AMC 電影院 (AMC) 2016 Q2 法說會逐字稿

Greetings and welcome to the AMC Entertainment second-quarter 2016 conference call.

各位好，歡迎參加 AMC Entertainment 2016 年第二季電話會議。

(Operator Instructions)

（接線員指示）

As a reminder, this conference is being recorded. I'd now like to turn the conference over to your host, John Merriwether, Vice President of Investor Relations. Thank you, you may now begin.

提醒各位，本次電話會議將被錄音。現在我想把會議交給主持人——投資人關係副總裁 John Merriwether。謝謝，您現在可以開始。

Thanks, Rob. Good morning, everyone. I'd like to welcome you to AMCs second-quarter 2016 earnings conference call. Before we get started with our prepared remarks, we'd like to remind everyone that as referenced in our press release issued earlier this morning, we have posted a CFO commentary about the second quarter and the six months ended June 30, 2016 on the investor relations page of our website at www.amctheatres.com.

謝謝你，Rob。各位早安。歡迎各位參加 AMC 2016 年第二季財報電話會議。在我們開始預先準備的發言之前，我們想提醒各位：如同我們今天稍早發布的新聞稿所提及，我們已在公司網站 www.amctheatres.com 的投資人關係頁面上，張貼了財務長（CFO）就第二季以及截至 2016 年 6 月 30 日止六個月的評論。

Some of the comments made by management during this conference call may contain forward-looking statements within the meaning of Section 27-A of the Securities Act of 1933 as amended, and Section 21 of the Securities Exchange Act of 1934 as amended. Forward-looking statements are subject to risks, uncertainties, and assumptions and are discussed in our public filings, including our most recent 10-K.

管理層在本次電話會議中所發表的部分評論，可能構成《1933 年證券法》（經修訂）第 27-A 條及《1934 年證券交易法》（經修訂）第 21 條所定義的前瞻性陳述。前瞻性陳述受風險、不確定性與假設影響，並已在我們的公開申報文件中討論，包括我們最近一期的 10-K。

Statements made throughout this presentation are based on current estimates of future events and the company has no obligation to update or correct these estimates. Listeners are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainty, and that actual results may differ materially as a result of these various factors.

本簡報中的陳述係基於對未來事件的目前估計，公司無義務更新或更正這些估計。提醒聽眾注意，任何此類前瞻性陳述均不保證未來績效，且涉及風險與不確定性；由於上述各項因素，實際結果可能出現重大差異。

In addition, comments made on this call may refer to certain measures such as EBITDA, adjusted EBITDA, adjusted EBITDA margin, adjusted free cash flow, and adjusted diluted earnings per share, which are not in accordance with GAAP. However, management believes these results more clearly reflect operating performance. For a full reconciliation of our non-GAAP measures to GAAP results in accordance with Regulation G, please see our press release issued earlier this morning and furnished as an exhibit to our Form 8-K dated August 1, 2016, which is located in the investor relations area of our website at amctheatres.com.

此外，本次電話會議中的評論可能提及若干非依 GAAP 編製的衡量指標，例如 EBITDA、調整後 EBITDA、調整後 EBITDA 利潤率、調整後自由現金流，以及調整後稀釋每股盈餘。然而，管理層認為這些結果能更清楚反映營運表現。關於依據 Regulation G 將非 GAAP 指標完整調節至 GAAP 結果，請參閱我們今天稍早發布並作為 2016 年 8 月 1 日 Form 8-K 附件提供的新聞稿；該文件可於我們網站 amctheatres.com 的投資人關係專區取得。

Please note that the following communication is not an offer to sell or solicitation to offer or buy any securities or solicitation of any quotes, excuse me, any votes or approval. We urge investors and security holders to read the Registration Statement on Form S-4, including the definitive joint proxy statement prospectus, and all other relevant documents filed with the SEC were sent to stockholders as they become available.

請注意，以下溝通內容並非出售要約或徵求購買任何證券之要約，亦非徵求任何報價——抱歉——任何表決或核准。我們敦促投資人及證券持有人閱讀 Form S-4 的註冊聲明（Registration Statement），包括最終版聯合委託書／招股說明書，以及所有向 SEC 提交的其他相關文件，並在其可取得時已寄送給股東。

After our prepared remarks, there will be brief question-and-answer session. Joining me on the call today are Adam Aron, CEO and President; and Craig Ramsey, Chief Financial Officer. I'll now turn the call over to Adam.

在我們的預備發言之後，將有簡短的問答環節。今天與我一同參與電話會議的有執行長兼總裁 Adam Aron，以及財務長 Craig Ramsey。現在我把電話交給 Adam。

Thank you, John. Good morning, everyone. Thank you for joining us to learn more about AMC's second-quarter results and to get an update on the actions we've taken during the first six months of 2016, relative to some of the key priorities that I immediately laid out on my January 4 hiring, that we believe will uniquely position AMC for future growth and success in the years to come. As you all know, AMC is coming off an extraordinary first quarter in 2016, in which adjusted EBITDA was up some 51% year-over-year excluding extraordinary items.

謝謝你，John。各位早安。感謝各位加入我們，進一步了解 AMC 的第二季業績，並取得我們在 2016 年前六個月所採取行動的最新進展；這些行動係相對於我在 1 月 4 日到任後立即提出的若干關鍵優先事項，我們相信這些將使 AMC 在未來數年具備獨特的成長與成功定位。各位都知道，AMC 在 2016 年第一季表現極為出色，若排除特殊項目，調整後 EBITDA 年增約 51%。

Turning to the second quarter, the period April to June, was in fact much more challenging for AMC for several reasons. First, last year's second quarter of $3.1 billion was an all-time industry box-office record, making it a tough comp for everyone. Second, film successes industrywide in this year's Q2 were few and far between. Movie after movie disappointed in this year's second quarter, and domestic box-office grosses were often considerably smaller than what was anticipated across our industry.

談到第二季（4 月至 6 月），由於幾個原因，這段期間對 AMC 而言確實更具挑戰。第一，去年第二季 31 億美元的票房為產業史上最高紀錄，使得對所有業者而言比較基期都很艱難。第二，今年第二季全產業的成功影片寥寥可數。這一季一部接一部電影表現不如預期，北美票房總收入往往遠低於產業原先的預估。

As far as AMC specifically, we were further disadvantaged in three ways. One, this year's few Q2 film slate successes included more family movies in which AMC tends to mildly underperform and sells more discounted children's tickets versus last year's second quarter, which included films like Jurassic World, where AMC tends to over perform and sells more higher-priced adult tickets.

就 AMC 而言，我們還在三個方面更為不利。第一，今年第二季少數成功的片單包含較多家庭電影，而 AMC 在此類影片上通常表現略遜，且相較去年第二季（包含《侏羅紀世界》等影片，AMC 往往表現更佳並售出更多高票價成人票），今年我們售出更多折扣的兒童票。

Two, AMC by far is the largest IMAX operator in North America. Normally, IMAX dramatically over-indexes for us, but in the second quarter of 2016, the lackluster industry film slate led even to IMAX movies atypically showing double-digit weakness.

第二，AMC 是北美規模最大的 IMAX 營運商。通常 IMAX 對我們的貢獻會顯著超出平均，但在 2016 年第二季，由於產業片單表現平淡，連 IMAX 電影也罕見地出現兩位數的疲弱。

And finally, three, as the industry leader in introducing tax-on-top pricing a while back, AMC still is in that awkward period where others who match us much later are still reaping year-over-year improvements while our tax-on-top benefit is included both in Q2 2015 and Q2 2016 with no opportunity for year-over-year gain.

最後第三，AMC 早在一段時間前即為率先導入「稅金外加」（tax-on-top）定價的產業領導者；AMC 仍處於一個尷尬階段：其他較晚才跟進的業者仍在享受年對年改善，而我們的 tax-on-top 效益在 2015 年第二季與 2016 年第二季皆已反映，因此沒有年對年增益的空間。

As a result, in total, second-quarter industrywide attendance per screen was down a somewhat stunning 12% year over year, and industrywide box-office revenue per screen was down 10.7%. As industry data is publicly available, none of the information that I just detailed should be all that new or surprising to you.

因此整體而言，第二季全產業每銀幕入場人次年減幅度驚人，達 12%；全產業每銀幕票房收入年減 10.7%。由於產業數據屬公開資訊，我剛才詳述的內容對各位而言應該不算新鮮或令人意外。

Against that somewhat dismal industrywide backdrop, there are some hopeful signs for AMC. Our second-quarter total revenues were down only 7%, helped by our Starplex acquisition; by our food and beverage revenues per patron, rising 4.7%, hitting an all-time AMC record and reaching levels once again exceeding those of all of our major competitors; and also because so-called other revenues also rose sharply year-over-year. Included in these other revenues are online ticketing fees, which continue their double-digit increases year over year.

在這樣相當低迷的產業背景下，AMC 仍有一些令人振奮的跡象。我們第二季總營收僅下滑 7%，受惠於 Starplex 併購；每位觀眾的餐飲收入成長 4.7%，創下 AMC 歷史新高，並再次達到高於所有主要競爭對手的水準；此外，所謂的其他收入也較去年同期大幅成長。這些其他收入包含線上售票手續費，該項目仍持續呈現年對年兩位數成長。

Thinking more deeply into our box-office revenues, our attendance was down only 7%, but movie ticket pricing was also down by 2.8% at AMC, almost entirely due to mix changes, resulting mostly from the lower-priced Starplex theaters that were successfully absorbed into our system and the aforementioned softness in our considerably higher priced IMAX products.

更深入看我們的票房收入，我們的入場人次僅下滑 7%，但 AMC 的電影票平均售價也下滑 2.8%，幾乎完全是由於組合變化所致，主要來自成功納入我們系統的 Starplex 影城票價較低，以及前述我們價格明顯較高的 IMAX 產品走弱。

We're also encouraged that we continue to manage expenses tightly, but even so, ours is highly a fixed-cost business. So with revenue being down 7%, adjusted EBITDA was also down by 17.9%, net income was down to $24 million, and adjusted diluted earnings per share were $0.24.

我們也感到鼓舞的是，我們持續嚴格控管費用；但即便如此，我們的業務仍屬高度固定成本型態。因此在營收下滑 7% 的情況下，調整後 EBITDA 也下滑 17.9%，淨利降至 2,400 萬美元，調整後稀釋每股盈餘為 0.24 美元。

In looking at these bottom-line results, it's very important to note that M&A expenses booked in the second quarter were $5.5 million. Clearly, those M&A investments are very good news indeed for AMC over the long haul. But so you have the information, had we not gone after Odeon and Carmike, diluted EPS would have been $0.28 for the second quarter.

在檢視這些損益底線結果時，非常重要的一點是：第二季入帳的併購（M&A）費用為 550 萬美元。顯然，從長期來看，這些併購投資對 AMC 而言確實是非常好的消息。但為了讓各位掌握資訊，若我們未追求 Odeon 與 Carmike 的交易，第二季稀釋每股盈餘將為 0.28 美元。

Essentially, the impressive revenue, adjusted EBITDA, and diluted EPS growth that AMC posted in first quarter was given back in the second quarter, but not entirely, as the year-to-date results ended June 30, 2016, are nonetheless still ahead of 2015. Total revenues for the six-month period grew 3.8%, adjusted EBITDA grew 8.1% after excluding an $18.1 million nonrecurring gain in the prior year, and adjusted diluted EPS grew 18.6%, all supporting our belief that the full-year 2016 continues to have promise.

