1, we believe the box office is set to heat up, with Q2 poised to significantly outpace the first three months of this year.

在新的一年裡，我們預期票房收入將逐季提升。從歷史上看，第一季是一年當中最平靜的時期。今年，受季節性消費者行為和工作室發行模式的推動，這一長期趨勢很可能也不會例外。但繼第一季之後，我們相信票房將會升溫，第二季的票房將大幅超過今年前三個月。

As we transition into the heart of the big summer movie season, Q3 looks to be a vibrant summer for movie going and, importantly to us, for AMC. And then we hope to close out 2025 big, with a wave of highly anticipated franchise sequels, including the second part of Universal's highly successful Wicked, Disney's Zootopia 2, and what can you say about this film, the next installment of James Cameron's mind-bogglingly successful epic saga, Avatar.

隨著我們進入夏季電影旺季的核心期，第三季看起來將是一個充滿活力的電影夏季，對我們來說，更重要的是對 AMC 來說。然後，我們希望在 2025 年結束時能有一系列備受期待的系列續集，包括環球影業大獲成功的《魔法壞女巫》第二部、迪士尼的《瘋狂動物城 2》，以及詹姆斯·卡梅隆令人難以置信的成功史詩傳奇《阿凡達》的下一部，你對這部電影有什麼看法。

With the potential for each quarter in 2025 to build upon the last, we currently estimate that 2025 domestic industry box office could see a $0.5 billion to $1 billion dollar growth compared to 2024. And remember that given AMC's historic market share levels, about two-ninths of any heightened box office should flow straight in the direction of AMC Entertainment.

由於 2025 年每季都有可能在上一季的基礎上取得進展，我們目前估計，與 2024 年相比，2025 年國內電影票房可能成長 5 億至 10 億美元。請記住，鑑於 AMC 歷史的市場份額水平，任何票房上漲的九分之二左右應該會直接流向 AMC 娛樂公司。

With that as a preamble, I'm going to come back a little bit more to talk about some initiatives now underway at the company and some thoughts on our recent performance in the markets. Let me turn the call over to our Chief Financial Officer, Sean Goodman. Sean?

以此作為開場白，我將再回來談一些公司目前正在進行的一些舉措，以及對我們最近在市場上的表現的一些想法。讓我把電話轉給我們的財務長肖恩古德曼。肖恩？

Thanks, Adam. Thanks, everyone, for joining us this afternoon. Indeed, the fourth quarter once again did prove that movie-going demand is robust when compelling content is available on the big screens.

謝謝，亞當。感謝大家今天下午加入我們。事實上，第四季再次證明，當大螢幕上有引人入勝的內容時，觀影需求是強勁的。

During the quarter, we welcomed 62.4 million guests to our theaters around the world. This is a post-pandemic fourth-quarter record that exceeded the prior year by some 20%. And not only did we achieve an attendance record, we also achieved all-time fourth-quarter record and beverage revenue per patron of $7.15 and our second highest fourth-quarter admissions revenue per patron of $11.56.

本季度，我們在全球的影院共接待了 6,240 萬名觀眾。這是疫情爆發後第四季的最高紀錄，比去年同期高出約 20%。我們不僅創造了出席人數的新高，第四季度每位顧客的飲料收入也達到了歷史最高水平，達到 7.15 美元，第四季度每位顧客的門票收入也達到了歷史第二高水平，達到 11.56 美元。

As a result of this, we registered fourth-quarter post-pandemic records for both total admissions and total food and beverage revenue, and our overall revenue grew 18.3% compared to the fourth quarter of 2023 to hit a post-pandemic fourth-quarter record of $1.3 billion. Our results show that the continued focus on enhancing the guest experience, growing profit per patron, and overall operating efficiency are indeed yielding results.

受此影響，我們在第四季度的總入場人數和食品飲料總收入均創下了疫情後的最高紀錄，我們的整體收入與 2023 年第四季度相比增長了 18.3%，創下了疫情後第四季度 13 億美元的紀錄。我們的結果表明，持續注重提升客人體驗、增加每位顧客的利潤以及整體營運效率確實取得了成果。

Our revenue per patron is now approximately 34% higher than it was in pre-pandemic 2019. This is driven primarily by growth in food and beverage revenue per patron of 51%. The success in food and beverage revenue per patron is a result of our market-leading initiatives, including collectible movie themed merchandise, specialty cocktails, menu enhancements, and mobile ordering technology.

我們現在每位顧客的收入比 2019 年疫情前高出約 34%。這主要得益於每位顧客的食品和飲料收入成長 51%。每位顧客的食品和飲料收入的成功得益於我們市場領先的舉措，包括收藏電影主題商品、特色雞尾酒、菜單增強和行動訂購技術。

When comparing our results to the fourth quarter of 2023, it's important to note that comparisons may not really provide the full picture. This is because you may recall that in the fourth quarter of 2023, AMC distributed the highly successful concert movies, Taylor Swift’s The Eras Tour; and Renaissance, a film by Beyoncé. These concert movies had special event ticket pricing and generated higher-than-usual food and beverage revenue per patron associated with high demand collectible concession items.

當將我們的結果與 2023 年第四季的結果進行比較時，需要注意的是，比較可能無法真正提供完整的情況。這是因為您可能還記得，2023 年第四季度，AMC 發行了非常成功的音樂會電影《泰勒絲的時代之旅》；以及碧昂絲執導的電影《文藝復興》。這些音樂會電影有特殊的活動票價，並且與高需求的收藏品特許經營物品相關的每位顧客的食品和飲料收入高於平常。

So while the fourth-quarter admissions revenue per patron declined by approximately 2.4% compared to Q4 2023, when we normalize for the impact of the concert movies, admissions revenue per patron actually increased by 3.2%. Likewise, food and beverage revenue per patron appears to be only slightly ahead of the fourth quarter of 2023. However, when we normalize for the impact of the concert movies, food and beverage revenue per patron saw an increase of approximately 2.8%. And while we are discussing the impact of last year's concept movie events, we should note that AMC recorded domestic market shares in excess of 35% for these two movies in 2023, and this makes market share comparisons somewhat difficult.

因此，雖然第四季度每位顧客的門票收入與 2023 年第四季相比下降了約 2.4%，但當我們將音樂會電影的影響標準化時，每位顧客的門票收入實際上增加了 3.2%。同樣，每位顧客的食品和飲料收入似乎僅略高於 2023 年第四季。然而，當我們將音樂會電影的影響標準化時，每位顧客的食品和飲料收入增加了約 2.8%。在我們討論去年概念電影事件的影響的同時，我們應該注意到，AMC 在 2023 年這兩部電影的國內市場份額均超過 35%，這使得市場份額的比較有些困難。

Now when you couple our fourth-quarter 2024 revenue records with our focus on efficiently delivering the best possible guest experience, adjusted EBITDA increases from $47.9 million in the fourth quarter of 2023 to $164.8 million this year. That's an increase of more than 240%. And these results were achieved in both the domestic business, where adjusted EBITDA more than tripled to $123 million, and the international business, where adjusted EBITDA increased more than fourfold to $41.8 million. These results are a clear indication of the operating leverage inherent in our business.

現在，如果將我們 2024 年第四季的營收記錄與我們對高效提供最佳客戶體驗的關注結合起來，調整後的 EBITDA 將從 2023 年第四季的 4790 萬美元增加到今年的 1.648 億美元。增幅超過 240%。這些業績是在國內業務和國際業務中同時實現的，國內業務調整後的 EBITDA 增長了兩倍多，達到 1.23 億美元，而國際業務調整後的 EBITDA 增長了四倍多，達到 4,180 萬美元。這些結果清楚地顯示了我們業務固有的經營槓桿。

Revenue increased by 18.3%. This led to an adjusted EBITDA increase of 244%. This operating leverage is another reason to be optimistic about AMC future, as our industry continues along a recovery trajectory.

