AMC 電影院 (AMC) 2022 Q1 法說會逐字稿

Good day, and welcome to the AMC Entertainment First Quarter 2022 Earnings Webcast. (Operator Instructions) Please note, this event is being recorded.

各位好，歡迎收看 AMC Entertainment 2022 年第一季財報網路直播。（接線員指示）請注意，本活動正在錄音。

I would now like to turn the conference over to John Merriwether, Vice President of Capital Markets and Investor Relations. Please go ahead.

現在我想把會議交給資本市場與投資人關係副總裁 John Merriwether。請開始。

Thank you, Sarah. Good afternoon. I'd like to welcome everyone to AMC's First Quarter 2022 Earnings Webcast. With me this afternoon is Adam Aron, our Chairman and CEO; and Sean Goodman, our Chief Financial Officer.

謝謝你，Sarah。各位下午好。我謹代表 AMC 歡迎各位參加 2022 年第一季財報網路直播。今天下午與我一同出席的有：我們的董事長暨執行長 Adam Aron，以及我們的財務長 Sean Goodman。

Before I turn the webcast over to Adam, let me remind everyone that some of the comments made by management during this webcast may contain forward-looking statements that are based on management's current expectations. Numerous risks, uncertainties and other factors may cause the 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.

在我把網路直播交給 Adam 之前，先提醒各位，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，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。許多此類風險與不確定性已在我們最近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 and predict. In light of the uncertainties inherent in any forward-looking statements, listeners are cautioned to not place undue reliance 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與可預測的範圍。鑑於任何前瞻性陳述所固有的不確定性，提醒聽眾不要對這些陳述過度依賴。公司不承擔修訂或更新任何前瞻性陳述之義務，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, operating free cash flow, operating cash burn, operating cash generated 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.

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、營運自由現金流、營運現金消耗、營運產生現金等。關於我們的非 GAAP 指標與 GAAP 結果之完整調節，請參閱我們發布於官網投資人關係專區的財報新聞稿。

After our prepared remarks, there will be a Q&A session. This afternoon's webcast is being recorded, and a replay will be available in the Investor Relations section of our website at amctheatres.com later today.

在我們的準備發言之後，將進行問答環節。今天下午的網路直播正在錄音，重播將於今日稍晚在 amctheatres.com 官網的投資人關係專區提供。

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, everyone, and thank you for joining us today.

謝謝你，John。各位下午好，也感謝各位今天加入我們。

Following on the heels of our progress throughout 2021, AMC's first quarter of 2022 marked yet another milestone. Thanks in part to Sony's Uncharted and Warner Bros. The Batman, it was our best first quarter in 2 years. And we exceeded market expectations with a more than fivefold or $637 million improvement in revenue and an almost 80% or $233 million improvement in adjusted EBITDA compared to the same quarter of a year ago. What a difference a year makes.

延續我們在 2021 年的進展，AMC 在 2022 年第一季又達成另一個里程碑。部分得益於 Sony 的《秘境探險》以及華納兄弟的《蝙蝠俠》，這是我們兩年來表現最佳的第一季。與去年同期相比，我們的營收較市場預期更佳，提升超過五倍、增加 6.37 億美元；調整後 EBITDA 也改善近 80%、增加 2.33 億美元。一年之差，天壤之別。

We are especially encouraged that when they did come to our theaters, our guests have been spending like never before, with revenues per patron through the roof at AMC up 34% above prepandemic norms and meaningfully higher than was seen at our largest competitors.

我們尤其受到鼓舞的是，當觀眾走進我們的影城時，他們的消費力前所未見；AMC 的每位觀眾平均收入大幅攀升，較疫情前常態高出 34%，且顯著高於我們最大競爭對手的水準。

During our last earnings webcast, we noted the timing of when big movies would release this year, not because of streaming and not because of COVID fears among patrons, but rather solely because of what titles would open when. We told you on our last call that the first quarter of 2022 would be the softest quarter of this year and that box office numbers would improve sequentially as the year progressed. This view remains exactly how we see this year unfolding, with an improving box office and improving financial performance at AMC each and every successive quarter.

在上一次財報網路直播中，我們提到今年大片上映時點的安排，並非因串流平台，也不是因觀眾對 COVID 的擔憂，而完全是取決於哪些片名在何時上映。我們在上次電話會議中告訴各位，2022 年第一季將是今年最疲弱的一季，且票房數字會隨著年度推進而逐季改善。我們仍然完全維持這個看法：今年將以票房改善、AMC 財務表現逐季提升的方式展開，且每一個後續季度都會更好。

But the real news of the day is the $187.4 million domestic opening and the $450 million global opening of Disney's Doctor Strange. This one was the biggest movie opening of 2022 and the second biggest opening of the pandemic era second only to Spider-Man: No Way Home.

但今天真正的重磅消息是：迪士尼《奇異博士》在美國國內首週末開片達 1.874 億美元、全球開片達 4.5 億美元。這是 2022 年迄今最大的電影開片成績，也是疫情時代第二大的開片成績，僅次於《蜘蛛人：無家日》。

Let me say it again to all those who doubted the consumer appeal of movie theaters, Doctor Strange, Doctor Strange, Doctor Strange, Doctor Strange. And not only is the movie clearly a big hit, I'm also absolutely pleased to report to you that AMC overperformed for this movie at opening weekend, with a 26% domestic market share considerably higher than our historic 22% domestic market share norms. Given that AMC is the largest movie theater company in the world, we can say to our shareholders with some glee and delight that the resilience of movie theaters is right now on clear display and that the future of the cinema is bright.

我再對所有曾懷疑電影院對消費者吸引力的人說一次：《奇異博士》、《奇異博士》、《奇異博士》、《奇異博士》。而且不僅這部電影顯然大獲成功，我也非常高興向各位報告，AMC 在開片週末的表現優於整體市場，我們在美國國內的市占率達 26%，明顯高於我們歷史常態約 22% 的美國國內市占率。鑑於 AMC 是全球最大的電影院公司，我們可以帶著幾分欣喜與雀躍對股東說：電影院的韌性此刻正清楚展現，電影產業的未來一片光明。

Indeed, we've already kicked off the second quarter with Sonic, who raised his way to the highest domestic opening weekend of all time for a video game adaptation and has thus far generated nearly $350 million of worldwide box office revenue. And as I said just a moment ago, this past weekend, Doctor Strange, Doctor Strange, Doctor Strange, Doctor Strange.

事實上，我們已以《音速小子》為第二季揭開序幕；該片創下電玩改編電影史上最高的美國國內首週末開片成績，迄今全球票房收入已接近 3.5 億美元。而正如我剛才所說，上個週末是《奇異博士》、《奇異博士》、《奇異博士》、《奇異博士》。

But we believe this is just the tip of the iceberg for what's to come in the summer and the balance of 2022. What an array of compelling and exciting film titles lies ahead for the rest of the year.

但我們相信，這只是今年夏季以及 2022 年剩餘期間的冰山一角。接下來一年其餘時間，還有一長串引人入勝、令人興奮的片單在前方等著。

We are just 2.5 weeks away from the premier of my personal favorite, Paramount and Top -- and Tom Cruise's long awaited and highly anticipated Top Gun: Maverick. I saw the movie in a private screening for exhibitors a few weeks ago. It is just stunning. In my view, it's a cinematic masterpiece, and oh, my, are we going to sell tickets for Top Gun: Maverick at AMC. The second quarter also will include such crowd-pleasers as Universal's Jurassic World Dominion, and for audiences young and old, back from infinity and beyond, Pixar's Lightyear.

距離我個人最喜愛的作品首映只剩 2.5 週：派拉蒙與 Top -- 以及 Tom Cruise 久候多時、備受期待的《捍衛戰士：獨行俠》。幾週前我在一場專為院線業者舉辦的私人試映中看過這部電影，真的令人驚艷。在我看來，它是電影藝術的傑作；而且，天啊，我們在 AMC 一定會為《捍衛戰士：獨行俠》賣出大量票券。第二季也將包含多部叫好又叫座的作品，例如環球影業的《侏羅紀世界：統霸天下》；以及適合各年齡層觀眾、從無限到更遠之處回歸的皮克斯《光年正傳》。

Later in the year, in the second half, we have one amazing title after another, especially including Baz Luhrmann's brilliant biopic of Elvis, starring Tom Hanks as Colonel Parker, along with Illumination's Minions: The Rise of Gru, Marvel's Thor: Love and Thunder, Jordan Peele's latest original, edge-of-your-seat horror flick, Nope, and Brad Pitt's action-packed thriller, Bullet Train.

今年稍晚、在下半年，我們還有一部又一部精彩作品，尤其包括 Baz Luhrmann 執導的傑出傳記片《貓王》，由 Tom Hanks 飾演 Parker 上校；以及照明娛樂的《小小兵2：格魯的崛起》、漫威的《雷神索爾：愛與雷霆》、Jordan Peele 最新原創、讓人坐立難安的驚悚恐怖片《不！》，以及 Brad Pitt 主演、動作場面十足的驚悚片《子彈列車》。

The movies keep coming in 2022. We'll finish the year with Warner Bros., DC Comics-based Black Adam, starting Dwayne "The Rock" Johnson, and 3 more Disney films, which is sure to be monstrous hits, including the animated Strange World and 2 highly anticipated tentpole Disney sequels, Marvel's Black Panther: Wakanda Forever and James Cameron's Avatar 2, the sequel to Avatar at the time of its original release, the highest worldwide grossing movie of all time.

