AMC 電影院 (AMC) 2026 Q2 法說會逐字稿

Hello, and welcome everyone joining today's AMC Entertainment Holdings' second-quarter 2026 results call. (Operator Instructions) Please note this call is being recorded and we are standing by if you should need any assistance.

大家好，歡迎各位參加今天 AMC Entertainment Holdings 2026 年第二季業績電話會議。(接線員指示) 請注意，本次電話會議將被錄音；如您需要任何協助，我們將隨時待命。

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

現在我很榮幸將會議交給資本市場與投資人關係副總裁 John Merriwether。請開始。

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

謝謝你，Angela。早安。我想歡迎各位收看 AMC 2026 年第二季財報網路直播。今天早上與我一同出席的有我們的董事長兼執行長 Adam Aron，以及我們的財務長 Sean Goodman。

Before I turn the webcast over to Adam, I'd like to remind everyone that some of the comments made by management today during this webcast may contain forward-looking statements that are based on management's current expectations. Numerous risks, uncertainties, and other factors may cause actual results to differ materially from those that might be expressed today. Many of those risks and uncertainties are discussed in our most recent public filings, including our most recently filed 10-K and 10-Q.

在我把網路直播交給 Adam 之前，我想提醒各位，管理層今天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。眾多風險、不確定性及其他因素可能導致實際結果與今日所表達者存在重大差異。其中許多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。

Several of the factors that will determine the company's future results are beyond the ability of the company to control or predict. In light of the uncertainties inherent in any forward-looking statements, listeners are cautioned against relying on these statements. The company undertakes no obligation to revise or update any forward-looking statements, whether as a result of new information or future events.

決定公司未來業績的若干因素超出公司可控制或可預測的範圍。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 free cash flow, 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 early this morning.

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 與自由現金流等。如需將我們的非 GAAP 指標完整調節至 GAAP 結果，請參閱我們今天清晨發布於公司網站「投資人關係」專區的財報新聞稿。

After our prepared remarks, there will be a question-and-answer session. This morning's webcast is being recorded, and a replay will be available in the Investor Relations section of the website later today.

在我們的準備發言結束後，將進行問答環節。今天早上的網路直播將被錄音，稍晚今天將在網站的投資人關係專區提供重播。

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 morning, everyone, and thank you for joining us to discuss AMC's record-breaking results for the second quarter of 2026. What a quarter, what a quarter, what a quarter.

謝謝你，John。各位早安，感謝各位加入我們，一同討論 AMC 2026 年第二季破紀錄的業績表現。多麼精彩的一季，多麼精彩的一季，多麼精彩的一季。

In AMC's entire 106-year history, there has never been a quarter like this one. Needless to say, I'm extremely pleased to report that AMC Entertainment achieved all-time record revenue and all-time record adjusted EBITDA for the period April to June 2026. More than 71 million guests visited our theaters worldwide in the second quarter, 13.5% more than last year, drawn by one of the most powerful and diverse film slates that we've seen in years.

在 AMC 106 年的歷史中，從未有任何一季能與本季相提並論。毋庸置疑，我非常高興向各位報告，AMC Entertainment 在 2026 年 4 月至 6 月期間創下歷史新高的營收，以及歷史新高的調整後 EBITDA。第二季全球有超過 7,100 萬名觀眾造訪我們的影城，較去年增加 13.5%，主要受惠於我們多年來所見最強大且最多元的片單之一。

Second-quarter total revenues for AMC and Odeon increased 14.2% year over year to approximately $1.6 billion, while adjusted EBITDA surged 70% to $321.4 million, exceeding $300 million in a quarter for the very first time ever. Let me say that again so that the prognosticators of doom, who have continued to vastly underestimate the will and the skill of AMC, despite of having risen to meet challenge after challenge after challenge during these difficult past six years, can hear me clearly.

AMC 與 Odeon 第二季總營收年增 14.2%，約達 16 億美元；同時調整後 EBITDA 大增 70% 至 3.214 億美元，史上首次單季突破 3 億美元。我再說一次，讓那些持續大幅低估 AMC 的意志與能力的悲觀預言者——儘管在過去艱難的六年裡，我們一次又一次迎難而上——能夠聽得清清楚楚。

AMC reported record adjusted EBITDA of $321.4 million in Q2 of 2026. That's up $132 million of the results of last year's second quarter. And you may recall that last year's second quarter itself was a strong one. Both second-quarter revenue and second-quarter adjusted EBITDA exceeded Wall Street's expectations and established new all-time high points for our company.

AMC 在 2026 年第二季報告的調整後 EBITDA 創下紀錄，達 3.214 億美元。較去年第二季增加 1.32 億美元。而各位或許還記得，去年第二季本身就已相當強勁。第二季營收與第二季調整後 EBITDA 皆超越華爾街預期，並為本公司創下新的歷史高點。

Equally important, we converted this outstanding performance into generating cash. Free cash flow for the quarter was $190.1 million. You all have known for some time that the overall industry-wide domestic box office was showing strength in the quarter. At $2.99 billion, it was the highest second quarter in seven years.

同樣重要的是，我們將這項卓越表現轉化為現金創造。本季自由現金流為 1.901 億美元。各位早已知道，整體產業的美國國內票房在本季展現強勁動能。以 29.9 億美元計，這是七年來最高的第二季表現。

And perhaps of even greater note, of the 200 quarters in the past 50 years for which I have been able to personally scrutinize the statistics, this was the fifth best quarter ever in the past half century. Indeed, in the second quarter, six different film titles coming from Universal, Lionsgate, A24, and three from Disney had impressive domestic opening weekend grosses exceeding $75 million or more, and in some cases, far more.

更值得注意的是，在過去 50 年約 200 個季度中（我得以親自檢視其統計數據者），本季是近半世紀以來史上第五佳的季度。確實，在第二季，來自環球影業、獅門影業、A24，以及迪士尼的三部作品在內，共有六部不同片名於美國國內開片首週末票房表現亮眼，達到或超過 7,500 萬美元，在某些情況下甚至遠高於此。

But AMC did not just benefit from the rising box office tide which, as you know, saw an overall 10.7% bump domestically. We also increased AMC's market share as our domestic ticket revenues were up by even more, up by some 11.4%.

但 AMC 並非只是受惠於票房水位上升——如各位所知，美國國內整體票房成長 10.7%。我們也提升了 AMC 的市占率，因為我們的美國國內售票收入增幅更高，約成長 11.4%。

Our European numbers also shined as evidenced by our European attendance in the second quarter increasing by 18% year over year and, I might add, with our European second-quarter adjusted EBITDA more than quadrupling over the second quarter of a year ago. Globally in the quarter, we also successfully grew our food, beverage and merchandise sales, which increased by 15.3%, as did our so-called quote other revenues unquote, which increased by 16.1%.

我們的歐洲數據同樣亮眼：第二季歐洲入場人次年增 18%；此外，我要補充的是，我們歐洲第二季的調整後 EBITDA 較去年同期成長超過四倍。在全球層面，本季我們也成功帶動餐飲與商品銷售成長 15.3%；同時，我們所謂的「其他收入」亦成長 16.1%。

By now on this earnings webcast, you're probably hearing a common theme of one word being repeated over and over again -- increasing, increasing, increasing -- and doing so with increases of double-digit growth. But happily, we get to use a different but equally impressive qualifier when you all take a look at just how well AMC kept a tight lid on our costs.

到目前為止，在這場財報網路直播中，各位可能已聽到一個反覆出現的共同主題——同一個詞一再被重複：增加、增加、再增加——而且是以雙位數的成長幅度在增加。但令人欣喜的是，當各位看到 AMC 在成本控管方面做得多麼到位時，我們就能使用另一個不同但同樣令人印象深刻的形容詞。

With so much deal in cost management, our adjusted EBITDA margin jumped from 13.6% in last year's 2Q to 20.1% in the quarter just completed. This all demonstrates the inherent operating leverage in our business model, which is significant at a time of rising revenues.

在成本管理方面投入大量心力之下，我們的調整後 EBITDA 利潤率從去年第二季的 13.6% 躍升至剛結束本季的 20.1%。這一切都顯示出我們商業模式中固有且顯著的營運槓桿效應，尤其在營收上升之際更為明顯。

The power of AMC's market-leading position stems from our size and scale, of course, but also from the compelling appeal of our theaters, the increasing numbers of our premium offerings, the prowess of our marketing programs, as well as our ability to keep our costs in check.

