AMC 電影院 (AMC) 2025 Q1 法說會逐字稿

Greetings, and welcome to the AMC Entertainment Holdings Incorporated first quarter 2025 earnings webcast. (Operator Instructions) As a reminder, this conference is being recorded.

大家好，歡迎收聽 AMC Entertainment Holdings Incorporated 2025 年第一季收益網路廣播。（操作員指示）提醒一下，本次會議正在錄音。

It is now my pleasure to introduce John Merriwether. Thank you, John. You may begin.

現在我很高興介紹約翰·梅里韋瑟。謝謝你，約翰。你可以開始了。

Thank you, Julian. Good afternoon, everyone. I'd like to welcome you to AMC's first quarter 2025 earnings webcast. With me this afternoon is Adam Aron, our Chairman and CEO; and Sean Goodman, our Chief Financial Officer. Before I turn the call -- the webcast over to Adam, I'd like to remind everyone that some of the comments made by management during this webcast may contain forward-looking statements that are based on management's current expectations.

謝謝你，朱利安。大家下午好。歡迎您收聽 AMC 2025 年第一季財報網路廣播。今天下午和我一起的還有我們的董事長兼執行長亞當·阿隆 (Adam Aron)；以及我們的財務長 Sean Goodman。在我將電話會議——網路直播交給亞當之前，我想提醒大家，管理層在這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。

Numerous risks and uncertainties and other factors may cause actual results to differ materially from those that might be expressed today. Many of these risks and uncertainties are discussed in our most recent public filings, including our most recently filed 10-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 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.

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大不相同。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。決定公司未來業績的若干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。無論是由於新資訊或未來事件，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 and constant currency, among others. For a full reconciliation of our non-GAAP measures to GAAP results, please see our earnings release posted in the Investor Relations section of our website earlier this afternoon. After our prepared remarks, there will be a question-and-answer session. This afternoon's webcast is being recorded, and a replay will be available in the Investor Relations section of our website at amctheatres.com later today.

在此網路廣播中，我們可能會參考非 GAAP 財務指標，例如調整後的 EBITDA 和固定匯率等。欲了解我們的非 GAAP 指標與 GAAP 結果的完整對照，請參閱我們今天下午早些時候在我們網站的「投資者關係」部分發布的收益報告。在我們準備好的發言之後，將會有一個問答環節。今天下午的網路直播正在錄製中，今天晚些時候將在我們網站 amctheatres.com 的投資者關係部分提供重播。

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

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. Anyone who's ever driven a car knows that you spend far more time looking out the front windshield than you do looking at the rearview mirror. That metaphor of it being more important to looking ahead, not looking backwards, is particularly appropriate for the movie theatre industry at this particular moment in time because the first quarter of 2025 was not at all indicative of the current strength and what we expect will be the coming strengths of the movie theatre business. Simply put, we believe that a dramatic reawakening of the industry-wide domestic box office has begun.

謝謝你，約翰。大家下午好，感謝大家今天的參與。任何開車的人都知道，看前擋風玻璃的時間比看後視鏡的時間多得多。「展望未來比回顧過去更重要」這個比喻對於當前的電影院行業來說尤其合適，因為 2025 年第一季根本沒有反映出電影院業務當前的實力以及我們預期的未來實力。簡而言之，我們認為整個行業國內票房的戲劇性復甦已經開始。

Right now, movie theatres are literally booming, and we believe that this great news about a robust box office will continue for the foreseeable future. Clearly, though, that was not the case in the first quarter of 2025, which was entirely consistent with our earlier pronouncements that calendar year 2025 would start out slowly. How slow was it? Really slow. Setting aside those first quarters directly impacted by COVID and its aftermath, the 2025 January to March industry-wide domestic box office was the lowest it has been since 1996.

目前，電影院確實正在蓬勃發展，我們相信，在可預見的未來，強勁的票房動能將持續下去。但顯然，2025 年第一季的情況並非如此，這與我們之前所說的 2025 年開局緩慢的說法完全一致。有多慢？真的很慢。除去直接受到新冠疫情及其後果影響的第一季度，2025 年 1 月至 3 月全行業國內票房是 1996 年以來的最低水準。

But fortunately for us, in brilliant contrast to Q1 of 2025, we continue to believe that moviegoing demand for the balance of 2025 and all of 2026 will show great strength. So much so, in fact, that we now believe that the full year 2025 industry-wide domestic box office will come in at the high end of our previously forecasted range of it being $500 million to $1 billion ahead of the industry-wide domestic 2024 box office. Even more compelling, we also believe that the 2026 box office will wind up being considerably larger than that of 2025. After all, the April 2025 industry-wide domestic box office, April being the first month of Q2, was double the box office of April '24. And so far in May, the box office again has been running at double the rate of a year ago.

但幸運的是，與 2025 年第一季形成鮮明對比的是，我們仍然相信 2025 年剩餘時間和 2026 年全年的觀影需求將表現出強勁勢頭。事實上，我們現在相信，2025 年全年全行業國內票房將達到我們先前預測範圍的高端，比 2024 年全行業國內票房高出 5 億至 10 億美元。更引人注目的是，我們也相信 2026 年的票房最終將比 2025 年高得多。畢竟，2025 年 4 月（即第二季的第一個月）全行業國內票房是 2024 年 4 月票房的兩倍。而截至目前，五月的票房收入已達到去年同期的兩倍。

And the movies that will be released through the end of 2025 are barnburners, one after another. As examples, just look at the dozen hit movie titles being released over the next 11 weekends, including, among others: Disney's Lilo & Stitch as well as Elio; Tom Cruise's Mission: Impossible - The Final Reckoning, Sony's Karate Kid and 28 Years Later; Lionsgate's John Wick movie; Universal's How to Train Your Dragon and M3GAN 2.0, along with Jurassic World Rebirth; Apple's F1; Warner's DC Studios' Superman; and Paramount's Smurfs. All the way through year-end, we will be seeing a potpourri of movie riches gracing the silver screens of AMC Theatres and Odeon Cinemas. It's going to be one potentially huge movie after another, after another, after another, all the way through the year-end opening of Avatar: Fire and Ash in mid-December. Moving from the industry to AMC, we can take great comfort in AMC's resilience being on full display in the first quarter of 2025.

