AMC 電影院 (AMC) 2025 Q3 法說會逐字稿

Hello, and welcome, everyone, joining today's call, AMC Holdings third-quarter 2025 earnings webcast. (Operator Instructions) Please note, this call is being recorded. (Operator Instructions)

大家好，歡迎參加今天的電話會議，AMC Holdings 2025 年第三季收益網直播。（操作員指示）請注意，本次通話正在錄音。（操作說明）

It is now my pleasure to turn the meeting over to John Merriwether. Please go ahead.

現在我很高興將會議交給約翰·梅里韋瑟主持。請繼續。

Thank you, Sabrina. Good afternoon. I'd like to welcome everyone to AMC's third-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，薩布麗娜。午安.歡迎大家參加AMC 2025年第三季財報網路直播。今天下午陪同我的是我們的董事長兼執行長亞當·阿倫，以及我們的財務長肖恩·古德曼。

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.

在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。諸多風險、不確定因素和其他因素可能導致實際結果與今天所表達的結果有重大差異。

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.

這些風險和不確定性中的許多都已在我們最新的公開文件中進行了討論，包括我們最近提交的 10-K 和 10-Q 表格。決定公司未來業績的幾個因素是公司無法控製或預測的。鑑於任何前瞻性陳述都存在不確定性，請聽眾不要依賴這些陳述。本公司不承擔因新資訊或未來事件而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 free cash flow. 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.

在本次網路直播中，我們可能會提及非GAAP財務指標，例如調整後的EBITDA和自由現金流。如需了解我們的非GAAP指標與GAAP結果的完整比較情況，請參閱今天下午早些時候在我們網站投資者關係部分發布的盈利報告。在我們發言結束後，將進行問答環節。今天下午的網路直播正在錄製，稍後將在我們網站 amctheatres.com 的投資者關係部分提供重播。

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

接下來，我會把電話交給亞當。

Thank you, John, and good afternoon, everyone. Thank you for joining us today. At AMC, we're especially pleased that with revenue of precisely $1.3 billion and adjusted EBITDA of $122 million, yet again for another quarter, AMC Entertainment comfortably beat Wall Street consensus assessments for both our revenue and adjusted EBITDA.

謝謝你，約翰，大家下午好。感謝您今天蒞臨。AMC 特別高興的是，其營收達到 13 億美元，調整後 EBITDA 達到 1.22 億美元，再次輕鬆超越華爾街對營收和調整後 EBITDA 的普遍預期。

As has often been the case in the recent past, AMC's leading market position and the skills demonstrated in the implementation of our numerous and important marketing, operations and cost containment strategies allowed us for yet another time to overperform the expectations of those who underestimate us.

正如近來經常發生的那樣，AMC 的領先市場地位以及在實施眾多重要行銷、營運和成本控制策略方面所展現出的技能，使我們再次超越了那些低估我們的人的預期。

As we look at AMC's third-quarter results and for that matter, the full year-to-date, calendar year 2025 is turning out exactly, and I mean exactly as we have long predicted. Due primarily to the timing of major studio film release dates, a weak first quarter was followed by a blazing hot second quarter, which then was followed by a softening third quarter.

當我們審視 AMC 第三季的業績，以及 2025 年全年至今的業績時，結果正如我們長期以來所預測的那樣，我的意思是完全如此。主要由於主要電影公司上映日期的安排，第一季疲軟之後是第二季火爆，然後是第三季放緩。

We continue to expect, however, that the year will culminate in what we hope will be quite a strong year-end in quarter 4. Hello Oz with WICKED: FOR GOOD, hello Disney's AVATAR: FIRE AND ASH, Indeed, a broad array of appealing movie titles will be coming out before year-end.

不過，我們仍然預期，今年將在第四季迎來一個強勁的年終收官。大家好，《綠野仙蹤》和《魔法壞女巫：為了正義》即將上映，迪士尼的《阿凡達：烈火與灰燼》也即將上映。的確，今年底前將會有一系列精彩的電影上映。

Our prediction of a so-so third quarter industry box office turned out to be true as the North American box office declined some 11% following tough comparisons against last year's strong third quarter. But when evaluating AMC's performance in the context of the third quarter's challenging industry-wide environment, I see our company firing on all cylinders, marketing prowess, operational strength, financial discipline, all are direct evidence that AMC is very well positioned to capitalize on the box office growth that we believe lies just ahead.

我們先前預測第三季電影票房表現平平，結果證明我們的預測是正確的，由於去年第三季票房表現強勁，北美票房下降了約 11%。但是，在第三季充滿挑戰的行業環境下評估 AMC 的業績時，我認為我們公司火力全開，行銷能力、營運實力、財務紀律，所有這些都直接證明 AMC 已做好充分準備，能夠抓住我們認為即將到來的票房成長機會。

Remember that about two thirds of our incremental revenue drops to the adjusted EBITDA line. So when industry revenues rise, which we believe they will in Q4 of 2025 and again throughout 2026, AMC's financial results should rise even more rapidly.

請記住，我們新增收入的大約三分之二會計入調整後的 EBITDA 項。因此，當產業收入成長時（我們相信產業收入將在 2025 年第四季以及 2026 年全年成長），AMC 的財務表現應該會成長得更快。

The third quarter industry-wide softness should not be a cause for alarm nor a harbinger of some negative trend about which to hand ring or worry. To the contrary, we expect that the fourth quarter is [UI] box office will turn out to be the highest-grossing fourth quarter in six years.

第三季整個產業的疲軟不應引起恐慌，也不應被視為某種負面趨勢的預兆，值得擔憂或警惕。相反，我們預計第四季[UI]票房將成為六年來票房最高的第四季。

We also continue to believe that the size of the 2026 box office will be dramatically larger than that achieved in 2025. There are clearly bright spots in AMC's third quarter financial results that bode well for AMC, with an expecting rising industry-wide box office in the fourth quarter of this year and again throughout 2026. Specifically, AMC outperformed the industry, achieving all-time record admissions revenue per patron of $12.25.

我們也繼續相信，2026 年的票房規模將比 2025 年的票房規模大得多。AMC 第三季財務表現中顯然有一些亮點，這對 AMC 來說是個好兆頭，預計今年第四季整個產業的票房收入將會上升，並在整個 2026 年持續成長。具體來說，AMC 的表現優於行業平均水平，每位顧客的入場費收入創歷史新高，達到 12.25 美元。

In addition, food and beverage continues to be a shining success for us as we achieved the second highest food and beverage revenue per patron in our company's entire 105-year history of $7.74. Combining revenue increases with aggressive cost management, it is noteworthy that in the third quarter, we grew our consolidated contribution margin per patron by 9.2% compared to the prior year, and this metric is now approximately 54%, 54% higher than it was pre-pandemic in 2019. The improvements in our efficiency as a company are one of the reasons we are standing proud and tall today.

此外，餐飲業務持續取得巨大成功，我們實現了公司105年歷史上第二高的每位顧客餐飲收入7.74美元。值得注意的是，在收入成長和積極的成本控制相結合的情況下，第三季度我們每位顧客的綜合貢獻毛利率較上年同期增長了9.2%，目前約為54%，比2019年疫情前的水平高出54%。公司效率的提升是我們今天能夠如此輝煌成就的原因之一。

Despite an industry-wide box office that was well below the third quarter of last year, AMC also generated improvements to cash used in operations and in free cash flow when compared to the same time of a year ago. And also looking at the third quarter, it is especially satisfying to us that in the United States, during the third quarter, AMC significantly increased its market share. So much so that in looking at studio-reported grosses for the full year-to-date, January to September, AMC's market share increase handily outshined that of any other movie theater circuit in the country.

儘管整個行業的票房收入遠低於去年第三季度，但與去年同期相比，AMC 的營運現金流和自由現金流也都有所改善。此外，從第三季來看，尤其令我們感到滿意的是，在美國，AMC 在第三季大幅提高了市場佔有率。如此之大，以至於從電影公司公佈的今年迄今為止（1 月至 9 月）的票房收入來看，AMC 的市場份額增長輕鬆超過了美國任何其他電影院線。

AMC's share now approximates 24% of the domestic box office versus 15% for Regal and 15% for Cinemark. Taking out Canada, where we have no theaters, AMC has a 27% share of the US box office, Regal and Cinemark 16% each. Marcus has just under a 3% share. No other US circuit has even a 2% share. AMC is now about 50% larger than our two next nearest competitors. And we are 10 times-ish the size or more of everyone else.

AMC 目前約占美國國內票房的 24%，而 Regal 和 Cinemark 的份額均為 15%。如果排除加拿大（加拿大沒有電影院），AMC 在美國票房市佔率為 27%，Regal 和 Cinemark 各佔 16%。馬庫斯的股份略低於3%。美國其他任何一家電路的市佔率都不到2%。AMC目前的規模比我們最接近的兩個競爭對手大約大50%。我們的規模大約是其他公司的 10 倍甚至更多。

Our market share increases this year are encouraging to us and a sign that our strategies are working. But it is simply the outsized magnitude of our market share that is so particularly compelling because, as the box office grows over the next 14 months, as we believe it will, AMC is better poised than anyone else to reap the benefit there from.

今年我們的市佔率成長令我們倍感鼓舞，也顯示我們的策略正在發揮作用。但真正引人注目的是我們龐大的市場份額，因為我們相信，隨著未來 14 個月票房的成長，AMC 比任何人都更有優勢從中獲益。

We believe all this sets us up so very well as we look ahead, given what AMC believes will be a rebounding industry-wide box office going forward, coupled, of course, with all the actions and improvements being made specifically within and across AMC theaters in the United States and Odeon Cinemas in Europe.

