AMC 電影院 (AMC) 2017 Q3 法說會逐字稿

Greetings and welcome to the AMC Entertainment Third Quarter 2017 Conference Call. (Operator Instructions) As a reminder, this conference is being recorded.

各位好，歡迎參加 AMC Entertainment 2017 年第三季電話會議。（接線員指示）提醒各位，本次會議將被錄音。

I would now like to turn the conference over to our host, John Merriwether. Thank you. You may begin.

現在我想把會議交給我們的主持人 John Merriwether。謝謝。您可以開始了。

Thanks, Devon, and good afternoon, everyone. I'd like to apologize for the technical difficulties that we've experienced here this afternoon as we get started. I'll read this a little slower so that we can get -- hopefully get more people on the call.

謝謝你，Devon，各位下午好。首先我想為我們今天下午開始時所遇到的技術問題致歉。我會講慢一點，這樣我們就能——希望能讓更多人加入這通電話。

I'd like to welcome everyone to AMC's Third Quarter 2017 Earnings Conference Call. With me this afternoon is Adam Aron, our Chief Executive Officer and President; and Craig Ramsey, Executive Vice President and Chief Financial Officer.

歡迎各位參加 AMC 2017 年第三季財報電話會議。今天下午與我一同出席的有：我們的執行長兼總裁 Adam Aron，以及執行副總裁兼財務長 Craig Ramsey。

Before I turn the call over to Adam, let me remind everyone that some of the comments made by management during this conference call may contain forward-looking statements, which are based on management's current expectations. Numerous risks, uncertainties and other factors may cause actual results to differ materially from those that might be expressed today. Many of the risks and uncertainties are discussed in our public filings, including our most recently filed 10-K and 10-Q. Several of the factors that will determine the company's future results are beyond the ability of the company to control or predict. In light of these uncertainties inherent in any forward-looking statements, listeners are cautioned to not place undue reliance on these statements. The company undertakes no obligation to revise or update any forward-looking statements, whether as a result of new information or future events.

在我把電話交給 Adam 之前，先提醒各位，管理層在本次電話會議中的部分評論可能包含前瞻性陳述，係基於管理層目前的預期。眾多風險、不確定性及其他因素可能導致實際結果與今日所表達者存在重大差異。許多風險與不確定性已在我們的公開申報文件中討論，包括我們最近提交的 10-K 與 10-Q。決定公司未來業績的若干因素超出公司可控制或可預測的範圍。鑑於任何前瞻性陳述所固有的不確定性，提醒聽眾不要過度依賴這些陳述。公司不承擔修訂或更新任何前瞻性陳述之義務，無論係因新資訊或未來事件所致。

On this call, we may reference measures such as adjusted EBITDA, adjusted EBITDA margin, which are non-GAAP financial measures. For a full reconciliation of our non-GAAP measures to GAAP results, please see our second -- our third quarter earnings release issued earlier today. In conjunction with our third quarter earnings release, we encourage you to review the CFO commentary for the 2017 third quarter that we published on our website in tandem with the earnings release.

在本次電話會議中，我們可能會提及如調整後 EBITDA、調整後 EBITDA 利潤率等非 GAAP 財務衡量指標。關於我們非 GAAP 指標與 GAAP 結果之完整調節，請參閱我們今日稍早發布的第三季財報新聞稿。配合第三季財報新聞稿，我們也建議您一併閱讀我們在網站上與財報新聞稿同步發布的 2017 年第三季財務長評論。

After our prepared remarks, there will be a question-and-answer session. As we did last quarter, we will stay on the phone until we've answered your questions. This afternoon's call is being recorded, and a webcast replay will be available in the Investor Relations section of our website at amctheatres.com later today.

在我們的準備發言之後，將進行問答環節。如同上季，我們會留在線上直到回答完各位的問題。今天下午的電話會議將被錄音，網路直播重播將於今日稍晚在 amctheatres.com 網站的投資人關係專區提供。

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

那麼，我把電話交給 Adam。

Thank you, John, and good afternoon, everyone. I intend to take the next few minutes today to provide you with a high level review of our results for the third quarter but focus the majority of my formal remarks updating you on the progress we've made at AMC on the key priorities that we outlined on our last earnings call in early August as well as announce new initiatives you'll be hearing about for the first time. There's more detail about our third quarter performance in the CFO commentary that we also issued today.