到 2025 年底上映的電影都將是一部又一部的熱門影片。舉個例子，看看接下來 11 個週末上映的十幾部熱門電影，其中包括：迪士尼的《星際寶貝》和《艾利奧》；湯姆·克魯斯的《碟中諜 4：最終清算》、索尼的《龍威小子》和《28 年後》；獅門影業的《疾速追殺電影》； 2.0》以及《侏羅紀世界：重生》；蘋果的F1；華納 DC 影業的《超人》；以及派拉蒙的《藍色小精靈》。到年底，我們將看到大量精彩的電影在 AMC 影院和 Odeon 影院的銀幕上上映。這將是一部又一部具有巨大潛力的大片，直到 12 月中旬《阿凡達：火與灰燼》的年底上映。從產業轉向 AMC，我們可以非常欣慰地看到 AMC 的韌性將在 2025 年第一季充分展現。

AMC surpassed Wall Street expectations, yet another quarter that that's been the case. And our ability to continue growing per patron operating metrics, including achieving an all-time first quarter record for US admissions revenue per patron despite the challenging box office backdrop speaks volumes about the enduring power of the AMC brand, the exceptional appeal of both our AMC Stubs loyalty and A-List subscription programs and our market-leading premium format offerings. Given a box office for the rest of 2025 that is expected to be soaring above that of a lackluster Q1, we also expect AMC's coming financial results to show market growth over our 2004 results. Looking ahead, the release calendar is stacked with action-driven blockbusters, precisely the kind of high-intensity, visually-spectacular content that plays best on the big screen, of which AMC has more big screens than anyone else.

AMC 的表現超出了華爾街的預期，這是另一個季度的成績。儘管票房情況嚴峻，但我們仍能繼續提高每位觀眾的營運指標，包括創下第一季美國每位觀眾的門票收入新高，這充分說明了 AMC 品牌的持久影響力、AMC Stubs 忠誠度和 A-List 訂閱計劃的非凡吸引力以及我們市場領先的優質格式產品。鑑於 2025 年剩餘時間的票房預計將飆升至高於低迷的第一季的水平，我們也預計 AMC 即將公佈的財務業績將顯示市場成長超過我們 2004 年的業績。展望未來，上映日程表上擠滿了動作大片，這些高強度、視覺震撼的電影正是最適合在大屏幕上放映的，而 AMC 擁有的大屏幕數量比其他任何公司都要多。

With our industry-leading PLF footprint of IMAX, Dolby Cinema, Prime at AMC and iSense PLF screens in Europe, together with our expanding portfolio of XL at AMC auditoriums, AMC Theatres and Odeon Cinemas are perfectly positioned to lean into this action-heavy slate and reports significantly improving financial results in the balance of 2025. My overarching comment about Q1 2025 is this. Anyone trying to draw any negative conclusions about the appeal of movie theatres from the results of the first quarter of 2025 is highly likely to be mistaken, because the industry-wide domestic box office in Q1 was, in our view, a distorting outlier, an anomaly that has already corrected itself. We continue to believe that moviegoing demand in theatres for the balance of '25 and again, in all of 2026 will show enormous strength. That is spectacular news for AMC Entertainment.

憑藉我們在歐洲的 IMAX、杜比影院、AMC 的 Prime 和 iSense PLF 屏幕的行業領先 PLF 覆蓋範圍，以及我們不斷擴大的 AMC 禮堂的 XL 產品組合，AMC 影院和 Odeon 影院完全有能力參與這一以動作為主的電影市場，並報告 2025 年財務業績將顯著改善。我對 2025 年第一季的整體評論是這樣的。任何人試圖根據 2025 年第一季的結果得出關於電影院吸引力的負面結論都很可能是錯誤的，因為在我們看來，第一季全行業的國內票房是一個扭曲的異常值，一個已經自我糾正的異常現象。我們仍然相信，2025 年以及 2026 年全年的戲院觀影需求將呈現巨大強勁勢頭。這對於 AMC 娛樂來說是一個好消息。

I'll now pass the webcast over to Sean, our CFO, to provide more detail, after which I'll return to provide an update on AMC's Go Plan, Sean?

我現在將把網絡廣播交給我們的首席財務官肖恩 (Sean) 來提供更多詳細信息，之後我會回來提供有關 AMC 的 Go Plan 的最新消息，肖恩？

Thanks, Adam, and thanks to everyone for joining us this afternoon. As Adam noted, the first quarter box office was indeed challenging. Nonetheless, while the North American box office was down 12.4% compared to last year, AMC, in fact, outperformed by around 150 basis points, recording a domestic admissions revenue decline of 10.9%. Despite the relatively modest box office in the first quarter, AMC's business fundamentals were robust, as evidenced by the sustained strength of our underlying performance metrics, which coupled with the operating leverage that is inherent in our business model mean that we are exceptionally well positioned to capitalize on the industry recovery that is expected in the remainder of 2025 and beyond. This afternoon, I'll focus my comments on some of the key indicators of the health of our business.

謝謝，亞當，也謝謝大家今天下午加入我們。正如亞當所說，第一季的票房確實充滿挑戰。儘管如此，雖然北美票房與去年相比下降了 12.4%，但 AMC 的表現實際上超出了約 150 個基點，國內票房收入下降了 10.9%。儘管第一季票房表現相對平平，但AMC的業務基本面依然強勁，這從我們基礎業績指標的持續強勁就可以看出，再加上我們商業模式固有的營運槓桿，意味著我們完全有能力利用預計在2025年剩餘時間及以後出現的行業復甦。今天下午，我將重點談談我們業務健康狀況的一些關鍵指標。

In Q1, our consolidated revenue per patron on a constant-currency basis was up 1.6% year over year and notably up a very substantial 40% compared to pre-pandemic 2019. This was fueled by a 49% increase in food and beverage revenue per patron along with a 26% increase in admissions revenue per patron. Even more compelling, we grew our consolidated contribution margin per patron on a constant currency basis by 3.7% compared to last year and this is approximately 51% higher than pre-pandemic 2019. Note that contribution margin per patron is calculated as total revenue minus film exhibition and food and beverage costs. This divided by the total attendance.

第一季度，以固定匯率計算，我們的每位顧客綜合收入年增 1.6%，與 2019 年疫情之前相比，成長了 40%。這是由於每位顧客的食品和飲料收入增加了 49%，以及每位顧客的門票收入增加了 26%。更引人注目的是，以固定匯率計算，我們每位顧客的綜合貢獻利潤率與去年相比增長了 3.7%，比疫情前的 2019 年高出約 51%。請注意，每位顧客的貢獻利潤計算為總收入減去電影放映和食品飲料成本。除以總出席人數。

This measure is intended to provide an indication of the incremental profit that we generate with each additional moviegoer. And this incremental profit per moviegoer is around 51% higher than it was in pre-pandemic 2019. From a segment perspective, our US operations delivered resilient results with admissions revenue per patron achieving an all-time Q1 record of $12.31. This despite a notable lack of PLF-friendly titles during the quarter.