基本上，AMC 在第一季所展現的亮眼營收、調整後 EBITDA 與稀釋每股盈餘成長，在第二季有所回吐，但並非完全回吐；因為截至 2016 年 6 月 30 日的年初至今結果仍優於 2015 年。六個月期間總營收成長 3.8%；在排除前一年 1,810 萬美元的一次性收益後，調整後 EBITDA 成長 8.1%；調整後稀釋每股盈餘成長 18.6%。這些都支持我們的看法：2016 全年仍然值得期待。

Fortunately, and I don't think I can stress this enough, the bad news for the overall movie business in the second quarter of 2016 may already be a thing of the past. The early results of the third-quarter industrywide box office show that a corner has been turned. Through July 28, that's Friday -- that's Thursday, I guess -- that's Thursday, the industrywide box office in Q3 is up 7%, and that does not include the full impact of Jason Bourne, the fifth in the Bourne series, which officially opened on Friday, July 29.

所幸——我想我再怎麼強調都不為過——2016 年第二季整體電影產業的壞消息可能已經成為過去。第三季全產業票房的初步結果顯示情勢已出現轉折。截至 7 月 28 日，也就是週五——我想是週四——是週四，第三季全產業票房年增 7%；而這還未包含《神鬼認證：傑森包恩》（Bourne 系列第五部）在 7 月 29 日（週五）正式上映的完整影響。

As for August, the widely anticipated Suicide Squad is set to open next weekend. We all can utter a sigh of relief by the positive start to the third quarter across the industry. And it's widely thought that the prospects that lie ahead in 2017 are for a somewhat spectacular array of films.

至於 8 月，備受期待的《自殺突擊隊》預計將於下個週末上映。第三季在全產業的正面開局，讓我們都能鬆一口氣。並且普遍認為，2017 年的前景將有一系列相當精彩的影片陣容。

But in our view, looking past moviegoing in April, May, and June, or for that matter in July and August, the past several months also included activity at AMC that is of far greater importance to ensuring the likelihood that we can drive impressive and enduring earnings growth in AMC's future. Taken together, the progress that we have made on achieving the key priorities that we laid out at the beginning of the year is almost breathtaking, and portends to change the entire movie theater business in many ways.

但在我們看來，若把焦點放在 4、5、6 月的觀影表現之外——甚至包括 7、8 月——過去幾個月 AMC 的活動，對於確保我們未來能推動 AMC 令人印象深刻且可持續的獲利成長，其重要性更高。綜合而言，我們在達成今年年初所提出的關鍵優先事項方面所取得的進展幾乎令人屏息，並預示將在許多方面改變整個電影院產業。

Let's start with growth through acquisition. As you know, on July 12 we hit our stride and announced a definitive agreement to acquire Europe's largest movie exhibitor, Odeon & UCI Cinemas Group for $1.2 billion. Upon the deal's closing, AMC will become the largest movie theater operator worldwide.

讓我們先從透過併購帶動成長談起。如各位所知，7 月 12 日我們步入佳境，並宣布已簽署具約束力的最終協議，以 12 億美元收購歐洲最大的電影放映商 Odeon & UCI Cinemas Group。交易完成交割後，AMC 將成為全球最大的電影院營運商。

We believe this opportunistic transaction confirms our status as a disciplined buyer given the attractive price we expect to pay relative to comparable, publicly traded European exhibitor multiples. They trade 1 to 3 turns higher than the LTM 12 EBITDA multiple that we negotiated for Odeon UCI. Compounding the benefit of that attractive multiple is the conversion rate of the British pound and the US dollar now being at 30-plus year lows. AMC was the very first American Company to announce a $1-billion acquisition of a UK-based company after the Brexit vote and the resulting collapse of the pound. Surely, we won't be the last.

我們相信，這筆把握時機的交易以我們預期將支付的具吸引力價格（相較於可比的歐洲上市放映商估值倍數）再次印證我們作為審慎買家的定位。它們的交易倍數比我們為 Odeon UCI 談定的過去 12 個月（LTM 12）EBITDA 倍數高出 1 到 3 個 turn。除了該具吸引力倍數所帶來的效益之外，英鎊兌美元匯率目前也處於 30 多年來的低點，進一步放大了好處。AMC 是英國脫歐公投及其後英鎊崩跌後，第一家宣布以 10 億美元收購英國公司之美國企業。當然，我們不會是最後一家。

And speaking of good timing, we fully expect to have the Odeon acquisition completed prior to the end of the year, given that the sole shareholder of Odeon UCI has already approved the transaction. The timing of that closing expands our network, just as the gangbuster films of 2017 start being released.

談到時機掌握，我們完全預期在年底前完成 Odeon 的收購，因為 Odeon UCI 的唯一股東已經核准該交易。交割時點將擴大我們的網路版圖，正好趕上 2017 年多部強檔電影開始上映。

In Europe, we will be a first and fast mover to renovate theaters, adding guest experience and AMC amenities, like recliner seating, enhanced food and beverage, and more IMAX and Dolby Cinema deployments throughout the Odeon & UCI circuits. We're confident that European moviegoers will flock to more luxurious ways to watch movies, and that attractive returns exist in Europe, just as they did when we rolled them out in the US. We can't wait to get started.

在歐洲，我們將率先且快速推動影城翻新，提升賓客體驗並導入 AMC 的設施與服務，例如躺椅座位、升級的餐飲，以及在 Odeon & UCI 影城體系中部署更多 IMAX 與 Dolby Cinema。我們有信心，歐洲影迷將會湧向更奢華的觀影方式，而歐洲也存在具吸引力的投資報酬，正如我們在美國推行時所見。我們迫不及待要開始。

We also got out of the blocks fast and strong in 2016 with respect to M&A with our announcement to acquire Carmike Cinemas. As, some Carmike shareholders thought we got too good of a deal. And we've just a sweetened our buyout offer to levels that are still attractive to AMC shareholders.

在併購方面，AMC 於 2016 年也迅速且強勢起跑，宣布收購 Carmike Cinemas。由於部分 Carmike 股東認為我們拿到的條件太划算，而我們也剛剛把收購要約加碼到對 AMC 股東仍具吸引力的水準。

Showing considerable backbone and discipline, though, we've made it abundantly clear to one and all that this latest merger agreement is on terms that are our best and final offer. As we've repeatedly said, we're fully prepared to move from an impressive plan A in adding Carmike to AMC, to a pretty remarkable plan B in adding instead Odeon UCI to AMC. Of course, we'd still like to acquire Carmike as well, making both acquisitions, and are optimistic that their shareholders will agree.

不過，在展現相當的底氣與紀律之下，我們已向所有人清楚表明：這份最新的合併協議條款就是我們的最佳且最終出價。正如我們一再表示，我們已完全準備好，從令人印象深刻的 A 計畫（將 Carmike 納入 AMC），轉向同樣相當卓越的 B 計畫（改為將 Odeon UCI 納入 AMC）。當然，我們仍希望也能收購 Carmike、完成兩筆收購，並樂觀期待其股東會同意。

As our current offer now includes AMC equity, Carmike shareholders will have stock ownership in a Company that would include AMC, Carmike, Odeon & UCI; that's an impressive array of theaters forging the clear, global leader in our industry. Candidly, I shudder to imagine what would happen to Carmike stock performance in a standalone scenario if an AMC offer were not artificially buttressing and supporting where Carmike shares now trade. But that is solely on the hands of Carmike shareholders, not in ours, and they now will have a real decision to make.

由於我們目前的出價已包含 AMC 股權，Carmike 股東將可持有一家包含 AMC、Carmike、Odeon & UCI 的公司股票；這是一個令人印象深刻的影城組合，將打造出本產業無可爭議的全球領導者。坦白說，我不寒而慄地想像：若在獨立情境下沒有 AMC 的出價在人為地支撐並支持 Carmike 股價目前的交易水準，Carmike 股價表現會如何。但這完全取決於 Carmike 股東，而非我們；他們現在確實必須做出抉擇。

M&A is only one area in which AMC has progressed. Our marketing prowess has also been stepped up in a big way. In April through June, in some of 40 theaters in six cities, we market tested an entire redesign of our already popular AMC Stubs loyalty program. The test being so successful, on July 11 we relaunched AMC Stubs nationwide.

併購只是 AMC 取得進展的其中一個面向。我們的行銷實力也大幅提升。4 月到 6 月期間，我們在六個城市的約 40 家影城，針對原本就很受歡迎的 AMC Stubs 忠誠計畫進行了全面改版的行銷測試。由於測試非常成功，我們在 7 月 11 日於全美重新推出 AMC Stubs。

It now includes two different tiers: a new free tier, called AMC Stubs Insider, for our loyal guests, and an enhanced elite level tier, called AMC Stubs Premiere, with an increased $15 annual paid membership fee for our most avid moviegoers. Both tiers offer moviegoers loyalty rewards for their spending in our theaters, as well as various size upgrades and free refills on certain food and beverage items, special member pricing on certain days, an annual birthday gift, and additional offers and special screenings.

目前包含兩個不同等級：一個新的免費等級，稱為 AMC Stubs Insider，提供給我們忠誠的賓客；以及一個升級的菁英等級，稱為 AMC Stubs Premiere，針對最熱衷的影迷將年費提高至 15 美元。兩個等級都會依影迷在影城的消費提供忠誠回饋，並包含不同尺寸升級與特定餐飲品項免費續杯、特定日子的會員專屬價格、年度生日禮，以及更多優惠與特別放映。

For AMC Stubs Premiere members, we will now take it a step further, offering for the first-time ever Premiere service, featuring specially designated and shorter lines at all our box office and concession areas. Starting this fall, in our reserved seat auditoriums, we also will hold out our best rows of seats exclusively for our Premiere members as well. Premiere members will truly be treated as welcome VIPs at AMC.

對於 AMC Stubs Premiere 會員，我們將更進一步，首次提供 Premiere 服務：在所有售票處與販賣部設置專屬且更短的排隊動線。今年秋季起，在我們的劃位影廳中，我們也將保留最佳排數座位，僅供 Premiere 會員使用。Premiere 會員在 AMC 將真正享有備受歡迎的 VIP 待遇。

And our new Insider free tier is also crucial, not only because it removes a price barrier for those willing to be incentivized to choose AMC, but unwilling to pay for that privilege, but also because in the past, we've been churning away as much as half of our active AMC Stubs members each year, because many, for whatever reason, failed to pay to renew. Now those moviegoers can stay with AMC and with AMC Stubs.

而我們新的 Insider 免費等級也同樣關鍵，不僅因為它移除了價格門檻，讓願意被激勵而選擇 AMC、但不願為此付費的人也能加入；也因為過去我們每年可能流失多達一半的活躍 AMC Stubs 會員，原因是許多人基於各種理由未能付費續約。現在，這些影迷可以繼續留在 AMC，也繼續留在 AMC Stubs。

Have no fears about a lessening of paid membership fees. While the Premiere tier continues to reward AMC loyalists with 10% in reward generosity, that being a $10 reward for $100 spent, the new free tier structurally carries only a 2% base level of reward payout prior to ad hoc bonuses and promotions. That savings and reward costs should more than offset any loss in dues.