AMC 市場領先地位的力量，當然來自我們的規模與量體，但也來自我們影城的強大吸引力、我們高端產品供給的持續增加、我們行銷方案的實力，以及我們控制成本的能力。

Finally, after some admittedly tough years, as our industry recovered only slowly from the ravages of COVID-19 and its aftermath, the relentless focus of AMC on delighting our guests has seen AMC executing with all cylinders blazing so far throughout 2026. Combining both the first and second quarters of this year, AMC's revenues are up 16.9% year over year. And our adjusted EBITDA for the first six months of $359.7 million in the first half of '26 is considerably more than 2.5 times the $131.8 million reported in the first half of last year.

最後，在經歷了幾年確實艱難的時期之後——我們的產業從 COVID-19 及其後續影響的重創中僅緩慢復甦——AMC 對於讓賓客滿意的持續專注，使 AMC 在 2026 年迄今全力以赴、火力全開地執行各項工作。合併今年第一季與第二季，AMC 的營收年增 16.9%。而 2026 年上半年調整後 EBITDA 為 3.597 億美元，明顯超過去年上半年所報告 1.318 億美元的 2.5 倍。

Think about this as you reflect on the operating leverage inherited at AMC when revenues are rising. For the first six months of 2026, AMC's adjusted EBITDA is some $228 million above that achieved in the same period last year, up $228 million.

當你回顧在 AMC 於營收上升時所承襲的營運槓桿時，請思考這一點。2026 年前六個月，AMC 的調整後 EBITDA 較去年同期高出約 2.28 億美元，增加 2.28 億美元。

As you've been learning this morning, the AMC story of 2026 includes our vastly improved operating results. But we also should speak to the enormity of the progress that we've made in strengthening the AMC balance sheet. Sean will walk you through the details in a couple of minutes.

正如你們今早所了解的，AMC 在 2026 年的故事包含我們大幅改善的營運成果。但我們也應談到我們在強化 AMC 資產負債表方面所取得的巨大進展。Sean 將在幾分鐘後帶各位了解細節。

Suffice it to say, we have $1.7 billion less debt than we had at the end of 2020. Assuming static overall market benchmark rates, interest expenses decrease as our debt levels decrease, and with rising adjusted EBITDA, interest rates also decrease as our leverage ratios improve. Thanks in part to our success in generating free cash flow and thanks in part to our success in raising equity, take it all together, AMC had $778 million of cash on hand, excluding restricted cash, at the end of Q2 2026. And importantly, we do not expect any significant debt maturities prior to the year 2029, three years from now.

簡而言之，我們的負債較 2020 年底減少了 17 億美元。在假設整體市場基準利率維持不變的情況下，隨著負債水位下降，利息費用也會下降；而隨著調整後 EBITDA 上升、槓桿比率改善，我們的利率也會下降。部分歸功於我們成功創造自由現金流、部分歸功於我們成功募資增資，綜合而言，截至 2026 年第二季末，AMC 持有現金（不含受限制現金）為 7.78 億美元。而且重要的是，我們預期在 2029 年之前（也就是三年後）不會有任何重大債務到期。

Looking ahead, we continue to be ever so optimistic. This weekend's powerful debut of Universal Pictures' and Christopher Nolan's The Odyssey, with an encouraging media-reported $124 million domestic opening weekend gross, is the latest reminder of the strength of today's theatrical marketplace. Indeed, we also announced this morning, in addition to second-quarter earnings, that there were some 4.3 million guests in AMC theaters and Odeon cinemas this weekend from Thursday to Sunday. 4.3 million people in our theaters, big, big numbers.

展望未來，我們仍然非常樂觀。本週末，環球影業與克里斯多福・諾蘭的《奧德賽》強勢首映，媒體報導其美國國內首週末票房達 1.24 億美元，這再次提醒我們當前院線市場的強勁。事實上，我們今早也宣布，除了第二季財報之外，從週四到週日這個週末，AMC 戲院與 Odeon 影城共接待約 430 萬名觀眾。430 萬人來到我們的影城，數字非常、非常可觀。

That outstanding debut of The Odyssey will be followed a mere two weeks from now by Sony's highly anticipated Spider-Man: Brand New Day, for which advanced booking suggests yet another box office triumph is at hand. There will be more exciting movie weekends this year, especially including when Warner Brothers will be releasing Dune: Part Three and Disney will be unveiling Avengers: Doomsday just before Christmas. Accordingly, we believe that movie theaters will enjoy in the full 12 months of 2026 their strongest yet post-pandemic year at both the domestic box office and at the global box office.

《奧德賽》的亮眼首映，僅僅兩週後就將由索尼備受期待的《蜘蛛人：嶄新的一天》接棒；從預售情況來看，顯示另一場票房勝利近在眼前。今年還會有更多令人興奮的電影週末，尤其包括華納兄弟將推出《沙丘：第三部》，以及迪士尼將在聖誕節前夕推出《復仇者聯盟：末日》。因此，我們相信在 2026 年完整 12 個月中，無論是美國國內票房或全球票房，電影院都將迎來疫情後迄今最強的一年。

The summary of 2026 so far is that our strategy, our execution, and our preparation at AMC all came together as the recovering box office that is strong, lean, and well-positioned market leader in the largest movie theater chain on earth, AMC. In short, $321.4 million of adjusted EBITDA, the best in 106 years, what a quarter, what a quarter, what a quarter.

截至目前對 2026 年的總結是：我們在 AMC 的策略、執行與準備都已到位；在票房復甦之際，AMC 作為全球最大連鎖影城，已成為一個強健、精實且具備良好定位的市場領導者。簡言之，調整後 EBITDA 達 3.214 億美元，為 106 年來最佳表現，這一季真是了不起，真是了不起，真是了不起。

With that, I'll turn the call over to Sean Goodman, our CFO, who will walk you through our second-quarter financial results in greater detail. After that, I'll return to highlight some of the consequential strategies and actions that encourage us greatly as we move forward. Sean?

接下來，我將把電話會議交給我們的財務長 Sean Goodman，他會更詳細地帶各位了解我們第二季的財務結果。之後我會再回來，重點說明一些重要的策略與行動，這些都讓我們對未來前景深受鼓舞。Sean？

Thank you, Adam, and good morning to everyone.

謝謝你，Adam，也向各位道早安。

We are indeed proud of the Q2 results. They delivered the highest quarterly revenue and adjusted EBITDA in AMC's entire history. We did not simply benefit from a stronger industry box office; we outperformed.

我們確實為第二季的成果感到自豪。這一季創下 AMC 歷史上最高的單季營收與調整後 EBITDA。我們不只是受惠於更強勁的產業票房；我們表現優於同業。

In the United States, admissions revenue increased by 11.4%, approximately 70 basis points ahead of the industry box office growth that was 10.7%. And in Europe, our attendance increased by 17.9%, and that's approximately 170 basis points ahead of the relevant industry attendance growth.

在美國，入場票房收入成長 11.4%，約領先產業票房成長（10.7%）70 個基點。在歐洲，我們的觀影人次成長 17.9%，約領先相關產業觀影人次成長 170 個基點。

The success of our initiatives around the market share for patron profit, cost management, and portfolio optimization, coupled with the benefits of operating leverage, drove the second-quarter adjusted EBITDA up 70% to the record $321 million. That is more than $30 million ahead of the previous record that was achieved almost nine years ago when our attendance was approximately 23% higher.

我們在提升市占以帶動單客獲利、成本管理與資產組合優化等措施的成功，再加上營運槓桿效益，推動第二季調整後 EBITDA 大增 70%，達到創紀錄的 3.21 億美元。這比先前的紀錄還高出逾 3,000 萬美元；而那項紀錄是在將近九年前創下，當時我們的觀影人次約高出 23%。

Comparing Q2 2026 results to the prior year, approximately $200 million of incremental revenue generated $131.9 million of additional adjusted EBITDA. That's a roughly 66% flow-through that drove our adjusted EBITDA margin up 650 basis points to 20.1%.

將 2026 年第二季與去年同期相比，約 2 億美元的新增營收帶來 1.319 億美元的額外調整後 EBITDA。這相當於約 66% 的流入率（flow-through），使我們的調整後 EBITDA 利潤率提升 650 個基點至 20.1%。

The second quarter's performance was broad-based across our global circuit, with food and beverage revenue per patron and total revenue per patron hitting new all-time highs in both the domestic and the international businesses. In the United States, adjusted EBITDA increased by 57.5% year over year to $285.6 million, while in Europe, adjusted EBITDA increased by 337% to $35.8 million.

第二季的表現遍及我們全球院線版圖；無論在美國本土或國際業務，每位顧客的餐飲收入與每位顧客的總收入皆創下歷史新高。在美國，調整後 EBITDA 年增 57.5% 至 2.856 億美元；在歐洲，調整後 EBITDA 大增 337% 至 3,580 萬美元。

Note that when comparing our second-quarter 2026 results to the prior year, international revenue and EBITDA benefited by approximately 2% from European currency appreciation versus the US dollar. And also note that 2026 general and administrative expenses benefited from an approximately $5.5 million credit associated with insurance recoveries.