收入增加了18.3%。這導致調整後的 EBITDA 成長了 244%。由於我們的產業持續沿著復甦軌跡發展，這種經營槓桿是我們看好 AMC 未來發展的另一個原因。

Okay, let's now move to a discussion about cash flow and the balance sheet. A highlight of this quarter is cash flow. We generated $203.6 million of cash from operating activities and $113.9 million in free cash flow. These are our very best cash flow numbers since the fourth quarter of 2019. And we ended the quarter with cash and cash equivalents of $632.3 million.

好的，現在讓我們來討論現金流和資產負債表。本季的一大亮點是現金流。我們從經營活動中獲得 2.036 億美元的現金和 1.139 億美元的自由現金流。這是我們自 2019 年第四季以來最好的現金流數字。截至本季末，我們的現金和現金等價物為 6.323 億美元。

It is worth noting that historically, we generate cash from working capital during the second and fourth quarters and we tend to use cash from working capital during the first and third quarters. This pattern will of course depend on the timing of film releases and the pattern of audience attendance during holiday periods. But during the fourth quarter, we benefited from strong cash generated from working capital that we expect will largely reverse in the first quarter of 2025, when many payments related to the successful fourth quarter are made.

值得注意的是，從歷史上看，我們在第二季和第四季從營運資本中產生現金，我們傾向於在第一季和第三季使用營運資本中的現金。這種模式當然取決於電影上映的時間和假期期間觀眾的觀影情況。但在第四季度，我們受益於營運資本產生的強勁現金流，我們預計，這一情況將在 2025 年第一季度大幅逆轉，屆時將支付許多與成功的第四季度相關的款項。

Talking about cash flow, CapEx net of landlord contributions was $83.9 million in the fourth quarter and this brings the total net CapEx spend to $213.7 million for the full-year 2024. We expect CapEx in 2025 to be in the range of $175 million to $225 million.

談到現金流，第四季度扣除房東貢獻的資本支出為 8,390 萬美元，這使得 2024 年全年的總淨資本支出達到 2.137 億美元。我們預計 2025 年的資本支出將在 1.75 億美元至 2.25 億美元之間。

From a theater footprint perspective, during the fourth quarter, we added another one new high-performing theater, and we permanently closed three underperforming locations. So this brings the total number of locations permanently closed since the pandemic began to 192, and the total new locations opened to 62. So this represents a net reduction of 130 locations or approximately 13% of our locations at December 31, 2019. And we continue to see that the 62 new locations very significantly outperform the 192 closed locations.

從戲院足跡的角度來看，在第四季度，我們又增加了一家新的高績效影院，並永久關閉了三家表現不佳的戲院。因此，自疫情開始以來，永久關閉的門市總數已達到 192 家，新開幕的門市總數已達 62 家。因此，這意味著截至 2019 年 12 月 31 日，我們門市數量淨減少 130 個，約佔門市總數的 13%。我們繼續看到 62 家新門市的表現遠遠好於 192 家已關閉門市的表現。

Going forward, as we review and rationalize the theatre portfolio at every opportunity, we will continue to invest in our circuit to enhance the guest experience. Note that the deferred rent balance at the end of 2024 was approximately $37.6 million, and we plan to reduce this balance by another approximately $8 million during 2025. From a capital markets perspective, we were once again active during Q4, continuing to strengthen our balance sheet to position the company for sustainable long-term success.

展望未來，我們將抓住一切機會審查和合理化影院組合，並繼續投資於我們的劇院院線，以提升觀眾體驗。請注意，2024 年底的遞延租金餘額約為 3,760 萬美元，我們計劃在 2025 年將該餘額再減少約 800 萬美元。從資本市場的角度來看，我們在第四季度再次活躍起來，繼續加強我們的資產負債表，為公司實現可持續的長期成功做好準備。

During the course of 2024, we have reduced the principal balance of our debt and finance leases by $375.9 million. We have extended the maturity of approximately $2.4 billion of debt that was due in 2026 to 2029 and beyond. We've raised approximately $262 million of gross proceeds from the sale of our Class A common stock. And in addition, last month, January, we received $171.7 million as initial cash proceeds associated with the establishment of forward positions for 30 million shares of our common stock plus aftermarket offerings of 17.1 million shares.

2024 年期間，我們減少了債務和融資租賃的本金餘額 3.759 億美元。我們已將原定於 2026 年到期的約 24 億美元債務的償還期限延長至 2029 年及以後。我們透過出售 A 類普通股籌集了大約 2.62 億美元的總收益。此外，上個月，也就是 1 月份，我們收到了 1.717 億美元的初始現金收益，與建立 3,000 萬股普通股遠期部位以及 1,710 萬股售後市場發行有關。

Strengthening the balance sheet is a priority and since the beginning of 2022, we have lowered the principal value of our debt and finance leases by more than $1 billion and we've also repaid $277.5 million of deferred leases. This brings the total debt that we've reduced over the period to $1.34 billion. These actions have been made possible by our ability to raise equity capital, which has been essential to our survival and has undeniably strengthened our balance sheet and positioned the company to capitalize on future growth opportunities as the firm exhibition industry recovers.

加強資產負債表是當務之急，自 2022 年初以來，我們已將債務和融資租賃的本金價值降低了 10 多億美元，還償還了 2.775 億美元的遞延租賃。這使得我們在此期間減少的總債務達到 13.4 億美元。這些措施得益於我們籌集股本的能力，這對我們的生存至關重要，並且無疑增強了我們的資產負債表，使公司能夠在展覽業復甦之際利用未來的成長機會。

The outlook for the industry box office in 2025 and 2026 appears to be increasingly promising and we are confident that the strategic and operational actions that we have taken and will continue to take position us very well for the future.

2025 年和 2026 年產業票房前景似乎越來越光明，我們相信，我們已經採取並將繼續採取的策略和營運行動將為我們的未來做好充分準備。

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

現在，我將網路直播交還給亞當。

Thank you, Sean. On our last quarter's call, we introduced the notion that after four grueling post-pandemic years, it was finally time for AMC to get off our heels defensively and instead to play on offense once again. So on this call, I want to give you an update of the activity already underway for AMC to go on offense.

謝謝你，肖恩。在我們上個季度的電話會議上，我們提出了一個觀點：在經歷了四年艱苦的疫情後，AMC 終於可以在防守上擺脫困境，轉而再次投入進攻。因此，在這次通話中，我想向你們通報一下 AMC 已經開始的進攻活動的最新情況。

Specifically, AMC's GO plan, GO, go on offense, set in motion a series of initiatives designed to leverage our strengths and accelerate our recovery. Aligning with our expectations for a rising and more consistent box office over the next several years to come, it makes sense to try to grow your revenues when revenues are in fact growing.

具體來說，AMC 的 GO 計劃，GO，進攻，啟動了一系列旨在利用我們的優勢和加速我們的復甦的舉措。與我們對未來幾年票房不斷上升和更加穩定的預期一致，當收入實際上在增長時嘗試增加收入是有意義的。

With a central theme of improving the guest experience inside our theaters, the AMC GO Plan is multi-dimensional and designed to drive additional profitable attendance to our theaters, to AMC in the US and Odeon Abroad. With our industry-leading per-patron metrics, which as you know hit record levels in 2024, what's so important about this drive to increase and bolster our attendance is that every incremental guest in our theaters is not only valued, but it drives a huge percentage of their incremental revenue down to the EBITDA line.

AMC GO 計劃以改善我們影院內的觀眾體驗為中心，是多維度的，旨在為我們的影院、美國的 AMC 和海外的 Odeon 帶來更多有利可圖的觀眾人數。我們擁有業界領先的每位顧客指標，正如您所知，該指標在 2024 年達到了創紀錄的水平，而增加和鞏固我們上座率的這一舉措非常重要，因為，我們影院中每一位新增的顧客不僅受到重視，而且還將他們的增量收入的很大一部分推高至 EBITDA 線。

As more capital becomes available to AMC to invest in growth initiatives, one key aspect of the AMC GO Plan is to add more premium experiences, capitalizing on the fact that AMC today is already, without question, the global leader in offering premium large format screens.