我們相信，鑑於 AMC 認為整個行業的票房將會反彈，再加上 AMC 在美國的影院和 Odeon 在歐洲的影院所採取的所有行動和改進，所有這些都為我們展望未來奠定了非常有利的基礎。

As previously announced, perhaps more important than any other accomplishment during the third quarter, AMC successfully completed several transformative capital markets transactions that greatly strengthen AMC's financial foundation.

正如先前宣布的那樣，或許比第三季的任何其他成就都更為重要的是，AMC成功完成了幾項具有變革意義的資本市場交易，極大地增強了AMC的財務基礎。

We refinanced $173 million of debt maturing in 2026 and equitized $143 million of exchangeable debt, the latter of which, in turn, was subsequently increased to $183 million of equitized exchangeable debt without the issuance of any additional equity or additional use of cash.

我們對 2026 年到期的 1.73 億美元債務進行了再融資，並將 1.43 億美元的可交換債務轉換為股權，後者隨後又增加到 1.83 億美元的股權轉換可交換債務，而無需發行任何額外的股權或額外使用現金。

Going forward, we will continue to take the necessary actions to enhance our balance sheet and position AMC to capitalize on what we believe will be a multiyear industry recovery.

展望未來，我們將繼續採取必要措施來改善我們的資產負債表，並使AMC能夠充分利用我們認為將持續多年的行業復甦。

In conclusion, let me add that we are tremendously excited about the film slate coming in the remainder of this fourth quarter, both with blockbuster titles and also with more intimate storytelling. It all starts this weekend with Disney's action-packed PREDATOR: BADLANDS coupled with Sony Pictures Classics NUREMBERG.

最後，我想補充一點，我們對第四季剩餘時間即將上映的電影陣容感到無比興奮，其中既有大製作影片，也有更注重個人情感的敘事作品。本週末，迪士尼將推出動作大片《鐵血戰士：荒野大鏢客》，索尼經典電影公司也將推出《紐倫堡》進行聯合上映。

In November, we also will have Lionsgate's Now You See Me: Now You Don't, Disney's family favorite ZOOTOPIA 2, Paramount's, The Running Man and Universal's acclaimed and much awaited Return to Oz with Wicked: For Good. Universal's chilling Five Nights At Freddy's; Paramount's animated adventure The Spongebob Movie: Search for Squarepants; Focus Features's Song Sung Blue; and the third chapter of Disney's epic saga from the mind of the legendary James Cameron, AVATAR: FIRE AND ASH.

11 月，我們還將迎來獅門影業的《驚天魔盜團2》、迪士尼的家庭娛樂佳作《瘋狂動物城2》、派拉蒙影業的《奔跑者》以及環球影業備受讚譽和期待的《綠野仙蹤》和《魔法壞女巫：回歸正途》。環球影業令人毛骨悚然的《玩具熊的五夜後宮》；派拉蒙影業的動畫冒險片《海綿寶寶歷險記》；焦點影業的《藍色之歌》；以及由傳奇導演詹姆斯·卡麥隆執導的迪士尼史詩鉅作的第三部《阿凡達：火與灰》。

What a lineup of movies.

真是精彩的電影陣容！

With that and all the other highly anticipated films that will be coming out in November, December, in addition, we believe the fourth quarter box office will surpass that of last year and knocks 2025 as the largest post-pandemic box office year yet. Of course, that all depends on ticket sales in November and December. We'll all know for sure in about a couple of months.

加上其他備受期待的電影將於 11 月和 12 月上映，我們相信第四季的票房將超過去年，並使 2025 年成為疫情後票房最高的一年。當然，這一切都取決於11月和12月的門票銷售情況。再過幾個月我們就能知道確切結果了。

To put an exclamation point on that expected box office growth in the near term, if one sets aside the anemic first quarter of 2025, the domestic industry-wide box office has actually been on a $10 billion pace since April 1. That is a number that is still very much larger than the calendar year box office recorded for either 2023, 2024, or the current year 2025.

為了強調近期票房預期成長的強勁勢頭，如果撇開 2025 年第一季疲軟的票房表現不談，自 4 月 1 日以來，國內電影業整體票房實際上已經以 100 億美元的速度增長。這個數字仍然遠大於 2023 年、2024 年或當前年份 2025 年的年度票房收入。

What's more knowing of the long list of great titles coming from our studio partners in 2026, we envision a strong and robust film slate is on the horizon for the full year ahead. Sean, let's go into the quarter in more detail.

更重要的是，考慮到我們的工作室合作夥伴將在 2026 年推出一系列優秀作品，我們預計未來一年將有一系列精彩的電影上映。肖恩，我們來更詳細地分析這個季度。

Thanks, Adam, and thanks, everyone, for joining us today. As predicted, the third quarter was relatively soft compared to last year. Nonetheless, while the North American box office was down 11%, AMC's consolidated admissions revenue was down by only 3.9% and domestic admissions revenue was down by only 5%. This reflects the meaningful growth in our market share, thanks to the power of our premium large-format offerings, unrivaled loyalty programs, innovative marketing, promotions, and pricing.

謝謝亞當，也謝謝各位今天收看我們的節目。正如預期的那樣，第三季與去年同期相比相對疲軟。儘管如此，雖然北美票房下降了 11%，但 AMC 的綜合票房收入僅下降了 3.9%，國內票房收入僅下降了 5%。這反映了我們市場份額的顯著增長，這得益於我們優質的大尺寸產品、無與倫比的忠誠度計劃、創新的營銷、促銷和定價策略。

This afternoon, I'd like to focus my comments on several key third-quarter performance metrics that clearly demonstrate the underlying strength of our business. Our consolidated revenue increased by 7.5% versus last year and is now 47% above pre-pandemic Q3 2019. This remarkable growth is driven by a 60.5%, that's 60.5 6.5% increase in food and beverage revenue per patron and 33.8% increase in admissions revenue per patron, all relative to Q3 2019.

今天下午，我想重點談談第三季幾個關鍵的業績指標，這些指標清楚地表明了我們業務的潛在實力。我們的綜合收入比去年增長了 7.5%，比疫情前的 2019 年第三季增長了 47%。這一顯著增長主要得益於每位顧客的餐飲收入增長了 60.5%（即 6.5%），以及每位顧客的門票收入增長了 33.8%（即 33.8%），所有這些都是相對於 2019 年第三季度而言的。

These are impressive metrics yet, but even more important is the incremental profit that we generate with each additional moviegoer. Our measure of this is contribution margin per patron, and we define it as total revenue minus both film exhibition and food and beverage costs divided by total attendance.

這些數據固然令人印象深刻，但更重要的是，每增加一位觀眾，就能獲得額外的利潤。我們用每位顧客的貢獻毛利來衡量這一點，我們將其定義為總收入減去電影放映成本和餐飲成本，再除以總入場人數。

In the third quarter, we grew our consolidated contribution margin per patron by 9.2% compared to the prior year, and this metric is now approximately 54% higher than in 2019. From a segment perspective, our US operations delivered a truly exceptional quarter. Consider the following: in Q3 2025, our domestic adjusted EBITDA reached $111 million. This is nearly $4 million more than in Q3 2019, despite us selling $18.9 million or 31% fewer tickets than we did in Q3 2019. This achievement was possible because domestic revenue per patron was 50% higher and domestic contribution margin per patron was 57.5% higher than in 2019.

第三季度，我們每位顧客的綜合貢獻毛利率比去年同期成長了 9.2%，這項指標比 2019 年高出約 54%。從業務部門來看，我們在美國的業務表現非常出色。請考慮以下情況：2025 年第三季度，我們的國內調整後 EBITDA 達到 1.11 億美元。儘管我們售出的門票數量為 1,890 萬美元，比 2019 年第三季減少了 31%，但這一數字仍比 2019 年第三季增加了近 400 萬美元。這項成就的取得，是因為國內每位顧客的收入比 2019 年高出 50%，國內每位顧客的貢獻毛利率比 2019 年高出 57.5%。

Turning to our Odeon operations. The European industry was challenging in the third quarter, with attendance at our Odeon cinemas down 11.4% versus the prior year. Nonetheless, the business continued to deliver strong fundamental results with total revenue per patron up 13% and contribution margin per patron up 14.4% compared to last year.

接下來談談我們的 Odeon 營運情況。第三季歐洲電影業面臨挑戰，旗下 Odeon 戲院的上座率比去年同期下降了 11.4%。儘管如此，該業務的基本面依然強勁，每位顧客的總收入比去年增長了 13%，每位顧客的貢獻毛利率比去年增長了 14.4%。

Total international revenue per patron is now up 37% versus 2019, and international contribution margin per patron is up 42.2% compared to 2019. These results are evidence that the box office does not need to fully recover to achieve pre-pandemic levels of adjusted EBITDA. This is thanks to a combination of initiatives focused on theater portfolio optimization, operational efficiencies, food and beverage innovations, industry-leading marketing programs, and the ongoing success of our AMC Go Plan.

與 2019 年相比，國際贊助人總收入成長了 37%，國際贊助人貢獻毛利率成長了 42.2%。這些結果表明，票房無需完全恢復即可達到疫情前調整後 EBITDA 的水平。這得歸功於一系列舉措的結合，這些舉措包括優化影院組合、提高營運效率、創新餐​​飲、推出業界領先的行銷計劃，以及 AMC Go 計劃的持續成功。

Over the last few years, we have taken meaningful steps to optimize our theater portfolio. This includes rent negotiations, the closure of underperforming locations, and selective capital deployment in new and existing high-performing locations. In 2025 alone, we closed 20 locations and we opened 3. And since January 2020, we've now closed 212 locations and opened 65 for a net reduction of 147 theaters or about 15% of our fleet. Going forward, we'll continue to strategically manage our theater portfolio to optimize profitability.