請注意，將我們 2026 年第二季與去年同期相比，國際營收與 EBITDA 約有 2% 受惠於歐洲貨幣相對美元升值。也請注意，2026 年的一般及行政費用受惠於約 550 萬美元的入帳抵減，該抵減與保險理賠回收相關。

It's informative to compare our results this quarter to the second quarter of 2019. That was before the onset of the pandemic and before the strategic actions that we have taken over the last 6.5 years. In this year's second quarter, the North American box office was approximately 7.5% less than the second quarter of 2019.

將本季的結果與 2019 年第二季相比很有參考價值。那是在疫情爆發之前，也是在我們過去 6.5 年所採取的策略行動之前。在今年第二季，北美票房約較 2019 年第二季低 7.5%。

Yet in Q2 2026, AMC generated 6% more revenue and 39.5% more adjusted EBITDA than we did in Q2 2019, with attendance at our theaters approximately 26 million people or 26.5% less than in 2019. So we generated more revenue and significantly more adjusted EBITDA in a lower box office environment after seven years of inflationary cost pressures and with approximately 16% fewer better locations.

然而在 2026 年第二季，AMC 的營收較 2019 年第二季高出 6%，調整後 EBITDA 更高出 39.5%；同時我們影城的觀影人次約為 2,600 萬人，較 2019 年少約 2,650 萬人次（或 26.5%）。因此，在票房環境較低迷、經歷七年的通膨成本壓力，且優質據點約少了 16% 的情況下，我們仍創造了更高的營收與顯著更高的調整後 EBITDA。

This very clearly illustrates that we do not need the box office to return to pre-pandemic levels to achieve the same levels of EBITDA. This is because of the actions that we have taken and that we continue to take to enhance our market share, grow profit per patron, reduce our cost base, optimize our theater portfolio, and invest in the guest experience.

這非常清楚地說明：我們不需要票房回到疫情前水準，也能達到相同的 EBITDA 水準。這是因為我們已採取、且仍持續採取行動，以提升市占、提高每位顧客的獲利、降低成本基礎、優化影城組合，並投資於顧客體驗。

During the second quarter, we closed seven theaters and introduced six new premium large format and 25 new XL or extra-large auditoriums. Since 2020, we have now closed 225 locations. We've opened 66 for a net reduction of 159 theaters or approximately 16% of our global circuit. We have, at the same time, also added 77 premium large formats and 193 XL or extra-large auditoriums. This increases the number of premium or enhanced auditorium options available to our guests by more than 50%.

在第二季期間，我們關閉了 7 家影城，並新增 6 個高級大型格式影廳，以及 25 個 XL 或超大型影廳。自 2020 年以來，我們已關閉 225 個據點。我們新開 66 個據點，淨減少 159 家影城，約占我們全球院線版圖的 16%。同時，我們也新增了 77 個高級大型格式影廳，以及 193 個 XL 或超大型影廳。這使得提供給觀眾的高級或升級影廳選項數量增加超過 50%。

Now, let's move to the balance sheet. Our priorities are clear: one, maintain sufficient liquidity; two, reduce borrowing costs and extend maturities; three, lower financial leverage; and four, invest in high-return opportunities that enhance the movie-going experience at AMC.

現在，讓我們轉到資產負債表。我們的優先事項很明確：第一，維持充足的流動性；第二，降低借款成本並延長到期年限；第三，降低財務槓桿；第四，投資於高報酬機會，以提升在 AMC 的觀影體驗。

During the quarter, we successfully refinanced $400 million of debt that was due in 2027, thereby extending the maturity by four years. We also eliminated approximately $155.8 million of exchangeable debt that was due in 2030 through its conversion into equity. And we completed $150 million of at-the-market equity offering, raising more than $85 million of gross proceeds during the second quarter.

在本季度，我們成功為原本於 2027 年到期的 4 億美元債務進行再融資，因而將到期日延後四年。我們也透過轉換為股權，消除了約 1.558 億美元、原本於 2030 年到期的可交換債務。此外，我們完成了 1.5 億美元的按市價發行（ATM）股權募資，於第二季募集超過 8,500 萬美元的總募集款。

In addition, we recently completed a $200 million registered direct equity offering with several institutional investors. And following the closing of that transaction, we exercised our right to redeem the remaining $125.5 million of 6.125% senior subordinated notes due in 2027. This redemption is subject to a 30-day notice period, and as such, the subordinated notes will be redeemed on July 24, 2026.

另外，我們近期與數家機構投資人完成了一筆 2 億美元的註冊直接股權發行。在該交易完成交割後，我們行使權利，贖回剩餘 1.255 億美元、票面利率 6.125%、於 2027 年到期的優先次順位票據。此項贖回須遵守 30 天通知期，因此該等次順位票據將於 2026 年 7 月 24 日完成贖回。

As a result of the debt refinancing and repayment actions taken in the second quarter, we do not anticipate any material debt principal payments required prior to 2029, and our go-forward annual cash interest expense will be reduced by approximately $16 million.

由於第二季採取的債務再融資與償還措施，我們預期在 2029 年之前不需要任何重大債務本金償付；而未來每年的現金利息費用將約減少 1,600 萬美元。

Our outstanding first half of 2026 financial performance, together with a meaningful improvement in the balance sheet, has resulted in a substantial reduction in our financial leverage ratios. And thanks to the terms that we negotiated in our various debt documents, the financial leverage reduction achieved during the second quarter is expected to trigger a reduction in interest rate paid on approximately 75% of our debt. This will result in a lowering of the annual interest expenses by approximately $51 million, yet another significant step in the transformation that we've been driving over the last six years.

我們在 2026 年上半年出色的財務表現，加上資產負債表的顯著改善，使我們的財務槓桿比率大幅下降。並且，得益於我們在各項債務文件中談判取得的條款，第二季達成的財務槓桿下降，預期將觸發約 75% 債務的付息利率下調。這將使年度利息費用約降低 5,100 萬美元，這也是我們過去六年推動轉型的又一重大步驟。

At the end of June, thanks to free cash flow generation of $190.1 million and the benefit of the capital raised during the quarter, our cash on hand was $778 million, excluding $42 million of restricted cash. It is important to note that on July 24 of this year, $125.5 million of cash will go out to be used for the redemption of our subordinated debt.

截至 6 月底，受惠於 1.901 億美元的自由現金流，以及本季度籌資帶來的效益，我們手上現金為 7.78 億美元（不含 4,200 萬美元的受限制現金）。需要特別指出的是，今年 7 月 24 日將有 1.255 億美元現金流出，用於贖回我們的次順位債務。

As you may recall, our 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 and a negative cash impact in the first and third quarters, and we do expect this cadence to continue through 2026.

如各位所記得，我們的營運資金週期與票房的季節性高度相關。一般而言，這使得第二季與第四季的營運資金對現金流為正向影響，而第一季與第三季則為負向影響；我們也預期此一節奏將延續至 2026 年。

With a strengthening balance sheet, enhanced cash position, and a resurgent box office, we're continuing to execute on the highly successful AMC Go Plan, and we expect net CapEx for 2026 to be between $200 million and $235 million. As we look ahead, we are optimistic about the ongoing recovery of global box office and confident in our ability to convert box office growth into significant growth in profit, cash flow, and ultimately shareholder value.

在資產負債表更為強健、現金部位提升，以及票房回升的情況下，我們持續推進成效卓著的 AMC Go Plan，並預期 2026 年的淨資本支出（CapEx）將介於 2 億至 2.35 億美元之間。展望未來，我們對全球票房持續復甦感到樂觀，並有信心將票房成長轉化為獲利、現金流，最終以及股東價值的顯著成長。

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

接下來，我把電話會議交回給 Adam。

Thank you, Sean. I want to briefly address a few key topics, six to be specific, before turning to your questions.

謝謝你，Sean。在進入各位提問之前，我想先簡要談幾個重點議題，具體來說是六項。

First, one of the reasons AMC continues to outperform is the strength of the relationships that we have built with our guests to our industry-leading loyalty programs. More than 40 million US households, for example, have participated in our AMC Stubs loyalty program, creating a direct and ongoing relationship between AMC and our guests. It is especially helpful that we know exactly which movie genres and which movie titles they have seen in our theaters.

