AMC 電影院 (AMC) 2025 Q2 法說會逐字稿

Good day, everyone, and welcome to the AMC Entertainment Holdings Inc. second-quarter earnings webcast. (Operator Instructions)

大家好，歡迎收聽 AMC 娛樂控股公司第二季度收益網絡直播。（操作員指示）

It is now my pleasure to turn the program over to John Merriwether, Vice President, Capital Markets.

現在我很高興將該計劃移交給資本市場副總裁約翰·梅里韋瑟 (John Merriwether)。

Thank you, Leo. Good afternoon. I'd like to welcome everyone to AMC's second-quarter 2025 earnings webcast. With me this afternoon is Adam Aron, our Chairman and CEO; and Sean Goodman, our Chief Financial Officer.

謝謝你，Leo。午安.歡迎大家收看 AMC 2025 年第二季財報網路直播。今天下午與我在一起的有我們的董事長兼首席執行官亞當·阿隆 (Adam Aron) 和我們的首席財務官肖恩·古德曼 (Sean Goodman)。

Before I turn 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. Numerous risks, uncertainties, and other factors may cause actual results to differ materially from those that might be expressed today. Many of those 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.

在我將網路直播交給亞當之前，我想提醒大家，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大不相同。我們在最近的公開文件中討論了許多此類風險和不確定性，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。

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 result of new information or future events.

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, free cash flow, 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 morning. 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、自由現金流和恆定貨幣等。欲了解我們的非公認會計準則 (non-GAAP) 指標與公認會計準則 (GAAP) 結果的完整對照，請參閱我們今天早上在網站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，重播將於今天晚些時候在我們的網站 amctheatres.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, everyone, and thank you for joining us today. It is earnings day at AMC, and what a day it is. In this second quarter of 2025, AMC showcased the impressive operating leverage that is inherent in our business. Importantly in Q2, movies from just about every single major and minor city alike crushed it at the box office in spectacular fashion with a second quarter domestic industry box office surpassing that of the first quarter of 2025 by a stunning 85%.

謝謝你，約翰。大家下午好，感謝大家今天的參與。今天是 AMC 的獲利日，這真是一個重要的日子。2025 年第二季度，AMC 展示了我們業務固有的令人印象深刻的營運槓桿。重要的是，在第二季度，幾乎每個大城市和小城市的電影都以驚人的方式在票房上大獲成功，第二季度國內電影票房比 2025 年第一季高出 85%。

At AMC, we are particularly pleased that on many of these second quarter movies, our market share way overperformed. That came in part because of our network of especially productive theaters, AMC and Odeon having more premium large-format screens than any other exhibitor on the planet, and the effectiveness of our compelling marketing programs.

在 AMC，我們特別高興的是，在第二季上映的許多電影中，我們的市佔率都遠遠超過了預期。部分原因是因為我們擁有特別高效的影院網絡，AMC 和 Odeon 擁有比全球任何其他影院更多的優質大螢幕，以及我們引人注目的行銷計劃的有效性。

In this year's second quarter, AMC and Odeon rolled out the red carpet for nearly 63 million guests worldwide, a 25.6% increase over the same period last year. Beyond merely attaining that attendance growth, AMC's revenue growth was actually 35.6% above last year's second quarter. Adding in our very tight control of our costs, AMC drove an adjusted EBITDA increase of 391.4% to a highly gratifying $189.2 million. That's a good formula. Revenues way up combined with quite a tight management of costs and it generated $150.7 million more adjusted EBITDA in this year's second quarter than was posted in last year's second quarter.

今年第二季度，AMC和Odeon共接待全球近6,300萬名觀眾，比去年同期成長25.6%。除了實現觀眾人數成長之外，AMC 的營收成長實際上比去年第二季高出 35.6%。加上我們對成本的嚴格控制，AMC 的調整後 EBITDA 成長了 391.4%，達到了令人滿意的 1.892 億美元。這是一個很好的方案。營收大幅成長，加上成本管理相當嚴格，今年第二季的調整後 EBITDA 比去年第二季多出 1.507 億美元。

It is a simple reality and hopefully a harbinger of things to come that its AMC's revenues grow our EBITDA can soar. The such a sizable increase in adjusted EBITDA from $38 million in change last year to $189 million in change this year. Our net cash provided by AMC's operating two to the quarter surged to a positive $138.4 million. Such a dramatic turnaround from last year's net cash used in second quarter operating activities of $34.6 million. That's a total favorable swing of $173 million improvement quarter over quarter.

這是一個簡單的現實，並希望這預示著未來的發展：AMC 的收入將成長，我們的 EBITDA 將飆升。調整後的 EBITDA 大幅增加，從去年的 3,800 萬美元增加到今年的 1.89 億美元。AMC 經營兩家公司為本季提供的淨現金飆升至正 1.384 億美元。與去年第二季經營活動所花費的 3,460 萬美元淨現金相比，這是一個巨大的轉變。與上一季相比，這一增長總計增加了 1.73 億美元。

I would like to repeat those numbers so that all of you on this call and all of you on this webcast hear them very clearly. In the second quarter of 2025, AMC Entertainment delivered a 25.6% increase in global attendance above that of Q2 '24, consolidated revenue growth of 35.6% versus Q2 '24, consolidated adjusted EBITDA growth of 391.4% versus Q2 '24, AMC's $189.2 million of adjusted EBITDA in Q2 2025 was just a hair under five times the adjusted EBITDA of Q2 2024. Cash generated from our operating activities of a positive $138.4 million showed a favorable swing of $173 million in this year's Q2 versus Q2024.

我想重複這些數字，以便所有參加電話會議和網路直播的人都能清楚地聽到它們。2025 年第二季度，AMC 娛樂的全球觀影人次較 2024 年第二季度增長 25.6%，綜合收入較 2024 年第二季度增長 35.6%，綜合調整後 EBITDA 較 2024 年第二季度增長 391.4%，AMC 2025 年第二季度調整後 208968930 20890000 億美元，年第二季調整後 EBITDA 的五倍。我們的經營活動產生的現金為 1.384 億美元，與 2024 年第二季相比，出現了 1.73 億美元的有利變化。

Needless to say, it's all smiles at AMC today. Our second-quarter results are a combination of a recovering energy-wide box office and the undeniable fact that both AMC and Odeon are executing so well in so many different ways. Indeed, we shattered all-time revenue records across nearly every per-patron metric.

不用說，AMC 如今一片歡騰。我們第二季的業績是整個能源產業票房復甦和 AMC 和 Odeon 在許多不同方面表現出色的不可否認的事實的結合。事實上，我們幾乎打破了每位顧客的所有收入指標的歷史最高紀錄。

As for the strengthening industry-wide box office, we firmly believe that this was not a short-lived spike, but rather the beginning of a sustained and powerful resurgence for our entire industry. So that expectations are set correctly, the box office in the current third quarter will only be so-so given some seasonal but not alarming softness.

至於全產業票房的走強，我們堅信這不是曇花一現的飆升，而是整個產業持續強勁復甦的開始。為了正確設定預期，考慮到一些季節性的但並不令人擔憂的疲軟，目前第三季的票房表現只會一般。

But hold on to your hats for the size of the box office in the fourth quarter of 2025. Hello, Disney's Avatar: Fire and Ash, Tron: Ares, and Zootopia 2. Hello, Universal's Wicked: For Good and Five Nights at Freddy's 2. Hello, Glen Powell in Paramount's The Running Man, and hello to so many other wonderful films that will be hitting the big screens in theaters from so many of our studio partners in the fourth quarter of this year. In total, it sure looks like 2025 is shaping up to be the biggest post-pandemic box office year yet and one which we believe will be some $500 million to $900 million more than that of full-year 2024.

但請大家拭目以待，看看 2025 年第四季的票房規模。你好，迪士尼的《阿凡達：火與灰燼》、《創：戰神》和《瘋狂動物城 2》。你好，環球影業的《魔法壞女巫：永生》和《玩具熊的五夜後宮2》。大家好，我是派拉蒙電影公司《奔跑的人》中的格倫鮑威爾，大家好，還有許多其他精彩的電影將於今年第四季度登陸影院大銀幕，這些電影將由我們的許多電影製片廠合作夥伴製作。整體而言，2025 年肯定有望成為疫情後票房最高的一年，我們相信其票房將比 2024 年全年高出約 5 億至 9 億美元。

Even more compelling is the currently envisioned 12-month run rate for theatrical moviegoers after taking out the weak Q1 of 2025 and replacing it with the much stronger Q1 that we anticipate for 2026. Perhaps with an occasional blip here or there, we expect the 2026 box office will radiate with great strength and resonate with theatrical moviegoers pretty much all year long.

更引人注目的是，在剔除 2025 年第一季的疲軟表現，代之以我們預計的 2026 年第一季強勁表現之後，目前預計的戲院電影觀眾 12 個月的運行率。或許偶爾會出現一些小波動，但我們預計 2026 年的票房將會強勁增長，並在全年幾乎與影院觀眾產生共鳴。

Of particular note, this year in 2025, the first quarter was terribly weak. In 2026's first quarter, by contrast, we'll see the spillover benefits from Avatar: Fire and Ash's December 2025 opening, which in our view should greatly help to boost the Q1 2026 box office back up to a much healthier level. That should start the year 2026 off right, and we are highly encouraged by the extraordinary slay of films being released throughout the full year. It's our view, and we are far from alone with this optimism for 2026, that the 2026 box office will be considerably larger than that of 2025.

尤其值得注意的是，今年2025年，第一季表現非常疲軟。相較之下，在 2026 年第一季度，我們將看到《阿凡達：火與灰燼》於 2025 年 12 月上映帶來的溢出效益，我們認為這應該會極大地幫助 2026 年第一季的票房回升到更健康的水平。這應該會為 2026 年帶來一個良好的開端，而全年上映的電影數量之多也讓我們深受鼓舞。我們認為，2026 年的票房將比 2025 年高得多，而且我們並不是唯一對 2026 年抱持這種樂觀態度的人。

Turning back, to the performance of AMC and Odeon specifically in the just completed quarter, we set record after record in this year's second quarter. For the first time ever, AMC's consolidated admissions revenue per patron topped $12, coming in at $12.14. Our consolidated food and beverage revenue per guest jumped to a record of $7.95, and our total consolidated revenue for patrons at AMC and Odeon hit an unprecedented $22.26 for us.