過去幾年，我們採取了切實有效的措施來優化我們的戲院組合。這包括租金談判、關閉業績不佳的門市，以及在新的和現有的業績良好的門市進行有選擇性的資本部署。光是 2025 年，我們就關閉了 20 家門市，同時開設了 3 家新店。自 2020 年 1 月以來，我們已經關閉了 212 家影院，並開設了 65 家影院，淨減少了 147 家影院，約占我們影院總數的 15%。展望未來，我們將繼續對我們的戲院組合進行策略性管理，以最大限度地提高獲利能力。

Moving to the balance sheet. We ended the quarter with cash and cash equivalents of $365.8 million. This excludes restricted cash of $51.1 million. Our free cash flow in the fourth quarter will inevitably be dependent on the box office during the next two months. Provided this turns out in line with our expectations, we anticipate being free cash flow positive for the nine-month period ending December 31, 2025.

接下來查看資產負債表。本季末，我們持有現金及現金等價物3.658億美元。這不包括受限現金 5,110 萬美元。我們第四季的自由現金流必然取決於未來兩個月的票房狀況。如果結果符合我們的預期，我們預計截至 2025 年 12 月 31 日的九個月期間將實現自由現金流為正。

From a capital expenditure perspective, we expect full-year 2025 CapEx net of lease incentives to be in the range of $175 million to $225 million. Our capital allocation priorities remain: one, maintaining adequate liquidity and financial flexibility; two, strengthening the balance sheet; three, elevating the guest experience; four, pursuing high-return growth initiatives.

從資本支出角度來看，我們預計 2025 年全年資本支出（扣除租賃獎勵）將介於 1.75 億美元至 2.25 億美元之間。我們的資本配置重點仍為：一、維持充足的流動性和財務彈性；二、強化資產負債表；三、提升賓客體驗；四、追求高報酬的成長計畫。

This disciplined approach to capital allocation reflects our commitment to building an increasingly strong and resilient company to deliver long-term shareholder value. Since the beginning of 2022, we've now lowered the principal value of our debt, finance leases, and COVID-related lease deferrals by nearly $1.5 billion, and we're not yet done. We'll continue to take decisive steps to strengthen our balance sheet so that we are increasingly well-positioned as the box office recovery continues.

這種嚴謹的資本配置方式體現了我們致力於打造一家日益強大且具韌性的公司，從而為股東創造長期價值的承諾。自 2022 年初以來，我們已經將債務、融資租賃和與 COVID 相關的租賃延期的本金價值降低了近 15 億美元，而且我們還沒有完成。我們將繼續採取果斷措施來加強我們的資產負債表，以便在票房持續復甦的過程中，我們能夠佔據越來越有利的地位。

In closing, AMC's third-quarter results underscore the meaningful progress that we have made over the last few years. With promising fourth quarter already underway, a robust firm slate ahead, and an improving capital structure, we believe AMC is exceptionally well positioned to capture the full benefit of the industry's continued recovery and to deliver long-term value for our shareholders.

總之，AMC 第三季的業績凸顯了我們在過去幾年取得的顯著進步。隨著前景光明的第四季已經到來，未來還有一系列強勁的業務，以及不斷改善的資本結構，我們相信AMC已經做好充分準備，能夠充分利用行業持續復甦帶來的好處，並為我們的股東創造長期價值。

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

這樣，我就把電話轉回給亞當了。

Thank you, Sean. Before we take your questions on this webcast, I'd like to touch briefly on 5 different points. First, AMC Theaters distribution took another bold and new step forward in the third quarter of 2025 when we partnered again with the iconic one and only Taylor Swift to highlight the debut of the 12 studio album in her astonishing career.

謝謝你，肖恩。在本次網路直播中回答大家的問題之前，我想先簡單談談以下五個面向。首先，AMC 影院發行在 2025 年第三季度邁出了另一個大膽的新步伐，我們再次與標誌性的獨一無二的泰勒·斯威夫特合作，重點宣傳她驚人職業生涯中的第 12 張錄音室專輯的首發。

All the planning occurred within the third quarter for our theatrical release on October 3 to 5 of the 1 weekend screening of Taylor Swift: The Official Release Party of the Showgirl. This unique theatrical event was showcased on approximately 6,500 movie theater screens in the United States and across some 56 countries, generating some $50 million in box office receipts in a weekend, $34 million domestically, and another $16 million internationally.

所有籌備工作都在第三季完成，目標是在 10 月 3 日至 5 日週末舉行《泰勒絲：歌舞女郎官方發布派對》的首映。這場獨特的戲劇盛事在美國約 6500 塊電影院銀幕以及約 56 個國家的影院上映，一個週末票房收入約 5000 萬美元，其中國內票房收入 3400 萬美元，國際票房收入 1600 萬美元。

We're proud that Taylor Swift, the official release party with Show Girl, came in at number one in the domestic box office for its opening weekend. We're also proud that it was graded an A+ on CinemaScore and in the high 90s on Rotten Tomatoes. And as a result, that we put so many smiles on the faces of millions of Taylor Swift fans globally.

我們很自豪地宣布，泰勒絲攜《Show Girl》正式上映，首周末便榮登國內票房榜首。我們也為這部電影在 CinemaScore 上獲得 A+ 的評分，以及在爛番茄上獲得 90 多分的評分而感到自豪。因此，我們讓全球數百萬泰勒絲的粉絲臉上露出了笑容。

These impressive results speak to the strength of AMC's innovative distribution abilities, not only bolstering AMC's results but also contributing to the health of the overall industry. The numbers of the Taylor Swift project speak for themselves. To that end, here's a number for you, 7.5. 7.5 you ask, it is incredible to think, but from start to finish, from the time of our very first phone call about this potential project to generating from some 56 countries, fully $50 million in box office ticket sales receipts, plus, of course, food and beverage revenues in addition, AMC pulled all this off in only 7.5 weeks, 7.5 weeks from first conversation to completed project.

這些令人矚目的成果體現了AMC創新經銷能力的強大實力，不僅提升了AMC本身的業績，也為整個產業的健康發展做出了貢獻。泰勒絲項目的數字本身就說明了一切。為此，我給你一個數字：7.5。你可能會問，7.5？這聽起來難以置信，但從開始到結束，從我們第一次就這個潛在項目進行電話溝通，到在約 56 個國家/地區獲得 5000 萬美元的票房收入，當然還有食品和飲料收入，AMC 僅用了 7.5 週就完成了這一切，從第一次談話到項目完成，僅用了 7.5 週。

And going back to the concept of our success in increasing AMC's outsized market share in the US and Canada, of course, we take some real satisfaction that our normal market share has now grown up to 24%. But on the Taylor Swift official release party of the Sogirill event, AMC's market share was an eversoullant 36%.

回到我們成功提升 AMC 在美國和加拿大的超大市場份額這一概念，當然，我們感到非常欣慰的是，我們正常的市場份額現在已經增長到 24%。但在泰勒絲 (Taylor Swift) 的 Sogirill 活動官方發布會上，AMC 的市佔率達到了驚人的 36%。

As excited as we are by the numbers, it is especially gratifying to us that after our immensely successful 2023 experience with Taylor, she came back to AMC for another round in 2025. What a compliment it is to AMC that the Swift family was so pleased with us that they came back another time. I've said this often before, but I want to say it again. Our every interaction with Taylor, with everyone in the Swift family, and all the people in our camp, all those interactions, every single one has been nothing less than a true joy and an honor and a privilege for AMC. I say this with all the sincerity I can muster.

儘管我們對這些數字感到興奮，但尤其令我們欣慰的是，繼 2023 年與 Taylor 取得巨大成功之後，她於 2025 年再次回到 AMC 繼續合作。斯威夫特一家對我們非常滿意，再次光臨，這對AMC來說是莫大的榮譽。我以前說過很多次了，但我還要再說一次。我們與泰勒、斯威夫特家族的每一個人以及我們團隊的所有人的每一次互動，對AMC來說都是真正的快樂、榮譽和特權。我發自內心地說出這些話。

Thank you, Taylor. We are so proud to be a small part of your team. This all leads us to believe, by the way, that while our bread and butter will always remain the vast output of the current studio system in the future, there also is clear opportunity on an incremental basis for AMC to create and distribute more theatrical content.

謝謝你，泰勒。我們非常榮幸能成為您團隊的一份子。順便說一句，這一切讓我們相信，雖然未來我們賴以生存的仍然是當前電影製片廠體系的大量產出，但AMC也明顯有機會逐步製作和發行更多院線內容。

Second point, speaking of adding more content for our screens, I am especially optimistic that we can do more on a cooperative basis with Netflix. During the third quarter, we opened a new dialogue between AMC and Netflix that led to our showing KPop Demon Hunters over Halloween weekend. Not surprisingly, given our array of theaters and our loyal customer base, AMC generated more than one third of all the US theater guests seeing KPop last weekend.

第二點，說到為我們的螢幕增加更多內容，我尤其樂觀地認為我們可以與 Netflix 在合作的基礎上做更多的事情。第三季度，我們開啟了 AMC 和 Netflix 之間的新對話，促成了我們在萬聖節週末播出《KPop Demon Hunters》。毫不奇怪，鑑於我們擁有眾多影院和忠實的客戶群，上週末在美國所有觀看 K-Pop 電影的影院觀眾中，AMC 的觀眾人數佔比超過三分之一。

The talks with Netflix are in their infancy, and we do not know yet the ultimate size there can be for this potential cooperation. There is much still to work out, especially, for example, on Windows. But even so, realizing that Netflix is a great company and the largest streaming service on the planet with an enormous amount of content, and that AMC is the largest movie theater chain in the world, sitting here today, I am highly confident that there is more to come with our 2 companies working cooperatively together. Stay tuned.

