AMC 電影院 (AMC) 2016 Q4 法說會逐字稿

Greetings and welcome to the AMC Entertainment fourth-quarter and year-end 2016 earnings conference call.

各位好，歡迎參加 AMC Entertainment 2016 年第四季暨全年財報電話會議。

(Operator Instructions)

（接線員指示）

As a reminder, this conference is being recorded. I would now like to turn the conference over to your host, Mr. John Merriwether. Thank you. You may begin.

提醒各位，本次電話會議將進行錄音。現在我想把會議交給主持人 John Merriwether 先生。謝謝。您可以開始了。

Thank you, Matt. Good afternoon, everyone. I'm John Merriwether, Vice President of Investor Relations. I'd like to welcome you to AMC's fourth-quarter and year-end 2016 earnings conference call. Before we get started with our prepared remarks, I'd like to remind everyone that it as referenced in our press release issued earlier today, we have posted a CFO commentary about the fourth quarter and year ended on the Investor Relations page of our website at amctheaters.com.

謝謝你，Matt。各位下午好。我是 John Merriwether，投資人關係副總裁。歡迎各位參加 AMC 2016 年第四季暨全年財報電話會議。在開始我們事先準備的發言之前，我想提醒各位，如同我們今天稍早發布的新聞稿所提及，我們已在 amctheaters.com 網站的投資人關係頁面張貼一份關於第四季及全年表現的 CFO 評論。

Some of the comments made by management during this conference call may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended and Section 21E 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，可能包含《1933 年證券法》（修訂後）第 27A 條及《1934 年證券交易法》（修訂後）第 21E 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，相關內容已在我們的公開申報文件中討論，包括我們最新的 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 uncertainties and that actual results may differ materially as a result of these various factors.

本簡報中所作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，任何此類前瞻性陳述並非對未來績效的保證，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 adjusted EBITDA and adjusted EBITDA margin, 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 today and furnished as an exhibit to our Form 8-K dated February 28, 2017, which is located in the Investor Relation area of our website.

此外，本次電話會議中的評論可能提及某些非依 GAAP 編製的衡量指標，例如調整後 EBITDA 與調整後 EBITDA 利潤率。然而，管理層認為這些結果能更清楚反映營運表現。依據 Regulation G，如需我們非 GAAP 指標與 GAAP 結果之完整調節表，請參閱我們今日稍早發布的新聞稿，以及作為 2017 年 2 月 28 日 Form 8-K 附件所提供的資料，該資料位於我們網站的投資人關係專區。

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

在我們的事先準備發言之後，將有一段簡短的問答時間。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 afternoon, everyone. Thank you for joining us today. 2016 was a year unlike any other thing in AMC's 96-year history, punctuated by progress in growth in nearly every aspect of our business. It was a year of enhancing the guest experience in our theaters by delivering more recliner seats and more premium large format auditoriums to our guests than the number offered by any other US exhibitor.

謝謝你，John。各位下午好。感謝各位今天加入我們。2016 年是 AMC 96 年歷史中前所未有的一年，幾乎在我們業務的各個面向都以成長進展作為註腳。這一年，我們透過提供更多躺椅座位與更多高級大型格式影廳，提升了影城的觀影體驗；我們提供給觀眾的數量超過任何其他美國院線業者。

It was a year of elevating the breadth and depth of our world-class marketing to moviegoers, especially through the significant expansion of our US customer database to more than six million member households, which means approximately 20 million people and these are known movie ticket buyers. The power of AMC having access to the movie purchase decisions of so many people is of tremendous value and the database we have already begun to aggressively mine.

這一年，我們也提升了面向影迷的世界級行銷之廣度與深度，尤其是大幅擴充我們在美國的客戶資料庫至超過 600 萬個會員家庭，約等於 2,000 萬人，而且這些都是已知的電影票購買者。AMC 能夠觸及如此多人的電影購買決策，具有極高價值，而我們也已開始積極挖掘這個資料庫的效益。

And perhaps as important as anything else, as you know, 2016 was a year of expanding our growth platform through two transformative acquisitions, with a third acquisition in the works that vaulted us into the number one position as the largest movie exhibitor in the United States, the largest movie exhibitor in Europe and the largest movie exhibitor in the world.

而且或許同樣重要的是，如各位所知，2016 年我們透過兩項具變革性的收購擴大成長平台，另有第三項收購正在進行中，使我們躍升為美國最大電影放映商、歐洲最大電影放映商，以及全球最大電影放映商。

And if that weren't good enough, AMC set new all-time high records for every revenue segment and adjusted EBITDA, exceeding $3 billion in total revenues for the first time ever, growing nearly 10% to a record $3.2 billion. That $3.2 billion record we set in 2016 is one that we will literally shatter in 2017, with revenues that are likely to well exceed $5 billion.

若這還不夠，AMC 在各項營收類別與調整後 EBITDA 也創下歷史新高紀錄，總營收首次突破 30 億美元，年增近 10% 至創紀錄的 32 億美元。我們在 2016 年創下的 32 億美元紀錄，將在 2017 年被我們徹底打破；2017 年營收很可能遠超過 50 億美元。

But staying within 2016, AMC grew adjusted EBITDA 13.5% to a record $609 million and diluted EPS, 10.3% to $1.17 per share. These outstanding results exceed all consensus estimates for full-year revenues, full-year adjusted EBITDA, and full-year diluted EPS.

但回到 2016 年，AMC 的調整後 EBITDA 成長 13.5% 至創紀錄的 6.09 億美元；稀釋後 EPS 成長 10.3% 至每股 1.17 美元。這些優異成果超越市場對全年營收、全年調整後 EBITDA 與全年稀釋後 EPS 的所有一致預期。

Incidentally, lest you think those records were a product solely of the acquisitions, you should be alerted that we would have set revenue and adjusted EBITDA records for the year, even without the December contributions that came from Odeon and Carmike.

順帶一提，若您以為這些紀錄完全是收購所致，我們要提醒各位：即使不計入 12 月來自 Odeon 與 Carmike 的貢獻，我們在全年仍會創下營收與調整後 EBITDA 的新紀錄。

And speaking of the acquisitions, AMC's now has international results to report. As we promised you earlier in the year, starting today and going forward, in addition to our consolidated results, we will also be reporting certain metrics based on US and international segments.

談到收購，AMC 現在也有國際業績可供報告。如同我們在年初向各位承諾的，從今天起並在未來，除了合併報表結果之外，我們也將按美國與國際兩個部門揭露若干指標。

Craig's CFO commentary, issued today with the press release, provides a thorough review of the segments, but some of the 2016 highlights include a 4.5% increase in US admissions revenues, driven by a 4.7% increase in US attendance, a 9.1% increase in US food and beverage revenues, which translated into a 4.1% increase of food and beverage revenue on a per patron basis. All this contributed to a 7.9% increase in US adjusted EBITDA.

Craig 今日隨新聞稿發布的 CFO 評論，對各部門提供了完整回顧；不過，2016 年的一些亮點包括：美國入場（票房）收入成長 4.5%，主要由美國觀影人次成長 4.7% 所帶動；美國餐飲收入成長 9.1%，使得每位觀眾的餐飲收入成長 4.1%。上述表現共同促成美國調整後 EBITDA 成長 7.9%。

Internationally, for the year, the year being defined as November 30 to December 31, the time in which we owned Odeon, total revenues were in Europe were $118.9 million, $118.9 million, and adjusted EBITDA was $28.4 million. Please keep in mind that this adjusted EBITDA in Europe is a result of December movies, one of the busiest months of the year and should not be extrapolated merely by multiplying by 12 for full-year 2017.

在國際方面，就全年而言（此處全年定義為 11 月 30 日至 12 月 31 日，即我們持有 Odeon 的期間），歐洲總營收為 1.189 億美元（1.189 億美元），調整後 EBITDA 為 2,840 萬美元。請注意，歐洲的調整後 EBITDA 主要來自 12 月電影檔期；12 月是一年中最繁忙的月份之一，因此不應僅以乘以 12 的方式外推為 2017 全年。

2016 wasn't only just a great year for AMC. The movie industry in North America also notched another record year, the fourth record year in the last five, with gross domestic box office growing 2% year over year to $11.4 billion. Again, proving that over the long-term, and over the course of the year's entire film slate, the underlying business of exhibiting films is large, stable, strong and growing. Based on what we have seen and the buzz in the industry, we are eagerly awaiting the full 2017 and 2018 film slates, which we believe will propel the industry box office to new record heights yet again.

2016 年不僅對 AMC 是極佳的一年。北美電影產業也再度締造紀錄，為過去五年中的第四個創紀錄年度；國內總票房年增 2% 至 114 億美元。這再次證明，從長期來看，並且就全年完整片單而言，電影放映這門基礎業務規模龐大、穩定、強勁且持續成長。根據我們所見以及業界熱度，我們非常期待 2017 與 2018 年的完整片單；我們相信這將再次推動產業票房創下新高。

It was only a year ago that I joined AMC and shared with you then a set of key priorities for our Company. We made tremendous progress on each of those properties during 2016 and we think it's important to quickly review with you our strategy and how we are faring at year-end 2016.

就在一年前，我加入 AMC，並與各位分享公司的一系列關鍵優先事項。2016 年我們在每一項重點上都取得了重大進展；我們認為有必要快速向各位回顧我們的策略，以及截至 2016 年底的執行情況。

Improving the guest experience remains at AMC's core, and is now supported by the three components that we'd like to call the three E's: enhance, engage and expand. First, we continue to be the innovation leader in the movie theater industry by enhancing the guest experience at our theaters. AMC is investing in innovation and participating in new technologies.

提升觀眾體驗仍是 AMC 的核心，並且現在由我們稱之為「三個 E」的三大構面所支撐：Enhance（提升）、Engage（互動）與 Expand（擴張）。首先，我們持續透過提升影城內的觀影體驗，成為電影院產業的創新領導者。AMC 正在投資創新並參與新技術。

During 2016, we invested more than $420 million in upgrading our theaters with our landlord partners, picking up roughly 30% of the tab, or $125 million of the $420 million. Recliner seat innovations and recliner seat renovations accounted for the majority of those investments because nothing delivers more comfort to the guest, all the while, generating unlevered cash-on-cash returns for us in excess of 25%.

2016 年，我們與房東合作夥伴共同投入超過 4.2 億美元用於影城升級；其中我們約承擔 30% 的費用，即 4.2 億美元中的 1.25 億美元。躺椅座位創新與躺椅座位改裝占了這些投資的大部分，因為沒有任何項目能像躺椅一樣為觀眾帶來更高舒適度，同時也為我們帶來超過 25% 的不含槓桿現金投資報酬率（cash-on-cash returns）。

At the end of the 2015, a year back, including our dine-in theaters locations, spot acquisitions, new builds, Dolby Cinema and recliner renovations, AMC operated 1,235 recliner screens in 115 theaters, accounting for roughly 23% of the circuit. By the end of 2016, one year later, including 20 Carmike recliner screens, we operated 1,918 screens compared to 1,235, with recliners in 183 theaters compared to 115.