謝謝你，John，各位下午好。接下來幾分鐘，我會先就第三季業績做一個高層次回顧，但我正式發言的大部分將聚焦於：更新自 8 月初上次財報電話會議以來，AMC 在我們所提出的關鍵優先事項上所取得的進展，並宣布一些各位將首次聽到的新計畫。關於第三季表現的更多細節，也已包含在我們今天同時發布的財務長評論中。

On our last call in early August, I remarked that Q3 would be no picnic, and that prediction was spot on. You are already aware of the softness of the third quarter industry box office in North America with fewer big movies, fewer wide releases and several movies that did not resonate with audiences, leading to an industry-wide 14% decline in the U.S. and Canadian box office, the most difficult third quarter in about a decade. Across the industry, July was down 12%. August was down an almost unimaginable 36%.

在 8 月初上次電話會議中，我曾提到第三季不會輕鬆，而事實證明我的預測完全正確。各位已經知道北美第三季整體票房偏弱，原因包括大片較少、廣泛上映的片量較少，以及有幾部電影未能引起觀眾共鳴，導致美國與加拿大整體票房年減 14%，成為約十年來最艱難的第三季。就整體產業而言，7 月下滑 12%，8 月更下滑到幾乎難以想像的 36%。

But there were also 2 industry-wide bright spots. First, September set a record as the best industry box office for September ever, up 16%, fueled by the $325 million domestic gross of Warner Bros.' IT. We saw yet again in September as we did earlier this year with Beauty and the Beast and Wonder Woman and Dunkirk and Get Out, when filmmakers make appealing movies, consumers pour into theaters in huge numbers. Second, hundreds have been arguing that teens and millennials are shunning theaters for mobile devices, but a recent Forbes article and Piper Jaffray survey both concluded that, in reality, teens and millennials are increasingly more likely to see movies at theaters because of the better immersive experiences now being offered like those provided by AMC's luxurious recliners; reserved seating options; unique food and beverage menus; for those 21 and above, our almost 270 MacGuffins bars; and for all moviegoers, our approximately 270 IMAX Dolby Cinema and PRIME at AMC premium large-format sight and sound U.S. auditoriums. AMC is the largest provider of IMAX and Dolby screens in the United States.

但產業也有兩個亮點。第一，9 月創下史上最佳 9 月票房紀錄，年增 16%，主要受華納兄弟《牠》（IT）在美國國內累計 3.25 億美元票房所帶動。我們再次看到——如同今年稍早《美女與野獸》、《神力女超人》、《敦克爾克》與《逃出絕命鎮》所展現的——當電影工作者拍出吸引人的作品時，消費者會大量湧入戲院。第二，長期以來有人認為青少年與千禧世代因行動裝置而不再進戲院，但近期《富比士》文章與 Piper Jaffray 調查皆指出，事實上青少年與千禧世代越來越可能到戲院看電影，因為現在提供了更佳的沉浸式體驗，例如 AMC 的豪華躺椅；劃位座位選項；獨特的餐飲菜單；對 21 歲以上觀眾而言，我們近 270 間 MacGuffins 酒吧；以及對所有影迷而言，我們約 270 個 IMAX、Dolby Cinema 與 PRIME at AMC 的美國高規格大銀幕影廳，提供頂級視聽體驗。AMC 是美國 IMAX 與 Dolby 影廳的最大供應商。

So turning back to IT, the big box office grosser of September. Who drove IT to such record heights? In fact, it was millennials who made up more than 60% of the audience for IT, debunking the idea that millennials aren't going to the movies anymore and proving that millennials really do choose the movie theater experience when there's a movie out that appeals to their tastes.

回到 9 月票房冠軍《牠》。究竟是誰把《牠》推到如此破紀錄的高度？其實是千禧世代——他們占《牠》觀眾的 60% 以上，推翻了「千禧世代不再看電影」的說法，並證明只要有符合他們口味的電影上映，千禧世代確實會選擇戲院觀影體驗。

Moving from the industry to AMC. We reported Q3 results of nearly $1.2 billion in total revenues, $147.4 million in adjusted EBITDA and a loss per diluted share of $0.33. As a high fixed cost, low variable cost business, our performance by definition will be less than inspiring in an environment where industry-wide revenues are declining by double digits. Having said that, we are encouraged that for the third quarter AMC exceeded consensus analyst estimates for revenue, for adjusted EBITDA and for diluted EPS.