與 Netflix 的談判尚處於初期階段，我們目前還不清楚這項潛在合作的最終規模。還有很多問題需要解決，尤其是在 Windows 系統上。但即便如此，考慮到 Netflix 是一家偉大的公司，是全球最大的串流媒體服務商，擁有大量的內容，而 AMC 是世界上最大的連鎖影院，今天坐在這裡，我堅信我們兩家公司攜手合作，未來必將取得更大的成就。敬請關注。

Third, again, on generating more content, given the success we've demonstrated with Keller Swift and Beyonce, and when you factor in that we have now built the technical capability, and this is unknown to many of you, to be able to live broadcast events to 277 of our 530 theaters in the United States and to a similarly large percentage of our theaters in Europe. I believe there is dramatic opportunity for AMC to broadcast live concerts and live sporting events on our giant screens. We intend to make this pursuit one of our highest priorities for 2026.

第三，關於製作更多內容，鑑於我們與 Keller Swift 和 Beyonce 合作的成功，再加上我們現在已經具備了技術能力（很多人可能不知道這一點），能夠將活動直播到我們在美國 530 家影院中的 277 家，以及歐洲同樣比例的影院。我認為AMC有很大的機會在我們的大螢幕上直播音樂會和體育賽事。我們計劃將此工作列為 2026 年的首要任務之一。

Fourth, when talking of giant screens, no one in our industry is anywhere close to AMC in the area of offering premium large-format screens, extra-large format screens, and other premium experiences. With 223 IMAX screens globally and right at around half of the IMAX screens in the United States, we are a significant recipient to share in IMAX's obvious success.

第四，說到巨幕，我們行業中沒有任何一家公司能在提供優質大尺寸螢幕、超大尺寸螢幕和其他優質體驗方面與 AMC 相提並論。我們在全球擁有 223 塊 IMAX 銀幕，約占美國 IMAX 銀幕總數的一半，因此我們有幸分享 IMAX 的巨大成功。

Heretofore, our recent monies have been concentrated on improving the quality of our IMAX screens, enhancing them greatly through a multiyear effort to convert almost all of them to the much preferred IMAX with laser at AMC concept and format. That format includes laser projection, much enhanced sound, more attractable visual inauditorium aesthetics, and more comfortable seating.

此前，我們一直將資金集中用於提高 IMAX 銀幕的質量，透過多年的努力，將幾乎所有 IMAX 銀幕都改造成 AMC 雷射 IMAX 概念和格式，從而大大提升了銀幕的品質。此形式包括雷射投影、更強大的音響效果、更具吸引力的視聽環境美學以及更舒適的座椅。

Depending upon your view of the terminology, that effort to upgrade our IMAX theaters to IMAX with laser is now either in the back stretch or the home stretch such that we are now turning our attention to another notion that we have, in fact, entered into discussions with IMAX about once again increasing the number of our IMAX locations as well. Similarly, we are so incredibly pleased with our investment in Dolby Cinema PLFs, which are doing so, so very well for AMC.

根據你對術語的看法，將我們的 IMAX 影院升級為激光 IM​​AX 的努力現在要么已經進入尾聲，要么已經接近尾聲，因此我們現在將注意力轉向另一個想法，事實上，我們已經與 IMAX 就再次增加我們的 IMAX 影院數量進行了討論。同樣，我們對在杜比影院PLF方面的投資感到非常滿意，這些PLF為AMC帶來了非常好的效果。

We currently have 177 installed globally. And as we announced earlier this year, we are so confident in our success with Dolby Cinema that we would like to grow that count of Dolby auditoriums by around 25% over the next few years. And while today, we only have 6 ScreenX auditoriums and no 4DX auditoriums, again, early this year, we signed an agreement with CJ to exponentially increase our count of their two premium offerings within the AMC and Odeon fleet of theaters.

目前我們在全球已安裝 177 台。正如我們今年早些時候宣布的那樣，我們對杜比影院的成功充滿信心，因此我們希望在未來幾年內將杜比影院的數量增加約 25%。雖然目前我們只有 6 個 ScreenX 影廳，沒有 4DX 影廳，但今年年初，我們與 CJ 簽署了一項協議，將在 AMC 和 Odeon 影院網絡中大幅增加他們的兩種高端影廳的數量。

Not to be outdone only by our so-called third-party PLFs, AMC also has 147 of our own house brand PLFs, primarily branded Prime in the United States and iSense in Europe. I would expect that in the next couple of years, our house brand PLF locations will also grow in numbers, and specifically that with Prime in the United States, we will double, possibly even triple, the number of our Prime auditoriums. And in a fast-moving advance for AMC, we've moved ever so quickly to introduce what we call our extra-large format screens with our new XL offerings, which I might add command a price premium in ticket price.

為了不甘示弱，AMC 還擁有 147 家自有品牌的影院，主要在美國以 Prime 品牌運營，在歐洲以 iSense 品牌運營。我預計在接下來的幾年裡，我們自有品牌 PLF 的影院數量也會增加，特別是美國的 Prime 影院，我們的 Prime 影廳數量可能會翻一番，甚至翻兩番。AMC 迅速發展，我們以驚人的速度推出了我們所謂的超大尺寸螢幕，即我們新的 XL 版本，我還要補充一點，這些版本的票價會更高。

Launched just 1.5 years ago, we already have 151 XL screens installed and delighting moviegoers, 67 in the United States and 84 in Europe. By next Christmas, that number should about double. I expect that we'll have in the vicinity of around 300 or so XL screens in full operation a year from now. You all likely know that premium large-format and extra-large format screens greatly appeal to moviegoers.

自 1.5 年前推出以來，我們已經安裝了 151 個 XL 螢幕，為影迷帶來愉悅的觀影體驗，其中 67 個位於美國，84 個位於歐洲。到明年聖誕節，這個數字應該會翻倍。我預計一年後我們將有大約 300 塊 XL 螢幕全面投入營運。大家可能都知道，優質的大尺寸和超大尺寸銀幕深受電影觀眾的喜愛。

But what I find particularly impressive is that we have pulled off this great commitment to increasing and enhancing our premium experiences, all the while living within our very tight $175 million to $225 million annual net capital expenditures targets. And finally, the fifth point, as you might expect, AMC is actually -- is actively canvassing how AI, artificial intelligence, can be used both to make our company more efficient, but also to dazzle our guests.

但我覺得最令人印象深刻的是，我們實現了增加和提升高端體驗的巨大目標，同時又嚴格控制在每年 1.75 億美元至 2.25 億美元的淨資本支出目標之內。最後，第五點，正如你可能預料到的那樣，AMC 實際上正在積極探討如何利用人工智慧來提高公司的效率，同時也能讓我們的顧客感到驚艷。

We're already using AI internally in many ways, and our use cases will increase dramatically in 2026 and beyond. But especially interesting, during the third quarter, we found our first way to participate in AI-powered technology that already is dazzling those people seeking engaging out-of-home entertainment. In August, we made a single-digit multimillion-dollar equity investment in Nova Sky Stories, a company brilliantly conceived and led by its visionary founder, Tesla Board member, Kimbal Musk, and brother of Elon. Nova Sky Stories was created a few years ago when Kimbal acquired the formal aerial drone division of Intel. He has since turned its cutting-edge and leading AI-powered technology into also storytelling aerial drone shows that fascinate both free guests and paid ticket buyers alike, key in on that paid ticket buyers notion as Nova Sky Stories creatively lights up the dark evening skies with its just wonderful light shows.

我們已經在內部以多種方式使用人工智慧，而且到 2026 年及以後，我們的應用案例將大幅增加。但尤其有趣的是，在第三季度，我們找到了參與人工智慧驅動技術的第一種方式，這項技術已經讓那些尋求引人入勝的戶外娛樂的人們感到眼花繚亂。8 月，我們對 Nova Sky Stories 進行了數百萬美元的股權投資，該公司由其富有遠見的創始人、特斯拉董事會成員、馬斯克的兄弟 Kimbal Musk 構思和領導。Nova Sky Stories 是由 Kimbal 幾年前收購英特爾正式的無人機部門時創立的。此後，他將這項尖端領先的人工智慧技術轉化為精彩的空中無人機故事表演，吸引了免費觀眾和付費購票者，尤其是付費購票者，因為 Nova Sky Stories 以其精彩絕倫的燈光秀，創意地點亮了漆黑的夜空。

Nova's most recent effort was in September, a truly mind-bending Grace for the World concert and aerial drone light show that took place over St. Peter's Square in Rome in full cooperation with the Vatican in conjunction with its Jubilee. You can see footage on Disney+, which telecasted live, and stunning excerts can be found throughout YouTube. The next incredible NovaSkytory show will take place at the Rose Bowl in Los Angeles just next weekend on Saturday, November 15. For more information, check out www.novaskystories.com, that's NOVA for novaskystories.com.

