AMC 電影院 (AMC) 2025 Q4 法說會逐字稿

Hello, and welcome, everyone, joining to today's AMC Entertain Holdings, Inc. fourth quarter and full-year 2025 earnings webcast. At this time, all participants are in a listen-only mode. Later, you will have the opportunity to ask a question here in the question-and-answer session. (Operator Instructions) Please note this call is being recorded.

大家好，歡迎大家參加今天的 AMC Entertain Holdings, Inc. 2025 年第四季及全年收益網直播。目前，所有參與者均處於唯讀模式。稍後，您將有機會在問答環節提問。（操作員指示）請注意，本次通話正在錄音。

it is now my pleasure to turn the meeting over to John Merriwether, Vice President, Capital Markets. Please go ahead.

現在我很高興將會議交給資本市場副總裁約翰·梅里韋瑟。請繼續。

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

謝謝你，斯蒂芬妮。午安.歡迎大家參加AMC 2025年第四季及全年財報網路直播。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. 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.

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。這些風險和不確定性中的許多都已在我們最近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。

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. On this webcast, we may reference non-GAAP financial measures, such as adjusted EBITDA and constant currency, among others.

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。在本次網路直播中，我們可能會提及非公認會計準則財務指標，例如調整後的 EBITDA 和固定匯率等。

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. 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.

如欲了解我們的非GAAP指標與GAAP結果的完整對比，請參閱我們網站投資者關係部分發布的獲利報告。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. Hello, everybody. Before I begin today's call, I'd like to make a personal comment, if I can. As you undoubtedly know, in early December, upon my return to AMC's home base in Kansas City, I put out a press release, which advise you all that just before Thanksgiving. During a business trip to London, I suffered a mild stroke.

謝謝你，約翰。大家好。在開始今天的電話會議之前，如果可以的話，我想發表一下個人看法。想必大家都知道，12月初，我回到AMC位於堪薩斯城的總部後，發布了一份新聞稿，告知大家感恩節前夕的狀況。在倫敦出差期間，我突發輕微中風。

Fortunately for me, I got immediate care, had a superb London hospital run by the United Kingdom's National Health Service, and it was envisioned that I would have a speedy and full recovery. There was no cognitive problem at the time of the stroke. No issue with reasoning or logic or decision-making or memory other than, that for a day or so, I completely lost my ability to speak. That was 14 weeks ago. You can hear for yourselves, my voice today. My voice is back and that I am in fighting shape and fully ready to do battle.

幸運的是，我得到了及時的治療，被送往倫敦一家由英國國家醫療服務體系運營的優秀醫院，預計我會迅速完全康復。中風時沒有認知問題。除了有一天左右的時間裡，我完全喪失了說話能力之外，我的推理、邏輯、決策和記憶力都沒有任何問題。那是14週前的事了。你們可以自己聽聽我今天的聲音。我的嗓子已經恢復了，我的身體狀態也很好，隨時準備好戰鬥。

Speaking of which, let's talk about AMC. As we close the books on 2025, one thing is clear. This was a year of meaningful progress with AMC, both operationally and financially. While it is frustrating for us, that the industry recovery unfolded at a much more measured pace than many, including ourselves, originally expected or holds. Even so, the trajectory clearly remained positive, and AMC once again distinguished itself through consistent outperformance, exceeding the expectations of many who doubted us.

說到這裡，我們來聊聊AMC。2025 年即將結束，有一件事是明確的。今年對於AMC來說，無論在營運或財務方面，都取得了意義重大的進展。雖然令我們感到沮喪的是，行業復甦的速度比包括我們自己在內的許多人最初預期的要緩慢得多。即便如此，發展軌跡依然明顯向好，AMC再次憑藉著持續優異的表現脫穎而出，超越了許多質疑我們的人的預期。

Even in a softer industry environment for the fourth quarter of 2025, where the North American box office declined by some 4.4%, AMC nonetheless, demonstrated strength and resilience. For the fourth quarter, AMC generated approximately $1.29 billion in total revenue, $134 million of adjusted EBITDA and notably $127 million of cash from operating activities along the way, especially our domestic US theaters once again delivered with a 140 basis points of industry outperformance, as we continued to capture increased market share.

即使在 2025 年第四季產業環境較為疲軟的情況下（北美票房下降了約 4.4%），AMC 仍然展現了實力和韌性。第四季度，AMC 的總收入約為 12.9 億美元，調整後的 EBITDA 為 1.34 億美元，值得注意的是，在此過程中，經營活動產生了 1.27 億美元的現金流，尤其是我們在美國國內的影院再次取得了超出行業平均水平 140 個基點的業績，我們繼續擴大了市場份額。

That's a testament to the strength of the marketing and loyalty platforms at AMC, the growing consumer preference for our entry leading premium large format and extra large-format offerings and our commitment to deliver the very best in theatrical entertainment experiences. We believe that AMC has a powerful and commanding market lead.

這證明了 AMC 的行銷和忠誠度平台的強大實力，消費者對我們入門級領先的高端大格式和超大格式產品的日益青睞，以及我們致力於提供最好的影院娛樂體驗的承諾。我們認為AMC擁有強大的市場領先地位。

Our market share confirms that AMC represents more than one out of four of all the box office dollars generated in the United States. AMC is about 50% larger in size than the second or the third largest US players. And everyone else in our highly fragmented industry, has only a 1% or 2% market share or even less than that. Sean will discuss our full year financial results in more detail. But let me point you to this.

我們的市佔率證實，AMC 在美國創造的票房收入佔比超過四分之一。AMC 的規模比全美第二或第三大院線大 50% 左右。而我們這個高度分散的行業中的其他所有企業，市佔率都只有 1% 或 2%，甚至更少。肖恩將更詳細地討論我們的全年財務表現。但我想指出這一點。

In 2025, continuing an improvement trend that has been the case for several years now, we worked so hard at AMC to make our company more efficient. Globally, our attendance in the full year was down 2.1%, but our adjusted EBITDA was up 12.7%. That's a striking contrast. And there's so much operating leverage in our company. I cannot emphasize this point enough.

2025年，為了延續過去幾年來的改進趨勢，AMC 努力提高公司的效率。從全球範圍來看，我們全年的訪問人數下降了 2.1%，但我們的調整後 EBITDA 增加了 12.7%。這形成了鮮明的對比。我們公司擁有巨大的營運槓桿。這一點我怎麼強調都不為過。

The operating leverage in our company is meaningful. Approximately two-thirds of the incremental revenue dollar drops down to the adjusted EBITDA line. So if and when our revenues are growing, our adjusted EBITDA at AMC can grow and do so meaningfully. That's our expectation for 2026.

我們公司的營運槓桿效應非常顯著。大約三分之二的新增收入會計入調整後的 EBITDA 項。因此，如果我們的營收成長，AMC 的調整後 EBITDA 也會成長，而且成長幅度會很大。這就是我們對2026年的預期。

No one's crystal ball is perfect, but most knowledgeable forecast testers have the 2026 movie slate being considerably richer than that of the past three years, or for that matter, the past six years. And that is so vital because, candidly, the economic levels that we experienced in 2025 are simply not sufficient to carry the day. But in looking to 2026, we are optimistic, and we are confident.

沒有人的水晶球是完美的，但大多數有經驗的預測者認為，2026 年的電影陣容將比過去三年，甚至過去六年都要豐富得多。這一點至關重要，因為坦白說，我們在 2025 年所經歷的經濟水平根本不足以扭轉乾坤。但展望 2026 年，我們充滿樂觀與信心。

Disney and Universal have what looked to be fabulous movie slates. Warner Brothers says that it will be releasing more movies in 2026. Paramount says that it will be releasing more movies in 2026. Amazon MGM says that it will be releasing more movies in 2026. Theatrically, even Netflix has the capability to be releasing more movies, and smaller operations like A24 and Angel Studios among others, also seem poised to embrace theatrical exhibition with ambition.

迪士尼和環球影業的電影片單看起來都非常棒。華納兄弟表示，2026年將發行更多電影。派拉蒙影業表示，2026年將發行更多電影。亞馬遜米高梅表示，將在2026年發行更多電影。從院線發行的角度來看，即使是 Netflix 也有能力發行更多電影，而像 A24 和 Angel Studios 等規模較小的公司，似乎也準備雄心勃勃地進軍院線發行領域。

With an increased count of widely released film titles coming out in 2026, it is our firm expectation in AMC that the industry box office will grow markedly in 2026 that AMC's market share will remain compelling and that the very real operating leverage inherent in our business will kick in such a way that it can cause dramatic improvement in AMC's financial results.