2022 年好片不斷。我們將以華納兄弟、改編自 DC 漫畫的《黑亞當》為年末重頭戲之一，由 Dwayne「巨石」Johnson 主演；以及另外 3 部迪士尼電影作為收官，勢必成為超級賣座片，包括動畫《奇異世界》，以及兩部備受期待的迪士尼重量級續作：漫威《黑豹2：瓦干達萬歲》與 James Cameron 的《阿凡達2》，也就是《阿凡達》的續集；《阿凡達》在最初上映時曾是全球票房最高的電影。

I've had the privilege of spending some time with the brilliant James Cameron and his producing partner, Jon Landau, and have seen actual footage from Avatar 2, which is just glorious. I can tell you with certainty that movie audiences are going to be mesmerized by their return to Pandora. As a result, the entire movie industry is going to end 2022 in grand style.

我有幸與才華洋溢的 James Cameron 及其製片夥伴 Jon Landau 共度一些時間，也看過《阿凡達2》的實際片段，真是壯麗非凡。我可以很確定地告訴各位，電影觀眾將會為重返潘朵拉而著迷。因此，整個電影產業將以盛大姿態結束 2022 年。

It's just so very clear in our eyes, just as Nicole Kidman proclaimed in our ever so successful television advertising, which has attained a cult-like status, moviegoers are so eager to return to the magic offered at AMC Theatres. They want dazzling images on a huge silver screen, they want to immerse themselves in stories that are perfect and powerful, they want to enjoy comfortable recliner seating, a bucket of buttered popcorn and a Coke. They want more IMAX and Dolby Cinema screens at AMC that are not offered by any other movie exhibitor. And for just a few hours they want to escape. They want to skip the news, the Internet, war, politics, inflation, interest rate hikes, their phone and the interruptions that inevitably come when at home.

在我們看來，這一點再清楚不過；正如 Nicole Kidman 在我們極為成功、甚至已形成類邪典地位的電視廣告中所宣告的那樣，影迷非常渴望回到 AMC Theatres 所提供的魔力之中。他們想在巨大的銀幕上看到令人目眩神迷的畫面；他們想沉浸在完美而有力量的故事裡；他們想享受舒適的躺椅座位、一桶奶油爆米花和一杯可樂。他們想在 AMC 看到更多其他任何院線都沒有提供的 IMAX 與 Dolby Cinema 影廳。而且在短短幾個小時裡，他們想要逃離。他們想跳過新聞、網路、戰爭、政治、通膨、升息、手機，以及在家中不可避免會出現的各種打擾。

So there is no confusion, at AMC, we are very optimistic about the outlook for the 2022 box office that we believe could be close to double that of 2021 and 4x that of 2020. No one has a perfect crystal ball, but our hope and current expectations is that the fourth quarter of 2022 will finally reach or will get close to prepandemic levels of revenue.

因此毫無疑問，在 AMC，我們對 2022 年票房前景非常樂觀；我們相信其規模可能接近 2021 年的兩倍、是 2020 年的四倍。沒有人擁有完美的水晶球，但我們的希望與目前的預期是：2022 年第四季終於能達到或接近疫情前的營收水準。

Some on Wall Street and some in the press have been filling our heads for 2 years now about the rise of streaming and the corresponding end of theaters. This won't be the first time or the last time that conventional wisdom will be proven to be filled with so much folly and so very wrong. Movie theaters have been central to the cultural fabric of America and the world for more than a century, and their promise and potential remains resilient and real.

華爾街的一些人以及部分媒體，過去兩年一直在向我們灌輸串流媒體崛起以及戲院相應走向終結的說法。這不會是第一次，也不會是最後一次，所謂的傳統共識被證明充滿愚蠢且大錯特錯。電影院一個多世紀以來一直是美國乃至全球文化結構的核心，而其承諾與潛力依然堅韌且真實存在。

Many of us on this call can remember the revealing and clarifying language that came out of the 1992 presidential campaign, when James Carville said, "It's the economy, stupid." Well, for the movie theater business, it's the movies, stupid. And oh, do we have hit movies now coming to an AMC Theatre near you.

我們當中許多人都記得 1992 年總統大選期間出現的那句揭示且釐清問題本質的話，當時 James Carville 說：「笨蛋，問題在經濟。」嗯，對於電影戲院產業而言，笨蛋，問題在電影。而且，哇，我們現在就有賣座強片即將在你附近的 AMC 影城上映。

I'll be back in a few minutes to provide some strategic updates and take your questions. But now I'll turn the call over to our CFO, Sean Goodman. Sean?

我會在幾分鐘後回來，提供一些策略更新並回答各位的問題。不過現在我先把電話會議交給我們的財務長 Sean Goodman。Sean？

Thank you, Adam, and thanks, everyone, for joining us this afternoon. During the first quarter, we welcomed 39 million guests to our theaters around the world. This is a very significant increase from the 7 million guests that we entertained in the same period last year. And our Q1 2021 -- sorry, our Q1 2022 attendance generated revenue of $785.7 million. This is more than 5x the $148.3 million of revenue that we had in Q1 of 2021.

謝謝你，Adam，也謝謝各位今天下午加入我們。第一季期間，我們在全球各地的戲院迎來了 3,900 萬名觀眾。相較於去年同期我們接待的 700 萬名觀眾，這是非常顯著的成長。而我們 2021 年第一季——抱歉，我們 2022 年第一季的入場人次帶來了 7.857 億美元的營收。這是 2021 年第一季 1.483 億美元營收的 5 倍以上。

In addition, our Q1 '22 adjusted EBITDA improved by $233 million to a loss of $61.7 million, and this compares to a loss of $294.7 million in Q1 of 2021. Clearly, we're making meaningful progress along our recovery path.

此外，我們 2022 年第一季調整後 EBITDA 改善了 2.33 億美元，至虧損 6,170 萬美元；相較之下，2021 年第一季為虧損 2.947 億美元。顯然，我們在復甦道路上正取得實質進展。

While Q1 revenue and attendance were well below prepandemic levels, this is precisely as we predicted in our most recent quarterly earnings call. Knowing that the timing of when the big movies would be released this year, we said then that the industry box office would rise markedly in calendar year 2022, but that most of the strength would occur in the second half of 2022.

雖然第一季營收與入場人次仍遠低於疫情前水準，但這正如我們在最近一次季度財報電話會議中所預測的。基於我們掌握今年大片上映時點的資訊，我們當時表示，2022 年曆年整體票房將明顯回升，但大部分的強勁動能會出現在 2022 年下半年。

In Q1, we saw that the box office momentum built as the quarter progressed, and Q2 has started off strong, just as fast as we can to look at the robust Doctor Strange opening. Indeed, consumers are flocking to the theaters once again. We're very encouraged by the compelling upcoming film slate and a consistently very strong post-pandemic operating performance that reflects our laser focus on both the guest experience and profit improvement initiatives to grow and enhance the business.

在第一季，我們看到票房動能隨著季度推進而逐步建立；而第二季也強勢開局，從《奇異博士》強勁的開片表現即可見一斑。確實，消費者正再度湧入戲院。我們對即將上映的強大片單以及疫情後持續非常強勁的營運表現感到非常振奮；這反映出我們高度聚焦於觀影體驗與獲利改善計畫，以推動業務成長並提升整體表現。

First quarter consolidated revenue per patron was $20.11, that's 33.7% higher than prepandemic Q1 of 2019. Consolidated admissions revenue per patron was up 23.9% and consolidated food and beverage revenue per patron was up 40%, both of this as compared to the first quarter of 2019.

第一季合併每位觀眾營收為 20.11 美元，較疫情前 2019 年第一季高出 33.7%。合併每位觀眾的票務收入增加 23.9%，合併每位觀眾的餐飲收入增加 40%，兩者皆是相較於 2019 年第一季。

In our domestic business, admissions revenue per patron increased by 28.5% compared to prepandemic Q1 2019. And our international business achieved a 15% increase. The admissions revenue per patron growth was driven by guests increasingly choosing to upgrade to the very best possible site and sound experiences that could only be found at our premium large-format offerings such as IMAX, Dolby Cinema and AMC Prime. PLF or premium large-format attendance represented 16% of our domestic attendance in Q1 of 2022 compared to 13% in the first quarter of 2019. And in our international markets, Q1 2022 PLF attendance represented 9.5% of compared to 8.1% in the first quarter of 2019. In addition, we also benefited from an overall favorable showtime mix, coupled with pricing adjustments, including blockbuster and opening weekend pricing.

在我們的美國本土業務中，每位觀眾的票務收入較疫情前 2019 年第一季增加 28.5%；而國際業務則達成 15% 的增幅。每位觀眾票務收入的成長，主要來自觀眾愈來愈傾向升級至最佳的影像與音效體驗，而這些體驗只能在我們的高端大型格式（PLF）影廳中取得，例如 IMAX、Dolby Cinema 與 AMC Prime。2022 年第一季，PLF（高端大型格式）入場人次占我們美國本土入場人次的 16%，相較於 2019 年第一季的 13% 有所提升；在國際市場，2022 年第一季 PLF 入場人次占比為 9.5%，相較於 2019 年第一季的 8.1% 亦有所提升。此外，我們也受惠於整體更有利的場次組合，並搭配價格調整，包括大片與首映週末定價。

From a food and beverage perspective, we continue to enjoy exceptionally strong food and beverage revenue per patron as our guests enjoy the full outside-the-home entertainment experience that is offered at AMC. In our domestic markets, food and beverage spend per patron in the first quarter was $7.52. That is 43.7% higher than the average spend in prepandemic Q1 2019. And in the international business, food and beverage spend per patron was $4.40, and that is 35% higher than prepandemic Q1 of 2019. Our significant food and beverage outperformance continues to be primarily driven by an increase in the proportion of guests choosing to enjoy our industry-leading food and beverage offerings that are made easy and convenient to purchase through the AMC App.