在 2015 年底（回溯一年），包含我們的餐飲影城據點、零星收購、新建影城、Dolby Cinema 與躺椅改裝在內，AMC 在 115 家影城營運 1,235 個躺椅銀幕，約占整體院線的 23%。到 2016 年底（一年後），包含 20 個 Carmike 的躺椅銀幕在內，我們營運的躺椅銀幕達 1,918 個（相較於 1,235 個），配置躺椅的影城達 183 家（相較於 115 家）。

That is a 55% growth in recliner screens, a 59% growth in AMC Theatres offering recliners; those changes in just one year. Recliners now represent 35% of the legacy AMC footprint, by legacy AMC footprint, meaning before the 2016 acquisitions are included and that is far more recliners than any other US exhibitor.

這代表躺椅銀幕成長 55%，提供躺椅的 AMC 影城成長 59%；這些變化都發生在短短一年內。躺椅目前占傳統 AMC 版圖的 35%；所謂傳統 AMC 版圖，是指未納入 2016 年收購之前的 AMC 既有據點，而這個躺椅數量遠高於任何其他美國院線業者。

And we are just warming up. As we told you announcing the second quarter earnings, we are convinced that the prospect of recliners is great for our guests and for our shareholders. We now plan to renovate an additional 122 theaters and an additional 1,560 screens just in 2017 and 2018. And as long as the financial returns stay as solid as they are now, we expect to continue a blistering pace of theater upgrades in 2019 and beyond.

而我們才剛剛開始。如同我們在公布第二季財報時所告訴各位的，我們深信躺椅座位的前景，對我們的賓客與股東都極具吸引力。我們目前規劃在 2017 與 2018 年再翻新額外 122 家影城、以及額外 1,560 個銀幕。只要財務報酬仍如目前般穩健，我們預期在 2019 年及之後仍將以極快的速度持續推進影城升級。

Enhanced food and beverage offerings represent another AMC proven guest innovation, whether it is imaginable layout of the concessionary with pick-and-pay convenience, unique hot food choices, or even the opportunity to enjoy a greater variety of soft drink flavors; for the more hearty palate, an alcoholic beverage, we're matching the comfort of our recliners, with the convenience, variety, and taste of food offerings and beverage offerings that are sure to delight.

更豐富的餐飲品項是 AMC 另一項經驗證的賓客創新：無論是想像得到的賣品部（concessionary）佈局，提供「挑選並付款」（pick-and-pay）的便利性、獨特的熱食選擇，甚至讓賓客享有更多種汽水口味；對於偏好更濃郁口感的賓客，還有酒精飲品。我們以與躺椅同等的舒適度，搭配餐飲在便利性、多樣性與風味上的提升，確保能帶來令人愉悅的體驗。

With respect to food, we have already made significant progress in our dine-in theaters so now we are turning our attention as well to a general makeover that should literally redefine concession stand offerings at about 90% of our AMC branded theaters. Rolling out nationally, between May and August of this year, AMC Theatres universally will offer more food choices that span the spectrum from indulgent to healthy.

就餐飲而言，我們在可內用（dine-in）影城已取得顯著進展，因此現在也把焦點轉向更全面的改造，這項改造將在約 90% 的 AMC 品牌影城中，實質上重新定義賣品部的供應內容。自今年 5 月至 8 月在全國推行，AMC Theatres 將全面提供更多食物選擇，涵蓋從放縱享受型到健康取向的各種需求。

AMC will be going from one popcorn flavor to four; from one hotdog choice to five; from two doughy pizzas to four choices of stone-fired flat bread pizzas. We are adding gourmet meat and cheese antipastos, and seven choices of gluten-free snacks, up from none today. And these are just some of the improvements that are coming to concession stands at AMC.

AMC 將把爆米花口味從 1 種增加到 4 種；熱狗選項從 1 種增加到 5 種；從 2 種厚皮披薩增加到 4 種石烤薄餅披薩。我們也將新增精緻肉類與起司冷盤（antipastos），以及 7 種無麩質零食，從目前的 0 種提升而來。而這些只是 AMC 賣品部即將到來的部分改善。

Not only are we expanding choice and menu design, we're increasing the convenience with new pick-and-pay access online and in some of our theater locations, expanding food and beverage delivery to seat. Our profit contribution margins on food and beverage exceed 85%. It is no doubt that we are working hard and creatively to increase their consumer appeal so as to further increase our F&B sales above their now record levels.

我們不僅擴充選擇與菜單設計，也透過新的線上「挑選並付款」（pick-and-pay）入口，以及在部分影城據點擴大餐飲送到座位的服務，來提升便利性。我們餐飲（F&B）的利潤貢獻率超過 85%。毫無疑問，我們正努力且富有創意地提升其對消費者的吸引力，以進一步把餐飲銷售推升至目前創紀錄水準之上。

Another AMC innovation, Coca-Cola Freestyle, is now ubiquitous in place now at essentially all legacy AMC Theatres, with more than 100 different soft drink choices and free refills and their self-port configurations, Coke Freestyle increases our guest satisfaction. It increases our sales and it decreases our labor expense.

AMC 的另一項創新——Coca-Cola Freestyle——如今在幾乎所有既有的 AMC Theatres 都已全面普及。它提供超過 100 種不同汽水選擇、免費續杯，以及自助式配置，Coke Freestyle 提升了賓客滿意度、增加了銷售，並降低了人力成本。

That is a good combo. So we're introducing Coke Freestyle machines to every former Carmike Theater as well. We should be fully deployed and installed throughout the prior Carmike circuit with Coca-Cola Freestyle by mid-year 2017.

這是很好的組合。因此我們也將在所有原 Carmike 影城導入 Coke Freestyle 機台。我們預計在 2017 年年中前，於原 Carmike 影城體系完成 Coca-Cola Freestyle 的全面部署與安裝。

The appeal for enjoying an adult beverage also appears universal and there are now more AMC Theatres than ever before serving alcohol. As of December 31, 2016, including former Carmike Theaters, AMC had 244 locations serving alcohol; that is an 86% increase in locations compared to a year ago.

享用成人酒精飲品的吸引力似乎也相當普遍，目前提供酒精飲品的 AMC Theatres 數量比以往任何時候都多。截至 2016 年 12 月 31 日（包含原 Carmike 影城），AMC 共有 244 個據點提供酒精飲品；相較一年前，據點數增加了 86%。

Our MacGuffins Bars continues to be one of our most popular guest amenities and we expect to add at least 44 more locations worldwide in 2017. We are on trend to open a new MacGuffins Bar just about almost every single week.

我們的 MacGuffins Bars 持續是最受歡迎的賓客設施之一，並預期在 2017 年於全球至少再新增 44 個據點。我們正朝著幾乎每週開出一家新的 MacGuffins Bar 的趨勢前進。

Looking past seats and nourishment, pleasing moviegoers at AMC is ultimately about delivering to the best in visual and audio quality and nowhere is that experience better than in our premium large-format offerings, the so-called PLFs.

除了座椅與餐飲之外，在 AMC 取悅影迷，最終仍在於提供最佳的視覺與音效品質；而這種體驗在我們的高端大型格式影廳（premium large-format offerings），也就是所謂的 PLF 中，表現最為出色。

Our guests simply love IMAX and Dolby Cinema at AMC and they are rewarding us on average a highly attractive 70%, that is 7-0, that is 70% ticket price premiums in return. AMC currently operates 194 IMAX screens and is the largest IMAX provider in the United States, with 176 IMAX screens in the US which is just under half of IMAX's total US deployments.

我們的賓客確實非常喜愛 AMC 的 IMAX 與 Dolby Cinema，並以平均高達 70%（也就是 7-0、70%）的票價溢價回饋我們。AMC 目前營運 194 個 IMAX 銀幕，是美國最大的 IMAX 供應商；其中在美國境內有 176 個 IMAX 銀幕，約略接近 IMAX 在美國總部署量的一半。

Likewise, AMC is the largest Dolby Cinema operator in the US, having recently announced the opening of our 50th Dolby Cinema location in Roseville, Minnesota. During 2016, we announced expansion agreements with both IMAX and with Dolby.

同樣地，AMC 也是美國最大的 Dolby Cinema 營運商，近期我們宣布在明尼蘇達州羅斯維爾（Roseville）開設第 50 個 Dolby Cinema 據點。於 2016 年期間，我們也分別與 IMAX 與 Dolby 宣布了擴張協議。

We'll be expanding the number of IMAX auditoriums and AMC's US theaters to 185 locations by the end of 2019, including renovations in the coming months at some of the highest grossing theaters in the country in New York City and Los Angeles. We also expect to grow Dolby Cinema presence to more than 100 US auditoriums at AMC by the end of 2017 and in more than 160 by the end of 2018.

我們將在 2019 年底前，把 AMC 在美國的 IMAX 影廳數擴增至 185 個據點，其中包含未來數月內在紐約市與洛杉磯等全美票房最高的一些影城進行翻新。我們也預期在 2017 年底前，將 AMC 在美國的 Dolby Cinema 影廳擴增至超過 100 間，並在 2018 年底前擴增至超過 160 間。

Millions of new guests will be wowed by the new laser technology, immersive sound system, and seating enhancements that we are deploying both at IMAX and Dolby locations. I have to tell you that both IMAX and Dolby Cinema are such fabulous companies to work with. They are such fabulous partners for AMC. We expect to significantly expand each of its presence not only in the United States but also in Europe as well.

數以百萬計的新賓客將會被我們在 IMAX 與 Dolby 據點所部署的全新雷射技術、沉浸式音響系統與座椅升級所驚豔。我必須告訴各位，IMAX 與 Dolby Cinema 都是非常出色、合作起來非常愉快的公司，也是 AMC 非常棒的合作夥伴。我們預期不僅在美國，也會在歐洲大幅擴展它們各自的據點規模。

We also can announce some of the details of our own new proprietary PLF offering that has been in development since mid-year 2016, which will be branded and marketed as Prime at AMC. Prime is a mid-tier PLF auditorium and our first will open in March; that is March 2017, next month.

我們也可以公布自 2016 年年中開始開發、屬於我們自有的全新專有 PLF 方案的一些細節，該方案將以 Prime at AMC 的品牌進行命名與行銷。Prime 是一種中階 PLF 影廳，我們的第一個 Prime 將於 3 月開幕；也就是 2017 年 3 月，就在下個月。

For our guests, it will offer better seats, better sound, better projection and larger screens than our traditional screen formats and should offer AMC at ticket price premium that we won't have to share with a third-party partner. It is likely to command a lesser price premium than IMAX or Dolby but it also is a lower upfront investment cost as well.

對賓客而言，它將提供比傳統影廳格式更好的座椅、更好的音效、更好的放映品質與更大的銀幕；並且可為 AMC 帶來票價溢價，而這部分我們不必與第三方合作夥伴分成。其票價溢價幅度可能低於 IMAX 或 Dolby，但前期投資成本也更低。

Prime is designed to play in theater side by side with IMAX and Dolby where demand is sufficient for multiple auditoriums and to be the lead dog PLF in smaller theaters and in smaller market locations, offering our guests a PLF experience but without requiring of us the same high-end PLF investment. To ensure that our guests know about these amazing movie going enhancements, we turn to the second facet of our strategy. AMC is engaging moviegoers with world-class and industry-leading marketing activity to drive both growth and loyalty.