第一，AMC 能持續表現優於同業的原因之一，是我們透過業界領先的會員忠誠計畫，與觀眾建立起強而有力的關係。例如，超過 4,000 萬個美國家庭曾參與我們的 AMC Stubs 忠誠計畫，讓 AMC 與觀眾之間建立直接且持續的關係。特別有幫助的是，我們能清楚掌握他們在我們影城看過哪些電影類型與哪些片名。

Through our loyalty programs, we're then able to develop a valuable understanding of our guests, reward their patronage, and encourage them to visit our theaters for the movies that they most like more often. AMC Stubs members represented just more than 50% of our total US guest count in the second quarter.

透過忠誠計畫，我們得以更深入且有價值地了解觀眾、回饋他們的支持，並鼓勵他們更頻繁地為自己最喜歡的電影走進我們的影城。第二季中，AMC Stubs 會員占我們美國總觀影人次的比例略高於 50%。

Second, benefiting from our many best practices learnings from our highly successful Limitless subscription programs in Europe, I cannot rave enough about the success of our A-List subscription program in the United States, the one that lets you see up to four movies a week for a flat monthly fee of somewhere between $24 and $30 a month plus tax. At the end of the second quarter, more than 1.1 million moviegoers were members of our A-List program, more than double the membership that AMC's A-List had just five years ago.

第二，受惠於我們在歐洲極為成功的 Limitless 訂閱方案所累積的眾多最佳實務經驗，我怎麼稱讚都不為過我們在美國的 A-List 訂閱方案的成功；該方案讓你以每月固定費用（約每月 24 至 30 美元，另加稅）每週最多可看四部電影。截至第二季末，超過 110 萬名影迷是我們 A-List 方案的會員，較 AMC 的 A-List 在五年前的會員數增加逾一倍。

A-List is such a popular program, especially among Gen Z moviegoers. And it gives AMC a more consistent and increasingly more predictable cadence to welcome a younger generation to flock to movie theaters, as their parents and grandparents did before them for decade after decade, dating back a full century or more.

A-List 是一個非常受歡迎的方案，尤其在 Z 世代影迷之間。它也讓 AMC 能以更穩定、且愈來愈可預測的節奏，迎接更年輕的一代湧入影城——就像他們的父母與祖父母在過去一個世紀甚至更久之前，數十年如一日所做的那樣。

Indeed, A-Listers who also get to participate in our AMC Stubs loyalty program were responsible for right around 20% of all AMC theater patronage in the US during the second quarter. Think about that. 1.1 million people out of the 330 million Americans are so loyal to AMC that they represented about 20% of our movie dealing customers in the second quarter, which itself was so successful.

確實，在第二季期間，同時也參與我們 AMC Stubs 忠誠計畫的 A-List 會員，約占 AMC 在美國所有影城消費人次的 20%。想想看：在 3.3 億美國人之中，有 110 萬人對 AMC 如此忠誠，以至於他們在第二季——而第二季本身又如此成功——就貢獻了約 20% 的觀影客群。

Third, Sean often mentions with great satisfaction are closing non-performing theaters and opening shiny new ones. What is so impressive here is that the theaters that we're opening so outgross and have so much more combined profitability than the theaters that we shut. What's more, our willingness to do so also has given us the credibility we need in the theater landlord community to successfully renegotiate and receive much more attractive lease terms on many of the theaters that routinely come up for renewal each and every year.

第三，Sean 經常非常滿意地提到我們關閉表現不佳的影城並開設嶄新的影城。令人印象深刻的是，我們新開的影城在票房收入上遠勝於我們關閉的影城，且合計獲利能力也高出許多。此外，我們願意這麼做，也讓我們在影城房東社群中建立了所需的公信力，得以在許多每年例行到期續約的影城租約上，成功重新談判並取得更具吸引力的租賃條款。

Fourth, AMC is the movie theater chain that led the way with recliner seating, both in the US and at our Luxe-branded theaters across Europe. Ironically, many of our highest-grossing theaters simply can't take reclining seats because they require so much seat loss. We just can't afford to give up those seats in theaters that are so thoroughly patronized.

第四，AMC 是率先導入躺椅座位的連鎖影城，無論在美國，或是在歐洲以 Luxe 品牌營運的影城皆是如此。諷刺的是，我們一些票房最高的影城反而無法改裝躺椅座位，因為那會造成大量座位數減少。對於這些上座率極高的影城，我們實在無法承受放棄那些座位。

Fortunately, we have a solution to this conundrum. Our relatively new branded AMC Club Rocker seat is much more attractive and much more comfortable than the seats that preceded it. The seat loss is but a fraction of the seating given up to install full recliners. And it also costs only a fraction to deploy the Club Rockers compared to what we previously were investing.

幸運的是，我們對這個難題已有解方。我們相對較新的品牌座椅——AMC Club Rocker——比先前的座椅更具吸引力，也更舒適。相較於安裝全躺椅所需犧牲的座位數，Club Rocker 的座位減少幅度只是其中一小部分。而且，相較於我們過去的投資，部署 Club Rocker 的成本也僅為一小部分。

The AMC Club Rocker seats propelled AMC Burbank, AMC Lincoln Square, and AMC Empire to be among the highest-grossing theaters across the entire country, week after week after week. Just as it has been for the past several years, we will remain highly disciplined with our capital expenditures efforts. But even so, we have figured out a way to relatively inexpensively get more of these Club Rockers into more of our top-performing theaters, which will make them even that much more appealing to moviegoers.

AMC Club Rocker 座椅推動 AMC Burbank、AMC Lincoln Square 與 AMC Empire 週復一週地成為全國票房最高的影城之一。正如過去幾年一樣，我們在資本支出方面將持續保持高度紀律。即便如此，我們也找到了相對低成本的方法，將更多 Club Rocker 安裝到更多表現最好的影城中，讓它們對影迷更具吸引力。

Fifth, I've noticed that many of us have been writing recently about the power of extra-large format and premium large format screens. I want to remind you how much of a commanding lead AMC enjoys most importantly with IMAX and with Dolby Cinema, among others, along with our house brands, consumer-preferred premium products all and proudly featured in the world of AMC in the US and Odeon in Europe.

第五，我注意到我們許多人最近一直在撰寫關於超大型格式與高級大型格式（Premium Large Format, PLF）銀幕威力的內容。我想提醒各位，AMC 在 IMAX 與 Dolby Cinema 等方面（以及其他項目）享有多麼顯著的領先優勢，並結合我們自有品牌、消費者偏好的高級產品，且自豪地在美國的 AMC 與歐洲的 Odeon 影城中呈現。

Globally, AMC and Odeon now have deployed and operating some 226 IMAX screens, 182 Dolby screens, 83 iSense screens, 47 PRIME screens, 14 ScreenX and 4DX screens, along with 193 XL screens, just about 750 in total. No other movie theater chain on earth comes even close.

在全球範圍內，AMC 與 Odeon 目前已部署並營運約 226 個 IMAX 銀幕、182 個 Dolby 銀幕、83 個 iSense 銀幕、47 個 PRIME 銀幕、14 個 ScreenX 與 4DX 銀幕，另有 193 個 XL 銀幕，合計約 750 個。地球上沒有任何其他連鎖電影院能接近這個規模。

And these auditoriums are so popular. They represent only about 8% of our total screen count. But for The Odyssey this weekend, for example, they generated more than 50% of our total ticket gross for the film. IMAX especially performed fabulously well with The Odyssey. Chris Nolan's epic movie was filmed entirely with IMAX cameras, and our IMAX auditoriums are just packed right now.

而這些影廳非常受歡迎。它們僅約占我們總銀幕數的 8%。但以本週末《The Odyssey》為例，這些影廳為該片貢獻了我們總票房收入的 50% 以上。IMAX 尤其在《The Odyssey》表現極為出色。克里斯・諾蘭（Chris Nolan）的史詩電影全程使用 IMAX 攝影機拍攝，而我們的 IMAX 影廳目前幾乎場場爆滿。

That's a real triumph for both IMAX and for AMC. It's no surprise, then, why AMC and Odeon are so committed to further increasing the number of our PLF and XLF screens. Mostly usually third-party capital will get there, I think that we can affordably increase that total count of our PLFs and XLFs by 100 and 250 more auditoriums over the next two to four years.

這對 IMAX 與 AMC 來說都是一項真正的勝利。因此，AMC 與 Odeon 為何如此致力於進一步增加我們的 PLF 與 XLF 銀幕數量，也就不足為奇了。我認為多數情況下會由第三方資本來推動；我們也能以可負擔的方式，在未來兩到四年內將 PLF 與 XLF 的總數分別再增加 100 間與 250 間影廳。

And finally, sixth, I really want to salute our headquarters staff and our theater teams in the field for the creative ways in which they have controlled costs so far in 2026. It would almost be not mind-numbing on this webcast today to try to walk you through all the line items on which we've been vigilant in keeping costs in check. But you should know that our success in the second quarter in driving more EBITDA than almost any of you expected came from our determined efforts first to get revenues growing, but to get them growing at a far faster pace than that of expense growth.