從餐飲角度來看，隨著觀眾在 AMC 享受完整的「離家娛樂」體驗，我們持續維持異常強勁的每位觀眾餐飲收入。在美國本土市場，第一季每位觀眾餐飲消費為 7.52 美元，較疫情前 2019 年第一季的平均消費高出 43.7%。在國際業務方面，每位觀眾餐飲消費為 4.40 美元，較疫情前 2019 年第一季高出 35%。我們顯著優於以往的餐飲表現，主要仍是由於選擇享用我們業界領先餐飲品項的觀眾占比提高，而透過 AMC App 購買也讓流程更簡單便利。

Consolidated other revenue per patron in Q1 2022 increased by 82.4% compared to the same period in 2019, with domestic other revenue per patron increasing 93.5% and international other revenue per patron increasing by 61.9%. These statistics reflect an increasingly higher percentage of guests that are choosing to reserve their seats and to order their food and beverage in advance using our industry-leading website and app, together with the benefit of diversification initiatives that we've deployed such as renting our theaters during off-peak times to businesses and government organizations for meetings or other events.

2022 年第一季合併其他收入（每位觀眾）較 2019 年同期增加 82.4%，其中美國本土每位觀眾其他收入增加 93.5%，國際每位觀眾其他收入增加 61.9%。這些數據反映出，愈來愈高比例的觀眾選擇透過我們業界領先的網站與 App 預先選位，並提前訂購餐飲；同時也反映我們推動的多元化措施所帶來的效益，例如在離峰時段將影廳出租給企業與政府機構用於會議或其他活動。

In an ongoing effort to enhance efficiency, we continue to be extremely agile in adjusting payroll hours and flexing showtimes to reflect the market demand and to optimize our efficiency. For example, our Q1 domestic attendance of 25.8 million guests represented 46.9% of Q1 2019 attendance, but it also represented 71% of Q1 2019's attendance per showing.

為了持續提升效率，我們在調整工時與彈性安排放映場次方面保持高度敏捷，以反映市場需求並最佳化效率。舉例來說，我們第一季美國本土入場人次為 2,580 萬，雖僅相當於 2019 年第一季入場人次的 46.9%，但其每場放映的入場人次卻相當於 2019 年第一季的 71%。

Moving to cash and liquidity. We ended the quarter with a liquidity of approximately $1.4 billion comprised of $1.165 billion of cash and cash equivalents and $211 million of undrawn credit facilities. As anticipated and as discussed during last quarter's webcast, cash burn this quarter was adversely impacted by normal seasonal Q1 working capital needs.

接著談現金與流動性。我們在季末的流動性約為 14 億美元，其中包括 11.65 億美元的現金及約當現金，以及 2.11 億美元尚未動用的信貸額度。如同預期且我們在上一季網路直播中所討論，本季的現金消耗受到第一季正常季節性營運資金需求的不利影響。

Our working capital almost always comes under pressure during Q1 following a strong Q4 holiday box office. And this year was no exception. Operating cash burn representing cash burn before debt servicing costs and before deferred rent payback was $223.9 million and this compares to $321.6 million in Q1 of 2021.

在強勁的第四季假期票房之後，我們的營運資金幾乎總是在第一季承受壓力，今年也不例外。營運現金消耗（即在償債成本之前、以及在遞延租金償還之前的現金消耗）為 2.239 億美元，相較之下 2021 年第一季為 3.216 億美元。

Looking ahead, we expect our cash burn to improve sequentially through the year, with Q2 being better than Q1 but still relatively weak, but with the second half of 2022 being substantially better than the first half with positive operating cash generation by the fourth quarter. Regarding capital allocation, we continue to pursue a balanced and very disciplined approach to capital allocation. Our priorities remain unchanged. One, ensuring that we have sufficient liquidity to manage through the recovery phase of our business; two, strengthen our balance sheet by reducing our debt and associated interest costs; three, invest in our business to enhance the guest experience; and four, opportunistically pursue value-enhancing initiatives, including those that lead to diversification of our business.

展望未來，我們預期全年現金消耗將逐季改善；第二季會優於第一季但仍相對偏弱，而 2022 年下半年將顯著優於上半年，並在第四季實現正向的營運現金創造。就資本配置而言，我們持續採取平衡且高度嚴謹的資本配置方法。我們的優先順序維持不變：第一，確保具備足夠流動性以度過業務復甦階段；第二，透過降低債務及相關利息成本來強化資產負債表；第三，投資於業務以提升觀眾體驗；第四，把握機會推動可提升價值的措施，包括能帶動業務多元化的方案。

So far this year, we have been very active in allocating capital to enhance shareholder value. As we previously reported, earlier this year, we completed a highly successful capital raising, issuing $950 million of 7.5% first lien notes. As a result of this transaction, we were able to repay high interest debt that was raised at the height of the pandemic, and thereby, reduce our annual interest expense. At the same time, we extended our debt maturities by between 3 and 4 years.

截至今年目前為止，我們在資本配置以提升股東價值方面非常積極。如同先前所報告，我們在今年稍早完成了一次非常成功的募資，發行 9.5 億美元、票面利率 7.5% 的第一順位擔保票據。透過這筆交易，我們得以償還在疫情高峰期所籌措的高利率債務，從而降低年度利息費用。同時，我們也將債務到期日延後了約 3 到 4 年。

During the first quarter of 2022, we also repaid approximately $45 million of deferred rent, reducing our deferred rent balance to approximately $272 million. We expect to further reduce this deferred rent balance during 2022 by another approximately $125 million. And we continue to work on other attractive opportunities to strengthen our balance sheet and enhance our financial flexibility. Actively managing our theater portfolio is ongoing at AMC as we add new high-performing locations and eliminate low performance, all with the goal of improving guest satisfaction and optimizing our overall profitability.

在 2022 年第一季期間，我們也償還了約 4,500 萬美元的遞延租金，使遞延租金餘額降至約 2.72 億美元。我們預期在 2022 年將再進一步把該遞延租金餘額降低約 1.25 億美元。我們也持續尋找其他具吸引力的機會，以強化資產負債表並提升財務彈性。在 AMC，積極管理我們的影城組合是一項持續進行的工作：我們新增表現優異的新據點、淘汰表現不佳的據點，目標是提升觀眾滿意度並最佳化整體獲利能力。

During the quarter, we added 3 new theaters and we closed 12. This brings the total number of locations closed since the pandemic began to 95 and the total number of new locations opened to 33 for a net reduction of 62 locations through Q1 2022. In addition, in early April, we announced the acquisition of 7 formerly Bow Tie Cinema locations in Connecticut, Upstate New York and Annapolis, Maryland. And last month, we announced a significant investment to dramatically upgrade the sight and sound experience at AMC through the installation of laser projection equipment at 3,500 auditoriums in the U.S. through 2026. This equipment has a value of approximately $0.25 billion, although our upfront capital investment is minimal based on our agreement with our partner, Cinionic. And this new projection equipment is also environmentally friendly and comes along with meaningful operating cost benefits.

在本季度期間，我們新增了 3 家新戲院，並關閉了 12 家。這使得自疫情開始以來關閉的據點總數達到 95 家，而新開據點總數為 33 家，截至 2022 年第一季淨減少 62 個據點。此外，在 4 月初，我們宣布收購位於康乃狄克州、紐約州上州地區以及馬里蘭州安納波利斯的 7 個原 Bow Tie Cinema 據點。且在上個月，我們宣布一項重大投資，將於 2026 年前在美國 3,500 個影廳安裝雷射放映設備，以大幅升級 AMC 的視聽體驗。該設備價值約 2.5 億美元，惟依據我們與合作夥伴 Cinionic 的協議，我們的前期資本投入極少。這套新放映設備亦具環保效益，並可帶來可觀的營運成本優勢。

Net CapEx, including landlord contributions in Q1 was $34.2 million. And for 2022, separate and apart from any M&A activity, we're expecting net CapEx to be in the range of $150 million to $200 million.

第一季的淨資本支出（Net CapEx），包含房東出資部分，為 3,420 萬美元。而就 2022 年而言，撇除任何併購（M&A）活動不談，我們預期淨資本支出將落在 1.5 億至 2 億美元之間。

Finally, in mid-March, we announced our investment in the Hycroft Mining. As a result of this investment of $27.9 million, we recorded a mark-to-market gain of $63.9 million in the first quarter of 2022. This is based on the share price of Hycroft on March 31.

最後，在 3 月中旬，我們宣布對 Hycroft Mining 的投資。由於這筆 2,790 萬美元的投資，我們在 2022 年第一季認列了 6,390 萬美元的按市價評價（mark-to-market）收益。此係以 3 月 31 日 Hycroft 的股價為基礎。

The theater operating enhancements and efficiency optimization initiatives implemented over the last 2 years have positioned us very well, and we continue to focus on initiatives to grow our revenue, increase our efficiency, enhance the guest experience and diversify our business, all with the goal of growing shareholder value and ensuring our success in a post-COVID environment.

過去兩年所推動的戲院營運強化與效率最佳化措施，使我們處於非常有利的位置；我們也持續聚焦於各項計畫，以提升營收、提高效率、強化賓客體驗並使業務多元化，所有努力皆以提升股東價值並確保我們在後疫情環境中的成功為目標。

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

接下來，我把電話會議交回給 Adam。

Thank you, Sean.