這項衡量標準旨在顯示我們每增加一位電影觀眾就能產生多少增量利潤。每位電影觀眾的增量利潤比 2019 年疫情前高出約 51%。從細分市場來看，我們的美國業務取得了強勁的業績，每位顧客的門票收入創下了第一季 12.31 美元的歷史新高。儘管本季明顯缺乏 PLF 友善圖書，但情況仍然如此。

Compared to pre-pandemic 2019, domestic revenue per patron is now up more than 45% and domestic contribution margin per patron is now up by a remarkable 59% compared to pre-pandemic 2019. Our international markets delivered similarly strong and sustained growth with total revenue per patron up 32% and contribution margin per patron up approximately 39% on a constant currency basis when compared to pre-pandemic 2019. In summary, while the year-over-year revenue growth and key performance metrics might appear to be somewhat modest, the sustained gains over pre-pandemic 2019 are significant, and they illustrate the resilience of the business and successful execution of our strategic growth initiatives focused on enhancing the guest experience and optimizing our profitability. Over the last five years, we have also been strategically managing our theatre portfolio. We've been renegotiating leases, closing underperforming locations and investing in new high-performing theatres.

與 2019 年疫情之前相比，每位顧客的國內收入現在增長了 45% 以上，而每位顧客的國內貢獻利潤率與 2019 年疫情之前相比增長了 59%。我們的國際市場也實現了同樣強勁且持續的成長，與 2019 年疫情之前相比，以固定匯率計算，每位顧客的總收入成長了 32%，每位顧客的貢獻利潤率成長了約 39%。總而言之，雖然年收入成長和關鍵績效指標可能看起來有些溫和，但與 2019 年疫情之前相比，持續的成長是顯著的，這表明了業務的韌性和我們成功執行了專注於提升賓客體驗和優化盈利能力的戰略增長計劃。在過去的五年裡，我們也一直在策略性地管理我們的劇院組合。我們一直在重新協商租約，關閉業績不佳的戲院，並投資新的高業績場。

In total, since the beginning of January 2020, we've closed 200 and we've opened 62 locations for a net reduction of 138 theatres or nearly 14%. In the last 15 months alone, we've closed 38 theatres and opened just three. And as previously noted, the 62 new locations opened since 2020 very significantly outperform the 200 closed locations. And going forward, we'll continue to actively manage the theatre portfolio to manage our lease costs, optimize our footprint and enhance overall quality of, and earnings from our circuit. The sustained growth in our per patron matrix, the ongoing optimization of our theatre footprint and the inherent operating leverage in our business allow us to reinforce an important point.

總體而言，自 2020 年 1 月初以來，我們已關閉了 200 家影院，並開設了 62 家影院，淨減少了 138 家影院，減少了近 14%。光是在過去的 15 個月裡，我們就關閉了 38 家影院，只開了 3 家。如前所述，2020 年以來新開設的 62 家門市的表現遠遠優於已關閉的 200 家門市。展望未來，我們將繼續積極管理影院組合，以控制租賃成本、優化佈局並提高影院的整體品質和收益。我們人均觀眾矩陣的持續成長、戲院佈局的持續優化以及業務固有的營運槓桿使我們能夠強化一個重要觀點。

We do not require a full return to the 2019 box office levels in order to achieve pre-pandemic levels of adjusted EBITDA. Let's move over to the balance sheet. We ended the quarter with cash and cash equivalents of $378.7 million, excluding restricted cash of $49 million. As we previously discussed, AMC typically experiences a seasonal working capital shift from positive in Q4 when box office receipts are strong to negative in Q1 when film rental payments become due. This swing is amplified when the Q1 box office is especially soft as it was this year.

我們不需要完全恢復到 2019 年的票房水平，即可實現疫情前的調整後 EBITDA 水準。讓我們轉到資產負債表。本季末，我們的現金和現金等價物為 3.787 億美元，不包括 4,900 萬美元的受限現金。正如我們先前所討論的，AMC 通常經歷季節性營運資本轉變，從第四季票房收入強勁時的正值轉變為第一季電影租賃費用到期時的負值。當今年第一季的票房特別疲軟時，這種波動會被放大。

But looking ahead to the remainder of the year, provided that the box office performs in line with our expectations, we anticipate being free cash flow positive for the nine months ending December 31, 2025. And we continue to take actions to strengthen our balance sheet. At the beginning of this year, we raised approximately $170 million of incremental equity capital. And since the beginning of 2022, we've lowered the principal value of our debt and finance leases by approximately $1.1 billion and we've repaid approximately $281 million of deferred leases. All of this for a total debt and deferred rent reduction of $1.34 billion in a little over three years.

但展望今年剩餘時間，只要票房表現符合我們的預期，我們預計截至 2025 年 12 月 31 日的九個月的自由現金流將為正值。我們將繼續採取行動來加強我們的資產負債表。今年年初，我們籌集了約1.7億美元的增量股本。自 2022 年初以來，我們已將債務和融資租賃的本金價值降低了約 11 億美元，並償還了約 2.81 億美元的遞延租賃。所有這些在短短三年多的時間裡就減少了 13.4 億美元的債務和遞延租金。

Now, a few quick data points. CapEx net of landlord contributions was $42.8 million in the first quarter, and we continue to expect net CapEx in 2025 to be in the range of $175 million to $225 million. And the deferred rent balance at the end of Q1 was approximately $34.3 million, and we plan to reduce this balance by around $4.7 million during the remainder of the year. Our capital allocation priorities remain: one, ensuring sufficient liquidity; two, reducing financial leverage; three, investing in our existing business; and four, investing in attractive high-return growth initiatives. With an exceptionally strong start to Q2, this is already nicely in the books and an impressive lineup of films ahead, 2025 is on pace to deliver the strongest box office since 2019. And the team at AMC is ready to seize the opportunities and unlock meaningful value for our stakeholders.