不必擔心付費會員費會因此下降。Premiere 等級仍以 10% 的回饋慷慨度獎勵 AMC 的忠誠顧客，也就是每消費 100 美元可獲得 10 美元回饋；而新的免費等級在結構上僅提供 2% 的基礎回饋率（不含臨時加碼獎勵與促銷）。這些節省下來的回饋成本，應足以抵銷任何會費減少的影響。

The early returns, we are delighted to report, are through the roof. AMC guests are enrolling in the two new AMC Stubs programs at a rate 2 to 3 times that of enrollment in our old program. We've already grown by 20% in the number of our currently active members in a very short period of time, just a few short months, and we expect these numbers to continue to rise at a brisk pace going forward. Our hope is to double the number of active AMC Stubs members over the next 24-36 months.

我們很高興地回報，初期成效非常亮眼。AMC 賓客加入兩個新 AMC Stubs 計畫的速度，是舊計畫的 2 到 3 倍。在非常短的時間內、僅僅幾個月，我們目前活躍會員數已成長 20%，並預期未來這些數字將持續以快速步伐上升。我們希望在未來 24 至 36 個月內，將活躍 AMC Stubs 會員數翻倍。

This increase in the size of the population whose purchase decisions demonstrate an increased loyalty to AMC bodes well for AMC for years to come. It also suggests we will wind up possessing a much enlarged consumer database of potential moviegoers to whom we can market inexpensively and with laser-like targeting. Getting there will take time, of course, and much of the impact of these efforts won't be felt until well into 2017 as the program ramps up. But the early results are highly encouraging for AMC.

這些在購買決策上展現更高 AMC 忠誠度的人口規模擴大，將在未來多年對 AMC 形成利多。這也意味著我們最終將擁有更龐大的潛在影迷消費者資料庫，得以用低成本且高度精準的方式進行行銷。當然，達成這一點需要時間，而這些努力的多數影響要到 2017 年計畫逐步擴大後才會更明顯。但早期結果對 AMC 而言極具鼓舞。

I would like to highlight to you all that marketing costs cannot be capitalized, even though this is a program that is designed to produce long-term rather than short-term revenue growth. Accordingly, adjusted EBITDA for the balance of 2016 will be reduced by the approximately $6 million of program startup costs, as well as by $2 million to $4 million. For reward ramp-up costs all of this latter amount being deferred revenue that will be returned to AMC's income statements in future periods. Importantly, we expect the AMC Stubs program to be fully accretive to adjusted EBITDA in 2017 and beyond.

我想特別向各位強調，行銷成本無法資本化，即使這是一項旨在帶來長期而非短期營收成長的計畫。因此，2016 年剩餘期間的調整後 EBITDA 將因約 600 萬美元的計畫啟動成本而降低，並另因 200 萬至 400 萬美元的回饋擴張成本而降低；後者全數屬於遞延收入，將在未來期間回到 AMC 的損益表中。重要的是，我們預期 AMC Stubs 計畫在 2017 年及之後將對調整後 EBITDA 產生完全的增益（fully accretive）。

Our marketing organization is also hard at work completing a new website and smartphone app, which we rolled out during the fourth quarter of this year. The new website and app are being designed to offer a more graphically-rich interface and to feature more robust content to allow users to find the movie information, theaters, amenities, and tickets that they want, all the while improving the experience for buying tickets and F&D concessions online.

我們的行銷團隊也正全力完成新版網站與智慧型手機 App，並已於今年第四季推出。新版網站與 App 的設計，將提供更具圖像豐富度的介面與更強健的內容，讓使用者能找到他們想要的電影資訊、影城、設施與票券，同時改善線上購票與線上購買餐飲（F&D）販售品的體驗。

We think it will be a game changer, especially as our website in its current state, not nearly as robust or functional, has nearly 150 million unique visitors annually, and fully 25% of our total movie tickets are now already sold in advance online. And that number is growing at a double-digit pace.

我們認為這將改變遊戲規則，特別是因為我們目前狀態下的網站遠不如新版本強健或好用，但每年仍有近 1.5 億名不重複訪客，而且我們總電影票中已有足足 25% 是透過線上預售完成。而且這個比例正以兩位數的速度成長。

Lastly, with respect to marketing activity, I'm pleased to relay to you that on July 15, our new Vice President of Pricing, highly experienced in pricing issues, has joined AMC. This will be the first time in AMC's 95-year history that we've formally had a pricing department, a full-time professional and analytically inclined staff group that will be dedicated to making decisions across all aspects of pricing, both for movie tickets and for food and beverage. Pricing is such a vital part of revenue generation, it's almost shocking that the movie theater industry has approached the pricing of its products so casually heretofore. How can this not reap potentially big dividends for us looking ahead?

最後，就行銷活動而言，我很高興向各位轉達：7 月 15 日，我們新任的定價副總裁已加入 AMC，並在定價議題上具備高度經驗。這將是 AMC 95 年歷史上首次正式設立定價部門：由全職、專業且具分析能力的團隊，專責就票價與餐飲等各面向的定價做出決策。定價是營收創造中至關重要的一環，令人幾乎震驚的是，電影放映產業過去對其產品定價竟如此隨意。我們展望未來，這怎麼可能不為我們帶來可觀的潛在紅利？

As a third leg of our stool, we believe that by participating in new technologies, we can attract additional guests and drive revenues even higher. We are market testing right now in 28 of our theaters, a new functionality for our current website and smartphone app, which will, of course, be transferred to the new website and new app launching in the fall.

作為我們「三腳凳」的第三條腿，我們相信透過參與新技術，我們可以吸引更多賓客並進一步推升營收。我們目前正在28家影城進行市場測試，為我們現有的網站與智慧型手機App新增一項功能；當然，該功能也將移轉至今年秋季推出的新網站與新App。

In our reserve seat auditoriums, this new market-test function allows mobile ordering online of food and beverage that then is delivered to the guest's seat at a specific time of the guest's choosing. Initial results here too are encouraging, and we would expect broad rollout sometime in the next three to nine months.

在我們的劃位座位影廳中，這項新的市場測試功能允許賓客透過線上行動裝置點餐（餐飲），並可由賓客自行選擇特定時間，將餐點送達座位。初步結果同樣令人鼓舞，我們預期在未來三到九個月內某個時間點進行大規模推廣。

With mobile being the future, Fandango continues to offer valuable technologies for our guests that we are actively embracing. And in the second quarter, we announced our partnership with Atom Tickets, a new smartphone app aimed at making even easier the buying of tickets and food and beverage online. It's potentially especially useful for millennials. As of today, 332 AMC locations have deployed the Atom Tickets technology, with full deployment across all our theaters expected by the end of August.

隨著行動裝置成為未來趨勢，Fandango 持續為我們的賓客提供有價值的技術，而我們也正積極擁抱這些技術。並且在第二季，我們宣布與 Atom Tickets 合作；這是一款新的智慧型手機App，旨在讓線上購買電影票與餐飲變得更容易。它對千禧世代可能特別有用。截至今日，已有332個 AMC 據點部署了 Atom Tickets 技術，預計在8月底前完成全體影城的全面部署。

And saving perhaps the best for last, AMC continues to blaze new trails and lead the industry in renovating our theaters. During the second quarter, we invested approximately $55 million of capital expenditure, net of landlord contributions, to further improve the guest experience at our theaters. The majority of this capital was invested in our recliner renovations, which continue to generate unlevered cash-on-cash returns in excess of 25%.

最後或許要把最精彩的留到最後：AMC 持續開創新局，並在影城翻新方面引領產業。第二季期間，我們投入約5,500萬美元的資本支出（扣除房東出資後），以進一步提升影城的賓客體驗。這些資本的大部分投入於我們的躺椅座位翻新，而該項目持續帶來超過25%的無槓桿現金對現金報酬率。

As a further indicator of the power of recliner-equipped theaters, in the second quarter just concluded, in our recliner seats, attendance per screen declined only 4.7% and admissions revenue per screen actually increased 0.1%, outperforming the industry by 730 basis points and 1,080 basis points, respectively.

作為躺椅影城威力的另一項指標，在剛結束的第二季，在我們的躺椅座位影廳中，每銀幕入場人次僅下滑4.7%，而每銀幕入場收入實際上增加0.1%，分別以730個基點與1,080個基點的幅度優於整體產業表現。

Many of you have asked us to detail our theater renovation plans looking ahead, so this is for you. At year-end 2015, we had 102 theaters that were fully renovated. Today that number is 121. By year-end 2016, it will be 140. We expect the renovated theater count to be at least 185 by the end of 2017 and 230 by the end of 2018. That means that in very round numbers, plus or minus a little, 25% of our theaters were renovated at the end of 2015, 35% will be renovated by year-end 2016, 50% will be renovated by the end of 2017, and 65% will be renovated by the end of 2018.

許多人要求我們更詳細說明未來的影城翻新計畫，所以這段是給各位的。2015年年底，我們有102家影城完成全面翻新。今天這個數字是121家。到2016年年底將達到140家。我們預期到2017年年底，翻新影城數至少達185家；到2018年年底達230家。也就是說，以非常概略的整數來看（上下略有差異），2015年年底約25%的影城已翻新；到2016年年底將有35%完成翻新；到2017年年底將有50%完成翻新；到2018年年底將有65%完成翻新。

The renovated number of screens tells the same story: 1,400 screens were in renovated theaters at the end of 2015, 2,000 screens will be in renovated theaters by the end of this year, 2,750 screens are expected to be in renovated theaters by the end of 2017, 3,500 by the end of 2018.

翻新銀幕數也呈現同樣的趨勢：2015年年底，翻新影城內共有1,400個銀幕；到今年年底，翻新影城內將有2,000個銀幕；預期到2017年年底為2,750個；到2018年年底為3,500個。

Recliners are just one tool to improve the guest experience. Coca-Cola Freestyle machines, with their numerous flavors, are widely pervasive across the AMC system today. We should be fully deployed at every one of our theaters by the fourth quarter this year. MacGuffins Bars are also winners. We sell alcohol in 141 of our theaters today, 36.6% of our total theater count. We should have 155 by year end, and we will continue to add one of our MacGuffins formats whenever and wherever we can obtain liquor licenses.

躺椅只是提升賓客體驗的其中一項工具。Coca-Cola Freestyle 自助飲料機具備多種口味，如今已在 AMC 系統內廣泛普及。我們應可在今年第四季前於每一家影城完成全面部署。MacGuffins 酒吧同樣表現亮眼。我們目前在141家影城販售酒精飲品，占我們影城總數的36.6%。到年底我們應可達到155家，並且只要在任何時間、任何地點能取得酒類執照，我們就會持續新增一種 MacGuffins 的營運形式。

And then there's the incredible appeal of premium large-format screens. PLF for short in industry jargon, as now provided at AMC by both IMAX and Dolby Cinema. They index revenues at 2 to 3 times a normal, traditional AMC screen, hence, we are adding as many PLFs as we can.