Prime 的設計，是在需求足以支撐多個影廳的影城中，與 IMAX 與 Dolby 並列運作；並在較小型影城與較小市場據點中，成為主力 PLF，讓賓客享有 PLF 體驗，但不需要我們投入同等高端 PLF 的資本支出。為了確保賓客了解這些令人驚豔的觀影升級，我們轉向策略的第二個面向：AMC 透過世界級、業界領先的行銷活動與影迷互動，以推動成長與忠誠度。

During the latter half of 2016, we revolutionized our already successful loyalty program, redesigning and relaunching AMC Stubs. AMC Stubs had been locked in with about 2.5 million member households but without meaningful growth in some three years. By contrast, membership in the redesigned AMC Stubs has simply exploded.

在 2016 年下半年，我們徹底革新了原本已相當成功的忠誠計畫，重新設計並重新推出 AMC Stubs。AMC Stubs 曾長期維持約 250 萬個會員家庭戶，但在約三年內缺乏有意義的成長。相較之下，重新設計後的 AMC Stubs 會員數已出現爆發式成長。

AMC Stubs membership has just recently crossed over the six million member household mark. Some 5.5 million of these households have purchased an AMC ticket in the past 12 months and all have had some interaction with us in the past 24 months. With sign-up rates of a stunning 400,000 to 500,000 new member households continuing rights now each month, we hope that we can reach 10 million member households in the AMC Stubs program and the AMC customer database sometime in 2017.

AMC Stubs 會員家庭戶數近期剛突破 600 萬大關。其中約 550 萬個家庭戶在過去 12 個月內購買過 AMC 影票，且所有會員在過去 24 個月內都曾與我們有互動。由於目前每月仍持續以驚人的 40 萬到 50 萬個新會員家庭戶速度加入，我們希望在 2017 年某個時間點，AMC Stubs 計畫與 AMC 客戶資料庫能達到 1,000 萬個會員家庭戶。

With an average of roughly three to four family members per household, our consumer database has already grown to approximately 20 million known moviegoers and should rise to 30 million to 40 million known moviegoers by later this year. To whom, we are marketing one to two times each week to sway them to see a movie, the kind of movie that they individually prefer based on past purchases and to do so at an AMC theater.

以每個家庭戶平均約 3 到 4 位家庭成員計算，我們的消費者資料庫已成長至約 2,000 萬名可識別的影迷，並可望在今年稍晚提升至 3,000 萬到 4,000 萬名可識別的影迷。我們每週對他們行銷 1 到 2 次，影響他們去看電影——而且是根據其過往購買紀錄、符合個人偏好的電影——並且在 AMC 影城觀影。

I just cannot emphasize enough the value to our Company, of this consumer data and information. We intend to creatively mine this rapidly growing consumer database to increase sales and otherwise boost loyalty to AMC.

我再怎麼強調都不為過：這些消費者數據與資訊對我們公司具有極高價值。我們打算以更具創意的方式，深度挖掘這個快速成長的消費者資料庫，以提升銷售並進一步強化對 AMC 的忠誠度。

Further evidence of our marketing prowess can be found in the relaunch of the AMC website and mobile apps on November 30. This was not a small undertaking. It took terrific staff time and we invested $11 million in the process. The new website and new apps are more visibly rich and more robust in content and importantly, improved the ease-of-use in making seat reservations, and the convenience of purchasing tickets, and food and beverage items online in advance, essentially converting intent into action.

我們行銷實力的另一項證據，是在 11 月 30 日重新推出 AMC 網站與行動 App。這並非小工程，投入了大量優秀員工的時間，我們在過程中投資了 1,100 萬美元。新網站與新 App 在視覺呈現上更豐富、內容更扎實；更重要的是，改善了訂位選座的易用性，以及提前在線上購買影票與餐飲品項的便利性，實質上把「意圖」轉化為「行動」。

For the fourth quarter, online ticketing represented more than 31% of our total ticket sales. AMC's online presence has experienced phenomenal growth, seeing a 1,000 basis point increase compared to last year and the percentage of online tickets being sold through the website and apps.

在第四季，線上售票占我們總票房銷售的 31% 以上。AMC 的線上能見度出現驚人的成長，相較去年，透過網站與 App 售出的線上票券占比提升了 1,000 個基點。

More recent data indicates that AMC's mobile app ticket sales and AMC's website ticket sales are up even more. Just last week, movie tickets sold on the AMC website were up 93%, 9-3, 93% and movie tickets sales from our smartphone apps were up some 77%, 7-7, 77% year over year. This results in boldness to do even more.

較新的數據顯示，AMC 的行動 App 售票與 AMC 網站售票的成長幅度更高。就在上週，AMC 網站售出的電影票年增 93%，而我們智慧型手機 App 的售票年增約 77%。這讓我們更有底氣去做得更多。

Activities are already underway to heighten our social media presence. We're also starting to test creative a pricing concepts, and we have a raft of good ideas for new marketing programs and new marketing activity that will be launched in 2017 that we are highly confident will take sway with consumers in AMC's direction.

提升我們社群媒體能見度的相關活動已經展開。我們也開始測試具創意的定價概念，並且手上有一系列不錯的新行銷方案與新行銷活動構想，將於 2017 年推出；我們非常有信心，這些將能影響消費者並使其更傾向選擇 AMC。

This brings us to the third E of our strategy, expand. One of my key priorities, clearly articulated right at the outset on day one of 2016, was to grow our Company, both by accelerating the deployment of our proven strategic growth initiatives as well as for acquisition.

這就帶到我們策略中的第三個 E：擴張（expand）。我在 2016 年第一天一開始就清楚闡述的其中一項關鍵優先事項，就是要壯大公司——一方面加速推進我們已被驗證的策略性成長計畫，另一方面也透過併購來成長。

It's been widely noted that AMC has truly been transformed as a Company in this past year and we're serving to transform our place in the entire industry, too, through the acquisition of both Odeon and Carmike Cinemas, both completed in the latter part of 2016. And by our setting in motion, again, a third growth opportunity with Nordic Cinema Group.

眾所周知，AMC 在過去一年確實已完成公司層面的重大轉型；同時，透過於 2016 年下半年完成收購 Odeon 與 Carmike Cinemas，我們也在改變自己在整個產業中的定位。此外，我們也再次啟動了第三個成長機會——Nordic Cinema Group。

There has been a purpose and a discipline to our acquisition strategy with an obvious investment thesis behind each transaction. In short, we are creating a much larger platform, upon which to leverage our scale for growth to benefit our guests, associates and especially, our shareholders.

我們的併購策略具備明確目的與紀律，每一筆交易背後都有清楚的投資論點。簡言之，我們正在打造一個更大的平台，藉此運用規模優勢推動成長，讓我們的觀眾、員工夥伴，尤其是股東受益。

The Odeon transaction was a once-in-a-generation opportunity to make AMC the largest exhibitor in Europe and the world and it was done post-Brexit with the Pound at an enviable thirty-year low versus the US dollar. We were able to acquire a circuit with a storied history, operating in some of the best locations and cities in the UK and Europe, but with many of those theaters themselves admittedly quite tired and in real need of AMC's theater renovation expertise, which we have done more than 100 times.

Odeon 這筆交易是難得一見、可謂一代一次的機會，讓 AMC 成為歐洲乃至全球最大的院線營運商；而且交易是在英國脫歐後完成，當時英鎊兌美元處於令人稱羨的三十年低點。我們得以收購一個歷史悠久的院線，據點遍布英國與歐洲一些最優質的地段與城市；但其中許多影城本身坦白說已相當老舊，確實需要 AMC 的影城翻新專業——而這件事我們已做過超過 100 次。

Planning to enhance the Odeon circuit began immediately in December and we intend to deploy our proven AMC-style theater renovations, including recliner seats and PLFs, and better food and drink to many areas across the UK and Europe that are not accustomed to the comfort and quality that are enjoyed here as the bedrock of what AMC stands for at our US theaters.

針對 Odeon 院線的升級規劃在 12 月便立即展開；我們打算在英國與歐洲許多地區導入我們已被驗證的 AMC 式影城翻新，包括躺椅座椅與 PLF（高規格大型影廳），以及更好的餐飲。這些地區過去並不習慣在影城享有如同我們美國影城所代表的那種舒適與品質，而那正是 AMC 的基石。

As a result, we expect attendance to increase at Odeon theaters such that adjusted EBITDA could grow as much as 50% over the next four to five years. I want to be clear though, as we mentioned in the past, 2017 will be a transition year for Odeon and Carmike Theaters.

因此，我們預期 Odeon 影城的入場人次將提升，使調整後 EBITDA 在未來四到五年內最高可成長 50%。不過我想說清楚，正如我們過去提到的，2017 年將是 Odeon 與 Carmike 影城的過渡年。

There are start-up and transition costs; additionally, since the recliner renovations deployments take on average six to 12 months to complete and although we have already begun, the lift in these investments won't be visible until very late in 2017 and well into 2018. Having said all that, these are absolutely the right investments to make and we are very confident in their earnings power.

會有開辦與過渡成本；此外，由於躺椅翻新工程平均需要 6 到 12 個月才能完成，雖然我們已經開始推進，但這些投資帶來的提升要到 2017 年非常後期、並延續到 2018 年才會明顯呈現。即便如此，這些投資絕對是正確之舉，我們對其獲利能力非常有信心。

The Carmike acquisition combined, as you know, the number two and number four, number four circuits in the US to create the largest exhibition circuit in the US. Carmike offers AMC -- excuse me, one second. Carmike offers AMC complementary markets in suburban and rural regions of the country, with little market overlap and gives AMC a truly national footprint. We will deploy some of our strategic growth initiatives at every Carmike Theater and many will be renovated full-blown with recliner seating.

如各位所知，收購 Carmike 使美國第 2 大與第 4 大院線合併，打造出美國最大的院線版圖。Carmike 為 AMC 提供——抱歉，我停一下。Carmike 為 AMC 帶來在全國郊區與鄉村地區的互補市場，市場重疊度很低，讓 AMC 擁有真正的全國性布局。我們將在每一家 Carmike 影城導入部分策略性成長計畫，且其中許多影城將全面翻新並配置躺椅座椅。

We have also identified $35 million of cost synergies, which we believe will be substantially realized by the end of 2017. We've already begun the integration in earnest, converting point-of-sale systems and vendor contracts and commencing initiative deployments.

我們也已辨識出 3,500 萬美元的成本綜效，並相信到 2017 年底可大致實現。我們已認真展開整合工作，包括轉換 POS（銷售點）系統與供應商合約，並開始推動各項計畫的落地。

We've also reached conclusion and are very excited about our new branding strategies for AMC and Carmike, which I'm happy to comment upon more during our question-and-answer session on this call, if it is of interest to you today. As anticipated, we're making solid progress on the required theater divestitures. We expect to announce something publicly in the coming months. It is still looking like 15 to 20 theaters to be divested with immaterial single-digit annual EBITDA loss to AMC.

我們也已定案，並對 AMC 與 Carmike 的新品牌策略感到非常振奮；若各位今天有興趣，我很樂意在本次電話會議的問答環節中進一步說明。如同預期，我們在必要的影城資產處分方面正穩健推進。我們預計在未來幾個月對外公布相關消息。目前看來將處分約 15 到 20 家影城，對 AMC 的年度 EBITDA 影響為不具重大性的個位數減少。

We're also currently working well and constructively with both AMC and Screenvision to complete the logistics and timing to satisfy the requirements under the Department of Justice consent decree to sell down our NCM ownership stake and to transfer certain theaters to the Screenvision contract.