回顧剛結束的一個季度中 AMC 和 Odeon 的表現，我們在今年第二季度創下了一項又一項紀錄。AMC戲院每位觀眾的綜合票券收入首次突破12美元，達到12.14美元。每位觀眾的綜合餐飲收入躍升至創紀錄的7.95美元，AMC和Odeon影院的綜合總收入也達到了前所未有的22.26美元。

We believe that these new records powerfully validate the rationale behind our various strategic initiatives and the fact that consumers who will be going at AMC and Odeon will be highly attractive out of home entertainment experiences. In addition to setting new operational records during the quarter and delivering a powerful earnings report as a result, just as important, we continue to fortify our balance sheet.

我們相信，這些新紀錄有力地證明了我們各項策略舉措背後的合理性，以及消費者將對前往 AMC 和 Odeon 影院的家庭外娛樂體驗產生極大興趣的事實。除了在本季創下新的營運記錄並因此提供強勁的獲利報告之外，同樣重要的是，我們繼續加強我們的資產負債表。

As you know, in July, we just closed a series of transformative transactions, including receiving more than $240 million in cash from new debt issuance and the equitization of at least $143 million in debt with the potential to equitize even more up to a total of $337 million. We have now addressed all of our 2026 debt maturities, pushing them out to 2029. That's four years from now. In so doing, we've put in place a solid foundation to capitalize on what we believe will be our industry's continued growth momentum and our company's continue growth momentum, which should be especially evident in the fourth quarter of 2025 and continuing deeply into 2026.

如您所知，7 月份，我們剛剛完成了一系列轉型交易，包括透過發行新債獲得超過 2.4 億美元的現金，以及至少 1.43 億美元的債務股權化，甚至有可能實現更多債務股權化，總額達到 3.37 億美元。我們現在已經解決了所有 2026 年到期的債務，並將其推遲到 2029 年。那是四年後的事了。透過這樣做，我們奠定了堅實的基礎，以利用我們認為的行業持續成長勢頭和公司持續成長勢頭，這種勢頭將在 2025 年第四季尤為明顯，並持續到 2026 年。

If I had to pick out just one set of words to characterize AMC's strong performance in the second quarter of 2025 and our optimism and our confidence about AMC's expected performance for 2026, it would be these. And I quote myself, impressive operating leverage. As AMC's revenues grow, our EBITDA at AMC can soar.

如果我必須挑選一組字來描述AMC在2025年第二季的強勁表現以及我們對AMC 2026年預期表現的樂觀和信心，那就是這些。我自己的話來說，令人印象深刻的經營槓桿。隨著 AMC 收入的成長，AMC 的 EBITDA 也將飆升。

I'll now pass this call in webcast over to Sean Goodman, our CFO, to provide more detail on the financial results, after which I'll return to provide an update on the AMC Go plan and others of our strategic initiatives. Sean?

我現在將透過網路直播將本次電話會議轉交給我們的首席財務官 Sean Goodman，以提供有關財務結果的更多詳細信息，之後我將回來提供有關 AMC Go 計劃和我們的其他戰略舉措的最新信息。肖恩？

Thanks, Adam, and thank you, everyone, for joining us this afternoon. We are pleased to report a quarter in which, as Adam just noted, the team set a number of very impressive records about -- across both our domestic and international operations. Substantial year-over-year industry growth drove our attendance growth which, when coupled with record-breaking per-patron revenue and per-patron profit, resulted in outstanding spread of results for the second quarter. Allow me to elaborate. I'm comparing consolidated results for Q2 2025 to Q2 of 2024.

謝謝，亞當，也謝謝大家今天下午加入我們。我們很高興地報告，正如亞當剛才指出的那樣，本季我們的團隊在國內和國際業務中創下了許多非常令人印象深刻的記錄。產業年比大幅成長推動了我們的觀眾人數成長，再加上破紀錄的每位顧客收入和每位顧客利潤，導致第二季的業績表現優異。請允許我詳細說明。我正在將 2025 年第二季與 2024 年第二季的綜合結果進行比較。

Global attendance rose 25.6% as we welcomed 63 million moviegoers to our theaters. Total revenue grew by 35.6% or 34.1% in constant currency, reaching $1.4 billion. Adjusted EBITDA grew fourfold to $189.2 million and we generated free cash flow of $89 million, a $168 million improvement compared to the prior year's second quarter. These results were achieved through admissions revenue per patron growth of 7.5% or 6.2% in constant currency to an all-time record of $12.14.

全球觀影人次成長了 25.6%，我們的戲院迎來了 6,300 萬名電影觀眾。總營收成長 35.6%（以固定匯率計算為 34.1%），達到 14 億美元。調整後的 EBITDA 成長了四倍，達到 1.892 億美元，我們產生了 8,900 萬美元的自由現金流，與去年同期第二季相比增加了 1.68 億美元。這些成果的實現得益於每位觀眾的門票收入增長了 7.5%（以固定匯率計算增長了 6.2%），達到歷史最高水準 12.14 美元。

At the same time, food and beverage revenue per patron climbed 8.3% or 7.4% in constant currency to an all-time record of $7.95. And total revenue per patron grew 8% or 6.7% in constant currency to yet another all-time record of $22.26. Total revenue per patron is now approximately 43% compared to pre-pandemic 2019. This is driven in a large part by an approximately 56% increase in food and beverage revenue per patron.

同時，每位顧客的餐飲收入成長了8.3%，以固定匯率計算成長了7.4%，達到創紀錄的7.95美元。每位顧客的總收入成長了8%，以固定匯率計算成長了6.7%，再次創下22.26美元的歷史新高。目前每位顧客的總收入約為2019年疫情前的43%。這在很大程度上是由於每位顧客的食品和飲料收入增加了約 56%。

Not only did we achieve the per-patron revenue records that I just noted, we also grew our contribution margin per patron by 5.2% or 3.9% in constant currency to $14.48. Note this is approximately 48% higher than pre-pandemic 2019. And you'll recall that we calculate contribution margin as total revenue minus both form exhibition costs and food and beverage costs. And this is then divided by total attendance to get to a contribution margin per patron. This is a measure that is intended to provide an indication of the incremental profit that we generate with each additional guest.

我們不僅實現了我剛才提到的每位顧客收入記錄，而且每位顧客的貢獻利潤率也增長了5.2%，按固定匯率計算為3.9%，達到14.48美元。值得注意的是，這比疫情前的2019年高出了約48%。您會記得，我們​​將貢獻利潤計算為總收入減去展覽成本和食品飲料成本。然後將其除以總出席人數，即可得出每位顧客的貢獻利潤。這項衡量標準旨在顯示我們每增加一位客人就能產生多少增量利潤。

Based on all these above, it should come as no surprise that the total admissions revenue hit a Q2 post-pandemic high of $762.6 million. And this is an important one, total food and beverage revenue hit an all-time AMC high of $500 million. Our results highlight the significant operating leverage, as Adam just mentioned, that is inherent in our business. With attendance up 25.6%, our adjusted EBITDA margin in Q2 2025 was almost 1,000 basis points above last year's second quarter.

綜合以上所有因素，總門票收入在第二季達到疫情後的最高水準 7.626 億美元也就不足為奇了。這是很重要的一點，食品和飲料總收入創下了 AMC 歷史新高，達到 5 億美元。正如亞當剛才所提到的，我們的業績凸顯了我們業務中固有的顯著經營槓桿。隨著上座率成長 25.6%，我們 2025 年第二季的調整後 EBITDA 利潤率比去年第二季高出近 1,000 個基點。

It's worth noting that thanks to operating efficiencies, despite consolidated Q2 2025 attendance being some 35% below pre-pandemic Q2 of 2019, which is the quarter that holds the record for the highest quarterly attendance in AMC's history, thanks to the spectacularly successful Avengers: Endgame. Despite being 35% lower attendance, our consolidated contribution model in Q2 2025 was just 4% below Q2 of 2019. And our consolidated contribution margin per screen was in fact 9% above Q2 of 2019. This all illustrates our conviction that the industry does not need to fully recover to pre-pandemic box office levels for us to achieve pre-pandemic levels of adjusted EBITDA.

值得注意的是，由於營運效率的提高，儘管 2025 年第二季的綜合上座率比疫情前的 2019 年第二季低了約 35%，但由於《復仇者聯盟：終局之戰》的巨大成功，2019 年第二季創下了 AMC 歷史上季度上座率最高的紀錄。儘管出席人數下降了 35%，但我們 2025 年第二季的綜合貢獻模型僅比 2019 年第二季低 4%。我們的每塊螢幕的綜合貢獻利潤率實際上比 2019 年第二季高出 9%。這一切都表明，我們堅信，電影業不需要完全恢復到疫情前的票房水平，我們就能實現疫情前的調整後 EBITDA 水平。

Up until now, I focused on the consolidated results and record achievements. But note that both our domestic and international theaters operated at record levels during the quarter. And that food and beverage revenue per patron and food and beverage profit per patron have never been higher at both our domestic and our international theaters. The second quarter results reflect the impact of our continued focus on creating an unrivaled guest experience to industry-leading innovations, coupled with our enviable theater footprint and the most comprehensive and growing selection of premium large format copyrights.

到目前為止，我一直關注的是合併後的成果和創紀錄的成就。但請注意，本季我們國內和國際影院的營運都達到了創紀錄的水平。無論是在我們國內還是國際影院，每位顧客的餐飲收入和每位顧客的餐飲利潤都達到了前所未有的水平。第二季的業績反映了我們持續致力於創造無與倫比的客戶體驗、行業領先創新、以及我們令人羨慕的影院足跡和最全面、不斷增長的優質大格式版權選擇的影響。

Another driver of our success is the actions that we've taken to optimize our footprint and enhance profitability by renegotiating leases, closing underperforming locations, and investing in high-performing new theaters. Since the beginning of 2020, we have now closed 204 theaters and opened 65, resulting in a net reduction of 139 locations or nearly 14% reduction. Notably, in just the last 18 months, we've closed 42 theaters and opened six.

我們成功的另一個驅動力是我們採取的行動，透過重新談判租約、關閉表現不佳的影院、投資表現優異的新影院來優化我們的佈局並提高盈利能力。自 2020 年初以來，我們已關閉 204 家影院，開設 65 家，淨減少 139 家影院，減幅接近 14%。值得注意的是，光是在過去的 18 個月裡，我們就關閉了 42 家影院，開設了 6 家。

To start, turn briefly to our balance sheet. We entered the quarter with $423.7 million of cash and cash equivalents, excluding an additional $51 million in restricted cash. From a CapEx perspective, for the full-year 2025, we expect CapEx less landlord contributions to be in the range of $175 million to $225 million. Our capital allocation priorities remain unchanged. One, ensuring adequate liquidity. Two, reducing our financial leverage. Three, enhancing our existing circuit. And four, pursuing high return growth-orientated initiatives.

