AMC 電影院 (AMC) 2026 Q1 法說會逐字稿

Hello, and welcome, everyone, joining today's AMC Entertainment Holdings first-quarter 2026 results call. (Operator Instructions) Please note this call is being recorded. It is now my pleasure to turn the meeting over to John Merriwether, Vice President, Capital Markets. Please go ahead.

各位好，歡迎大家參加今天 AMC Entertainment Holdings 2026 年第一季業績電話會議。（接線員指示）請注意，本次電話會議將被錄音。現在我很高興將會議交給資本市場副總裁 John Merriwether。請開始。

Thank you, Leo. Good afternoon. I'd like to welcome everyone to AMC's first quarter 2026 earnings webcast. With me this afternoon is Adam Aron, our Chairman and CEO; and Sean Goodman, our Chief Financial Officer. 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.

謝謝你，Leo。各位下午好。我想歡迎大家參加 AMC 2026 年第一季財報網路直播。今天下午與我一同出席的有我們的董事長兼執行長 Adam Aron，以及財務長 Sean Goodman。在我把網路直播交給 Adam 之前，我想提醒各位，管理層在本次網路直播中所發表的部分評論可能包含前瞻性陳述，這些陳述係基於管理層目前的預期。

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 those factors that will determine the company's future results are beyond the ability of the company to control or predict.

眾多風險、不確定性及其他因素可能導致實際結果與今天可能表達的內容出現重大差異。許多此類風險與不確定性已在我們最新的公開申報文件中討論，包括我們最近提交的 10-K 與 10-Q。其中有若干決定公司未來業績的因素，超出公司可控制或可預測的範圍。

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.

鑑於任何前瞻性陳述所固有的不確定性，提醒聽眾不要依賴這些陳述。公司不承擔修訂或更新任何前瞻性陳述的義務，無論係因新資訊或未來事件所致。

On this webcast, we may reference non-GAAP financial measures such as adjusted EBITDA and constant currency, among others. For a full reconciliation of our non-GAAP measures to GAAP results, please see our earnings release posted in the Investor Relations section of our website earlier this afternoon. After our prepared remarks, there will be a question-and-answer session. This afternoon's webcast is being recorded, and a replay will be available in the Investor Relations section of our website later today.

在本次網路直播中，我們可能會提及非 GAAP 財務衡量指標，例如調整後 EBITDA 與固定匯率（constant currency）等。關於我們非 GAAP 指標與 GAAP 結果之間的完整調節，請參閱我們今天下午稍早發布於公司網站投資人關係專區的財報新聞稿。在我們的準備發言之後，將有問答環節。今天下午的網路直播將被錄音，稍後今天在公司網站投資人關係專區將提供重播。

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

接下來，我把電話會議交給 Adam。

Thank you, John. Good afternoon, everybody, and thank you for joining us today. I am so very pleased to report that AMC achieved our best adjusted EBITDA first quarter result since 2019 pre-pandemic, an adjusted EBITDA improvement of some $96 million year-over-year during the quarter.

謝謝你，John。各位下午好，感謝大家今天加入。我非常高興地報告，AMC 在 2026 年第一季達成了自 2019 年疫情前以來最佳的第一季調整後 EBITDA 表現，本季調整後 EBITDA 較去年同期改善約 9,600 萬美元。

It was driven not only by strong domestic performance, but also by vastly improved international results across our European footprint. These results are a clear testament to our disciplined operating execution in maximizing AMC's revenue growth while simultaneously containing our costs, combined with having an unwavering commitment to elevating the moviegoing experience.

這不僅來自美國本土的強勁表現，也來自我們在歐洲版圖上國際業績的大幅改善。這些成果清楚證明了我們在推動 AMC 營收成長的同時，亦能以嚴謹的營運執行有效控管成本，並且始終堅定致力於提升觀影體驗。

Let me reiterate our Q1 results for all to hear clearly. the best first quarter adjusted EBITDA in seven years for AMC, up a whopping $96 million year-over-year and far, far, far superior to consensus estimates. Our much-improved results clearly demonstrate the operating leverage that is inherent in our business, AMC's ability to generate markedly improving results at a time when revenues are rising.

讓我再次重申我們第一季的結果，讓大家清楚聽見：這是 AMC 七年來最佳的第一季調整後 EBITDA，較去年同期大幅增加 9,600 萬美元，且遠遠、遠遠、遠遠優於市場共識預估。我們顯著改善的結果清楚展現了本業所固有的營運槓桿：在營收上升之際，AMC 有能力產生明顯改善的業績。

Significantly rising revenues indeed are our continued expectation for full year 2026. Finally, after repeated flat years, primarily due to the crippling industry strikes of 2023, the box office is back and in a big and powerful way. In the first quarter of 2026, the North American box office surged an impressive 22% compared to the prior year.

我們確實預期 2026 全年營收將顯著成長。終於，在多年反覆持平之後（主要因 2023 年具毀滅性的產業罷工所致），票房已強勢回歸。2026 年第一季，北美票房較去年同期大增令人印象深刻的 22%。

The first quarter box office, the strongest since the pandemic closed theatres back in the first quarter of 2020, ended on a high note in late March with Amazon Studios Project Hil Mary rocketing to become the top grossing movie of the year to that point and Amazon Studios highest grossing film ever.

第一季票房是自 2020 年第一季疫情迫使戲院關閉以來最強的一季，並在 3 月下旬以高點作收；Amazon Studios 的《Project Hil Mary》一飛沖天，成為截至當時的年度票房冠軍，也成為 Amazon Studios 史上票房最高的電影。

But that was just the beginning. The Project Hil Mary box office result was a 2026 only 12 days because the industry momentum grew even further as the second quarter has started off with three more blockbuster hits in a row with Illuminations, the Super Mario Galaxy movie, Lionsgate and Universal's Michael and Disney's -- the Devil Wear Prada 2.

但那只是開始。《Project Hil Mary》的票房佳績在 2026 年僅維持了 12 天，因為產業動能進一步增強；第二季一開始就接連出現三部賣座強片：Illumination 的《超級瑪利歐銀河》電影、Lionsgate 與 Universal 的《Michael》，以及 Disney 的《穿著 Prada 的惡魔 2》。

There are so many more superb movie titles being released throughout 2026. Rather than regale you with a long list of impressive movies that will be coming out in the remainder of this year, let me just say this. At AMC, we've actually seen footage from the remarkable movies that are set to release.

2026 年全年還有許多優秀片名將陸續上映。我不打算用一長串令人印象深刻的片單來向各位細數今年剩餘時間將上映的電影；我只想說，在 AMC，我們其實已經看過那些即將上映的精彩電影片段。

We believe that Disney has hits coming. Universal has hits coming. Warner Bros has hits coming. Sony has hits coming. Paramount has hits coming. Lionsgate has hits coming. Amazon has hits coming, so do A24 and Neon and Baker Street and Angel Studios. This is a year where in our theaters, movie after movie after movie after movie after movie after movie will delight both our guests and our shareholders.

我們相信 Disney 會有賣座片。Universal 會有賣座片。Warner Bros 會有賣座片。Sony 會有賣座片。Paramount 會有賣座片。Lionsgate 會有賣座片。Amazon 會有賣座片；A24、Neon、Baker Street 與 Angel Studios 也一樣。這將是這樣的一年：在我們的戲院裡，一部接一部、一部接一部、一部接一部、一部接一部、一部接一部、一部接一部的電影，將同時讓我們的觀眾與股東感到滿意。

They are both franchise movies and new IP. They are big movie titles in our immediate future, but also medium and smaller titles that also look to have real consumer appeal. We could not be more optimistic about the entire 2026 film slate, especially in the second half of 2026, which we believe will see more continued robust growth, adding up to a record post-pandemic box office for full year 2026.

這些作品既有系列電影，也有全新 IP。近期將有大型片名上映，同時也有中型與較小型的片名，看起來同樣具備真正的消費者吸引力。我們對 2026 年整體片單的樂觀程度前所未有，尤其是 2026 年下半年；我們相信下半年將持續呈現強勁成長，並推動 2026 全年票房創下疫情後新高。

The domestic industry box office so far in '26 is already up about $300 million year-over-year. And as we look ahead, we think it's easy to forecast that the full year number for 2026 could be somewhere between $500 million and $1.2 billion bigger than that of 2025. If that's not enough, foreign language films in Europe are also doing particularly well and AMC's improving international performance in Europe so far in 2026 is particularly encouraging.

截至目前，2026 年美國本土產業票房已較去年同期增加約 3 億美元。展望未來，我們認為很容易預測 2026 全年票房可能比 2025 年高出約 5 億至 12 億美元。除此之外，歐洲的外語片表現也特別亮眼，而 AMC 在 2026 年迄今於歐洲的國際業績改善尤其令人鼓舞。

What's crucial about all this industry growth is the operating leverage inherent in AMC. Combining the commercial appeal and outsized performance of so many AMC theaters across the U.S. and Odeon cinemas in Europe, our commanding industry lead in offering premium screens with almost a maniacal focus on reining in our costs. We have repeatedly demonstrated in prior quarters that where there has been significant industry growth with industry revenues rising, then AMC's adjusted EBITDA correspondingly can soar.