我們目前也正與 AMC 以及 Screenvision 進行良好且具建設性的合作，以完成相關物流與時程安排，滿足司法部（Department of Justice）同意判決（consent decree）下的要求：降低我們在 NCM 的持股比例，並將部分影城轉移至 Screenvision 合約之下。

2016 was a busy year for AMC with respect to acquisition and to that end, I would specifically like to go out of my way to call to your attention something noted in the CFO commentary. 2016 M&A costs include $10 million of transaction-related compensation, consisting of special bonuses approved by AMC's Board of Directors paid, in part, to some two dozen members of the AMC management team in recognition of their successful efforts to put into place and to complete the acquisitions of Odeon and Carmike in 2016.

就併購而言，2016 年對 AMC 是忙碌的一年；基於此，我特別想刻意提醒各位注意 CFO 評註中提到的一點。2016 年的併購（M&A）成本包含 1,000 萬美元的交易相關薪酬，係由 AMC 董事會核准的特別獎金，部分支付給約二十多位 AMC 管理團隊成員，以表彰他們在 2016 年成功推動並完成 Odeon 與 Carmike 兩項收購的努力。

These bonuses were wholly unsolicited by the management. They were funded in 2017 by our largest shareholder, Dalian Wanda, and were recorded as a capital contribution in 2016. Naturally, we are grateful. And in 2017, the acquisition momentum continues.

這些獎金完全不是管理層主動要求的。其資金於 2017 年由我們最大股東大連萬達提供，並在 2016 年以資本投入（capital contribution）入帳。我們當然心懷感激。而在 2017 年，併購動能仍將延續。

Our most recent announcement on January 23 to buy the Nordic Cinema Group doubles our country tally in Europe from 7 to 14. Nordic is an extremely well-run circuit and unlike Odeon, is a theater network that is truly modern and up to date. Nordic's market share is exceptional, exceeding 50% across the system and in three of its countries, has a market share exceeding 75%.

我們在 1 月 23 日最新宣布收購 Nordic Cinema Group，將使我們在歐洲涵蓋的國家數從 7 個倍增至 14 個。Nordic 是一個管理極佳的院線；不同於 Odeon，Nordic 的影城網路確實現代化且設備更新。Nordic 的市占率非常出色，整體系統超過 50%；且在其三個國家中，市占率更超過 75%。

Nordic is a high-quality operator with attractive growth metrics and operating margins well above Odeon's and for that matter, even above our own, at the legacy AMC Theatres. With a seasoned management team and an attractive 10 theater new build pipeline, the existing Nordic footprint will be expanding, adding confidence to our view of Nordic's near-term earnings growth prospects.

Nordic 是高品質的營運商，具備吸引人的成長指標，其營運利潤率不僅高於 Odeon，甚至也高於我們既有的 AMC Theatres。憑藉經驗豐富的管理團隊，以及具吸引力的 10 家新建影城開發管線，Nordic 既有版圖將持續擴張，進一步強化我們對 Nordic 短期獲利成長前景的信心。

As you know, as part of the financing of both the Carmike and Nordic acquisitions, we recently completed a successful equity offering. We raised $640 million of equity prior to underwriters' fees by issuing approximately 20.3 million shares of Class A common stock at $31.50 per share.

如各位所知，作為 Carmike 與 Nordic 兩項收購案融資的一部分，我們近期成功完成一次股權發行。我們以每股 31.50 美元發行約 2,030 萬股 A 類普通股，在扣除承銷費用前募集 6.40 億美元股權資金。

I believe in putting my money where my mouth is. I have so much personal confidence in where AMC is headed; I personally purchased $1 million worth of AMC stock as part of the recent AMC offering. This is the third time in a year that I have bought AMC shares using personal funds. My belief in the future prospects for AMC extends all the way to my right back pant's pocket, where I keep my wallet.

我相信要言行一致。我對 AMC 的發展方向有非常高的個人信心；因此在近期 AMC 的發行中，我個人買入了價值 100 萬美元的 AMC 股票。這是一年內我第三次使用個人資金買入 AMC 股票。我對 AMC 未來前景的信念，甚至延伸到我右後褲袋裡放著錢包的那個地方。

Last January, AMC's public float was 21.6 million shares; the average daily trading volume of AMC stock is about 300,000 shares and our market cap was less than $2 billion. Fast forward a little over a year. Our public float is up some 160%, far more than doubling to 55.7 million shares that liquidly we can trade. Our average daily volume since the offering, excluding that huge first day of trading, right after the offering, is 1.5 million shares, and our market cap now exceeds $4 billion. At AMC, we are highly cognizant that our charge is to smartly increase long-term shareholder value. We clearly focused on that in 2016 and our focus on doing so continues in 2017 and beyond.

去年 1 月，AMC 的流通股（public float）為 2,160 萬股；AMC 股票的平均日成交量約 30 萬股，我們的市值不到 20 億美元。快轉到一年多之後，我們的流通股增加約 160%，不僅翻倍，達到 5,570 萬股，具備良好流動性可供交易。自本次發行以來（不含發行後首個交易日那個巨量交易日），我們的平均日成交量為 150 萬股，而目前市值已超過 40 億美元。在 AMC，我們非常清楚自身使命是以明智方式提升股東長期價值。2016 年我們明確聚焦於此，而在 2017 年及未來也將持續如此。

In 2016, AMC took on the number one position in the US, the number one position in Europe, and the number one position in our industry in the world. Our future looks bright in 2017 for AMC, and I, for one, think we are in for yet another record year. Indeed, we have looked the various securities analysts' reports that have been issued about AMC.

2016 年，AMC 在美國拿下第一、在歐洲拿下第一，也在全球範圍內成為我們產業的第一。對 AMC 而言，2017 年前景光明；就我個人而言，我認為我們將迎來另一個創紀錄的年度。事實上，我們已閱讀了多份針對 AMC 發布的各家證券分析師報告。

And while we don't give traditional guidance per se, we can say that putting aside outliers, all the reports out there seem to be in the right ballpark with respect to the revenue and earnings potential for AMC this year.

雖然我們本身不提供傳統意義上的財測指引，但我們可以說，撇除極端值後，外界所有報告對於 AMC 今年的營收與獲利潛力的估計，似乎都落在合理範圍內。

As always, we thank you for listening this afternoon. Craig Ramsey and I look forward to taking your questions. Operator, to you.

一如往常，感謝各位今天下午的聆聽。我和 Craig Ramsey 期待回答各位的提問。接線員，交給你。

(Operator Instructions)

（接線員指示）

David Miller, Loop Capital.

David Miller，Loop Capital。

Congratulations on the stellar results and on the year and on all the deals. Adam, if I recall, on your December 20 call, which was the call announcing the closure of the Carmike and Odeon deals, you had talked about a 60-day window with regard to getting those divestitures done as per DOJ decree. It was the 15 to 20 theaters as per DOJ decree. So we're well beyond the 60-day window; any commentary on that? And then I have a follow-up. Thanks.

恭喜你們交出亮眼的成績、也恭喜這一年以及所有交易。Adam，如果我沒記錯，在你 12 月 20 日的電話會議上——也就是宣布 Carmike 與 Odeon 交易完成交割的那通電話——你曾提到依據司法部（DOJ）同意令，完成資產剝離有一個 60 天的期限，且依 DOJ 同意令需要剝離約 15 到 20 家戲院。現在已經遠超過 60 天了；對此有什麼評論嗎？另外我還有一個追問。謝謝。

Sure. The Justice -- if you read the consent decree, the Department of Justice gave itself the right to extend the 60-day deadline by another 60 days. And we are in active dialogue with DOJ. We're in very good shape with respect to these divestitures. They will happen, in our view, they will happen within the timeframe originally conceived in the consent decree.

當然。如果你去讀同意令，司法部（Department of Justice）保留將 60 天期限再延長 60 天的權利。我們正與 DOJ 積極溝通。就這些資產剝離而言，我們目前進展非常順利。我們認為它們會完成，而且會在同意令原先設想的時間範圍內完成。

Okay. Great. And then Craig, I saw the CapEx guidance vis-a-vis the 8-K, the $700 million to $750 million. Just sticking that into my models here, it looks like that would spit out a net cash use number in Q1, followed by free cash flow generation thereafter. Would that be correct or are you willing to give that kind of granularity? Appreciate it. Thanks.

好的。很好。接著 Craig，我看到相較於 8-K 的資本支出（CapEx）指引是 7 億到 7.5 億美元。我把這個放進模型後，看起來第一季會出現淨現金使用，之後則會開始產生自由現金流。這樣理解對嗎？還是你願意提供到這種細緻程度？感謝。謝謝。

David, before he answers. I'm sure glad you didn't ask that question to me. That's all I want to say.

David，在他回答之前。我很慶幸你沒有把這個問題問我。我只想說這句。

You could chime in.

你也可以補充一下。

I'll rely on his help as needed. But that is probably right. I don't have that necessarily by quarter in front of me. The thing I would ask you to think about, and it's how I think about our CapEx in both 2017 and 2018 is that we will be monetizing some of our National CineMedia stock ownership.

我會在需要時仰賴他的協助。不過你的推論大概是對的。我手邊不一定有按季度拆分的數字。我希望你思考的一點是——也是我看待 2017 與 2018 年資本支出的方式——我們將把部分 National CineMedia 的持股變現。

And we're thinking of some of this CapEx spend, the guidance that we've given for 2017 is actually reinvesting some of those proceeds. So, I think of it that way as I think about the free cash flow look and the characteristics of 2017.

我們認為 2017 年所給出的部分資本支出指引，其實是把其中一些變現所得再投入。因此，當我思考 2017 年自由現金流的樣貌與特性時，我是用這個角度來看。

Okay. Wonderful. Thank you very much.

好的。太好了。非常感謝。

Barton Crockett, FBR Capital Markets.

Barton Crockett，FBR Capital Markets。

First, with all of the merger stuff,. I know we'll stop asking about this relatively soon but can you give us a sense of on a per-screen basis, for the legacy AMC, what was your box office per-screen trend? Was it comparable to the industry or something meaningfully different? That's first and then second, there's been this reviving of talk about premium VOD windows and suggestions at AMC is perhaps interested in working with some studios on stuff. Could you talk about the probability in your mind that something happens, that's, in any way, impactful for the industry?

首先，關於所有併購相關的事情。我知道我們很快就會比較少問這些，但你能否讓我們了解一下：以每銀幕（per-screen）為基礎，就傳統（legacy）AMC 而言，你們的票房每銀幕趨勢如何？是與產業相當，還是有顯著差異？這是第一點。第二點，最近又開始有人談到高端 VOD（premium VOD）縮短窗口期，並有說法稱 AMC 可能有興趣與一些片商合作。你能談談你認為發生某些事情、且對產業有任何實質影響的可能性嗎？

I'll be the first one. Mark, it's Craig. For the quarter, as I look at the industry, on admissions per-screen basis, I think it's down about 5.5%. If you peel back all of the acquisition activity, including the Starplex, that affected the last month of 2015 and all of 2016, if you pull all that back and look at the core circuit that performed those two years, the same-store look, we were actually -- we outperformed slightly in 20 for the quarter; we were about 50 basis points better than the industry and we were right on top of the industry for the calendar year.