Nova 最近一次的演出是在 9 月份，這是一場真正令人嘆為觀止的「世界恩典」音樂會和無人機燈光秀，在羅馬聖彼得廣場舉行，與梵蒂岡全面合作，以慶祝其禧年。您可以在 Disney+ 上觀看現場直播的片段，也可以在 YouTube 上找到精彩的片段。下一場精彩絕倫的 NovaSkytory 表演將於下週末，即 11 月 15 日星期六，在洛杉磯玫瑰碗體育場舉行。欲了解更多信息，請訪問 www.novaskystories.com，即 novaskystories.com 的縮寫 NOVA。

In addition to just investing in this company with what we expect will be its explosive growth financially in 2026 and 2027, there is much that AMC Entertainment can and will do together in cooperation with Nova Sky Stories. More details about that to come in the coming year. I'll wrap up our webcast today by saying that AMC is so very excited about the 8-week sprint that we have in front of us to finish out 2025.

除了投資這家公司，期待它在 2026 年和 2027 年實現爆炸式增長之外，AMC Entertainment 還可以與 Nova Sky Stories 合作做很多事情。更多詳情將於明年公佈。今天網路直播的最後，我想說，AMC 對我們接下來 8 週的衝刺計畫感到非常興奮，我們將全力以赴完成 2025 年的工作。

Over the next 2 months, it will be movie after movie after movie. I can't wait for Norberg this weekend. And I was not alone when I found my sight crying in a movie theater while I was viewing an advanced screening of Focus Features' movie coming out of Christmas, the remarkable Songsun Blue. After all, as our very own Kidman has said for some heartbreak feels really good in a place like this.

在接下來的兩個月裡，將會一部接一部地放映電影。我迫不及待地想去諾伯格過這個週末了。當我在電影院觀看焦點影業即將於聖誕節上映的電影《松陽藍》的提前放映時，我發現自己淚流滿面，而我並非孤身一人。畢竟，正如我們自己的妮可基嫚所說，在這樣的地方，經歷一些心碎的感覺真的很好。

And of great importance financially to AMC. Advanced bookings for Wicked: For Good are Through the Roof. They exceed the advanced bookings that we previously had at the same time before release for the original Wicked movie of a year ago, which itself was a global Triumph, both for Universal and for AMC. And then what is there to say that James Cameron, storyteller extraordinary. The entire world is on pins and needles waiting to see your latest short of the masterpiece, Avatar Fire and Ash.

對AMC而言，這在經濟上意義重大。《魔法壞女巫：向善》的預售票房火熱。它們的預售量超過了我們一年前在原版《魔法壞女巫》電影上映前同期獲得的預售量，而原版電影本身就是一次全球性的成功，無論對於環球影業還是AMC來說都是如此。還有什麼好說的呢？詹姆斯·卡麥隆是一位傑出的故事講述者。全世界都在翹首以盼，等待著觀看你的最新短片《阿凡達：火與灰》。

With that, Sean, let's go to questions from our shareholders and from analysts.

那麼，肖恩，接下來讓我們來回答股東和分析師提出的問題。

Question-and-Answer Session

問答環節

(Operator Instructions)

（操作說明）

Eric Wold, Texas Capital Securities.

Eric Wold，德州資本證券。

A question a little bit on kind of the concessions and ticket prices. I know, obviously, you had some great success driving up the per patron spending over the past couple of years with a lot of the initiatives you've had within the theater. Just want to talk about kind of the baseline pricing kind of below the surface given the consumer environment we're in right now. Maybe talk a little bit about the pricing power, maybe the price increases that you've been kind of pushing through on both tickets and concessions.

關於優惠和票價方面，我想問一點問題。我知道，很顯然，在過去幾年裡，你透過劇院內部的許多舉措，在提高每位顧客的消費額方面取得了巨大的成功。鑑於我們目前的消費環境，我想談談價格的基本情況，也就是一些不為人知的因素。或許可以談談定價權，以及你們一直在推動的門票和特許經營商品的價格上漲。

I guess starting with tickets, have you been pushing up baseline ticket prices kind of across the board? Or has the focus mostly been on the various premium pricing options, IMAX, and consumers kind of choose to pay the higher prices for the premium auctions versus raising prices across the board on all tickets? And then on concessions, kind of what are your thoughts on kind of price increases up and beyond the need to offset kind of inflationary headwinds right now, if you feel that's something that moviegoers would be accepting in this environment or if that's something that you think is kind of -- that maybe kind of need to wait a little bit as we get a little further into '26.

我想，從門票價格來看，你們是不是全面提高了基礎票價？或者，重點主要放在各種高級定價選項、IMAX 上，消費者傾向於為高級拍賣支付更高的價格，而不是全面提高所有電影票的價格？那麼關於優惠政策，您認為除了目前抵銷通膨不利因素之外，價格還會上漲嗎？您覺得在這種環境下，電影觀眾會接受嗎？或者您認為這可能需要等到 2026 年更深入一些再考慮？

That's a question. Thank you, Eric. Nice to talk to you again, as always. I have to be very -- we're happy to talk to the point, but I got to be very careful because to talk about pricing thoughts on a going-forward basis because that could be interpreted to mean signaling to competitors. But I can comment on our pricing actions previously, and you can read into those whenever you want to read into those. If you look at our ticket pricing of $12.24 that was achieved in the third quarter, which is on a consolidated basis, it was the highest number we've ever had in our history. And if you look at our ticket pricing, it's risen pretty substantially over the past several years. It's moved in the past much faster than general consumer inflation.

這是一個問題。謝謝你，埃里克。很高興能再次和你聊天，一如既往。我必須非常謹慎——我們很樂意直奔主題，但我必須非常小心，因為談論未來的定價想法可能會被解讀為向競爭對手發出信號。但我可以對我們先前的定價策略發表評論，你們可以隨時查閱相關資料。如果你看一下我們第三季的票價，12.24 美元（這是合併後的價格），這是我們歷史上最高的票價。如果你看一下我們的票價，你會發現它在過去幾年裡上漲了不少。過去，它的成長速度遠高於整體消費通膨率。

And I would especially point you not only to looking at our consolidated prices, but looking at our prices by geographic segment. Our prices have increased in Europe and our prices have increased in the United States as well. But I think what's really interesting is, yes, some of those price increases derive from our growing commitment to PLFs. But we've also not been shy in taking ticket pricing up.

我特別要提醒您，不僅要查看我們的綜合價格，還要查看我們按地理區域劃分的價格。我們在歐洲的價格上漲了，在美國的價格也上漲了。但我認為真正有趣的是，是的，其中一些價格上漲源於我們對PLF（產品生命週期成本）的日益增長的投入。但我們也毫不猶豫地提高了票價。

And in fact, if you go back to May of 2025, just 6 weeks before the third quarter began, knowing that we had some big movies coming in June and July, we did take across-the-board price increases, not at all of our theaters in the United States, but I would say most of our theaters in the United States. And those price increases vary theater by theater and market by market. But prices did go up. And they went up because we think -- again, I want to be careful only to talk about what we've done looking backwards, not looking forward.

事實上，如果你回到 2025 年 5 月，也就是第三季開始前 6 週，考慮到 6 月和 7 月會有一些大片上映，我們確實全面提高了票價，雖然不是美國所有影院都提高了票價，但可以說美國大部分影院都提高了票價。而且，不同影院和不同市場的票價上漲幅度也各不相同。但價格確實上漲了。它們之所以上升，是因為我們認為——再次聲明，我只想謹慎地談論我們回顧過去所做的事情，而不是展望未來。

Our thoughts then were we ought to cleverly price. It goes back to your very first economics class in the Freshman college when you learned the laws of supply and demand and the laws of charging prices in the peak and charging different prices in the so-called off-peak, charging more in periods of high demand and charging less in periods of low demand. So we have not been shy in taking prices up at those theaters with the most demand.

我們當時的想法是，我們應該要巧妙定價。這要追溯到你大學一年級時上的第一堂經濟學課，當時你學習了供求規律，以及高峰期和低谷期定價的規律，即在需求旺盛時收取更高的價格，在需求低迷時收取更低的價格。因此，對於需求量最大的戲院，我們毫不猶豫地提高了票價。

We have not been shy in taking prices up on Friday and Saturday nights when demand for our theaters is at their peak. But one of the things that gave us comfort in being able to put those prices -- those price increases into place is that we also have been maniacal in finding intriguing ways to discount prices for bargain hunters. And the 2 biggest examples that come to mind are A-List. We now have almost 1 million members of our A-List program.

我們毫不猶豫地在周五和周六晚上提高票價，因為那時影院的需求量最大。但讓我們感到欣慰的是，我們能夠實施這些價格上漲，因為我們也一直在瘋狂地尋找各種有趣的折扣方式，讓精明的消費者能夠買到物美價廉的產品。我能想到的兩個最典型的例子就是 A-List。我們的A-List會員計畫現在擁有近100萬名會員。

And those people, it's out of -- this is -- we have a similar program in Europe, I might call limitless. But just talking about A-List in the United States. It's only 1 million consumers, just under. So only 1 million consumers out of a population of 330 million people. But these people account for 15% of our total patronage at AMC. That's like an incredible number from only 1 million people.

而那些人，這完全是──我們在歐洲也有類似的計劃，我可能會稱之為無限的。但我們這裡只討論美國的A級明星。只有不到100萬消費者。所以，3.3億人口中，只有100萬名消費者。但這些人佔AMC總觀眾人數的15%。這簡直是從一百萬人中得出的驚人數字。

And those people are paying between $20 and $28 a month. And on average, they're seeing 2.4 movies a month on average. But they're entitled to see 4 movies a week. That's theoretically 17 movies a month. And they're getting all that for -- depending upon what geographic market they live in, between $20 and $28 a month. For people who want to seek out a bargain, that's a good bargain.