這些產業成長最關鍵之處，在於 AMC 所固有的營運槓桿。結合我們在美國眾多 AMC 戲院與歐洲 Odeon 影城的商業吸引力與超額表現、我們在提供高規格（premium）影廳方面的領先地位，以及幾近偏執地專注於抑制成本。我們在過去幾個季度已反覆證明：當產業出現顯著成長、產業營收上升時，AMC 的調整後 EBITDA 也能相應大幅躍升。

Turning from our income statement to our balance sheet. Ever so importantly, AMC has been actively working to strengthen our balance sheet by enhancing liquidity and improving financial flexibility. As you know, we recently refinanced $400 million of debt that was due in 2027, now extending that maturity by four full years to 2031, while simultaneously reducing our annual cash interest expense in the process. We are also currently converting some $155 million of our debt into equity as we speak.

從損益表轉到資產負債表。非常重要的是，AMC 一直積極強化資產負債表，透過提升流動性並改善財務彈性。如各位所知，我們最近為 2027 年到期的 4 億美元債務進行再融資，將到期日延長整整四年至 2031 年，同時在過程中降低了我們的年度現金利息支出。我們目前也正在把約 1.55 億美元的債務轉換為股權。

To bolster cash reserves, we raised approximately $72 million of gross proceeds in the first quarter through our at-the-market equity program. And also during the first quarter, we also opportunistically sold a portion of our holdings in Hycroft Mining at an average price of $42.40 per share, realizing approximately $30 million in cash proceeds.

為了充實現金儲備，我們在第一季透過按市價發行（at-the-market）股權計畫募集了約 7,200 萬美元的總募集款。此外，在第一季期間，我們也把握時機出售了部分 Hycroft Mining 持股，平均售價為每股 42.40 美元，實現約 3,000 萬美元的現金收入。

When combined with our prior sale of Hycroft shares and warrants in the fourth quarter of 2025, AMC has now generated approximately $54 million of cash from the sale of Hycroft shares and warrants, well north of our initial total of $27.9 million invested in Hycroft. In addition, AMC continues to retain approximately 129,500 Hycroft shares to participate in potential future upside at Hycroft.

若再加上我們於 2025 年第四季出售 Hycroft 股票與認股權證的交易，AMC 目前已透過出售 Hycroft 股票與認股權證合計產生約 5,400 萬美元現金，遠高於我們最初投資 Hycroft 的總額 2,790 萬美元。此外，AMC 仍持有約 129,500 股 Hycroft 股票，以參與 Hycroft 未來潛在的上行空間。

Taking all these actions together from balance sheet item after balance sheet item after balance sheet item, AMC obviously has been vigorous in addressing the need to further right our balance sheet. With that, I'll turn the call over to Sean Goodman, our CFO, who will walk you through our financial results in Q1 in more detail. I'll then return afterwards to provide some additional, and I might add, very important updates. Sean?

綜合以上這些行動——從一個資產負債表項目到另一個資產負債表項目、再到另一個資產負債表項目——AMC 顯然一直積極有力地因應進一步改善資產負債表的需求。接下來，我把電話會議交給我們的財務長 Sean Goodman，他將更詳細地帶各位了解第一季的財務結果。之後我會再回來提供一些額外的更新，而且我想補充，這些更新非常重要。Sean？

Thank you, Adam, and good afternoon, everyone. The first quarter box office was indeed the strongest start to year in seven years as we welcomed 47.6 million guests to our theaters across the globe. This represented a 13.6% increase over last year. The operating leverage in our business when coupled with growth in our per patron performance metrics and operating efficiency resulted in first quarter adjusted EBITDA growth of $96 million and the achievement of a post-pandemic first quarter adjusted EBITDA record of $38.3 million.

謝謝你，Adam，各位下午好。第一季票房確實創下七年來最強勁的年度開局，我們在全球各地的影城共迎來4,760萬名觀眾入場，較去年成長13.6%。在我們的業務中，營運槓桿效應結合每位觀眾表現指標的提升與營運效率的改善，使第一季調整後EBITDA增加9,600萬美元，並達成疫情後第一季調整後EBITDA新高紀錄3,830萬美元。

In Q1, we set per patron records in admissions revenue, food and beverage revenue and total revenue in both our domestic and international businesses. and we exceeded $1 billion in consolidated Q1 revenue for the first time since 2019. Our consolidated contribution margin per patron, which is representative of the profit generated per incremental guest grew 6% over last year to a record of $15.19.

在第一季，我們於本土與國際業務的入場券收入、餐飲收入以及總收入的「每位觀眾」指標皆創下紀錄，且合併第一季營收自2019年以來首次突破10億美元。我們的合併每位觀眾貢獻毛利（代表每增加一位觀眾所產生的利潤）較去年成長6%，達到創紀錄的15.19美元。

This measure is now 57% higher than the first quarter of pre-pandemic 2019, underscoring the meaningful improvements in the business over the last few years. This is why the box office does not need to fully recover to pre-pandemic levels for us to be able to achieve pre-pandemic levels of adjusted EBITDA.

此項指標目前較疫情前2019年第一季高出57%，凸顯過去幾年我們在業務上取得的顯著改善。這也是為什麼，即使票房尚未完全恢復至疫情前水準，我們仍有能力達成疫情前水準的調整後EBITDA。

Domestic total revenue per patron is now up 53% versus Q1 of pre-pandemic 2019 and domestic contribution margin per patron is up 67% compared to Q1 of pre-pandemic 2019. When reviewing our international operations, you should note that Q1 2026 results were impacted by a year-over-year increase in foreign currency exchange rates of approximately 10.8%.

本土每位觀眾總收入目前較疫情前2019年第一季上升53%，本土每位觀眾貢獻毛利則較疫情前2019年第一季上升67%。在檢視我們的國際營運時，請注意2026年第一季的結果受到外匯匯率年增約10.8%的影響。

International revenue per patron is now up 34.5% or 31.4% in constant currency versus Q1 of pre-pandemic 2019. And international contribution margin per patron is up 38.6% or 35.4% in constant currency compared to Q1 of pre-pandemic 2019. Our results for the quarter reflect the box office growth combined with the impact of strong performance from our innovative loyalty programs, success with our pricing strategies, leadership in premium large formats, continued enhancements to our food and beverage offerings, disciplined operating efficiency and ongoing optimization of our theater portfolio.

國際每位觀眾收入目前較疫情前2019年第一季上升34.5%，若以固定匯率計則上升31.4%。國際每位觀眾貢獻毛利較疫情前2019年第一季上升38.6%，若以固定匯率計則上升35.4%。本季業績反映票房成長，並結合我們創新會員忠誠計畫的強勁表現、定價策略的成功、在高端大型影廳的領先地位、餐飲品項的持續提升、嚴謹的營運效率管理，以及影城組合的持續優化。

We continue to actively reshape our theater footprint by investing in facility upgrades, proactively securing improved lease terms closing underperforming locations and selectively adding theaters to meaningfully strengthen the overall quality and profitability of our circuit. During the first quarter, we closed five locations and opened one. And since 2020, we have now closed 218 locations and opened 66 for a net reduction of 152 theaters for approximately 15% of our portfolio.

我們持續積極重塑影城版圖，透過投資設施升級、主動爭取更佳租約條件、關閉表現不佳據點，並選擇性新增影城，以實質提升整體院線品質與獲利能力。第一季我們關閉5個據點並開出1個。自2020年以來，我們已關閉218個據點並開出66個，淨減152家影城，約占我們影城組合的15%。

Looking at the balance sheet. We ended the first quarter with $339 million of cash, excluding $42 million of restricted cash. And as previously noted, our working capital cycle follows box office seasonality. So typically, we generate cash in the second and fourth quarters, and we use cash in the first and third quarters, with the largest outflow occurring in the first quarter. This pattern held true for the first quarter of 2026, contributing to our cash burn.

就資產負債表而言，我們在第一季末持有現金3.39億美元（不含4,200萬美元的受限制現金）。如先前所述，我們的營運資金週期隨票房季節性而變動，因此通常在第二季與第四季產生現金，在第一季與第三季使用現金，其中最大現金流出發生在第一季。2026年第一季亦符合此一模式，並造成我們的現金消耗。

Balance sheet strength continues to be a priority with a focus on maintaining liquidity, extending maturities, lowering borrowing costs and reducing debt and leverage, while still continuing to invest in our core business to enhance the moviegoing experience. To that end, as Adam noted, this quarter, we successfully raised approximately $101 million through our at-the-market equity offering plus the sale of Hycroft shares.