此外，還有高級大型格式銀幕的驚人吸引力。產業術語簡稱 PLF，目前在 AMC 由 IMAX 與 Dolby Cinema 共同提供。其收入指數約為一般傳統 AMC 銀幕的2到3倍，因此我們正盡可能增加 PLF 的數量。

AMC currently has 153 IMAX screens and is the largest IMAX provider in the United States with about 45% of IMAX's total US deployments. IMAX is a very close partner of AMC. As evidence of AMCs continuing commitment to IMAX and vice versa, on June 22nd, we announced an agreement to expand the number of IMAX auditoriums in AMC's US theaters to 185, about a 20% increase, further reinforcing our position as the largest IMAX exhibitor in North America. The theaters are expected to be installed now through 2019 at both existing and new build AMC locations, with the majority of these new IMAX auditoriums opening within the next 24 months. Outside the scope of that US expansion, we also expect to grow IMAX locations considerably at Odeon & UCI theaters in Europe.

AMC 目前擁有153個 IMAX 銀幕，並以約占 IMAX 在美國總部署量45%的規模，成為美國最大的 IMAX 供應商。IMAX 是 AMC 非常緊密的合作夥伴。為了展現 AMC 對 IMAX 的持續承諾以及 IMAX 對 AMC 的支持，6月22日我們宣布一項協議，將 AMC 在美國影城的 IMAX 影廳數擴增至185個，約增加20%，進一步鞏固我們作為北美最大 IMAX 放映商的地位。這些影城預計將於現在起至2019年間，在既有與新建的 AMC 據點完成安裝，其中多數新的 IMAX 影廳將在未來24個月內開幕。除上述美國擴張計畫之外，我們也預期在歐洲的 Odeon & UCI 影城大幅增加 IMAX 據點。

Likewise, we are currently in advanced discussions with Dolby Labs to materially expand our commitment to Dolby Cinema as well. Today we have 20 Dolby Cinema-equipped theaters. Our original agreement with Dolby called for reaching 100 locations by the end of 2024. We now envision instead installing 100 Dolby Cinemas by the end of 2017, seven years forward, quite the acceleration.

同樣地，我們目前也正與 Dolby Labs 進行深入討論，以實質擴大我們對 Dolby Cinema 的投入。今天我們有20家配備 Dolby Cinema 的影城。我們與 Dolby 的原始協議是到2024年年底達到100個據點。現在我們改為預期在2017年年底前就安裝100個 Dolby Cinema，等於提前七年，速度大幅加快。

So, as you can see, there is far more going on at AMC and than just licking our wounds over the so-so films of April, May, and June. We are taking dramatic action to position AMC for future revenue and earnings growth, and solidifying our position as the movie theater industry's clear and indisputable leader. As always, we thank you for listening, and operator, we'd be delighted to open up the call for questions.

因此，如各位所見，AMC 正在進行的事情遠不只是為四月、五月與六月那些差強人意的影片而舔舐傷口。我們正採取大刀闊斧的行動，為 AMC 未來的營收與獲利成長做好布局，並鞏固我們作為影城產業明確且無可爭議的領導者地位。一如既往，感謝各位的聆聽；接線員，我們很樂意開放電話會議進入提問環節。

Thank you.

謝謝。

(Operator Instructions)

（接線員指示）

Eric Handler, MKM Partners.

Eric Handler，MKM Partners。

Thanks for taking my question. Two questions. First, for Craig, one of the items mentioned in ticket pricing in your printed CFO commentary was promotional pricing as something that impacted pricing in the quarter. Is this something new? Is this anything in particular you can discuss with regard to what exactly is promotional pricing?

謝謝讓我提問。我有兩個問題。第一個給 Craig：在你印製的 CFO 評論中，票價定價提到「促銷定價」是本季影響定價的因素之一。這是新的作法嗎？你能否具體說明一下，所謂促銷定價到底是什麼？

Secondly, with Starplex, where do you stand with the renovations of these theaters? And is it too early to say what you're seeing in terms of improvements from when you first acquired them?

第二個問題，關於 Starplex：這些影城的翻新進度目前到哪裡了？以及，現在要談你們自收購以來所看到的改善成效，是否還太早？

Eric, on the first point about promotional pricing, that's more about looking at a certain number of theaters, not in large percentage but a few of our theaters in relation to their market position and pricing them at a more of a value-oriented pricing structure. It is a fairly small percentage of theaters, but it does have some impact. The Starplex impact is probably more significant in the second quarter, where their average ticket prices run about 50% of the traditional 2-D.

Eric，先談第一點促銷定價：這主要是針對一定數量的影城來看，比例不高，但我們會就其中少數影城的市場定位，將其票價調整為更偏向「價值導向」的定價結構。這占比相當小，但確實會帶來一些影響。至於 Starplex 的影響，在第二季可能更為顯著，因為他們的平均票價大約只有傳統2D票價的50%。

And then the biggest impact in pricing for the quarter was just the change in IMAX product. I think our total average ticket price was down $0.28. If you volume-weight the IMAX business, it accounts for about $0.32 price decline, so it was more a matter of mix.

另外，本季票價最大的影響其實只是 IMAX 產品組合的變化。我想我們的整體平均票價下滑了0.28美元。如果以量加權來看 IMAX 業務，它約占0.32美元的降幅，所以更多是組合（mix）因素。

Now, on Starplex, we had talked about 80 to 90, I think total screens being renovated. Those are working their way into the development queue, as you might expect. We aren't even a year into having acquired Starplex; we did that last December.

至於 Starplex，我們先前談到大約有80到90個銀幕（我想是總銀幕數）要進行翻新。這些案子正如你所預期地逐步排入開發排程。我們收購 Starplex 還不到一年；是在去年12月完成的。

We had a full quarter of receipt projects already in line. So those theaters that we had targeted for reseating will start getting receipts as you look into the next year, 2017. A little too early for them to have broken into the quarter, but we expect that to take place over the next year.

我們當時已有一整季的相關專案收款（receipt）計畫排程在前。因此，那些我們鎖定要重新配置座椅的影城，當你展望到明年、也就是2017年時，將開始取得收款（receipt）。目前要在本季反映還稍嫌太早，但我們預期這會在接下來一年內發生。

Eric, it's Adam. If I could just give little more clarity to the promotional pricing comment. Sometime in the middle of 2015, the Company took about 10% of its theaters and lowered prices across the board, putting into place an everyday low-pricing strategy. So it's not particularly new, but it does affect year-over-year comparisons.

Eric，我是 Adam。我想再補充一點，讓「促銷定價」的說法更清楚一些。大約在2015年年中，公司將約10%的影城全面降價，採行「天天低價」策略。因此這並不是特別新的作法，但它確實會影響年對年比較。

The first project assigned to the new Vice President of Pricing is to look at every single one of those 40 everyday low-price theaters and see if it was a smart decision to reduce prices for those theaters in their locales. Hopefully, we will find some theaters where we can take prices back up.

新任定價副總裁被指派的第一個專案，就是檢視這40家「天天低價」影城的每一家，評估在其所在市場降價是否是明智決策。希望我們能找出一些影城，讓我們可以把票價再調回去。

Thank you very much.

非常感謝。

Barton Crockett, FBR.

Barton Crockett，FBR。

Okay, great, thanks for taking the question. I wanted to ask a little bit more about the loyalty initiative here. Could you remind us again how much of your ticket sales come through your current members of Stubs and give us a sense of what you see now as the revenue lift to come from this? You're talking about an EBITDA drive from the initial launch, but can you size what you see for the revenue lift to come?

好的，很棒，謝謝讓我提問。我想再多問一點關於這個會員忠誠度計畫。能否再提醒我們一次，目前你們的票券銷售有多少是透過現有的 Stubs 會員產生？並請你們說明一下，你們現在看到這項計畫帶來的營收提升幅度大概會是多少？你們談到初期上線會帶動 EBITDA，但能否量化一下你們預期的營收提升？

Sure. Historically, like prior to the April 1 market test in those 40 theaters, AMC was tracking 21% of our total guests within the AMC Stubs program. Meaning approximately 40 million tickets of the 200 million were receiving credit for AMC rewards, along with the food and beverage concession purchases of those members.

當然。歷史上來看，也就是在 4 月 1 日於那 40 家影城進行市場測試之前，AMC 追蹤到我們總觀影人次中有 21% 參與 AMC Stubs 計畫。也就是說，在 2 億張票中約有 4,000 萬張票可累積 AMC 回饋點數，並且也包含這些會員在餐飲販售（concession）的購買。

There's been lots of analysis about the incrementality that comes from the loyalty program. And the number that I've seen, that I want to settle on is in the mid-20% range of that purchase activity being incremental, which, needless to say, makes us quite excited when we see the results of the new loyalty scheme.

關於忠誠度計畫所帶來的增量效果，外界做了很多分析。我看到、也希望採用的一個數字是：在這些購買行為中，約有 20% 中段（mid-20%）屬於增量。毋庸置疑，當我們看到新的忠誠度方案的結果時，這讓我們非常振奮。

The fact that we've added 20% surge in the number of new members in just a couple months, just a couple of weeks at most of our theaters, is exciting. The fact that the sign-up rate for new members is double to triple where it's been historically is exciting.

我們在短短幾個月內新增會員數成長 20%，而在我們大多數影城其實最多也才幾週時間，這很令人興奮。新會員的註冊率是過去歷史水準的兩到三倍，這也很令人興奮。

The fact that we were losing half our AMC Stubs members because they weren't renewing in prior years, now those paid members who don't renew, instead of falling out of our system will just fall from the Premier Tier to the so-called, Insider Tier, the Free Tier. All that leads us to think that we could very easily double the activity base of AMC Stubs over the next two to three years. That would take that 21% participation rate up into a 40% participation rate; that's not unheard of. Airlines and hotels have participation rates in their frequent user programs above 50%.

過去幾年我們會流失一半的 AMC Stubs 會員，因為他們不續約；但現在，那些未續約的付費會員不會從系統中消失，而是會從 Premier 等級降到所謂的 Insider 等級，也就是免費等級。這些因素讓我們認為，在未來兩到三年內，我們很容易把 AMC Stubs 的活躍基礎翻倍。如此一來，21% 的參與率就能提升到 40% 的參與率；這並不罕見。航空公司與飯店的常客計畫參與率都超過 50%。

And again, if you think about incrementality being in double digits, you're talking about, you pick it, 2% to 5% of revenue growth, purely incremental because of the existence of AMC Stubs.

再者，如果你把增量效果想成是雙位數百分比，那你談的就是——你自己選一個數字——2% 到 5% 的營收成長，完全是因為 AMC Stubs 的存在而帶來的純增量。

Okay. That's very helpful. Now, can you give us a little bit better sense of the breakdown in this growth between the paid and the Free Tier? The 20% surge, the doubling, how much of that is going to be people paying versus getting the Free Tier?

好的，這非常有幫助。那你能否更清楚地說明一下，這波成長在付費等級與免費等級之間的拆分？這 20% 的激增、以及翻倍的部分，有多少會是付費、多少會是加入免費等級？

I think by the time we're done, all of our paid members still exist in the system. I'm guessing that our paid/free mix will probably be about 85/15 over time, 85% free, 15% paid. But as I said in my prepared comments, the people in the paid program have a 10% generosity in rewards, which essentially is a 10% discount for future purchases. And the people in the Free Tier have only a 2% reward generosity level, which, I'm sure, will work up to 3% or 4% as we stimulate them and excite them with ad hoc bonuses and promotions. But still, you're probably seen the generosity of the program fall by two-thirds, and that essentially offsets any loss of membership fees.