我先回答。Mark，我是 Craig。就本季而言，從產業角度看，以每銀幕入場人次（admissions per-screen）計，我認為大約下滑 5.5%。如果把所有併購活動剔除——包括影響 2015 年最後一個月以及 2016 年全年的 Starplex——把這些都剔除後，觀察這兩年表現的核心院線、也就是同店（same-store）的表現，我們其實——本季略為領先；我們比產業好大約 50 個基點，而就整個曆年而言，我們與產業幾乎持平。

With respect to Windows, so, this is one of the topics that the press has reported both accurately and inaccurately at the same time. They reported accurately that there are several studios and some third-party players who have floated, are floating proposals to all of the historic window where theaters have had 75 to 90 days of exclusivity.

至於窗口期（Windows），這是媒體同時「報得對」也「報得不對」的一個議題。媒體正確地報導了：有幾家片商與一些第三方業者已提出、或正在提出方案，試圖改變過去戲院享有 75 到 90 天獨家期的傳統窗口。

What has not been reported, or at least not widely, is that in all cases, the entities that have been considering those windows changes, have been talking about sharing home rental revenue with theaters. And I've already been on this topic for 14 months, with multiple players. And, it was widely reported back last spring, when Screening Room was first kicking around publicly that AMC was intrigued by all this.

但媒體沒有報導——或至少沒有廣泛報導——的是：在所有這些考慮調整窗口期的案例中，相關單位都在談把家庭租片收入與戲院分成。而我在這個議題上已經與多方討論了 14 個月。去年春天，當 Screening Room 首次在公開場合被提起時，外界也廣泛報導 AMC 對此感到興趣。

And the reason we are intrigued by all this, is if this is done right and this is done intelligently and our revenue share is significant enough, we believe that we have the opportunity to grow and increase AMC's revenues as a result of this activity. And others have portrayed this as a big risk, or grave risk, and we think just the opposite.

我們之所以對此感到興趣，是因為如果做得對、做得聰明，而且我們的分成比例足夠可觀，我們相信這項活動有機會帶動並提升 AMC 的營收。其他人把這描繪成很大的風險、甚至嚴重風險，但我們的看法恰恰相反。

If we do this right, this is a chance to expand the reach of the domestic box office in that first 90-day period beyond its current $11.4 billion and we can get paid handsomely in the process. Such that we would enjoy a revenues stream if somebody watches a movie in our theater, or if they watch at home.

如果做得好，這是把國內票房在前 90 天期間的觸及範圍，從目前的 114 億美元進一步擴大的機會，而我們也能在過程中獲得可觀報酬。如此一來，不論有人在我們的戲院看電影，或是在家裡觀看，我們都能享有一條營收來源。

Now is it imminent? There is no real way of knowing because there are so many proposals floating around, people having different views, a consensus is going to need to emerge for this not to be a one company, one studio deal but more of an industrywide effort, which I believe was the thrust of your question. And I could see something happening months from now. I could see us going 14 more months and making no more progress than we made in the last 14 months.

那會很快發生嗎？其實無從得知，因為目前有太多方案在流傳、各方看法也不同。若要不是「一家公司對一家片商」的交易，而是更偏向產業層級的推動——我相信這是你問題的重點——就需要形成共識。我可能看到幾個月後會有進展；也可能我們再過 14 個月，進展仍不比過去 14 個月更多。

So, we will see how the discussions unfold, but the thing that I want to point out to all of you is it's our view that this can be quite additive and productive for AMC and for movie theaters as a whole across our industry, if the proposals that are taking the market resonate with consumers and if we are compensated fairly in the process.

所以我們會看討論如何發展。但我想提醒各位的是：我們認為，只要市場上的方案能引起消費者共鳴，且我們在過程中獲得公平補償，這對 AMC 以及整個產業的戲院而言，都可能是相當具加成效果且富有成效的。

That's all very helpful. If I could just ask one other question. You talked about using some of the proceeds from selling NCM shares to fund the CapEx. It's important then that you actually get a good price for the NCM shares that you have to sell and there's a lot of concern that, that might not be very doable with the amount of shares that you have to bleed out and the float there. Can you talk about your confidence, your ability to exit those stakes without killing the share price in the process?

這些都很有幫助。如果我可以再問一個問題：你提到會用出售 NCM 持股的一部分所得來支應資本支出。那麼重點在於，你們必須以不錯的價格賣出 NCM 的股票；但市場上有不少擔憂，認為以你們需要逐步釋出的持股數量、以及其流通股本（float）的情況，這可能不太容易做到。你能談談你們的信心，以及在不壓垮股價的情況下退出這些持股的能力嗎？

I will do my best. First of all, we don't have the definitive number of shares, as Adam alluded to in his remarks. We're in the process of constructing negotiations with National CineMedia. So I'm talking about a bit of a moving target right now but putting that aside for a moment, we were more thoughtful as we talked to the Department of Justice and had our back-and-forth, and settled on 30 months.

我會盡力回答。首先，我們目前還沒有最終確定的股數，正如 Adam 在發言中提到的。我們正在與 National CineMedia 進行協商安排，所以我現在談的是一個仍在變動的目標。不過先把這點放一邊，我們在與司法部來回溝通時更為審慎，最後把期限定為 30 個月。

And we did that because we had done some research and we've talked with some of our bankers and other consultants about what might be a reasonable amount of time to move a large block of equity in that company. And so, we do believe it's possible; in fact, we do believe that the early sales by building the float of the company and expanding the ownership actually could lead to better marketing in the later half of the 30-month period.

我們之所以這麼做，是因為我們做了一些研究，也與我們的投行與其他顧問討論過，什麼樣的時間長度才合理，才能在該公司移轉一大筆股權。因此我們確實相信這是可行的；事實上，我們也相信，早期的出售若能增加公司的流通股本並擴大持有人基礎，反而可能在 30 個月後半段帶來更好的市場推廣效果。

So, we will be thoughtful; we will have an orchestrated plan. We fully expect to cooperate with the National CineMedia. It does give them an opportunity to expand the flow of their company and improve the trading dynamic in a way similar to the way that Adam just discussed we experienced and so, we do think it can be done and we will be thoughtful and prudent in how we go about it.

所以我們會審慎行事；我們會有一套有節奏的計畫。我們完全預期會與 National CineMedia 合作。這也讓他們有機會擴大公司流通量，並改善交易動能，某種程度上類似 Adam 剛才提到我們曾經歷的情況。因此我們認為可以做到，而且我們會以審慎、穩健的方式來推進。

Great. Thanks for the color.

很好。謝謝你補充說明。

Omar Sheikh, Credit Suisse.

Omar Sheikh，Credit Suisse。

Just a couple questions. Adam, maybe I can start with the comments you made about Odeon and UCI. Since you completed the acquisition, I wondered if you could just update us on your thoughts on how you think about those opportunities? And I think that you highlighted when you first acquired it, and you mentioned in your prepared remarks that you feel that the EBITDA growth that you could over the next few years could be 50%.

我有幾個問題。Adam，我先從你對 Odeon 和 UCI 的評論開始。你們完成收購後，我想請你更新一下你對這些機會的看法？我記得你們在最初收購時曾強調過，而且你在準備好的發言中也提到，你認為未來幾年 EBITDA 的成長可能達到 50%。

I wondered whether you could just tell us what the full-year annualized 2016 base for that 50% number should be, just to give us some help in thinking about the growth over the next few years.

我想請你說明一下：這個 50% 的成長，是以 2016 年全年年化（annualized）的基礎數字為基準應該是多少？這樣能幫助我們思考未來幾年的成長。

And second question is just perhaps to Craig. There was just, again, in line with some your peers, there was some income you recognized versus cash distribution from joint ventures in your adjusted EBITDA. I wondered if you could just give us some color on what that was for and whether you expect anything more in 2017? Thanks.

第二個問題可能是問 Craig。再次呼應你們一些同業，你們在調整後 EBITDA 中認列了某些收入，相對於合資企業的現金分配。我想請你們說明一下那是什麼、以及你們是否預期 2017 年還會有更多？謝謝。

Well, let me take the first two and I will let Craig do the third. In our July press release, I think we were pretty comprehensive about the base level of EBITDA that was inherent in the Odeon network, using UK GAAP before we translated to US GAAP. And that is what we think we can grow by 50%. We said we could grow at 50% over four years; we still think we can do that.

好，我先回答前兩個，第三個讓 Craig 來回答。在我們 7 月的新聞稿中，我想我們已相當全面地說明了 Odeon 網路在轉換為美國 GAAP 之前、以英國 GAAP 計算所固有的 EBITDA 基礎水準。而那就是我們認為可以成長 50% 的基礎。我們說過四年內可以成長 50%；我們現在仍然認為可以做到。

The reason that we think we can do that is that those Odeon theaters are in great locations in London and elsewhere, but, boy, some of those theaters are tired. Not all; they have got a lot of nice theaters but they have more than half need enhancement and upgrade.

我們之所以認為能做到，是因為這些 Odeon 影城在倫敦及其他地方的位置都非常好，但老實說，其中一些影城已經相當老舊。不是全部；他們有很多不錯的影城，但超過一半需要改善與升級。

If there is one thing that AMC knows how to do, it is renovate theaters. In the first 100 theaters that we renovated, we saw, on average, a 53% increase in attendance within a year. And that 53% increase in attendance translated to a 70% increase in theater revenue and you can imagine that EBITDA went through the roof at those theaters as a result.

如果說 AMC 最擅長的一件事，那就是翻新影城。在我們翻新的前 100 家影城中，我們看到平均在一年內觀影人次增加 53%。而這 53% 的人次成長，轉化為影城營收增加 70%；你可以想像，結果就是這些影城的 EBITDA 大幅攀升。

And that's what we're going to bring to Europe. We're going to renovate some of these tired Odeon theaters and put in recliner seats and put in better food, and put better lobbies. We're going to take IMAX to Europe. They are already there, of course, but in larger size than they are now.

而這就是我們要帶到歐洲的。我們將翻新一些老舊的 Odeon 影城，導入躺椅座位、提供更好的餐飲、打造更好的大廳。我們也會把 IMAX 帶到歐洲。他們當然已經在那裡了，但我們會做得比現在更大規模。

We're going to take Dolby Cinema to Europe. They are already there but we're going to take them in larger size than they are now. And as we do this and make the product significantly better for European consumers, we have every confidence that market share will move to Odeon in a big way. Attendance will rise, revenues and profits will rise. So that's the plan. As to your third question, Craig?

我們也會把 Dolby Cinema 帶到歐洲。他們也已經在那裡，但我們會以比現在更大規模導入。當我們這麼做、讓產品對歐洲消費者而言顯著變得更好時，我們非常有信心市占率會大幅向 Odeon 移動。人次會上升、營收與獲利會上升。所以這就是計畫。至於你的第三個問題，Craig？

The -- as we were thinking about the 50% growth, we were actually think about it in Pound Sterling, and not adjusted for currency. So that's how I will give it to you. We think the base level is about $85 million to $90 million in the 2016 year for Odeon on a Pound Sterling basis.

關於我們思考的 50% 成長，我們其實是以英鎊計算、且未做匯率調整來思考的，所以我也用這個方式回答你。我們認為 Odeon 在 2016 年、以英鎊口徑計算的 EBITDA 基礎水準大約是 8,500 萬到 9,000 萬美元。

Your next question related to cash distributions, that would be reflected in our total EBITDA in 2016. The aggregated $40 million that included NCM, some joint venture entities and actually, a larger-than-prior-year distribution from digital cinema implementation partners that was most of the increase from $34 million in total last year, $40 million this year.