謝謝你，Sean。

Before we open up this webcast to questions, I'd like to update you on some of our key strategic initiatives to enhance value for AMC and for our shareholders.

在我們開放本次網路直播進行提問之前，我想向各位更新幾項我們的關鍵策略性計畫，以提升 AMC 以及股東的價值。

Let's start with our strategy at AMC, which can best be described with 3 unmistakable words: recovery, agility, transformation. You'll hear this almost as a mantra a lot from us as we move forward.

先從 AMC 的策略談起，最能用三個清楚無誤的詞來形容：復甦、敏捷、轉型。隨著我們向前推進，你們會經常聽到我們幾乎把這句話當作一種口號。

As for recovery, over the last 5 quarters, our financial performance has clearly indicated that AMC is on a glide path to recovery from the impacts of COVID-19. For sure, in 2020, COVID took AMC to our knees. But like the plot in any great fight movie, in 2021, AMC got up off the canvas, dusted ourselves off, steadied ourselves and started to play on offense again. We get stronger and stronger as each day passes, and pretty soon, we'll be back to normal, punching away as you would expect from the #1 player in theatrical exhibition.

就「復甦」而言，過去 5 個季度，我們的財務表現已清楚顯示 AMC 正走在從 COVID-19 影響中復甦的軌道上。毫無疑問，2020 年 COVID 讓 AMC 幾乎跪倒在地。但就像任何精彩格鬥電影的劇情一樣，2021 年 AMC 從擂台上站了起來，拍掉身上的灰塵，穩住陣腳，並再次開始採取進攻。我們一天比一天更強，很快就會回到正常狀態，像你所期待的那樣，作為院線放映領域的第一名持續出拳。

We're not where we want to be or need to be yet, but we now see it in our future. 2021 was a better year than 2020. 2022 will be a better year than 2021. And we already believe that given the expected movie slate, 2023 will be a better year than 2022. Our focus remains sharp on guiding AMC to a successful and lasting recovery from the impacts of the pandemic.

我們還沒到達我們想要或需要到達的地方，但我們現在已能看見它在我們的未來。2021 年比 2020 年更好；2022 年將比 2021 年更好。而我們也已相信，考量預期的電影片單，2023 年將比 2022 年更好。我們仍然專注且清晰地引導 AMC 從疫情影響中實現成功且持久的復甦。

At the same time as we're working to produce that recovery, we recognize that our industry is filled with change, so we must be agile and nimble in managing through that change. If 2020 and 2021 have demonstrated anything, it's that the management team at AMC is expert in navigating our way through uncharted waters. No matter what the world has thrown at us, we have risen to each and every challenge. Therefore, I have every confidence looking forward that AMC will continue to cope well as we bob and weave and adjust our course as may be required. No matter what change may lay ahead, our agility is the bedrock of which our solid foundation is built and which in the end should see us through. Taken as a whole, AMC has demonstrated a remarkable ability in achieving a remarkable track record of navigating successfully through change.

同時，在我們努力促成復甦之際，我們也認知到本產業充滿變化，因此我們必須在管理這些變化時保持敏捷與靈活。如果說 2020 與 2021 年證明了什麼，那就是 AMC 的管理團隊擅長在未知水域中航行。無論世界丟給我們什麼，我們都迎向每一項挑戰。因此，展望未來，我完全有信心 AMC 將持續妥善因應，在必要時閃轉騰挪並調整航向。無論前方有何變化，我們的敏捷性是我們穩固基礎的基石，最終也將帶領我們度過難關。整體而言，AMC 已展現出卓越的能力，並在成功穿越變革方面建立了令人矚目的紀錄。

At the same time, armed as we have been by our shareholders, with more than $1 billion war chest, we also will be looking for a transformational and value-creating metamorphosis of what AMC is. It's not enough for us just to bring back the AMC of prepandemic 2019. Several of us on this call have noted that AMC shares have traded above historic fundamentals of that old AMC. But you underestimate us, and you underestimate us mightily if you do not think we are looking to change AMC, to make it a bolder and grander enterprise. You do not understand if you do not think we are seeking out new and exciting opportunity.

同時，在股東賦予我們超過 10 億美元的「戰備資金」支持下，我們也將尋求對 AMC 進行具轉型性、可創造價值的蛻變。對我們而言，僅僅把 AMC 帶回到疫情前的 2019 年水準並不足夠。本次電話會議中有幾位也提到，AMC 的股價曾高於舊 AMC 的歷史基本面。但如果你不認為我們正尋求改變 AMC、把它打造得更大膽、更宏偉，那你就大大低估了我們。若你不認為我們正在尋找令人振奮的新機會，那你就沒有理解我們。

Our Hycroft Mining investment is a perfect example. Some were stunned by our announcement because it did not align with their preconceived notions about AMC or what they thought were our core competencies. But during the pandemic, AMC demonstrated a keen insight into how companies could rescue themselves from liquidity challenges. That is the expertise that we brought to Hycroft. And so far, so good. At a time when the Nasdaq is off 9% in overall value, our investment in Hycroft Mining has increased by more than 30% as of Friday's closing price.

我們對 Hycroft Mining 的投資就是一個完美例子。有些人對我們的公告感到震驚，因為這不符合他們對 AMC 或我們核心能力的既定印象。但在疫情期間，AMC 展現了對企業如何自流動性挑戰中自救的敏銳洞察。這正是我們帶給 Hycroft 的專業能力。而到目前為止，進展良好。在那斯達克整體市值下跌 9% 的情況下，截至上週五收盤價，我們對 Hycroft Mining 的投資已上漲超過 30%。

As I've said before, those who think of AMC just in terms of the company that existed prepandemic are looking through a rearview mirror to the past instead of looking through the front windshield towards the future. There is a myriad of opportunity out there as we build a new AMC and grow our way through value-creating initiatives.

正如我先前所說，那些只用疫情前的 AMC 來看待 AMC 的人，是透過後視鏡回望過去，而不是透過前擋風玻璃看向未來。當我們打造全新的 AMC，並透過創造價值的各項計畫成長時，外面存在著大量的機會。

There will be more Hycrofts ahead, not gold or silver mining per se, although I must say that gold and silver mining was a fun way to start, but we will also be looking for more value-creating investments where AMC can continue to share our expertise and talents. For sure, though, we plan to be deliberative and disciplined in investing in opportunities to enhance our existing business or to diversify in the previously unexplored markets or into industries where we can use our bold thinking, penchant for innovation and capital raising experience to unlock value for AMC and for our shareholders.

未來還會有更多像 Hycroft 這樣的案例——不一定是金礦或銀礦投資本身，雖然我必須說，以金銀礦作為起點確實很有趣——但我們也將尋找更多能創造價值的投資，讓 AMC 能持續分享我們的專業與才能。不過可以確定的是，我們在投資機會上將保持審慎與紀律，聚焦於能強化既有業務，或在先前未涉足的市場、或能運用我們大膽思維、創新偏好與募資經驗的產業中進行多元化，以為 AMC 與股東解鎖價值。

In addition to talking about our strategy, I also would like to share a quick update on a few previously announced initiatives. First, popcorn. We continue on the path to enter the attractive, multibillion-dollar retail popcorn industry expected for later this year. Move aside Orville Redenbacher, you have a new competitor. Right now, we're in the midst of focused research and product testing. Among other popcorn-related concepts, later this year, you'll be able to order and have delivered to your home our AMC Feature Fare and Classic menu items, including, of course, AMC Perfectly Popcorn, flat breads, pretzel bites and other snack items. This service will be piloted in key markets, such as Chicago this summer, with plans to launch system-wide in the United States in the fourth quarter of this year.

除了談論我們的策略之外，我也想快速更新幾項先前已宣布的計畫。第一，爆米花。我們持續朝著在今年稍晚進入具吸引力、規模達數十億美元的零售爆米花產業邁進。Orville Redenbacher，請讓一讓，你有新對手了。目前我們正進行聚焦式研究與產品測試。除其他與爆米花相關的構想外，今年稍晚，你將能下單並宅配到府我們的 AMC Feature Fare 與 Classic 菜單品項，當然也包括 AMC Perfectly Popcorn、薄餅（flat breads）、椒鹽脆餅小點（pretzel bites）及其他零食。本服務將於今年夏天在芝加哥等重點市場試行，並計畫於今年第四季在美國全系統推出。

We are also developing, as you know, a line of microwave and ready-to-eat popcorn products to be sold at grocery stores and other outlets so that customers can enjoy our unique and differentiated popcorn offering in the comfort of their homes. Again, hopefully launch to consumers before year-end.

此外，如各位所知，我們也正在開發一系列微波與即食爆米花產品，將在雜貨店及其他通路販售，讓消費者能在家中舒適地享用我們獨特且差異化的爆米花產品。同樣地，希望能在年底前向消費者推出。

Second, a comment on a branded credit card. Discussions are now underway by AMC with potential banking partners about the launch of a co-branded credit card aimed at AMC shareholders and moviegoers. Within a year of today, we will aim to place a significant number of these cards into the market. Our hope, too, is that this can be a quite lucrative business opportunity for AMC.

第二，關於聯名信用卡的說明。AMC 目前正與潛在的銀行合作夥伴展開討論，計畫推出一張面向 AMC 股東與影迷的聯名信用卡。我們的目標是在從今天起的一年內，讓相當數量的卡片進入市場。我們也希望這能成為 AMC 相當可觀的獲利商機。

Third, on NFTs and cryptocurrency, we have 8 different NFT programs that either already have been launched or are in the works. They've already helped us to stimulate the sale of movie theater tickets for movies like Spider-Man: No Way Home, Dune and The Batman or to increase the effectiveness of other AMC programs like AMC Investor Connect, which now has some 665,000 enrolled members. We'll continue to explore how NFTs can drive increased profitability for AMC going forward.