隨著 AMC 擁有更多資金用於投資成長計劃，AMC GO 計劃的一個關鍵方面是增加更多優質體驗，利用 AMC 如今毫無疑問已是提供優質大螢幕的全球領導者這一事實。

I can say to you today that in calendar year 2025, and again in calendar year 2026, we currently expect to upgrade more of our IMAX auditoriums to the very popular IMAX with Laser. We intend to add more Dolby Cinema screens. We intend to add more prime at AMC screens, our so-called house brand PLF format. We also intend to bring our successful XL or Extra Large screen concepts that was launched in Europe last year to the United States. We would hope to introduce between 50 and 100 XL screens in the United States this year and add another 150 XL screens in addition in 2026.

我今天可以告訴你們，在 2025 年以及 2026 年，我們目前預計將把更多的 IMAX 影廳升級為非常受歡迎的 IMAX 雷射影廳。我們打算增加更多的杜比戲院螢幕。我們打算在 AMC 戲院增加更多優質影片，也就是我們所謂的自有品牌 PLF 格式。我們還打算將去年在歐洲推出的成功的 XL 或超大螢幕概念帶到美國。我們希望今年在美國推出 50 到 100 塊 XL 螢幕，並在 2026 年再增加 150 塊 XL 螢幕。

Our rolled out of laser at AMC screens with their brighter and sharper picture on the screen, resulting from laser projection, continues at pace. It has already been installed in about one-third of our US screens. And we will be adding a great number more of laser projections to AMC theaters, both in 2025 and in 2026.

我們在 AMC 銀幕上推出的雷射投影技術正在繼續推進，雷射投影技術可以使螢幕上的影像更明亮、更清晰。我們大約三分之一的美國銀幕已經安裝了它。我們將在 2025 年和 2026 年為 AMC 影院增加更多雷射投影。

Another part of the AMC GO Plan is to improve the seating comfort and appeal at more of our theaters, especially at ones that are already quite profitable and well attended. Recent luxurious seat replacements at AMC Burbank 16 in Los Angeles, along with AMC Lincoln Square 13, and AMC Empire 25 in Manhattan, have led to dramatically improved guests satisfaction scores and importantly for us high theater gross seats.

AMC GO 計畫的另一部分是提高更多戲院的座位舒適度和吸引力，特別是那些已經相當獲利且觀眾人數眾多的戲院。最近，洛杉磯的 AMC 伯班克 16 號影院、曼哈頓的 AMC 林肯廣場 13 號影院和 AMC 帝國 25 號影院更換了豪華座椅，大大提高了觀眾滿意度，而且對於我們來說，更重要的是提高了影院的總座位數。

In fact, just a couple of weeks ago on a Saturday night out of the 550th theaters in the entire United States under the AMC brand, our three highest grossing theaters were Burbank, Lincoln Square, and Empire, the very three theaters where we installed this new luxurious leathery seat that's wider, that has more padding, that rocks, and in many cases has more legroom.

事實上，就在幾週前的一個週六晚上，在 AMC 品牌遍布全美的 550 家影院中，我們票房最高的三家影院是伯班克影院、林肯廣場影院和帝國影院，在這三家影院中，我們安裝了這種新的豪華皮革座椅，它更寬，填充物更多，搖擺感更強，在許多情況下腿部空間也更大。

Knowing that this has been a successful initiative to date, we've already identified several handfuls of important theaters, theaters that are profitable and well-attended, that should produce even higher financial returns for AMC if we can introduce this new C-type in those locations. We aim to deploy here again as soon as growth capital becomes available to us such that we can invest to upgrade these theaters. Additionally, with respect to AMC's GO Plan, it also includes our focusing on several exciting new innovations in our loyalty, subscription, and other marketing programs.

我們知道，到目前為止，這是一個成功的舉措，我們已經確定了幾家重要的影院，這些影院盈利良好，觀眾人數眾多，如果我們能在那些地方推出這種新的 C 型影院，將為 AMC 帶來更高的財務回報。我們的目標是，一旦我們獲得成長資本，就再次在這裡部署，以便我們能夠投資升級這些影院。此外，就 AMC 的 GO 計劃而言，它還包括我們專注於忠誠度、訂閱和其他行銷計劃中的幾項令人興奮的新創新。

To that end, on January 1, just several weeks ago, AMC launched our fourth and newest AMC Stubs Loyalty Program tier called Premier Go. It offers heightened program benefits. It is free. And this loyalty tier is designed specifically to incentivize our current AMC Stubs Insider Tier members who also enjoy free memberships to patronize AMC more, to buy more movie tickets in our theaters and buy more food and beverage at our theaters. Premiere GO! status is earned when a consumer sees at least eight movies at AMC in a year or earns at least 5,000 AMC Stubs points in a calendar year.

為此，幾週前的 1 月 1 日，AMC 推出了我們的第四個也是最新的 AMC Stubs 忠誠度計畫層級，稱為 Premier Go。它提供了更高的計劃效益。它是免費的。此忠誠度等級專門用於激勵我們目前的 AMC Stubs Insider Tier 會員，這些會員同樣享有免費會員資格，以便更多地光顧 AMC，在我們的影院購買更多電影票，在我們的影院購買更多食品和飲料。首映 GO！當消費者在一年內在 AMC 觀看至少八部電影或在一個日曆年內賺取至少 5,000 個 AMC Stubs 積分時，即可獲得此身分。

We started on January 1, 2025, with more than 300,000 moviegoers already enrolled in the Premier GO! tier as members because we based their membership on their purchase history with AMC last year in 2024.

我們從 2025 年 1 月 1 日開始，已有超過 30 萬名電影觀眾加入了 Premier GO！因為我們根據他們去年在 AMC 的購買歷史（2024 年）確定了他們的會員資格。

We have also announced that we will be enhancing other benefits for our AMC Stubs members, especially those in our A-List program. In this case, we intend to give more value to our most avid moviegoers. Moviegoers who average somewhere between 24 and 32 visits per year at AMC theaters in the United States. How are we improving A-List? First, we have increased the weekly movie limit for A-List members. They can now watch up to four movies per week, up from the current three, when the new A-list innovations take effect on May 7.

我們也宣布，我們將為 AMC Stubs 會員（尤其是 A-List 計畫中的會員）提供更多福利。在這種情況下，我們打算為最熱心的電影觀眾提供更多價值。每年平均前往美國 AMC 影院觀影 24 至 32 次的觀眾。我們如何改進 A-List？首先，我們增加了 A-List 會員的每週電影觀看限額。自 5 月 7 日新的 A 級影院改革措施生效以來，影院觀眾每週最多可觀看四部電影，而目前的上限為三部。

Second, to encourage more family movie going, we will be lowering the minimum age to sign up for A-List from the current 16 to 13. Why did we pick 16 previously? Because to prevent fraud, we needed a state-issued ID, which takes us to the third improvement to A-List.

其次，為了鼓勵更多的人去家庭劇院觀看電影，我們將把加入 A-List 的最低年齡從目前的 16 歲降低到 13 歲。為什麼我們之前選擇16？因為為了防止欺詐，我們需要國家頒發的身份證，這使我們對 A-List 進行了第三次改進。

To make A-List membership verification easier and faster at our theaters, A-Listers, beginning May 7, will be able to upload their own photos to their AMC Stubs profile and use this in-app photo of themselves, the members, in lieu of having to show a state issued ID. That's true with children as well as adults, so we can lower the age to 13, and we think more parents are going to cause more of their children to sign up in the program.