你下一個問題是關於現金分配，那會反映在我們 2016 年的總 EBITDA 中。合計 4,000 萬美元，其中包含 NCM、一些合資企業實體，以及其實占大部分增幅的——來自數位放映系統實施合作夥伴的分配，金額高於前一年；去年總計 3,400 萬美元，今年 4,000 萬美元。

It's discretionary but would expect it to continue. That business has operated in a very much in accordance with their financing model so we would expect there to be continuing cash for distribution but that will depend upon the Management Team and the Board of that particular company to finalize that and authorize it for next year, but at this point in time, we would expect it.

這是可裁量的，但我們預期會持續。那項業務一直非常符合其融資模式運作，因此我們預期會持續有可分配的現金；但這仍取決於該公司管理團隊與董事會在明年最終定案並授權。不過就目前而言，我們是預期會有的。

Okay. That's clear. So I just wondered if I could squeeze in one follow-up on Odeon. Adam, I think you mentioned some Starplex reorganization costs in 2017, I wondered whether you could maybe quantify those?

好的，很清楚。我想再追問一個關於 Odeon 的問題。Adam，我記得你提到 2017 年有一些 Starplex 重整成本，我想知道你是否可以量化一下？

Did we -- I don't know that we did. I thought we took those -- made those changes in 2016. What was your question again, please?

我們有——我不確定我們有提。我以為我們在 2016 年就做了那些——在 2016 年就完成了那些變更。可以請你再說一次你的問題嗎？

Sorry, there was a -- I think Adam, in your prepared remarks, you mentioned some reorganization or, not reorganization, I beg your pardon, renovation costs in Odeon in 2017. I don't know whether I misheard that or whether there was a number associated with that.

抱歉，有一個——我想 Adam，在你準備好的講稿裡，你提到 2017 年 Odeon 有一些重整，或不是重整，抱歉，是翻新成本。我不確定是不是我聽錯了，或是否有對應的數字。

No. We didn't -- no, I'm okay. I thought you said reorganization costs which would imply changes to personnel. What we said was we're going to start renovating theaters. And you can assume that, on average, a theater renovations is $3 million to $5 million before landlord contribution. There will be some theaters that are less; there will be some theaters that are more, and sometimes, a lot more.

沒有。我們沒有——沒有，我明白了。我以為你說的是重整成本，那會意味著人員變動。我們說的是我們將開始翻新影城。你可以假設平均每家影城翻新成本在房東出資前約 300 萬到 500 萬美元。有些影城會更少；有些會更多，有時候會多很多。

Over time, I think we're going to be renovating between 50 and 100 of the Odeon theaters in the UK. But I think just a handful of theaters are going to get done soup to nuts in 2017 that where you're going to see most of these renovations start taking place is 2018 and 2019. So we did not put a number associated with it, but you can use the $3 million to $5 million in theater, in a handful of theaters.

隨著時間推進，我想我們會在英國翻新 50 到 100 家 Odeon 影城。但我認為 2017 年只有少數幾家會從頭到尾完成；你會看到大部分翻新真正開始發生是在 2018 年與 2019 年。所以我們沒有給出一個對應的總數字，但你可以用每家 300 萬到 500 萬美元、且只有少數幾家的假設來估算。

And we did a -- it is included in the CapEx guidance that we put out there for 2017 and we're not -- we never have really disaggregated that into the parts and pieces so it's in that total.

而且我們——它已包含在我們對外提供的 2017 年資本支出（CapEx）指引中；我們並沒有——我們其實從來沒有把它拆分成各個部分，所以它就在那個總額裡。

Okay. Brilliant. That's very clear. Thank you very much.

好的，太棒了。非常清楚。非常感謝。

Eric Wold, B. Riley & Company.

Eric Wold，B. Riley & Company。

Couple of questions. Two questions. One, on the remodels, you talk about the benefits you're seeing from the remodels vis-a-vis attendance lift and box office lift? Can you give us a sense of relative performance of theaters that have not been reseated or given enhanced food and beverage? Trying to get a sense of the potential level of drag those theaters are having on the overall average.

兩個問題。第一個，關於改裝，你們談到改裝帶來的效益，例如人次提升與票房提升。你能否讓我們了解一下，尚未更換座椅或未提供升級餐飲的影城，其相對表現如何？我想了解這些影城對整體平均可能造成的拖累程度。

And then secondly, including the equity offering for this month, assuming Nordic transaction is completed, the planned CapEx, and the landlord contributions required and you [might see stock] fall back, can you give a sense of where you think leverage ratio could end up at the end of 2017 versus where it was at the end of 2016?

第二個，包含本月的股權發行，假設 Nordic 交易完成、規劃的 CapEx、以及所需的房東出資與你們[可能看到股價]回落，你能否說明你認為 2017 年底的槓桿比率可能落在什麼水準，相較於 2016 年底？

I'll let Craig do the leverage. On the first question, what is the difference between the renovated theaters and non-renovated theaters? It's interesting. Many of you have asked this on prior calls. Well, when you renovate theaters, okay, you get a big pop. Does it sort of then, like, disappear?

槓桿的部分我讓 Craig 回答。第一個問題，翻新影城與未翻新影城的差異是什麼？很有意思，你們很多人在之前的電話會議也問過。當你翻新影城時，好，你會看到一個很大的跳升。那之後會不會就像——消失？

And the answer is no. Once we get our big pop and that tends to institutionalize the renovated theaters doing really well and they stay up there at the renovated -- at the elevated level of performance.

答案是否定的。一旦我們看到那個大幅跳升，翻新影城的良好表現往往就會制度化、固定下來，並且維持在翻新後——也就是提升後的表現水準。

Where we are exposed, and where I believe our competitor is exposed, is that our renovated theaters, whether they were renovated three months ago or 24 months ago, our renovated theaters, as a class, are doing extremely well, with significant double-digit revenue growth that would blow your mind if we shared that number with you.

我們暴露的地方、以及我相信我們的競爭對手也暴露的地方在於：我們的翻新影城，不論是三個月前翻新或 24 個月前翻新，作為一個類別都表現極佳，營收呈現顯著的雙位數成長；如果我們把那個數字分享給你，你會非常震撼。

But, the non-renovated theaters are growing at single-digit growth, which blows our minds because we are the same Company, which shows us the power of recliner seats. So, our conclusion is the faster we can renovate theaters, the better off we are. Moving theaters from that low-growth metric year over year to the high-growth metric year over year, and that is why we've said we're going to renovate another 122 of our theaters, this year and next, which is a huge percentage increase of, call it, the 390 theater legacy AMC circuit.

但是，未翻新的影城只有個位數成長，這讓我們很驚訝，因為我們是同一家公司，這顯示躺椅座位的威力。所以我們的結論是：我們越快翻新影城，對我們越有利。把影城從年對年低成長的指標，移到年對年高成長的指標；這也是為什麼我們說今年和明年將再翻新 122 家影城，這相對於約 390 家傳統 AMC 影城版圖而言，是非常大的比例增幅。

And then I only gave you the 2017 and 2018 numbers. The renovations are going to continue in 2019 and when -- you'll start to see Carmike Cinemas getting renovated in 2018 but, that's probably an 2018, 2019 and -- or 2018 and 2019, or 2018, 2019, and 2020 renovation plan. There is no doubt that renovated theaters are just killing in the marketplace.

另外，我剛才只給了你 2017 與 2018 的數字。翻新會在 2019 年持續進行；而且——你會在 2018 年開始看到 Carmike Cinemas 進行翻新，但那可能是一個 2018、2019——或 2018 與 2019，或 2018、2019 與 2020 的翻新計畫。毫無疑問，翻新影城在市場上就是表現得非常強。

Consumers are voting with their feet. And our way to handle that is to have more theaters that are renovated than anybody else and it will be by a country mile. We already have a big lead over any other large circuit in terms of renovation. And our plans for 2017 and 2018 are more aggressive than anybody else as well.

消費者正用腳投票。我們的應對方式，就是讓翻新影城的數量比任何人都多，而且會多出一大截。我們在翻新方面相較任何其他大型院線都已經領先很多。而我們 2017 與 2018 年的計畫也比任何人都更積極。

So, on the leverage question, Eric, I think if you went back and did the math, after the Odeon, Carmike transactions and on a pro forma basis, you would have leverage at about 4.6 times, maybe 4.7 times, somewhere in that range. With the proceeds from the equity offering, and the paydown of that bridge and we put some cash on the balance sheet that we will utilize in Nordic, the leverage drops to right around four times.

所以，關於槓桿的問題，Eric，我認為如果你回頭把數字算一算，在 Odeon 與 Carmike 交易完成後、以備考（pro forma）基礎來看，你的槓桿大約會在 4.6 倍，可能 4.7 倍，大概就在那個區間。隨著股權發行的募集資金進來、把那筆過橋貸款償還掉，並且我們在資產負債表上保留一些現金、之後會用在 Nordic 上，槓桿就會降到大約 4 倍左右。

So then, roll forward and complete the Nordic financing and the Nordic transaction, sometime here in early 2017 and your leverage goes back up. You've already got the equity, taking the leverage down to four times. It's going to go back up to probably the 4.5 times, 4.6 times range. So that gets you into the first half of 2017.

接著往後推，等到在 2017 年初某個時間完成 Nordic 融資與 Nordic 交易，你的槓桿又會回升。你已經先有股權資金把槓桿降到 4 倍；之後它大概會回到 4.5 倍、4.6 倍的區間。這樣就把你帶到 2017 年上半年。

Your question is what do you look like at the end of 2017? You start seeing that coming down by the end of 2017 as you earn more of the synergies and start to realize some of the benefits. It's going to come down to 4.5 times, maybe 4.4 times, so it's not going to drop dramatically but we -- what we do see is visibility to further deleveraging at the end of 2017 and then at the end of 2018 down into the lower four times and as you get further out, you can see it dropping below four times again.

你的問題是：到 2017 年底看起來會是什麼樣子？到 2017 年底你會開始看到它往下走，因為你會取得更多協同效益並開始實現一些好處。它會降到 4.5 倍，可能 4.4 倍，所以不會大幅下降，但我們——我們確實看到在 2017 年底有進一步去槓桿的能見度，然後到 2018 年底會降到 4 倍出頭的較低區間；再往後看，你也可以看到它再次降到 4 倍以下。

Thanks Craig. Thank you, guys. That's all.

謝謝 Craig。謝謝各位。就這些。

Chris Mittleman, Mittleman Brothers.

Chris Mittleman，Mittleman Brothers。

Chris, before you do I'm delighted to hear your voice on this call.

Chris，在你開始之前，我很高興能在這通電話裡聽到你的聲音。

Thanks Adam.

謝謝 Adam。

I mean that sincerely. What's your question?

我是認真的。你的問題是什麼？

Thank you very much. We did a hold on to our AMC shares and we're very happy with the results. So, thank you. I just wanted to ask about maintenance CapEx. I know you guys don't break it out specifically but I see you said that more than half of the $297 million of CapEx spent in 2016 was recliner and renovations. I'm just wondering if you would give us the maintenance CapEx number just so I can get a sense of what it is on a percentage of sales basis.