現在，快速列出一些數據點。第一季扣除房東貢獻的資本支出為 4,280 萬美元，我們繼續預期 2025 年的淨資本支出將在 1.75 億美元至 2.25 億美元之間。第一季末的遞延租金餘額約為 3,430 萬美元，我們計劃在今年剩餘時間內將該餘額減少約 470 萬美元。我們的資本配置重點仍是：一、確保充足的流動性；二是降低財務槓桿；三、投資我們現有的業務；第四，投資有吸引力的高回報成長計畫。由於第二季開局異常強勁，這已經是很好的成績，而且未來還有令人印象深刻的電影陣容，2025 年有望創下自 2019 年以來最強勁的票房紀錄。AMC 團隊已準備好抓住機遇，為我們的利害關係人創造有意義的價值。

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

說完這些，我會把電話轉給亞當。

Thank you, Sean. Today, I'd like to take you a little bit deeper into how we're proactively positioning AMC to capitalize on what we firmly believe will be a resurgent box office for the balance of 2025 and full year '26 and beyond. It starts with our strategic playbook, the AMC Go Plan, a forward-leaning, intensely designed blueprint to elevate the guest experience at AMC Theatres and Odeon Cinemas. It was named the Go Plan, G-O, because we're going on the offensive. Frankly, we got tired of being on our heels defensively for the past five years, and it's time to move forward with big ideas.

謝謝你，肖恩。今天，我想向大家更深入地介紹我們如何積極定位 AMC，以利用我們堅信將在 2025 年餘下時間、2026 年全年及以後復甦的票房。它始於我們的策略劇本 AMC Go Plan，這是一份具有前瞻性、精心設計的藍圖，旨在提升 AMC 影院和 Odeon 影院的觀眾體驗。它被命名為“Go Plan”（G-O），因為我們將採取進攻。坦白說，過去五年來，我們已經厭倦了防守，現在是時候採取更大的行動了。

The Go Plan is built around AMC's most compelling competitive strengths, our unmatched customer loyalty programs, our sophisticated marketing engine, our innovative food and beverage offerings and our global leadership in immersive premium large-format experiences. AMC is already the global leader in premium large-format and extra large-format screens, with more than 600 such screens in total. That's more premium experiences than that offered by any other movie theatre operator in the world. But under the AMC Go Plan, starting this year, in 2025, and continuing in the years ahead, we are going to further that lead and we'll do so in a big way. We expect to grow our premium large format and extra-large format screens from more than 600 now to more than 1,000 in the months and years ahead.

Go 計劃以 AMC 最引人注目的競爭優勢、無與倫比的客戶忠誠度計劃、先進的營銷引擎、創新的食品和飲料產品以及在沉浸式優質大格式體驗方面的全球領導地位為基礎而製定。AMC 已成為高端大螢幕和超大螢幕領域的全球領導者，總共擁有超過 600 塊此類螢幕。這比世界上任何其他電影院營運商提供的體驗都要優質。但根據 AMC Go 計劃，從今年開始，到 2025 年，並​​在未來幾年繼續，我們將進一步擴大領先地位，並將大力推進。我們預計，在未來的幾個月和幾年內，我們的優質大螢幕和超大螢幕數量將從現在的 600 多塊增加到 1,000 多塊。

To do so, we'll be doubling our footprint of upgraded IMAX with laser screens by converting some of our older IMAX auditoriums into state-of-the-art IMAX with laser systems. We're also growing our count of Dolby Cinema screens by almost 25%, adding about 40 more. Both of these growth initiatives are structured so as to require minimum upfront capital expenditures from AMC. We expect to more than triple our number of Prime at AMC screens in the United States, growing the number of theatres with Prime to 100. And something I'm particularly excited about, we've also just opened our very first XLF or extra-large format auditoriums in the United States.

為此，我們將把一些較舊的 IMAX 影廳改造成配備雷射系統的最先進 IMAX 影院，使升級後的配備雷射螢幕的 IMAX 影院的面積增加一倍。我們的杜比戲院銀幕數量也增加了近 25%，新增約 40 塊。這兩項成長計畫都要求 AMC 進行最低的前期資本支出。我們預計，美國 AMC 影院的 Prime 數量將增加兩倍以上，擁有 Prime 的戲院數量將增加至 100 家。令我特別興奮的是，我們剛在美國開設了第一家 XLF 或超大型禮堂。

This initiative is a smart, capital-efficient way to spotlight the largest non-PLF auditoriums in our circuit, all of which will feature massive at least 40-foot screens or larger and all with crisp 4K laser projection. With clear XL branding both inside the theatre and across our app and website, guests can easily identify and choose this enhanced format. We expect to roll out as many as 50 or more XL at AMC locations by the end of 2025. And by the end of 2026, we should have around 250 XL at AMC screens in place in the United States, joining the 65 XL screens that we piloted last year in Europe to great success. Innovation is in our DNA at AMC, and we're turning up the volume on that innovation with a dynamic new partnership with CJ 4DPLEX.

這項計劃是一種聰明且資本高效的方式，可以聚焦我們院線中最大的非 PLF 禮堂，所有禮堂都將配備至少 40 英尺或更大的巨型螢幕，並配備清晰的 4K 雷射投影。透過劇院內部以及我們的應用程式和網站上清晰的 XL 品牌，客人可以輕鬆識別和選擇這種增強格式。我們預計到 2025 年底將在 AMC 影院推出多達 50 輛或更多 XL。到 2026 年底，我們將在美國擁有約 250 塊 AMC XL 銀幕，與我們去年在歐洲試行並取得巨大成功的 65 塊 XL 銀幕相結合。創新是 AMC 的 DNA，我們透過與 CJ 4DPLEX 建立充滿活力的新合作關係，進一步增強創新力度。

Over the next 30 months, including some this year being installed, we will bring 40 4DX and 25 ScreenX auditoriums to audiences across the United States and Europe. In Europe, we've already opened ScreenX auditoriums in six Odeon Cinema locations where guest feedback has been quite positive. We're eager to scale this next level experience to even more moviegoers, worldwide. Additionally, our Laser at AMC initiative in partnership with Barco delivers a brighter, sharper, more energy-efficient projection experience that happens to be quite eco-friendly. It isn't just for XL at AMC auditoriums that we have laser projection.