最後，第六，我非常想向我們的總部同仁以及前線影城團隊致敬，感謝他們在 2026 年迄今以創新的方式控管成本。若要在今天的網路直播中逐一帶各位看我們在各個費用科目上如何嚴格控管，幾乎會讓人聽到頭昏腦脹。但各位應該知道，我們第二季能創造出幾乎超出各位預期的 EBITDA，來自於我們堅定的努力：先讓營收成長，而且讓營收成長的速度遠快於費用成長。

With that, Sean and I would be pleased to take your questions from analysts and our retail shareholders, following a quarter in which we -- if I forgot to mention it before -- generated some $321.4 million, a 106-year record for AMC.

接下來，Sean 和我很樂意在本季之後回答分析師與我們散戶股東的提問；而在這一季中——如果我先前忘了提——我們創造了約 3.214 億美元，這是 AMC 106 年來的紀錄。

(Operator Instructions) Mike Hickey, StoneX.

（接線員指示）StoneX 的 Mike Hickey。

Hey, Adam, Sean, John. Congrats, guys, on an incredible 2Q, strong first-half performance. Two questions, Adam. The first is probably your point six on your team's cost discipline here, which has been exceptional, holding your OpEx basically flat in 2Q. How sustainable do you think that cost discipline is in the second half? And would you expect continued revenue growth to drive some more operating leverage?

嗨，Adam、Sean、John。恭喜各位，第二季表現驚人、上半年也很強勁。Adam 兩個問題。第一個大概是你提到的第六點：你們團隊的成本紀律非常出色，第二季基本上讓營運費用（OpEx）持平。你認為這樣的成本紀律在下半年有多可持續？以及你是否預期持續的營收成長能帶來更多營運槓桿？

Thanks, Mike. And by the way, Mike, our top lawyer at Weil, Gotshal is named Michael Hickey. So it's very confusing. That's very confusing. Thanks for your nice words about the quarter. It was quite a good one.

謝謝你，Mike。順帶一提，Mike，我們在 Weil, Gotshal 的首席律師也叫 Michael Hickey。所以這真的很容易搞混。真的很混淆。謝謝你對本季的讚美。這確實是很不錯的一季。

There were a few one-time items in the second quarter last year and this year. So I don't know if we'll have exactly the same expense growth containment going forward as we had in Q2, but that's a small piece of what was going on in Q2.

去年與今年的第二季都有一些一次性項目。所以我不確定未來我們是否能像第二季一樣，做到完全相同的費用成長抑制；但那只是第二季情況中的一小部分。

What was really going on in Q2 is just we really contained costs. And I'm so proud of our people because it took 30,000 of them across 850 theaters, as well as in our headquarters organizations in Europe and the US, to pull it off. We're going to be maniacal in continuing to try to keep our cost down.

第二季真正發生的是：我們確實把成本控制住了。我為我們的同仁感到非常自豪，因為這需要遍布 850 家影城的 30,000 名員工，以及歐洲與美國總部組織共同努力才能做到。我們會以近乎偏執的態度，持續努力把成本壓低。

Will we have the full 700-basis-point improvement in adjusted EBITDA margin every quarter going forward that we had in Q2? I guess that remains to be seen based on how strong the revenues are and how much we can keep a limit on costs, but we're going to do everything in our power to maximize and drive revenue growth and keep costs under control.

未來每一季我們都能像第二季一樣，調整後 EBITDA 利潤率提升整整 700 個基點嗎？我想這還有待觀察，取決於營收有多強，以及我們能在多大程度上限制成本；但我們會竭盡所能，最大化並推動營收成長，同時把成本控制住。

Thanks, Adam. The free cash flow, also exceptional, $190 million free cash flow in 2Q. I guess at this point, and I know that you've brought your leverage down, you reduced your interest expense, that all seems very positive for the second half and overall annually. Do you have a sense at this point the level of box office that would be required for you to consistently generate positive free cash flow moving forward?

謝謝你，Adam。自由現金流也非常出色，第二季自由現金流達 1.90 億美元。我想在這個時間點，而且我知道你們已降低槓桿、也減少利息費用，這些對下半年與全年看起來都很正面。你們目前是否能判斷，未來要能持續產生正的自由現金流，大盤票房需要達到什麼水準？

To how many decimal points would you like that answer? We know exactly what the breakeven box office needs to be for us to be free cash flow positive on a 12-month basis.

你希望我把答案精確到小數點後幾位？我們非常清楚：若以 12 個月為基準，要達到自由現金流為正，所需的損益兩平票房是多少。

Right now, it's right around $10.4 billion, which is so impressive because if you compare what it was back in 2019 pre-pandemic, at seven years of inflationary costs and wage pressure among other things, and everything is more expensive than we buy because as everything that everyone buys is more expensive over seven years, you would have thought the breakeven box office would have been much higher. But we've done such a great job in increasing our profit per patron and controlling our costs.

目前大約在 104 億美元左右；這非常令人印象深刻，因為若與 2019 年疫情前相比，經歷了七年的通膨成本與薪資壓力等因素，而且我們購買的所有東西都更貴——就像所有人七年來買的所有東西都更貴一樣——你原本會以為損益兩平票房會高得多。但我們在提升每位觀眾的獲利能力與控管成本方面做得非常好。

We're within sight of being cash flow positive, not for a quarter, but for a year. And the efforts to continue to drive that breakeven box office level downwards continue. If, in fact, we are successful in continuing to get lower interest rates going forward, and Sean deserves to be justifiably proud of how we build some automatic triggers into our various debt instruments, then as our leverage ratios improved, our interest rates fall. And that's exactly what's happening right now with the strong operating results from the second quarter and having paid off or converted into equity a bunch of our debt so far this year.

我們已經看得到自由現金流轉正的曙光——不是只在單一季度，而是以全年來看。而我們也持續努力把損益兩平票房水準再往下拉。如果我們確實能在未來持續取得更低的利率，而且 Sean 值得為他在各項債務工具中設計一些自動觸發條款而感到理所當然的自豪——當我們的槓桿比率改善時，我們的利率就會下降。而這正是目前正在發生的事：第二季營運結果強勁，加上我們今年迄今已償還或轉換為股權的一部分債務。

If interest rates go -- if interest expense goes down, that means that the breakeven box office level goes down as well. As I said to your earlier question, Mike, we're going to continue to do all in our power to drive revenues. Remember that something like two-thirds of our incremental revenue dollar falls to the EBITDA line, and we're going to do everything in our power to keep costs under control. So we're not quite a breakeven neutral for the full year, but boy, are we close and there's so much improvement over where we've been since 2019.

如果利率下降——如果利息費用下降——那麼損益兩平票房水準也會隨之下降。如同我在前一個問題對你說的，Mike，我們會持續竭盡所能推動營收。請記得，我們每增加 1 美元的增量營收，大約有三分之二會落到 EBITDA 這一行；同時我們也會竭盡所能把成本控制住。所以我們距離全年損益兩平（或接近中性）還差一點，但真的非常接近，而且相較於 2019 年以來的狀況，已經有了巨大的改善。

Thanks, Adam. Thanks, guys. Congratulations.

謝謝你，Adam。謝謝各位。恭喜。

Alicia Reese, Wedbush.

Alicia Reese，Wedbush。

Thanks. Great numbers, guys. Congrats on the quarter. I have a couple of questions about international. Just looking at the admissions revenue per screen growth of 20% year over year, and that's on the 34% growth last year in the second quarter. It's a really nice growth in the first quarter, strong expectations for the back half of the year with a good slate.

謝謝。數字很漂亮，各位。恭喜本季表現。我有幾個關於國際業務的問題。我看到每銀幕入場收入年增 20%，而去年第二季是在年增 34% 的基礎上。第一季成長非常亮眼，且下半年在片單強勁的情況下，市場預期也很高。

I wonder if you could talk about -- you had mentioned about 250 more premium large format screens expected for the full, I think, global print over the next two to four years. To what extent have you completed your upgrades in Europe and are those driving results? And to what extent are you still taking that 250 and driving that higher?

想請你談談——你先前提到，未來兩到四年在全球範圍內，預計會新增約 250 個高級大型格式銀幕。你們在歐洲的升級改裝完成到什麼程度？這些是否正在帶動業績？另外，你們是否仍以這 250 個為基礎，並把目標再往上提高？

Alicia, I'm going to let Sean answer your question because our international leaders actually report to Sean in addition to his CFO duties. But I just want to clarify one thing.