強化資產負債表仍是優先事項，我們聚焦於維持流動性、延長到期結構、降低借款成本、並降低負債與槓桿，同時仍持續投資核心業務以提升觀影體驗。為此，如Adam所提，本季我們透過市價發行（ATM）股權增資以及出售Hycroft持股，成功籌得約1.01億美元。

The capital raised is being used to both strengthen the balance sheet and invest in initiatives that elevate and differentiate the guest experience. Following the successful refinancing of $400 million of 12.75% debt maturing in 2027 with a new $425 million first lien term loan at 10.5% that is due in 2031, our sole remaining debt maturity prior to 2029 is $125.5 million of 6.25% unsecured notes, which mature in 2027.

所籌資金將用於同時強化資產負債表，並投資於提升與差異化顧客體驗的各項計畫。在成功將2027年到期、利率12.75%的4億美元債務再融資為一筆新的4.25億美元第一順位擔保定期貸款（利率10.5%，2031年到期）後，我們在2029年之前唯一剩餘的到期債務為1.255億美元、利率6.25%的無擔保票據，於2027年到期。

And of course, our balance sheet is further strengthened by the announcement earlier today that approximately $155.8 million of senior secured exchangeable notes due in 2030 are converting into equity, yet another step along our path to reduce debt and improve financial -- from a capital expenditure standpoint, CapEx net of lease incentives was $28.4 million in the quarter, and our 2026 CapEx guidance remains the same, between $175 million and $225 million net of lease incentives.

當然，我們的資產負債表也因今日稍早宣布的消息而進一步強化：約1.558億美元、2030年到期的優先擔保可交換票據將轉換為股權，這是我們降低負債並改善財務——就資本支出而言，本季資本支出（扣除租賃補助）為2,840萬美元，而我們2026年資本支出指引維持不變，為扣除租賃補助後介於1.75億至2.25億美元。

So in summary, the first quarter reflects a very strong start to the year with growth in attendance, coupled with record per patron revenue and per patron profit driving significant improvement in adjusted EBITDA. All of this positions us very well as we move into what we expect to be an increasingly robust box office environment as we progress through 2026. And with that, I'll turn the call back over to Adam.

總結而言，第一季展現了非常強勁的年度開局：出席人次成長，加上每位觀眾收入與每位觀眾利潤創新高，推動調整後EBITDA顯著改善。隨著我們邁入2026年後續期間、票房環境預期將愈加強勁，這些成果使我們處於非常有利的位置。接下來我把電話交回給Adam。

Thank you, Sean. Before we go to your questions, I want to briefly address five key topics that are important indicators of the progress being made at AMC. First, the 2026 film slate is bigger, bolder, deeper and more visually spectacular than what we've seen in many years.

謝謝你，Sean。在進入提問之前，我想簡要談五個關鍵主題，這些都是AMC正在取得進展的重要指標。第一，2026年的片單比我們多年來所見更大、更強、更深、更具視覺震撼。

These are exactly the kinds of films that demand to be seen on the big screen in premium large-format auditoriums, such as AMC's 225 IMAX at AMC auditoriums, our 181 Dolby Cinema at AMC screens, our screen ex at AMC and 240x at AMC screens, along with our house brand, 47 primate AMC screens in the U.S. and 83 iSense auditoriums at Odeon across Europe.

這些正是那種必須在大銀幕、且在高端大型影廳中觀看的電影，例如AMC的225個IMAX at AMC影廳、181個Dolby Cinema at AMC銀幕、我們的ScreenX at AMC與240X at AMC銀幕，以及我們的自有品牌：美國境內47個Prime at AMC銀幕，與Odeon在歐洲的83個iSense影廳。

They all join our 3,543 laser at AMC equipped screens and our 168 XL screens across the world. I'm giving you these numbers to remind you of the salient fact that no one has more premium screens than AMC. And with the AMC Go plan, we are not standing still on these quantities. We are yet again still significantly expanding the number of our premium offerings and adding even more laser projection technology.

它們也都加入我們在全球配備的3,543個Laser at AMC雷射放映銀幕，以及168個XL銀幕。我提供這些數字，是要提醒各位一個重要事實：沒有任何一家擁有比AMC更多的高端銀幕。而透過AMC Go計畫，我們不會停留在現有規模；我們再次大幅擴增高端產品的數量，並導入更多雷射放映技術。

We also will be looking to increase the number of theaters, especially in the United States that offer our far more comfortable branded AMC Club Rocker seats, which have been the secret of our success at three notable theaters, Empire Lincoln Square in Manhattan and Burbank in the Los Angeles market, which continually rank week after week as being among the absolute highest grossing theaters in the entire country. We think they own much of their success to the Club Rocker seats and we will be taking these club Rockers to many more of our high-potential theaters.

我們也將尋求增加提供更舒適的品牌座椅——AMC Club Rocker座椅——的影城數量，尤其是在美國。這些座椅一直是我們三家指標性影城成功的祕密：曼哈頓的Empire Lincoln Square，以及洛杉磯市場的Burbank等影城，這些影城每週都持續名列全美票房最高的影城之列。我們認為其成功很大一部分歸功於Club Rocker座椅，因此我們將把這些Club Rocker導入更多具高潛力的影城。

Second, speaking of our commitment to innovation. Since 2023, with AMC's sensational partnership with Taylor Swift, AMC has gotten more and more involved in bringing musical artists in some shape or form to theaters. Taylor & Beyonce, Usher and Billy Eilish and Nicole Scherzinger are just some of the musical grace who have graced AMC screens either with concert films or album release celebrations.

第二，談到我們對創新的承諾。自2023年起，隨著AMC與Taylor Swift的轟動性合作，AMC愈來愈多地以各種形式把音樂藝人帶進影城。Taylor與Beyonce、Usher、Billy Eilish以及Nicole Scherzinger等，只是其中一些曾以演唱會電影或專輯發行慶祝活動登上AMC銀幕的音樂巨星。

Today, I am especially excited to unveil something that is brand new to you all that AMC will be taking music to a whole new level. We are announcing today a wholly new product line, Arena 1 at AMC. Starting this June, right around the corner, AMC Theaters will offer a truly groundbreaking shared live concert experience from day one across more than 300 AMC theater locations in 89 markets nationwide.

今天，我特別興奮要揭露一項對各位而言全新的內容：AMC將把音樂帶到全新層次。我們今天宣布一條全新產品線——Arena 1 at AMC。從今年6月起、就在眼前，AMC影城將在全美89個市場、超過300個AMC據點，自第一天起提供真正突破性的共享現場演唱會體驗。

Arena 1 at AMC will deliver exclusive real-time interactive live concerts where our artists will perform live from a purpose-built stage and grade and engage directly with audiences inside our theaters across the country. This is a highly immersive commuter experience, combining the energy of a live concert with the scale, comfort, accessibility and affordability unique to AMC.

Arena 1 at AMC將帶來獨家、即時互動的現場演唱會：藝人將在專門打造的舞台上現場演出，並與全國各地影城內的觀眾直接互動交流。這是一種高度沉浸式的社群體驗，結合現場演唱會的能量，以及AMC獨有的規模、舒適性、可近性與可負擔性。

We believe that this innovation can open an entirely new chapter in live entertainment while driving incremental attendance and revenue across our circuit. Fascinatingly with our Arena 1 at AMC experience, it is a two-way experience between the artist in a live stage remotely and the concert goers all across the country in our various Arena One and AMC Equipped auditoriums.

我們相信，這項創新能在現場娛樂領域開啟全新篇章，同時推動我們整個院線的增量入場人次與營收。尤其引人入勝的是，在我們的 Arena 1 at AMC 體驗中，這是一種雙向互動體驗：藝人在遠端的現場舞台演出，並與全國各地、位於我們各個 Arena One 與配備 AMC 系統的影廳中的觀眾互動。

We are also excited to say that for the immediate future, this is an exclusive AMC offering. Arena One will only be available at AMC. Only available that is until we launch in the United States in June because shortly thereafter, we will be taking Arena One and AMC also to some 260 Odeon theaters in nine countries in Europe as well. This new live concert experience is an initiative that represents a major announcement by AMC Entertainment.

我們也很高興地表示，在可預見的近期內，這將是 AMC 的獨家提供。Arena One 只會在 AMC 上線。這項「僅限 AMC」的安排會持續到我們於 6 月在美國推出為止，因為在那之後不久，我們也將把 Arena One 與 AMC 帶到歐洲九個國家的約 260 家 Odeon 影城。這個全新的現場演唱會體驗是一項計畫，代表 AMC Entertainment 的一項重大宣布。

The third topic for today, I also want to address the rapid developments of late as to exclusive theatrical windows. The momentum in the industry is palpable with renewed commitments by our studio partners to both increase the number of theatrical movie releases and to extend theatrical windows to at least 45 days.

今天的第三個主題，我也想談談近期關於院線獨家上映窗口期的快速發展。產業動能十分明顯，我們的片廠合作夥伴重新承諾：一方面增加院線電影上映數量，另一方面將院線窗口期延長至至少 45 天。

Joining Disney, which has been constant and respecting an exclusive theatrical window heretofore, -- we are particularly pleased by the recent announcements by Universal and Paramount to do the same. We are appreciative of the public commentary by Sony and Lionsgate that a new industry standard is both needed and is emerging.