第三，關於 NFT 與加密貨幣，我們有 8 個不同的 NFT 計畫，已經推出或正在籌備中。它們已協助我們刺激《Spider-Man: No Way Home》、《Dune》與《The Batman》等電影的戲院票房銷售，或提升其他 AMC 計畫（例如 AMC Investor Connect）的成效；該計畫目前約有 665,000 名註冊會員。我們將持續探索 NFT 在未來如何為 AMC 帶來更高的獲利能力。

As for cryptocurrency, with great fanfare, we now expect a wider range -- we now accept a wide array of cryptocurrencies for online payments at AMC. The same IT programming that was required for us to accept cryptocurrency also enabled us to accept other payment types including Apple Pay, Google Pay, PayPal, BitPay and Venmo, among others. Taken together, these various new payment options impressively recently represented about 35% of our total online payments.

至於加密貨幣方面，在一片熱烈宣傳之下，我們現在預期可涵蓋更廣的範圍——AMC 現已接受多種加密貨幣用於線上付款。我們為了能接受加密貨幣所需進行的同一套 IT 程式開發，也讓我們得以接受其他付款方式，包括 Apple Pay、Google Pay、PayPal、BitPay 與 Venmo 等。綜合而言，這些新增的付款選項近期合計約占我們線上付款總額的 35%，表現相當亮眼。

Fourth, a comment on our pricing actions. AMC has taken in the past a number of big, smart and innovative steps on theater ticket and food and beverage pricing. Just look at our revenues per patron in Q1, which have been well in the March with obvious positive result. We have been guided in the past by a simple philosophy. We charge more when there was peak demand, and we charge less when demand was soft. So far, that rational view of the laws of supply and demand has worked well for AMC.

第四，談談我們的定價作為。過去 AMC 在影票以及餐飲定價方面採取了多項重大、明智且創新的措施。只要看看我們第一季（Q1）每位觀眾的營收，就一直維持在三月以來的良好水準，且有明顯的正面成效。我們過去一直遵循一個簡單的理念：需求高峰時我們收得更高，需求疲弱時我們收得更低。到目前為止，這種基於供需法則的理性觀點對 AMC 一直運作良好。

And fifth, investments in our theatrical exhibition business. During 2021 and so far during 2022, we acquired 1/3 of the former ArcLight, Pacific Theatre circuit located in major metropolitan markets like Los Angeles, San Diego, Washington, D.C. and Chicago, and we acquired about 3/5 of Bow Tie Cinemas' locations, mostly in Connecticut, along with Upstate New York and Annapolis, Maryland. When we add AMC's expertise, unique guest offerings and industry-leading loyalty programs, these new theater locations begin to soar. As an example, our mid-2021 acquisitions of The Grove 14 and Americana at Brand 18, both in the Los Angeles market, have consistently ranked among the 30 highest grossing movie theaters in the entire United States since joining the AMC family. And we are not done yet. We will continue to explore, adding high-profile, interesting, potentially profitable theaters to the AMC network.

第五，對我們的戲院放映業務進行投資。於 2021 年以及 2022 年迄今，我們收購了前 ArcLight、Pacific Theatre 連鎖約 1/3 的據點，這些據點位於洛杉磯、聖地牙哥、華盛頓特區與芝加哥等主要都會市場；同時我們也收購了 Bow Tie Cinemas 約 3/5 的據點，主要在康乃狄克州，並包含紐約州北部與馬里蘭州安納波利斯。當我們加入 AMC 的專業能力、獨特的顧客體驗與業界領先的會員忠誠計畫後，這些新戲院據點便開始快速起飛。舉例來說，我們於 2021 年年中收購、位於洛杉磯市場的 The Grove 14 與 Americana at Brand 18，自加入 AMC 大家庭以來，一直穩定名列全美票房最高的前 30 家電影院。我們還沒結束。我們將持續探索，將知名度高、有趣且具潛在獲利能力的戲院納入 AMC 網路。

But we're not just acquiring new theaters. We're also investing in upgrading our fleet of theaters. AMC is committed to significantly grow the number of IMAX and Dolby Cinema locations in the months and years ahead. We are the leader in premium large-format screens, and we intend to keep our advantage to position intact, secure and growing.

但我們不只是收購新戲院，我們也在投資升級我們的戲院陣容。AMC 承諾在未來數月與數年內，大幅增加 IMAX 與 Dolby Cinema 的據點數量。我們是高階大銀幕（premium large-format）領域的領導者，並打算維持我們的優勢地位，使其穩固且持續成長。

In addition to PLFs, our first major broadscale projector upgrade since the transition to digital was announced 3 weeks ago by AMC as we introduced a new premium format, Laser at AMC, where we will begin deploying the latest laser projection technology in our theaters at some 3,500 auditoriums across the United States over the next several years. With this upgrade, AMC moviegoers can expect improved picture contrast, maximum picture brightness and more vivid color. In short, a much better viewing experience that will get moviegoers off their couches at home and into our theaters.

除了 PLF 之外，AMC 於三週前宣布了自轉換為數位放映以來的第一項大規模投影機升級：我們推出全新的高階格式「Laser at AMC」，將在未來數年於全美約 3,500 個影廳部署最新的雷射投影技術。透過這次升級，AMC 觀影者可期待更佳的畫面對比、更高的亮度上限以及更鮮明的色彩。簡而言之，這將帶來更好的觀影體驗，讓觀眾離開家中的沙發，走進我們的戲院。

As I conclude, I'd like to make a special comment to our avid, enthusiastic and passionate retail investors who have embraced AMC with gusto over the past 1.5 years. As an example, there is one group of particularly committed AMC shareholders who sent me a binder, then followed up by an e-mail that were filled with about 1,000 different ideas for AMC. Looking more broadly, the ideas keep coming and keep flowing to AMC from our shareholder base. I think it is well known that I write my tweets myself, and I actively read my inbound Twitter feed. So literally, thousands and thousands of times, I have personally seen your observations and advice.

在我結語之際，我想特別對過去一年半以來熱情擁抱 AMC 的忠實、投入且充滿熱忱的散戶投資人說幾句。舉例而言，有一群特別投入的 AMC 股東寄給我一個資料夾，之後又以電子郵件追補，裡面充滿了約 1,000 個不同的 AMC 點子。更廣泛來看，來自股東群的想法持續不斷地湧入 AMC。眾所周知，我的推文都是我親自撰寫，我也會主動閱讀我收到的 Twitter 訊息。因此，我確實親眼看過你們的觀察與建議，次數多到成千上萬。

I see your frustrations with your perceptions of how the market works or does not work. Your anxiety over the number of so-called delta delivery shares or your alarm over something that by its very name sounds ominous in dark trading pools. And I hear the advice coming in Twitter post after Twitter post that comes from our approximate 4 million retail investors, who own the vast, vast, vast majority of our 516.8 million issued shares. Your ire and anger directed at short sellers is evident. I hear your suggestions that we should call for more market regulation by government or that we should take more company action by issuing a cash, gift card or NFT dividend. And I hear how some of you actually want to donate money to help us build up our treasury and repay down our debt. And that's just a few of the countless suggestions and pieces of advice I have received day in and day out.

我看見你們對於你們所認知的市場如何運作、或如何不運作的挫折；你們對所謂「delta delivery shares」數量的焦慮，或對於在黑暗交易池（dark trading pools）中、光是名稱就聽起來不祥的某些事情感到警覺。我也聽到一則又一則推文所帶來的建議，這些建議來自我們約 400 萬名散戶投資人，他們持有我們已發行 5.168 億股中絕大多數、絕大多數、絕大多數的股份。你們對放空者的憤怒與不滿顯而易見。我聽到你們建議我們呼籲政府加強市場監管，或建議公司採取更多行動，例如發放現金、禮品卡或 NFT 股利。我也聽到你們之中有些人甚至想捐款，協助我們充實庫存資金並償還債務。而這只是我日復一日收到的無數建議與意見中的一小部分。

Not surprisingly, much of the advice that comes in can flex with the advice that others of you share. And while most comes in constructively, some comes in with hostility or laced with threats. Most is well intended, but some might be hurled at us with an intent of actually harming me or the company, possibly even coming in from short sellers or others motivated by malevolent intentions. All I can say to all of this is this: I greatly appreciate that you care so deeply. Also, running a company with such broad interest as AMC is an art form, not a science. There is real wisdom required in knowing what to do and knowing what not to do, in knowing when to do it and in knowing when not to do it.

不令人意外的是，你們提供的許多建議彼此之間也可能相互牴觸。雖然大多數建議是建設性的，但也有一些帶著敵意或夾雜威脅。多數出於善意，但也有一些可能是為了真正傷害我或公司而丟向我們的，甚至可能來自放空者或其他出於惡意動機的人。對於這一切，我只能說：我非常感謝你們如此深切地關心。此外，經營一家像 AMC 這樣受到廣泛關注的公司是一門藝術，而不是科學。要知道該做什麼、不該做什麼；何時該做、何時不該做，確實需要真正的智慧。

Having said that, you should not interpret silence as inaction. We are constantly exploring the smartest courses of action, and I promise you that we will pounce, but only when the timing is right. Being human, we will not always thread the needle perfectly. But for certain, know this, we are doing our best.