Alicia，我先請 Sean 來回答你的問題，因為我們的國際團隊主管除了他擔任 CFO 的職責外，也向 Sean 匯報。不過我想先澄清一點。

What I said on my prepared remarks is that we'll do somewhere between 150 and 250 more premium format and extra-large format screens, the so-called XL at AMC screens in the US and XL screens in Europe. We have 193 of them now. I'm sure that we can add 100 more, maybe more than that across the US and Europe going forward. So there's a lot of opportunity to add more screens.

我在事先準備的講稿中提到的是，我們將新增約 150 到 250 個高級格式與超大型格式銀幕，也就是所謂的 XL——在美國是 AMC 的 XL 銀幕，在歐洲則是 XL 銀幕。我們目前有 193 個。我相信未來在美國與歐洲合計，我們可以再增加 100 個，甚至可能更多。因此，新增銀幕的機會非常大。

And we do get a healthy price premium for our premium products. Here in the US, for example, our IMAX auditoriums, our Dolby Cinema auditoriums usually are carrying something like a $6 or $7 price premium over a traditional auditorium. Our PRIME auditoriums and our iSense auditoriums are also commanding healthy premiums. And even our XL screens are commanding smaller price premiums, but price premiums nonetheless, basically up maybe 10% above normal auditorium pricing.

而且我們的高級產品能取得相當可觀的溢價。例如在美國，我們的 IMAX 影廳、Dolby Cinema 影廳通常相較於傳統影廳可有約 6 到 7 美元的票價溢價。我們的 PRIME 影廳與 iSense 影廳也能取得不錯的溢價。即使是 XL 銀幕，溢價較小，但仍然有溢價，基本上比一般影廳票價高約 10%。

And not only do we get higher prices for these premium products, but they're also the auditoriums that book first. And you just need to look at this one weekend on Odyssey that our premium and extra-large format screens were 80% of our screens but 50% of our gross. I mean, these premium format screens and extra-large format screens trumped the generating power of six times that of a normal auditorium. So you can be sure that we're going to do all in our power to increase the number of IMAX auditoriums in our system, Dolby Cinema auditoriums in our system, ScreenX and 4DX auditoriums in our system, and our house brand PRIME and iSense auditoriums and our XL screens.

而且不只是票價更高，這些高級產品的影廳也往往是最先被預訂的。你只要看看《Odyssey》那個週末：我們的高級與超大型格式銀幕占我們銀幕數的 80%，卻貢獻了 50% 的總票房。也就是說，這些高級格式與超大型格式銀幕的創收能力，是一般影廳的 6 倍。因此你可以確定，我們會盡一切努力增加系統內的 IMAX 影廳、Dolby Cinema 影廳、ScreenX 與 4DX 影廳，以及我們自有品牌 PRIME 與 iSense 影廳，還有 XL 銀幕的數量。

With that, do you want to make a short comment, Sean, about Europe?

Sean，你要不要就歐洲簡短補充一下？

Thanks, Adam, and thanks, Alicia, for the question.

謝謝你，Adam，也謝謝 Alicia 的提問。

We are very fortunate, because in line with what Adam is saying, we have a very long list of extremely high return projects, longer list than we could afford to actually invest one particular point in time. We're also fortunate that we're able to get co-funding from our technology partners, from our landlords to do investments in our theaters.

我們非常幸運，因為如 Adam 所說，我們手上有一長串報酬率極高的專案清單，長到在任何單一時間點，我們都不可能有足夠資金把它們全部投下去。我們也很幸運，能從技術合作夥伴以及房東那裡取得共同出資，來投資我們的影城。

The opportunity in Europe is pretty much the same as it is in the US. The recliner penetration in Europe is actually quite significant more than in the US, so there's an increased opportunity with recliner penetration. The Luxe theater conversions that we've done in Europe have generated extremely high returns. And so those opportunities exist, and we're spending at the moment pretty much a proportionate amount of capital in the US and Europe and on these very, very high return projects.

歐洲的機會基本上與美國相當。歐洲的躺椅座椅滲透率其實比美國高得多，因此在躺椅座椅方面仍有更大的提升機會。我們在歐洲所做的 Luxe 影城改裝，帶來了極高的報酬。因此這些機會都存在；目前我們在美國與歐洲投入的資本大致是按比例分配，並聚焦在這些報酬率非常、非常高的專案上。

And I might add for as excited as we are about the current profitability in the second quarter of AMC, there's so much operating leverage in our company that when revenues rise, EBITDA rises at a much more rapid clip. And as Sean said, there are a lot of growth opportunities that we look at, but I don't want anyone to have the wrong takeaway from this conversation.

另外我也想補充：儘管我們對 AMC 第二季目前的獲利能力感到非常振奮，但公司有很大的營運槓桿；當營收上升時，EBITDA 會以更快的速度成長。如 Sean 所說，我們看到很多成長機會，但我不希望任何人從這段對話得到錯誤的結論。

If you look at the last six years, AMC has been incredibly disciplined in our capital expenditure efforts. We've skinned down CapEx and embraced only the most obvious successful products and projects. We intend to continue to be extraordinarily disciplined in our capital expenditure process as we go forward.

如果你回顧過去六年，AMC 在資本支出方面一直非常自律。我們已大幅精簡 CapEx，只採用最明顯成功的產品與專案。未來我們也打算在資本支出流程上持續保持極高的自律。

And as a quick follow-up, can you just discuss briefly the ROI on the European recliner upgrades and just compare that to US back when you were doing that and the premium and large format screens as well? Is the ROI similar to US?

再追問一下，你能否簡要談談歐洲躺椅座椅升級的投資報酬率（ROI），並與你們當年在美國推動時相比？另外高級與大型格式銀幕也是。ROI 是否與美國相近？

Yeah. Yes is the simple answer, and they vary project by project. But it's not uncommon for us to see ROIs achieved of 30% or more, 40% or more, 50% or more. On the XL screens, they were so inexpensive to create because the screens already existed. We just didn't necessarily market that we had them.

是的。簡單答案是：是的；但會因專案而異。不過我們看到 30% 以上、40% 以上、甚至 50% 以上的 ROI 並不罕見。至於 XL 銀幕，因為銀幕本來就存在，所以建置成本非常低。我們只是過去未必有把它們作為賣點來行銷。

The IRR of the XL screens is pretty much infinite. Our total cost to put an XL screen in place, XL screen, for which we're getting a 10% price premium in perpetuity, at least if current pricing were to continue, I don't want to make any forward-looking statements about pricing. But our expenditures for an XL screen were under $20,000 a screen. I mean, the returns are really high when you can create a product of close to 200 screens globally and spend very little money doing.

XL 銀幕的 IRR 幾乎是無限大。我們導入一個 XL 銀幕的總成本——而這個 XL 銀幕能帶來 10% 的票價溢價並可長期持續，至少在目前定價維持不變的情況下；我不想對定價做任何前瞻性陳述。但我們在每個 XL 銀幕上的支出低於 2 萬美元。也就是說，當你能在全球打造接近 200 個銀幕的產品、且花費很少時，報酬率就會非常高。

And I'll add to that as well, as one would expect, the returns are also really high when you can get co-funding from your landlords or your technology providers as well. And given what I said at the beginning about a long list of very high return projects because of that and because of our disciplined approach to capital spending, we're investing in the highest return of those projects. So we're really investing in very high return projects that are going to be beneficial to our revenue and profit growth going forward.

我也補充一下：如你所預期，當你也能從房東或技術供應商取得共同出資時，報酬率同樣會非常高。而且如我一開始所說，我們有一長串高報酬專案清單；基於這點以及我們對資本支出的自律做法，我們會投資在其中報酬率最高的專案。因此我們實際上是在投資於非常高報酬、且將有助於未來營收與獲利成長的專案。

Excellent. Thank you, gentlemen. Appreciate your responses, and congrats again.

太好了。謝謝兩位。感謝你們的回覆，再次恭喜。

Chad Beynon, Macquarie.

Chad Beynon，Macquarie。

Hey. Good morning, Adam and Sean. Nice quarter. Thanks for taking my question. I wanted to ask just about the per patron spending metrics. Obviously, this industry has always been affordable compared to other out-of-home options, particularly what we're seeing with World Cup pricing, concerts this summer, and a number of other sub-sectors.

嗨。早安，Adam 和 Sean。本季表現不錯。謝謝讓我提問。我想問的是每位觀眾的消費指標。顯然，相較於其他外出娛樂選項，這個產業一直都算是負擔得起，尤其是考量到我們看到的世界盃票價、今年夏天的演唱會，以及其他一些子產業的情況。

But how are you thinking about pricing opportunities? I know you've already talked a lot about premium format and kind of what that does to pricing. But are there still opportunities, either on admissions or concessions, in the back half of the year or '27 to keep raising pricing? Thank you.