除了迪士尼一直以來都持續並尊重院線獨家窗口期之外——我們也特別樂見環球與派拉蒙近期宣布採取相同做法。我們也感謝索尼與獅門影業的公開評論，指出產業需要一個新的標準，而且這個標準正在形成。

Recognizing Paramount's commitment in this area, for example, this is one of the key reasons why we at AMC embraced Paramount's bid to move forward transaction. This is such good news for the movie theater industry, and we are pleased that AMC has played a central role in pushing this entire initiative of respecting longer theatrical windows forward. But the real heroes here supporting our industry, especially on this windows topic are the people who have really stepped up.

以派拉蒙在此領域的承諾為例，這也是我們 AMC 接受派拉蒙提出的推進交易提案的關鍵原因之一。這對電影放映產業而言是非常好的消息，我們也很高興 AMC 在推動整個「尊重更長院線窗口期」的倡議上扮演了核心角色。不過，真正支持我們產業的英雄，尤其是在窗口期這個議題上，是那些真正挺身而出的人。

Alan Bergman at Disney, Donna Langley at Universal, Tom Rothman at Sony, David Ellison at Paramount now and eventually on behalf of Warner and Adam Folson at Lionsgate, all deserve credit for having a long-term view of restoring the health of our entire theatrical ecosystem.

迪士尼的 Alan Bergman、環球的 Donna Langley、索尼的 Tom Rothman、派拉蒙的 David Ellison，以及未來代表華納的相關人士，還有獅門影業的 Adam Folson，都值得肯定；他們以長期視角來恢復整個院線生態系的健康。

The fourth topic for today, the significance cannot be lost by anyone of Netflix's announcement that in February of 2027, just nine months from now, we will be giving Greta Gerwig Narnia a global theatrical release with a 49-day window. This is the biggest opportunity our industry has ever had to embrace Netflix as a theatrical content provider.

今天的第四個主題，任何人都不應忽視 Netflix 的宣布之重要性：在 2027 年 2 月，也就是距今僅九個月後，我們將為 Greta Gerwig 執導的《納尼亞》提供全球院線上映，並有 49 天的窗口期。這是我們產業有史以來擁抱 Netflix 作為院線內容供應商的最大機會。

Since our announcement at AMC in October 2025 that AMC and Netflix would be working cooperatively and collaboratively, we've had several joint projects, which have been immensely successful for both companies. Netflix is well aware that AMC is solidly in their corner. We are all in with respect to Narnia, and we enthusiast more opportunity for our two great companies to work together in the future.

自從我們在 2025 年 10 月於 AMC 宣布 AMC 與 Netflix 將以合作、協作方式共同推進以來，我們已經有數個聯合專案，對兩家公司而言都極為成功。Netflix 很清楚 AMC 堅定站在他們這一邊。就《納尼亞》而言，我們全力投入，也熱切期待未來兩家優秀公司能有更多合作機會。

And finally, fifth, it is so encouraging to remind you all that in just the past few weeks, film producers have reached multiyear labor agreements with both SAG AFTRA and the Writer's Guild, assuring us all of labor peace for several years ahead. This means that the self-inflicted wounds of 2023 are not being repeated.

最後，第五點，令人振奮的是提醒各位：就在過去幾週，電影製片方已與 SAG-AFTRA 與編劇工會（Writer's Guild）達成多年期勞資協議，確保未來數年勞資和平。這意味著 2023 年那種自我造成的傷害不會重演。

To be sure, as we have said so often before, at AMC, we're not entirely out of the woods yet. Challenges remain, but the indicators that we are seeing today point to a stronger and improving 2026. Indeed, it seems to us that so much has been breaking our way of late. And remember, above all else, two words: operating leverage. As revenues grow, which we believe they will, there is a very significant impact on AMC's bottom line financial performance.

當然，正如我們過去多次所說，在 AMC，我們還沒有完全走出困境。挑戰仍在，但我們今天看到的指標指向 2026 年將更強勁、並持續改善。確實，在我們看來，最近很多事情都朝著對我們有利的方向發展。並且請記住，最重要的是兩個字：營運槓桿。隨著營收成長——我們相信會成長——將對 AMC 的最終財務表現帶來非常顯著的影響。

With that, let's turn the call over to our operator to poll for questions, both from equity research analysts, and Sean will also give me some of the questions that have been submitted by our retail shareholders.

接下來，讓我們把電話會議交給接線員，開始徵詢問題，問題將同時來自股票研究分析師；另外，Sean 也會提供一些由我們散戶股東提交的問題給我。

(Operator Instructions)

（接線員指示）

Eric Wold, Texas Capital.

Eric Wold，Texas Capital。

Good afternoon. A couple of questions. I guess, first off, on Arena 1, I'm not sure how much more you can share about kind of briefly about the economics behind this and technology spend required. Is this -- the purpose-built stage something that you will own and be responsible for?

下午好。我有幾個問題。我想先從 Arena 1 開始，我不確定你們還能分享多少關於其背後的經濟模式與所需的技術投入。這個——專門打造的舞台是否會由你們擁有並負責？

Is this something that eventually will go more widespread? And is this geared towards artists currently on tour, looking to reach markets where they're not going physically? Or is this something that's kind of more for artists kind of doing this as one-off performances?

這項服務最終會更廣泛地推開嗎？它是針對目前正在巡演、希望觸及那些他們不會親自前往的市場的藝人嗎？還是說，這更像是讓藝人以一次性演出方式進行的安排？

Thank you, Eric. I'm happy to comment. There is a separate press release going out about Arena 1 sort of concurrent with this call, so you'll get more detail. We really are blown away by the technology where the artists performing in this purpose-built stage can actually interact with our audiences all around the country and eventually in Europe.

謝謝你，Eric。我很樂意回應。關於 Arena 1，我們會在本次電話會議前後同步發布一份獨立新聞稿，因此你會看到更多細節。我們真的對這項技術感到震撼：藝人在這個專門打造的舞台上表演時，實際上可以與全國各地、並最終包括歐洲的觀眾互動。

The business proposition is so appealing. As you know, we've done a lot of things with -- even as we shave down our capital expenditure program, and we were able to get Arena One implemented with essentially no upfront spending by AMC. The economics are this is a rev share model where AMC will retain a significant percentage of the admissions revenue and the food and beverage revenue that occurs in our theaters.

這個商業提案非常有吸引力。如你所知，我們做了很多事情——即使我們在縮減資本支出計畫，我們仍能在 AMC 幾乎沒有任何前期投入的情況下完成 Arena One 的導入。其經濟模式是分潤模式：AMC 將保留門票收入以及在我們影城內產生的餐飲收入中的相當大比例。

And Arena 1 will also get a significant percentage of the ticket revenue that we generate. For concerts, these things will be cheap. -- but they're not going to be priced at movie theater levels. The prices will vary by artists and by market, but I wouldn't surprise -- be surprised if we see ticket prices in the $40 to $75 range.

而 Arena 1 也將取得我們所產生票房收入中的相當大比例。就演唱會而言，這些票價會相對便宜——但不會低到電影票那種水準。價格會因藝人與市場而異，但如果我們看到票價落在 40 到 75 美元區間，我也不會感到意外。

As I said, that's very inexpensive when you look at what it costs to actually attend a live concert in an arena or a sports stadium. Another benefit of the Arena 1 experience, unlike when you see a live concert in a large 20,000-seat arena or a 70,000-foot stadium, it feels to you like you're sitting in the front row because like the artist is right in front of you.

如我所說，若你對照實際到體育館或運動場館觀看現場演唱會的成本，這已經非常便宜。Arena 1 體驗的另一個好處是：不同於在可容納 20,000 人的大型場館或 70,000 人的體育場看演唱會，你會覺得自己像坐在第一排，因為藝人彷彿就在你面前。

So the product is great for consumers. The economics are favorable, both for Arena 1 and for us. And in terms of the artists who do it, we think we'll see whole sets of artists who will come to our studio. There's a massive complex in Eastern Pennsylvania who will perform the Arena 1 audience.

因此，這個產品對消費者很棒；經濟效益對 Arena 1 與我們也都很有利。至於參與的藝人，我們認為會有整批藝人來到我們的攝影棚。有一個位於賓夕法尼亞州東部的大型園區，將為 Arena 1 的觀眾進行演出。

We're creating in the neighborhood of 0.25 million seats available to Arena 1 concert ticket buyers if you add in our U.S. and European theaters. This is a very exciting initiative and that we got this done as an exclusive for the foreseeable future, that makes it just that much better for us.

如果把我們在美國與歐洲的影城加總，我們正在打造約 25 萬個座位，提供給 Arena 1 演唱會購票者。這是一項非常令人興奮的計畫，而且我們在可預見的未來取得獨家權，這讓它對我們而言更具吸引力。

Perfect. And then just my follow-up question, kind of going back to the contribution margin per patron and kind of the growth you've experienced since pre-pandemic. To get the numbers right, 57% in the U.S. and 39% international, that was ex FX or not. But maybe talk about your thoughts on closing that gap overseas, the opportunity to do that, maybe what's been holding back the growth there? Or maybe said a different way, what's been driving the stronger growth here versus overseas? And where are you with various ticketing and concession strategies overseas that could kind of help to close that gap in the coming years?