首先，請簡單看一下我們的資產負債表。本季我們持有 4.237 億美元的現金和現金等價物，不包括額外的 5,100 萬美元受限現金。從資本支出的角度來看，對於 2025 年全年，我們預計資本支出減去房東貢獻將在 1.75 億美元至 2.25 億美元之間。我們的資本配置重點維持不變。一是確保流動性充足。二是降低財務槓桿。三、加強我們現有的電路。第四，追求高報酬的成長導向舉措。

With the first two capital allocation priorities squarely in mind, as Adam noted, we have recently taken important steps to strengthen our financial position. The collaborative and transformative transactions announced in July strengthen our financial position by, one, enhancing liquidity and addressing near-term debt maturities by raising more than $240 million of new capital before fees and expenses that are primarily being used to repay all debt maturing in 2026; and two, lowering our financial leverage by equitizing at least $143 million of exchangeable debt with the potential to equitize up to $337 million of such debt in total in the future.

正如亞當指出的那樣，我們牢記前兩個資本配置優先事項，最近我們採取了重要措施來加強我們的財務狀況。7 月宣布的合作與轉型交易透過以下方式增強了我們的財務狀況：第一，透過在扣除費用和開支之前籌集超過 2.4 億美元的新資本，增強流動性並解決近期債務到期問題，這些新資本主要用於償還 2026 年到期的所有債務；第二，通過股權化至少 1.43 億美元的可交換債務來降低我們的所有債務。

These actions, which were supported by approximately 90% of our term and members, represent a substantial vote of confidence in AMC's future and give us a runway to execute on our strategy and capitalize on the industry recovery. Since the beginning of 2022, we've now loaded the principal value of our debt and finance leases by more than $1.1 billion, and we've repaid $284 million of deferred leases. All of this for total debt and deferred rent reduction of $1.42 billion in about three and a half years.

這些行動得到了我們約 90% 的任期和成員的支持，代表了對 AMC 未來的巨大信心，並為我們執行策略和利用產業復甦提供了平台。自 2022 年初以來，我們已將債務和融資租賃的本金價值增加超過 11 億美元，並償還了 2.84 億美元的遞延租賃。所有這些在大約三年半的時間裡減少了 14.2 億美元的總債務和遞延租金。

Looking forward, we expect some seasonal box office weakness in the third quarter when we will possibly be up against some tough prior competitors. However, we have high expectations for the fourth quarter, which may see the strongest quarterly box office in six years. From a free cash flow perspective, we're pleased with a strong Q2 results. And while Q3 may be somewhat challenging, we continue to anticipate being free cash flow positive for the nine months. period ending December 31, 2025, assuming that the box office performs in line with our expectations.

展望未來，我們預計第三季票房將出現季節性疲軟，屆時我們可能會面臨一些強勁的競爭對手。不過，我們對第四季抱有很高的期望，該季度可能會創下六年來最強勁的季度票房。從自由現金流的角度來看，我們對第二季的強勁業績感到滿意。儘管第三季可能面臨一些挑戰，但我們仍然預計，在截至 2025 年 12 月 31 日的九個月期間，自由現金流將為正，假設票房表現符合我們的預期。

In conclusion, this quarter results reaffirm our conviction that our strategies are working and that AMC is extraordinarily well positioned to thrive as the industry continues along the recovery glide path.

總而言之，本季的業績再次證明了我們的信念：我們的策略是有效的，隨著產業繼續沿著復甦的下滑路徑發展，AMC 處於極佳的蓬勃發展地位。

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. I'd like to start a discussion of what comes next for AMC by first talking about some major pricing actions that we have recently taken. Showing our pro-consumer attitude, on Tuesday, July 8, and Wednesday, July 9, just a month ago, we kicked off our new 50% Off Tuesdays and Wednesdays discounted ticket pricing strategy here in the United States. Bargain hunters can now find cheap admission ticket pricing at all of our show times on two days of the week at the vast majority of our US theaters.

謝謝你，肖恩。我想先談談我們最近採取的一些主要定價行動，然後討論 AMC 的下一步行動。為了展現我們親消費者的態度，就在一個月前的 7 月 8 日星期二和 7 月 9 日星期三，我們在美國啟動了新的週二和週三半價門票定價策略。現在，喜歡討價還價的觀眾可以在我們位於美國的絕大多數影院每週兩天的所有演出時間找到便宜的票價。

Discount Tuesdays has long been a staple in our industry. And it built up Tuesdays to being AMC's highest non-weekend attendance day of the week. New this past month, we changed our messaging. Instead of it being referred to as Discount Tuesdays, it's now called 50% Off Tuesdays, a message that we expect will be a far stronger communication to potential bargain-sickie moviegoers than merely saying Discount Tuesdays, as we've said for years.

「折扣星期二」早已成為我們產業的主流。這使得周二成為 AMC 一周中非週末上座率最高的日子。上個月，我們改變了我們的訊息傳遞方式。它不再被稱為“折扣星期二”，而是被稱為“五折星期二”，我們希望這一信息能比我們多年來一直說的“折扣星期二”更能向那些討厭討價還價的潛在電影觀眾傳達更強烈的信息。

Why? Well, with our new messaging, potential guests instantly can see and instantly can understand the magnitude of the discount level that we're offering to them. And of course, it's a sizable one. More than that though, we now have extended that same pricing philosophy to Wednesdays as well. We're doing so with the hope that just as has the case for Tuesdays for years now, we can turn Wednesdays into high-patronage day for AMC in the United States.

為什麼？嗯，透過我們的新訊息，潛在客人可以立即看到並立即了解我們為他們提供的折扣幅度。當然，這是一個相當大的數字。不僅如此，我們現在也將同樣的定價概念延伸至週三。我們這樣做是希望，就像多年來星期二的情況一樣，我們可以將星期三變成 AMC 在美國觀眾人數最多的一天。

Currently, by contrast, Wednesday, year to four, has been our single lowest attendance day of the week. We're only four weeks into this important new pricing initiative, so it's too early to declare a victory yet. But we definitely have seen attendance spikes and we are highly encouraged by the starting attendance numbers that we've seen so far as a result of the changes we've made in the Tuesday messaging and the extension of those same discounts to Wednesdays at our US theaters.

相比之下，目前，第四年的星期三是我們一周中出勤率最低的一天。我們實施這項重要的新定價措施才四周，所以現在宣布勝利還為時過早。但我們確實看到了上座率的飆升，而且由於我們對週二的信息傳遞方式進行了調整，並將同樣的折扣延長至週三，我們對迄今為止看到的上座率數字感到非常鼓舞。

Two other really important things to note about our 50% Off Tuesdays and Wednesdays effort. First, this discount is only available to members of our AMC Stubs loyalty program. But that includes any instantaneous new members signups. So that gives consumers a powerful incentive to join our loyalty program, which in turn allows us to track their passage and market to them directly by communicating with them often. It's an ingenious acquisition device for us to gain new loyalty program members' signups.

關於我們週二和週三 50% 折扣的活動，另外還有兩件非常重要的事情要注意。首先，此折扣僅適用於我們的 AMC Stubs 忠誠度計畫的會員。但這包括任何即時的新會員註冊。這樣就為消費者提供了強大的動力來加入我們的忠誠度計劃，反過來，這又使我們能夠追蹤他們的行程，並透過經常與他們溝通直接向他們推銷產品。對我們來說，這是一個獲得新忠誠度計畫會員註冊的巧妙方法。

Second, and this may be something that many of you are unaware of. Because we knew that we would be doing so much, and so visibly so, offer bargains to bargain seekers. Knowing that, having a discount and Tuesday and Wednesday effort in the works also gave us the courage a couple of months ago to broadly raise prices at our US theaters on Thursdays, Fridays, Saturdays, Sundays, and Mondays when most of our patronage takes place.

第二，這可能是很多人不知道的事。因為我們知道我們會做很多事情，而且會很明顯地為尋求便宜貨的人提供便宜貨。了解這一點，加上我們計劃在幾個月前推出折扣以及週二和週三的促銷活動，我們便有勇氣在周四、週五、週六、週日和週一（客流量最大的時間段）大幅提高美國影院的票價。

That effort has worked out very well and you'll see that in our second-quarter numbers, for example, AMC's average ticket price in the US often meaningfully exceeds the prices realized by some of our most important competitors. The yield management strategies differ at our European theaters, but in looking back at the completed Q2 performance, again, you will see that we've had considerable success in realizing more ticket revenue per guest than was the case in prior quarters for us and is the case still for so many others in our industry.

這項努力取得了很好的效果，例如，你會看到，在我們的第二季數據中，AMC 在美國平均票價往往明顯高於我們一些最重要競爭對手的票價。我們歐洲影院的收益管理策略有所不同，但回顧第二季度的完整業績，您會發現，我們取得了相當大的成功，實現了比前幾個季度更高的每位觀眾的票房收入，而且對於我們這個行業的許多其他影院來說，情況仍然如此。

Next, I'd like to turn to the efficacy of some of our most important marketing programs. Our US loyalty program, AMC Stubs, has movie database purchase activity collected on some 36 million US households. That's around 90 million people in total. About half of our total US ticket-buying guests are members of our AMC Stubs program, playing both for their points and to receive their other recognition benefits that come to them from being a Stubs member.

接下來，我想談談我們一些最重要的行銷計劃的有效性。我們的美國忠誠度計畫 AMC Stubs 收集了約 3,600 萬美國家庭的電影資料庫購買活動。總計約有 9000 萬人。我們在美國購票的客人中約有一半是 AMC Stubs 計畫的會員，他們玩遊戲既是為了獲得積分，也是為了獲得作為 Stubs 會員所獲得的其他認可福利。

I am particularly excited that on January 1 of this year, we launched a new VIP tier within the Stubs program, a new level between the heretofore insider tier and the premier tier. In just seven short months, we are already pushing close to a half a million active members in this newly created VIP tier. It's an incredible success story for AMC.