那麼你們是如何看待定價機會的呢？我知道你們已經談了很多關於高級影廳格式，以及它對定價的影響。但在今年下半年或到 2027 年，在入場票價或餐飲販售方面，是否仍有持續調高價格的機會？謝謝。

So Chad, I was schooled as a young marketer that it's patently illegal for me to talk about pricing strategies on a going-forward basis. So I'm not trying to duck your question, but I can't answer your question, but I can answer your questions a different way.

Chad，我年輕時受過行銷訓練，被教導說我在法律上明確不得談論未來的定價策略。所以我不是要迴避你的問題，但我不能直接回答你的問題，不過我可以用另一種方式來回答。

What I'm very proud of looking backwards, not looking forwards, is AMC has done a really successful job of raising price where we should when demand is strong and reducing price where we should so that bargain hunters can find appealing ways to get into our buildings and buy stuff from us profitably. And just some examples.

回頭看、而不是往前看，我非常自豪的是：當需求強勁時，AMC 能在該調價的地方成功提高價格；而在該降價的地方也會降低價格，讓尋求優惠的消費者能以具吸引力的方式進到我們的影城，並讓他們在我們這裡的消費也能帶來獲利。我舉幾個例子。

Last July -- well, for the last more than a decade, the movie theater industry has had cheap pricing on Tuesday. Last July, AMC took that cheap pricing on Tuesdays and instead added another second discount day by introducing cheap prices on Wednesdays: 50% off Wednesdays, 50% off Tuesdays.

去年七月——其實十多年來，電影院產業在週二一直都有便宜票價。去年七月，AMC 不僅保留週二的便宜票價，還新增了第二個折扣日：推出週三的便宜票價，也就是週三五折、週二五折。

It was brilliant, I do say so myself, because prior to that effort, we didn't have anybody in our movie theaters on Wednesdays to speak of. And now, Wednesday is just a strong day for us. So there's the example where reducing price worked.

我自己都得說，這個做法很高明，因為在那之前，我們的影城週三幾乎沒什麼人。而現在，週三對我們來說已經是很強勁的一天。所以這就是降價奏效的例子。

Another example of reducing price, A-List now 20% of our patronage. Our A-List members have the right to go to four movies a week; that's 17 movies a month. They don't go to 17 movies a month. They go to two and three movies a month. But they have the right to, they can do, some do, many occasionally do a lot more than two or three in a particular month. But this has given us a great opportunity to drive movie going to secondary movies that might not have made the blockbuster cut and also allow us to sell more food.

另一個降價的例子是，A-List 現在占我們客流的 20%。A-List 會員有權每週看四部電影；也就是每月 17 部。他們並不會每月看 17 部。他們通常每月看兩到三部。但他們有這個權利、可以這麼做；有些人會這樣做，很多人也會偶爾在某個月份看得遠超過兩三部。但這讓我們有很好的機會，帶動觀眾去看一些可能沒能成為爆款的次要影片，同時也讓我們能賣出更多餐飲。

So there are examples where we have reduced price. But as you say, we have certainly not been shy at AMC in raising price for our premium offerings on weekends, for our blockbuster titles. I could give you example after example after example where we have proven to ourselves and to the outside world that there -- again, looking backwards, now looking forwards -- has been price opportunity and then AMC has smartly been able to take it.

以上就是我們降價的例子。但如你所說，AMC 在週末的高級產品、以及爆款片名上調高價格方面，確實一點也不手軟。我可以舉出一個又一個例子，證明——同樣是回頭看、不是往前看——確實存在定價空間，而 AMC 也很聰明地把握住了。

And if you compare the average ticket price that AMC achieves and you compare that to all the other large mass operators, you're going to continue to find and believe that AMC is more successful in commanding higher ticket pricing than our competition. That is a testimony to our proven ability to smartly price, both in having raised prices where we should and having reduced prices where we should.

如果你比較 AMC 的平均票價與其他大型連鎖業者，你會持續發現並相信：AMC 在取得較高票價方面比競爭對手更成功。這證明了我們經過驗證的智慧定價能力：該漲的地方漲、該降的地方降。

And if I could add just one thing, is that we shouldn't completely equate revenue per patron increases to price increases. Because in the case, for example, the average ticket price, significant portion of that increase is driven by the mix, more guests choosing to go to premium format and willing to pay for that price. In the case of food and beverage per patron, it's driven by us introducing of the movie-themed popcorn containers, which have been incredibly successful. Now, if you look even at the case of our other revenue, it's driven by adding new revenue streams such as retail popcorn, et cetera.

另外我想補充一點：我們不應該把「每位觀眾收入」的提升完全等同於「價格」的提升。因為以平均票價為例，其中相當一部分的增幅來自組合效應——更多觀眾選擇高級影廳格式，並願意為此付費。以每位觀眾的餐飲收入來看，則是因為我們推出了電影主題爆米花桶，成效非常好。再看我們的其他收入，也是因為新增了零售爆米花等新的收入來源。

So we can grow our revenue per patron without necessarily increasing price. It's providing new opportunities for audiences to get a premium format, providing new movie-themed content, movie-themed merchandise, et cetera, to excite the movie-going experience, et cetera, that drives the revenue per patron up as well.

因此，我們可以在不一定提高價格的情況下，提升每位觀眾收入。例如為觀眾提供更多升級到高級影廳格式的機會、推出新的電影主題內容與電影主題商品等，讓觀影體驗更令人興奮，這些也都會推動每位觀眾收入上升。

And we are cognizant that the market's opening in seven minutes, so we're going to make sure we try to be quick. But I'm just so proud of this, like bursting at the seams. Four years ago, our movie-themed merchandise business had revenues of zero because we weren't in the business.

我們也注意到市場七分鐘後就要開盤了，所以我們會盡量簡短。但我對這件事真的非常自豪，簡直興奮得不得了。四年前，我們的電影主題商品業務營收是零，因為我們當時根本沒有做這門生意。

This year, 2026, full year, when you add up our US movie-themed merchandise and our European movie-themed merchandise, we should see $100 million in movie-themed merchandise in our various theaters. That's out of thin air. Good for us.

今年，也就是 2026 年全年，把我們美國的電影主題商品與歐洲的電影主題商品加總起來，我們在各影城的電影主題商品營收應該會達到 1 億美元。這等於是憑空創造出來的。我們做得不錯。

Thank you both. I'll leave it there. Appreciate it.

謝謝你們兩位。我就先到這裡。感謝。

Patrick Sholl, Barrington Research.

Patrick Sholl，Barrington Research。

Hi. Good morning. Thanks for taking the question, and congrats on the record results. Just following up on Mike's question on maybe like the level of box office. Is there like a level of box office or leverage level, and you've made great progress on that over the past few years, but like a leverage level where you'd be more comfortable with the balance sheet?

嗨。早安。謝謝讓我提問，也恭喜你們創下紀錄的成果。我想延續 Mike 關於票房水準的問題。是否存在某個票房水準或槓桿水準——你們過去幾年在這方面進步很大——但有沒有一個槓桿水準會讓你們對資產負債表更安心？

It's not the leverage level that we've had over the past six years, and that's why we've been reducing our debt every year since then. As you can see from our 2026 June results, the leverage level has improved considerably. But I want to be quite clear, that is not the leverage level that our goal is to get to as well. We know that there is further to go, and we will get there by continuing to reduce the principal balance of the debt and also by increasing EBITDA.

不是我們過去六年那樣的槓桿水準，這也是為什麼我們從那之後每年都在減債。從我們 2026 年 6 月的結果你可以看到，槓桿水準已大幅改善。但我想非常清楚地說，那也不是我們希望達到的最終槓桿水準。我們知道還有進一步改善的空間，而我們會透過持續降低債務本金餘額，以及提升 EBITDA 來達成。

Ultimately, and it's going to take a little while to get there, we'd like to get to around a 3 times leverage level. We recognize that's not where we are now, but look at the significant change in the leverage level that has happened over just the last six months. We went from a double-digit leverage level to now what looks like a leverage level that is less than 6.5 times, so very significant improvement, and we'll continue to work towards continuing to make those significant improvements.

最終——而且要達到那裡還需要一些時間——我們希望槓桿水準大約降到 3 倍左右。我們也認知到目前還沒到那個水準，但看看過去短短六個月槓桿水準的顯著變化。我們從兩位數的槓桿水準，降到現在看起來低於 6.5 倍的槓桿水準，改善非常明顯；我們也會持續努力，繼續做出這些重大的改善。

Okay. Thank you. And then on your updated expectations on CapEx, is that an expectation that you would have going forward? Or is that kind of timing and just increasing some of the projects ahead of like the Q4 slate? Or is that also what you alluded to earlier with increased lease incentives from the landlords? Just a little bit more kind of color around that. Thank you.