很好。接著我的追問是，回到每位觀眾的貢獻毛利（contribution margin per patron），以及你們自疫情前以來的成長。為了確認數字，美國是 57%、國際是 39%，那是排除匯率影響（ex FX）還是包含？另外也請談談你們對縮小海外差距的看法、相關機會，以及可能是什麼因素拖累了那邊的成長？或者換個說法，是什麼驅動了美國這邊相對海外更強的成長？以及在海外各種票務與餐飲（concession）策略方面，你們目前進展到哪裡，未來幾年是否能幫助縮小差距？

Well, both Sean and I will take this question. Historically, our guests in our European theaters spend less on non-ticket type purchases in the buildings. So it's not surprising to me that our U.S. performance would be higher than our European performance. But we think that both numbers are great. The fact that we were able to drive up per patron contribution by so much in the U.S. and so much in Europe, we think they're both items of success. Do you want to add anything?

這題 Sean 和我都會回答。歷史上，我們歐洲影城的顧客在非票券類的館內消費較少。因此，美國表現高於歐洲表現，對我來說並不意外。但我們認為這兩個數字都很不錯。我們能在美國把每位觀眾的貢獻提升這麼多、在歐洲也提升這麼多，我們認為兩者都是成功的成果。你想補充什麼嗎？

Yes. I think the U.S. has benefited from two areas that are a little bit different to the international business. The first is the U.S. business has benefited from the renegotiation of our screen advertising contract with National CineMedia. So that has helped our other revenue per patient. You don't see that sort of impact in the international business.

是的。我認為美國業務受惠於兩個領域，這些領域與國際業務有些不同。第一個是，美國業務受惠於我們與 National CineMedia 重新談判銀幕廣告合約。因此，這提升了我們每位觀眾的其他收入。你在國際業務中看不到這種影響。

The second is when you look at food and beverage, which is obviously a huge driver of this area, the U.S. is a little more ahead in terms of merchandising food and beverage revenue with the popcorn and collectible concessions. Europe is catching up in that area. And I think you saw this last quarter, Q1, look at the European growth rate.

第二個是，當你看餐飲（顯然是這個領域的巨大驅動因素）時，美國在透過爆米花與收藏型加購品來商品化餐飲收入方面走得更前面一些。歐洲正在在這方面追趕。我想你在上一季、第一季（Q1）已經看到了，看看歐洲的成長率。

It's quite phenomenal actually, like in excess of 6%, and that's in constant currency, I think over 18% outside of constant currency. So you're seeing some catch-up in Europe, which is pretty exciting. And then I think there's an opportunity from an average ticket price point of view, we have had more competition on ticket pricing in Europe, but that is starting to normalize. So we're seeing some benefits there. And you're going to see more variable type of pricing in Europe where it is more accepted than in the U.S. market. And I think that gives us opportunities in Europe as well.

其實相當驚人，超過 6%，而且那是在固定匯率下；我記得若不以固定匯率計，則超過 18%。所以你會看到歐洲正在追趕，這非常令人振奮。接著我認為，從平均票價的角度來看也有機會：我們在歐洲的票價競爭更激烈，但這正開始回歸常態，因此我們也看到一些好處。而且你會在歐洲看到更多變動式定價，因為那裡比美國市場更能接受。我認為這也為我們在歐洲帶來機會。

And while we're talking about Europe, Eric, I just want to say that the first 4 months of the year, the first quarter that's reported and what we've seen with the successful movies in April, Europe has been gangbusters successful for AMC this year. Like we've been blowing through our budgets in Europe. week after week, month after month, we're so encouraged by our strong performance across our European network.

既然我們在談歐洲，Eric，我只想說，今年前 4 個月——已公布的第一季，以及我們在 4 月成功電影所看到的表現——歐洲對 AMC 來說今年表現火力全開、非常成功。我們在歐洲一週又一週、月復一月地大幅超越預算。我們對歐洲整體院線網路的強勁表現感到非常鼓舞。

Thank you.

謝謝。

Mike Hickey, StoneX.

Mike Hickey，StoneX。

John, great quarter, guys. Congratulations. First quarter -- first question from us, Adam, a lot of wins for you, a lot of progress from you and your team here. Looking at the window situation, I guess that's a win for the whole industry, strong box office. Your debt situation has improved dramatically. A lot of work on your guys' part. You've optimized your network. You've been innovative with Arena One and you stay disciplined on CapEx.

John，本季表現很棒，各位恭喜。第一個問題，Adam，你和你的團隊在這裡拿下很多勝利、取得很多進展。從放映窗口的情況來看，我想這對整個產業都是一場勝利，票房也很強。你們的負債狀況大幅改善，這是你們投入大量工作的成果。你們也優化了院線網路，透過 Arena One 做出創新，並且在資本支出（CapEx）上保持紀律。

So Adam, I guess the question is, if you can sort of give us an update on your path to free cash flow, milestones, maybe timing? And then the follow-up would be thinking about Arena 1 here. Depending on how you think you can scale it, if that will sort of lower maybe that box office target that you would need to get to be free cash flow positive? And I have a follow-up.

所以 Adam，我想問的是，你能否更新一下你們邁向自由現金流（free cash flow）的路徑：里程碑、可能的時間點？接著追問是關於 Arena 1。視你們認為它能如何擴張規模，是否會降低你們達到自由現金流轉正所需的票房目標？我還有一個追問。

So I'll let Sean talk about free cash flow positive and milestones along the like. But I want to just point out one thing to everybody, nice of you to list the sort of the getting things done on the to-do list. We put a lot of personal capital into play to convince studios to lengthen windows. Our cooperating with Netflix has been a major change. As I said on the call, things really seem to have been breaking our way of late.

我會讓 Sean 來談自由現金流轉正以及沿途的里程碑。不過我想先提醒大家一件事：你很貼心地列出了待辦清單上那些「把事情做成」的項目。我們投入了大量個人資本來說服片商延長窗口期。我們與 Netflix 的合作是一個重大改變。正如我在電話會議上說的，最近事情似乎真的開始朝對我們有利的方向發展。

But I just want to talk about the balance sheet for just a second. I would remind everybody that in the quarter, we just completed, especially with this $155 million debt-to-equity conversion that was announced this morning, that lowers our long-term debt to about $3.9 billion. Our debt going into COVID was over $5 billion.

但我想花一點時間談談資產負債表。我想提醒大家，在我們剛完成的這一季，特別是今天早上宣布的 1.55 億美元債轉股（debt-to-equity conversion）之後，我們的長期負債降至約 39 億美元。COVID 之前，我們的負債超過 50 億美元。

And when you add it in all the deferred rent obligations that we picked up in the closed year of 2020, by the time we ended 2020, we had over $6 billion of either actual long-term debt or deferred theater lease obligations that we've gotten rid of 1/3 of it is especially in a suboptimal box office environment the past several years, we think it's just a superb accomplishment.

而且如果把我們在 2020 年關閉那一年承擔的所有遞延租金義務也算進去，到 2020 年底，我們有超過 60 億美元的實際長期負債或遞延的影城租賃義務；我們已經把其中三分之一清掉了。尤其是在過去幾年票房環境並不理想的情況下，我們認為這是一項極其出色的成就。

And we obviously have been paying attention to driving our income as best we can and to improving our balance sheet as best we can. And as we look back on the last crazy 6 years, but the good really threw our way with COVID and its aftermath, we're very proud of what we've accomplished at this company. As for free cash flow milestones, Sean?

而且我們顯然一直在盡最大努力推動收入成長，也盡最大努力改善資產負債表。回顧過去瘋狂的 6 年——但 COVID 及其後續確實把好牌丟給了我們——我們對公司所完成的事情感到非常自豪。至於自由現金流的里程碑，Sean？

Yes. Thanks. We are very focused on taking steps each day really to reduce the level of box office required for us to be free cash flow breakeven or free cash flow positive. And if one looks back to pre-pandemic, the box office required to be free cash flow positive was significantly, very significantly higher than it is today. And that's despite the fact that six, seven years have passed, costs have increased significantly.

是的，謝謝。我們非常專注於每天採取措施，來降低我們達到自由現金流損益兩平或自由現金流為正所需的票房水準。若回頭看疫情前，當時要達到自由現金流為正所需的票房水準顯著、非常顯著地高於今天。即便已經過了六、七年，成本也大幅上升。

Our debt service costs are also significantly higher than they were pre-pandemic as well. So that just gives you an indication of what has happened in the business to reduce the required box office to be free cash flow breakeven. And I said in my prepared remarks, and I've said it a number of times that we don't need the box office to get to pre-pandemic levels. to reach the same level of EBITDA as we had pre-pandemic.