我特別高興的是，今年 1 月 1 日，我們在 Stubs 計劃中推出了一個新的 VIP 級別，這是迄今為止的內部級別和高級級別之間的一個新級別。在短短七個月內，我們新設立的 VIP 等級的活躍會員已接近五十萬。對於 AMC 來說，這是一個令人難以置信的成功故事。

Then there's A-List, our monthly subscription program, which also is still a massive hit for AMC. Launched in the middle of 2018, A-List members see an average of about 30 movies per year at an AMC theater. Just recently, like literally in the last few weeks, A-List was ably profiled in the pages of both the Wall Street Journal and the Los Angeles Times. The latter which described A-List as having cult-like strong consumer appeal, especially with the younger Gen Z. That's so good for AMC, not the articles, but the fact of our -- the appeal of our program to Gen Z customers because it portends so well not only for our current patronage at AMC theaters, but our future patronage as those A-listers stay with us for years and years to come.

然後還有我們的月度訂閱節目 A-List，這對 AMC 來說仍然是一個巨大的打擊。A-List 於 2018 年中推出，會員每年平均在 AMC 戲院觀看約 30 部電影。就在最近，就像過去幾週一樣，A-List 登上了《華爾街日報》和《洛杉磯時報》的版面。後者將 A-List 描述為具有類似邪教的強大消費者吸引力，尤其是對年輕的 Z 世代。這對 AMC 來說太好了，不是文章本身，而是我們的節目對 Z 世代客戶的吸引力，因為它不僅預示著我們目前在 AMC 影院的觀眾數量會增多，而且預示著我們未來的觀眾數量會增多，因為這些 A-listers 會在未來的歲月裡一直陪伴著我們。

Paid membership in A-list is roaring hot. It's currently running up about 15% year over year. Our similar subscription program in Europe, Limitless, also, it's considerable consumer appeal, especially so in the United Kingdom. Another marketing step forward for AMC Entertainment is this one. In looking back to the arrival on scene in 2021 in [Sin Center] retail investors, we knew that they were interested in the prospects of AMC financially. It was obvious to us that we should set out to convert their interest in our company into securing their brand loyalty as movie-going customers as well.

A-list 的付費會員資格非常火爆。目前該數字年增約 15%。我們在歐洲也有類似的訂閱方案 Limitless，它對消費者也有相當大的吸引力，尤其是在英國。這是 AMC 娛樂公司在行銷方面邁出的又一步。回顧 2021 年 [Sin Center] 散戶投資者的到來，我們知道他們對 AMC 的財務前景感興趣。顯然，我們應該著手將他們對我們公司的興趣轉化為確保他們作為電影觀眾的品牌忠誠度。

So we created the AMC Investor Connect program, which was individually enrolled in. There was no automatic enrollments, no group enrollments. People just sign up one at a time. And incredibly, AMC Investor Connect now has some 1.7 million enrolled members, another marketing success for AMC. And finally, There's our consumer advertising featuring Nicole Kidman. It certainly has hit the zeitgeist both in the United States and across the United Kingdom and Europe. All of us at AMC and all of Cydonian are existentially proud that Nicole Kidman continues to be such a central part of our marketing activity.

因此我們創建了 AMC Investor Connect 計劃，該計劃是個人註冊的。沒有自動註冊，也沒有團體註冊。人們每次只註冊一個。令人難以置信的是，AMC Investor Connect 目前擁有約 170 萬名註冊會員，這是 AMC 的另一個行銷成功。最後，還有由妮可基嫚主演的消費者廣告。它確實在美國、英國和歐洲引起了時代思潮。AMC 和 Cydonian 的所有人都為妮可·基德曼繼續成為我們行銷活動的核心而感到自豪。

Speaking of global celebrity, the movie distribution effort that was such a success for AMC, starting with Taylor Swift and Beyonce in 2023, continues to deliver for us. Last year we did a Billie Eilish album release listening event with Interscope Records. And just this past weekend, AMC exclusively played what I describe as an Eminem love letter to his legion of fans, a documentary called Stans. This was an effort championed by Eminem himself, and you'll see repeated mention and praise of this documentary repeatedly on his very prominent rapper's social media postings. We continue expecting the future that more interesting film products will come our way directly.

說到全球名人，AMC 的電影發行工作取得了巨大成功，從 2023 年的泰勒絲和碧昂絲開始，繼續為我們帶來收益。去年我們與 Interscope Records 合作舉辦了一場 Billie Eilish 專輯發布試聽活動。就在上週末，AMC 獨家播放了一部名為《Stans》的紀錄片，我稱之為《埃米納姆寫給他的眾多粉絲的情書》。這是艾米納姆本人倡導的一項努力，你會在他這位非常著名的說唱歌手的社交媒體帖子中看到對這部紀錄片的反覆提及和讚揚。我們繼續期待未來有更多有趣的電影產品直接出現在我們面前。

And finally, let me turn to the AMC Go plan. As you know, it's a comprehensive effort to continue positioning our company to fully seize the enormous potential of a resurgent [view-wide] box office. Here are just a few of the actions that we're taking right now under the offices of AMC Go because AMC Go focus as it is on offering our guests premium experiences of plenty.

最後，讓我來談談 AMC Go 計劃。如您所知，這是一項全面的努力，旨在繼續定位我們公司，以充分抓住復甦的[廣泛]票房的巨大潛力。以下只是我們目前在 AMC Go 辦公室採取的一些行動，因為 AMC Go 專注於為我們的客人提供豐富的優質體驗。

We already started to work to double the number, double the number of our already existing IMAX auditoriums that have been stepped up in their quality to the much improved IMAX-related projection technology and enhanced sound systems. We also add some additional IMAX screens as well to our current worldwide total of 220. Paying close attention to the quality of the IMAX experience that AMC offers makes complete sense given that currently about half of all the IMAX screens in the United States, for example, are located at an AMC theater.

我們已經開始努力將現有的 IMAX 影廳數量增加一倍，這些影廳的品質已大幅提升，配備了改進的 IMAX 相關放映技術和增強的音響系統。我們也在目前全球 220 塊 IMAX 銀幕的基礎上增加了一些 IMAX 銀幕。密切關注 AMC 提供的 IMAX 體驗的品質是完全合理的，因為目前美國大約一半的 IMAX 螢幕都位於 AMC 影院。

Just as we're growing our IMAX footprint, we're also growing our Dolby Cinema footprint. We are going to be adding 23 new Dolby Cinema screens in the US just in '25 and 2026 alone to our current worldwide number of 178. And we'll continue to add more Dolby Cinemas in 2027 and beyond. Over the next few years, we also hope to expand our house brands. That is to say we expect to more than triple the number of our house branded prime and AMC PLF auditoriums, essentially eventually getting up to 100 or more prime and AMCs. And that's in addition to the 82 house brand iSense PLF screens that Odeon already has internationally.

正如我們擴大 IMAX 足跡一樣，我們也在擴大杜比影院足跡。光是 2025 年和 2026 年，我們就將在美國新增 23 塊杜比影院銀幕，目前我們全球杜比影院銀幕數量為 178 塊。我們將在 2027 年及以後繼續增加更多的杜比影院。在接下來的幾年裡，我們也希望擴大我們的自有品牌。也就是說，我們預計自有品牌 Prime 影院和 AMC PLF 影院的數量將增加兩倍以上，最終達到 100 家或更多 Prime 影院和 AMC 影院。除此之外，Odeon 在全球也擁有 82 塊自有品牌 iSense PLF 螢幕。

Looking past the PLFs per se, in an AMC and Odeon exclusive, we now already have open for business more than 120 XL branded extra large screens in the United States and across the Atlantic. XL was launched by us with our first set of screens only a year and half ago, and yet by this year end, we showed more than 150. And by next year end, meaning by December 2026, we should have close to 350 XL auditoriums open and available for our guests.

除了 PLF 本身之外，在 AMC 和 Odeon 獨家經營下，我們現在已經在美國和大西洋彼岸開設了 120 多個 XL 品牌超大螢幕。我們一年半前才推出 XL，並推出了第一組螢幕，但到今年年底，我們展示的螢幕已超過 150 塊。到明年年底，也就是 2026 年 12 月，我們將有近 350 個 XL 禮堂開放供客人使用。

Our XL branding initiative is a smart, cost effective way for us to shine a spotlight on some of the biggest and most impressive auditoriums in our circuit. In the US, all the giant screens that are at least 40 feet wide and featuring sharp and crisp 4K laser projection. And in all cases, there'll be prominent XL branding that's highly in evidence across our theaters, our website, our mobile app, and let's guess, easily identify and select this upgraded experience that is offered only by AMC and Odeon.

我們的 XL 品牌計劃是一種明智且經濟有效的方式，讓我們能夠重點關注我們巡迴演出中一些最大、最令人印象深刻的禮堂。在美國，所有巨型螢幕至少有 40 英尺寬，並具有清晰銳利的 4K 雷射投影。在所有情況下，我們的影院、網站和行動應用程式上都會有醒目的 XL 品牌標識，讓我們猜想一下，人們可以輕鬆識別和選擇只有 AMC 和 Odeon 才能提供的升級體驗。

And finally, We continue to broadly equip our theaters with state-of-the-art laser projection. Right now, more than two-fifths of our US screens now feature laser projection, which through brighter, bolder, and more energy-efficient projection, so noticeably improves the dazzling images cast onto our giant silver screens. By year end, this year, more than 55% of our US screens should have laser rejections installed. Laser at AMC is the future and that future is now.

最後，我們將繼續為我們的影院廣泛配備最先進的雷射投影設備。目前，美國超過五分之二的螢幕都採用了雷射投影，透過更明亮、更大膽、更節能的投影，顯著改善了投射到巨型銀幕上的耀眼影像。到今年年底，美國超過 55% 的銀幕應該會安裝雷射抑制器。AMC 的雷射代表未來，而未來就是現在。

These premium offerings are working. We're seeing strong guest satisfaction, greater capacity utilization, increased frequency of visits, higher loyalty engagement, and increases to our real life prices as we deliver on our mission to offer more premium experiences than any other movie theater circuit in the world. AMC already is the home of premium experiences more than anyone else, and we are going to continue to expand on that lead. In so doing, we offer to AMC and Odeon guests the best movie-going experience imaginable and we believe that's a key to driving long-term profitable growth in our business as a result.

這些優質服務正在發揮作用。我們履行使命，提供比世界上任何其他電影院線都更優質的體驗，我們看到了強勁的客戶滿意度、更高的容量利用率、增加的訪問頻率、更高的忠誠度參與度以及實際價格的上漲。AMC 已經比其他任何公司都更能提供優質的體驗，我們將繼續擴大這一領先地位。透過這樣做，我們為 AMC 和 Odeon 的觀眾提供了可以想像到的最佳觀影體驗，我們相信這是推動我們業務長期獲利成長的關鍵。

As I close today's prepared remarks on this call and webcast, we recognize that there's still much work to be done on our path to a full recovery. The industry box office is still well below what it was pre-pandemic. And yet, as Sean outlined, because of the dramatic increase in our contribution per patron, we actually can see EBITDA levels climb higher than pre-pandemic levels on much lower attendance and much lower into a box office, we've become remarkably efficient in running our business as a result of all the steps we've taken to improve our performance over the past five years.