非常感謝。我們一直持有 AMC 的股票，對結果非常滿意。所以，謝謝你們。我只是想問一下維護性資本支出（maintenance CapEx）。我知道你們不會特別把它拆出來，但我看到你們說 2016 年花的 2.97 億美元資本支出中，超過一半用在躺椅與翻新。我想知道你們能不能給我們維護性 CapEx 的數字，讓我可以感覺一下它占銷售額的百分比大概是多少。

If you look at -- and this would -- I would include the technology spend in the number Chris, and it runs below $100 million. I think it's probably in the $60 million to $70 million range. The other point I want to make about it is that quite a bit of the maintenance gets done as part of these remodels.

如果你看——而且這裡我會把科技方面的支出也算進去，Chris——它低於 1 億美元。我想大概在 6,000 萬到 7,000 萬美元的區間。另一點我想補充的是，相當一部分的維護其實是在這些改裝工程中一併完成的。

I see. So there's an overlap there.

了解。所以那裡有重疊。

Yes and so there is some maintenance spend. You might think, well, that's a fairly low maintenance spend and it is because there is maintenance that is been taken care of in the remodels.

是的，所以確實有一些維護支出。你可能會想，嗯，這維護支出看起來相當低；確實如此，因為有一些維護是在改裝工程裡就處理掉了。

Okay. All right.

好。好的。

Chris, since you know more about Carmike than just about anybody on this call, why don't I pretend that you also asked me the question. What are we going to do with Carmike branding because I'm dying to share it with you all. Is that okay?

Chris，既然你對 Carmike 的了解幾乎勝過這通電話上的任何人，不如我假裝你也問了我這個問題：我們打算怎麼處理 Carmike 的品牌？因為我很想跟大家分享。可以嗎？

Yes. I forgot you guys were going to come up with the new name. So that will be interesting.

可以。我都忘了你們要想一個新名字了。所以這會很有意思。

We did. So here's where we go. This is not yet announced by press release, although we have told people inside our Company and I don't know how well, when you tell 1,000 people, I don't know how well it will be kept as a state secret. So we're comfortable in sharing with you all on this call.

我們確實做了。所以接下來是這樣：我們還沒有透過新聞稿正式宣布，雖然我們已經告訴了公司內部的人；但你知道，當你告訴 1,000 個人時，我也不知道能不能把它當成國家機密一樣保密。所以我們很放心在這通電話上跟大家分享。

We're going to essentially move AMC from a one-brand Company to a two-brand Company with two major brands and then we're going to have a sub-brand underneath that essentially will turn us into three brands, depending upon how you look at the size of the brand. We are going to retire the Carmike name, because we think that the AMC name is more powerful in the marketplace than the Carmike name.

我們基本上會把 AMC 從單一品牌公司，轉變為雙品牌公司，擁有兩個主要品牌；然後在其下還會有一個子品牌，基本上會讓我們變成三個品牌——取決於你怎麼看品牌規模。我們會讓 Carmike 這個名稱退場，因為我們認為 AMC 這個名稱在市場上的力量比 Carmike 更強。

And ironically, many of the Carmike theaters were not even branded as Carmike. They either were generically branded, there were some theaters called Cinema 6 and there were other theaters that were still carrying the brand names of companies that they had acquired and they had not chosen to even put their own brand on the house, so to speak.

而且諷刺的是，許多 Carmike 的影城甚至根本沒有用 Carmike 來做品牌。有些只是用一般性的名稱；有些影城叫 Cinema 6；還有一些影城仍沿用他們收購來的公司品牌名稱，他們甚至沒有選擇把自己的品牌掛在門面上。

So, the two major brands we're going to have are AMC, which is the brand that we have today, AMC Theatres and AMC Classic, AMC Classic Theaters. The Classic Theaters will go to the smaller theaters, the smaller markets, the less visited theaters. We're still going to offer what we believe will be a very competitive movie-going experience in those markets.

所以，我們將擁有的兩個主要品牌是 AMC——也就是我們今天的品牌，AMC Theatres——以及 AMC Classic，AMC Classic Theaters。Classic Theaters 會用在較小的影城、較小的市場、來客較少的影城。我們仍會在那些市場提供我們認為非常具競爭力的觀影體驗。

Because those markets are not necessarily used to seeing the full-blown recliner renovations that we see in some of our more larger theaters and larger urban markets. There's going to be a lot of interplay between theaters that were Carmike and theaters that were AMC in terms of which brand they go to.

因為那些市場不一定習慣看到我們在一些更大型影城與大型都會市場所做的那種全套躺椅翻新。至於哪些影城要歸到哪個品牌，原本是 Carmike 的影城與原本是 AMC 的影城之間，會有很多交錯與調整。

So, we are going to move some of the smaller AMC Theatres to be AMC Classic. We are going to move some of the theaters at lower price points to AMC Classic. We are going to take some of the larger Carmike theaters that have this capability of having a full-blown AMC style renovation with recliner seats and IMAX and Dolby screens and the whole bit, and we're going to rebrand them as AMC Theatres.

因此，我們會把一些較小的 AMC Theatres 轉為 AMC Classic。我們會把一些票價較低的影城轉為 AMC Classic。我們也會把一些較大型的 Carmike 影城——具備做全套 AMC 風格翻新能力的，包括躺椅座位、IMAX、Dolby 螢幕等等整套配置——重新品牌為 AMC Theatres。

We believe that each of the two brands will stand for quality, and that we believe that each of the two brands will have innovations in it so that people going to AMC Classic will be glad that AMC bought their theater. The Coke freestyle machines is a classic example of what we will be putting into the AMC Classic theaters that were not necessarily in the Carmike Theaters before.

我們相信這兩個品牌都代表品質，而且我們相信兩個品牌都會包含創新，讓去 AMC Classic 的人也會很高興 AMC 買下了他們的影城。Coke freestyle 機台就是一個典型例子：我們會把這類設備導入 AMC Classic 影城，而這些在過去的 Carmike 影城不一定有。

Then I said that there is a sub-brand or a third brand and that is AMC Dine-In Theaters. Between the AMC and Carmike circuits, we have over 50 theaters that are full-blown restaurant theaters with kitchens and so we're going to rename all of those theaters AMC Dine-In Theaters and that essentially would be a third brand.

接著我提到還有一個子品牌或第三個品牌，那就是 AMC Dine-In Theaters。在 AMC 與 Carmike 兩個院線之間，我們有超過 50 家影城是完整的餐廳式影城，配有廚房；因此我們會把所有這些影城重新命名為 AMC Dine-In Theaters，而這基本上就是第三個品牌。

We are very excited about this for two reasons. Other than the AMC brand is a stronger brand than the Carmike brand and we believe that we will benefit. We also believe that since we're going to offer AMC Stubs membership to customers of both brands, the AMC brand and the AMC Classic brand, that having the AMC name and the AMC brand will help us in growing our customer database and help us in growing our consumer information.

我們對此非常興奮，原因有兩個。除了 AMC 品牌比 Carmike 品牌更強、我們相信會因此受益之外，我們也相信，因為我們會向兩個品牌——AMC 品牌與 AMC Classic 品牌——的顧客提供 AMC Stubs 會員方案，擁有 AMC 這個名稱與品牌將有助於我們擴大客戶資料庫，並幫助我們增加消費者資訊。

But, the two things that are particularly interesting about this strategy. Number one, we can better marry guest expectations with the experience that we can afford to deliver. And, just like Marriott has Marriott Hotels and Courtyard by Marriott Hotels, we are going to have AMC Theaters and AMC Classic Theaters and we think given that we will have a substantial quantity in each brand, that, over time, consumers will know what to expect at an AMC Theater and what to expect at an AMC Classic Theater.

但這個策略特別有趣的兩點是：第一，我們可以更好地把顧客期待與我們負擔得起、能提供的體驗做更好的匹配。而且，就像萬豪有 Marriott Hotels 以及 Courtyard by Marriott Hotels 一樣，我們將會有 AMC Theaters 與 AMC Classic Theaters；我們認為，鑑於每個品牌都會有相當的規模，隨著時間推進，消費者會知道在 AMC Theater 會期待什麼、在 AMC Classic Theater 會期待什麼。

The second reason we think this is so important is at some of the AMC -- at some of the Carmike theaters, because the visitation was small, the margins were thin. And therefore, it is really important to maintain the cost structure and the operating discipline to continue to run those theaters with a keen eye on cost management.

第二個我們認為如此重要的原因是：在一些 AMC——在一些 Carmike 影城，由於來客量小、利潤率薄。因此，維持成本結構與營運紀律、並以敏銳的成本管理眼光持續經營這些影城，就變得非常重要。

And, if left to our own devices, if we just renamed all these theaters AMC, not only could we have consumer confusion as to what level of guest amenities they could find at the theater, but also, I can already hear the Middle Management of our Company saying well, if it's an AMC Theater. We've got to do with AMC way and that drives extra cost.

而且，如果任由我們照自己的方式做——如果我們只是把這些影城全部改名為 AMC——不僅可能讓消費者對於在影城能找到什麼等級的設施產生混淆，而且我幾乎已經能聽到公司中階管理層說：嗯，如果它是 AMC 影城，我們就得用 AMC 的方式來做；那就會推升額外成本。

Now, if you've got 2 million visits at a theater, that extra cost is actually wise to expend because there are returns on the investment whether that's CapEx type investment or labor investment that's well and handsomely rewarded. But you can't run a higher-cost structure at a low-margin theater that demands a very tight and strict cost controls as part of the management strategy.

現在，如果一家影城有 200 萬人次的到訪，那些額外成本其實是值得花的，因為無論是資本支出型投資或人力投資，都會帶來回報，而且回報相當可觀。但你不能在一個低利潤率的影城用更高的成本結構來運作；那種影城的管理策略必須包含非常緊密且嚴格的成本控制。

So having the second brand puts an automatic brake internally within AMC that just because it says AMC on the outside of the building, which it will say on all of the building. We're putting AMC signs up on all 650 of our theaters.

因此，擁有第二個品牌，會在 AMC 內部自動形成一道煞車：不會因為建築外面寫著 AMC——而且所有建築外面都會寫 AMC——我們會在 650 家影城全部掛上 AMC 的招牌——就認為一切都要用同一套高成本的做法。

The -- we'll manage the AMC Classic Theaters differently. We're going to keep really tight eye on costs and maintaining the integrity of the cost structure of the AMC Classic Theaters and having a second brand just gives everybody around here a pause that essentially we can have two brand standards. I used Marriott as an example before. Marriott runs Ritz-Carlton Hotels and Marriott runs Courtyard by Marriott Hotels.

我們——將以不同方式管理 AMC Classic Theaters。我們會非常嚴格地控管成本，並維持 AMC Classic Theaters 成本結構的完整性；擁有第二個品牌，會讓這裡的每個人都稍作停頓，因為這基本上意味著我們可以有兩套品牌標準。我之前以萬豪（Marriott）為例：萬豪經營麗思卡爾頓（Ritz-Carlton）飯店，也經營萬豪萬怡（Courtyard by Marriott）飯店。

The guests at both of those chains are very satisfied. They run with very different cost structures and revenue structures and having these multiple brand strategies will put us in a position to operate similarly.

這兩個連鎖品牌的顧客都非常滿意。它們採用截然不同的成本結構與營收結構；而採取這種多品牌策略，將使我們能夠以類似方式營運。

Great.

很好。

Chad Beynon, Macquarie.