我們的債務償付成本也明顯高於疫情前。因此，這讓你看到，業務如何把達到自由現金流損益兩平所需的票房門檻降低。我在事先準備的發言中提到過，也多次說過：我們不需要票房回到疫情前的水準，就能達到疫情前相同的 EBITDA 水準。

And that is certainly the case as our profit and contribution margin per patron improves over time. A reference point that one can look at to get an indication of where we are from a box office/free cash flow perspective is look at the last 9 months of 2025. Last nine months of 2025, we were not only free cash flow breakeven, we were free cash flow positive.

而且隨著每位觀眾的利潤與貢獻毛利（contribution margin）隨時間改善，這點當然成立。一個可用來判斷我們在票房／自由現金流位置的參考點是：看看 2025 年最後 9 個月。2025 年最後 9 個月，我們不僅自由現金流損益兩平，我們是自由現金流為正。

Now there are some working capital benefits in that period of time that you can adjust for. But that just gives you an indication of where the business is at the moment. And I'll add one other thing is that as the box office improves, automatically, our interest rate on about $2.9 billion of debt reduces because inherent in the covenants or debt agreements that we have there is that the coupon or interest on that debt declines as our leverage improves. So that will help us as well.

當然，那段期間有一些營運資金（working capital）的好處，你可以做調整。但這至少能讓你了解目前業務所處的位置。我再補充一點：隨著票房改善，我們約 29 億美元的部分債務，其利率會自動下降，因為我們的契約條款或債務協議中內含機制：當槓桿比改善時，該債務的票息或利息會下降。這也會對我們有幫助。

And Mike, to your question about Arena One, we know the technology works, and we know the economics work because our investment was upfront was like nonexistent and it's a revenue share basis, which is sort of the whole model of our industry with studio partners. I think that what will determine -- well, we know that Americans and Europeans like to go to concerts, and we know that they pay up for it. So I think ultimately, the real success of Arena One will be based on what artists we attract to have these live concert events that are broadcast to 600-ish theaters in the U.S. and Europe.

Mike，關於你問的 Arena One，我們知道技術可行，也知道經濟效益可行，因為我們的前期投資幾乎等於沒有，而且是採收入分成（revenue share）模式，這某種程度上就是我們這個產業與片商夥伴合作的整體模式。我認為，最終決定 Arena One 真正成功與否的——我們知道美國人和歐洲人都喜歡去看演唱會，也知道他們願意為此付更高的價格——所以我認為最終 Arena One 的真正成功，將取決於我們能吸引哪些藝人來舉辦這些現場演唱會活動，並把它們轉播到美國與歐洲約 600 家影城。

But we're quite optimistic. And as we said, we believe this is going to be a very profitable activity for us and one that we have on an exclusive basis and one that we think has a great potential opportunity to deliver real dollars to the bottom line.

但我們相當樂觀。正如我們所說，我們相信這將是對我們非常有利可圖的活動，而且我們是以獨家方式進行；我們也認為它具有很大的潛力，能為最終獲利帶來實質的美元貢獻。

The second question from Ross is on film volume. CinemaCon, obviously, a lot of action this year, Adam. the Paramount Warner Bros. deal. David, I think, made a really compassionate pitch to you and your peer set exhibitors at the conference really sort of committing to that 30 films and 45-day window.

Ross 的第二個問題是關於影片供給量。CinemaCon 今年顯然動作很多，Adam。派拉蒙與華納兄弟的協議。David 我想在會議上對你以及同業放映商做了一個非常真誠的呼籲，基本上承諾要做到 30 部電影以及 45 天窗口期。

But there also seems to be a healthy amount of skepticism just from history, I guess, on their ability to execute on the 30 films. So just curious if you could sort of frame that for us. I'm guessing if they got close, it would be a win, but curious your view on their ability when you talk to David for them to deliver on that promise.

但從歷史來看，外界似乎也有相當程度的懷疑，質疑他們是否有能力真正執行 30 部電影。所以想請你幫我們框架一下這件事。我的猜測是，只要他們接近這個目標就算是一場勝利，但也想聽聽你的看法：當你和 David 交流時，你怎麼看他們兌現這個承諾的能力？

And then on Netflix, just sort of trying to -- it's obviously very exciting and -- but also, I think there's some pushback maybe this is just a one-off led by Gretta. So just wondering when you talk to Netflix and Ted, the appetite you see from them in terms of putting additional films into exhibition? And if you think that the sort of 51-day window to streaming is a workable model for other films in the future as well?

另外關於 Netflix，我想釐清一下——這顯然非常令人興奮——但我想也有一些反對聲音，認為這可能只是由 Gretta 主導的一次性案例。所以想請問，當你和 Netflix 以及 Ted 交流時，你看到他們在把更多影片投入院線放映方面的意願如何？以及你是否認為「距離上串流 51 天」的窗口模式，未來也能成為其他影片可行的模式？

So let me talk about Paramount first. We've had private conversations with Paramount for months and months at the highest levels. And the -- what you described as the sort of passionate commitment that David made at CinemaCon in front of 5,000 people in the auditorium. He and the people who work for him made those same commitments to AMC privately in the days, weeks and months previously. and we believe them.

那我先談派拉蒙。我們在最高層級與派拉蒙進行了好幾個月、好幾個月的私下對話。而你所描述的那種——大衛在 CinemaCon 上、在禮堂裡 5,000 人面前所展現的熱情承諾——他以及為他工作的人，在此前的幾天、幾週與幾個月裡，也同樣私下對 AMC 做出了那些承諾。我們相信他們。

And we have great respect for the leadership at Paramount -- I that, looks like we have a great respect for the leadership team at Warner. They had a sensational year in 2025. And we strongly hope that the filmmakers at Warner stay because they're great. And we have enormous confidence and trust in the leadership under David at Paramount. And we believe that he is fully committed to the promises that he made and fully capable of pulling them off.

而且我們非常尊重派拉蒙的領導層——就像我們也非常尊重華納的領導團隊一樣。他們在 2025 年有非常出色的一年。我們也非常希望華納的電影製作人能留下來，因為他們很棒。我們對派拉蒙在大衛領導下的管理層抱持極大的信心與信任。我們相信他完全致力於他所做出的承諾，也完全有能力把這些承諾落實。

As for Netflix, again, there's been a tremendous amount of top-to-top diplomacy between the two companies that dating back to the fall of 2025. At AMC, we were very pleased to have participated in three projects with Netflix, the K-pop bring back at Halloween, the Stranger Things season finale of New Year's Eve and the introduction of new episodes of one piece just a couple of months back.

至於 Netflix，再次強調，兩家公司自 2025 年秋季以來，在最高層對最高層之間進行了大量的外交式溝通。在 AMC，我們很高興能與 Netflix 參與三個專案：萬聖節的 K-pop 回歸活動、《怪奇物語》在跨年夜的季終篇，以及就在幾個月前推出《航海王》的新集數。

The success of those three, I think, is one of the reasons, not the only reason, but one of the reasons that Netflix is trying to see what happens with Narnia. I believe that the three things that we've done already with Netflix have been successful, that Narnia will be successful, that we will find other successful opportunities to work with Netflix.

我認為那三個專案的成功，是 Netflix 想看看《納尼亞》會發生什麼的原因之一——不是唯一原因，但確實是原因之一。我相信我們已經與 Netflix 做過的三件事是成功的，《納尼亞》也會成功，而且我們會找到其他成功的機會與 Netflix 合作。

And what this leads to, I'll leave you all to speculate amongst yourselves. It's not my place to talk to sort out what or announce what is or is not Netflix's strategy. But I can tell you that the interpersonal dynamics that have existed between Netflix and AMC since September of 2025 have been very positive. And both companies have said repeatedly, both publicly and privately that we are looking to do more together.

而這會導向什麼，就留給各位自行揣測。要去釐清或宣布 Netflix 的策略是什麼或不是什麼，並不是我該做的事。但我可以告訴你，自 2025 年 9 月以來，Netflix 與 AMC 之間的人際互動氛圍一直非常正向。兩家公司也一再表示——無論公開或私下——我們都希望能一起做更多事情。

Brad Beynon, Macquarie.

Brad Beynon，Macquarie。

Hi, good afternoon. This is Chad from Macquarie. I wanted to ask about the merchandising opportunity.

嗨，午安。我是 Macquarie 的 Chad。我想問一下商品化（merchandising）的機會。

I thought it was your cousin Brad.

我還以為是你表親 Brad 呢。

(technical difficulty) Think about the merchandising opportunities, Adam, I know you talked about this business, which kind of went from nothing was on its way to approach $100 million in '25. It seems like based on just looking at the titles and the content throughout the year, there should be another big merchandising year. But wondering if you could help us think about kind of what you have in store and how this business can continue to grow as more people come out to the theaters.