當我結束今天電話會議和網路直播的準備好的演講時，我們認識到，在實現全面復甦的道路上還有很多工作要做。電影業票房仍遠低於疫情前的水平。然而，正如肖恩所概述的，由於我們每位顧客的貢獻大幅增加，我們實際上可以看到 EBITDA 水平高於疫情前的水平，儘管上座率低得多，票房收入也低得多，但由於我們在過去五年中採取了所有措施來提高業績，我們的業務運營效率已經變得非常高。

But more than just that, it is also a fact that we could not be more confident about the resurgence of the industry box office. It's finally a tailwind for AMC, not the headwind that it's been since 2020. With a strong second-quarter results as our foundation this year, plus the bold actions that we're taking, the hardest momentum of that resurgence box office, we believe that the future is exceedingly bright for AMC.

但不僅如此，我們對電影產業票房的復甦充滿信心也是事實。這對 AMC 來說終於是順風了，而不是自 2020 年以來一直面臨的逆風。有了今年第二季強勁的業績作為基礎，再加上我們正在採取的大膽行動，以及票房復甦的最強勁勢頭，我們相信 AMC 的未來無比光明。

Remember my mantra that was proven both by our fourth quarter of 2024 results and our second-quarter 2025 earning success. In Q4 of 24, our revenues were up by more than 18%. And that caused our adjusted EBITDA year over year to triple. In Q2 of '25, our revenues were up by more than 35% and that caused our adjusted EBITDA to nearly quintuple. Impressive operating leverage. As our revenues grow at AMC, the adjusted EBITDA of AMC can soar.

記住我的口頭禪，這已被我們 2024 年第四季的業績和 2025 年第二季的獲利成功所證明。24 年第四季度，我們的營收成長了 18% 以上。這使得我們的調整後 EBITDA 年比增長了兩倍。2025 年第二季度，我們的營收成長了 35% 以上，這使我們的調整後 EBITDA 成長了近五倍。令人印象深刻的經營槓桿。隨著 AMC 營收的成長，AMC 的調整後 EBITDA 也將大幅成長。

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

肖恩，接下來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）

Eric Wold, Texas Capital Securities.

沃爾德 (Eric Wold)，德州資本證券公司。

Thanks. Good afternoon, everybody. A couple of questions. First off on pricing, so you talked a lot about pricing, Aron. You obviously mentioned the 50% off when they priced the implemented about a month ago to bring in the bargaining hunters. And you also mentioned you took out -- or feel comfortable after it raised prices every day of the week, except Tuesday. I think you still have surcharges in some of the blockbuster films kind of opening weekends.

謝謝。大家下午好。有幾個問題。首先是定價問題，阿隆，你談了很多關於定價的問題。您顯然提到了大約一個月前他們實施定價時提供的 50% 折扣，以吸引討價還價的獵人。您還提到，除了周二以外，每週每天都會漲價，因此您對此感到滿意。我認為一些大片在首映週末仍會收取附加費。

So I guess, if you're comfortable raising prices on tickets in this macroenvironment, maybe talk a little about food and beverages. What are your thoughts there once you get the consumers into the theaters? Are you taking up prices on food and beverage? Are you more focused on driving incidents and getting people to the counters instead of taking a price. Where's the [focus] there and what is the best way that you found to drive incidents recently? What's worked the best there?

所以我想，如果您願意在這種宏觀環境下提高門票價格，也許可以談談食品和飲料。一旦消費者走進戲院，您有什麼想法？你們會接受食品和飲料的價格嗎？您是否更注重推動事件發生並讓人們到櫃檯而不是收取費用。那裡的[焦點]在哪裡？您最近發現的推動事件的最佳方式是什麼？那裡什麼最有效？

First of all, hello, Eric. Welcome back. Maybe you're a good luck charm. You're back and like you delivered a quarter to end all quarters. So first of all, on pricing of tickets. I believe that the better messaging on Tuesdays, calling it 50% Off Tuesdays instead of Discount Tuesdays, is going to explain the level of discount, the magnitude of discount, such that we're going to boost our Tuesday revenues by the change in messaging.

首先，你好，埃里克。歡迎回來。也許你就是一個幸運符。你回來了，就像你交付了一個季度來結束所有季度一樣。首先，關於門票定價。我認為，週二的更好訊息傳遞方式是，將“星期二打五折”而不是“星期二打折”，這樣可以解釋折扣的水平和幅度，這樣我們就可以通過信息傳遞方式的改變來提高週二的收入。

I also believe, because we're extending that Tuesday pricing philosophy, which has worked so well for like more than a decade in the movie theater business, that we have the chance to do something with Wednesdays. We don't sell any tickets on Wednesdays now, I should say before July 9. We don't sell any tickets on Wednesdays. So the price we charge on Wednesdays doesn't really matter when you don't sell any. And I'm actually hopeful that we can start to see Wednesday admission revenues rival Tuesday admission revenues turning what is now the poorest day of the week for attendance in the strongest non-weekend day of the week for attendance, that being Tuesday.

我還相信，因為我們正在延續週二的定價理念，這種理念在電影院行業已經運作了十多年，所以我們有機會在周三做一些事情。我們現在周三不賣任何票，我想說 7 月 9 日之前也不賣。星期三我們不售票。因此，當您沒有售出任何商品時，我們週三收取的價格實際上並不重要。我實際上希望我們能夠開始看到週三的門票收入與週二的門票收入相媲美，從而將目前一周中游客人數最少的一天變成一周中非週末遊客人數最多的一天，也就是周二。

As I said, the early signs -- can't declare victory in four weeks, but the early signs are quite encouraging that consumers are noticing. So that's Tuesday, Wednesday down. But Tuesday, Wednesday down, I said before and as you repeated, meant that Thursday and Mondays we took up. And we've seen no pushback on the prices we've collected for tickets. We had an average price two weekends ago over $14 in the United States. Those kind of eye-popping numbers, given where pricing has been in recent years and where it is even today at some of our competitors.

正如我所說，早期跡象——不能在四周宣布勝利，但早期跡象相當令人鼓舞，消費者已經注意到了。因此週二、週三均有所下降。但週二、週三休息，我之前說過，正如你重複的那樣，這意味著我們要佔用週四和週一。而且，我們並沒有看到門票價格受到任何阻力。兩週前美國的平均價格超過 14 美元。考慮到近年來的定價水平以及我們一些競爭對手目前的定價水平，這些數字令人瞠目結舌。

The only thing that gives us confidence in having taken those pricing actions is that I want to be clear, I comply with the law very carefully. I'm making no comments about what we will do with pricing going forward. I'm only talking about actions that we've taken on pricing retroactively in the rear view mirror, which we can't talk about the former and we can talk about the latter.

唯一讓我們有信心採取這些定價行動的是，我想明確一點，我非常嚴格地遵守法律。我不會對我們未來的定價策略發表任何評論。我只是在談論我們在後視鏡中追溯定價所採取的行動，我們不能談論前者，我們可以談論後者。

I would point out that our confidence in what the consumer is willing to pay to go to a movie, in part comes from the success of our PLF auditoriums. because our PLF auditoriums often charge a $6 or $7 upcharge for an IMAX or a Dolby Cinema screen instead of a regular screen. Our Primes sometimes get $3 to $6 more than our regular auditoriums. Our RealD 3D screens usually get $3 to $4 more than our regular screens. And these formats have been killing it.

我想指出的是，我們對消費者願意為看電影支付多少錢的信心，部分來自於我們 PLF 影廳的成功。因為我們的 PLF 影廳通常會對 IMAX 或杜比影院螢幕（而不是普通螢幕）收取 6 美元或 7 美元的額外費用。我們的 Prime 禮堂有時比普通禮堂多賺 3 到 6 美元。我們的 RealD 3D 螢幕通常比普通螢幕貴 3 到 4 美元。這些格式正在扼殺牠。

If you look at -- when we put a movie on sale, guess what tickets sell first? I saw a premium large format screens at prices that are 30%, 40%, 50% higher than our regular auditoriums that suggested to me that the consumer has demonstrated clearly That it's willing to pay up for the best and therefore the challenge for AMC is to deliver them the best. And that's why we're putting laser projection into our regular auditoriums.

如果你看一下——當我們出售一部電影時，猜猜哪種票最先賣出去？我看到優質大螢幕的價格比我們普通的影院高出 30%、40%、50%，這清楚地表明消費者願意為最好的產品付錢，因此 AMC 面臨的挑戰是如何為他們提供最好的產品。這就是我們將雷射投影引入普通禮堂的原因。

As I said, as we sit today, 43% of our screens in the US now have laser projection. By year end, 55% of our screens will have laser projection. It increases the light levels on the screens by 50% to 100%. Makes the picture much brighter, much sharper. And that greatly improves the quality of experience that our guests get. Hence our confidence in having raised prices a couple of months ago.

正如我所說，今天，美國 43% 的螢幕現在都採用雷射投影。到今年年底，我們 55% 的螢幕將採用雷射投影。它將螢幕上的亮度提高 50% 到 100%。使影像更加明亮、更加清晰。這大大提高了我們客人的體驗品質。因此我們有信心在幾個月前就提高價格。

Now moving to your food and beverage question, the answer is we're doing all of it. So we're focusing on a variety of things. Number one, menu variety so that our overall menus, not only at our dining theater but also at our regular theater concession stands, are more interesting and more appealing to our guests. Second, We've added a whole -- because we've added so much variety to the experience, we've been successful in selling more units per transaction to a guest. So a guest used to buy one product, now buys two. A guest used to buy two, now buys three. A guest used to buy three, now buys four.

現在回到您關於食品和飲料的問題，答案是我們正在做這一切。因此我們關注各種各樣的事情。第一，菜單多樣化，這樣我們的整體菜單，不僅在我們的餐廳，而且在我們常規的劇院小賣部，都更有趣，對我們的客人更有吸引力。其次，我們增加了整體——因為我們為體驗增添瞭如此多的變化，所以我們成功地在每次交易中向客人銷售了更多的單位。因此，客人過去只購買一種產品，現在則購買兩種。有位客人以前買兩個，現在買三個。有位客人以前買三個，現在買四個。

We've also had dramatic success in getting more people to stop at the concession stand and actually buy from us. It is a stunning statistic how many people can go to a movie theater just past their historic $12 or more recently $13 or $14 ticket price to get in. That's for an average screen, not for a PLS screen. More like $18 or $19 for a PLS screen. Anyway, who are just able to pass through $12 to get in the door and that's it. And then they go to their seat and they don't buy a thing.