我認為等我們做完之後，所有付費會員仍會留在系統中。我猜長期來看，付費/免費的組合大概會是 85/15——85% 免費、15% 付費。但如同我在準備好的發言中提到，付費方案的回饋慷慨度（generosity）是 10%，本質上等同於未來消費 10% 折扣；而免費等級的回饋慷慨度只有 2%。我相信，隨著我們用臨時加碼（ad hoc bonuses）與促銷活動去刺激並提升他們的興趣，這個比例會提高到 3% 或 4%。但即便如此，你大概會看到整體計畫的回饋慷慨度下降約三分之二，而這基本上抵消了會員費收入的任何損失。

Also remember, the old membership fee was $12 and we renewed most people at $9, and the current program now is priced at $15, which is another offset to the Free Tier. So, the economics of the Free Tier are every bit as appealing to AMC as the economics of the paid tier.

另外也請記得，舊的會員費是 12 美元，而我們多數人是以 9 美元續約；現在的方案定價是 15 美元，這也對免費等級形成另一個抵消效果。所以，免費等級的經濟效益對 AMC 來說，和付費等級一樣具有吸引力。

Okay. And then if I could switch gears with one other separate question. I was just curious for your perspective on this, and it may be unanswerable by you. But you talk about your Odeon acquisition and how you're paying less than the publicly traded theater peers in Europe. And my question is this, which is: why? Why would the owners of Odeon sell to you guys for a lower multiple than they could get if they just took it public? What's your perspective on that?

好的。那如果我可以換個話題再問一個獨立的問題。我只是想聽聽你們的看法，可能你們也未必能回答。你們談到收購 Odeon，並且你們支付的估值倍數低於歐洲上市的同業影城公司。我的問題是：為什麼？為什麼 Odeon 的股東會以比他們若直接上市可能取得的倍數更低的價格賣給你們？你們怎麼看？

Sure. First of all you'd have to ask the seller, right? But I think the other, more logical reason is that the seller has been trying to sell Odeon UCI for a couple of years now privately, not publicly, with a much higher price tag than we paid. They didn't get it, for whatever reason, and rather than take the company public, they kept on repeating, cycle after cycle, to sell the asset privately. That occurred again this spring.

當然。首先你得去問賣方，對吧？但我認為另一個更合理的原因是：賣方過去幾年一直嘗試以私下方式出售 Odeon UCI，而不是公開上市，而且他們開出的價格標籤比我們支付的高得多。他們沒有成功，原因不論為何；與其讓公司上市，他們就一輪又一輪地重複嘗試私下出售資產。今年春天又發生了一次。

This is a private equity firm that's owned Odeon UCI for 12 years. Historically, private equity funds have a 10-year life, so there probably was some imperative for them to finally monetize the asset. And then came Brexit.

這是一家私募股權公司，持有 Odeon UCI 已 12 年。歷史上，私募基金通常是 10 年期，所以他們可能有某種壓力必須最終將資產變現。然後，英國脫歐（Brexit）發生了。

We had negotiated a price before June 23 that was higher than the price of Odeon UCI after June 23. So we also were able to convert a significant amount of the purchase price from cash to stock, which saves us a considerable amount of money as contrasted with floating stock publicly and taking underwriter fees and discounts and the like.

我們在 6 月 23 日之前談定的價格，高於 6 月 23 日之後 Odeon UCI 的價格。因此，我們也得以把相當大一部分的收購對價從現金改為股票，這相較於公開發行股票、支付承銷費用與折價等，為我們節省了可觀的成本。

And finally, you've got the impact of the pound. The pound affects us, it doesn't affect the seller, of course. They could've gone public in the UK markets. But based on the way they sold the asset, a private sale is what ensued, and we got a good deal, both in pounds and in dollars.

最後，還有英鎊匯率的影響。英鎊會影響我們，當然不會影響賣方。他們本可以在英國市場上市。但基於他們出售資產的方式，最後走向的是私下出售，而我們以英鎊與美元計價都拿到了一筆好交易。

Let me ask it this way. Is there some reason you think that were Odeon to go public, it would be valued at a discount to these comparables? Is there some structural problem?

我換個方式問：你是否認為，如果 Odeon 上市，會相對這些可比公司以折價估值？是否有某種結構性問題？

No, to the contrary. Because Odeon was founded in the 1920s, it has some of the premier theater locations across the United Kingdom.

不，恰恰相反。因為 Odeon 創立於 1920 年代，在英國各地擁有一些最頂級的影城據點。

One of the reasons that we're keeping Odeon & UCI intact as a wholly-owned sub of the Company is so that if we ever chose to take Odeon, not that it's in our current plan, but if we ever chose to take Odeon UCI public in Europe, at European multiples, we would more easily have the ability to do so. Which we think augers to convince all of you that the way you should be looking at AMC, as a sum of the parts valuation, we do intend to report results for our US theaters and our European theaters separately going forward post closing, so you can easily track which of our cash flows are US generated and which are European generated.

我們之所以保留 Odeon & UCI 作為公司的全資子公司並維持其完整性，其中一個原因是：如果我們未來某天選擇讓 Odeon 上市——雖然這不在我們目前的計畫中——但若我們選擇在歐洲以歐洲的估值倍數讓 Odeon UCI 上市，我們會更容易做到。我們認為，這也預示著能說服各位：你們應該用分部加總（sum of the parts）的方式來看 AMC 的估值。交易完成後，往後我們確實打算分別揭露美國影城與歐洲影城的營運結果，讓你們能清楚追蹤哪些現金流來自美國、哪些來自歐洲。

Craig also wants to make a comment.

Craig 也想補充幾句。

Barton, I've lived through this before when we were private-equity owned and when we ultimately, as a Company and our owners, decided to sell to, in our case, to Wanda and we had the same debates. And at the end of the day, the immediate realization through a sale of 100% of the Company to a buyer was more attractive to our, at that point in time, five private equity owners, than a protracted go public, sell 20%, then sell 10%, then sell 10%, then sell 10%.

Barton，我以前也經歷過類似情況：當我們由私募股權持有，最後公司與股東決定出售——以我們當時的案例，是賣給萬達——我們也有同樣的討論。到最後，透過把公司 100% 直接賣給買方、立即實現價值，對我們當時的五家私募股權股東而言，比起漫長的上市流程——先賣 20%，再賣 10%，再賣 10%，再賣 10%——更具吸引力。

Those are the decisions that investors make, and it has really nothing to do with the Company and the Company's prospects. It has more to do with, I've been here 12 years in this case. I have an opportunity for 100% realization. And I think that's really what motivated the seller in this case.

這些是投資人會做的決策，基本上與公司本身及其前景無關。更多是因為：以這個案例來說，我已經持有 12 年了；我現在有機會一次性 100% 變現。我想這才是真正驅動本次賣方決策的原因。

Okay. That's great. Thanks a lot, guys.

好的，很棒。非常感謝各位。

Mike Hickey, The Benchmark Company.

Mike Hickey，The Benchmark Company。

Hi guys, hey Adam and Craig. Thank you for taking my question. Curious on your Odeon transaction. If you've seen any strategic considerations from your competitive circuits in Europe, just thinking about the reaction that the operators have in Europe to your amenity investment and the success you've had in that category. And I have a quick follow-up.

嗨，各位，Adam 和 Craig 你們好。謝謝讓我提問。我想問關於你們的 Odeon 交易。你們是否看到歐洲競爭院線在策略上有任何考量或反應？我在想歐洲的營運商如何看待你們在設施（amenity）上的投資，以及你們在那方面取得的成功。我還有一個簡短的追問。

Sure. Well, already there's been reaction to our acquisition of Odeon UCI. You saw that Cineworld just bought five theaters in the UK and paid 10-plus times for it compared to our 9.1 times for Odeon. But I assume the reaction in Europe is going to be similar to the reaction in the United States, which is well go first. We'll prove that the economic returns are dramatic.

當然。其實對我們收購 Odeon UCI 已經有反應了。你看到 Cineworld 剛在英國買了五家影城，支付的倍數是 10 倍以上，相較之下我們收購 Odeon 的倍數是 9.1 倍。不過我推測，歐洲的反應會類似美國的反應：我們會先做。我們會證明其經濟報酬非常可觀。

We're in the third or fourth year of this now and the economic returns are still dramatic. And I assume they will copy us in some places, because they will also see that more people will go to movie theaters more often if it's more enjoyable to watch a movie. Your follow-up?

我們現在已經進入第三或第四年了，經濟回報仍然非常顯著。我也假設他們會在某些地方複製我們，因為他們也會看到：如果觀影體驗更愉快，更多人會更常去電影院看電影。你的追問？

Yes, thanks, Adam. You touched on it, but since Odeon, what you're seeing in Europe in terms of deal activity now that you're introduced as a buyer and operator, and of course, your capital investment strategy, which will obviously stress some of your competitors, if you're seeing any increase in deal activity or opportunities for you in Europe to grow?

是的，謝謝你，Adam。你有提到一些，但自從 Odeon 之後，就你現在以買方與營運方的身分在歐洲所看到的交易活動而言，當然還有你的資本投資策略，這顯然會對部分競爭對手造成壓力；你是否看到歐洲的交易活動或機會有所增加，讓你能在歐洲擴張成長？

Oh, gosh, it was only a couple weeks ago that we put Odeon to bed. I must say that between Carmike and Odeon, my interest and ability to pull off yet another acquisition is probably about zero. I do think that we are on a blistering M&A pace so far in 2016, and it would be wise to take a breath.

噢，天啊，我們也才在幾週前才把 Odeon 的案子告一段落。我必須說，在 Carmike 和 Odeon 之後，我對再完成另一筆收購的興趣與能力大概都接近於零。我確實認為我們在 2016 年迄今的併購節奏非常猛烈，明智的做法是先喘口氣。

We do have buying rights is important, but we also have to bring these two companies, assuming that they both go forward or the one Company, if only Odeon UCI goes forward, we do have to bring them into our system well. And the amount of work and emphasis that AMC as an organization will focus on bringing these acquisitions into our system, absorbing the theaters, and then monetizing the returns that were inherent in our acquisition models, that is so important.

我們確實擁有收購權利，這很重要，但我們也必須把這兩家公司——假設兩者都能往前推進；或如果只有 Odeon UCI 往前推進，那就是那一家公司——好好整合進我們的系統。而 AMC 作為一個組織，將把大量工作與重點放在把這些收購整合進我們的系統、吸收這些影城，然後把我們收購模型中原本就內含的回報變現，這一點非常重要。

So I would like to think at least for the balance of 2016, you will see us slow down more acquisitions and instead focus on bringing these two massive purchases in well and growing, achieving the growth and revenues and earnings that we envisioned, that has caused the actions in the first place. Having said that though, there will probably be more circuits brought to our attention. We'll deal with it as the time comes.