隨著 2026 年上映的電影數量增加，AMC 堅信 2026 年電影業票房將顯著增長，AMC 的市場份額將保持強勁，並且我們業務中固有的真正運營槓桿作用將發揮作用，從而顯著改善 AMC 的財務業績。

2026 has only just begun, but encouragingly, January was off to a strong start with the North American box office up approximately 16% compared to last year. And growth in the European market has been even more significant. Across the 12-month a year ahead, the film slate is shaping up to be one of the most compelling in recent memory, anchored by an extraordinary lineup of films that could only be described as a parade of juggernauts that are ideally suited to AMC's industry-leading network of highly productive, high-grossing theaters.

2026 年才剛開始，但令人鼓舞的是，1 月開局強勁，北美票房比去年同期增長了約 16%。歐洲市場的成長更為顯著。在接下來的 12 個月裡，電影片將呈現近年來最引人注目的景象之一，其核心是一系列非凡的影片，這些影片堪稱票房鉅作的盛宴，非常適合 AMC 行業領先的高產高票房影院網絡。

Based on the strength of the upcoming release slate. We believe that the North American box office in 2026 could increase by approximately $500 million to as much as more than $1 billion greater than was the case in 2025. And as I just articulated, and as previously reported AMC financial results prove out to be true with rising revenues, the growth in AMC's adjusted EBITDA can be substantial.

基於即將上映影片的強大陣容。我們認為，2026 年北美票房收入可能會比 2025 年增加約 5 億美元，甚至超過 10 億美元。正如我剛才所闡述的，而且先前報導的AMC財務表現也證實了這一點，隨著收入的增長，AMC調整後的EBITDA增長可能相當可觀。

I'm not going to take you through the list of 2026 movies title by title. That impressive cavalcade should play out during the year. Suffice it to say, though, that we expect to see a rising industry-wide box office in 2026, the biggest since 2019. And with the operating leverage of incremental revenues translating to incremental adjusted EBITDA, rising 2026 revenues bode well to engender a material and positive impact on AMC.

我不會逐一介紹2026年的電影清單。那場盛大的遊行應該會在今年上演。不過可以肯定的是，我們預計 2026 年整個產業的票房將會成長，這將是自 2019 年以來最大的成長。而隨著新增收入的營運槓桿作用轉化為調整後 EBITDA 的增加，2026 年收入的成長預示著將對 AMC 產生實質的正面影響。

I do want to be clear though that we will likely need at least a strong 2027 film slate as well which we do expect, by the way, for AMC to be cash flow positive in the outer years, but the considerable progress that we expect to make in this year 2026 should fill us all with heightened confidence as to our future.

不過，我想明確指出，我們可能至少還需要一個強大的 2027 年電影片單，順便說一句，我們預計 AMC 在未來幾年將實現正現金流，但我們預計在 2026 年取得的顯著進展應該會讓我們所有人對未來充滿信心。

Now let's turn from operating leverage to financial leverage and the improvements taking place within the AMC balance sheet. Strengthening the AMC balance sheet remains an extremely important strategic priority for this company. Since the end of 2020, AMC has reduced total debt by approximately $1.8 billion, including a $1.4 billion reduction in the principal balance of our outstanding debt and an additional $420 million repayment of COVID-related theater rental lease deferrals.

現在讓我們從經營槓桿轉向財務槓桿，以及AMC資產負債表正在發生的改善。加強AMC的資產負債表仍然是該公司的極為重要的策略重點。自 2020 年底以來，AMC 已減少了約 18 億美元的總債務，其中包括減少了 14 億美元的未償債務本金餘額，以及額外償還了 4.2 億美元的與 COVID 相關的影院租賃延期付款。

During 2025, AMC continued to take capital markets actions to strengthen our balance sheet and prepare for the anticipated box office recovery that we think is coming this year. In July of 2025, we closed a series of transformative transactions, including receiving more than $240 million in cash from new debt issuance. And the equitization of $183 million in debt with the potential to equitize even more up to a total of approximately $337 million. These transactions address all, I repeat, all of our 2026 debt maturities, pushing them out to 2029.

2025 年，AMC 繼續採取資本市場行動，以加強我們的資產負債表，並為我們認為今年即將到來票房復甦做好準備。2025 年 7 月，我們完成了一系列變革性交易，包括發行新債獲得超過 2.4 億美元的現金。將 1.83 億美元的債務股權化，並有可能將更多債務股權化，總額最高可達約 3.37 億美元。這些交易解決了我們所有，我再說一遍，所有 2026 年到期的債務，將它們的到期日推遲到 2029 年。

In addition, just last week, we launched yet another transaction to refinance another approximately $2.4 billion of our debt. If successful, that refinancing will extend the maturity of that debt from 2027 and 2029, all the way out to 2031. Simply put, at AMC, we continue to do exactly what we said we would do, take a decisive action for AMC Entertainment to fortify our financial foundation to bolster our tax reserves and to enhance our flexibility.

此外，就在上週，我們啟動了另一項交易，為我們約 24 億美元的債務進行再融資。如果成功，該再融資將把該債務的到期日從 2027 年和 2029 年延長至 2031 年。簡而言之，AMC 將繼續履行我們所說的，採取果斷行動，鞏固 AMC 娛樂公司的財務基礎，增加稅收儲備，提高靈活性。

With that, I'll now turn the call over to Sean Goodman, our CFO. Sean?

接下來，我將把電話交給我們的財務長肖恩古德曼。肖恩？

Thanks, Adam, and good afternoon to everyone. As Adam noted, 2025 would represent a year of meaningful operational and financial progress. Although the industry box office did fall short of expectations, AMC performed exceedingly well in the areas that are within our direct control.

謝謝亞當，大家下午好。正如亞當所指出的，2025 年將是公司在營運和財務方面取得重大進展的一年。儘管行業票房未能達到預期，但AMC在我們可直接控制的領域表現得非常出色。

For the full year 2025, the North American industry box office increased by a modest 1.5% and industry attendance in the European markets in which we operate, declined by approximately 3% versus 2024. Nonetheless, at AMC, we grew consolidated revenue by 4.6% versus 2024, to more than $4.8 billion as we welcome to more than 219 million guests to our theaters across the globe. And we grew adjusted EBITDA to approximately $388 million and nearly 13% year-over-year improvement, all of this in an essentially flat industry box office environment. We achieved these consolidated financial results with a record setting per patron revenue and per patron profit metrics.

2025 年全年，北美電影業票房收入小幅增長 1.5%，而我們運營的歐洲市場的行業觀眾人數與 2024 年相比下降了約 3%。儘管如此，AMC 的綜合收入與 2024 年相比增長了 4.6%，達到 48 億美元以上，我們在全球各地的影院接待了超過 2.19 億名觀眾。我們調整後的 EBITDA 成長至約 3.88 億美元，年成長近 13%，而這一切都發生在產業票房基本上持平的環境下。我們取得了這些綜合財務業績，每位顧客的收入和每位顧客的利潤指標均創歷史新高。

Admissions revenue per patron grew 5.9% to a record of $12.09, food and beverage revenue per patron grew 5.1% to a record of $7.62. And total revenue per patron grew 6.8% and to another record of $22.10. Importantly, our contribution margin per patron, this is defined as total revenue, less film exhibition, and food and beverage costs divided by attendance, this metric grew 7.2% to yet another record setting $14.80. This measure of per patron profitability is now 51% higher than in pre-pandemic 2019, underscoring the meaningful improvements that we have made to the business over the last few years.

每位觀眾的門票收入成長5.9%，達到創紀錄的12.09美元；每位觀眾的餐飲收入成長5.1%，達到創紀錄的7.62美元；每位觀眾的總收入成長6.8%，達到又一個新紀錄，為22.10美元。更重要的是，我們的每位觀眾貢獻毛利（定義為總收入減去電影放映成本和餐飲成本後除以觀眾人數）增長7.2%，達到又一個新紀錄，為14.80美元。這項衡量每位觀眾獲利能力的指標比疫情前的2019年高出51%，凸顯了我們在過去幾年對業務所做的顯著改進。

Breaking down our results by segment, starting with US operations, we outperformed the North American box office growing our admissions revenue by 3.9%, 240 basis points in excess of the overall industry growth. This outperformance helped drive total revenue growth of 4.6%, along with a nearly 13% increase in adjusted EBITDA. And consistent with the overall consolidated trends I referenced earlier, our US theaters delivered record-breaking per patron metrics for admissions food and beverage and total revenue with total revenue per patron growing 5.3% to $23.79.