我們也取得了巨大的成功，讓更多的人駐足於小賣部並真正向我們購買商品。這是一個令人震驚的統計數據，有多少人可以去電影院看電影，票價剛過歷史上的 12 美元或最近的 13 或 14 美元。這是針對普通螢幕而言的，而不是針對 PLS 螢幕而言的。PLS 螢幕的價格更像是 18 美元或 19 美元。不管怎樣，誰只要花 12 美元就可以進門了。然後他們回到座位，卻什麼也沒買。

The number of people just at AMC in a year who go into our theaters and buy nothing from us at all, I should say, is more than the entire attendance of any major league baseball team in the entire American League or the entire National League. It is amazing. And yet one of the things that's caused real success for us ever since we reopened from COVID five years ago is more and more people are no longer bypassing the concession counter. They're stopping at the concession counter and they're taking advantage of all the things that we now offer.

我應該說，一年中僅在 AMC 影院進入我們影院卻不買任何票的觀眾數量，就比整個美國聯盟或整個國家聯盟中任何一支大聯盟棒球隊的出席人數還要多。這真是太神奇了。然而，自從五年前我們擺脫疫情影響重新開業以來，為我們帶來真正成功的一件事就是，越來越多的人不再繞過小賣部。他們在特許櫃檯前停下來，享受我們現在提供的所有東西。

And you know, I mean, there's a lot of creativity in that movie-themed drinks which we didn't do many years ago. We now have movie-themed drinks just about every weekend of the year And they're very profitable for us But it's also true with having four kinds of popcorn flavors instead of one. Having 140-drink flavor choices coming out of a freestyle machine instead of being some movie theater that has a metal fountain where they can dispense 8 or 10 or 12 different flavors for the guests.

你知道，我的意思是，電影主題飲料中有很多創意，這是我們多年前沒有做過的。現在，我們幾乎每年的每個週末都會提供電影主題飲料，這對我們來說非常有利可圖，但擁有四種而不是一種爆米花口味也是如此。有 140 種飲料口味可供選擇，這些飲料都是透過自由式機器提供的，而不是像某些電影院那樣，透過金屬噴泉為客人提供 8 種、10 種或 12 種不同的口味。

I could go on and on about the variety of things that we're offering our guests, but that's causing more people to stop at the concession stand to buy. It's causing more purchased items per guest. And of course, yes, we have taken some pricing action up as well.

我可以不斷地講述我們為客人提供的各種商品，但這吸引了更多的人在小賣部停下來購買。這導致每位客人購買的商品更多。當然，是的，我們也採取了一些價格上漲的措施。

Got it. If I could squeeze one more. You signed the amended agreement with National Center Media a few months back to extend the amount of advertisers prior to the showtime that started at the start of July. Reports out recently that you may now be cutting that back already. Any comments there that is true, you are cutting it back. What's leading to that decision to do so quickly after sending it?

知道了。如果我可以再擠一個。幾個月前，你們與國家中心媒體簽署了修改後的協議，以延長 7 月初開演前的廣告商數量。最近有報導稱，您現在可能已經在削減這一開支了。任何真實的評論，你都在削減它。是什麼導致您在發送後很快就做出這項決定？

Well, first of all, the reports that you're hearing are accurate and inaccurate at the same time. And you sort of got half of it, but not all of it right. So first of all, there were two rationales for why we did the deal we did with National Center Media. And it's something we resisted for many years because we don't like lengthening our pre-show and we don't particularly love using our customers with ads for third-party products.

嗯，首先，您聽到的報道既準確又不準確。你可能只理解了一半，但並不是全部都正確。首先，我們與國家中心媒體達成交易有兩個理由。多年來我們一直抵制這種做法，因為我們不喜歡延長我們的預展時間，而且我們也不特別喜歡利用我們的客戶來投放第三方產品的廣告。

But the first rationale is our two largest competitors, Regal and Cinemark, have been doing this for like six or seven years and we did not. And we noticed that their market share was not being hurt by these actions and we were forgoing literally tens of millions of dollars a year. And we made this decision in the first quarter, which is a pretty bleak year -- pretty bleak quarter for revenues and profitability. And we really thought it was irresponsible to pass up the monies that our competitors were taking.

但第一個理由是，我們最大的兩個競爭對手 Regal 和 Cinemark 已經這樣做了六、七年，而我們沒有。我們注意到，他們的市場份額並沒有因為這些行動而受到損害，而我們每年卻損失了數千萬美元。我們在第一季做出了這個決定，這是相當慘淡的一年——收入和獲利能力都相當慘淡的一個季度。我們確實認為，放棄競爭對手所賺的錢是不負責任的。

But there's a second interesting reason. When we bought Carmike in 2016, we inherited the Carmike contract with NCM's biggest competitor called Screen Vision. And Screen Vision is in place in a significant number of our AMC theaters. Under the terms of the Screen Vision contract, the Screen Vision pre-show played until five minutes after showtime. Whereas the NCM contract called for the pre-show program, as it were, to stop at showtime.

但還有第二個有趣的原因。當我們在 2016 年收購 Carmike 時，我們繼承了 Carmike 與 NCM 最大競爭對手 Screen Vision 的合約。我們的 AMC 劇院大多已採用 Screen Vision 技術。根據 Screen Vision 合約條款，Screen Vision 預覽將持續播放至演出結束五分鐘。而 NCM 合約則要求演出前的節目在演出時停止。

So already within the AMC circuit, we had a disharmony. Where some of our theaters, the pre-show continued for five minutes per showtime and the AMC theaters did not. The first change with the NCM contract is we allowed NCM to have the same five minutes of extra pre-show that Screen Vision has had since we bought Carmike in 2016. We saw no pushback in our Screen Vision equipped theaters for the length of our pre-show.

因此，在 AMC 體系內，我們已經存在不和諧的情況。在我們的一些影院中，每場演出的預覽持續五分鐘，而 AMC 影院則沒有。NCM 合約的第一個變化是，我們允許 NCM 擁有與 Screen Vision 自 2016 年收購 Carmike 以來相同的五分鐘額外預演時間。在我們配備 Screen Vision 的戲院中，我們沒有發現任何阻礙我們進行預演的情況。

The only other change is this one-minute platinum spot that is going before, I believe, the second to last trailer prior to the start of the movie. So those are what we added in with NCM. And as I said, it's worth tens of millions of dollars a year to AMC in bottom line EBITDA growth.

唯一的其他變化是這一分鐘的白金廣告，我相信，它是在電影開始前的倒數第二個預告片之前播放的。這些就是我們在 NCM 中加入的內容。正如我所說，這對於 AMC 來說，每年的底線 EBITDA 增長價值數千萬美元。

Now, the press reports that said we're actually going to cut some things back. We're not cutting back the agreement that we put in place with NCM, that is contractual. That is contractual for many years to come. But what we are going to try to streamline a bit is we run about four minutes or so of AMC marketing material and fluffy silences go and then turn off your cell phone and throw, you know, things like that as part of our whole pre-show experience.

現在，媒體報道稱我們實際上將削減一些項目。我們不會削減與 NCM 達成的協議，這是合約性的。這是未來許多年的合約。但我們會嘗試簡化一點，我們會播放大約四分鐘左右的 AMC 行銷資料，然後關閉手機，並將諸如此類的事情作為我們整個演出前體驗的一部分。

We think we can take we think four to five minutes at length. We think we can easily take two to three minutes out of that. Another thing that we have to think hard about is we've carefully surveyed the number of trailers that we show before the feature film and the number of trailers at our largest competitor show. And it looks to us like we're showing one extra trailer more than our principal competitors, which adds another two and a half minutes or so to the length of our pre-show package in total. And we knew that when we did the NCM deal, we might have to make a trade-off if we're going to add six minutes of what's called NCM time, we might have to reduce the trailer and might have to edit down some of our marketing fluffier stuff in advance of the feature film.

我們認為我們可以花四到五分鐘的時間。我們認為我們可以輕鬆地從中抽出兩到三分鐘。我們必須認真思考的另一件事是，我們仔細調查了在正片上映前播放的預告片數量以及我們最大的競爭對手節目中播放的預告片數量。在我們看來，我們比主要競爭對手多播放了一部預告片，這使得我們的預告套餐總長度增加了大約兩分半鐘。我們知道，當我們進行 NCM 交易時，我們可能不得不做出權衡，如果我們要增加六分鐘的 NCM 時間，我們可能不得不減少預告片，並且可能不得不在正片上映之前編輯掉一些營銷花哨的東西。

And I'll give you a perfect example. Right now, like I mentioned, Dolby is a very successful format for us. And we put a one-minute promotional teaser about IMAX or Dolby in front of every future film. We think we can cut back to 45 seconds. It'll be, in our view, just as effective, just as impactful. We'll telegrade IMAX story, we'll telegrade Dolby Cinema story, but it's 15 seconds saved. 15 seconds here, 15 seconds there. It adds up. We think we can shave four or five minutes out of it.

我會給你一個完美的例子。現在，正如我所提到的，杜比對我們來說是一種非常成功的格式。我們在每部未來的電影前都會放一段關於 IMAX 或杜比的一分鐘宣傳片。我們認為可以縮短至 45 秒。我們認為，它將同樣有效，同樣有影響力。我們將電傳傳輸 IMAX 故事，我們將電傳傳輸杜比影院故事，但這樣可以節省 15 秒。這裡 15 秒，那裡 15 秒。這加起來就夠了。我們認為我們可以將其縮短四到五分鐘。

So it's not that there's been a change of heart. We always knew that when we did the NCM deal that we would probably have to shorten at the same time we're lengthening so that those two chains, those two vectors offset each other and bounce each other out. We know that consumers are -- some consumers love the trailer packages because they get to see what's coming. And we know our studio partners love the trailer packages because that's one of the advertising that they'll find anywhere is putting their movie product right in front of moviegoers' faces.