（技術問題）Adam，談到商品化機會，我知道你提過這項業務，從幾乎等於零一路成長，並在 25 年接近 1 億美元。看起來光是從全年片單與內容來看，應該還會是另一個商品化大年。但想請你幫我們想一想，你們接下來有哪些規劃，以及隨著更多人走進戲院，這項業務要如何持續成長。

Well, if you judge by the number of people who wanted Prada perse popcorn bags, there is no end to the consumers' desire to have more movie themed merchandise at our theaters. I think that we are fully capable of driving 20% growth per annum in this merchandise business, and that's before Arena.

嗯，如果你用想要 Prada Perse 爆米花袋的人數來判斷，消費者對於在我們戲院購買更多電影主題周邊商品的渴望是沒有盡頭的。我認為我們完全有能力讓這項商品業務每年成長 20%，而且這還不包含 Arena。

And we also know that merchandise is very popular amongst live concert goers. So as you said, Chad, in 2022, our revenues were like nothing. And it's a $100 million a year business for AMC currently, and it's going to continue to grow.

我們也知道，周邊商品在現場演唱會觀眾之間非常受歡迎。所以如你所說，Chad，2022 年我們的相關營收幾乎等於零。而目前對 AMC 來說，這已經是一個每年 1 億美元的業務，而且還會持續成長。

Okay. And then just in terms of the convert, what the thinking was to strike that now given where the balance sheet is and the outlook. I know there's always working capital shifts. Sean, you talked about that. But what was the reasoning for executing the convert deal this week?

好的。那再就可轉債（convert）而言，考量目前資產負債表狀況與展望，為什麼選在現在做這筆交易？我知道營運資金總是會有波動，Sean 你也提過。但這週執行這筆可轉交易的原因是什麼？

Yes, Chad, in terms of the agreement for that exchange note, there is a mandatory conversion provision based on our share price. So our share price achieved the targets for the mandatory convert, and therefore, we were able to convert that debt into equity. The benefit of this, of course, is it takes $155.8 million of debt off the balance sheet.

是的，Chad，就那筆交換票據（exchange note）的協議而言，其中有一項依據我們股價而定的強制轉換條款。因此，我們的股價達到了強制轉換的目標，所以我們得以把那筆債務轉換為股權。當然，這樣做的好處是能把 1.558 億美元的債務從資產負債表上移除。

There were also various covenants associated with that debt that with that no longer on the balance sheet, that frees us up to be even more opportunistic going forward in terms of refinancing opportunities that we may have.

此外，那筆債務也附帶各種契約條款（covenants）。當它不再留在資產負債表上時，也讓我們在未來就可能出現的再融資機會上，能更具彈性、更能把握時機。

And given -- just a little aside on that, given the refinancing of the $400 million of debt due in 2027, we now can be completely opportunistic in terms of taking advantage of lower interest rates and extending maturities when those opportunities arise. We're not forced into a situation of having to refinance based on coming up maturity.

另外補充一下，鑑於我們已完成 2027 年到期的 4 億美元債務再融資，我們現在可以完全以機會主義的方式，在機會出現時把握較低利率並延長到期日。我們不再被迫因為到期日逼近而必須再融資。

And Chad, when you remember how much of our debt was due in 2026 and 2027 we've moved to around $3 billion to a maturity in 2031. And we '29 or '31, I should say. And we have a sizable amount of debt that's currently due in '29, which is a long time from now, but we do believe that as AMC's -- well, let me just go back to operating leverage.

而且 Chad，回想一下我們有多少債務原本是在 2026 年與 2027 年到期——我們已把大約 30 億美元的到期日往後移到 2031 年左右。我是說 29 年或 31 年。並且我們目前有相當一部分債務是在 29 年到期，距今還很久，但我們確實相信，隨著 AMC 的——嗯，我先回到營運槓桿。

If the box office is going to grow, then AMC's EBITDA is going to grow. If our EBITDA grows by definition, our leverage levels fall. If our leverage levels fall, we ought to be able to refinance some even our '29 debt at significantly lower interest rates and push their maturity out further. So I do think our management of our balance sheet has been one of our most important success stories of the past few years.

如果票房要成長，那 AMC 的 EBITDA 就會成長。若我們的 EBITDA 成長，按定義我們的槓桿水準就會下降。槓桿水準下降後，我們就應該能以顯著更低的利率，為部分甚至是我們 29 年到期的債務進行再融資，並把到期日再往後延。我確實認為，我們對資產負債表的管理，是過去幾年最重要的成功故事之一。

Patrick Sholl, Barrington Research.

Patrick Sholl，Barrington Research。

Hi. Thanks for taking the question. You provided a lot of detail on the screen base. I was wondering if you could provide just a little bit more on just where you think you are in that process of kind of rightsizing the footprint for profitability.

嗨，謝謝讓我提問。你們對銀幕基礎（screen base）提供了很多細節。我想請你再多談一點：在為了提升獲利而調整（rightsizing）整體據點規模的流程中，你覺得目前進展到哪個階段？

Yes. I think the press has misunderstood some of the comments we've been making. I saw articles after the last quarterly earnings call that AMC was closing theaters. That's not the way to look at this. The way to look at this is AMC will constantly be pruning the fleet, which is to say that about 10% of our leases come up for renewal every single year.

是的。我認為媒體誤解了我們的一些說法。我在上一次季度財報電話會議後看到一些文章說 AMC 正在關閉戲院。這不是應該看待這件事的方式。正確的看法是：AMC 會持續修剪（pruning）我們的據點組合，也就是說，我們大約有 10% 的租約每一年都會到期需要續約。

So when we look at those theaters, -- some number of them are huge home run winners. Some number of them could be more profitable if we can renegotiate rents with theater landlords. And some number of them are just like older buildings that are now 20, 30 years old. They may not be in ideal locations. They might have been in ideal locations when they were built 25 years ago, but not today. And so it makes sense to let them go.

因此當我們檢視那些戲院時——其中有一些是非常成功的「全壘打」店點。有一些如果我們能與戲院房東重新談判租金，就能更有獲利能力。還有一些則像是較老的建築，現在已經 20、30 年了。它們可能不在理想地點；25 年前興建時也許是理想地點，但今天不是。所以放手讓它們退出是合理的。

At the same time, we are also adding new theaters. And I mean, I would point out that the 60 theaters that we -- these are round numbers. The 60 theaters that we opened in the last several years outgrows to 200 theaters that we closed. So I don't see this as like what's the right size of our footprint.

同時，我們也在新增新的戲院。我想指出的是，我們在過去幾年開出的 60 家戲院——這是概數——其表現超過我們關閉的 200 家戲院。所以我不把這件事看成是在問：我們的據點規模到底多大才算「剛好」。

I think that this is a perpetual business strategy that as our theaters come up for renewal consideration every single year, we're going to be thrilled to renew some. We're going to talk hard with landlords with others, and we'll close others. At the same time, all that's going on, we'll continue to look for either more new build theaters or more spot acquisitions where we can add theaters to our footprint that we think are economically attractive to do so. Think of it as you open shiny new theaters and you close older, more tire rooms. That's that's -- I think that's something that will be year in and year out for years, if not decades to come.

我認為這是一個長期持續的經營策略：每一年當我們的戲院租約到期、需要考慮是否續約時，我們會很樂意續約其中一些；對另一些，我們會與房東強硬談判；也會關閉另外一些。與此同時，在這些事情進行的同時，我們也會持續尋找新建戲院的機會，或是一些點狀收購（spot acquisitions），在我們認為具備經濟吸引力時，把戲院加入我們的版圖。把它想成：你開出閃亮的新戲院，同時關掉較老、較疲態的廳房。這——我認為這會年復一年地持續很多年，甚至未來幾十年。

Okay. And then just on the shift in windows, do you think there's any sort of like consumer relearning that needs to happen with just like the longer windows? Or how do you guys expect that to sort of ultimately impact like the tail of box office searches overall --

好的。那再談到放映窗口（windows）的變化，你覺得消費者是否需要某種「重新學習」，來適應更長的窗口期？或者你們預期這最終會如何影響整體票房的長尾表現——

Without attributing it to the studio executives who said it, I was at an industry-wide conference a few weeks ago, and the head of one of major studios said that we are going to retrain the consumer that movies will be in theaters longer and the movies will be going to the home at a slower pace.

我不便將此歸因於說這番話的片廠高層，但我在幾週前參加了一場全產業的會議，其中一家大型片廠的負責人表示，我們將重新訓練消費者，讓電影在戲院上映更久，並且電影進入家庭端的速度會更慢。

And there are actually two windows to pay attention to, not one. We all talk about the 45-day window as a short end, but there are two windows. The first is the so-called PVOD window, the premium video on-demand window, which is when movies go to the home where consumers can pay to watch that movie, often those movies are priced at $20 for a home viewing.

而且其實有兩個檔期需要關注，不是一個。我們都在談 45 天檔期作為較短的一端，但其實有兩個檔期。第一個是所謂的 PVOD 檔期，也就是高級隨選影片（premium video on-demand）檔期，指的是電影進入家庭端、消費者可以付費觀看的時間點；通常這些電影的家庭觀看定價約為 20 美元。

But also the same studios who have been committing to a 45-day window many of them have also committed to a 90-day SVOD window or subscription video-on-demand window. And that's when -- not when the movies go to the home where people pay for it to watch it, but it goes into subscription services where once you pay your monthly membership fee upfront, the cost of an incremental movie is zero. And in the minds of many consumers, they're paying nothing to watch a movie at home.