話雖如此，你們不應將沉默解讀為不作為。我們一直在探索最明智的行動路徑，我向你們保證，我們會出手，但只會在時機成熟時。身為人，我們不可能每次都能完美拿捏分寸。但可以確定的是：我們正在盡最大努力。

And even with my well disclosed and advanced stock sales, I still have an interest in 2.9 million AMC shares. That is 793,974 shares that I own outright and [2,100,076 granted but unvested] AMC shares in addition. My every incentive is to think and to act like a shareholder to maximize the long-term value of AMC shareholders, because like you, that's what I am. I am an AMC shareholder above all else.

即使在我已充分揭露且提前安排的股票出售之後，我仍持有 290 萬股 AMC 股票的權益。其中有 793,974 股為我直接持有，另外還有 [2,100,076 granted but unvested] 股 AMC 股票。我的所有誘因都在於以股東的角度思考與行動，以最大化 AMC 股東的長期價值，因為我和你們一樣，就是股東。我首先是一名 AMC 股東。

In summary, our first quarter of 2022 was encouraging, our liquidity position remains strong, the film slate is compelling and we're playing on the offensive as we grow and diversify our business. While we're still in a recovery phase, the outlook is positive indeed in our view.

總結而言，我們 2022 年第一季的表現令人鼓舞，我們的流動性部位仍然強勁，片單相當吸引人，而我們正採取進攻姿態，持續成長並使業務多元化。雖然我們仍處於復甦階段，但在我們看來，前景確實相當正面。

Oh, and one last thing, Doctor Strange, Doctor Strange, Doctor Strange, Doctor Strange. Go see it. AMC just put a very big weekend on the books, and we're highly optimistic that it's a harbinger of things to come. And if you want to know what's to come, Top Gun: Maverick, Memorial Day weekend, then Jurassic World Dominion and then more and more and more and more. '22 -- 2022 has been filled with excitement.

喔，還有最後一件事，《奇異博士》、《奇異博士》、《奇異博士》、《奇異博士》。去看吧。AMC 剛剛創下了一個非常亮眼的週末成績，我們非常樂觀地認為這是未來趨勢的前兆。而如果你想知道接下來會有什麼，《捍衛戰士：獨行俠》——陣亡將士紀念日週末，接著是《侏羅紀世界：統霸天下》，然後還有更多、更多、更多、更多。'22——2022 年充滿了令人振奮的內容。

Sean, now let's turn to questions starting with questions from our shareholders.

Sean，現在我們來進入問答，先從股東的提問開始。

Thanks, Adam. So we have a few questions to start relating to the upcoming shareholder meeting. Specifically, there's questions about people's voting materials, when they will be received, what is on the docket for voting at the shareholder meeting. And there's a question about will international shareholders be allowed to vote at this meeting.

謝謝你，Adam。我們先從幾個與即將召開的股東大會相關的問題開始。具體來說，有人詢問投票資料何時會收到、股東大會上有哪些議案需要投票，另外也有人問國際股東是否能在這次會議中投票。

Thank you for the question. Our shareholder meeting is scheduled for June 16 at 2:00 p.m. Central Time. It will be held here in our offices in Leawood, Kansas, the suburb of Kansas City. You all are invited, you -- those of you who are shareholders anyway. Those of you who are shareholders are invited to attend in person, if you wish. We filed all the proxy papers with the SEC on April 29. You can access those proxy papers if you haven't already seen them by going to the Investor Relations section of the amctheatres.com website. Look at the Financial Performance tab, it's all there.

謝謝你的提問。我們的股東大會預定於 6 月 16 日中部時間下午 2:00 舉行。會議將在堪薩斯州 Leawood（堪薩斯城郊區）的我們辦公室舉行。歡迎各位參加——當然，是股東的各位。若你願意，股東可親自到場。我們已於 4 月 29 日向 SEC 提交所有委託書文件。若你尚未看過，可前往 amctheatres.com 網站的 Investor Relations（投資人關係）區域取得這些委託書文件。點選 Financial Performance（財務表現）分頁，資料都在那裡。

As for voting materials, you should usually allow about 2 weeks or so for brokerage firms to get the proxy materials to you as a shareholder at AMC. If you do not receive proxy materials by mid-May, you definitely should contact your broker or our proxy solicitor, D.F. King, who has a special toll-free number for AMC shareholders at 1 (888) 625-2588. That number, again, is 1 (888) 625-2588.

至於投票資料，一般而言，你應該預留約 2 週左右的時間，讓券商把委託書資料寄送給你（作為 AMC 股東）。如果你在 5 月中旬之前仍未收到委託書資料，你一定應該聯絡你的券商或我們的委託書徵求代理機構 D.F. King；他們為 AMC 股東設有專用免付費電話：1 (888) 625-2588。我再重複一次，電話是 1 (888) 625-2588。

There are 3 issues up for a vote at the annual meeting. One is the election of directors of some members of our Board who are up for reelection. Another is a nonbinding advisory vote on say-on-pay. And the third is the ratification of our external auditors, Ernst & Young.

年度股東大會將就 3 項議案進行表決。其中一項是選舉董事，也就是我們董事會中部分任期屆滿、將尋求連任的董事之改選。另一項是就高階主管薪酬（say-on-pay）進行不具拘束力的諮詢性表決。第三項則是追認我們的外部審計師安永（Ernst & Young）。

As for our international shareholders, many of whom will be listening to this call today, we have a particular appreciation for those of you around the world who still follow AMC. This is a matter of some consternation for us. The -- whether you can vote at our shareholder meeting is entirely based on your brokerage firm. So I would encourage you to check with your broker internationally. Hopefully, you're with one of the brokerage firms who will allow you to vote your shares at our annual meeting. If not, change brokers.

至於我們的國際股東——其中許多人今天也會收聽這通電話——我們特別感謝世界各地仍持續關注 AMC 的各位。這件事也讓我們頗感困擾：您是否能在股東大會投票，完全取決於您的券商。因此我鼓勵各位國際股東向您的券商確認。希望您使用的是允許您在年度股東大會行使表決權的券商；如果不是，就換一家券商。

Thanks, Adam. So the next question is about our entry into the retail popcorn business. The specific question is when is popcorn likely to be available in stores?

謝謝你，Adam。下一個問題是關於我們進軍零售爆米花業務。具體問題是：爆米花大概何時會在商店上架？

As I said in my prepared remarks, our hope is that we can be there in the fourth quarter of this year, 2022. There's a lot of activity behind the scenes, including discussions with various major retailers. And the one thing I know is that our microwave-and-ready popcorn is going to be a strong competitor. Our brand resonates with consumers. We're known for popcorn. I've had lots of ideas submitted by shareholders that we should include something called a golden ticket with our packaging. That's a great idea. And I'm sure that we will -- sort of like Cracker Jack has a gift in every box, I wouldn't be surprised if we have some benefit relating to AMC Theatre moviegoing in every box of our Perfectly Popcorn. Let's hope we can get there in the last trimester of 2022.

如同我在事先準備的發言中所說，我們希望能在今年（2022 年）第四季進入通路。幕後正在進行許多工作，包括與多家大型零售商洽談。我可以確定的一點是，我們的微波即食爆米花將會是強勁的競爭者。我們的品牌能引起消費者共鳴；大家都知道我們以爆米花聞名。我也收到許多股東的點子，建議我們在包裝裡放一個所謂的「金票」。這是個很棒的主意。我相信我們會——有點像 Cracker Jack 每盒都有小禮物一樣——在每盒 Perfectly Popcorn 裡加入與 AMC 戲院觀影相關的某種福利也不足為奇。希望我們能在 2022 年最後一個四分之一年（最後一季）做到。

One of the many questions that -- oh, sorry, one of the many suggestions that we've had is relating to AMC merchandise. And there's a question of when can people expect to be able to purchase AMC merchandise.

在眾多問題——喔，抱歉，在眾多建議之中，有一項是關於 AMC 周邊商品。有人問：大家何時可以期待買到 AMC 周邊？

So the suggestion of AMC merchandise is also a good idea. And we've tested some either at our theaters or online. We've had -- you may recall, we had a Ghostbusters' ambulance that we sold out of. We had Batman cowl popcorn holders that we sold out of. And what's very clear to us is the merchandise is going to work for us. We're in the process of figuring out now how to make AMC-branded merchandise and movie themed merchandise available to our guests, whether at theaters or online. Look for that to unveil to consumers sometime in the second half of 2022.

AMC 周邊商品的建議也是個好主意。我們已在部分戲院或線上做過測試。你可能記得，我們曾推出《魔鬼剋星》的救護車周邊，結果售罄；也推出過蝙蝠俠頭罩造型的爆米花桶，同樣售罄。很明顯，周邊商品對我們會有效。我們正在規劃如何讓 AMC 品牌周邊與電影主題周邊能提供給觀眾，不論是在戲院或線上。預計在 2022 年下半年某個時間對消費者正式推出。

So people are asking what sort of marketing and initiatives are being done when we acquire new theater locations.

有人在問：當我們收購新的戲院據點時，會做哪些行銷與推廣措施？

Well, I'll answer the question of what we're doing in a second, but let me start by saying, it sure is working. Look at what's going on at The Grove and Americana at Brand out in L.A. These were good and strong theaters for ArcLight. It's why we took them into our -- and Pacific. That's why we took them into our network. But their performances soared in our watch. There are like 5,000 movie theaters in the country, and these 2 have consistently been performing in the top 30 ever since we took them over.