按業務板塊細分我們的業績，首先從美國業務開始，我們的業績優於北美票房，票房收入增長了 3.9%，比整個行業的增長率高出 240 個基點。這一優異表現推動總營收成長 4.6%，調整後 EBITDA 成長近 13%。與我之前提到的整體綜合趨勢一致，我們美國的影院在入場費、餐飲費和總收入方面均創下了每位顧客的記錄，其中每位顧客的總收入增長了 5.3%，達到 23.79 美元。

In addition, the business generated a record per patron contribution margin of $15.69, a 5.7% improvement over the prior year. Domestic total revenue per patron is now 48% -- is now up 48% versus pre-pandemic 2019 and domestic contribution margin per patron is now up 56% compared to pre-pandemic 2019.

此外，該業務實現了每位顧客貢獻利潤15.69美元的創紀錄增長，比上一年增長了5.7%。國內每位顧客的總收入目前為 48%——比疫情前的 2019 年增長了 48%，國內每位顧客的貢獻毛利率目前比疫情前的 2019 年增長了 56%。

Now turning to our international operations. Note that the results are impacted by an increase in foreign currency exchange rates of approximately 4.5% year over year. With attendance at our international theater is down 5.5% versus the prior year. Revenue grew by 4.6% or was flat in constant currency and adjusted EBITDA declined by 2.1% or 10% in constant currency.

現在來談談我們的國際事業。請注意，由於外匯匯率年增約 4.5%，結果受到影響。與前一年相比，我們國際劇院的觀眾人數下降了 5.5%。營收成長了 4.6%，以固定匯率計算持平；調整後的 EBITDA 下降了 2.1%，以固定匯率計算下降了 10%。

Our international theaters also delivered record-breaking for patron metrics for admissions, food and beverage and total revenue, with total revenue per patron growing 10.6% or 5.8% in constant currency to a record setting $17.97, and contribution margin for patron growing 11.3% or 6.4% in constant currency to a record setting $12.61. Total international revenue per patron is now up 32% versus 2019, and international contribution margin per patron is up 37% compared to pre-pandemic 2019.

我們的國際影院在觀眾人數、餐飲消費和總收入等各項指標上也創下了歷史新高。每位觀眾的總收入成長了10.6%（以固定匯率計算成長5.8%），達到創紀錄的17.97美元；每位觀眾的利潤率成長了11.3%（以固定匯率計算成長6.4%），達到創紀錄的12.61美元。目前，國際影院的每位觀眾總收入比2019年增長了32%，國際影院的每位觀眾利潤率比疫情前的2019年增長了37%。

Our results for 2025 reflect the effectiveness of our industry-leading loyalty programs, innovative pricing strategies, leadership in premium formats and innovative food and beverage offerings complemented by a relentless focus on the efficiency of our operations and optimization of our theater footprint.

我們 2025 年的業績反映了我們行業領先的忠誠度計劃、創新的定價策略、在高端業績和創新食品飲料產品方面的有效性，以及我們對營運效率和影院佈局優化的不懈追求。

In that regard, we continue to execute a transformation of our theater portfolio, negotiating more favorable lease economics, exiting underperforming locations and selectively acquiring high-quality theaters that enhance our network.

在這方面，我們繼續對我們的影院組合進行轉型，協商更有利的租賃經濟條款，退出業績不佳的影院，並有選擇地收購能夠增強我們網絡的高品質影院。

During 2025, we closed 21 locations and we open three. Since 2020, we've now closed 213 locations and opened 65 locations for a net reduction of 148 theaters or roughly 15% of our portfolio. This ongoing reshaping of our footprint reflects our commitment to improve asset productivity, expand margins, and position AMC for sustainable long-term growth.

2025年，我們關閉了21家門市，同時新開了3家店。自 2020 年以來，我們已經關閉了 213 家影院，並開設了 65 家影院，淨減少了 148 家影院，約占我們影院總數的 15%。我們不斷調整業務佈局，體現了我們致力於提高資產生產力、擴大利潤率，並使 AMC 實現可持續長期成長的承諾。

Now, let's move to the balance sheet. We ended the year with $428 million of cash. This excludes restricted cash. Our free cash flow for the year was a use of cash equal to $366 million. It's very important to note that this negative free cash flow was entirely related to the first quarter of 2025. And that for the nine months ending December 31, 2025, we generated positive free cash flow of $51 million.

現在，我們來看資產負債表。年底我們擁有4.28億美元的現金。這不包括受限現金。我們本年度的自由現金流為 3.66 億美元。需要特別注意的是，這一負自由現金流完全與 2025 年第一季有關。截至 2025 年 12 月 31 日的九個月內，我們產生了 5,100 萬美元的正自由現金流。

As you may recall, our traditional working capital cycle is closely tied to the seasonality of the box office. Generally, this has resulted in a positive cash impact from working capital in the second and fourth quarters, with a negative cash impact in the first and third quarters, the first quarter typically representing the largest negative cash impact. This pattern held true in 2025 and assuming similar box of office seasonality, we would expect this cadence to exist in 2026.

您可能還記得，我們​​傳統的營運資金週期與票房的季節性密切相關。通常情況下，這導致第二季和第四季營運資金產生正現金流影響，而第一季和第三季產生負現金流影響，其中第一季通常產生最大的負現金流影響。這個模式在 2025 年仍然成立，假設辦公用品的季節性變化類似，我們預期 2026 年也會出現這種節奏。

As Adam said, strengthening our balance sheet has been and will continue to be a top priority. This includes maintaining robust liquidity and continuing to pursue opportunities to extend debt maturities, reduce debt servicing costs, and decrease the principal balance of our debt.

正如亞當所說，加強資產負債表一直是並將繼續是我們的首要任務。這包括保持充足的流動性，並繼續尋求延長債務到期日、降低償債成本和減少債務本金餘額的機會。

As Adam noted as well, we recently launched a refinancing transaction targeting our $2 billion Term Loan due in 2029 and our $400 million Odeon notes during 2027. This new debt offering, if successful, will address the vast majority of our 2027 debt maturities extend a significant portion of our debt maturities to 2031, simplify our capital structure and reduce our debt servicing costs. In addition, we're also in the market with an at-market equity offering.

正如亞當也指出的那樣，我們最近啟動了一項再融資交易，目標是償還我們 2029 年到期的 20 億美元定期貸款和 2027 年到期的 4 億美元 Odeon 票據。如果這次新的債務發行成功，將解決我們 2027 年到期的大部分債務問題，並將我們相當一部分債務的到期日延長至 2031 年，簡化我們的資本結構，並降低我們的償債成本。此外，我們也在市場上進行以市價發行的股權融資。

Proceeds from the offering will be used to strengthen our balance sheet and also allow us to continue to invest in our core business to elevate and differentiate the moviegoing experience for our guests. As of last Friday, we received $26.2 million of gross proceeds from this equity offering.

此次發行所得款項將用於增強我們的資產負債表，並使我們能夠繼續投資於我們的核心業務，從而提升和區別於我們顧客的觀影體驗。截至上週五，我們從此次股權發行中獲得了 2,620 萬美元的總收益。

Our capital allocation priorities are clear and consistent. First, maintain robust liquidity and strengthen the balance sheet; and second, invest in our core business to elevate the guest experience. This disciplined approach to capital allocation reflects our commitment to building an increasingly strong and resilient company to deliver long-term shareholder value.

我們的資本配置優先事項清晰且一致。首先，保持充足的流動性，增強資產負債表；其次，投資我們的核心業務，提升賓客體驗。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。

From a capital expenditure standpoint, our 2025 CapEx, net of lease incentives, totaled $200 million, exactly at the midpoint of our previously communicated $175 million to $225 million range. And we expect 2026 CapEx net these incentives to be between the same range of $175 million to $225 million.

從資本支出角度來看，扣除租賃誘因後，我們 2025 年的資本支出總額為 2 億美元，正好位於我們先前公佈的 1.75 億美元至 2.25 億美元範圍的中點。我們預計 2026 年扣除這些激勵措施後的資本支出將在同一範圍內，即 1.75 億美元至 2.25 億美元。

Looking ahead, we see an exceptionally strong film site in 2026 and beyond. And the operating leverage inherent in our business, coupled with continued success in growing that per patron revenue and per patron profit metrics means that we are very well positioned to meaningfully increase adjusted EBITDA, improve free cash flow, and strengthen our balance sheet with the box office growth that is anticipated in 2026 and beyond.