Chad Beynon，Macquarie。

Just wanted to focus on Prime, you mentioned earlier that there is a nice opportunity for your proprietary product to kind of fit in below IMAX or Dolby and you mentioned that IMAX screens command a 70% price premium. Could you kind of outlined your view on Prime? Is that an opportunity to drive attendance, drive pricing or really just have your own product that doesn't pay someone else a piece of the profits there? And maybe just outline the white space for that opportunity could be. Thanks.

我想聚焦在 Prime。你先前提到，你們的自有產品有個不錯的機會，可以定位在 IMAX 或 Dolby 之下；你也提到 IMAX 影廳可收取 70% 的票價溢價。你能否概述一下你對 Prime 的看法？這是否是一個能帶動入場人次、帶動定價的機會，或主要只是擁有一個不需要分潤給他人的自有產品？另外也請談談這個機會的「白地」空間可能在哪裡。謝謝。

Sure, Chad, the answer to your question is yes, yes and yes. We believe that a Prime auditorium can be outfitted at between 25% and 50% of the costs of an IMAX or Dolby Cinema auditorium. So we start with that.

當然，Chad，你這個問題的答案是：是、是、也是。我們相信，一個 Prime 影廳的建置成本大約是 IMAX 或 Dolby Cinema 影廳的 25% 到 50%。我們先從這點開始。

And when I say 25% or 50%, it's because Prime as AMC Classic Theaters will be different than Prime at AMC Theaters, and we will, instead of putting in full recliner seats, for example. We're going to put in what we call plush rocker seats, which are much more comfortable and spacious than existing traditional movie theater seating and will be the most comfortable chair in that AMC Classic Theater but that doesn't necessarily represent full-blown power chair recliner characteristics.

我說 25% 或 50%，是因為 AMC Classic Theaters 的 Prime 會不同於 AMC Theaters 的 Prime；例如，我們不會安裝全套躺椅座位。我們會改裝我們所稱的豪華搖椅座（plush rocker seats），它比現有傳統影廳座椅更舒適、更寬敞，會是該 AMC Classic Theater 裡最舒適的椅子，但不一定具備全功能電動躺椅的特性。

The -- so we're going to put it in at much less cost than what we would spend collectively with our IMAX and Dolby partners to put in the higher-end PLF. That's point one.

因此——我們會以遠低於我們與 IMAX 與 Dolby 夥伴共同投入的成本，來導入較高階的 PLF。這是第一點。

Point two, if you look at the design of a lot of multiplex cinemas, you're going to find out that the two cinema screens are quite large. The next two screens that flank the two center screens are medium-sized and then all the others screens in the theater are regular sized.

第二點，如果你看許多複合式影城（multiplex）的設計，你會發現中間的兩個影廳銀幕通常相當大；緊鄰中間兩個銀幕的另外兩個銀幕屬於中等尺寸；而影城裡其他所有銀幕則是一般尺寸。

And what we've been doing heretofore is we have just been programming movies to go into the medium-sized theaters, or I should say medium-sized auditoriums, willy-nilly based on the number of seats and which movie might fit best here. The consumer had no way of knowing whether they were getting a regular size screen or a mid-size screen, even though the screen is probably double in size.

而我們過去的作法是，只是依照座位數、哪部電影比較適合等因素，隨意把電影排進中型影廳——或者我該說中型放映廳（auditoriums）。消費者無從得知自己看到的是一般尺寸銀幕還是中型銀幕，即使中型銀幕的尺寸可能是一般銀幕的兩倍。

And the asset is already sitting right there as a larger screen. And by investing in better seats, investing in better sight and sound technology, we will probably make the screen larger even still than it is now and instead of framing the current screen with skirting, we can go wall-to-wall and floor-to-ceiling.

而這項資產——更大的銀幕——其實就已經在那裡了。透過投資更好的座椅、投資更好的視聽技術，我們可能會讓銀幕比現在更大；並且不再用裙邊（skirting）去框住現有銀幕，而是可以做到牆到牆、地到天花板。

We are clearly going to give the consumer a better experience than the average of our auditoriums today. But, it is not going to be to the full-blown degree of IMAX or Dolby. So whereas we get a 70% price premium from IMAX and Dolby, who knows? We'll find out when we launch but maybe we will get a 20% price premium or 30% price premium at Prime. But realize, we keep it all.

我們顯然會提供消費者比我們目前平均影廳更好的體驗，但不會達到 IMAX 或 Dolby 那種全規格程度。因此，既然我們從 IMAX 與 Dolby 可取得 70% 的票價溢價，那麼 Prime 呢？誰知道？我們會在推出後驗證，但也許我們能在 Prime 取得 20% 或 30% 的票價溢價。不過請注意，我們可以全部保留。

Because when we give a significant double-digit percentage of our gross revenues to IMAX or Dolby, remember the studios are taking slightly more than half and if we give in the teens to somebody else, that's eating out a big percentage of what we have after film-rent splits. So, by being able to -- even though the price premium will be less than Dolby and IMAX, getting to keep it all is quite valuable to us.

因為當我們把總營收中顯著的兩位數百分比分給 IMAX 或 Dolby 時，別忘了片商會拿走略高於一半；如果我們再把十幾個百分點給其他人，那就會大幅侵蝕我們在片租分成之後所剩的比例。因此，能夠——即使票價溢價低於 Dolby 與 IMAX——但可以全部保留，對我們而言價值相當高。

The other factor in all of that -- before I do, we do think that Prime is going to drive greater attendance and greater price, then just a regular 2-D auditorium. But another factor of all this is these Prime locations are going to go into theaters either as the third and fourth -- the third and/or fourth PLF in a theater that already has one or two PLFs, or it's going to be the only PLF in a much smaller AMC Classic Theater, where this will be the best product in the marketplace.

另外一個因素——在我談那之前，我們確實認為 Prime 相較於一般 2-D 影廳，將帶來更高的入場人次與更高的票價。不過，另一個因素是：這些 Prime 會被導入到影城中，作為已經有一到兩個 PLF 的影城裡的第三與第四——第三和／或第四個 PLF；或者在規模更小的 AMC Classic Theater 裡，成為唯一的 PLF，在那裡它將是市場上最好的產品。

We do think it is compelling to consumers but, if we didn't have it, I think that IMAX or Dolby would be hard-pressed to put its product on this medium-sized screen and they may not want to put an additional -- they and we combine, may not want to put an additional multi-million dollar investment as an added screen in that location. Nor, as we start to go to some of the AMC Classic Theaters, where they think the returns aren't high enough, to put in the high-end PLF at all.

我們確實認為這對消費者很有吸引力；但如果我們沒有這個方案，我認為 IMAX 或 Dolby 會很難把它們的產品放在這種中型銀幕上，而且他們可能也不願意——他們與我們合計——在該地點再投入一筆額外的數百萬美元投資來新增一個銀幕。同樣地，當我們開始走向一些 AMC Classic Theaters，而他們認為報酬不夠高時，也不會想在那裡導入高階 PLF。

So this is something that allows us to extend the notion of the big screen which is drawing consumers, both in attendance and in price tag to more and more places throughout the AMC system. And if you look at AMC in January of 2016, we had about 160 PLF auditoriums.

因此，這讓我們能把「大銀幕」這個吸引消費者的概念——不論是入場人次或票價——延伸到 AMC 系統中越來越多的地點。若你看 2016 年 1 月的 AMC，我們大約有 160 個 PLF 放映廳。

If you look at us at 2019, if Prime is a success, we will have 500 of these things which is an enormous -- there was a conversation, there was a discussion earlier about Windows and people going to theaters and watching at home, and you have -- it would be nice if they are watching at home and then we get paid for it, but the best thing we can do, to make sure that they want to come to theaters, is make our theaters spectacular.

如果你看 2019 年的我們，假如 Prime 成功，我們將擁有 500 個這樣的影廳，這是非常龐大的——先前有人討論到窗口期（Windows）、人們去戲院以及在家觀看；你知道——如果他們在家看而我們也能因此收款，那當然很好，但我們能做的最好的事、以確保他們願意來戲院，就是把我們的戲院做得非常精彩。

And we're doing that with seating and we're doing that with PLFs, and we're doing that with our food and beverage, but this whole notion of having a mid-tier PLF, we think is a very big idea for AMC. And, I'm not going to commit that we're going to have 100 or 200 until we know whether the first five or 10 are profitable. But If it works, we will blow it out because this is an idea that's, on paper, sure sounds good.

我們透過座椅做到這點，透過 PLF 做到這點，也透過餐飲做到這點；但這整個「中階 PLF」的概念，我們認為對 AMC 來說是非常重大的想法。而且我不會承諾在我們還不知道前 5 到 10 個是否獲利之前，就要做到 100 或 200 個。但如果可行，我們會大規模推開，因為這個想法在紙面上看起來確實很不錯。

Great. Thanks. And then my follow-up, just a quick one, the $35 million of cost synergies, in the Carmike acquisition, is that $35 million in 2017 implemented or recognized by the end of the year?

很好，謝謝。那我的追問很快一個：Carmike 併購案中的 3,500 萬美元成本綜效，這 3,500 萬美元是在 2017 年完成導入，還是到年底前認列？

It's run rate. So --

是以年化運行水準（run rate）來看。所以——

Run rate.

年化運行水準。

We'll have the full $35 million in hand by the end of the year. We have a huge percentage of it in hand already. But I think you can rely on all $35 million of it showing up in 2018 at a significant percentage of it showing up in 2017.

到年底我們會把完整的 3,500 萬美元都落袋。我們現在已經拿到其中很大一部分了。但我想你可以預期：2018 年會完整反映這 3,500 萬美元，而 2017 年也會反映其中相當大的一部分。

Okay. Thank you very much.

好的。非常感謝。

Thank you. We have no further questions at this time. I'd like to turn the floor back over to Management for any closing comments.

謝謝。目前沒有進一步的提問。我想把時間交還給管理層，看看是否有任何結語。

Thank you all. Lots of good movies coming out in 2017. We would be delighted to see you at the movies and I will end with one last comment. We intend to do a much better job in 2017 in talking to you all and potential institutional investors in AMC now that our stock float has moved from 20 million shares to 55 million shares.

謝謝各位。2017 年會有很多好電影上映。我們很期待在戲院見到各位，我最後補充一點：隨著我們的流通股數從 2,000 萬股增加到 5,500 萬股，我們打算在 2017 年更積極地與各位以及潛在的機構投資人溝通 AMC 的故事。

There's a lot of ability for people to get into the AMC story, if they want to. So we are going to be scheduling at least four Investor Days between now and year end. One in New York, one in Boston, one in Chicago, one in the West Coast where we will be able to tell the AMC story to, in person, probably at an AMC theater, maybe recliner seat equipped, maybe with an IMAX and Dolby screen, with better concession food, with a bar. And we hope to see you and many of your clients at those sessions throughout the year. Thank you for joining us today.

如果大家想參與 AMC 的投資故事，進場的空間很大。因此，我們將在現在到年底之間至少安排四場投資人日（Investor Days）：一場在紐約、一場在波士頓、一場在芝加哥、以及一場在美西。我們將能面對面地講述 AMC 的故事，地點很可能就在某家 AMC 影城——也許配有躺椅座位，也許有 IMAX 與 Dolby 銀幕，提供更好的販賣部餐飲，還有酒吧。我們希望在今年各場活動中見到各位以及各位的許多客戶。感謝今天加入我們。

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

謝謝。今天的電話會議到此結束。您現在可以掛斷電話線。感謝您的參與。