為了讓我們戲院的 A-List 會員資格驗證更加輕鬆快捷，從 5 月 7 日開始，A-Listers 將能夠將自己的照片上傳到他們的 AMC Stubs 個人資料，並使用應用程式內的照片來展示他們自己（會員）的身份，而不必出示國家頒發的身份證。這對兒童和成人都是如此，因此我們可以將年齡降低到 13 歲，而且我們認為更多的父母會讓他們的更多孩子報名參加該計劃。

In addition, on A-List, we have already announced that in May we will launch a wholly new AMC A-List Classic program, a subscription program that provides for the watching of one movie a week, not four movies a week or three, but one movie a week and not good at all of our theaters, only at our AMC Classic theaters. But in doing so with these limitations, we have the opportunity to offer this AMC Classic tier at a significantly reduced monthly subscription price.

此外，在 A-List 上，我們已經宣布，5 月我們將推出一個全新的 AMC A-List Classic 計劃，這是一個訂閱計劃，每周可以觀看一部電影，不是四部或三部，而是一周一部，而且不是在我們所有的影院都放映，只在我們的 AMC Classic 影院放映。但在有這些限制的情況下，我們有機會以大幅降低的月度訂閱價格提供 AMC Classic 套餐。

A-List continues to be one of the most successful programs that AMC has ever introduced. And we think it will get better still with these changes coming soon. We have much more in store for our movie-going guests in the guise of more marketing programs designed to stimulate attendance, but we're not ready to announce them yet today. So look for more important marketing initiative announcements coming from AMC to be publicly announced in the coming months.

A-List 繼續成為 AMC 推出的最成功的節目之一。我們認為，隨著這些變化即將到來，情況將會變得更好。我們為電影觀眾準備了更多行銷計劃，旨在刺激觀眾人數，但今天我們還不準備宣布這些計劃。因此，請關注 AMC 將在未來幾個月內公開宣布的更多重要行銷計劃公告。

For all the talk about pursuing growth initiatives, because in so doing we can drive increased financial returns and boost the value of the company for the benefit of our shareholders, I think it's imperative that I add that it is also of paramount importance to AMC, and nothing has changed, that continuing to focus on strengthening the balance sheet to reduce our debt, to lengthen maturities, to keep our cash reserves robust remains an extremely important objective for this company.

儘管大家都在談論追求成長計劃，因為這樣我們才能提高財務回報，提升公司價值，從而使股東受益，但我認為必須補充一點，這對 AMC 來說也至關重要，而且一切都沒有改變，那就是繼續專注於加強資產負債表，以減少我們的債務，延長期限，保持強勁的現金儲備，這仍然是公司極其重要的目標。

The fact that we strengthened our balance sheet over the past several years is why we are still here, and we will not take our eye off the ball. At the same time we also believe there's enormous opportunity to grow our EBITDA, to improve our financial returns, to benefit our shareholders if and as when we have access to more growth capital.

事實上，我們在過去幾年中加強了資產負債表，這就是我們能夠繼續堅持下去的原因，我們不會放鬆對公司的關注。同時，我們也相信，如果我們能夠獲得更多的成長資本，那麼我們就有巨大的機會來增加我們的 EBITDA，提高我們的財務回報，為我們的股東謀福利。

That pretty much concludes the comments about the fourth quarter and some of the activity underway, as a company. But before I close this call and move to questions, I'd like to close with just a special message to our retail shareholders, many of whom, thousands of whom, will be listening to this webcast. I want you to know that what I've said to you for years now remains true. Every day I continue to actively read your social media commentary, as it gives me a great sense of your views and lets me read the room, so to speak.

這基本上總結了關於第四季度以及公司正在進行的一些活動的評論。但是，在我結束本次電話會議並開始提問之前，我想向我們的散戶股東發表一條特別的信息，他們中的許多人，成千上萬的人，都將收聽這次網絡直播。我想讓你們知道，這些年來我對你們說的話依然是真的。我每天都會積極閱讀您的社群媒體評論，因為它讓我很好地了解您的觀點，並讓我了解情況。

Sadly, there's so much false information floating around AMC on social media. Similarly, there are crackpot conspiracy theorists, like one after another, that seem to delight in speaking foolishly about AMC. So from the horse's mouth, here's some straight talk.

可悲的是，社群媒體上流傳著許多關於 AMC 的假資訊。同樣，也有一些瘋狂的陰謀論者，他們似乎以對 AMC 發表愚蠢的言論為樂。以下是來自權威人士的直言。

Please know that I am acutely aware of AMC share price decline over the past three years, and I am acutely aware of the pain that is caused for many of you. I am, after all, myself, I believe the largest single individual AMC shareholder. I've been increasing my share position since 2021. And I am, after all, or was it January '22? When was my last sale? I forget. January 2021? January 2022. January 2022. I think it was three years ago. It was three years ago, right. Yeah, three years ago.

請知悉，我清楚知道 AMC 股價在過去三年中的下跌，也清楚地知道這給你們許多人帶來的痛苦。畢竟，我相信我自己是 AMC 最大的個人股東。我自 2021 年起就一直在增加自己的股票部位。畢竟，那是 1922 年 1 月嗎？我上次銷售是什麼時候？我忘了。2021 年 1 月？2022 年 1 月。2022 年 1 月。我想那是三年前的事了。對，那是三年前的事了。是的，三年前。

I haven't sold a share in three years. Instead, I've increased my share position, and therefore, a share price decline that hurts you, hurts me too. My interests are completely and directly aligned with yours. They are not aligned with anyone else other than you and that is exactly as it should be. So think about all that I'm seeing what you write and say.

我已經三年沒有賣出一股股票了。相反，我增加了我的股票持倉，因此，股價下跌對你造成傷害，對我也會造成傷害。我的興趣與你的完全且直接一致。他們不與你以外的任何人結盟，而這正是理所當然的。所以請思考我所看到的你所寫的和所說的一切。

Here are two key thoughts. First, do not allow yourself to be distracted. Our biggest problem is not various market practices that some of you seem to detest. Instead, quite simply, it's that the movie industry and the movie theater industry has been in crisis for more than four long years.

以下是兩個關鍵的想法。首先，不要讓自己分心。我們最大的問題不是有些人似乎厭惡的各種市場行為。相反，原因很簡單，電影業和電影院業已經陷入危機四年多了。

Domestic industry-wide movie theater attendance, believe it or not, is still down almost 40% from full-year 2019 levels. That is a fact. And the fact that attendance is down means our ticket revenues will be stressed. The fact that attendance is down means that we will be able to sell food and drink and merchandise to fewer people.

無論你是否相信，國內全行業電影院上座率仍比 2019 年全年水準下降了近 40%。這是事實。而觀眾人數下降意味著我們的門票收入將面臨壓力。出席人數下降意味著我們能夠向更少的人出售食品、飲料和商品。

That is the problem at AMC. But I tell you that not as a bearer of bad news, but as a harbinger of good news to come. Because fortunately, as we have implemented one new idea after another, and as we have made our company more efficient over the past several years, AMC's profit per patron numbers are way, way up.

這就是 AMC 的問題。但我告訴你，這不是為了帶來壞消息，而是為了預示好消息。因為幸運的是，隨著我們不斷實施一個又一個新想法，並且在過去幾年中我們提高了公司效率，AMC 的每位顧客的利潤大幅上升。

We often see our profit per patron being as much as 50% higher than it was in pre-pandemic levels. So what that means is that for success, AMC does need the box office to be higher than it was in 2024, but we really do not need it to climb all the way back up to 2019 levels. And even more fortunately than that, the box office finally looks to be growing significantly and materially again.

我們常發現，每位顧客的利潤比疫情前高出 50%。所以，這意味著，為了取得成功，AMC 確實需要票房比 2024 年更高，但我們真的不需要它一路回升到 2019 年的水平。更幸運的是，票房終於再次出現了大幅成長。

We are absolutely convinced, based on our expertise and our knowledge of what's coming, that the box office, industry-wide box office in 2025 will be bigger than 2024, and that the box office in 2026, will be bigger than that of 2025. But of course, no one has a perfect crystal ball. That's our view, that's our belief as of today. Only time will tell.