在接下來的 30 個月內（包括今年安裝的部分），我們將為美國和歐洲的觀眾帶來 40 個 4DX 和 25 個 ScreenX 影廳。在歐洲，我們已經在六家 Odeon Cinema 影院開設了 ScreenX 影廳，觀眾的回饋非常正面。我們渴望將這種更高層次的體驗推廣給全球更多的電影觀眾。此外，我們與巴可公司合作的 AMC 雷射計劃提供了更明亮、更清晰、更節能的投影體驗，而且非常環保。我們並非只為 AMC 影院的 XL 配備雷射放映。

In fact, we already have deployed Laser at AMC projection across nearly 40% of our US circuit, and we will take laser projection to the entire domestic fleet of our theatres on a multi-year rollout. Another initiative under the AMC Go Plan is the transformation of select high-traffic theatres with premium seating upgrades, not necessarily recliner seats because the theatres could not afford the seat loss of putting in recliners, but much improved, wider, more comfortable padding, rocking seats. They've been deployed already in flagship locations like AMC Lincoln Square 15 in Manhattan, AMC Empire 25 in Manhattan and AMC Burbank 16 in Greater Los Angeles. This new luxury seating is being marketed as AMC Club Rockers, and it has significantly lifted guest satisfaction scores and overall theatre performance.

事實上，我們已經在近 40% 的美國院線中部署了 AMC 雷射放映系統，並且我們將在未來幾年內將雷射放映系統推廣到我們所有國內影院。AMC Go Plan 下的另一項舉措是對部分客流量大的影院進行改造，升級為高級座位，不一定是躺椅式座椅，因為影院無法承受安裝躺椅造成的座位損失，而是升級為更寬、更舒適的軟墊搖擺座椅。它們已經部署在曼哈頓的 AMC 林肯廣場 15 號、曼哈頓的 AMC 帝國 25 號和大洛杉磯地區的 AMC 伯班克 16 號等旗艦店。這種新的豪華座椅被稱為 AMC Club Rockers，它顯著提高了客人滿意度分數和整體影院表現。

Indeed, in recent weeks, we repeatedly have seen nights when out of the 550 or so theatres that we have in the United States, our three highest grossing theatres in the entire country were Lincoln Square, Empire and Burbank, all of which feature the new Club Rocker seat. It's a proven model, and it's no wonder that we are looking to expand to more of our theatres, these Club Rocker seats as the growth capital becomes available to us. Elevating the guest experience isn't limited to sight, sounds and seats, but it also extends at delivering ease of access and developing customer loyalty. That's exactly what our loyalty and subscription platforms are engineered to do and no one does it better than AMC. In January of this year, for example, we launched AMC Stubs Premiere GO, a new tier within our AMC Stubs loyalty program that increases the rewards received by guests who see at least eight movies per year or who earn 5,000 Stubs points annually.

事實上，最近幾週，我們多次看到這樣的情況：在我們位於美國的大約 550 家劇院中，全國票房最高的三家劇院是林肯廣場、帝國和伯班克，這三家劇院都配備了新的 Club Rocker 座椅。這是一個經過驗證的模式，毫無疑問，隨著我們獲得成長資本，我們希望將這些 Club Rocker 座位擴展到更多的劇院。提升客人體驗不僅限於視覺、聽覺和座位，還包括提供便利的交通和培養顧客忠誠度。這正是我們的忠誠度和訂閱平台所設計的功能，沒有人比 AMC 做得更好。例如，今年 1 月，我們推出了 AMC Stubs Premiere GO，這是我們 AMC Stubs 忠誠度計劃中的一個新層級，每年觀看至少 8 部電影或每年賺取 5,000 個 Stubs 積分的客人可獲得更高的獎勵。

Impressively, we already have more than 300,000 Premiere GO members. And just this morning, we launched enhancements to our flagship subscription service, AMC Stubs A-List. With increased benefits designed to ease the pain of a healthy price increase, the A-List weekly movie access has been expanded from three titles a week to four. And we've lowered the age eligibility from 16 to 13 to encourage teen and family moviegoing. We've also simplified how A-Listers can check in at our theatres with a new in-app photo ID system, eliminating the need to produce a physical identification card.

令人印象深刻的是，我們已經擁有超過 30 萬名 Premiere GO 會員。就在今天早上，我們推出了旗艦訂閱服務 AMC Stubs A-List 的增強功能。為了緩解價格大幅上漲帶來的影響，政府增加了福利，每週 A-List 電影放映場次從三部增加到四部。我們將年齡限制從 16 歲降低到 13 歲，以鼓勵青少年和家庭去看電影。我們也透過新的應用程式內照片 ID 系統簡化了 A-Listers 在我們戲院的登記流程，無需出示實體身分證。

And we've introduced a new A-List Classic tier, a streamlined, lower-priced plan for guests who prefer to watch a maximum of one movie per week only at our AMC Classic locations. This new offering broadens our reach and makes subscription moviegoing accessible to even more consumers. As we close today's formal remarks, we do so with genuine momentum. April delivered a powerful rebound of the box office and set the tone for what we believe will be a breakout second quarter for AMC and a post-pandemic record-setting 2025 for AMC as well. The road ahead is packed with blockbuster titles and with the successful execution of our AMC Go Plan, we are enhancing every aspect of the moviegoing experience at AMC and Odeon, from immersive premium large format and extra large-format auditoriums to upgraded seating; from innovative loyalty to innovative subscription programs, all designed to increase attendance, to deepen guest engagement, to increase guest satisfaction, and to grow both AMC's revenue and our EBITDA.

我們還推出了新的 A-List Classic 套餐，這是一項簡化的低價套餐，適合那些希望每週只在 AMC Classic 影院觀看一部電影的客人。這項新產品擴大了我們的覆蓋範圍，讓更多的消費者可以訂閱電影。當我們結束今天的正式演講時，我們帶著真正的動力去做這件事。四月票房強勁反彈，為AMC在第二季取得突破以及在2025年疫情後創下紀錄奠定了基調。未來的道路上充滿了大片，隨著 AMC Go Plan 的成功實施，我們正在增強 AMC 和 Odeon 觀影體驗的各個方面，從沉浸式優質大格式和超大格式影廳到升級的座位；從創新的忠誠度到創新的訂閱計劃，所有這些都是為了增加出席人數，加深客人參與度，提高客人滿意度，並增加 AMC 的收入和我們的 EBITDA。

After five challenging years, we believe the tide finally has turned and that the future looks encouraging, not just for a quarter or two, but for an extended multiyear period of sustained growth and increased shareholder value. Having said that, there are still other important achievements needed for full recovery, but we are optimistic that we'll get done what needs to get done and that AMC is poised to capture the momentum arising from a strengthening 2025 and 2026 and what we believe will be an even brighter future ahead.