從產業轉到 AMC。我們第三季總營收接近 12 億美元，調整後 EBITDA 為 1.474 億美元，稀釋後每股虧損 0.33 美元。作為一個高固定成本、低變動成本的業務，在產業整體營收以兩位數下滑的環境下，我們的表現按定義而言不可能令人振奮。即便如此，我們仍感到鼓舞的是，第三季 AMC 在營收、調整後 EBITDA 以及稀釋後 EPS 方面，均超越分析師一致預期。

We're also pleased that in so many fronts we outperformed the industry. On a pro forma basis, our combined domestic circuit, including the legacy AMC and the legacy Carmike theaters, outperformed industry box office by approximately 90 basis points. And on a per-screen basis, our combined domestic circuit outperformed by approximately 60 basis points. Our legacy AMC circuit, excluding those theaters acquired in the Carmike transaction, outperformed even better by approximately 180 basis points, and those legacy AMC theaters equipped with recliner seats outperformed better still by 350 basis points. That our entire domestic circuit did well reflects that we made real progress in both the AMC and Carmike circuits. More on Carmike in a minute. But within the legacy AMC circuit, as you look through our Q3 operating metrics, we are pleased that you'll see data point after data point after data point where AMC outperformed the industry and our principal competition.

我們也很高興在許多面向上表現優於產業。以擬制（pro forma）基礎計算，我們合併後的美國本土院線（包含原 AMC 與原 Carmike 影城）票房表現約優於產業 90 個基點；以每銀幕計算，我們合併後的本土院線約優於產業 60 個基點。我們的原 AMC 院線（不含 Carmike 交易所收購的影城）表現更佳，約優於產業 180 個基點；而配備躺椅座位的原 AMC 影城表現更勝一籌，約優於產業 350 個基點。我們整體本土院線表現良好，反映我們在 AMC 與 Carmike 兩個院線都取得了實質進展。稍後我會再談 Carmike。但在原 AMC 院線內，當您檢視我們第三季營運指標時，我們很高興您會看到一個又一個數據點顯示 AMC 的表現優於產業與我們的主要競爭對手。

We're especially pleased too with our performance as the largest European exhibitor with theaters in 14 countries. Both the Odeon and Nordic circuits outperformed in their countries of operation. With a similar slate of Hollywood movies that we had in the U.S., pro forma third quarter 2017 versus pro forma 2016, European revenues were down less than 1%, much better than in the U.S. and adjusted EBITDA actually increased by about 1% with adjusted EBITDA margins up slightly year-over-year but up significantly when compared to Q2 of 2017.

我們也特別滿意我們作為歐洲最大院線業者、在 14 個國家設有影城的表現。Odeon 與 Nordic 兩個院線在其營運國家皆優於當地市場。由於與美國相似的好萊塢片單，以擬制基礎比較 2017 年第三季與 2016 年第三季，歐洲營收下滑不到 1%，明顯優於美國；調整後 EBITDA 反而增加約 1%，調整後 EBITDA 利潤率年增小幅上升，但相較 2017 年第二季則顯著提升。

Let's now discuss the important progress we've been seeing and the important advances we've been making since we last spoke in August. I'm going to briefly highlight a dozen items before turning to your questions. One, the box office is coming back and with a roar. Yes, box office revenue was admittedly a mess with double-digit declines in May, July, August and October, but 4 months does not a trend make. We expect moviegoing through year-end will be robust. Thor opened to $121 million weekend domestically Thursday to Sunday, and on opening night, Friday, given how well Thor played in IMAX, we experienced significantly better market share than is the norm. Indeed, on Friday night, AMC had 8 of the top 10 grossing theaters in the United States for Disney and for Thor Friday eve. Justice League and Star Wars: The Last Jedi are 2 more of many intriguing films that are coming before year-end. We may not know precisely how much Q4 will be until sometime between Christmas and New Year's Eve, but we could be close to another record year.