我等一下會回答我們具體做了什麼，但先說一句：這確實很有效。看看洛杉磯的 The Grove 與 Americana at Brand 的情況。這兩家原本對 ArcLight 來說就是很強的戲院，這也是我們把它們——以及 Pacific——納入我們網路的原因。但在我們接手後，它們的表現大幅躍升。全美大約有 5,000 家戲院，而這兩家自我們接手以來一直穩定維持在前 30 名的表現。

In terms of what we do, the first thing that we look at is how can we upgrade the product, bring AMC service levels and amenities into the theaters that we acquire. We'll be doing the same thing at the Bow Tie theaters in Connecticut, Upstate New York and Annapolis that we did out West. In the case of some of our theaters, we're going to be installing IMAX locations or Dolby Cinema locations or both.

就我們怎麼做而言，第一件事是思考如何升級產品，把 AMC 的服務水準與設施配備帶進我們收購的戲院。我們在康乃狄克州、紐約上州以及安納波利斯的 Bow Tie 戲院也會做與西岸相同的事。對於我們部分戲院，我們將會增設 IMAX 影廳或 Dolby Cinema 影廳，或兩者皆有。

Beyond improving the product, we're also bringing our loyalty programs to these theaters. AMC Stubs, our frequent moviegoing program; AMC Stubs A-List, our monthly subscription program. We're also then -- as we convert customers from these theaters into our loyalty program, but then communicating with them frequently, certainly on a weekly basis to let them know what's coming at AMC. We're adding to all this local marketing through social media, including paid media, and as I said, it's all working really well so far. And I might add, we're not done. We're going to add more high-quality theaters to our network throughout 2022.

除了改善產品之外，我們也會把會員忠誠計畫帶進這些戲院：AMC Stubs（常態觀影回饋計畫）以及 AMC Stubs A-List（月費訂閱制）。接著——當我們把這些戲院的顧客轉換加入我們的會員計畫後——我們會頻繁與他們溝通，確實會以每週為頻率，讓他們知道 AMC 接下來有什麼上映內容。我們也會透過社群媒體加強在地行銷，包括付費媒體。如我所說，到目前為止一切都運作得非常好。我還要補充，我們還沒做完；在 2022 年我們會持續把更多高品質戲院納入我們的網路。

Some questions about dividends. When will AMC pay a dividend?

有一些關於股利的問題：AMC 何時會發放股利？

Well, I've seen suggestion after suggestion that you'd like to see us pay a dividend. I think we've announced publicly previously that our current debt documents prevent us from paying a cash dividend prior to June of 2023. So this is not really a decision for today, this is a decision for a year down the road.

我看到一個又一個的建議，希望我們發放股利。我想我們先前已公開宣布過，我們現行的債務契約文件在 2023 年 6 月之前禁止我們發放現金股利。因此這並不是今天要做的決定，而是大約一年後才需要做的決定。

Another one of the many suggestions, will AMC make its own movies?

另一個眾多建議之一：AMC 會自己製作電影嗎？

This one is a particularly interesting topic. Several years ago, AMC owned 50% of Open Road Films, where we did make our own movies, and in fact, got the Oscar in 2016 for the Best Picture of the Year with Spotlight. And I have to say that there are a lot of conversations that are underway now with various movie makers about whether we should repeat our activity in prior years of making our own content. It is something that's on the list. We're thinking very hard about it. We've had very serious conversations with some very well-known movie studio executives, major movie directors and it is something that has our attention.

這是一個特別有趣的議題。幾年前，AMC 曾持有 Open Road Films 50% 的股權，當時我們確實製作了自己的電影，而且在 2016 年憑《驚爆焦點》（Spotlight）拿下奧斯卡年度最佳影片。我必須說，目前我們正與多位電影製作人進行許多討論，探討我們是否應該重啟過去那種自製內容的活動。這件事在清單上；我們正在非常認真地思考。我們也與一些非常知名的片廠高層、重量級導演進行了非常嚴肅的對話，這確實是我們關注的方向。

With our recent...

隨著我們最近的……

And can I just add while we're on the subject.

我可以在這個話題上補充一句嗎？

Surely.

當然。

But even if we were to make our own movies, now is a good time to put in a good word to our long-standing studio partners. Hollywood is turning out great product again, and it's finally being released exclusively in theaters for exclusive theatrical window. And we're just -- I just want to say how grateful we are to the likes of, you name it, Disney, Universal, Warner Bros., Sony, Paramount, Lionsgate, all the makers of movies.

不過即使我們要自製電影，現在也是替我們長期合作的片廠夥伴說句好話的好時機。好萊塢又開始產出優秀作品，而且終於以「戲院獨家上映期」的方式在戲院獨家上映。我們只是——我想表達我們對各家片廠的感謝：不管你點名哪一家，迪士尼、環球、華納兄弟、索尼、派拉蒙、獅門，以及所有電影製作方。

And it does raise the question, can we convince some of the streamers to introduce their movies -- some of their movies theatrically as well? We have had conversations over the years with Netflix, Amazon and Apple. We continue to make it very clear that we would be very pleased to show some of their bigger, better movies. But in doing so, we have to respect our long-standing industry partners, the major studios. We can't have one set of rules for the major studios and a separate set of rules for streamers. But if we can convince the streamers, that it's in their interest to show movies theatrically, that might be another -- yet another way of getting more movie product into our theaters.

這也引出一個問題：我們能否說服一些串流平台，讓他們的電影——至少其中一些——也能進戲院上映？多年來我們與 Netflix、Amazon、Apple 都有過對話。我們持續非常清楚地表達：我們很樂意放映他們一些規模更大、品質更好的電影。但在這麼做的同時，我們必須尊重我們長期的產業夥伴——各大傳統片廠。我們不能對大型片廠採用一套規則，對串流平台又採用另一套規則。但如果我們能說服串流平台，讓電影進戲院上映符合他們的利益，那可能就是——又一種把更多電影內容帶進我們戲院的方法。

So with our recent acceptance of cryptocurrencies and other forms of payment, people want to know, to what extent are these new forms of payment being accepted, including Dogecoin, Bitcoin, et cetera?

隨著我們近期開始接受加密貨幣與其他付款方式，大家想知道：這些新的付款方式目前被接受到什麼程度？包括狗狗幣、比特幣等等？

So this was only put on our radar screen by our shareholders. And there was just enormous interest in it. And so we went down the path of doing the programming required to accept cryptocurrency. And what we found is that the same programming that was needed to accept cryptocurrency is the exact same programming that we needed to accept Apple Pay and Google Pay, PayPal and a whole bunch of other payment types. And it's been a massive home run for us.

這件事其實是股東才讓我們注意到的，而且市場興趣非常高。因此我們著手進行必要的系統開發，以便接受加密貨幣。我們發現，為了接受加密貨幣所需的同一套程式開發，正好也是我們用來接受 Apple Pay、Google Pay、PayPal 以及一大堆其他付款類型所需要的程式開發。這對我們來說是一次巨大的成功。

While crypto itself is modest in usage, when you take all of those new payment types that we introduced for AMC as a result of our exploring crypto, again, it's in the neighborhood of 1/3 of our total online ticketing is now being paid for in all these various alternate payment methods. So I would say this whole endeavor has been a massive success for us.

雖然加密貨幣本身的使用量不高，但把我們因探索加密貨幣而導入的所有新付款方式加總起來，目前大約有接近 1/3 的線上售票交易，是透過這些各式各樣的替代支付方式完成的。所以我會說，整個計畫對我們而言是非常巨大的成功。

And of course, the Holy Grail is do we actually ever consider launching a cryptocurrency of our own? We've said publicly that we're intrigued by that notion. We're studying that notion. The biggest issue that we want to make sure that we get exactly right is that we believe the regulatory environment around cryptocurrency will radically change during 2022 and in 2023. And we want to make sure that if we do embrace issuing cryptocurrency rather than just accepting cryptocurrency, that we anticipate the new regulatory climate well, and we stay on the right side of the law.

當然，終極目標是：我們是否曾考慮推出自己的加密貨幣？我們已公開表示對這個想法很感興趣，也正在研究。最大的問題是，我們必須確保每個細節都做對：我們相信 2022 年以及 2023 年，加密貨幣的監管環境將會出現劇烈變化。我們希望確保，如果我們要採納「發行加密貨幣」而不只是「接受加密貨幣」，我們能夠充分預判新的監管氣候，並確保一切符合法律規範。

People are interested in our plans with respect to NFTs. Up until now, we've been largely using them for promotional purposes. There's questions as to whether AMC would look to sell NFTs in the future.

大家對於我們在 NFT 方面的規劃很感興趣。到目前為止，我們主要將它們用於宣傳用途。也有人在問，AMC 未來是否會考慮出售 NFT。

So that also is an interesting question. That also was put on the radar screen by our shareholder base. I said in my earlier remarks that we have 8 NFT programs either already been launched or in the works. And we, historically -- sorry, we had 4 of these programs so far, but historically, we've been giving away these NFTs. We did an interesting poll on Twitter saying, "Should we continue to give them away free or should we sell them?" And the results of that poll, in very round numbers, are 3/5 or 2/3 said, "Keep giving it away free," but a healthy percentage said that we should sell some NFTs to generate some funds. So who knows exactly what we'll do going forward. Maybe we'll do a mixture of both. Some NFT programs we will give away free, and others we will sell.