經過五年的挑戰，我們相信情況終於發生了逆轉，未來看起來令人鼓舞，不僅僅是一兩個季度，而是持續多年的持續成長和股東價值的提高。話雖如此，要實現全面復甦還需要其他重要成就，但我們樂觀地認為，我們將完成需要完成的工作，AMC 準備好抓住 2025 年和 2026 年強勁增長帶來的勢頭，我們相信未來的前景將更加光明。

With that, Sean, let's turn to questions from equity analysts and from our retail shareholders.

肖恩，讓我們來回答股票分析師和散戶股東的問題。

(Operator Instructions)

（操作員指示）

Thank you. So, Adam, the first question from our shareholders is related to the tariffs. What are your thoughts about the current discussions around tariffs in Hollywood?

謝謝。那麼，亞當，我們股東提出的第一個問題與關稅有關。您對好萊塢目前圍繞關稅的討論有何看法？

Well, obviously, this is a new topic. It is our understanding that there are no final specific plans as to what may transpire and that there's going to be ample opportunity for discussion between the government and industry on this topic. And it goes without saying that we'll be paying very close attention to developments in this area.

嗯，顯然這是一個新話題。據我們了解，目前還沒有關於可能發生的事情的最終具體計劃，政府和業界將有充足的機會就此話題進行討論。毋庸置疑，我們將密切關注這一領域的發展。

A lot of questions about the Go Plan. Some of them are as follows. What proportion of AMC locations do you think ultimately could include a premium format auditorium? Likewise, recliner seating. What percentage of our auditoriums could have recliner seating? And then questions about other innovations that we might be looking at for our auditoriums, such as somebody suggesting semi-private viewing booths, for example.

關於 Go Plan 有很多問題。其中一些如下。您認為最終有多少比例的 AMC 劇院可以增設高級格式的戲院？同樣，躺椅也是一樣。我們的禮堂中有多少比例可以配備躺椅？然後是有關我們可能正在為禮堂考慮的其他創新的問題，例如有人建議設置半私人觀影間。

So, there's a lot in there. As I said in my prepared remarks, we have more than 600 PLF and XLF screens. That number should grow to around something over 1,000. In what percentage of our theatres will we find that? In the plans we have now, probably we'll hit three-fourth of our theatres worldwide.

這裡面有很多內容。正如我在準備好的演講中所說，我們有超過 600 個 PLF 和 XLF 螢幕。這個數字應該會成長到 1,000 左右。我們能在多大比例的劇院裡看到這種情況？按照我們目前的計劃，我們可能會在全球四分之三的影院上映。

But that's just the plans we have now. We've only announced 250 XL auditoriums in the United States. That's based on our current plan, but you can easily see the XL auditorium. If it's successful, if it resonates with consumers, you can easily see that number shooting up from 250 XL auditoriums to maybe 500 XL auditoriums, in which case, we could find ourselves with a PLF or an XLF in just about every theatre in our circuit. It depends what the guest response is.

但這只是我們現在的計劃。我們僅宣佈在美國設立 250 個 XL 禮堂。這是基於我們目前的計劃，但您可以輕鬆看到 XL 禮堂。如果它成功了，如果它引起了消費者的共鳴，你很容易就能看到這個數字從 250 個 XL 影廳飆升到 500 個 XL 影廳，在這種情況下，我們會發現我們院線的幾乎每家影院都有 PLF 或 XLF。這取決於客人的反應。

In terms of recliners, more than half of our circuit is reclined at the moment. That number could grow. We will need growth capital available to us to do so because those theatre renovations are not cheap. But interestingly, we have a significant number of theatres, I'd say 50, where to put in recliner seats would be uneconomic to do so because the theatres have such high volumes that we can't afford the seat loss that comes with putting in recliner seats. And for that reason, we just came up with this Club Rocker seats, the AMC Club Rocker that we put into AMC Burbank, we put it on Lincoln Square, we put in on Empire.

就躺椅而言，目前我們線路上超過一半的躺椅都是躺椅。這個數字還可能會成長。我們需要可用的成長資本來實現這一目標，因為劇院的翻新工程並不便宜。但有趣的是，我們有相當多的劇院，我猜有 50 個，在這些劇院裡安裝躺椅座椅是不經濟的，因為這些劇院的觀眾數量非常多，我們無法承受安裝躺椅座椅所帶來的座位損失。出於這個原因，我們剛剛推出了 Club Rocker 座椅，我們將 AMC Club Rocker 座椅放入 AMC Burbank 影院，放入林肯廣場影院，放入帝國影院。

And we have 500 -- more than 500 theatres in the United States. We look at these attendance reports on a daily basis. And it's just so stunning to see over and over again that the three highest grossing theatres we have in the entire United States out of almost 550 theatres are Lincoln Square, Empire and Burbank. What do they have in common? They have the new AMC Club Rocker seat.

我們在美國有 500 多家影院。我們每天都會查看這些出勤報告。我們一次又一次地看到，在全美近 550 家影院中，票房最高的三家影院是林肯廣場、帝國和伯班克。他們有什麼共同點？他們有新的 AMC Club Rocker 座椅。

Now, it will also cost some money to put in the Club Rockers. So, again, we need more investment capital available to us before we can deploy them in more places. But there are a significant number of theatres, a dozen, 15, maybe 20 theatres where we could put in those AMC Club rocket seats, and we think we would see a fairly dramatic upturn in the bottom-line results of the theatres where they're installed. So, those are examples. We're excited about our new partnership with CJ to put in 4DX and ScreenX auditoriums.

現在，安裝 Club Rockers 也需要花一些錢。因此，我們需要更多的投資資本，然後才能將它們部署到更多的地方。但有相當多的戲院，大概有十幾家、十五家甚至二十家，我們可以安裝 AMC Club 火箭座椅，而且我們認為，安裝這些座椅的戲院的最終業績將會出現相當顯著的上升。這些都是例子。我們很高興與 CJ 建立新的合作關係，開設 4DX 和 ScreenX 影廳。

We have six of them open at the moment. That number is going to grow to 71. That's a big increase. And I think embedded in your question was something about a special -- a different kind of seat. We have a theatre in the UK in the city of Norwich that just opened in the last six months. And in one of the auditoriums there, we experimented with a two-person pod seat with a privacy shell around it, and it's really been very successful with consumers. So, that's another thing we might choose to roll out. Of course, again, that's going to require some -- having investment capital to deploy. And I have to emphasize here on the Go Plan.