展望未來，我們預計 2026 年及以後電影網站將發展得異常強勁。我們業務固有的營運槓桿，加上每位顧客收入和每位顧客利潤指標的持續增長，意味著我們完全有能力在2026年及以後票房增長的預期推動下，顯著提高調整後EBITDA，改善自由現金流，並加強我們的資產負債表。

And with that, I'll turn the call back over to Adam.

那麼，我就把電話轉回給亞當了。

Thank you, Sean. Our 2025 results and our optimism for 2026 underscore that AMC remains firmly playing on offense focus on bold, strategic initiatives that elevate the moviegoing experience and reinforce AMC's position as the clear leader in theatrical exhibition.

謝謝你，肖恩。我們對 2025 年的業績以及對 2026 年的樂觀展望表明，AMC 將繼續採取積極主動的策略，專注於大膽的戰略舉措，以提升觀影體驗，並鞏固 AMC 作為影院放映領域絕對領導者的地位。

One year into our forward-looking AMC Go Plan, the results are both tangible and encouraging as AMC continues to delight our guests and AMC continues to position ourselves for sustained growth in 2026 and beyond. As one example, laser projection with its brighter, sharper screen images now exists in fully half of our US theater circuit. And how can we not revel in the leadership position that AMC enjoys and the availability of premium large format and extra large format screens?

在我們前瞻性的 AMC Go 計畫實施一年後，成果既切實又令人鼓舞，AMC 繼續為我們的顧客帶來愉悅體驗，AMC 也繼續為 2026 年及以後的持續增長做好準備。例如，雷射放映技術憑藉其更明亮、更清晰的螢幕影像，目前已在美國一半的影院中得到應用。我們怎麼能不為 AMC 所享有的領導地位以及優質大尺寸和超大尺寸銀幕的供應而感到欣喜呢？

As you know, they command sizable price premiums, and they are about 3 times more productive this than a standard screen. It's no accident that AMC has more premium large format screens and more extra large format screens than any other exhibitor on earth. So it's obvious why we are so glad that our count of IMAX screens and our count of upgraded IMAX with laser screens is growing, that our count of ever so popular Dolby Cinema screens is growing.

如您所知，它們的價格溢價很高，而且它們的生產效率大約是標準螢幕的 3 倍。AMC擁有比地球上任何其他影院都多的優質大螢幕和超大螢幕，這絕非偶然。所以，我們非常高興看到我們的 IMAX 銀幕數量、升級後的雷射銀幕 IMAX 銀幕數量以及廣受歡迎的杜比影院銀幕數量都在增長，這一點顯而易見。

You know that with CJ's ScreenX and 4DX offerings, as well as for increases to the numbers of our Prime and iSense house brand PLF offerings. I am especially pleased too, by the story surrounding AMC's XL or extra large format screens. They were created out of thin air and piloted by our Odeon team in Europe, less than two years back. And given their success we now are expanding the reach of XL broadly across our US theaters as well. We now have just right around 170 or so XL screens globally. And I would expect that that number will literally double by the end of 2026.

您知道，隨著 CJ 的 ScreenX 和 4DX 產品，以及我們 Prime 和 iSense 自有品牌 PLF 產品數量的增加，情況也是如此。我也特別高興看到AMC的XL或超大尺寸螢幕的故事。它們是由我們歐洲的 Odeon 團隊在不到兩年前就憑空創造並試運行的。鑑於 XL 的成功，我們現在也正在美國各大影院廣泛推廣 XL 的覆蓋範圍。目前我們在全球擁有約 170 台 XL 螢幕。我預計到 2026 年底，這個數字將會翻倍。

Moving beyond the auditorium. Our world-class AMC marketing and loyalty programs continue to evolve smartly in 2025. In January of 2025, we introduced a new successful AMC Stubs loyalty tier, called AMC Premiere GO! That allows consumers to trade up to premier status for a modified premier status will increase patronage at our chain without having to pay an added fee. That's taken our member enrollments all the way up to some 39 million households in the United States, accounting for an impressive 51% of our total US attendance during the year playing for points in our frequent moviegoer loyalty program.

走出禮堂。2025年，我們世界一流的AMC行銷和忠誠度計畫將繼續智慧化發展。2025 年 1 月，我們推出了新的、成功的 AMC Stubs 會員忠誠度等級，名為 AMC Premiere GO！這樣一來，消費者就可以升級到高級會員資格，而改良後的高級會員資格將增加我們連鎖店的客流量，而無需支付額外的費用。這使得我們在美國擁有的會員家庭數量達到了約 3900 萬戶，占我們全年美國總觀影人數的 51%，這些觀影者透過參與我們的常客忠誠度計劃來贏取積分。

That level of engagement not only deepens guest loyalty but also provides valuable insights given our extensive database containing as it is a myriad of purchase transactions guest by guest that enable us to smartly and more targeted basis, create marketing efforts to our best customers on an ongoing basis.

這種程度的互動不僅加深了顧客的忠誠度，而且憑藉我們龐大的資料庫（其中包含了顧客的大量購買交易記錄），也為我們提供了寶貴的見解，使我們能夠更智能、更有針對性地持續為我們最好的顧客開展營銷活動。

Another important pricing action within the scheme of our loyalty program was price increases, considerable pricing cases in our A-List loyalty program, subscription program that occurred in the month of May. And while those are examples of price rises, with a keen focus on having raised prices during peak demand periods and to the most frequent of our guests. It is also true that AMC simultaneously has remained committed to appealing to the value-conscious consumer as well. So in July of 2025, our marketing team reimagined our long-standing Discount Tuesdays program by launching an intriguing and attention getting new 50% off Tuesdays and Wednesdays initiative. Importantly, our analysis shows that the incremental attendance generated on these two weekdays now has not cannibalized our weekend attendance. And to the contrary, has increased the business generated in our theaters midweek, an outcome that benefits both AMC and our studio partners. And of course, benefits the movie-going public in addition.

我們忠誠度計畫方案中的另一項重要定價措施是漲價，5 月我們的 A-List 忠誠度計畫和訂閱計畫的漲價幅度相當大。雖然這些都是價格上漲的例子，但我們特別關注的是在需求高峰期和最常光顧的客人提高價格的情況。同時，AMC也一直致力於吸引註重性價比的消費者。因此，在 2025 年 7 月，我們的行銷團隊重新構想了我們長期推行的「週二折扣日」活動，推出了一項引人注目且備受關注的全新「週二和週三五折優惠」活動。重要的是，我們的分析表明，這兩個工作天新增的客流量並沒有蠶食我們週末的客流量。相反，這增加了我們影院在周中的營業額，這一結果對 AMC 和我們的製片合作夥伴都有利。當然，這對廣大電影觀眾來說也是有利的。

And we did not stop there. At the end of 2025, we introduced the AMC Popcorn Pass to our loyalty members, an innovative annual offering that allows AMC Stubs members to enjoy 50% off pricing all year long on a large AMC Perfectly Popcorn for a one-time fee of $29.99 plus tax per year. In only the first two months after launch, more than 120,000 guests have already paid us this $30 fee, for a Popcorn Pass. Beyond delivering exceptional value to the guest, the Popcorn Pass also encourages more frequent theater visits and deeper guest engagement.

但我們並沒有就此止步。2025 年底，我們向忠誠會員推出了 AMC 爆米花通行證，這是一項創新的年度優惠，AMC Stubs 會員只需每年支付 29.99 美元（另加稅費），即可全年享受 AMC Perfectly Popcorn 大份 50% 的折扣價。上線僅兩個月，已有超過 12 萬名顧客支付了 30 美元購買爆米花通行證。除了提供顧客超值體驗外，爆米花通行證還能鼓勵顧客更頻繁地光顧戲院，並加深與顧客的互動。

If those were things that we did in 2025, I would like to tease you today with one of what I think will be one of AMC's best new marketing ideas for 2026. Later this year, AMC will introduce preferred, so branded, premier seating, where we will block and reserve the best seats in the house in our theaters to be accessed first only by our A-List and our Stubs Premiere members. That's the two VIP tiers within our Stubs program. had no added charge.