基於我們的專業知識和對未來的了解，我們完全相信，2025 年全行業票房將比 2024 年更高，2026 年的票房將比 2025 年更高。但當然，沒有人擁有完美的水晶球。這是我們的觀點、這是我們今天的信念。只有時間能告訴我們真相。

The second thought I wanted to share is that some of you rail about the dilution of our stock, or with the perfect hindsight that comes from being able to Monday morning quarterback, the timing of the sale of our stock.

我想分享的第二個想法是，你們中的一些人對我們股票的稀釋表示不滿，或者在事後能夠準確預測我們股票出售時機。

Please know that we have only raised capital if the company truly and absolutely needed that cash to be in the drawer. Remember that many of our competitors, both big ones and small ones, both the most important ones and the most unimportant ones, so many movie theater chains have been forced into bankruptcy in the last four years because they ran out of cash. Not AMC. I repeat, not AMC.

請知悉，只有公司真正且絕對需要現金時，我們才會籌措資金。請記住，我們的許多競爭對手，無論大小，無論最重要的還是最不重要的，所以在過去四年裡，許多連鎖電影院因為資金耗盡而被迫破產。不是 AMC。我再說一遍，不是 AMC。

We stayed strong, we stayed alive, we stayed healthy, we stayed on a path towards recovery because of the actions that we took to bring cash in the door. Having said that though, here is a pledge that I am making to you today. There will be no more cash raised from the sale of common stock in calendar year 2025 unless we first take that matter of authorizing more common shares to you, our shareholders, for you to vote and help us make such a decision. In summary, the entire team at AMC is absolutely committed to do all that we can to grow our revenues and to grow our adjusted EBITDA.

我們保持強大，保持活力，保持健康，繼續走在復甦的道路上，這一切都歸功於我們採取行動，為我們帶來了現金。儘管如此，今天我還是要向你們做出一個承諾。除非我們先授權您（我們的股東）發行更多普通股並由您投票幫助我們做出這樣的決定，否則 2025 日曆年將不會再透過出售普通股籌集現金。總而言之，AMC 的整個團隊絕對致力於盡一切努力來增加我們的收入和提高我們的調整後 EBITDA。

We are constantly striving to enhance the value of our business, which after all is your company. AMC is the acknowledged leader of this industry. We have kept AMC alive and relatively strong in very troubled times, and we will continue to do everything humanly possible to keep AMC moving forward. And to that end, we just delivered one hell of a fourth quarter of 2024.

我們一直在努力提升我們業務的價值，畢竟這是我們的公司。AMC是業界公認的領導者。我們在非常困難的時期讓 AMC 保持活力並且相對強大，我們將繼續竭盡全力讓 AMC 繼續前進。為此，我們剛完成了 2024 年第四季的出色表現。

Sean, let's move to questions both from our securities analysts and from our retail shareholders.

肖恩，讓我們來回答證券分析師和散戶股東的問題。

(Operator Instructions) Chad Beynon, Macquarie.

(操作員指示) Chad Beynon，麥格理。

So on the AMC GO Plan, if the number of wide-release films and the box office growth materializes as you expect, is that when CapEx will rise to the $375 million or so annual level implied by the high end of the CapEx range? Or is there anything else you can share in terms of further visibility for the magnitude or cadence of the CapEx deployment? Thank you.

那麼，就 AMC GO 計劃而言，如果廣泛發行的電影數量和票房增長如您所預期的那樣實現，那麼資本支出是否會上升到資本支出範圍高端所暗示的每年 3.75 億美元左右的水平？或者您可以分享其他信息，以進一步了解資本支出部署的規模或節奏？謝謝。

I'm happy to respond, Chad. Our CapEx budget is going to stay around $200 million plus or minus a little change, until such time as we have access to growth capital. How we have access to growth capital is something that we are sorting through right now. There are a number of really creative ideas in place inside the company where we might be able to get third parties to finance some of our growth.

我很高興回答，查德。我們的資本支出預算將保持在 2 億美元左右，上下略有變化，直到我們能夠獲得成長資本。如何獲得成長資本是我們現在正在研究的問題。公司內部有很多真正有創意的想法，我們或許能夠讓第三方為我們的部分成長提供資金。

There are other opportunities that are so obvious. The growth, the returns on some of these growth initiatives is so high that we'd love to be able to convince people to trust us with more growth capital. But until we have access to growth capital, we're going to keep CapEx tightly constrained.

還有其他顯而易見的機會。其中一些成長計劃的成長和回報率如此之高，因此我們希望能夠說服人們相信我們可以提供更多的成長資本。但在我們獲得成長資本之前，我們將嚴格限制資本支出。

The time will come when we can grow it, but you'll know it way in advance. We will flag it in advance. We're not going to surprise you with big CapEx expenditures without having told you prior to doing so.

我們種植它的時間會到來，但你會提前知道。我們會提前標記。我們不會在沒有事先告知您的情況下，讓您對大筆資本支出感到驚訝。

Understood. Appreciate that. As a quick follow-up, you know, IMAX recently announced a deal for the movie Narnia to have an exclusive theatrical run, and I think this is a film that otherwise would have gone directly to streaming. So just curious to hear your thoughts and your views on the potential for more deals like this to come through and how you see the dynamic between streaming and theaters evolving from here. Thanks.

明白了。非常感謝。順便說一下，您知道，IMAX 最近宣布與電影《納尼亞》達成獨家影院上映協議，我認為這部電影本來會直接進入串流媒體市場。所以我很好奇想聽聽你對達成更多類似交易的可能性的想法和看法，以及你如何看待串流媒體和影院之間今後的動態發展。謝謝。

So there are streamers and then there are streamers. There are some streamers who have actively embraced theatrical releases. Apple and Amazon come to mind. And we've had superb meetings and conversations with both Apple and Amazon. We're highly encouraged, for example, that Amazon, which is a combination of Amazon and the old MGM.

於是，就有了彩帶，然後又有了彩帶。有一些串流媒體積極擁抱影院上映。想到的是蘋果和亞馬遜。我們與蘋果和亞馬遜進行了精彩的會議和對話。例如，我們非常高興看到亞馬遜 (Amazon)，它是亞馬遜和舊米高梅 (MGM) 的合併體。

Now, just about a week or two ago, that they were staffing up and boosting their distribution personnel with significant numbers because they would like to dramatically increase the number of films that Amazon is releasing. Doubling even potentially tripling, or not quite tripling, but more than doubling the potential releases coming out of the Amazon Sphere.

大約一兩週前，他們正在大規模招募員工並增強發行人員，因為他們想大幅增加亞馬遜發行的電影數量。可能是翻倍，甚至可能是三倍，或不是三倍，但亞馬遜領域的潛在釋放量將增加一倍以上。

Similarly, Apple is so excited about the movie F1, which is coming out in June, which they're hopeful and we're hopeful is going to be a major blockbuster, gangbuster hit. It's directed by Joe Kosinski, the director of Top Gun: Maverick. I believe it stars Brad Pitt. Apple is behind it completely. Being distributed in the US by Warner Brothers is behind it completely. AMC is behind it completely. So the notion that some of these streaming services might actually embrace the app releases is something that's quite exciting to us.

同樣地，蘋果對 6 月上映的電影《F1》也十分興奮，他們和我們都希望這部電影能成為一部轟動一時的電影。該片由《壯志凌雲：獨行俠》的導演喬·科辛斯基執導。我相信這部電影由布萊德彼特主演。蘋果公司全力支持它。由華納兄弟在美國發行是該片的完全支持。AMC 全力支持它。因此，一些串流媒體服務可能實際上會採用應用程式版本的想法讓我們感到非常興奮。

I think that one of the, as the industry experimented with all sorts of different release patterns post-COVID, a general consensus has emerged in Hollywood, not by all, but by most, that the most successful movies on streaming platforms are those that go to theaters first.