目前我們有六個營業點。這個數字將會成長到71。這是一個很大的成長。我認為您的問題中隱含著一些關於特殊座位的資訊—不同類型的座位。我們在英國諾里奇市有一家劇院，剛在六個月前開業。在那裡的一個禮堂裡，我們試驗了一種帶有隱私外殼的雙人艙座椅，它確實很受消費者歡迎。所以，這是我們可能會選擇推出的另一件事。當然，這又需要一些投資資本來部署。我必須在這裡強調 Go 計劃。

We are very disciplined about our CapEx spending. We're down to somewhere between $175 million and $225 million a year. That's significantly lower than it was in previous years. I could easily see us increasing our CapEx spend in the course of a year, maybe by $50 million to $100 million a year more than what we're spending now, but only if our EBITDA dramatically increases so that we're in a position where with the discipline we're showing on capital spending, we can afford to invest in these growth projects. And these growth projects are -- have quite attractive returns, very high ROIs, very fast paybacks.

我們對資本支出非常嚴格。我們每年的支出已降至 1.75 億美元至 2.25 億美元之間。這比前幾年明顯低得多。我可以很容易地看到我們在一年內增加資本支出，可能比現在每年增加 5000 萬到 1 億美元，但只有當我們的 EBITDA 大幅增加時，我們才能在資本支出方面表現出紀律性，從而有能力投資這些增長項目。這些成長項目的回報相當誘人，投資報酬率非常高，回報速度非常快。

Nothing would make me more excited than to see our EBITDA double, both for what that does for free cash flow generation and what that does for increasing cash reserves, increasing shareholder value, but also enabling us to take some of the increased EBITDA that is what will be versus what was, say, last year and to redeploy that back into the fleet to invest in the growth initiatives. So, this is a self-fulfilling prophecy that if we invest in growth initiatives, we can drive even more profitability and even higher guest -- levels of guest satisfaction for the AMC and Odeon circuits.

沒有什麼比看到我們的 EBITDA 翻倍更讓我興奮的了，這不僅因為它可以產生自由現金流，還可以增加現金儲備，提高股東價值，而且還使我們能夠利用部分增加的 EBITDA（與去年相比）並將其重新部署到機隊中，以投資於增長計劃。因此，這是一個自我實現的預言，如果我們投資於成長計劃，我們可以為 AMC 和 Odeon 院線帶來更高的獲利能力和更高的客戶滿意度。

Kind of a related question here from one of our shareholders is, at what point do you expect the business to be in a position to generate positive free cash flow?

我們的一位股東提出了一個相關問題：您預期企業何時能夠產生正的自由現金流？

That's a nice question to get because the answer is right now, the first quarter was so bleak and yet with anyone drawing any kind of negative conclusions from the first quarter, it's just going to be wrong because the second quarter, third quarter, fourth quarter 2025 are going to perform so radically different than did in the first quarter of 2025. That wasn't wholly unexpected. We predicted last year that the industry would start very slowly in Q1 because we knew what titles were coming out. But we also know what titles are coming out for the balance of the year. And if we hit our internal forecasts of what's going to happen for the balance of 2025, then this company will be free cash flow positive for the nine-month period, April to December 2025, and what a stark change that is compared to where we've been since the pandemic hit in 2020.

這是一個很好的問題，因為現在的答案是，第一季非常慘淡，但任何人根據第一季得出任何負面結論都是錯誤的，因為 2025 年第二季、第三季、第四季的表現將與 2025 年第一季截然不同。這並不完全出乎意料。我們去年預測該產業在第一季的起步會非常緩慢，因為我們知道會推出哪些產品。但我們也知道今年剩餘時間會推出哪些作品。如果我們實現了 2025 年剩餘時間的內部預測，那麼該公司在 2025 年 4 月至 12 月的九個月期間將實現自由現金流為正，與 2020 年疫情爆發以來的情況相比，這是多麼明顯的變化。

Let's talk a little bit about food and beverage. We're doing very well on food and beverage percent growth. Are there plans to enhance and expand the food and beverage offerings to our guests?

讓我們來談談食品和飲料。我們的食品和飲料成長百分比非常好。是否有計劃增強和擴大為客人提供的食品和飲料？

Sure, there are. The -- you know this better than anybody, Sean, we're so proud of what we've done to drive the revenues of this company and cut the cost of this company such that our contribution per patron is up more than 50% above where it was pre-pandemic levels. It came with a lot of hard work. And we've had a lot of cooperation from a lot of sectors to pull this off. Our landlords cooperated.

當然有。肖恩，你比任何人都清楚這一點，我們為我們為推動公司收入成長和降低公司成本所做的努力感到非常自豪，以至於我們每位顧客的貢獻比疫情前的水平高出了 50% 以上。這是經過大量艱苦努力才取得的。為了實現這一目標，我們得到了許多領域的大力合作。我們的房東給予了合作。

Not only did we close unprofitable theatres, but we were able to reduce rents on a lot of our theatres, which improved their profitability, which allowed them to stay open. One of the other areas where we've had a lot of cooperation is from our guests because they're buying more stuff at the concession stand than they've ever done in AMC's 105-year history. And we are the industry leader in terms of food and beverage spending per patron amongst the mass operators. I'm not trying to compare AMC against small boutique dining chains. But when you look at AMC against other mass operators, we have the highest food and beverage spend.

我們不僅關閉了無利可圖的影院，還降低了許多影院的租金，提高了它們的盈利能力，使它們得以繼續營業。我們獲得大量合作的另一個領域是來自我們的客人，因為他們在小賣部購買的商品比 AMC 105 年曆史上任何時候都要多。就每位顧客的食品和飲料消費而言，我們在大眾餐飲業中處於行業領先地位。我並不是想將 AMC 與小型精品餐飲連鎖店進行比較。但當你將 AMC 與其他大眾影院業者進行比較時，你會發現我們的食品和飲料支出最高。

We do that because we pay a lot of attention -- we achieved that because we pay a lot of attention to innovation in the food and beverage area. And just as examples, we put -- I think when I got here, we only had like 100 bars in our theatres. We now have 350 MacGuffin bars in the United States. We're also serving liquor across Europe. Movie themed drinks is just a huge hit.