所以我希望至少在 2016 年剩餘期間，你會看到我們放慢新增收購的步伐，轉而專注把這兩筆龐大的收購順利導入，並實現我們所設想的成長、營收與獲利——也正是這些行動一開始發生的原因。不過話說回來，可能還是會有更多院線被帶到我們面前；到時候再視情況處理。

Yes, I hear you. The presumption was, that I didn't identify in the question, would be that Carmike shareholders, for whatever reason vote against your current deal. And I think the theory is that then maybe have a bigger appetite to grow in Europe where you see maybe a better asset return in the first place. So, --

是的，我理解。問題裡有個前提我沒有明說：也就是 Carmike 的股東不知何故投票反對你們目前的交易。我想理論上是，那樣你們可能會更想在歐洲擴張，因為一開始看起來資產回報可能更好。所以，--

Well, no, let me, since you asked the question more specifically, let me respond more specifically. My comment about taking a bit of a breath here assumes that we're getting both Carmike and Odeon UCI. And that we do have the opportunity to integrate both organizations into ours over the next six months, plus or minus. If that assumption is not the case, well that does free up $1 billion that we had allocated for Carmike to do something else with. So, yes, our eyes will be much more open if the Carmike transition does not occur.

嗯，不是的。既然你問得更具體，我也更具體地回應。我剛才提到要稍微喘口氣，是基於我們同時拿下 Carmike 和 Odeon UCI 的假設，並且我們有機會在接下來大約六個月（上下浮動）把兩個組織都整合進我們。如果這個假設不成立，那就會釋放出我們原本為 Carmike 配置的 10 億美元，讓我們可以用在其他事情上。所以，是的，如果 Carmike 的交割沒有發生，我們的眼光就會開放得多。

And as you said, there are some people who follow us who think the Odeon acquisition is more intriguing than the Carmike acquisition. Because as opposed to just adding more theaters in the states, which is certainly a good thing, it opens up a whole new beachhead in an important part of the world with hundreds of millions of people who go to the movies.

而且如你所說，有些關注我們的人認為收購 Odeon 比收購 Carmike 更有吸引力。因為相較於只是在美國增加更多影城——那當然也是好事——它在世界上一個重要地區建立了全新的據點，那裡有數以億計會去看電影的人。

Thanks, guys.

謝謝各位。

Eric Wold, B Riley.

Eric Wold，B Riley。

Thank you, good morning. One, given that the Odeon acquisition is more of a done deal than Carmike, I assume you've already been in there and you've identified, even if you remodel and improve, assuming this closed at year end, how quickly can you get in there to make those changes ahead of the 2017 film slate? And I have a follow-up.

謝謝，早安。第一，鑑於 Odeon 的收購比 Carmike 更像是已成定局，我猜你們已經進去看過並且辨識出（即使要改裝與改善）。假設年底完成交割，你們能多快進場做這些變更，以趕在 2017 年片單之前？我還有一個追問。

The lawyers are telling us that under EEU rules, we really have to wait until closing before we get too deep into the insides of Odeon UCI. Fortunately, that's probably only four months from now, so it will happen pretty quick.

律師告訴我們，依據 EEA 的規則，在交割完成之前，我們確實必須等到交割後才能深入了解 Odeon UCI 的內部細節。幸好那大概只剩四個月，所以會很快發生。

You are correct. We've already visited over 100 of their theaters. We've already identified I want to say dozens and dozens, but that would be too small. So whatever a multiple of dozens and dozens is, a lot of sites, where we could add IMAX and/or Dolby Cinema locations.

你說得沒錯。我們已經造訪了他們超過 100 家影城。我們也已經辨識出——我想說是數十、數十個，但那又太少了——所以就是數十、數十的倍數，很多據點，我們可以新增 IMAX 和／或 Dolby Cinema 影廳。

We've also identified 80 or so theaters that are attractive candidates for renovation. We will start planning of that effort as soon as we can. Theater renovations, you only get the chance to do it. If all you want to do is throw in recliner seats, you can do a renovation fast, but that's not the kind of renovation that AMC has been doing.

我們也辨識出大約 80 家影城，是很有吸引力的翻新候選。我們會在允許的情況下儘快開始規劃。影城翻新，你只有一次機會把它做好。如果你只想換上躺椅座位，翻新可以很快，但那不是 AMC 一直在做的那種翻新。

We've been renovating the entire theater, looking at customer flows, looking at F&B activity, as well as what goes on in the auditoriums. It takes a little longer to plan a more comprehensive theater renovation than just quickly throwing in recliners. So I think at the earliest, you're looking at the third trimester of 2017 for renovations actually to occur in Europe. The renovation strategy really kicks in, in 2018 and beyond.

我們翻新的是整座影城，會看顧客動線、餐飲（F&B）活動，以及影廳內的各項配置。要規劃更全面的影城翻新，比起只是快速換上躺椅，需要更長時間。所以我認為最早也要到 2017 年第三季，歐洲才會真正開始進行翻新。翻新策略會在 2018 年及之後才真正全面啟動。

Okay. And then the follow-up question you laid out the remodel plan for AMC standalones over the next couple of years. Does that indicate that the remodel plans for AMC Odeon and Carmike, if two of those are completed, are mutually exclusive and go on their own? Or if you acquired Odeon and Carmike, could that impact your plans with AMC if you have to do some trade-off to save on CapEx or at least reallocate CapEx?

好的。那追問是：你在電話會議中說明了未來幾年 AMC 單體影城的改裝計畫。這是否表示，如果 AMC、Odeon 與 Carmike 其中兩個完成收購，Odeon 與 Carmike 的改裝計畫是彼此獨立、各自推進？或者如果你同時收購 Odeon 與 Carmike，是否會影響你對 AMC 的計畫，因為你可能需要做一些取捨來節省資本支出（CapEx），或至少重新配置 CapEx？

The former of your two assertions. We have the capital to grow the AMC circuit. Too much to grow, I should say to grow revenues and earnings from renovations in the AMC circuit. Additionally, to do so on the Carmike circuit, additionally to do so in the Odeon UCI circuits.

是你兩個說法中的前者。我們有資本去擴大 AMC 院線——更精確地說，是透過翻新來提升 AMC 院線的營收與獲利。此外，也能在 Carmike 院線做到同樣的事，也能在 Odeon UCI 院線做到同樣的事。

So, the numbers that I laid out on the call today for the AMC circuit are likely to be achieved, highly likely to be achieved, bank on it, regardless of whether we also buy Odeon and regardless of whether we also buy Carmike. So, actually, if we are successful in buying Carmike, the number of renovated US theaters in total is going to be higher than those numbers. And of course, we are going to buy Odeon & UCI, so the number of renovated theaters in the totality of AMC's family will be higher than the numbers outlined on the call for the AMC circuit alone.

所以，我今天在電話會議中針對 AMC 院線所提出的數字，很可能會達成——非常可能，請把它當作確定會發生——不論我們是否也收購 Odeon，也不論我們是否也收購 Carmike。事實上，如果我們成功收購 Carmike，美國翻新的影城總數會高於那些數字。而且我們當然會收購 Odeon & UCI，所以 AMC 大家庭整體翻新的影城數量，也會高於今天電話會議中僅針對 AMC 院線所概述的數字。

Thank you.

謝謝。

Leo Kulp, RBC Capital Markets.

Leo Kulp，RBC Capital Markets。

Good morning. Thanks for taking the questions. You said previously that you can increase the Odeon & UCI EBITDA by 50% over four years. Can you provide a little more color on where that's coming from? Is it primarily revenue? Is there expense savings in there? Just if you could provide some expectations on where that's going to come from that would be very helpful.

早安，謝謝讓我提問。你先前說過，你們可以在四年內把 Odeon & UCI 的 EBITDA 提高 50%。你能否多補充一些細節，這主要來自哪裡？主要是營收嗎？其中是否包含費用節省？如果你能提供一些對來源的預期，會非常有幫助。

Sure, we already said that we thought there were at least $10 million of expense synergies over the next five years. I think I said it was going to happen in four years if my memory is my memory is right. That over the next four to five years they should have some natural growth anyway, just because most businesses do. But the vast majority of that surge and bottom-line EBITDA growth comes from successfully renovating the theaters. So, I'd say 20% is expense synergy, 20% is natural growth, and 60% will come from renovating theaters in Europe.

當然。我們已經說過，我們認為未來五年內至少有 1,000 萬美元的費用協同效益。我想我說的是四年內會發生，如果我記憶沒錯的話。接下來四到五年，他們本來也應該會有一些自然成長，因為大多數企業都是如此。但那一波大幅提升與 EBITDA 底線成長的絕大部分，來自成功翻新影城。所以我會說：20% 來自費用協同、20% 來自自然成長、60% 來自在歐洲翻新影城。

Thank you. Got it, thank you, that's helpful. And then just one more if I could. Can you provide some color around the returns you've seen from your more recent receipts in the US relative to the earlier ones?

謝謝，了解了，謝謝，這很有幫助。那我再問一個：你能否談談你們在美國較近期的翻新（或改裝）相較於早期那些案子，所看到的回報情況？

Yes. I'm going to give that mostly to Craig, but I just want to lay in that, having looked at it myself, the recent renovation projects still have huge IRRs and huge returns on investment. Where we're seeing pain at AMC is not because renovations are less successful than they might have been a few years ago, even though we did do the easiest theaters first. So you would expect that the very first theaters had higher returns then as you get deeper into the circuit. But we're still above 25% on unlevered cash and cash returns.

可以。我大部分會交給 Craig 來回答，但我想先補充：我自己看過之後，近期的翻新專案仍然有很高的 IRR 和很高的投資報酬率。AMC 目前感受到的壓力，並不是因為翻新不如幾年前成功——即使我們確實先做了最容易的影城，所以你會預期最早那批影城的回報更高，隨著你在院線中越做越深入，回報會下降一些。但我們的無槓桿現金對現金回報仍然高於 25%。

The real issue is what's going on in the unrenovated theaters. We are educating the populace to enjoy recliner seats, to enjoy MacGuffins Bars, to enjoy IMAX, to enjoy Dolby Cinema. And so there is a double-whammy effect going on in our renovations.

真正的問題在於那些尚未翻新的影城裡正在發生什麼。我們正在教育大眾去享受躺椅座位、享受 MacGuffins Bar、享受 IMAX、享受 Dolby Cinema。因此，我們的翻新工程正在產生雙重加乘的效果。

We're doing them offensively because the returns are so high and we're doing them defensively because that's what consumers want. And so consumers are making trade-offs to go to renovated theaters over non-renovated theaters. You want to add?

我們積極推動是因為回報非常高；我們防禦性地推動是因為這正是消費者想要的。因此，消費者正在做取捨，選擇去翻新過的影城而不是未翻新的影城。你要補充嗎？

Well, not a lot to add to that. Adam said it pretty succinctly that even with the new group of our most recently renovated, they're well in excess of our 25% thresholds. We're not hitting the 60%s and 70%s that we had early on because those were the first movers and the easiest to achieve. So, returns are still very strong.

嗯，沒有太多要補充的。Adam 已經講得很精準了：即便是我們最近翻新的那一批新組合，其回報也遠高於我們 25% 的門檻。我們不再達到早期那種 60%、70% 的水準，因為那時候是先行者紅利、也最容易達成。所以，回報仍然非常強勁。

I think as important, landlords' support of the program and their contribution to the capital required to do it. We're still running at 35% to 40%. When we started out, we actually thought that might tail off, that we might dry up that source. We haven't really seen that yet. And I think that's a testament to how really strong the concept is.