我認為，其中之一就是，隨著電影業在疫情之後嘗試了各種不同的發行模式，好萊塢已經形成了一個普遍的共識，雖然不是所有人，但大多數人都認為，串流媒體平台上最成功的電影是那些最先在影院上映的電影。

And those movies that have a great theatrical release often wind up being the most watched movies on streaming services. Not all, you notice that there is another major streaming service that I talked about, that I did not talk about yet, that is not as enthusiastically embracing theaters, that being Netflix. But we continue to reach out to Netflix, and right now Narnia is scheduled to play on AMC's IMAX screens.

那些在戲院上映成績斐然的電影往往會成為串流服務上觀看次數最多的電影。並非全部，您會注意到，我之前談到的另一個主要的串流媒體服務，我還沒有談到，它並沒有像Netflix那樣熱情地擁抱影院。但我們繼續與 Netflix 聯繫，目前《納尼亞》計劃在 AMC 的 IMAX 螢幕上播放。

We would love to be able to convince Netflix that they're embracing theatrical releases is good for them. They did it with Glass Onion. They are doing it with Narnia. We'll see where this goes. Narnia is still two years away. But having said all that, I have always believed that the world is of the consumer's appetite for entertainment, amusement is so voracious that it can support both the robust theatrical industry and a robust streaming industry side by side.

我們希望能夠說服 Netflix，讓他們相信戲院上映對他們有好處。他們用玻璃洋蔥做到了這一點。他們正在與納尼亞合作做同樣的事情。我們將拭目以待事情將如何發展。距離納尼亞傳奇還有兩年的時間。但話雖如此，我始終相信，世界是由消費者對娛樂的胃口決定的，娛樂需求如此巨大，它可以同時支持強勁的戲劇產業和強勁的串流媒體產業。

Thank you. I'll turn the call over to management for retail investor questions at this time.

謝謝。我現在將把電話轉給管理層來回答散戶投資者的問題。

Thank you. So the first question that we have is about our merchandise and movie themed collectible items and how that is going and if we can give the investors an update on that.

謝謝。所以我們的第一個問題是關於我們的商品和電影主題收藏品的情況，以及我們是否可以向投資者提供最新情況。

Thank you, Sean. One of the things I said in my prepared remarks was that AMC has been implementing one new idea after another. And you know, not all ideas work, but a lot of them have. And one of them clearly has worked and worked unbelievably well is movie-themed Merchandise.

謝謝你，肖恩。我在準備好的發言中說過，AMC 一直在實施一個又一個新想法。你知道，並非所有的想法都可行，但很多想法確實可行。其中之一顯然已經發揮了作用並且取得了令人難以置信的效果，那就是電影主題商品。

Three years ago, it's working by the way, not only in the United States, but also in Europe. Three years ago, we didn't sell any movie themed merchandise in our theaters. None, none.

三年前，它就開始發揮作用，不僅在美國，而且在歐洲。三年前，我們沒有在戲院販售任何電影主題商品。沒有，沒有。

In calendar year 2024, we sold about $65 million of movie themed merchandise from nothing three years earlier. And the profit margin on this movie themed merchandise, not exactly, but it's in the neighborhood of 50%. These are good margins. As they were great margins as they were if you were in Shark Tank, these are really good margins and we're selling a lot of merchandise and one of my goals for 2025 is to see what we can't do to significantly increase our merchandise sales for the fourth year in a row.

到 2024 年，我們的電影主題商品銷售量達到約 6,500 萬美元，而三年前我們還什麼都沒有。這部電影主題商品的利潤率並不高，但也在 50% 左右。這些都是很好的利潤。如果你參加《創智贏家》 (Shark Tank)，你會發現他們的利潤率很高，這確實是個不錯的利潤率，而且我們銷售的商品也很多，我 2025 年的目標之一就是看看我們能做些什麼，連續第四年大幅提高我們的商品銷售額。

And it should actually be easier to accomplish than it may sound because, number one, we've been increasing the number of movies that we do this movie themed merchandise for. It started out that we were only doing a handful of these a year. And now seemingly every couple of weeks, we have a new movie themed product coming out.

但實際上這應該比聽起來更容易實現，因為首先，我們一直在增加製作電影主題商品的電影數量。一開始我們每年只做少數幾次這樣的事。現在似乎每隔幾週我們就會有一個新的電影主題產品推出。

But people didn't want to get stuck with excess inventory. So especially in the early phase of this merchandise ordering, you've got to buy the merchandise from where it's manufactured, like nine months before the movie comes out. So we would place orders for merchandise and then have to get it to hundreds and hundreds of retail locations around the country. And there was no ability to increase the supply of fast-selling items.

但人們不想陷入庫存過剩的困境。因此，特別是在商品訂購的早期階段，您必須從製造地購買商品，例如電影上映前九個月。因此，我們會訂購商品，然後將其運送到全國各地數百個零售點。而且也沒有能力增加熱銷商品的供應。

Whatever you ordered nine months before, once it sold out, you were sold out. We were finding ourselves in 2024 often selling out on Friday or Saturday of opening weekend of everything that we'd ordered for a movie. And when I say everything, I don't mean small quantities. I mean quantities in the hundreds of thousands of items.

無論您在九個月前訂購什麼，一旦售完，就完成了。我們發現，在 2024 年，我們為電影首映週末訂購的所有門票經常在周五或週六售罄。當我說全部時，我並不是指少量。我指的是數十萬件的數量。

And so one of the things that we've decided to do for 2025 is to increase the quantity of the merchandise that we order in advance so that we have more supply in our theaters so that we don't sell out on Friday or Saturday, that maybe we have supply through Sunday or maybe we have supply through the second weekend. But I do believe that our ability to continue to drive our merchandise business is one where we ought to be able to succeed handling.

因此，我們決定在 2025 年做的一件事就是增加提前訂購的商品數量，以便我們在影院有更多的供應，這樣我們就不會在周五或週六銷售一空，也許我們可以供應到週日，或者也許我們可以供應到第二個週末。但我確實相信，我們有能力繼續推動我們的商品業務，我們應該能夠成功處理。

And talking about --

並談論--

Before you go on this one, and your question is on movie-themed merchandising, but talking about movie themes, we also have movie themed drinks now in our bars. And just like we have more, and we used to have a few a year, but just like we have more and more movie themed merchandise in our theaters, we now have more and more movie-themed drinks. And often, they're our most successful item at the bar.

在繼續討論這個問題之前，您的問題是關於電影主題商品的，但談到電影主題，我們的酒吧現在也有電影主題飲料。就像我們有越來越多的電影主題商品，過去我們每年都會推出一些，但就像我們影院中的電影主題商品越來越多一樣，我們現在也有越來越多的電影主題飲料。通常，它們是我們酒吧最成功的商品。

And so we're also looking at ways, including new beverage pouring technologies, where we can increase the number of movie-themed drinks that we have available, because people clearly are buying them. And remember how important food and beverage numbers are to us. Our food and beverage numbers for the fourth quarter were the highest they've ever been in AMC's 105-year history.

因此，我們也在尋找方法，包括新的飲料填充技術，以增加我們提供的電影主題飲料的數量，因為人們顯然會購買這些飲料。記住食品和飲料的數量對我們有多重要。我們第四季的食品和飲料銷售量達到了 AMC 105 年歷史上的最高水準。

So this notion of being creative and imaginative and innovative in what we sell to our guests in our theaters is of crucial importance because it drives increased profitability.

因此，在我們向影院觀眾銷售的產品中，富有創造力、想像和創新的理念至關重要，因為它可以提高獲利能力。

And talking about food and ancillary revenue, there's a question about popcorn.

談到食品和附加收入，有一個關於爆米花的問題。

Popcorn. So I'm going to say I'm so proud of what we've done in taking what's called AMC Perfectly Popcorn into the home. This started only not even two years ago, 22 months ago I believe, when we launched AMC Perfectly Popcorn at 2,600 I think, close to it, plus or minus 100 Walmart locations in the United States for our ready to eat popcorn and about 500 Walmart locations for our microwavable popcorn.