如果說這些是我們2025年所做的事情，那麼今天我想先給大家透露一下我認為AMC在2026年最好的新行銷創意之一。今年晚些時候，AMC 將推出優先的、品牌化的尊貴座位，我們將在影院中封鎖並預留最好的座位，優先提供給我們的 A-List 會員和 Stubs Premiere 會員。這就是我們Stubs會員方案中的兩個VIP等級，無需額外付費。

At AMC, we will assure that the best seats in our auditoriums are hold out only at first anyway for our best customers. We think it will be a considerable consumer benefit that our most frequent guests will notice and greatly appreciate further cementing their brand loyalty to AMC.

在AMC，我們保證影廳裡最好的座位首先只會留給我們最尊貴的客戶。我們認為這將為消費者帶來相當大的好處，我們最常光顧的顧客將會注意到並非常感激，這將進一步鞏固他們對AMC的品牌忠誠度。

There are two other things I'd like to highlight before turning this call over to your questions. First, you may recall that a few months ago, AMC and Netflix made the joint decision to partner together. This was a significant departure from our two companies staying at arm's length from each other over a period of many years. That effort started in bringing Netflix' popular KPop Demon Hunters to AMC Tears over the Halloween weekend. That collaboration between AMC and Netflix proves highly successful with AMC delivering to Netflix approximately 35% of the film's total attendance during that holiday weekend timeframe.

在將通話交給各位提問之前，我還有兩件事想重點說明一下。首先，你可能還記得幾個月前，AMC 和 Netflix 共同決定建立合作關係。這與我們兩家公司多年來一直保持的相對獨立的關係截然不同。這項努力始於在萬聖節週末將 Netflix 的熱門劇集《K-Pop Demon Hunters》帶到 AMC Tears 頻道。AMC 和 Netflix 的合作非常成功，在那個假日週末期間，AMC 為 Netflix 貢獻了該電影總觀影人數的約 35%。

Building quickly on that momentum, our dialogue with Netflix continued, resulting in AMC's hosting the series finale of Stranger Things in some 231 AMC theaters across the United States over New Year's Eve and New Year's Day. The response to that AMC Netflix offering in theaters wildly exceeded all of our expectations. We initially only put on sale about 105,000 seats or so. But when it was all done a month later, AMC had the privilege to welcome more than 753,000 Stranger Things fans collecting approximately $15 million in cash from Netflix fans watching the Netflix product in an AMC theater.

趁著這股勢頭，我們與 Netflix 的對話繼續進行，最終促成了 AMC 在新年夜和元旦期間，在美國各地的 231 家 AMC 影院上映《怪奇物語》的劇終集。AMC與Netflix合作推出的這部影片在戲院的反應遠遠超出了我們的預期。我們最初只發售了大約 105,000 個座位。但一個月後，當一切塵埃落定時，AMC 榮幸地迎來了超過 753,000 名《怪奇物語》的粉絲，並從在 AMC 影院觀看 Netflix 作品的 Netflix 粉絲那裡獲得了約 1500 萬美元的現金。

In just two days, it was a powerful demonstration of the demand for shared theatrical experiences tied to culturally significant content. The success of our recent collaboration with Netflix highlights the strategic opportunity that lies ahead, and I am certain that we'll have more adventures together cooperatively with Netflix. With roughly two-thirds of AMC Stubs loyalty members also subscribing to Netflix, the audience overlap between our two companies is both significant and compelling.

短短兩天內，就強有力地證明了人們對與具有文化意義的內容相關的共享戲劇體驗的需求。我們最近與 Netflix 的合作取得了成功，凸顯了未來存在的策略機遇，我相信我們未來將與 Netflix 攜手共創更多輝煌。由於大約三分之二的 AMC Stubs 會員同時也是 Netflix 的訂閱用戶，因此我們兩家公司的受眾重疊度既顯著又引人注目。

As a result, our companies, our two companies should be the best of friends. And I can confirm to you that AMC is enthusiastic about the prospects of expanding our relationships with Netflix. We look forward to working together to create innovative, mutually beneficial theatrical events that drive value for both companies.

因此，我們兩家公司應該成為最好的朋友。我可以向你確認，AMC 對擴大與 Netflix 的合作關係充滿熱情。我們期待攜手合作，打造創新且互惠的戲劇活動，為雙方公司創造價值。

The second thing that I'd like to mention before closing, with the recent meteoric rise in the share price of Hycroft mining company. I could not be more pleased to report to you that our investment in Hycroft has met and exceeded attractive financial hurdle returns. In November of 2025. We monetized just more than $24 million from a partial sale of our Hycroft stake. But importantly, at the time, we said that we would retain a significant number of shares and warrants to continue to experience upside.

在結束之前，我想提一下第二件事，那就是 Hycroft 礦業公司股價最近飆漲。我非常高興地向各位報告，我們對 Hycroft 的投資已經達到並超越了預期的財務回報目標。2025年11月。我們透過部分出售我們在Hycroft的股份，獲得了超過2400萬美元的收益。但重要的是，當時我們表示，我們將保留大量股票和認股權證，以繼續獲得上漲收益。

Those remaining shares and warrants in Hycroft are worth right about $39 million at today's market closing price. So that $63 million or so in total, compares quite favorably to the $29 million that we invested in high growth four years ago. For those of you who scoffed at our Hycroft investment at that time. And there were many of you, you were wrong, right.

Hycroft 剩餘的股票和認股權證以今天的市場收盤價計算，價值約為 3,900 萬美元。因此，總共約 6,300 萬美元的投資，與我們四年前投資於高成長領域的 2,900 萬美元相比，相當可觀。致當時嘲笑我們投資海克羅夫特的人。你們當中很多人，你們都錯了，對吧。

As we conclude, AMC's resilience continues to set us apart. While the industry recovery has progressed more gradually than anyone might have originally anticipated or wish to see occur. Even so, AMC has remained agile, disciplined and firmly focused on long-term value creation. AMC has demonstrated our ability to navigate a dynamic environment, some would say an extremely difficult and challenging environment. But all the while we did so, we also strengthened our competitive position, and we emerged poised to capture gain from the opportunities that we believe are ahead.

最後，AMC的韌性使我們脫穎而出。雖然產業復甦的進程比任何人最初預期或希望看到的都要緩慢。即便如此，AMC 仍然保持靈活、自律，並堅定地專注於創造長期價值。AMC已經證明了我們有能力應對瞬息萬變的環境，有些人甚至認為這是一個極其困難且充滿挑戰的環境。但同時，我們也增強了自身的競爭地位，並做好了充分準備，抓住我們認為即將到來的機會。

That opportunity is now at hand. We expect the box office to rise to 2026.

機會就在眼前。我們預計票房收入將持續成長至 2026 年。

And please remember from this call, the two most important words that are relevant to AMC; operating leverage. An increase in our revenues in 2026 has the prospect of leading to many a smile as we watch our adjusted EBITDA levels as the year unfolds. As we have had to say far too many times over the past six years, we are not out of the woods yet, and there are challenges ahead still. But the signposts for 2026 are indicating a significantly strengthened year ahead.

請記住本次電話會議中與 AMC 最相關的兩個字：經營槓桿。2026 年收入的成長有望讓我們在觀察調整後的 EBITDA 水平時露出笑容。過去六年裡，我們已經無數次強調，我們還沒有脫離險境，前方仍然充滿挑戰。但2026年的種種跡象表明，未來一年經濟將顯著增強。

With that, let's turn the call over to our operator. They pull analysts for their questions from equity research analysts. And then, Sean, I'll give the podium to you. And you and I will review some questions submitted by our retail investors.

那麼，我們現在把電話轉接給接線生。他們從股票研究分析師中挑選分析師來回答問題。然後，肖恩，我把講台交給你。你我將一起審查一些散戶投資者提交的問題。

(Operator Instructions) Chad Beynon, Macquarie.

（操作說明）查德‧貝農，麥考瑞。

Hi, good afternoon. Thanks for taking my question. Adam, great to hear. It's sounding much better here. I wanted to ask, I know, Sean, in the prepared remarks, you talked about the screen -- or the theater count reduction in '25 and in the past couple of years. How are we thinking about your fleet or portfolio at this point given the strong outlook for content in '26? And then related to that, are there expected to be any new builds that are in that CapEx number? Thanks.