這些人每月要支付 20 到 28 美元。平均而言，他們每月觀看 2.4 部電影。但他們有權每週觀看 4 部電影。理論上來說，那就是每月17部電影。而且他們每月只需花費 20 到 28 美元（具體價格取決於他們所在的地理區域）就能獲得所有這些服務。對於想要淘便宜貨的人來說，這絕對是一筆划算的交易。

The second bargain that comes to mind in what I think was a bold initiative by AMC that was announced effective with Tuesday, July 8, and Wednesday, July 9, and what we said would be a permanent feature going forward. We expanded our long-time discount Tuesday offering for AMC Stubs members to discount Tuesday and discount Wednesdays for AMC Stubs members. Now it's free to join AMC Stubs, and you can do it instantly merely by giving us your e-mail address.

第二個值得一提的優惠是 AMC 的一項大膽舉措，該舉措於 7 月 8 日星期二和 7 月 9 日星期三生效，我們當時表示這將是一項永久性舉措。我們擴大了AMC Stubs會員長期以來的「週二折扣」優惠，現在AMC Stubs會員還可以享受「週二折扣」和「週三折扣」。現在加入 AMC Stubs 完全免費，只需提供您的電子郵件地址即可立即加入。

So anybody who wants to take advantage of the new Tuesday, Wednesday discounts can do so. We stepped -- we made the level of the discount much more dramatic by positioning it as a 50% discount to the typical evening list price on a standard auditorium. So it's a powerful discount. It's available on twice the number of days per week that it was for the last 15 or so years when the movie industry thoroughly had discount Tuesdays.

所以，任何想要享受週二、週三折扣的人都可以這樣做。我們採取了更激進的措施——將折扣力度加大，使其達到標準禮堂晚間票價的 50% 折扣。所以這是一筆力度很大的折扣。現在每周可觀看的天數是過去 15 年左右的兩倍，而過去 15 年左右，電影業一直實行「週二折扣日」。

The fact that we now have 50% off Tuesdays and 50% off Wednesdays also is a tremendous enrollment device to encourage moviegoers to join AMC Stubs because they only get the discount if they're AMC Stubs members. But as I said, you can easily and instantly join. And so like AMC is committed to offering bargains -- but we're also -- we've also proven in the past that we believe we not only can offer premium experiences, which in themselves command premium prices, but we believe and we demonstrated through our past actions, again, not signaling about the future, that we are willing and able to raise price across the board.

現在，每週二和週三都有五折優惠，這也是一個巨大的招募機制，可以鼓勵影迷加入 AMC Stubs 會員，因為只有 AMC Stubs 會員才能享受折扣。但正如我所說，您可以輕鬆快速地加入。因此，就像 AMC 致力於提供優惠一樣——但我們也——我們過去也證明，我們相信我們不僅能夠提供優質體驗（這些體驗本身就需要高價），而且我們相信，並且我們通過過去的行動也證明了（再次強調，這並不代表未來），我們願意並且能夠全面提價。

As for food and beverage pricing, I'll let Sean talk to that and our otherwise compression strength in the area of concessions.

至於食品和飲料定價，我會讓肖恩來談談，以及我們在特許經營領域的其他方面的競爭優勢。

Thanks, Adam. Clearly, food and beverage is a key focus area for us, as one would expect, right, because of the profitability of that segment. And when we look at our food and beverage business, the key drivers of our food and beverage per person are the percentage of people participating going to the concession stands and buy food and beverage, the number of units that they buy when they go to the concession stand, and the price they pay.

謝謝你，亞當。顯然，食品和飲料是我們重點關注的領域，這也在情理之中，因為該領域利潤豐厚。當我們審視我們的食品和飲料業務時，影響人均食品和飲料消費的關鍵因素是：前往特許經營攤位購買食品和飲料的參與者百分比、他們在特許經營攤位購買的單位數量以及他們支付的價格。

And if you look at the increase in food and beverage per person versus pre-pandemic levels, all three of those factors, all three participation units per transaction, and price has been part of that significant increase in food and beverage. If you look just at Q3, then in Q3, the percentage participation and the price were the biggest drivers of our food and beverage increase.

如果你看一下人均食品和飲料消費量與疫情前水準的對比，這三個因素，即每次交易的三個參與單位和價格，都是食品和飲料消費量大幅增長的原因。如果只看第三季度，那麼在第三季度，參與率和價格是我們食品和飲料成長的最大驅動因素。

To drill down on the price aspect of that food and beverage per person in a little more detail, I think there's a couple of factors here. One is the price is impacted by mix, right? What are our guests buying. And as we've added collectible concession vehicles, we increasingly focused on movie-themed drinks and movie-themed cocktails, that's really helped to increase the price, even if actually the price for the regular item hasn't changed that you have that positive mix impact, and we see that still being very, very beneficial for our business.

為了更詳細分析每人餐飲的價格，我認為這裡有兩個因素。價格受產品組合影響，對吧？我們的客人都在買什麼？隨著我們增加了收藏版特許經營車，我們越來越注重電影主題飲料和電影主題雞尾酒，這確實有助於提高價格，即使常規商品的價格實際上並沒有改變，這種積極的組合影響，我們認為這對我們的業務仍然非常非常有利。

The other thing to say about price is we've been very analytical with the data that we have on pricing. So really looking at individual theaters, individual market locations, where can we take price, where should we reduce price. We're very focused on that. And then we're always offering opportunities in discounts, as we spoke about the discount days, if you look at the food and beverage, we have discount food and beverage offerings on those discount ticket days as well. So there's something available for the consumer in. But again, it's sort of food and beverage is really critical to our business and been a big part of why we've been so successful in our per-person metrics as we've gone through the recovery.

關於價格，還有一點要說明的是，我們對現有的定價數據進行了非常深入的分析。所以，我們實際上要逐一影院、逐個市場地進行考察，看看哪些地方可以降價，哪些地方應該降價。我們非常關注這一點。此外，我們還會提供各種折扣優惠，就像我們剛才提到的折扣日一樣，如果您查看食品和飲料，您會發現我們在折扣票日也會提供折扣食品和飲料。所以消費者還是能買到一些東西的。但話說回來，食品和飲料對我們的業務至關重要，也是我們在復甦過程中人均指標如此成功的重要原因之一。

And if I can add, Eric, sort of I think getting to the thrust of your question as opposed to the factual answers, I think you were trying to inquire, do we think with angst in the general economy, and like are we somehow constrained by consumer sentiment that somehow our pricing actions will be limited. And again, I don't want to make any kind of speculative comment about what we will do in the future. But I would like to point out this fact.

艾瑞克，如果我可以補充一點，我認為我更想抓住你問題的重點，而不是給出事實答案。我想你是想問，我們是否會因為整體經濟狀況的焦慮而感到不安，以及我們是否會受到消費者情緒的某種制約，從而導致我們的定價策略受到限制。再次聲明，我不想對我們未來要做的事情做任何推測性評論。但我想要指出這一點。

I don't feel -- I think we have to be -- I always say you want to be prudent in not taking prices up too quickly. But I don't feel any price limitation from our clientele. The fact that our premium screens sell out first tells us something. The fact that we introduced 151 XL screens that already were screens that already existed in our theaters. They are bigger than the other screens in our theaters, and we just slot the XL logo on the door to remind people it was a bigger screen and that we're able to command almost a 10% price premium from those XL screens.

我不覺得──我認為我們必須──我總是說，在提價時要謹慎，不要提價太快。但我感覺我們的客戶對價格並沒有什麼限制。我們的高端螢幕總是最先售罄，這說明了一些問題。事實上，我們引進了 151 個 XL 銀幕，而這些銀幕原本就存在於我們的戲院中。它們比我們戲院的其他螢幕更大，我們只需在門上貼上 XL 標誌，提醒人們這是更大的螢幕，我們就能從這些 XL 螢幕上收取近 10% 的溢價。

But here's one other little factoid that shows you that I believe that our consumer is willing to pay for what we offer. Our merchandise business was literally nonexistent three years ago. nonexistent. I mean, like $0 in revenue for merchandise. This year, 2025, globally, US and Europe combined, it's going to be over $65 million. And if you look at the price points of some of these merchandise items that we're selling at the concession stand, it's not hard to find items that are priced at $15.99, $19.99, $29.99, more than $30 a pop. And like literally, one of our biggest problems is that we're selling out too quickly. We are often sold out. We're sometimes ordering 50,000, 100,000 of these units in the United States alone, and we're selling out on the first night or 2. It's a high-class problem. And you do have to order this stuff 9 months in advance and get it shipped in economically.

但還有一點小事實可以說明，我相信我們的消費者願意為我們提供的產品/服務付費。三年前，我們的商品業務簡直是不存在的。完全不存在。我的意思是，商品銷售收入幾乎是零。今年（2025年），全球（包括美國和歐洲）加起來將超過6,500萬美元。如果你看看我們在小賣部出售的一些商品的價格，不難發現有些商品的價格是 15.99 美元、19.99 美元、29.99 美元，甚至超過 30 美元一件。實際上，我們最大的問題之一就是產品銷售速度太快了。我們經常售罄。我們有時僅在美國就訂購 5 萬台、10 萬台這樣的設備，而且往往在前一兩晚就售罄。這是高檔的問題。而且這些東西需要提前9個月訂購，並以經濟實惠的方式運送過來。

But I mean, it's just another example. Consumers are willing to reach into their pockets to pay us for the experience that we offer, provided that we do a good job of it. And that's why we work so hard to keep our theaters in good shape. That's why we work so hard to keep our film crew staff motivated and treating our guests well. And just look at the results. highest ticket prices in our history, second best food, and revenues per patron -- I guess it's ticket prices per patron in our history, second highest food and beverage revenues per patron in our history achieved in this third quarter.