爆米花。所以我要說，我為我們將 AMC Perfectly Popcorn 帶入家庭所做的努力感到非常自豪。這一切才剛開始，還不到兩年，我記得是 22 個月前，我們推出了 AMC Perfectly Popcorn，在美國大約有 2,600 家沃爾瑪門市出售即食爆米花，大約有 100 家沃爾瑪門市出售微波爆米花。

Believe it or not, as a movie theater company, we have chefs, both for our dining theaters and even for our concession stands. And our chefs worked extremely hard and almost for a year developing the recipe for the home popcorn line so that it would taste like theatrical popcorn that you get in our theaters if you made it yourself at home, or ate it yourself at home, and they succeeded.

不管你信不信，作為一家電影院，我們有廚師，既為餐廳服務，也為小賣部服務。我們的廚師非常努力，花了將近一年的時間研發家庭爆米花系列的配方，以便您在家製作或在家食用時，它的味道就像您在我們電影院吃到的爆米花一樣，他們成功了。

Fast forward 24 months. In calendar year 2024, our popcorn sales doubled compared to 2023. What's more, the distribution of our store counts greatly increased. In 2024, We added Kroger and Publix and Meyer. For 2025, we've added what's called Associated Grocers, which wholesales food products to regional and local markets and smaller chains around the country.

快轉24個月。2024 年，我們的爆米花銷量與 2023 年相比翻了一番。而且，我們商店數量的分佈也大大增加了。2024 年，我們增加了 Kroger、Publix 和 Meyer。到 2025 年，我們將增加所謂的 Associated Grocers，該公司負責向全國各地的區域和當地市場以及小型連鎖店批發食品。

As a result of all that, our Home Popcorn line, which launched in, in round numbers, 2,500 stores just two years ago, by the end of next month will be in 11,000 retail stores in the United States. And I'm especially pleased, Walmart is such an important player in the grocery space. And I'm just so, so pleased that Walmart informed us a couple of months back that they were going to more than quintuple the number of Walmart stores carrying our microwavable popcorn line.

所有這些因素共同作用的結果是，我們的家用爆米花系列兩年前僅在 2,500 家商店推出，到下個月底將覆蓋美國 11,000 家零售店。我尤其高興，沃爾瑪在食品雜貨領域扮演著如此重要的角色。我真的非常高興，沃爾瑪幾個月前通知我們，他們將把銷售我們的微波爆米花系列的沃爾瑪商店數量增加五倍以上。

So I think we went from 500 Walmart stores carrying the microwavable line to 2,700 by the end of April. This is all quite encouraging. It's very hard to launch a consumer product in the United States and do so profitably. And I believe where we are now is cumulatively, our Perfectly Popcorn line cumulatively is profitable and currently profitable. And we are highly confident that it will continue to grow in sales, as we go forward.

因此，我認為到 4 月底，銷售微波爐系列產品的沃爾瑪商店數量將從 500 家增加到 2,700 家。這一切都非常令人鼓舞。在美國推出一款消費產品並實現獲利是非常困難的。我相信，從累積來看，我們的 Perfectly Popcorn 系列目前已經獲利。我們非常有信心，隨著我們的發展，它的銷售量將繼續成長。

We've already established we're one of the best sellers in the popcorn category. And by the way, we just launched a new flavor, Cinnamon Butter. For those of you who like it, slightly sweet. Anyway, I think popcorn's been a smashing success and more to come.

我們已經確立了我們是爆米花類別中最暢銷的產品之一。順便說一句，我們剛剛推出了一種新口味——肉桂奶油。對於喜歡它的人來說，有點甜。不管怎樣，我認為爆米花已經取得了巨大的成功並且未來將會有更大的成功。

Question about our Studio Partners and Windows. Do you see any opportunities to negotiate longer Windows for theatrical movie releases and how might that impact the business?

關於我們的 Studio Partners 和 Windows 的問題。您是否認為有機會透過談判延長戲院電影的上映期限，以及這會對業務產生什麼影響？

I sure hope that we can introduce longer windows because I think that the current industry experiment on windows has failed. Just a little history for those of you who don't know.

我確實希望我們能夠引入更長的窗口，因為我認為當前行業對窗口的實驗已經失敗了。對於那些不知道的人來說，這只是一點歷史。

Prior to COVID, in the United States, it varies by country outside the United States, but in the United States, movies typically did not get to the home until 74 days after initial theatrical release. The industry can set out, but then COVID came and everybody experimented with all sorts of everything. Movies were going to the home, the same day they were being taken to the theaters. They were being taken at all sorts of different dates. Big movies, maybe a little slower, but not so big movies, going to the home faster.

在新冠疫情爆發之前，在美國，除美國以外其他國家的情況有所不同，但在美國，電影通常在影院上映 74 天後才能進入家庭。這個行業可以起步，但當疫情來襲時，每個人都開始嘗試各種各樣的事情。電影在戲院上映的同一天，也走進了千家萬戶。這些照片是在各種不同的日期拍攝的。大電影，可能速度慢一點，但不是那麼大的電影，到家裡看會更快。

The end result of all of that, and it's not all because of windows, but if you look at our industry's attendance across the entire industry, it's still 40% below pre-pandemic levels, not quite 40%. The last number I saw was 38%. It's still almost 40% below pre-pandemic levels. That has stressed the EBITDA generation of theaters, that has stressed the profitability of theaters, that has stressed the share prices of theaters, and that's a problem for theaters.

所有這些的最終結果並不全是窗戶的原因，但如果你看看我們整個行業的出席率，仍然比疫情前的水平低 40%，還不到 40%。我看到的最後一個數字是38%。目前仍比疫情前的水準低近 40%。這給影院的 EBITDA 創作帶來了壓力，給影院的盈利能力帶來了壓力，給影院的股價帶來了壓力，這對影院來說是一個問題。

Now, I said Windows was not the only problem. There were other issues, including that Hollywood was releasing fewer titles. That appears to be changing. Hollywood is releasing more titles. But as the industry experimented with a whole bunch of variety of options, what the industry coalesced around was that the old 74-day window would become a 45-day window.

現在，我說 Windows 不是唯一的問題。還有其他問題，包括好萊塢發行的電影越來越少。但這種情況似乎正在改變。好萊塢正在推出更多影片。但隨著業界嘗試了各種各樣的選擇，業界最終達成的共識是，舊的 74 天窗口期將變成 45 天窗口期。

So the movies would go to the home about six weeks or seven weeks after they hit theaters, not 10 or 11 weeks after they hit theaters. And some movies have gone to the home even quicker, 30 days and 17 days.

因此，電影將在影院上映六週或七週後進入家庭，而不是十週或十一周後。有些電影上映的時間甚至更快，分別為30天和17天。

In our view, 17 days and 30 days are too short. And we would like to convince all the major studios that they should keep movies in theaters longer. And this is a conversation that is front and center live. I was in the office of the CEO of one of the major five studios just two weeks ago. And he told me how important it was to reestablish the 45-day window as being sacrosanct.

我們認為，17天和30天太短了。我們希望說服所有大型電影公司，讓電影在戲院上映更久。這是現場最受關注的對話。就在兩週前，我還在五大電影製片廠之一的執行長辦公室。他告訴我重新確立 45 天窗口期的神聖性有多重要。

I was with the President of Distribution of another major studio, one of the very largest, one of the most important, who was bragging to me that whereas other studios were keeping their movies in theaters only 45 days before going to the home, that studio was taking their big movies to the home only 60 days after the movies were released theatrically.