所以這並不是說人們的想法改變了。我們始終知道，當我們進行 NCM 交易時，我們可能必須在延長的同時縮短它，以便這兩條鏈、這兩個向量相互抵消並相互反彈。我們知道，有些消費者喜歡預告片套餐，因為他們可以提前看到即將發生的事情。我們知道我們的工作室合作夥伴喜歡預告片套餐，因為這是他們在任何地方都能找到的廣告之一，可以將他們的電影產品直接放在電影觀眾面前。

But we also know that some of our other consumers think the trailer packages go on too long and we're trying to find a happy medium. And we're also doing a better job of telling people when the movies will start so that, for those people who don't want to get their trailer time, they can come a little later. Or if they're anxious, they don't even run in the door at the single dot of show time like they're going to miss the movie. So anyway, that's the reaction to the whole NCM and pre-show story.

但我們也知道，我們的一些其他消費者認為拖車套餐太長，我們正在努力尋找一個折衷方案。而且，我們也會更好地告知人們電影的開始時間，這樣，對於那些不想看預告片的人來說，他們可以晚點來。或者如果他們很焦慮，他們甚至不會在電影放映時間到時跑進門，好像他們會錯過電影一樣。無論如何，這就是對整個 NCM 和演出前故事的反應。

Chad Beynon, Macquarie.

麥格理銀行的查德貝農 (Chad Beynon)。

Good afternoon, guys. Thanks for taking my question. Nice quarter. Wanted to ask about just the overall portfolio, Adam. And Sean, you went through the net closures over the past couple of years. I think this was one of the first quarters where there was almost zero net closures sequentially.

大家下午好。感謝您回答我的問題。不錯的季度。亞當，我只想詢問一下整體投資組合的情況。肖恩，過去幾年你經歷了網路關閉。我認為這是第一個連續出現淨關閉數量幾乎為零的季度之一。

So with that in mind, can you just talk about, you know, given the profit outlook and the more positive view on the industry, are we at a point where we might start seeing, you know, net ads going forward? Obviously understanding that leases come up on an annual basis, but just kind of thinking about the portfolio and the cash flow per screen. Could this start to be a floor in terms of the number of units in your portfolio? Thank you.

因此考慮到這一點，您能否談談，鑑於利潤前景和對該行業的更積極的看法，我們是否可能開始看到未來的網路廣告？顯然，我們明白租賃是按年計算的，但只是考慮投資組合和每個螢幕的現金流。就您的投資組合中的單位數量而言，這是否可以作為底線？謝謝。

Thanks for the question, Chad. So there was one really important statistic that Sean left out when he bragged about 205 closures and 65 openings. Was it 205 and 65? 203? 204 or something? 200 change and 65 openings. What he did mention is that the 65 openings are outgrossing the 204-ish closures. So we're focusing on the wrong statistic by focusing just on the number of that we close.

謝謝你的提問，查德。因此，當肖恩吹噓關閉 205 家門市和開設 65 家門市時，他遺漏了一個非常重要的統計數據。是 205 和 65 嗎？203？204 還是什麼？200 個變化和 65 個開口。他確實提到，新開的 65 家影院的票房收入超過了關閉的 204 家影院的票房收入。因此，我們只關注已關閉的案件數量，這是錯誤的統計數據。

What's more important is the profitability of the theaters that we're opening versus the profitability of theaters that we're closing. And in the case of the theaters that we closed, most of were losing money. When you look at the theaters that were opening, we've opened hit after hit after hit. There are theaters that we've opened in the last few years that are amongst our highest-grossing theaters in the entire United States. What comes to mind, The Grove is in Los Angeles, Americana at Brand in Los Angeles, Porter Ranch, in Los Angeles, Topanga 12, also in Los Angeles.

更重要的是我們開設的戲院的獲利能力與我們關閉的戲院的獲利能力。我們關閉的戲院大多都在虧損。如果你看看那些開業的電影院，你會發現我們推出了一部又一部熱映的影片。過去幾年我們開設的一些戲院是全美票房最高的戲院之一。我想到的是，The Grove 在洛杉磯，Americana at Brand 在洛杉磯，Porter Ranch 在洛杉磯，Topanga 12 也在洛杉磯。

The Grove and Americana are 2 of our 10 highest grossing theaters, week in and week out. Porter Ranch and Topanga, they're in the top 25 highest-grossing theaters, or the top 50 highest-grossing theaters out of 540, week in and week out. And as you take the collective of it all, the theaters that we're opening far outshine and they're shiny and they're new and in great locations today. They're far outshining the 25-year-old theaters that are somewhat more abundant that might have been in bad locations today.

Grove 和 Americana 影院是我們每週票房最高的 10 家影院中的兩家。波特牧場影院和托潘加影院每週都位列票房最高的 25 家影院之列，或者在 540 家影院中位列票房最高的 50 家影院之列。綜合起來看，我們今天開設的劇院都更加出色，它們光鮮亮麗，而且位置優越。它們的表現遠勝於那些擁有 25 年歷史、但如今位置不佳的劇院。

They were good locations 25 years ago when they opened, but those locations aren't as compelling today as they once might have been at the turn of the 21st century. Again, but I think about 10% of our leases come up for renewal every year. So figure, you know, 100 or so theaters come up for renewal. You know, I wouldn't be shocked if we closed 10 of them. So I don't know that we're at an absolute floor.

25 年前開業時，這些地點位置很好，但如今，這些地點已不像 21 世紀初那樣引人注目。再說一次，但我認為每年大約有 10% 的租約需要續約。所以，你知道，大約有 100 家戲院需要續約。你知道，如果我們關閉其中 10 家，我不會感到震驚。所以我不知道我們是否處於絕對的底線。

But what you can assume is that when we close a theater, with almost 100% of reliability, we're not closing a problem theater, we made a lot of money. We're closing a theater that was a drag on our EBITDA that was lowering the consolidated EBITDA of company. So as it closes, the EBITDA of the company rises. Will we get to a point where we still have that many skewed expression theaters left in our system, having closed 200 of them? But we have a few. So maybe we close 5 to 15 a year for the few years, but we're continuing on the hunt for new theaters in eight locations.

但你可以假設的是，當我們關閉一家影院時，幾乎 100% 的可靠性是，我們不會關閉一家有問題的影院，我們賺了很多錢。我們正在關閉一家拖累我們 EBITDA 的劇院，該劇院降低了公司的合併 EBITDA。因此，隨著交易的完成，公司的 EBITDA 將會上升。在關閉了 200 家扭曲表達的戲院之後，我們的系統是否還會剩下那麼多扭曲表達的戲院？但我們有幾個。因此，在未來幾年內，我們可能每年會關閉 5 到 15 家影院，但我們將繼續在 8 個地點尋找新的影院。

We're just opening in Chicago. A theater that we believe will be one of the highest-grossing theaters in Chicago. And again, the theaters that we're opening are grossing more than the theaters we're closing and they're producing more EBITDA than the theaters that we're closing. At some point, I think we'll move to a net add of theaters rather than a net decline of theaters. I don't know that we're there yet exactly, except one key circumstance. And that is we continue to be offered portfolios of theaters on an M&A basis, sometimes at very attractive prices, like really attractive prices. Like three or four times EBITDA kind of attractive prices.

我們剛在芝加哥開業。我們相信該劇院將成為芝加哥票房最高的劇院之一。而且，我們新開設的戲院的票房收入高於我們關閉的戲院，而且它們產生的 EBITDA 也高於我們關閉的戲院。我認為，在某個時候，戲院數量會呈現淨成長，而不是淨減少。我不知道我們是否已經到達那裡，除了一個關鍵情況。那就是我們繼續以併購的方式獲得戲院組合，有時價格非常誘人，非常誘人。就像 EBITDA 三到四倍的有吸引力的價格。

And so I do think if you look forward over the next 36 months, maybe, you'll see that some of our biggest additions in theaters, which might far outstrip some of the closures, may come to us in interesting acquisition opportunities where we can bring theaters in good condition into our fleet at very attractive M &A expenditures.

因此，我確實認為，如果展望未來 36 個月，也許你會發現，我們新增的一些影院數量可能遠遠超過關閉的一些影院數量，這可能會給我們帶來有趣的收購機會，我們可以以非常有吸引力的併購支出將狀況良好的影院納入我們的影院陣容。

That's interesting. Okay. Thanks for all that, Adam. And then lastly, quickly, Sean, just on the Big Beautiful Bill benefits to CapEx-generating companies. Can you just talk about, as you see it now, maybe what some of the cash benefits could be either from a cash-stack standpoint or a cash-shield standpoint in future years? Thank you.

那很有意思。好的。謝謝你，亞當。最後，肖恩，請快速談談《美麗大法案》為資本支出公司帶來的好處。您能否談談，就您現在所見，從現金儲備或現金保護的角度來看，未來幾年可能出現的一些現金收益是什麼？謝謝。

Chad, thanks. Obviously, as a result of that bill, we get two key benefits. The one is the depreciation deduction and the other is the interest deduction based on EBITDA as opposed to EBIT. So that has a benefit for us, but bear in mind that we have NLRs that will run through probably through 2026 or so. So the cash benefit will only be in future years, '27, '28, and going forward from there. So it's certainly beneficial, it increases the NLRs for future cash deductions, but it's not a short-term cash benefit. It's more of a longer-term cash benefit for us.

乍得，謝謝。顯然，該法案為我們帶來了兩項主要好處。一個是折舊扣除，另一個是基於 EBITDA 而不是 EBIT 的利息扣除。所以這對我們有好處，但請記住，我們的 NLR 可能會持續到 2026 年左右。因此，現金福利只會在未來幾年，即 27 年、28 年及以後才會出現。所以它肯定是有益的，它增加了未來現金扣除額的 NLR，但它不是短期現金福利。對我們來說，這更像是一種長期的現金利益。

Thank you. We have no further questions at this time. I'd be happy to return the call to Adam Aron.

謝謝。目前我們沒有其他問題。我很樂意回電給亞當·阿隆。

Thank you, Leo. We're going to now take a couple of questions from the shareholders. Sean? What came in from our retail investors?

謝謝你，Leo。我們現在將回答股東提出的幾個問題。肖恩？我們的散戶得到了什麼？

Just briefly, the first question is just asking if we have any reaction to Skydance's acquisition of Paramount that's now just closed.

簡單來說，第一個問題是，我們對 Skydance 剛完成的對 Paramount 的收購有何反應。

Yeah, but we sure do have a comment about the Paramount acquisition from Skydance. First of all, we've had a very good relationship with Paramount across many generations of its leadership. I'd especially like to thank Brian Robbins and his executive team. They've been superb partners for AMC over the course of last many years.