您好，下午好。謝謝您回答我的問題。亞當，聽到這個消息太好了。這裡聽起來好多了。我想問的是，我知道肖恩，在準備好的演講稿中，你談到了銀幕——或者說是2025年和過去幾年影院數量的減少。鑑於 2026 年內容市場的強勁前景，我們目前如何看待您的車隊或投資組合？與此相關的是，預計該資本支出金額中會包含任何新的建設項目嗎？謝謝。

Hey, Chad. As I said in my prepared remarks, we've done significant activity, closing over 200 theaters over the last six years and opening around 65-odd. We will continue to take actions to close theaters to reduce leases as we go forward. About 10% of our leases come up for renewal each year, so that's about 85 leases coming up for renewal.

嘿，查德。正如我在準備好的演講稿中所說，我們進行了大量工作，在過去的六年裡關閉了 200 多家影院，同時開設了大約 65 家影院。我們將繼續採取措施關閉戲院，以減少租賃費用。每年約有 10% 的租賃合約需要續約，也就是大約有 85 份租賃合約需要續約。

At each time these leases come up for renewal, we have that opportunity to improve our overall theater economics. The theater portfolio has increased significantly over the last six years. It's one of the reasons that our per patron metrics and our per patron profitability is so much higher than it was before.

每次這些租約到期需要續約時，我們都有機會改善劇院的整體經濟狀況。過去六年裡，劇院業務組合顯著成長。這也是我們現在每位顧客的各項指標和每位顧客的獲利能力比以前高得多的原因之一。

We believe there continues to be a very significant opportunity. Like most organizations or companies with a retail footprint, our theaters are a kind of normal distribution, and there is a tail of underperforming or loss-making theaters. And we see an opportunity to close those theaters or renegotiate leases and then take on new theaters that are very significantly more profitable. So I think you're going to see the similar sort of pace going forward. We'll be closing more theaters than we open, but the new ones that we opened are generating significantly more profit than the ones that we close.

我們認為仍然存在著非常重要的機會。與大多數擁有零售業務的組織或公司一樣，我們的戲院也呈現出一種常態分佈，其中有一部分是戲院業績不佳或虧損。我們看到了一個機會，可以關閉這些影院或重新談判租賃合同，然後接管那些利潤更高的新影院。所以我認為未來你會看到類似的節奏。我們將關閉的戲院數量多於新開的戲院數量，但我們新開的戲院產生的利潤遠高於我們關閉的戲院。

And to your question about sort of the CapEx level, there'll be a small number of new theater locations in 2026 and going forward. And that is included in our CapEx projections in the $175 million to $225 million range.

至於你問到的資本支出水平，2026 年及以後將會有少量新的戲院選址。這筆費用已計入我們的資本支出預測中，預計在 1.75 億美元至 2.25 億美元之間。

I might add that, look, everything we've been doing smartly over the past few years, we've been capital-light. So you specifically used the phrase new build theaters. New build theaters are considerably more expensive than what we call spot acquisitions, where we can take over a theater where most of the capital has already been spent, and we maybe pop $500,000 to $1 million just to upgrade it and bring it into the AMC fleet and apply our marketing programs and our product experiences and expertise.

我還要補充一點，你看，過去幾年我們所做的每一件事，我們都採取了輕資本策略。所以你特意使用了「新建劇院」這個詞。新建戲院的成本遠高於我們所謂的「局部收購」。在局部收購中，我們可以接管一家大部分資金已經投入的影院，我們可能只需投入 50 萬到 100 萬美元進行升級改造，將其納入 AMC 旗下，並應用我們的行銷計劃、產品經驗和專業知識。

And when we've done this in the past, we've seen substantial rises in the revenues of the theater and the efficiencies of the theater that we've taken over. So as Sean said, I'm sure we'll close some underperformers, which makes us money. It doesn't cost us money -- and we'll probably add a handful of spot theaters -- spot acquisitions as well.

過去我們這樣做的時候，我們發現我們接管的劇院的收入和效率都大幅提高了。正如肖恩所說，我相信我們會關閉一些業績不佳的公司，這會為我們帶來利潤。這不會花費我們錢——而且我們可能會增加一些零星影院——以及零星的收購。

And maybe it's worth pointing out an example of the growth, right, which in Los Angeles that we took over as a spot acquisition. And that theater used to be number 28 in the country in terms of annual box office receipts. Now with adding the AMC secret sauce, that theater is now number 5 in the country in terms of receipts. And that's just one small example of the benefits that we bring and the attractiveness of AMC as a tenant for landlords in their developments.

或許值得指出成長的例子，對吧？我們在洛杉磯收購了一家公司。而那家劇院曾經在全國年票房收入排名中名列第28名。現在，憑藉 AMC 的秘方，這家戲院的票房收入已躍居全國第五。這只是我們為業主帶來的許多好處以及AMC作為租戶對業主開發案的吸引力的一個小例子。

Okay. Great. And then my unrelated follow-up, I know you mentioned most are expecting the US box office to be up somewhere between $500 million and $1 billion. I think that's where most analysts are in this high single-digit, low double-digit growth rate.

好的。偉大的。然後，我還有一個無關的後續問題，我知道你提到大多數人預計美國票房收入將在 5 億美元到 10 億美元之間。我認為大多數分析師都認同這種高個位數到低兩位數的成長率。

International is a little harder for -- I think us in the industry to pinpoint. Do you have a gut feel if international admission revenues could be higher or lower than kind of what we're seeing in North America this year?

國際市場對我們業內人士來說，要準確定義就有點困難了。你覺得今年國際招生收入會比北美目前的水準更高還是更低？

Well, we've completed seven weeks or eight weeks of -- almost eight weeks of '26, and we know already that Europe is recovering faster than the United States from the 2025 box office. So if I had to be a betting man, we'd say Europe is going to be stronger than the US. And some of you like to report in constant currency and some of you like to report as the dollars come in.

嗯，我們已經完成了 2026 年電影上映的七到八週——差不多八週了，而且我們已經知道，歐洲從 2025 年票房中恢復的速度比美國更快。所以如果非要我打賭的話，我會說歐洲會比美國更強大。你們當中有些喜歡用固定匯率來報告，有些人則喜歡用美元匯率來報告。

The dollar has been pretty weak, which means that our overseas revenues and overseas EBITDA is coming back in US dollars and even stronger levels. So this could be -- year over year, this could be Europe's best year of the last six.

美元一直很疲軟，這意味著我們的海外收入和海外 EBITDA 將以美元計價，甚至達到更高的水平。所以，這可能是──與往年相比，這可能是歐洲近六年來最好的一年。

Okay, great to hear. Thank you very much. Appreciate it.

好的，很高興聽到這個消息。非常感謝。謝謝。

Thank you. I'm showing no additional questions at this time. I'd like to now turn it back to Sean Goodman for retail shareholder question.

謝謝。目前我沒有其他問題要問。現在我想把問題交還給肖恩·古德曼，讓他回答零售股東的問題。

Thank you, operator. Adam, we have a couple of questions here. Firstly, relating to the food and beverage business. As you and I both know, our food and beverage per patron numbers have just been spectacular post-pandemic. And I think there's really exciting opportunities for us ahead there. But the question is sort of what future change of innovations can people expect on the food and beverage side?

謝謝接線生。亞當，我們這裡有幾個問題。首先，關於食品飲料行業。如你我所知，疫情後我們餐廳的每位顧客的餐飲消費非常驚人。我認為我們未來在那裡有很多令人興奮的機會。但問題是，人們可以期待食品和飲料領域未來會出現哪些創新變化？

This is really important, because if you look at why this company has been able to navigate really turbulent orders over the past half decade, our strength in food and beverage sales has been a big reason. If you look at our contribution per patron, it's up not quite 50%, but almost 50%, which means that we don't actually need the box office to recover all the way back to 2019 and pre-COVID levels. And that's a direct result in part because of our food and beverage success.

這非常重要，因為如果你看看這家公司在過去五年中是如何應對非常動蕩的訂單的，你會發現我們在食品和飲料銷售方面的優勢是一個重要原因。如果看看我們每位顧客的貢獻，雖然成長了不到 50%，但也接近 50%，這意味著我們實際上並不需要票房完全恢復到 2019 年新冠疫情前的水平。這在一定程度上是我們在食品和飲料領域取得成功的直接結果。

I think at this point, there's a lot of finessing that's going on within our food and beverage operation, where we're using a menu experimentation to please to guess and help our bottom line. As one example, we just introduced that in the fourth quarter of freshly baked chocolate chip cookies, which not only taste great, but smell great in theater lobbies, and they were replaced donut holes, which we're not selling as well at our concession stands.