接下來談談自 8 月上次通話以來，我們所看到的重要進展與所取得的重要突破。在進入各位提問之前，我將簡要重點說明 12 項事項。第一，票房正在回升，而且來勢洶洶。沒錯，5 月、7 月、8 月與 10 月票房營收確實一團亂，出現兩位數下滑，但 4 個月並不構成趨勢。我們預期年底前的觀影需求將相當強勁。《雷神索爾》在美國國內週末（週四至週日）開片達 1.21 億美元；而在首映夜週五，由於《雷神索爾》在 IMAX 的表現非常好，我們的市占顯著高於常態。事實上，在週五晚間，AMC 在迪士尼《雷神索爾》週五夜場的美國票房前 10 名影城中占了 8 家。《正義聯盟》與《星際大戰：最後的絕地武士》是年底前眾多引人入勝影片中的另外兩部。我們可能要到聖誕節與跨年夜之間的某個時點，才會精確知道第四季表現如何，但我們有機會接近再創紀錄的一年。

The 2018 and 2019 movie slates are also compelling. As you look back, Netflix, smartphones and iPads were all around in 2015 and 2016, which were record years for movie theater revenues. 2017 opened big and should end big. In our view, 2018 and 2019 box offices could be truly strong as well. The evidence simply does not speak to a secular decline in our industry. There were some tough months in 2017 but the trend looking backwards and our forecast looking forwards lead us to be highly optimistic.

2018 與 2019 年的電影片單同樣令人期待。回顧過去，Netflix、智慧型手機與 iPad 在 2015 與 2016 年就已普及，而那兩年卻是戲院營收的創紀錄年度。2017 年開局強勁，且應該也會強勢收尾。我們認為 2018 與 2019 年的票房也可能真正強勁。現有證據並不支持本產業出現結構性下滑。2017 年有幾個艱難月份，但回顧的趨勢與前瞻的預測都使我們保持高度樂觀。

To the contrary of the thesis of secular decline, domestic movie theaters in the U.S. and Canada right now sell more than 1.2 billion movie theater tickets each year. Think of the popularity of professional sports in the United States. 1.2 billion movie tickets is more than 65x the annual attendance of all 32 NFL teams combined. It's 9x the combined attendance of all the teams of the National Football League, Major League Baseball, the NHL and the NBA combined.

與「長期世俗性衰退」的論點相反，目前美國與加拿大的國內電影院每年售出的電影票超過12億張。想想職業運動在美國的受歡迎程度。12億張電影票，超過32支NFL球隊全年總入場人次的65倍以上。這也相當於國家美式足球聯盟（NFL）、美國職棒大聯盟（MLB）、國家冰球聯盟（NHL）與美國職籃（NBA）所有球隊合計入場人次的9倍。

Item 2, we continue to work diligently to improve operations at the former Carmike theaters, and we expect that the actions we've already taken are paying some dividends now in the fourth quarter. I'm pleased to report that after much dedicated effort this year, we are seeing that the Carmike ship is on a clear path to being righted. We've already taken many actions on the Carmike circuit: rebranding the theaters; reconcepting many of the theaters; improving the food and beverage product across all the theaters; addressing deferred maintenance issues; signing up new loyalty program members in droves; benefiting from a more functional, attractive website and app; repricing many of the Carmike theaters; and training all the local theater management teams.

第2項，我們持續努力不懈地改善原Carmike影城的營運，我們預期我們已採取的行動在第四季正開始帶來一些成效。我很高興報告，經過今年大量投入的努力，我們看到Carmike這艘船正走在明確的航道上、逐步回到正軌。我們已在Carmike院線採取許多行動：為影城重新品牌化；對許多影城進行重新定位與改造；在所有影城提升餐飲產品；處理延宕的維護保養問題；大量招募新的會員忠誠計畫成員；受惠於更好用、更具吸引力的網站與App；重新訂價許多Carmike影城；並訓練各地影城管理團隊。

Here's the result. And this is important, and it is good news. Like for like, Carmike theaters are now performing exactly like comparable AMC Theatres. We compare the market shares of the AMC and Carmike theaters January to August 2017 to the same January to August time period of 2015. Why 2015? We want a data from when the Carmike executive management team was fully engaged and similarly wanted to ignore the year when Carmike as a company may have been distracted by all the merger hullabaloo.

以下是結果。這很重要，而且是好消息。以同店比較（like for like）來看，Carmike影城現在的表現已與可比的AMC影城完全一致。我們比較2017年1月至8月期間AMC與Carmike影城的市占率變化，並與2015年同一個1月至8月期間相比。為什麼選2015年？我們希望使用一個當時Carmike高階管理團隊全力投入的資料，並同樣希望排除Carmike可能因併購喧囂而分心的那一年。

Here's what we found. Like for like, the market share changes of the recliner-equipped AMC and the recliner-equipped Carmike theaters were growing by double-digit percentages and were identical. Similarly, the market share changes of the AMC and Carmike theaters that were not equipped with recliner seats also were identical. The difference between the 2 circuits is now that some 41% of the legacy AMC circuit has been reclined. By contrast, less than 2% of the Carmike circuit has been reclined. So that's the next major step, and that's why we picked up the pace on identifying the best opportunities to renovate theaters in the Carmike circuit full AMC style with recliner seating.