我認為同樣重要的是，房東對該計畫的支持，以及他們對所需資本的出資。我們目前仍維持在 35% 到 40%。一開始我們其實以為這個比例可能會下滑，這個資金來源可能會枯竭。但我們至今並沒有真正看到那種情況。我想這也證明了這個概念確實非常強。

They're still generating very good returns and we're still seeing a lot of support from the landlord community to provide capital, which of course, only reduces the denominator and makes the returns better. So, very, very attractive return proposition for us.

他們仍在創造非常好的回報，而我們也仍看到房東社群提供大量資本支持；當然，這只會降低分母、讓回報更好。所以，對我們而言是非常、非常有吸引力的回報命題。

But, just to add on to what Craig just said, when we look to Europe, where the low-hanging fruit theater renovations have not yet been done, returns might be pretty high in Leicester Square.

不過，補充 Craig 剛才說的，當我們看向歐洲時，那些「低垂的果實」式影城翻新尚未完成的地方，回報在萊斯特廣場（Leicester Square）可能會相當高。

Got it, thank you both.

了解，謝謝你們兩位。

Ben Mogil, Stifel.

Ben Mogil，Stifel。

Good morning. A couple different questions. On that Dolby target that you set out or accelerated by six years or seven years, does that now include with the original targets AMC only, that now at least includes UCI Odeon in terms of that 100 (inaudible) screen by 2017 target?

早安。我有幾個不同的問題。關於你們提出、或提前了六到七年的那個 Dolby 目標，這是否已經把原本目標中僅限 AMC 的範圍，至少也納入 UCI Odeon，亦即 2017 年達到 100（聽不清）個銀幕的目標？

No. That's all AMC US, and that's not Carmike either. That's all AMC US.

沒有。那全部都是 AMC 美國（AMC US），也不包含 Carmike。全部都是 AMC US。

Okay. Great. Thanks. In terms of where you see the best ROIs, if you had infinite capital, are you seeing the best ROIs still at AMC legacy theoretically at Carmike or theoretically at UCI Odeon?

好的。太好了，謝謝。就你們看到的最佳投資報酬率（ROI）而言，如果你們有無限資本，你們看到最佳 ROI 仍是在 AMC 既有資產？理論上會在 Carmike？還是理論上會在 UCI Odeon？

The reason I hesitate to answer your question is we're not inside Carmike or Odeon yet. So we're going to find out when we do our first ones. But, at some point, we're going to have to prioritize which theaters in the queue get done first.

我之所以猶豫要不要回答，是因為我們還沒有真正進入 Carmike 或 Odeon 的內部。所以等我們做了第一批之後才會知道。但在某個時間點，我們必須決定隊列裡哪些影城要優先翻新。

Another factor, as Craig just pointed out, is landlords are paying for a huge chunk of our theater renovations, because they want more modern theaters as anchor tenants in their malls or commercial complexes. So another factor in determining who gets renovated first is where the landlords are most cooperative.

另一個因素，如 Craig 剛才指出的，是房東正在支付我們影城翻新所需資本中的很大一部分，因為他們希望在購物中心或商業綜合體裡，擁有更現代化的影城作為主力店（anchor tenant）。因此，決定誰先翻新的另一個因素，是哪些地方的房東最願意配合。

Okay. That's fair enough. And then lastly, and Adam, this obviously dovetails a little bit with your hotel experience. When you look at the loyalty card program you're offering, obviously there's enough of a gap between both the price of the paid one and the free one, and obviously enough of a gap in terms of what each program offers in terms of the 2% versus 10%.

好的，這樣說也合理。最後一個問題，Adam，這顯然也和你在飯店業的經驗有點呼應。當你看你們提供的會員卡方案時，付費版與免費版之間顯然有足夠的價差，也顯然在各自提供的內容上有足夠差距，例如 2% 對 10%。

When you look at Cineplex, which has done a pretty good job, actually very good job their loyalty card program with both a credit card as well as a debit card client with one of the major banks, given your experiences why not do the same thing with where you're at?

當你看 Cineplex，他們的會員卡計畫做得相當不錯，甚至非常好；他們同時和某家大型銀行合作，推出信用卡以及簽帳金融卡（debit card）客戶方案。以你的經驗來看，為什麼不在你們目前的基礎上也做同樣的事？

When we have 85% market share, we'll do that too. Look, I've only been here seven months and already we've totally overhauled Stubs, totally overhauled in the works, you haven't seen it, but I have, the website, the smartphone app. We've introduce a pricing department. There's more good stuff coming, but how much can you do in seven months, especially when you throw in two $1-billion acquisitions at the same time? So, I do think -- .

等我們有 85% 的市占率時，我們也會做。你看，我來這裡才七個月，我們已經徹底改造了 Stubs，也徹底改造了（正在進行中，你還沒看到，但我看過）網站與智慧型手機 App。我們也成立了定價部門。接下來還會有更多好東西，但七個月能做多少？尤其同時還要處理兩筆各 10 億美元的併購。所以我確實認為——。

I didn't say you weren't [thirsty]. I never said that.

我沒有說你不「渴」。我從來沒那樣說。

Okay. And I'm not actually trying to sound defensive. I'm actually quite proud of how our marketing organization, especially our Executive Vice President of Marketing, has stepped up this past half year. This may not come as a great shock to you: I'm a pretty tough grader when it comes to giving out grades to the Marketing Department, because it's something I've done most of my career. And even I'm impressed by how well our Marketing organization has stepped up to put really good initiatives on the table.

好的。而且我其實不是想聽起來很防禦。我反而很為我們的行銷組織感到驕傲，尤其是我們的行銷執行副總裁，在過去半年真的挺身而出。這可能不會讓你太意外：在給行銷部門打分數這件事上，我是個很嚴格的評分者，因為這是我職涯大部分時間都在做的事。連我都對我們行銷組織挺身而出、提出非常好的方案感到印象深刻。

Just go into the lobbies of any of our theaters right now, and you'll see all of our associates wearing AMC Stubs t-shirts. You're going to see point-of-purchase materials all over our theaters talking about why you should enroll in AMC Stubs, choosing the right Tier for you.

你現在走進我們任何一家影城的大廳，就會看到所有同仁都穿著 AMC Stubs 的 T 恤。你也會在影城各處看到大量的銷售點（point-of-purchase）宣傳物，告訴你為什麼應該加入 AMC Stubs，以及如何選擇最適合你的等級（Tier）。

We bought hundreds of thousands of dollars of ropes and polls to create all these VIP lines at our box offices and concession stands, and it's an incredibly powerful ego-stroking device to tell people that you can stand in that short line over there if you commit to AMC. We just put on screen for the first time ever a special welcome to AMC Stubs members in the audience, just a few seconds before the feature film begins.

我們花了數十萬美元購買繩索和立柱，在售票處與販賣部打造各種 VIP 排隊動線；這是一個非常強大的「滿足自尊」工具，告訴大家：只要你承諾選擇 AMC，你就可以站到那邊那條更短的隊伍。我們也第一次在正片開始前的幾秒鐘，在銀幕上向現場的 AMC Stubs 會員播放特別歡迎訊息。

So there's so much going on here that, I think while these are four big initiatives that we've talked about, Stubs, website, smartphone app, pricing, more good marketing activity coming in the next six months, the six months after that, and the six months after that. And by the way, we're not too proud to copy anybody else's good idea. So, if Ellis is doing something smart up in Canada, maybe we'll do it too.

所以這裡正在發生很多事。我想，雖然我們談到的四個大型計畫是 Stubs、網站、智慧型手機 App、定價，但接下來六個月、再接下來六個月、以及再接下來六個月，還會有更多很棒的行銷活動推出。順帶一提，我們也不會因為自尊心而不去複製別人的好點子。所以，如果 Ellis 在加拿大做了什麼聰明的事，也許我們也會做。

Okay, that's great. Adam, thanks again.

好的，太棒了。Adam，再次感謝。

Bryan Goldberg, Bank of America Merrill Lynch.

Bryan Goldberg，美國銀行美林（Bank of America Merrill Lynch）。

Thank you very much. I've got two questions. First, on the relative performance of the reseated portion of your circuit versus the industry, I think you mentioned about 700 basis points of outperformance on an attendance basis.

非常感謝。我有兩個問題。第一個，關於你們影城中已更換座椅（reseated）的部分，相對於整體產業的表現，我記得你提到在觀影人次（attendance）方面大約超越 700 個基點。

And 1,100 basis points on revenue, 1,080.

營收方面是 1,100 個基點，1,080。

On box office. In the past, you've cited data that suggested a good portion of the uplift in attendance was coming from either share shift from competitors or behavioral change or incremental movie-going on the part of consumers. Or as you suggested just earlier in Q&A, even possibly cannibalization of your old core, given how consumer expectations have changed. I was just curious if you had any updates on these dynamics. How would you bucket out where the incremental attendance is actually coming from? And then have a follow-up.

票房方面。過去你們引用過一些數據，顯示觀影人次提升的相當一部分，來自於從競爭對手那裡移轉市占，或是消費者行為改變、或是消費者增加額外的觀影次數。或者如你剛才在問答中提到的，甚至可能是對你們原本核心影城的「自我蚕食」（cannibalization），因為消費者期待已經改變。我想請問你們對這些動態是否有任何更新？你們會如何分類增量觀影人次實際是從哪裡來的？然後我還有一個追問。

I'll come to your follow-up in a second. No real updates to what we traditionally have been saying other than this. This film slate in April, May, and June is really an odd duck. As I look back over the past decade, I don't see too many times when attendance is down 12%.

我等一下再回答你的追問。關於我們一貫的說法，沒有什麼實質更新，除了這一點：4、5、6 月的片單真的很奇怪。回顧過去十年，我很少看到觀影人次下滑 12% 的情況。

So, especially if you're trying to draw any conclusions from what went on in the second quarter, it's such an anomaly. Hollywood has had three or four record years in the last four or five years. It's just such a rarity to see a quarter perform as poorly as this second quarter did.

所以，特別是如果你想從第二季的表現推導任何結論，那真的太異常了。好萊塢在過去四到五年裡有三到四年創下紀錄。像第二季這樣表現這麼差的季度，真的非常罕見。

And as I said, there's no indication that, that's continuing. Film-going is up in July 7%, whereas film-going was down 12% April, May, and June. It's just because a lot of movies that were expected to be big, busted out. They got hit hard by critics or consumer reactions.

而且如我所說，沒有跡象顯示這種情況會延續。7 月觀影人次成長 7%，而 4、5、6 月則下滑 12%。只是因為很多原本被期待會很賣座的電影表現失利，受到影評或消費者反應的重擊。

So, I don't know, I think it will be very tough to try to draw insightful conclusions by what went on in April, May, and June. I think what would be more relevant is what went on in the first quarter, the third quarter, and then as we look at 2017 and beyond.

所以我不知道，我認為要從 4、5、6 月發生的事情中，得出有洞見的結論會非常困難。我覺得更相關的是第一季、第三季的情況，以及我們展望 2017 年及以後的表現。

Okay. Fair enough. And then my follow-up question is around Starplex and just the Company's overall integration strategy towards all the M&A you've announced. Craig gave some color earlier on the upgrade strategy at Starplex. But could you just update us on where you stand with Starplex integration from a cost-out perspective?