我認為目前我們在餐飲營運方面進行了很多精細的調整，我們正在透過菜單試驗來取悅顧客並提高利潤。舉個例子，我們在第四季度推出了新鮮出爐的巧克力曲奇餅乾，這種餅乾不僅味道好，而且在影院大廳裡也很香，它們取代了甜甜圈小球，因為我們在小賣部賣得不太好。

We just introduced at our dine-in theaters, a much better pizza than we've had in modern memory. It looks like real pizza, it taste like real pizza, it is real pizza. And it's really good. I tested it myself in the kitchens and I'm a pizza buff. So those are two examples.

我們剛剛在影院餐廳推出了一款比我們記憶中任何時候都好吃得多的披薩。它看起來像真的披薩，吃起來也像真的披薩，它就是真的披薩。而且真的很好。我親自在廚房測試過，我就是個披薩愛好者。以上是兩個例子。

And another thing that's really important though of what's happened in our concession stands. Is not what you eat, but when you buy, three years ago, AMC didn't sell essentially any movie merchandise. And our movie seen merchandise now has become a sizable business for us.

但還有一件非常重要的事情，那就是我們特許經營攤位發生的事情。重要的不是你吃什麼，而是你什麼時候買。三年前，AMC 幾乎不賣任何電影週邊商品。如今，我們的電影週邊商品已成為我們一項相當可觀的事業。

In 2025, it was $65 million in the United States, another $10 million to $15 million in Europe. This is a business that didn't drive literally a penny of revenue or EBITDA three years ago, and it's now doing $80 million-ish as of today and the profit margins in this thing are -- it's about 50% or so margin business, like that's substantial. And I think this movie theme merchandise business is poised to grow again dramatically in 2026. I wouldn't be surprised if it grows by 20% or more, as we enter our fourth year of successful effort in or around our concession stands in our theaters.

到 2025 年，美國將達到 6,500 萬美元，歐洲將達到 1,000 萬至 1,500 萬美元。三年前，這項業務連一分錢的收入或 EBITDA 都沒有，而如今它的收入已經達到 8000 萬美元左右，而且利潤率——大約在 50% 左右，這相當可觀。我認為電影主題週邊商品市場將在 2026 年再次迎來大幅成長。如果成長 20% 甚至更多，我不會感到驚訝，因為我們已經在影院的售貨亭及其周邊地區成功開展了四年的推廣活動。

So there's a lot going on in the industry at the moment. And there's questions about -- just for you to comment on our relationships and relations with studios, what's going on with Windows update on union negotiations and the potential for a strike later this year?

所以目前業界有很多事情正在發生。還有一些問題想請您談談我們與各大工作室的關係，Windows 更新、工會談判以及今年稍後可能發生的罷工等問題？

Sure. When you talk about what's our relationship with studios, it sure helps when you sell more movie theater tickets for every single studio than anybody else on earth, especially if you combine the ticket selling in quantity with the amount of effort that AMC devotes to our studio interactions. I can say with confidence that AMC enjoys a very strong special relationship with each and every studio, every single one, we think highly of them because our life flow depends on it. And I believe that they said highly of us, because they know at the end of the day, we're going to outperform for them above everybody else.

當然。談到我們與電影公司的關係，如果你能為每家電影公司賣出比地球上任何其他公司都多的電影票，那肯定會有幫助，尤其是當你把票房收入和AMC在與電影公司互動方面投入的精力結合起來考慮時。我可以自信地說，AMC 與每個工作室都保持著非常牢固的特殊關係，每一家都是如此，我們非常重視他們，因為我們的生存發展依賴於他們。我相信他們對我們評價很高，因為他們知道最終我們會比其他任何人都表現得更好。

So in terms of studio relations it's all great. An interesting development when I think of studios is not just the traditional studios, the majors, but we've had surprisingly good interactions of late with some of the streamers who historically were not major theatrical exhibitors.

所以就工作室關係而言，一切都很好。在我看來，電影製片廠的發展趨勢不僅包括傳統的大型製片廠，還包括一些串流媒體平台，而這些平台在歷史上並非主要的院線發行商。最近，我們與這些串流媒體平台的互動出乎意料地好。

Last year, we had real success with Apple in their film F1. We lean into it in a big way. We were very successful with the film. They were very successful with the film. We appreciate our relationship with them. I know they appreciated this support that we put forward. I'm looking forward to big things coming from Apple Original films going forward.

去年，我們與蘋果合作的電影《F1》取得了巨大的成功。我們非常重視這一點。這部電影非常成功。這部電影非常成功。我們珍惜與他們的關係。我知道他們很感激我們提出的支持。我非常期待蘋果原創電影未來能帶來更多精彩的作品。

Amazon is now telling us that their goal is to release 15 theatrical movies in 2027, and that they'll probably get up to 10 to 13 theatrical movies on their slate in 2026. That's news. Amazon MGM was only good for a movie or 25 years ago. The they've become a real player in Hollywood.

亞馬遜現在告訴我們，他們的目標是在 2027 年上映 15 部院線電影，他們可能會在 2026 年推出 10 到 13 部院線電影。這是新聞。亞馬遜米高梅公司25年前只適合拍電影。他們已經成為好萊塢的一股重要力量。

And then there's Netflix. We had this September meeting where we sorted through how we could work together and that it would be advisable to work together. And the first two efforts out of the chute were extraordinarily positive. I know that we're excited about doing more with them. And I know that they were pleased with AMC's effort on their behalf towards the end of 2025.

還有Netflix。我們在九月開會討論如何合作，並認為合作是明智之舉。前兩次出場都非常成功。我知道我們都很期待與他們進行更多合作。我知道他們對 AMC 在 2025 年底為他們所做的努力感到滿意。

You mentioned in your question, do you need negotiations? For good or for bad, we're not a party to those union negotiations. We have invested interest in their outcome, but we're not at a table.

你在問題中提到，你需要進行談判嗎？無論好壞，我們都不參與那些工會談判。我們對他們的結果很感興趣，但我們沒有參與其中。

I do know that the studios have taken these negotiations seriously. They've started the negotiation process earlier than they did last time around. I think the general consensus is that the two strikes a couple of years back, or devastating to everyone connected to the movie business, devastating to the members of the union have devastated devastating to movie makers.

我知道各大電影公司都非常重視這些談判。他們這次啟動談判進程的時間比上次要早。我認為大家的普遍共識是，幾年前的兩次罷工對所有與電影業相關的人都是毀滅性的，對工會成員來說也是毀滅性的，對電影製作人來說更是如此。

I would sure hope that we don't have to repeat anything like that. And that the Union Studio negotiations transpire in such a way that deals are met and that the production of movies goes on without interruption.

我真心希望我們不必再經歷類似的事情。而且工會製片廠的談判能夠順利進行，達成協議，電影製作也能不間斷地繼續進行。

And then our final question here is on CapEx spend. We've guided to $175 million to $225 million a year, which is the same in 2026 as it was in 2025. It's a question on how we're allocating our CapEx spend sort of what are the focus areas for our CapEx spend?

最後一個問題是關於資本支出。我們預計 2026 年的收入將達到每年 1.75 億美元至 2.25 億美元，與 2025 年的收入相同。這是一個關於我們如何分配資本支出的問題，也就是我們的資本支出重點領域是什麼？

Well, very round numbers, right? Very round numbers, $150 million of that number is what I'll call maintenance capital to keep our theaters in good shape, roofs not leaking, HVAC systems working, IT systems being overhauled as needed to continue to have AMC be a strong player from an IT standpoint. AI is capturing some of our money now because there are ways to make our company more efficient through the adoption of AI techniques.

嗯，都是非常整數的數字，對吧？這些數字非常整數，其中 1.5 億美元我稱之為維護資金，用於保持我們影院的良好狀態，確保屋頂不漏水，暖通空調系統正常運轉，並根據需要對 IT 系統進行全面改造，從而使 AMC 在 IT 方面繼續保持強大的競爭力。人工智慧現在正在蠶食我們的一些資金，因為透過採用人工智慧技術，我們可以提高公司的效率。

Beyond that though, in a capital-light way, we continue to be very committed to upgrading the theater experience. And we're going to add more IMAXs, we're going to add more Dolby Cinemas. We're going to add more Prime and iSenses, we're going to double the number of XL screens. This is all good.