但我的意思是，這只是另一個例子而已。只要我們做得好，消費者就願意掏錢為我們提供的服務體驗付費。正因如此，我們才如此努力地保持劇院的良好狀態。這就是為什麼我們如此努力地激勵我們的電影攝製組工作人員，並善待我們的客人。看看結果吧。票價創歷史新高，餐飲服務排名第二，人均消費——我想應該是人均票價創歷史新高，餐飲人均消費也創歷史第二高，而這一切都發生在第三季。

With that, operator, I think we're going to turn to some shareholder questions. Sean, what's the first question from our shareholder base?

那麼，操作員，我想我們接下來要回答一些股東問題了。肖恩，我們的股東最關心的第一個問題是什麼？

Yes. There's been a lot in the press about the Warner Bros situation, and people are interested in what our comments on that are.

是的。媒體對華納兄弟的情況進行了很多報道，大家都很想知道我們對此有何評論。

So it's a little premature to speculate about what's going to happen at Warner Bros. There are some obviously who believe that Warner Bros will stay independent. There are others who obviously are aware of Paramount's repeated offers. There are other potential suitors for Warner who seem to be emerging. Let me just say this because it's not a reality yet, and so there's no real need to speculate too much.

所以現在就猜測華納兄弟公司會發生什麼事還為時過早。顯然有些人認為華納兄弟會保持獨立。顯然還有其他人知道派拉蒙影業多次發出邀請。華納似乎還有其他潛在的追求者正在湧現。我之所以這麼說，是因為這尚未成為現實，所以沒有必要太多猜測。

I would like to comment that AMC is thrilled beyond thrilled that David Ellison and his organization, led by Jeff Shell, have bought Paramount. We think they're going to do a spectacular job, and they have committed to greatly increasing the movie count that Paramount will be releasing going forward. Paramount was down to 7 movies a year. We think that Paramount is on record as saying they want to more than double that movie count as quickly as they can under the ownership of David Ellison.

我想說的是，AMC 對大衛·埃里森及其領導的傑夫·謝爾領導的團隊收購派拉蒙影業感到無比興奮。我們認為他們會做得非常出色，並且他們承諾將大幅增加派拉蒙未來發行的電影數量。派拉蒙影業當時每年只製作7部電影。我們認為派拉蒙曾公開表示，在戴維·艾里森的領導下，他們希望盡快將電影數量增加一倍以上。

Similarly, Warner Bros has told us that they also -- I think they were down to 11 movies in 2025. And they also would like to be and are committed to increasing the release of more movies in 2026 and beyond. That also is very good for AMC. So I guess with respect to any potential studio consolidation, our attention will be laser-focused on one issue and one issue only.

同樣，華納兄弟也告訴我們，他們原本計劃在 2025 年只拍攝 11 部電影。他們也希望並致力於在 2026 年及以後增加電影的發行量。這對AMC來說也是非常有利的。所以我想，對於任何潛在的工作室合併，我們的注意力將只會集中在一個問題上。

And that is the count of movie releases that's coming up from studios. Clearly, if it's more movies, that's good for AMC. And if it's less movies, that's not as good for AMC. So we're watching closely. And what we're watching more than anything else is will the number of movies being issued going forward go up or not. Next question.

這就是各大電影公司即將上映的電影數量。顯然，如果電影數量增加，這對AMC來說是好事。如果電影數量減少，這對AMC來說就不是好事了。所以我們正在密切關注。而我們最關注的莫過於未來電影發行數量是否會增加。下一個問題。

We've had -- and we were just talking about it a few moments ago, we've had a couple of quarter-after-quarter of really, really strong performance metrics for the business. And kind of related to the question we just discussed as well is people are asking how sustainable is that? Can we continue to keep these key performance metrics at this high level as the industry box office continues to recover?

我們已經連續幾個季度取得了非常非常強勁的業務業績指標——我們剛才還在討論這個問題。與我們剛才討論的問題有點相關的是，人們也在問，這種做法的可持續性如何？隨著電影票房持續復甦，我們能否繼續維持這些關鍵績效指標在高水準？

I'm completely convinced that we can keep these metrics strong, that they are, in fact, not flukes but sustainable and that we can grow them. And what gives me that confidence is we've been growing them now for six years, since 2019, or really in the last three years since the box office sort of got semi-respectable post-COVID. And we apply as a company so much attention and brainpower, mental acuity to getting those metrics up. They didn't happen by accident. And we'll apply that same emphasis on keeping those metrics strong and growing, looking ahead.

我完全相信我們可以保持這些指標的強勁勢頭，它們實際上並非偶然，而是可持續的，而且我們可以使它們繼續增長。讓我充滿信心的原因是，我們已經發展了六年，從 2019 年開始，或者更確切地說，是從新冠疫情后票房勉強恢復到可以接受的水平開始的最近三年。我們公司投入了大量的精力、腦力和思考敏銳度來提升這些指標。這些事情的發生並非偶然。展望未來，我們將持續重視維持這些指標的強勁成長。

There are two numbers that kind of fed my head more than anything else about how AMC survived the last five years, because look, I mean the industry box office is still 20% down from pre-pandemic levels. That's a problem. Some people don't want to admit that's a problem, but that's a problem. It would be much easier for us if we can see the box office grow to what we hope will be a much larger pace in 2026 than it's been in the last 3 years.

有兩個數字比其他任何因素都更讓我思考 AMC 是如何在過去五年中生存下來的，因為你看，我的意思是，整個行業的票房收入仍然比疫情前的水平下降了 20%。那是個問題。有些人不願意承認這是個問題，但這確實是個問題。如果票房能在 2026 年以我們希望的速度成長，比過去 3 年的成長速度快得多，那對我們來說就容易多了。

And as I said in my prepared remarks, if you look at the 9-month period from April 1 to December 31, 2025, the industry has not been on the $9 billion pace that it will probably be on for 2025 calendar year, but a $10 billion pace. And it sure be nice if that's the pace that we have going forward.

正如我在準備好的演講稿中所說，如果你看一下 2025 年 4 月 1 日至 12 月 31 日這 9 個月的時間，該行業的增速並沒有達到 2025 年全年可能達到的 90 億美元，而是達到了 100 億美元。如果未來能保持這樣的速度，那當然很好。

In a rising box office environment, AMC does very well because two thirds of our incremental revenue drops the EBITDA line. It's not a linear relationship between rising box office and rising EBITDA. It's an exponential relationship between rising box office and EBITDA. So the same attention that we're paying to keeping these metrics strong comes much more easily in a growing box office.

在票房不斷上漲的環境下，AMC 的表現非常出色，因為我們新增收入的三分之二都降低了 EBITDA 指標。票房成長與 EBITDA 成長之間並非線性關係。票房成長與 EBITDA 呈指數級關係。因此，我們致力於維持這些指標強勁成長的力度，在不斷成長的票房中會更容易發揮作用。

The other metric, the number that -- or I said there are 2 numbers that float in my head. Look at our contribution per patron. Our contribution per patron pre-pandemic 2019 versus say, it's up 54% in 6 years, 54% increase in contribution. We would not be alive today had it not been for our ability to increase our contribution margin by 54%. We are simply a much more efficient operator than we were pre-pandemic, and we don't need the box office to come all the way back to pre-pandemic levels for us to be very successful at the EBITDA line. This other number that floats in my head, of course, is we raised $4.5 billion of equity over the past 6 years and $2 billion of debt, which we have since repaid off not only the $2 billion that we raised, but we paid off more than $1 billion more than that. So our debt levels are actually lower today than they were going into the pandemic. But we still owe so much gratitude to our shareholder base, especially our retail shareholder base, who stayed with us all these years because their belief in our future, their willingness to let equity come into our coffers to keep our cash reserves robust and healthy and strong are why we made it.

另一個指標，或者說，我腦子裡有兩個數字在盤旋。看看我們每位贊助者的貢獻。疫情前的 2019 年，我們每位贊助人的捐款金額與疫情後的 6 年相比增加了 54%，捐款額增加了 54%。如果沒有將貢獻毛利率提高 54%，我們今天就不會存在。我們現在的營運效率比疫情前高得多，我們不需要票房完全恢復到疫情前的水平，就能在 EBITDA 方面取得巨大成功。當然，我腦海中還縈繞著另一個數字：過去 6 年裡，我們籌集了 45 億美元的股權和 20 億美元的債務，而我們不僅償還了籌集的 20 億美元，還額外償還了 10 億美元以上。所以，我們目前的債務水準其實比疫情爆發前還要低。但我們仍然非常感謝我們的股東基礎，特別是我們的散戶股東基礎，他們多年來一直與我們並肩前行，因為他們相信我們的未來，願意讓股權流入我們的金庫，以保持我們的現金儲備強勁健康，這正是我們取得成功的原因。

Next question?

下一個問題？

Do you want to comment a little bit about the M&A environment? We recently noticed Connapolis' acquisition of Imagin Entertainment, and any thoughts on the M&A environment in this industry for us?

能否就併購環境發表一下看法？我們最近注意到 Connapolis 收購了 Imagin Entertainment，您對我們這個行業的併購環境有什麼看法？

Sure. So we ended the third quarter with $363 million of cash on hand. Every dollar of that cash is earmarked. So now is not a great time for us to be diverting cash to other strategies other than running our company well and strengthening our balance sheet. Similarly, we are out of shares. So it's not like under the current situation, we could use share equity capital as a currency for M&A activity. Having said that, over time, our cash reserves will grow from whatever means. And when I look at the M&A environment, it looks quite attractive to us right now.