好的。謝謝。另外關於你們更新後的資本支出（CapEx）預期，這是你們未來一段時間的常態性預期嗎？還是主要是時點因素，例如把一些專案提前，以配合第四季片單？或者也與你們先前提到、房東提供更多租賃誘因有關？想請你們再多補充一些背景說明。謝謝。

I wouldn't read anything into future years with that, because as Adam said earlier, we're incredibly disciplined on our CapEx spend and it will be very box office dependent. We, as we said earlier on this call, have just such incredible opportunities to spend money this year and create significant ROI that will benefit the results that we've taken advantage of the opportunity to do that. We're doing that this year, and we'll have to look at 2027 CapEx, look at the individual projects, look at our expectations for the master office, et cetera, and at that point, decide what our CapEx spend what appropriate level will be for '27 and going forward.

我不會從這點去解讀未來幾年的情況，因為如 Adam 先前所說，我們在資本支出（CapEx）方面極其自律，而且這將非常取決於票房表現。正如我們在本次電話會議較早時提到的，我們今年有非常多絕佳的投資機會可以投入資金並創造可觀的投資報酬率（ROI），而這些將有利於我們的業績表現；我們已把握機會去做了。我們今年正在這麼做，而至於 2027 年的資本支出，我們必須檢視 2027 年 CapEx、逐一檢視各個專案、檢視我們對總部辦公室等的預期，然後在那個時間點決定 2027 年及往後我們的 CapEx 支出在何種水準才是適當的。

Okay. Thank you so much.

好的。非常感謝。

Thank you.

謝謝。

Thank you. At this time, there are no further questions in queue. I will now turn the meeting back to Sean Goodman.

謝謝。目前佇列中沒有其他問題。我現在把會議交回給 Sean Goodman。

Thank you very much.

非常感謝。

Adam, I think there's time for just one quick question from our retail investors. So the question relates to equity and capital markets. And the question denotes that we have done two equity raises during the second quarter. And just a question to discuss the rationale for these equity raises and why they are important to AMC?

Adam，我想我們還有時間再快速回答一個來自散戶投資人的問題。這個問題與股權與資本市場相關。問題指出我們在第二季進行了兩次股權募資。想請你談談這兩次股權募資的理由，以及為什麼它們對 AMC 很重要？

Thank you, Sean.

謝謝你，Sean。

We've raised a lot of equity over the past six years, and that's why when other movie theater chains went into bankruptcy or liquidation, AMC did not. But even we know that the issuance of stock is a precious commodity. We don't issue it lightly. We think very hard about how much equity we should offer and when.

過去六年我們募集了大量股權資金，這也是為什麼當其他連鎖影城進入破產或清算時，AMC 沒有。但即便如此，我們也知道發行股票是一項珍貴的資源。我們不會輕率發行。我們會非常審慎地思考應該提供多少股權、以及在什麼時點提供。

There's always a good reason for it. In the case of the equity that we raised in the second quarter of this year, we had a debt maturity coming up less than a year from now where we needed to repay $125.5 million of debt. And the alternative to not repaying that debt would have been catastrophic. So we made sure that we raised the cash we needed to prosper.

這背後總是有充分理由。就今年第二季我們所募集的股權而言，我們有一筆不到一年後到期的債務，需要償還 1.255 億美元的債務。而不償還那筆債務的替代方案將是災難性的。因此我們確保募集到所需現金，讓公司能夠持續茁壯。

Having said that, we also know, I've said many times publicly, that cash is king. We also know that the thing that separated the companies that survived COVID and the Hollywood strikes is that they had cash in the bank. And the companies that did not have cash in the bank faltered. And in our industry, there were many companies that faltered.

話雖如此，我們也知道——我已多次在公開場合說過——現金為王。我們也知道，讓企業能在 COVID 與好萊塢罷工期間存活下來的關鍵，是它們帳上有現金。而那些帳上沒有現金的公司就撐不住了。在我們這個產業裡，有很多公司都撐不下去。

And so we've also been quite insistent that we always have, to the extent possible, robust cash reserves so that we have the time to recover. And look what's just happened with the second quarter. Because we gave ourselves the time to recover between the end of 2020 and the beginning of 2026, we put ourselves in the position through a better film slate and a more successful company that was driving revenues and cutting costs. We put ourselves in a position to report a record quarter of $321 million of EBITDA and $190 million of free cash flow.

因此，我們也一直相當堅持：在可能的範圍內，我們要始終維持充足的現金儲備，讓我們有時間復原。看看第二季剛發生的事就知道了。因為我們在 2020 年底到 2026 年初之間為自己爭取了復原時間，我們透過更好的片單與更成功的公司營運（推動營收並降低成本），讓自己處於有利位置。我們得以公布創紀錄的一季：EBITDA 為 3.21 億美元，自由現金流為 1.90 億美元。

So while the decisions we made were not always popular with our shareholder base, we knew that they were absolutely essential for our survival and gave us the runway we needed to get to the Promised Land. We're not quite at the Promised Land yet, because while we were free cash flow positive in Q2, we got a little way to go to be free cash flow positive for a full 12-month year, but we're ever so close.

因此，雖然我們所做的決策並不總是受到股東群體的歡迎，但我們知道這些決策對我們的生存絕對至關重要，並為我們提供了抵達「應許之地」所需的跑道。我們還沒有完全到達「應許之地」，因為雖然我們在第二季的自由現金流轉正，但要在完整 12 個月年度維持自由現金流為正，我們還有一小段路要走；不過我們已非常接近。

And as I said, we ended the second quarter with $778 million of cash on hand. Tough decisions, but they were made with great care and deliberation.

而且如我所說，我們在第二季結束時手上現金為 7.78 億美元。這些都是艱難的決定，但我們是在極其審慎與深思熟慮下做出的。

With that, I think the market's opening, so we're going to finish off this call. I want to thank all of you for participating today, both our analyst community and our retail shareholders who joined the webcast, and I leave you with three simple thoughts which are not going to be a surprise to any of you.

說到這裡，我想市場要開盤了，所以我們將結束這通電話會議。我要感謝各位今天的參與，包括分析師社群以及加入網路直播的散戶股東；最後我用三個簡單的想法作結，這些對各位來說都不會意外。

Number one, holy moly what a quarter we just completed, the best in 106 years with $321.4 million of EBITDA. Number two, if you were one of the 4.3 million people in our theaters this weekend who reveled at The Odyssey, it's got a 95% score from critics on Rotten Tomatoes and a 97% score from audiences on Rotten Tomatoes, I would strongly encourage you to buy a movie theater ticket, go out and see The Odyssey on a giant screen. It's how that movie was meant to be seen, and you're in for two hours and 50 minutes of extraordinary entertainment.

第一，天啊，我們剛完成的這一季太驚人了——106 年來最佳的一季，EBITDA 達 3.214 億美元。第二，如果你是這個週末在我們影城觀賞《The Odyssey》、感到非常過癮的 430 萬人之一——它在爛番茄（Rotten Tomatoes）上，影評人評分 95%，觀眾評分 97%——我強烈建議你買張電影票，去大銀幕看《The Odyssey》。那才是這部電影原本就應該被觀看的方式，你將享受 2 小時 50 分鐘的非凡娛樂。

And three, while I think The Odyssey is going to have legs for many, many weeks, just two weeks from now, Spider-Man: Brand New Day will open in our theaters as well. And our theory, based on the advanced bookings that we've seen, is with all these good movies that have come out this year, especially in the second quarter, six movies opening to $75 million or more, Toy Story 5 coming out to $140 million opening, obviously coming out to $124 million opening, we think that Spider-Man is going to be the biggest movie of the year so far. So there's going to be a lot of movies for you to choose from this week, this month, and throughout the remainder of calendar year '26.

第三，雖然我認為《The Odyssey》會連續熱賣很多很多週，但再過兩週，《Spider-Man: Brand New Day》也將在我們影城上映。根據我們看到的預售情況，我們的看法是：今年已經有這麼多好電影上映，尤其在第二季，有六部電影開片票房達 7,500 萬美元或以上，《Toy Story 5》開片達 1.40 億美元，還有一部顯然開片達 1.24 億美元；我們認為《Spider-Man》將會是今年迄今為止最大的一部電影。因此，這一週、這個月，以及 2026 年剩餘的日曆年度期間，你將有很多電影可以選擇。

Thank you one and all for joining us today.

感謝各位今天的參與。

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。