除此之外，我們將繼續以輕資本投入的方式，致力於提升戲院體驗。我們還將增加更多 IMAX 影院，增加更多杜比影院。我們將增加更多 Prime 和 iSense 設備，並將 XL 螢幕的數量增加一倍。一切都很好。

At the same time a decade ago, and AMC was quite experienced in practice in renovating whole theaters expensively, ripping out seats, putting in the so-called recliner seats, which are very popular with guests. But we have a problem. And the problem is we have a number of theaters that where the volumes are so high, that we can't afford the seat loss of auditoriums. It reminds me of the old Yogi Berra quote, nobody goes there anymore because it's so crowded, he once said.

十年前，AMC 在翻新整個影院方面經驗豐富，他們花費巨資拆除舊座椅，安裝所謂的躺椅，這種座椅深受顧客歡迎。但我們遇到了一個問題。問題是，我們有很多劇院的客流量非常大，我們無法承受劇院座位減少的損失。這讓我想起了尤吉貝拉的一句名言：“現在沒人去那裡了，因為那裡太擁擠了。”

So there's -- it was easy to decide how you renovate a theater, if you got to rip everything down to the studs and put a in a recliner seats with six feet a leg room per row. But now we're at a point where that's pretty much behind us. And we're looking at how do we keep the product top flight in some of our highest volume theaters where more traditional seating is going to be the norm.

所以，要決定如何翻新劇院就很容易了，如果你要把所有東西都拆到只剩框架，然後安裝每排有六英尺腿部空間的躺椅。但現在，這種情況基本上已經過去了。我們正在研究如何在客流量最大的幾家影院中保持產品的一流水平，因為在這些影院中，更傳統的座椅將成為常態。

We came up with what we think is the answer. And interestingly, Sean, it's also a capital-light solution. We had a theater in Burbank, that was the single highest grossing theater in the United States, but it was in kind of ratty condition 2.5 years ago. The seats were tired and old and stained. We knew we had to replace all the seats, the Burbank Theater, but we also knew that the volumes were so high at the theater, we were going to need a similar seat count to what we had at the time.

我們想出了我們認為的答案。有趣的是，肖恩，這也是一個輕資本解決方案。我們在伯班克有一家電影院，那是美國票房最高的電影院，但兩年半前它的狀況相當破舊。座椅陳舊不堪，而且佈滿污漬。我們知道必須更換伯班克劇院的所有座椅，但我們也知道劇院的客流量非常大，我們需要的座位數量要和當時差不多。

So with a lot of studies, we investigated dozens and dozens of different potential seats. And we came up with what is now -- if you look at our website and app, is branded as the AMC Club Rocker. It's a very comfortable seat and much superior than anything that's in our traditional seating theaters today. It's kind of a leather look. I'm not sure it's actually leather, but it looks like leather, feels like leather, smells like leather.

因此，經過大量的研究，我們調查了數十個不同的潛在席位。於是我們推出了現在的產品——如果你查看我們的網站和應用程序，你會發現它被命名為 AMC Club Rocker。這是一款非常舒適的座椅，比我們現在傳統劇院裡的任何座椅都要好得多。它看起來有點像皮革。我不太確定它是不是真皮，但它看起來像皮革，摸起來像皮革，聞起來也像皮革。

It's got a lot of padding and cushioning. It's wider than the older sheets and it rocks. It moves around a little bit, so people can adjust the seat to their own comfort. And it was a massive headwind we put it in to Burbank 16.

它有很多填充物和緩衝層。它比舊床單更寬，而且非常好用。它可以稍微移動，因此人們可以根據自己的舒適度調整座椅。我們頂著巨大的逆風進入了伯班克16號賽道。

So we took that same exact seat, and we put it into our Empire Theater in Manhattan, in our Lincoln Square Theater in Manhattan. And week after week after week, I was seeing in our reports that of our 550 theaters-ish in the country, the three highest grossing for AMC were Burbank, Empire and Lincoln Square, week after week after week. What is the common the Burbank seat? We have since put it into some of our other theaters.

所以我們就把那個一模一樣的座位搬進了我們在曼哈頓的帝國劇院和林肯廣場劇院。一周又一周，我從我們的報告中看到，在我們全國大約 550 家影院中，AMC 票房最高的三家影院分別是伯班克影院、帝國影院和林肯廣場影院，這種情況持續了一周又一周。伯班克席位的共同點是什麼？我們之後又把它安裝到了我們其他的一些戲院。

For those of you who are knowledgeable about a theater on the Upper East Side in Manhattan called Orpheum 6 (sic - "Orpheum 7"). We're going to put that seat into Orpheum 6 (sic - "Orpheum 7") sometime this year, we're going to greatly expand the legroom to 48-inch seat pitch, which is a lot. I love to say four feet for your two legs. And the combination of a lot of legroom and that very comfortable new Club Rocker seat is going to turn that theater into what is now a tired substandard old lows theater from ages ago into a real powerhouse on the Upper East Side.

對於那些了解曼哈頓上東區一家名為 Orpheum 6（原文誤寫為“Orpheum 7”）的劇院的人來說。我們計劃今年某個時候把那個座椅安裝到 Orpheum 6（原文如此 - “Orpheum 7”）裡，我們將大大擴大腿部空間，座椅間距達到 48 英寸，這非常大。我喜歡說「兩條腿配四條腿」。寬敞的腿部空間和非常舒適的新型 Club Rocker 座椅相結合，將把這家劇院從一家破舊不堪、條件低劣的老劇院，變成上東區真正的娛樂中心。

And we're also going to look to take that Club Rocker seat into others of our theaters as well. And it's a very inexpensive effort to redo a theater and make it nice, but do so in a smart capital-light way. So those are examples of where the money is going.

我們也會考慮將這種搖滾俱樂部座椅推廣到我們其他的戲院。翻新劇院並使其變得漂亮，是一項成本非常低廉的工作，而且可以以精簡的資本投入來實現。以上就是資金流向的一些例子。

There was an earlier question about will be just good track theaters or we add some. We will do both. So when we take over a theater, we might spend $0.5 million or $1 million to bring the theater into our system if it's in relatively good shape if it needs a little bit of renovation money. Maybe we work with the theater landlord to jointly put up $2 million, $3 million, $4 million to bring some theaters into our fleet in very good condition.

之前有人問過，是只有好的軌道影院，還是我們再增加一些。我們會兩者都做。所以，當我們接管一家劇院時，如果它狀況相對較好，或者需要一些翻新資金，我們可能會花費 50 萬美元或 100 萬美元將劇院納入我們的系統。或許我們可以與戲院業主合作，共同出資 200 萬、300 萬、400 萬美元，將一些狀況良好的戲院納入我們的旗下。

Hopefully, the landlord would pay a significant chunk of that cost through tenant allowances and the like. So that's another thing that's going on within the CapEx budget. But as you said, we've got a fairly tight constraint, the couple of years ago, we were spending 4 --, $450 million, $500 million of CapEx, we believe that rounding to the $200 million range is something that we can, plus or minus 25%, is something that we can do going forward in the near term. So that's the update.

希望房東能透過租戶補貼等方式支付其中很大一部分費用。所以，這是資本支出預算內的另一項內容。但正如你所說，我們的預算限制相當嚴格。幾年前，我們的資本支出是 4.5 億美元到 5 億美元。我們認為，將支出控制在 2 億美元左右，上下浮動 25%，是我們在近期內可以做到的。以上就是最新情況。

And that concludes the retail investor questions.

零售投資者相關問題到此結束。

So let me just end the call by thank you all for listening to us today and participating with us. It is going to be the strongest slate of moviegoing that this industry has seen since 2019, the year is starting up in double digits, which is a nice way to start.

那麼，我最後要感謝大家今天收聽和參與我們的通話。這將是自 2019 年以來電影業最強勁的上映陣容，今年以兩位數的影片開局，這是一個不錯的開端。

And I leave you with this one thought that's dominating our thinking and my comments on this call, that notion of operating leverage: as revenues rise, EBITDA rises, and it does so a geometric pace. So we won't be all the way to where we need to be at the end '26, but we expect to make a dramatic amount of progress. So this should be a year that makes us all smile.

最後，我想和大家分享一個貫穿我們思考和我在本次電話會議中發言的觀點，那就是經營槓桿的概念：隨著收入的增長，EBITDA 也會增長，而且增長速度是幾何級數。因此，到 2026 年底，我們可能無法完全達到目標，但我們預計會取得巨大的進步。所以，今年應該會是讓我們所有人都笑容滿面的一年。

Thank you for joining us today. See you at the movies.

感謝您今天蒞臨。電影院見。

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。