好的，合理。那我的追問是關於 Starplex，以及公司對你們宣布的所有併購案（M&A）的整體整合策略。Craig 先前已就 Starplex 的升級策略提供了一些說明。但你能否就 Starplex 的整合進度，從成本節省（cost-out）的角度更新一下目前的狀況？

And then maybe to help us think about all the integration activity potentially on your plate in 2017, operationally or logistically, what parts of your organization are really going to be flexed in terms of digesting the deals that you've announced? And do you have of the resources you need in-house to fully execute all this? Or if not, where might you need to round things out?

接著，或許為了幫助我們思考 2017 年你們可能需要處理的所有整合工作（無論是營運面或後勤面），就你們已宣布的交易而言，你們組織中哪些部分在消化這些交易時會被真正拉伸、需要更大幅度地調度？你們內部是否擁有充分的資源來完整執行這一切？如果沒有，哪些地方可能需要補強？

Could you repeat that question? No, I'm just kidding. Look, these are the very points that we've all been talking about internally for months and months. With respect to Starplex, boy, that was an easy-as-pie integration. We expanded our theater count by about 10%, and we did not add even one single employee at our Leawood, Kansas headquarters location, because the AMC organization was deep enough to be able to absorb that growth in our system without needing to acquire additional staff.

你可以重複一次那個問題嗎？不，我開玩笑的。你看，這些正是我們內部已經討論了好幾個月、反覆在談的重點。就 Starplex 而言，天啊，那是一個非常輕鬆的整合。我們的影城數量大約增加了 10%，而我們在堪薩斯州 Leawood 總部所在地，連一名員工都沒有增加，因為 AMC 的組織深度足以吸收系統內的成長，不需要再增聘人手。

As we said earlier, while we will have renovations of the Starplex theatres, we haven't had them yet. So we've spent very little at their theaters physically. So, from a cost standpoint, the Starplex acquisition is a home run.

如同我們先前所說，雖然我們會對 Starplex 影城進行翻新，但目前還沒有開始。因此，我們在他們影城的實體投入非常少。所以，從成本角度來看，收購 Starplex 是一記全壘打。

And with all these metrics that we announced in Starplex, the company knew before we bought Starplex they were lower-priced theaters. We paid a multiple of their EBITDA, and if anything, the EBITDA is pleasing us because we've been able to run the Starplex theatres without adding any corporate overhead.

而就我們在 Starplex 所公布的各項指標而言，公司在收購 Starplex 之前就知道它們是較低票價的影城。我們是以其 EBITDA 的倍數來支付收購價；而且如果要說的話，EBITDA 的表現讓我們很滿意，因為我們能在不增加任何公司層級管理費用的情況下營運 Starplex 影城。

With respect to Carmike and Odeon, the integration strategy will be different than the Starplex integration. It's one thing to add 35 theaters to AMC, it's another thing to add 250 or more theaters to AMC.

至於 Carmike 和 Odeon，整合策略會與 Starplex 的整合不同。把 35 家影城納入 AMC 是一回事，把 250 家或更多影城納入 AMC 又是另一回事。

We are going to have to add staff here in Leawood, but the number of positions, and we will be hiring, so that's good news for people here in Kansas City or Carmike employees who want to make the move to AMC. But we won't need as many people to run those 250 theaters as Carmike will need as a standalone company, hence, the $35 million announcement on synergies that we expect to receive on the cost side for Carmike. It is our plan to, as we did for Starplex, to move most of the functions here to Leawood and have one corporate headquarters location and drive our system from here.

我們確實需要在 Leawood 增加人手，會新增一些職位，而且我們會招募，這對堪薩斯市這裡的人或想轉到 AMC 的 Carmike 員工來說是好消息。但我們不需要像 Carmike 作為一家獨立公司那樣，配置那麼多人來營運那 250 家影城；因此，我們才宣布預期在 Carmike 的成本端可取得 3,500 萬美元的協同效益。我們的計畫是，如同對 Starplex 所做的那樣，把大部分職能移到 Leawood，設立單一公司總部，並從這裡驅動整個系統。

With respect to Odeon -- let me stay on Carmike for second. I don't think we're deficient in talent anywhere to run 600-plus theaters in the United States instead of 386. It's just that we may need a few more bodies to do it because some of our work you're doing for the whole of the system, and others of other of our work is volume related, where the workload does depend on the number of theaters we have and workload will rise as the theater counts rise dramatically.

至於 Odeon——我先在 Carmike 這邊再停留一下。我不認為我們在任何人才面有不足，無法把美國的影城從 386 家擴大到 600 多家來營運。只是我們可能需要多一些人手，因為我們有些工作是針對整個系統在做；而另外一些工作則與規模量相關，工作量確實會取決於我們擁有的影城數量，當影城數大幅上升時，工作量也會隨之顯著增加。

One area where we 'e quite pleased with Carmike is Carmike has a very abled core that you might call theater supervisors. These are Directors or Vice Presidents of Operations, and we're optimistic that most or all of the Carmike Directors of Operations or Heads of Operations will join our organization. So that we, AMC, will have instant institutional knowledge and memory about what's going on in the Carmike circuit and the Carmike theaters will tend to be managed by the same people, as they were previously.

我們對 Carmike 很滿意的一點是，Carmike 擁有一個非常能幹的核心團隊，你可以稱之為影城督導群。他們是營運總監或營運副總裁，我們樂觀地認為 Carmike 的大多數或全部營運總監／營運主管都會加入我們的組織。如此一來，我們 AMC 就能立即取得關於 Carmike 院線與影城運作的制度性知識與記憶，而 Carmike 影城也將傾向由原本的同一批人來管理，延續過去的管理方式。

And that operations core is quite strong, at Carmike, and most of them are remote out locally into their respective markets geographically. So that doesn't even require relocation to our headquarters.

而 Carmike 的那個營運核心相當強，大多數人也都分散在各自市場、在當地遠端工作、依地理區域負責。因此，甚至不需要搬遷到我們的總部。

With respect to Odeon & UCI, that's an expansion that we're going to manage quite differently than either Starplex or Carmike. With respect to Odeon & UCI, while we intend to supply the circuits with capital, and while we intend to change their strategy so as to enable them to renovate theaters that are sorely in need of renovation, it's not our intent to try to manage from Leawood, Kansas, theaters in markets 4,000 or 5,000 miles away.

至於 Odeon & UCI，這是一項我們會以與 Starplex 或 Carmike 都不同的方式來管理的擴張。就 Odeon & UCI 而言，雖然我們打算為該院線提供資本，也打算改變其策略，使其能夠翻新那些迫切需要翻新的影城，但我們並不打算從堪薩斯州 Leawood 來管理距離 4,000 或 5,000 英里之外市場的影城。

Not as many people here speak English or Spanish. I'm sorry, we do speak English. Spanish or Italian or Portuguese as the country managers for Odeon & UCI do today. So, as I said earlier in the call, we're going to run it more as an independent wholly-owned sub.

這裡會說英文或西班牙文的人沒那麼多。抱歉，我們是會說英文的。我是說西班牙文、義大利文或葡萄牙文，像 Odeon & UCI 現在的各國經理那樣。所以，如同我在電話會議前面提到的，我們會更像是以一個獨立的全資子公司來營運它。

We will make our mark through strategy change and intensely reviewing their performance theater by theater by theater. But, we're going to run it close to the cash register, meaning run it from Europe, which also stresses this building less, because the current headquarters of Odeon UCI, which has done a very good job in the past two years, will continue to run Odeon UCI going forward.

我們會透過策略調整，以及以影城為單位、逐一逐一地密切檢視其表現來留下我們的印記。但我們會在接近收銀機的地方營運，也就是從歐洲來營運；這也會讓這棟大樓承受的壓力更小，因為 Odeon UCI 目前的總部團隊在過去兩年做得非常好，未來也將持續負責營運 Odeon UCI。

In terms of who gets stressed the most? With respect to the Carmike circuit, it's just general workload across the organization, but it's not new workload for the organization. The way we manage our 385 theaters today, we will apply that same deep experience and expertise in managing the larger AMC Carmike circuit if their shareholders vote accordingly.

至於誰的壓力最大？就 Carmike 院線而言，主要是整個組織的普遍工作量增加，但這並不是對組織而言全新的工作量。我們今天如何管理 385 家影城，如果其股東投票通過，我們就會把同樣深厚的經驗與專業，套用到管理更大的 AMC Carmike 院線上。

We do have to be mindful that the Carmike theaters have lower visitation levels than AMC theaters. And as you all know, AMC screens are far more productive. AMC theaters tend to earn more because they are larger and in more potent markets.

我們確實必須留意，Carmike 影城的到訪人次水準低於 AMC 影城。而且各位都知道，AMC 的銀幕產出要高得多。AMC 影城往往賺得更多，因為它們規模更大、且位於更具消費力的市場。

That means margins are lower in the Carmike theaters. That will put an enormous impetus into our organization to make sure that we maintain the low cost structure of the Carmike theaters but that's a challenge we feel quite up for.

這意味著 Carmike 影城的利潤率較低。這會對我們組織形成巨大的推動力，確保我們能維持 Carmike 影城的低成本結構；但這項挑戰我們非常有信心能勝任。

With respect to the Odeon circuit, the group in our organization that will pick up the most work will be our, no surprise, will be our development organization that specializes in the renovation of theaters, because there will be a bunch of theaters to renovate in Europe. It just so happens that the head of our development organization, in a previous life, was the head of our international operations and lived abroad when AMC had international theater locations. So, again, we feel very ready, willing, and able to step up to that challenge too.

至於 Odeon 院線，我們組織中工作量增加最多的團隊，毫不意外，將會是我們專門負責影城翻新的開發團隊，因為歐洲會有一大批影城需要翻新。剛好我們開發團隊的負責人，在他之前的職涯中曾負責我們的國際營運，並在 AMC 擁有海外影城據點時長期旅居海外。因此，我們同樣覺得自己已經非常準備好、也非常願意且有能力迎接這個挑戰。

Great. Thank you very much.

很好。非常感謝。

Thank you. At this time, I will turn the floor back to management for closing remarks.

謝謝。此時我將把時間交回管理層作結語。

Thank you, all. I end with the points we tried to make in our statement today. We think fabulous things are going on at AMC, whether that's in what we do in our theaters, what we do to market to guests, our embracing of technology, and of course, our announced acquisition strategy, which is out there for one and all to see.

謝謝各位。我最後重申我們今天在聲明中想傳達的幾點。我們認為 AMC 正在發生非常精彩的事情，不論是我們在影城內所做的事、我們如何向觀眾行銷、我們對科技的擁抱，當然也包括我們已宣布的收購策略，這些都清清楚楚地呈現在所有人面前。

As we look at 2017, we have a very simple goal at AMC: to be the biggest and best movie theater operator in the world, and we're glad you're along with us for that journey. Thank you, all. We will talk to you all soon.

展望 2017 年，AMC 有一個非常簡單的目標：成為全球最大、最好的電影影城營運商；我們也很高興各位與我們一同踏上這段旅程。謝謝各位。我們很快會再與各位交流。

Thank you. This concludes today's conference. Thank you for your participation. You may now disconnect your lines at this time.

謝謝。今天的電話會議到此結束。感謝各位的參與。您現在可以掛斷電話線。