所以這也是一個有趣的問題。這也被我們的股東群體提到並列入關注事項。我在先前的發言中提到，我們有 8 個 NFT 計畫，已經推出或正在籌備中。而我們，從過去來看——抱歉，我們目前為止已經做了其中 4 個計畫，但一直以來我們都是把這些 NFT 送出去。我們在 Twitter 上做了一個有趣的投票，問：「我們應該繼續免費送出，還是應該出售？」投票結果大致上，約 3/5 或 2/3 的人說：「繼續免費送」，但也有相當比例的人認為我們應該出售部分 NFT 來籌措一些資金。所以未來我們究竟會怎麼做，誰也說不準。也許我們會兩者並行。有些 NFT 計畫我們會免費送出，另一些則會出售。

But we are exploring very carefully and thinking very hard about how to maximize the profitability possibilities that could accrue to AMC from our interest in NFTs. And I would say that with respect to our competition, we're way out in front of any other movie theater exhibitor anywhere on the planet. We've issued literally hundreds of thousands more NFTs than anyone else.

但我們正在非常審慎地探索，並且非常認真地思考，如何最大化 AMC 因我們對 NFT 的興趣而可能帶來的獲利機會。我也想說，就競爭態勢而言，我們遠遠領先全球任何一家電影戲院放映商。我們發行的 NFT 數量，確實比任何其他人多出數十萬個。

There's broad-ranging question here about how we keep AMC relevant with the strength of streaming.

這裡有一個範圍很廣的問題：在串流勢力強勁之下，我們要如何讓 AMC 保持相關性。

Well, look, I do think that's playing out before our very eyes. If you look at the pandemic, the period when movie theaters were shut, studios played around with every possible variation of theatrical release, including taking some movies to the home simultaneous with that release. In other cases, just taking movies to the home and not releasing them in theaters overall. I think we've convinced Hollywood that the way to optimize their profitability is for them to support their streaming services, but also to support theatrical exhibition. Theatrical window has returned. That's good for the future and relevance of movie theaters.

嗯，聽著，我確實認為這正在我們眼前上演。如果你回顧疫情期間、電影院關閉的那段時間，片商嘗試了所有可能的院線發行變體，包括有些電影在上映的同時也同步上架到家用端。在其他情況下，則是直接把電影帶到家用端，完全不在戲院上映。我認為我們已經讓好萊塢相信，最佳化其獲利的方式，是在支持自家串流服務的同時，也要支持院線放映。院線窗口期已經回來了。這對電影院的未來與相關性是好事。

Beyond that, though, if you really look at the darker times for revenue generation over the past 24 months. It's been because there just wasn't a lot of good movies coming out. And it wasn't so much the quality of movies that was bad, it was the quantity of movies that was depressed. What's happened of late that started in the fourth quarter of 2021, finishing up with a huge hit in Spider-Man: No Way Home, third biggest movie of all time. Then we saw Uncharted and The Batman in the first quarter. Now we're seeing Doctor Strange in the Multiverse of Madness. Top Gun: Maverick's around the corner. Jurassic World Dominion's around the corner. The summer is filled with movies, the fall. Christmas comes Avatar 2. I really do think that among the biggest things we can do to ensure our relevance is to make sure that we have a steady parade and cavalcade of major movie titles with broad consumer appeal that are being released by studios.

此外，如果你真的去看過去 24 個月在營收創造方面較為艱困的時期，原因在於當時根本沒有太多好電影上映。問題不太在於電影品質不好，而是在於電影的數量被壓低了。最近的變化是從 2021 年第四季開始，並以《蜘蛛人：無家日》這部超級賣座片作結——史上第三大電影。接著第一季我們看到了《秘境探險》和《蝙蝠俠》。現在我們看到《奇異博士2：失控多重宇宙》。《捍衛戰士：獨行俠》即將上映。《侏羅紀世界：統霸天下》也即將上映。整個夏季、秋季都有滿檔電影，聖誕節還有《阿凡達2》。我真的認為，確保我們保持相關性最重要的事情之一，就是確保片商能持續推出一波又一波、具有廣泛消費者吸引力的重量級電影片名。

Beyond that, then AMC, we, ourselves, we have a further obligation on top of just having good movies at our disposal. And we are absolutely committed to being innovators in theatrical exhibition, keeping the quality of our theaters high. As I said, we're investing sufficient funds to get $0.25 billion of laser projection equipment into our theaters coming down soon. We've got more IMAX locations coming, more Dolby Cinema locations coming. We are going to continue to make our food products more enticing at AMC as we look ahead.

除此之外，AMC——我們自己——在不只是手上有好電影可放映之外，還有更進一步的責任。我們絕對致力於成為院線放映的創新者，維持我們戲院的高品質。如我所說，我們正在投入足夠資金，近期將把 2.5 億美元的雷射投影設備導入我們的戲院。我們也會新增更多 IMAX 影廳、更多 Dolby Cinema 影廳。展望未來，我們也會持續讓 AMC 的餐飲產品更具吸引力。

So take all that together, combine it with the fact that people didn't go into movie theaters for a century, I'm just certain of one thing in life: The movie theater industry [as an entry and] AMC as a company, we will be relevant and we will take whatever actions we need to stay relevant as we look ahead.

把這些都綜合起來，再加上人們一百年來一直都會走進電影院，我對人生只有一件事非常確定：電影戲院產業[作為一個入口與] AMC 作為一家公司，我們會保持相關性，而且我們會採取任何必要行動，在未來持續保持相關性。

And finally, a question about our partnership with Dreamscape and our plans with respect to that partnership. Will AMC consider more Dreamscape locations, for example.

最後，有一個關於我們與 Dreamscape 的合作夥伴關係，以及我們對這項合作的規劃的問題。例如，AMC 是否會考慮增加更多 Dreamscape 據點。

Well, for those of you who don't know what Dreamscape is, it's a really innovative virtual reality product. We opened up 3 Dreamscape locations, 1 in New Jersey, 1 in Ohio, 1 in Texas to test them. The product is spectacular. The economic returns are okay. They're not spectacular, but they're okay. We're told that there are changes in the technology coming with VR that will make it more affordable to introduce more Dreamscape locations. So with respect to Dreamscape specifically, we will see. But it -- the fact that we were willing to embrace Dreamscape 3 or 4 years ago, I think is yet another signal of AMC's willingness to embrace alternate content.

嗯，對於不清楚 Dreamscape 是什麼的人來說，它是一個非常創新的虛擬實境產品。我們開設了 3 個 Dreamscape 據點來測試：1 個在新澤西、1 個在俄亥俄、1 個在德州。產品非常精彩。經濟回報還可以，不算驚艷，但還可以。我們被告知，VR 技術即將出現一些變化，會讓導入更多 Dreamscape 據點的成本更可負擔。所以就 Dreamscape 本身而言，我們再看看。不過——我們在 3、4 年前就願意擁抱 Dreamscape，我認為這是 AMC 願意擁抱替代內容的另一個訊號。

And this summer, we experimented with a variety of interesting concepts showing concert movies, some live, some on tape. We showed WWE and UFC events in our theaters. For 2 of the past 3 years, we showed NFL games on Sunday afternoons in our theaters. And I just have a strong view that if we can obtain the rights to show professional sporting events or collegiate sporting events in our theaters going forward, that would be very popular with our guests.

而在今年夏天，我們也嘗試了各種有趣的概念：放映演唱會電影，有些是現場直播，有些是錄播。我們也在戲院播放 WWE 與 UFC 賽事。過去 3 年中有 2 年，我們在週日下午於戲院播放 NFL 比賽。我強烈認為，如果未來我們能取得在戲院播放職業運動賽事或大學運動賽事的權利，將會非常受我們的觀眾歡迎。

So all of this is in the works. And the minute we strike a rights deal with a major league, we will put out a press release.

所以這一切都在推進中。而一旦我們與某個主要聯盟達成轉播權協議，我們就會發布新聞稿。

With that, are there any other questions? Do we have time? It's already 59 minutes in. We kind of promised people an hour. So maybe, operator, we'll take a question and then call it a day.

那麼，還有其他問題嗎？我們還有時間嗎？現在已經進行了 59 分鐘。我們算是答應大家一小時。所以也許，接線員，我們再接一個問題，然後就到此為止。

Thank you. It appears we have reached our time limit for the conference. This concludes our question-and-answer session. I would like to turn back to you for closing remarks.

謝謝。看起來我們已經到達本次會議的時間上限。問答環節到此結束。我想把時間交還給您做結語。

All right, operator, I guess we're done. We tried.

好吧，接線員，我想我們結束了。我們努力過了。

Closing remarks. Very simple, folks, we had a good quarter. We're on the march forward. We're in the middle of a long road to recovery. But if you ever want to get enthusiastic about where we are on that road, just look at the $187.4 million, 26% of it was ours, from Doctor Strange in the Multiverse of Madness this weekend. Go see it at an AMC Theatre near you. And I am telling you, whatever you do in life, do not miss Top Gun: Maverick. It is one spectacular movie.

結語。非常簡單，各位，我們這一季表現不錯。我們正持續向前邁進。我們正走在一條漫長的復甦道路上。但如果你想對我們在這條路上的位置感到振奮，就看看本週末《奇異博士2：失控多重宇宙》的 1.874 億美元票房，其中 26% 是我們的。去你附近的 AMC 影城看吧。我告訴你，無論你人生做什麼事，都不要錯過《捍衛戰士：獨行俠》。那是一部非常精彩的電影。

Thank you, operator. Thank you, one and all, for listening.

謝謝你，接線員。也謝謝各位收聽。

The conference has now concluded. Thank you for attending today's presentation. You may now disconnect.

本次會議到此結束。感謝您參加今天的簡報。您現在可以中斷連線。