我們發現如下：以同店比較，配備躺椅座位的AMC影城與配備躺椅座位的Carmike影城，其市占率變化皆以兩位數百分比成長，且表現一致。同樣地，未配備躺椅座位的AMC與Carmike影城，其市占率變化也一致。兩個院線目前的差異在於：傳統AMC院線約有41%已完成躺椅化改裝；相較之下，Carmike院線完成躺椅化的比例不到2%。因此，下一個重大步驟就是加快腳步，找出Carmike院線中最好的機會，以AMC完整風格進行翻新並導入躺椅座位。

By the end of 2018, we expect at least 25 of Carmike's largest theaters will be fully renovated in full AMC style, 10% of that circuit in theater count but much more than that in their percentage of legacy Carmike theater revenues. As has been the case with AMC, Carmike landlords are pitching in mightily on the renovation efforts with us. And since these are among the very first Carmike theaters to be done, the low hanging fruit, if you will, we are expecting ROIs way above our hurdle rate, 25% plus returns. So we have reprioritized our CapEx investment plans across the United States to grab those high-return Carmike theater renovation opportunities.

到2018年底，我們預期Carmike最大的影城中至少有25家將以完整AMC風格完成全面翻新；以影城家數計約占該院線的10%，但以其在傳統Carmike影城營收中的占比將遠高於此。與AMC的情況相同，Carmike的房東也正大力投入，與我們共同推動翻新工程。由於這些是最早完成的Carmike影城之一，可說是「低垂的果實」，我們預期投資報酬率（ROI）將遠高於我們的門檻報酬率，回報可達25%以上。因此，我們已重新排序在美國各地的資本支出（CapEx）投資計畫，以把握這些高報酬的Carmike影城翻新機會。

Item 3, Europe, Europe, Europe and Europe. We have an enormous winner on our hands. By next week, 3 Odeon theaters will have completed recliner renovations. By year-end 2017, just 2 months from now, 7 Odeon theaters will have completed recliner seat renovations. By year-end 2018, we will have at least 25 Odeon theaters equipped with recliner seats, including arguably the most prestigious theater in all of Europe, the almost 2,000-seat Odeon Leicester Square.

第3項，歐洲、歐洲、歐洲，還是歐洲。我們手上有一個巨大的贏家。到下週，將有3家Odeon影城完成躺椅翻新。到2017年底，也就是再過2個月，將有7家Odeon影城完成躺椅座位翻新。到2018年底，我們將至少有25家Odeon影城配備躺椅座位，其中包括可說是全歐洲最具聲望的影城——近2,000個座位的Odeon Leicester Square。

The first such renovated Odeon theater opened a few weeks ago in East Kilbride, Scotland. The very early results are stunning, comparable to the early attendance gains and returns we witnessed when we introduced recliners in the United States 6 years ago. From what we are already seeing at East Kilbride, we believe that theater-level EBITDA will double in the first 12 months post renovation. That makes -- that also makes us keenly excited to see the results of the next Odeon renovated theaters coming down the pike over the next 8 weeks.

第一家完成此類翻新的Odeon影城，幾週前已在蘇格蘭East Kilbride開幕。非常初步的結果令人驚艷，與我們6年前在美國導入躺椅時所見到的早期觀影人次成長與報酬相當。從我們目前在East Kilbride看到的情況，我們相信影城層級的EBITDA將在翻新後的前12個月翻倍。這也讓我們非常期待在未來8週內陸續完成的下一批Odeon翻新影城的表現。

And for those of you who have been wondering where we could generate growth in our Nordic Cinemas acquisition, in 2018, Nordic will add 7 new-build theaters across Scandinavia and the Baltics. On a base of 68 self-managed theaters currently, that represents double-digit growth. And one of those new theaters in Oslo is almost certainly going to be the highest grossing movie theater in all of Norway.