我和另一家大型電影公司的發行總裁在一起，這家公司是規模最大、最重要的電影公司之一，他向我誇口說，其他電影公司在將電影引入家庭影院之前僅 45 天就在影院上映，而這家公司則在電影在影院上映 60 天后就將他們的大片引入家庭影院。

So these conversations are live right now between theater chains and studios. We believe that theater chains would generate more money if windows were longer, but we also believe that studios would generate more money if windows were longer. Why? Because they would gross more in theaters, and the more successful the run in theaters, the more successful a run they're going to have when they finally take movies to the home.

電影院和影視製片廠之間目前正在進行這些對話。我們相信，如果放映窗口期更長，連鎖戲院將賺更多的錢，但我們也相信，如果放映窗口期更長，電影製片廠將賺更多的錢。為什麼？因為他們在戲院的票房收入會更高，而且戲院的票房收入越成功，當他們最終將電影帶到家庭時，他們獲得的成功就會越大。

So watch this space. We'll continue to see what we can do to convince the industry that it should be firm around this 45-day number and once we get there maybe we can extend it to 60 days or 74 days like it was pre-pandemic. We will all learn together, but this is a very live industry debate topic right now.

因此請關注此處。我們將繼續觀察可以採取哪些措施來說服業界，將其穩定在 45 天左右，一旦達到這一目標，也許可以將其延長至 60 天或 74 天，就像疫情之前一樣。我們將一起學習，但這是目前非常活躍的業界爭論話題。

Thanks, Adam. And I think we've got time just for one more question here, which is very related to what you were just talking about. When you think about the box office, how are you thinking about when the industry might reach more of a steady-state level and return closer to pre-pandemic type of things?

謝謝，亞當。我想我們還有時間再問一個問題，這個問題與您剛才談論的內容非常相關。當您考慮票房時，您如何看待電影業何時才能達到更穩定的水平並恢復到疫情前的水平？

So to take you all back in time. Prior to the pandemic, for five years in a row, the industry box office was between $11 billion and $12 billion. This is the so-called domestic industry box office. This is all theaters, all movie theater companies, all chains, all locations in the United States and Canada, the basic measure of our industry.

讓大家回到過去。疫情爆發前，電影業票房連續五年維持在110億美元至120億美元之間。這就是所謂的國內產業票房。這是所有影院、所有電影院公司、所有連鎖影院、美國和加拿大的所有影院，也是我們行業的基本衡量標準。

For five years in a row, it's been $11 billion and $12 billion. For 11 years in a row, it's been $10 billion and $12 billion. COVID comes, it's $2 billion. That was 2020. Then in 2021, it was $4.5 billion.

連續五年，這一數字分別為 110 億美元和 120 億美元。連續11年，這數字都達到100億美元和120億美元。新冠疫情來襲，損失高達 20 億美元。那是 2020 年。到了 2021 年，這一數字達到了 45 億美元。

Then in 2022, it was $7.5 billion. Then in 2023, if you exclude the Taylor Swift and Beyonce movies, which we sort of created out of thin air at the last second, which did not come from a studio and were not expected to be movies and theaters, The industry box office was like $7 billion or $8 billion in 2023, and it was $8.75 billion in 2024.

到 2022 年，這一數字達到 75 億美元。那麼在 2023 年，如果排除泰勒絲和碧昂絲的電影，這些電影是我們在最後一秒憑空創造的，不是來自工作室，也不會被期望成為電影和影院，那麼 2023 年的行業票房大約為 70 億美元或 80 億美元，2024 年為 87.5 億美元。

So the box office was flat. It had been high for a decade, went to next to nothing with COVID. It started rising again. It flattened out in 2023 and 2024.

因此票房表現平平。十年來，這一數字一直很高，但由於新冠疫情，這一數字幾乎降到了零。它又開始上升了。2023 年和 2024 年，此趨勢將趨於平穩。

Why did it flatten out in 2024? Because of five months of actors and writers strikes that crippled production of movies and decreased the number of film releases in the first five months of 2024. But that's the past. Let's look at the future.

為什麼到 2024 年就趨於平穩了？由於演員和作家罷工長達五個月，導致電影製作陷入癱瘓，並導致 2024 年前五個月的電影上映數量減少。但那都是過去的事情了。讓我們展望未來。

I said in my prepared remarks, we think the number of wide-release films is going to increase in 2025 or 2024. We have studiously looked at this movie theater slate of the titles that are coming up. And it's one blockbuster film after another blockbuster film after another blockbuster film, after another blockbuster film.

我在準備好的發言中說過，我們認為 2025 年或 2024 年廣泛上映的電影數量將會增加。我們仔細查看了即將上映的電影院影片名單。一部又一部的大片，一部又一部的大片，一部又一部的大片。

We really do believe -- and as I said, nobody's crystal ball is perfect, but we really do believe that the box office will be in 2025, will be somewhere between $0.5 billion and $1 billion more in 2025 than it was in 2024. And we looked at the movie Slate in 2026, and it also was wonderful. So we think that the box office in 2026 is going to be bigger again than it was in 2025.

我們確實相信——正如我所說，沒有人的水晶球是完美的，但我們確實相信 2025 年的票房將比 2024 年多 5 億至 10 億美元。我們在 2026 年看了電影《Slate》，這部電影也同樣精彩。因此我們認為 2026 年的票房將比 2025 年更高。

So honestly, I hope that the movie theater industry box office does not peak and go to a quote steady state. What I'm seeing is that the industry box office is actually growing and growing significantly. It's growing, it's going to grow big in 2025 over 2024, we hope. It don't, nothing is -- it's only February. We'll all find out by the end of the year. But we're pretty sure that the box office will be a lot bigger in 2025 than it is in 2024, a lot bigger in 2026 and 2025. I would hope that it's bigger in 2027 than it is still in 2026.

所以說實話，我希望電影院業票房不要達到頂峰，而是進入穩定的狀態。我看到的是，電影業票房實際上正在成長，而且成長顯著。它正在成長，我們希望 2025 年的成長速度會比 2024 年更快。事實並非如此，沒什麼——現在才二月。到今年年底我們就會知道答案。但我們非常確定，2025 年的票房將比 2024 年高出許多，2026 年和 2025 年的票房也將高出許多。我希望 2027 年的規模比 2026 年的規模更大。

Success breeds success. The more movie going there is, the more profitable movies are. The more profitable movies are, the more that studios will want to make more movies. The more movies that studios make, the bigger the box office becomes. So there you go. That's the circular loop on the road to recovery.

成功孕育成功。電影上映數量越多，電影利潤越高。電影越賺錢，電影公司就越想拍更多的電影。片商製作的電影越多，票房就越大。就這樣。這就是復甦之路的循環。

And I think that's all the questions we have time for today.

我想這就是我們今天能回答的所有問題了。

So everybody, thank you very much. We had a very good quarter. The year, 2024, was very good. If you only look at the second six months of the year. But the second six months of the year looks to us to be a harbinger of what's coming in 2025 and again in 2026.

非常感謝大家。我們本季的表現非常好。2024年，這是一個非常好的年份。如果你只看今年下半年。但在我們看來，今年下半年將是 2025 年和 2026 年即將發生的事情的預兆。

So I have one simple request. I don't know what you're doing this weekend, but why don't you go to a movie theater and go catch a movie? And when you do, we'd be happy to welcome you at AMC. Or if you're in Europe, Odeon. Or if you're in the Middle East, AMC Cinemas.

所以我有一個簡單的請求。我不知道你這個週末要做什麼，但是為什麼不去電影院看電影呢？當您這樣做時，我們將很高興在 AMC 歡迎您。或者如果你在歐洲，可以選擇Odeon。或者如果你在中東，可以去AMC戲院。

Thank you, everybody, for listening. Thank you for joining us today.

謝謝各位的聆聽。感謝您今天加入我們。

Thank you. That does conclude today's teleconference and webcast. You may disconnect your line at this time and have a wonderful day. We thank you for your participation today.

謝謝。今天的電話會議和網路直播到此結束。此時您可以斷開線路並享受美好的一天。我們感謝您今天的參與。