但同樣這些承諾 45 天檔期的片廠中，許多也承諾了 90 天的 SVOD 檔期，也就是訂閱制隨選影片（subscription video-on-demand）檔期。那時候——不是電影進入家庭端讓人們付費單片觀看，而是進入訂閱服務；一旦你先付了每月會員費，新增一部電影的邊際成本就是零。在許多消費者心中，他們在家看電影等於是不用另外付錢。

It's just as important to us that the 90-day window go into play because it's giving the opportunity for theater operators, AMC included, to convey a sense to consumers that if you want to be part of this global phenomenon of seeing a movie when it's hot, you got to do it in the theater and you can't wait until it comes to the home. And that's something that's quite different than movies going to the home at 17 or 21 or 25 days after initial release.

對我們而言，讓 90 天檔期真正落地同樣重要，因為這讓戲院營運商（包括 AMC）有機會向消費者傳達一種感受：如果你想成為這個全球現象的一部分，在電影最火熱的時候就去看，你就得在戲院看，不能等到它進入家庭端。這與電影在首映後 17 天、21 天或 25 天就進入家庭端，是非常不同的。

At this time, I'd be happy to return the call to Sean Goodman.

此時，我很樂意把電話交回給 Sean Goodman。

Thanks, operator. Adam, given the time, we'll just address one or two of the retail questions. But the first question here, very high-level broad question about we have a lot of growth opportunities, and there's a lot of things we talk about. Question to sort of prioritize what are the key growth areas that you're focused on?

謝謝，接線員。Adam，考量時間，我們就回答一到兩個散戶問題。第一個問題是非常高層次、很廣泛的：我們有很多成長機會，也談了很多事情。這個問題是想請你協助排序——你目前最聚焦的關鍵成長領域是哪些？

There are so many. There's so much opportunity within this company because of the operating leverage that I talked to in the call. As our revenues rise, our EBITDA rises at a faster pace. And what we've been fighting for the last three years is that revenues have been -- for the industry have been flat. That seems to be changing fairly dramatically in 2026.

有太多了。這家公司內部有非常多機會，因為我在電話會議中提到的營運槓桿。當我們的營收上升時，我們的 EBITDA 會以更快的速度上升。而過去三年我們一直在對抗的是——整個產業的營收一直持平。這種情況看起來在 2026 年會相當明顯地改變。

So we're looking, of course, at just the fact that there are more films coming out with bigger consumer appeal where we can attract more guests to our theaters, which means we can sell them more for food and drink, and we can introduce merchandise that we have over the past couple of years. As one of the things that we have obviously noticed is that our premium large-format screens command higher prices and sell first.

所以我們當然會關注：有更多電影上映、且對消費者的吸引力更大，我們就能吸引更多觀眾走進戲院，這代表我們可以賣出更多餐飲，並且推出我們過去幾年導入的周邊商品。我們顯然也注意到，我們的高級大銀幕（premium large-format）能賣更高票價，而且通常最先售罄。

Just the other day, when Michael came out, 10% -- sorry, the approximately 48% of our revenues for Michael opening weekend took place on premium large-format screens, even though premium large-format screens are only less than 10% of the total screen count. Like these are stunning numbers. So we've obviously already figured out ways to significantly increase the number of premium large-format screens.

就在前幾天，《Michael》上映時，10%——抱歉——約有 48% 的《Michael》首週末營收來自高級大銀幕，即便高級大銀幕的數量只占總銀幕數不到 10%。這些數字非常驚人。所以我們顯然已經找到了方法，大幅增加高級大銀幕的數量。

We created XL extra-large screens out of thin air of whole cloth two years ago, and we now have 168 of them. I would not be surprised if we don't double that count of XL screens by the end of next year. There's also the opportunity, I believe, as I mentioned on our call, to put in better seating at some of our most productive theaters.

兩年前我們憑空打造了 XL 超大銀幕（extra-large）這個概念，現在已經有 168 個。我不會意外我們在明年年底前把 XL 銀幕數量翻倍。除此之外，我也認為——如我在電話會議中提到——我們有機會在一些最具產能的戲院導入更好的座椅。

These new club rocker seats that we put in at Empire and Lincoln Square and Burbank, they are not recliner seats. So we don't have the 40% seat loss that we have when we put in recliners, but they're wider, they're much more comfortable. guests love them. And we've already identified 30 of our highest grossing theaters where we can put these seats in at pretty inexpensive capital costs because you don't have to renovate the whole theater or build new platforms, you're just putting in new seats themselves.

我們在 Empire、Lincoln Square 和 Burbank 裝設的這些新的 club rocker 座椅，不是躺椅（recliner）。因此我們不會像裝躺椅那樣出現 40% 的座位損失，但它們更寬、更舒適，觀眾很喜歡。我們已經找出 30 家票房最高的戲院，可以用相當低的資本支出把這些座椅裝上去，因為你不需要整間戲院翻修或搭建新平台，只要更換座椅本身即可。

So on and on, it's sort of opportunity after opportunity after opportunity. I also think there's opportunity to make our marketing programs even more potent than they are today. As many of you know, A-List is a smash hit, especially among Gen Z moviegoers. We just in the last week, crossed 1 million people who are members of our A-List program.

所以一個接一個，機會接連不斷。我也認為我們有機會讓行銷方案比現在更有威力。各位都知道，A-List 非常成功，特別是在 Z 世代影迷之中。就在上週，我們 A-List 計畫的會員人數突破了 100 萬。

Our Stubs program, which is our loyalty program, which has 39 million member households, -- it only had 2 million member households when I joined this company 10 years ago, Stub is a static program for us. There are some evolutions in the Stub program that we think we can introduce later in 2026 that will appeal to people going to see, let's call it, 6 to 15 movies a year, which is a slightly different audience than our A-List crowd who tends on average to see more like 30 movies a year.

我們的 Stubs 計畫，也就是忠誠度計畫，擁有 3,900 萬個會員家庭——我 10 年前加入這家公司時，只有 200 萬個會員家庭。Stubs 對我們而言是一個相對靜態的計畫。我們認為在 2026 年稍晚可以在 Stubs 計畫上推出一些演進版本，會吸引那些一年看大約 6 到 15 部電影的人群；這與 A-List 族群略有不同，A-List 會員平均更像是一年看約 30 部電影。

So just -- there's so much opportunity for this company. And not the least is there's pricing power in this business. And there's pricing power both ways. The fact that people are willing to pay more to -- and that has been the case traditionally, to see movies in our premium large format and extra large format screens.

所以——這家公司真的有非常多機會。而且同樣重要的是，這個產業具有定價能力，而且是雙向的定價能力。一方面，人們願意付更多——而且傳統上一直如此——在我們的高級大銀幕與超大銀幕上看電影。

That's encouraging. I'll also tell you that in July of last year, we significantly upped our game by introducing discount Wednesdays in addition to discount Tuesdays, rebranding both as 50% off Tuesdays and Wednesdays. That's been a major, major positive for AMC.

這令人鼓舞。我也要告訴各位，去年 7 月我們大幅升級了策略：除了折扣週二之外，我們也推出折扣週三，並將兩者重新品牌化為「週二與週三 5 折」。這對 AMC 來說是非常、非常重大的正面因素。

So it's an example where price -- taking prices down has actually worked for our company as well. In the interest of time, we're over an hour, and that answer to that last question sort of touched on a lot of things that you might have asked me, Sean. So I think at this point, we're going to let everyone run from this call.

所以這是一個例子：降價——把價格往下調——同樣也對我們公司奏效。為了節省時間，我們已經超過一小時了，而我對上一題的回答其實也涵蓋了很多你可能會問我的內容，Sean。所以我想此刻我們就讓大家結束這通電話會議。

We thank you much. This was a great quarter for AMC, the first quarter of 2026. It was our best quarterly results for the first quarter in seven years. Our EBITDA was up $96 million year-over-year, quarter-to-quarter. And it reminds us all how much operating leverage there is in this business. If revenues rise, which we believe firmly that they will, knowing the movie slate that's coming for the rest of this year, it's a very good news story for AMC going forward. Thank you for joining us today, one and all.

非常感謝各位。這是 AMC 很棒的一個季度，也就是 2026 年第一季。這是我們七年來第一季的最佳季度表現。我們的 EBITDA 年增（同比）、季增（環比）增加了 9,600 萬美元。這也提醒我們，這個產業的營運槓桿有多大。如果營收上升——而我們堅信它會上升，考量今年剩餘時間即將上映的片單——那對 AMC 未來而言將是非常好的消息。感謝各位今天的參與，謝謝大家。

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。感謝各位撥冗與會並參與。您現在可以中斷連線。