另外，對於一直在思考我們能在Nordic Cinemas收購案中從何處創造成長的各位，2018年Nordic將在斯堪地那維亞與波羅的海地區新增7家新建影城。以目前自主管理的68家影城為基礎，這代表兩位數的成長。而其中位於奧斯陸的一家新影城，幾乎可以確定將成為全挪威票房最高的影城。

Four, speaking of growth in the Nordic countries, we're actually growing again everywhere. In 2018, we now anticipate adding approximately 10 new-build theaters and spot acquisitions in the United States and adding 12 new-build theaters and spot acquisitions in Europe, 22 new theaters in total for AMC globally. Our net CapEx investments in 2017 -- in 2018 should be at least $50 million below 2017 levels but still will range between $450 million and $500 million for the year. In addition to adding the new-build theaters and spot acquisitions I just mentioned, in our CapEx expenditures, we will fund normal maintenance spending plus make significant IT systems upgrades. But importantly for us, in 2018, we also expect to renovate about 55 theaters, about the same number as in each of 2016 and 2017 but in 2018, with 1/3 of those projects being in Europe and 2/3 in the United States. Of the U.S. theaters to be renovated, former Carmike locations will comprise about 3/5 of the renovation projects. This should take us up to more than 200 renovated theaters throughout our global network, more than any other exhibitor.

第4項，談到北歐國家的成長，我們其實在各地都再次成長。2018年，我們目前預期在美國新增約10家新建影城與零星併購（spot acquisitions），並在歐洲新增12家新建影城與零星併購；AMC全球合計新增22家影城。我們2018年的淨資本支出（CapEx）投資，應至少比2017年低5,000萬美元，但全年仍將介於4.5億至5億美元之間。除了我剛提到的新建影城與零星併購外，我們的CapEx支出也將支應正常維護支出，並進行重大的IT系統升級。但對我們而言更重要的是，2018年我們也預期翻新約55家影城，約與2016年與2017年各年相同；但在2018年，其中1/3的專案將在歐洲、2/3在美國。在美國要翻新的影城中，原Carmike據點將約占翻新專案的3/5。這將使我們在全球網路中完成翻新的影城數量提升至200家以上，超過任何其他放映業者。

Item 5. Over the summer, we spent considerable time discussing with investors the need and our determination to better control our costs, which were high in the second quarter. We did institute a $30 million profit improvement program, a small portion of which was reflected in our Q3 results and which will continue to kick in during the fourth quarter. Showing that we already are seeing some improvement sequentially compared to the second quarter of 2017, in Q3, adjusted EBITDA margins in the U.S. remained exactly flat with Q2 despite a $61.7 million decrease in revenues, indicating that we did a better job adjusting our expenses to our revenues in Q3 than was the case in Q2. We also expect that margins will continue to rise in the fourth quarter of 2017 as our revenues rise and as we still tightly manage our costs.

第5項。整個夏天，我們花了相當多時間與投資人討論：我們需要、也決心更好地控制成本，因為第二季的成本偏高。我們確實啟動了一項3,000萬美元的獲利改善計畫，其中一小部分已反映在第三季（Q3）結果中，並將在第四季持續發揮效果。顯示相較於2017年第二季，我們已看到一些逐季改善：在Q3，儘管營收減少6,170萬美元，美國的調整後EBITDA利潤率仍與Q2完全持平，這表示我們在Q3依營收調整費用的表現優於Q2。我們也預期，隨著營收在2017年第四季回升，且我們仍嚴格管理成本，利潤率將在第四季持續上升。

Item 6. To strengthen our liquidity position and to put us in a position to delever, in August, we told you that we turned on a dime and had reduced our CapEx plan for 2017 and 2018 by some $200 million. Those savings, in fact, have been realized in our budgeting. In addition, we told you that we identified some $400 million of non-strategic assets that we could sell over the course of 2 years to generate cash. Within the first 6 weeks after that announcement, we consummated, as you know, 4 transactions that brought in more than $235 million, and we did so profitably. By the August 2018 first anniversary of having given you that information, I wouldn't be surprised if we haven't already realized the monetization of some $350 million of that original $400 million 2-year target.