是的，但我們確實對派拉蒙收購天舞影業一事有一些評論。首先，我們與派拉蒙公司歷代領導者都保持著良好的關係。我要特別感謝 Brian Robbins 和他的執行團隊。在過去的許多年裡，他們一直是 AMC 的優秀合作夥伴。

At the same time, though, we are excited by Skydance's acquisition of Paramount because Paramount has been cash hampered in recent years, which has caused them to greenlight fewer movies than they might have liked to. It appears to us that Skydance is cash rich and it would be our expectation that Skydance will be releasing more movies coming out of Paramount than Paramount has been releasing in recent years.

但同時，我們對天舞影業收購派拉蒙影業感到興奮，因為派拉蒙影業近年來資金短缺，導致其批准的電影數量比他們預期的要少。在我們看來，Skydance 資金雄厚，我們預計 Skydance 發行的派拉蒙電影數量將超過派拉蒙近年來發行的電影數量。

You'll also recall that David Ellison is no rookie in movie business. He's been a prime force in some of the most important movies that have come out in recent years. And what especially comes to my mind is Top Gun and Maverick, which in my mind is the single movie that you can point to since COVID hit in 2020 that turned the movie theater industry around. It set a back-end course where Studio, with its $1.5 billion worldwide gross, it finally reminded various studio chiefs that the future was not only in their screening services, but also in their theatrical releases. And that sometimes the most successful movies on screening services were those movies that had a great theatrical release.

您還會記得，大衛艾里森並不是電影界的新手。他是近年來上映的一些重要電影中的主力演員。我特別想到的是《壯志凌雲》和《獨行俠》，在我看來，自 2020 年新冠疫情爆發以來，這兩部電影是唯一一部扭轉電影院產業頹勢的電影。它設定了一個後端課程，憑藉其 15 億美元的全球票房，它最終提醒各電影公司負責人，未來不僅在於他們的放映服務，還在於他們的影院發行。有時放映服務中最成功的電影是那些在戲院上映效果極佳的電影。

Point in case, what was the highest movie watched on Paramount+? Top Gun: Maverick. Why? Because it had a spectacular $1.5 billion theatrical release worldwide. So the fact that David and Skydance want to make more movies and the fact that they have experience in making really good movies, and then you can add in the fact that the new president of Skydance is going to be Jeff Schell who used to be the Chairman of Universal Studios. And we've had a superb relationship with Jeff Schell over the past decade.

舉個例子，Paramount+ 上觀看次數最多的電影是？壯志凌雲：獨行俠。為什麼？因為它在全球取得了 15 億美元的驚人票房成績。事實是，大衛和 Skydance 想要製作更多電影，而且他們有製作優秀電影的經驗，再加上 Skydance 的新總裁將是曾任環球影城董事長的傑夫謝爾 (Jeff Schell)。在過去的十年裡，我們與傑夫謝爾保持著良好的關係。

And I've talked to Jeff. I know that he's excited to be back at the helm of a major studio. Well, he's got more than a studio, of course. He's got the whole enchilada. But his influence over what happens at Paramount will be profound and we think it's going be very good for theatrical exhibition.

我已經和傑夫談過了。我知道他很高興能夠重新執掌這家大型電影公司的大權。當然，他擁有的不只是一個工作室。他已經掌握了全部秘訣。但他對派拉蒙的影響將是深遠的，我們認為這對戲院放映非常有利。

Terrific. Do want comment about AMC distribution? We just made the Eminem announcement last weekend. Anything you'd like to point out on AMC distribution and future opportunities there?

了不起。想要 AMC 分銷的評論嗎？我們上週末剛剛宣布了 Eminem 的消息。您想指出 AMC 分銷和未來機會方面的什麼嗎？

Sure. Obviously, two years ago, we had these massive successes with Taylor Swift and Beyonce. We've had lots of conversations with lots of world-class artists since then. Some deals got very close but then didn't materialize. Others have happened. We did this Billy Eilish album release a year ago. We did this Eminem documentary just this weekend, which is apparently a movie beloved by its fans. It got some spectacular scores on Rotten Tomatoes, I hear.

當然。顯然，兩年前，我們與泰勒絲和碧昂絲一起取得了巨大的成功。從那時起，我們與許多世界級藝術家進行了多次交談。有些交易已經非常接近達成，但最終卻未能實現。其他事情也已經發生。我們一年前發行了 Billy Eilish 的這張專輯。我們這個週末拍攝了一部關於艾米納姆的紀錄片，顯然這是一部深受粉絲喜愛的電影。我聽說它在爛番茄上獲得了一些驚人的評分。

We're in several conversations right now with more world-class talent about more projects coming out as soon as 2026. It's also given us the, again, the courage to look more broadly at how movies are distributed and we had success in distributing some concert movies. Maybe there some non-concert movies we could help bring into theaters as well. We'll see. The vast majority of our product is only going to come from our studio partners, of course.

我們目前正在與更多世界級人才進行多次對話，討論最早在 2026 年推出的更多項目。這也再次給了我們勇氣，讓我們更廣泛地審視電影的發行方式，並且我們在發行一些音樂會電影方面取得了成功。也許我們也可以幫助將一些非音樂會電影引入影院。我們將拭目以待。當然，我們的絕大部分產品都來自我們的工作室合作夥伴。

But I think there's opportunistic profit opportunity. There's plenty of excess capacity in the behavior industry. It is -- I'm an old airline guy. If an airline had fewer than 75% of its seats filled, an airline marketer would have slashed his wrist. In the movie theater scene, instead we're a church built for Easter Sunday, we only sell less than 20% of our seats in the course of any given year. There's tons of capacity. We certainly have the screens to show more product if there's more product to be made.

但我認為這裡存在著機會性的獲利機會。行為產業存在大量過剩產能。是的──我是一名老航空公司員工。如果一家航空公司的座位上座率低於 75%，那麼航空公司行銷人員就會割腕自殺。在電影院裡，我們更像是一座為復活節星期日而建的教堂，每年的票房收入不到 20%。容量巨大。如果有更多產品需要生產，我們當然會有螢幕來展示更多產品。

Terrific. Adam, find that question here on AI and the impact on our business and the potential benefits. I wonder if you'd like to comment on that.

了不起。亞當，請在這裡找到有關人工智慧及其對我們的業務和潛在利益的影響的問題。我不知道您是否願意對此發表評論。

So every company in America is talking about AI. Every Board of Directors in America is talking about AI. We're no different. So we're talking about AI. And the AI revolution is happening very quickly. I know that I've completely -- personally, I've completely abandoned Google in exchange for ChatGPT. And you just see it in every aspect of our company. There's opportunity to use it.

所以美國的每家公司都在談論人工智慧。美國的每個董事會都在討論人工智慧。我們沒有什麼不同。所以我們正在談論人工智慧。人工智慧革命正在迅速發生。我知道我已經完全——就我個人而言，我已經完全放棄了谷歌，轉而使用 ChatGPT。您可以從我們公司的各個方面看到這一點。有機會使用它。

We're already using it in software development and software optimization and software testing. We're using it in image creation for marketing. We're using it for the automation and simplification. of tasks here in our corporate office. We process our accounts payable using AI. We've got teams in our theaters looking at AI and how it can be used to address operational issues in our theaters. We're using AI already in demand planning for our inventory management.

我們已經在軟體開發、軟體優化和軟體測試中使用它。我們用它來進行行銷形象創作。我們使用它來實現公司辦公室任務的自動化和簡化。我們使用人工智慧處理應付帳款。我們的影院有團隊研究人工智慧以及如何使用它來解決影院的營運問題。我們已經在庫存管理的需求計劃中使用人工智慧。

But we've just scratched the surface. I really do think going forward there'll be an opportunity for us to take care -- take advantage of the powerful AI technology to assess with our pricing, with our film scheduling, with our customer service programs, and our consumer response programs. And there's more -- and the more, which might be the most exciting of all, we've actually been talking and are in conversations right now about making small investments in some AI-technology-enabled companies whose prospects are related to the movie industry, related to entertainment, and prospects are incredibly bright. And we'd like to benefit fully from the AI revolution that clearly is already at hand.

但我們僅僅觸及了表面。我確實認為，未來我們將有機會利用強大的人工智慧技術來評估我們的定價、電影排期、客戶服務計劃和消費者響應計劃。還有更多——也許是最令人興奮的是，我們實際上一直在談論並且正在討論對一些人工智慧技術公司進行小額投資，這些公司的前景與電影業、娛樂業有關，而且前景非常光明。我們希望從已經到來的人工智慧革命中充分受益。

Sir, okay. I think that's all the questions that we have at this point.

先生，好的。我想這就是我們目前的所有問題。

Great. All well, look, thank you, everybody, for joining us today, for staying with us. The second quarter of 2025 was one that made us very excited here in Leawood, Kansas. We delivered big numbers, almost a quintupling of our EBITDA. We were ahead of the street on just about every expectation you had for us. And we think this is just the beginning of something that's going to happen quarter after quarter, starting in the fourth quarter of 2025.

偉大的。好吧，看，謝謝大家今天加入我們，和我們在一起。2025 年第二季是讓我們堪薩斯州利伍德人感到非常興奮的一年。我們取得了巨大的成就，EBITDA 幾乎成長了五倍。我們幾乎滿足了您對我們的每一個期望。我們認為這只是一個開始，從 2025 年第四季開始，每季都會發生一些事情。

Remember what I said, in the fourth quarter of 2024, revenues were up 18%. EBITDA tripled. In the second quarter of 2025, revenue was up 35%-ish and change. Our EBITDA almost quintupled. There's enormous operating leverage in this business. If we can finally have the wind in our backs with rising industry revenues, the sky's the limit for EBITDA that AMC can generate as a result.

記住我說過的話，2024 年第四季度，營收成長了 18%。EBITDA 成長了兩倍。2025 年第二季度，營收成長了 35% 左右。我們的 EBITDA 幾乎成長了五倍。這個產業有巨大的經營槓桿。如果我們最終能夠順勢而為，推動行業收入不斷增長，那麼 AMC 所能創造的 EBITDA 將無可限量。

Thank you for joining us today. We'll talk to you in 90 days.

感謝您今天加入我們。我們將在 90 天後與您聯繫。

This does conclude the AMC Entertainment Holdings, Inc. second-quarter earnings webcast. You may now disconnect, and everyone, have a great day.

這確實結束了 AMC 娛樂控股公司第二季度收益網絡直播。現在您可以斷開連線了，祝大家有個愉快的一天。