我們這樣做是因為我們非常重視——我們之所以取得這項成就是因為我們非常重視食品和飲料領域的創新。舉個例子，我想當我來到這裡的時候，我們的劇院裡只有 100 個酒吧。目前我們在美國有 350 家 MacGuffin 巧克力棒。我們還在歐洲各地供應酒類。電影主題飲料大受歡迎。

And I'd say twice a month, we have movie titles that are big enough where we're creating special movies -- multiple movie themed drinks and they sell very well. Then there's like obscure stuff. So, just in the first quarter, we just completed the rollout across the whole domestic fleet of Dippin' Dots, something that we started last year in 2024. Believe it or not; by introducing Dippin' Dots, we have doubled the ice cream sales at AMC Theatres. Good for us, good for our guests.

我想說的是，我們每個月都會有兩次以大電影為主題的特別電影，我們會製作多部電影主題的飲料，而且賣得很好。然後還有一些不太明顯的東西。因此，就在第一季度，我們剛剛完成了在整個國內 Dippin' Dots 車隊的推廣，這是我們去年在 2024 年開始的計劃。不管你信不信；透過推出 Dippin' Dots，我們讓 AMC 影院的冰淇淋銷量翻了一番。這對我們有好處，對我們的客人也有好處。

Right now, we have a very interesting pilot that's going to start this summer at five of our Southern California theatres. We're going to install new equipment that -- it's hard to describe exactly, but in an automated way, this new equipment will perfectly make craft drinks, will perfectly formulate cocktails and mocktails. We've experimented with it here in our corporate office, outside of working hours, of course. And it's really impressive how exacting recipes can be followed with minimal labor activation. If that test is successful, I think we'll be rolling this new drink equipment out broadly across our system.

目前，我們有一個非常有趣的試播節目，將於今年夏天在我們位於南加州的五家影院開始播出。我們將安裝新的設備——很難準確描述，但以自動化的方式，這種新設備將完美地製作手工飲料，完美地調製雞尾酒和無酒精雞尾酒。當然，我們已經在公司辦公室裡嘗試過這個方法，而且是在工作時間之外。只需最少的勞動力就能遵循嚴格的食譜，這真是令人印象深刻。如果測試成功，我想我們會在整個系統中廣泛推廣這種新的飲料設備。

And there's more. We just -- we've been -- when we launched home delivery, we went with Uber Eats. We were able to add DoorDash to home delivery at the very end of 2024. I think we'll do $5 million of profit on home delivery in 2025, something that didn't exist a couple of years ago. And speaking of something that didn't exist a couple of years ago, my goodness, what's going on with merchandise sales in our theatres.

還有更多。我們剛剛——我們已經——當我們推出送貨上門服務時，我們選擇了 Uber Eats。我們能夠在 2024 年底將 DoorDash 添加到送貨上門服務。我認為到 2025 年，我們的送貨上門業務的利潤將達到 500 萬美元，這在幾年前是不存在的。說到幾年前還不存在的事情，天哪，我們劇院的商品銷售情況怎麼樣。

Three years ago, our merchandise sales were precisely 0. And I anticipate that our merchandise sales for calendar year 2025 will come in around $75 million across the US and Europe, with maybe half of that dropping to the EBITDA line. Such good news for us. So, we've been an innovator in F&B.

三年前，我們的商品銷售額剛好是0。我預計，2025 年我們在美國和歐洲的商品銷售額將達到 7,500 萬美元左右，其中可能有一半會落入 EBITDA 線。這對我們來說真是個好消息。所以，我們一直是餐飲領域的創新者。

We're going to stay an innovator in F&B. There are lots of good things coming.

我們將繼續在餐飲領域保持創新。有很多好事即將發生。

Well, talking about that and the profitability per patron that has been, as you say, so much higher than pre-pandemic levels. There is a question about how sustainable is that? Because as the box office recovers, is there going to be pressure on that profitability per patron metrics?

好吧，談到這一點，正如您所說，每位顧客的盈利能力已經遠高於疫情前的水平。有一個問題是，這種做法的可持續性如何？因為隨著票房的復甦，每位觀眾的獲利能力指標是否會面臨壓力？

Well, it depends if you want to think logically or get the data. Logic says if we add a ton of attendance, which we expect to add in the remainder of '25 and 2026, then it might be hard to continue to drive these massive improvements in contribution per patron that we've enjoyed over the last couple of years. And it's up over 50% compared to pre-pandemic levels. And yet April was a month where we had a massive surge in attendance. And as opposed to that massive surge in attendance eroding these key performance metrics and causing some of the revenue per patron to fall and the contribution -- incremental contribution per patron to fall, it's been the exact opposite.

嗯，這取決於你是想邏輯思考還是取得數據。從邏輯上講，如果我們增加大量的參觀人數（我們預計在 2025 年剩餘時間和 2026 年都會增加），那麼我們可能很難繼續推動過去幾年來每位顧客的貢獻大幅提高。與疫情前的水平相比，這一數字增長了 50% 以上。然而四月我們的出席人數卻出現了大幅激增。與人數激增侵蝕這些關鍵績效指標並導致每位顧客的收入和貢獻下降以及每位顧客的增量貢獻下降相反，情況恰恰相反。

In April, our revenue per patron and our contribution per patron increased even on stronger attendance. So I think that there's good news in all this that we've managed the business with a lot of innovation and a lot of effort to drive revenues and to drive profit, and it looks like it's going to continue.

四月份，儘管客流量增加，但我們每位顧客的收入和每位顧客的貢獻仍然增加。所以我認為這一切都是好消息，我們透過大量創新和努力來管理業務，以推動收入和利潤，而且看起來這種情況將會持續下去。

That's all the questions that we have at this time.

這就是我們目前的所有問題。

Well, good. Thank you, everybody, for joining us today. The first quarter of 2025, while it beat analyst expectations, was nothing to write home about. But what you're going to see out of AMC and out of the movie theatre industry generally across the remainder of 2025 will be something to write home about. If we hit our forecasts, we are going to do very well and show a dramatic improvement over where we were only a year ago. Thank you for joining us one and all.

嗯，很好。感謝大家今天加入我們。2025 年第一季的業績雖然超出了分析師的預期，但並沒有什麼值得大書特書的。但在 2025 年剩餘時間內，AMC 和電影院產業的整體表現將值得大書特書。如果我們達到了預期，我們就會做得很好，並且比一年前有顯著的進步。謝謝大家的參與。

You may disconnect your lines at this time.

現在您可以斷開線路。