當然。因此，截至第三季末，我們手頭現金為3.63億美元。每一分錢都已指定用途。所以現在不是我們把資金轉移到其他策略的好時機，我們應該把重點放在好好經營公司和強化資產負債表上。同樣，我們的股票也已售罄。所以，在目前的情況下，我們不能把股本當作併購活動的貨幣。也就是說，隨著時間的推移，無論透過何種方式，我們的現金儲備都會成長。而就目前的併購環境來看，它對我們來說相當有吸引力。

Cinnapolis, a high-quality operator in Europe, bought 14 movie theaters in the United States at 5x trailing EBITDA, 5x. Now it's only 14 theaters. Like you couldn't buy AMC for 5x EBITDA because we're 900 theaters, not 14. But it does tell you that there are plenty of movie theater circuits out there who have less than 1% market share, less than 2% market share, where we, AMC, if we had cash to deploy for M&A purposes, could pick them up at levels at bargain levels and then arbitrage them into being worth much more if they were part of the AMC network. And not only much more merely because we trade at higher multiples than what you might pick up some of these circuits for the cheap, but also because if those theaters were run by AMC, we believe they would do better.

歐洲一家優質營運商 Cinnapolis 以過去 EBITDA 的 5 倍價格收購了美國 14 家電影院。現在只剩下14家戲院了。就像你不可能以 5 倍 EBITDA 的價格收購 AMC，因為我們有 900 家影院，而不是 14 家。但這確實說明，有很多電影院線的市場份額不到 1%，不到 2%，如果我們 AMC 有足夠的現金用於併購，就可以以極低的價格收購它們，然後通過套利使它們的價值在加入 AMC 網絡後大幅提升。不僅因為我們的交易倍數比你可能低價買入這些影院的倍數要高得多，而且因為我們相信，如果這些影院由 AMC 運營，它們會做得更好。

We have better marketing strategies. We have better purchasing power. And I think our ability to deliver the numbers bottom line beat a lot of the smaller operators who are still around, and what is still a quite fragmented industry, 40% of the industry is still coming from very small operators. So I think the M&A market is ripe for us to move if we have the resources to move. Today, we don't have those resources. But I can tell you that we are paying a lot of attention to M&A activity. We're still analyzing a lot of potential combinations, small ones, not necessarily big ones. It appears to us there are -- there is opportunity out there for us at hand when it's the right time for us to move intelligently, and that is as we can do it without compromising either our cash reserves or our absolute commitment to strengthening the balance sheet.

我們有更好的行銷策略。我們擁有更強的購買力。我認為，我們在業績方面勝過了許多仍在運營的小型運營商，而這個行業仍然相當分散，40% 的市場份額仍然來自非常小的運營商。所以我認為，如果我們有足夠的資源，併購市場對我們來說已經是合適的時機了。如今，我們缺乏這些資源。但我可以告訴你，我們非常關注併購活動。我們仍在分析許多潛在的組合，都是一些小的組合，不一定是大的組合。在我們看來，機會就在眼前，只要時機成熟，我們就可以採取明智的行動，而且不能損害我們的現金儲備或我們加強資產負債表的絕對承諾。

Final question here regarding the loyalty programs. We provided a lot of additional benefits to our loyalty members recently. And so people are just asking for an update about that. How is that going with things like discount Wednesdays? So we did just add a significant benefit by adding discount Wednesdays to the mix of discount Tuesdays.

關於會員計劃，最後一個問題。我們最近為忠誠會員提供了許多額外福利。所以大家都在詢問這方面的最新進展。像是「週三特價日」這樣的活動進行得怎麼樣了？因此，我們在原有的“週二折扣”基礎上，又增加了“週三折扣”，這無疑增加了一項重大優惠。

Remember, one of our tiers of AMC Stubs is AMC Stubs A-List. Back in May, we enhanced the benefits of A-List. A-List was quite successful for us before. You used to be able to see three movies a week, now you can see 4 movies a week. We made it much easier to use the A-List program because you no longer need to fish for a state ID, a driver's license to get in, you're using A-List just as a flash your phone because we added a picture ID to your profile within our A-List within the app, within AMC app for A-List. So like that's all we did, add a lot of benefit. But the results are just great. A-List started out right after COVID when we reopened theaters in 2020, having only about 500,000 members. It's up to close to 1 million. So that's doubled over the last 5 years.

請記住，我們的 AMC Stubs 會員等級之一是 AMC Stubs A-List。早在五月，我們就提升了 A-List 會員的權益。A-List 之前對我們來說相當成功。以前一週可以看三部電影，現在一週可以看四部電影了。我們讓 A-List 計劃的使用變得更加容易，因為您不再需要出示州身份證或駕照才能加入，您只需在 AMC 的 A-List 應用程式中出示手機即可使用 A-List，因為我們已將照片 ID 添加到您個人資料中的 A-List 中。所以，我們所做的就是這些，並帶來了許多好處。但結果非常棒。A-List 是在新冠疫情爆發後，也就是 2020 年影院重新開放時成立的，當時只有大約 50 萬會員。已經接近100萬了。所以，在過去五年裡，這個數字翻了一番。

We also introduced a new tier of Stubs, our loyalty program on January 1 called Premier Go, which gives people double the points generosity that a so-called insider, a member of our free tier, gets and gives them other benefits. It's a path to getting from insider to Premier. Premier, you got there by paying $15 a year, now $18 a year, speaking of price increases. Now $18 a year. I guess my marketing department would assist. I say it's $17.99. So it's not quite $18, right? In the consumer head, we only raised it by $2, not $3. But with Premier Go, you get this increased generosity level. It's not all the way to the generosity level of Premier because Premier is a 5x level of discount. But you earn Premier Go not by paying us a $17.99 purchase price, but you earn it basically by seeing -- making 8 visits a year to our movie theaters, which isn't that hard to do. And the number, we didn't have one single member in our Premier Go tier on December 31, 2024. Sitting here today, we have between 600,000 and 700,000 of them.

1 月 1 日，我們還推出了新的會員忠誠計劃 Stubs 等級，稱為 Premier Go，它給予會員雙倍於所謂「內部人士」（即免費等級的會員）的積分，並給予他們其他福利。這是從內部人員晉升為高階主管的途徑。Premier，你以前每年只付15美元，現在每年要付18美元了，說到價格上漲。現在每年只需18美元。我想我市場部會提供幫助的。我說是 17.99 美元。所以肯定不到 18 美元，對吧？在消費者心目中，我們只提高了 2 美元，而不是 3 美元。但使用 Premier Go，您就能享受更高的優惠等級。雖然沒有達到 Premier 等級的慷慨程度，因為 Premier 等級的折扣是普通折扣的 5 倍，但仍然不及普通折扣。但您獲得 Premier Go 會員資格並非透過支付 17.99 美元的購買價格，而是透過觀看電影來獲得——每年到我們的電影院觀看 8 次電影，這並不難做到。截至 2024 年 12 月 31 日，我們的 Premier Go 會員等級中沒有一位會員。今天坐在這裡，我們擁有其中的 60 萬到 70 萬個。

And by definition, they're seeing 8 movies or more a year. Like this is really good for us. So our knowledge of loyalty programs continues to be enormous. We continue to reap great benefits from it. And we're doing this not only in the United States. In 2025, we launched a points-based loyalty program in the United Kingdom. The UK has always had -- not always, but it's for a long time, has had actually ever since we bought it in 2016, has had its limitless program, which was a model for A-List.

根據定義，他們每年觀看的電影數量為 8 部或更多。這對我們來說真的很有好處。因此，我們對會員忠誠度計劃的了解仍然非常廣泛。我們持續從中受益匪淺。而且我們不僅在美利堅合眾國這樣做。2025年，我們在英國推出了以積分為基礎的忠誠度計畫。英國一直都有——雖然不是一直都有，但已經很久了，實際上自從我們在 2016 年收購它以來就一直有，它有其無限會員計劃，這是 A-List 的典範。

But we now have a loyalty scheme in the UK, just like we have Stubs here in the US. And that loyalty program in the UK is also being spread to some of our other country territories across Europe. So this is an area where we know we're doing, and we're -- and it's one of the reasons why we're optimistic for our future.

但我們現在在英國也有了會員積分計劃，就像我們在美國的Stubs積分計劃一樣。英國的這項會員忠誠度計劃也正在推廣到我們在歐洲的其他一些國家和地區。所以，在這個領域，我們知道我們正在取得進步，這也是我們對未來充滿信心的原因之一。

With that, I think is that the last question for today. So I'd just like to close by telling you all, I don't know where you're going to be Friday night, but I'm going to be at an AMC theater watching Nuremberg. It's going to be a really great movie, I think, starring Russell Crowe. And my goodness, the movies we have coming out over the next 8 weeks, it's a parade of one great title after another. I think I can say with some degree of confidence, America and the world is going to be in movie theaters in November and December. We hope we can count you among them. Thank you for listening to us today and joining. We'll talk to you again soon. All the best.

我想，這就是今天最後一個問題了吧。最後我想告訴大家，我不知道你們週五晚上會在哪裡，但我會在AMC戲院觀賞電影《紐倫堡》。我認為這將是一部非常棒的電影，由羅素克洛主演。我的天哪，接下來 8 週上映的電影簡直是一部接一部的佳作。我可以比較有把握地說，11月和12月，美國乃至全世界的人們都會走進電影院。我們希望您也能成為其中一員。感謝您今天收聽和參與我們的節目。我們很快會再聯絡你。一切順利。

Thank you. This brings us to the end of today's meeting. We appreciate your time and participation. You may now disconnect.

謝謝。今天的會議到此結束。感謝您抽空參與。您現在可以斷開連線了。