第6項。為了強化我們的流動性部位並讓我們具備去槓桿（delever）的條件，我們在8月告訴各位，我們迅速轉向，將2017年與2018年的CapEx計畫合計削減約2億美元。事實上，這些節省已反映在我們的預算編列中。此外，我們也告訴各位，我們已辨識出約4億美元的非策略性資產，可在2年內出售以創造現金。在該公告後的前6週內，如各位所知，我們完成了4筆交易，帶來超過2.35億美元的資金流入，而且是以獲利方式完成。到2018年8月、也就是我們提供該資訊的一週年時，我不會意外我們可能已將原先4億美元、2年目標中的約3.5億美元完成變現。

Item 7. As we look to balance our capital allocation in the face of what we believe is a significantly undervalued stock, in August, our board authorized a $100 million share buyback over 2 years. As of Friday, we have already bought just more than $30 million of AMC stock at an average price of $14.68 (sic) [$14.86]. We will continue to invest in high-return strategic initiatives, move to delever while prudently continuing share repurchases given the value opportunity inherent in AMC stock at the moment.

第7項。當我們在資本配置上尋求平衡，並面對我們認為被嚴重低估的股價時，我們在8月獲董事會授權，於2年內進行1億美元的庫藏股回購。截至上週五，我們已以平均價格14.68美元（原文如此）[14.86美元]回購了略高於3,000萬美元的AMC股票。我們將持續投資於高報酬的策略性計畫、推動去槓桿，同時在審慎前提下持續回購股份，因為目前AMC股票蘊含的價值機會。

AMC was not the only recent buyer of AMC shares. Many of you on this call have been buying, too, and I said in August that I would personally buy $500,000 of AMC stock in September. Well, my third AMC share purchase this year, I actually did buy $550,000 of AMC stock as promised.

AMC並非近期唯一的AMC股票買家。今天參與電話會議的許多人也在買進；我在8月也說過，我會在9月親自買進50萬美元的AMC股票。結果，我今年第三次買進AMC股票，確實如承諾買進了55萬美元的AMC股票。

Item 8. As you would expect, we are absolutely driven to create long-standing shareholder value. It has not escaped our notice that even though European public markets value movie theaters at double-digit EBITDA multiples, we are not seeing such valuations for our European assets at these levels when they are buried within AMC. Especially with the encouraging early returns for European theater renovations, we are currently seriously exploring the idea of an IPO of our European theaters on the London Stock Exchange sometime between July of 2018 and April of 2019. Remember that we've intentionally structured the Odeon and Nordic to run as a wholly owned but independent subsidiary of AMC, so this should be something, a public listing in Europe that can be readily accomplished. We would still retain full majority control of Odeon and Nordic but could sell between 1/4 and 1/3 to the European public. That could generate multi hundreds of millions of dollars of cash for AMC, which could either be used by AMC to delever or to return cash to shareholders as we would decide at that time based on the then current circumstances.

第8項。如你所預期，我們絕對致力於創造長期的股東價值。我們也注意到，儘管歐洲公開市場對電影院的估值可達兩位數的 EBITDA 倍數，但當我們的歐洲資產被埋在 AMC 之內時，我們並未在這些水準上看到對其相應的估值。尤其是在歐洲影城翻新帶來令人鼓舞的早期回報之際，我們目前正認真探索於 2018 年 7 月至 2019 年 4 月之間，將我們的歐洲影城在倫敦證券交易所進行 IPO 的想法。請記得，我們刻意將 Odeon 與 Nordic 架構為 AMC 的全資但獨立運作子公司，因此這應該是一件可以相對容易完成的事——在歐洲進行公開上市。我們仍將保留對 Odeon 與 Nordic 的絕對多數控制權，但可向歐洲公眾出售約 1/4 至 1/3 的股權。這可能為 AMC 帶來數億美元的現金，屆時 AMC 可依當時情況決定用於去槓桿，或將現金回饋給股東。

We share this idea with you because we expect it will happen. However, we also know that many of you are insatiable about wanting detailed information as soon as possible. So I must emphasize, it is still early in our explorations of this issue. I hope you can understand, therefore, that we will not be making any other comment publicly or especially privately in detail about this strategy anytime soon beyond what we've already mentioned in these remarks today. Even so, you can now see that there is a way to ensure that AMC shareholders receive fair value for our success in Europe.

我們與各位分享這個想法，是因為我們預期它將會發生。然而，我們也知道你們之中有許多人迫切希望盡快取得詳細資訊。因此我必須強調，我們對此議題的探索仍處於早期階段。也因此希望你們能理解，除了今天在本次發言中已提及的內容之外，在可預見的未來，我們不會就此策略再對外、尤其不會私下，做任何其他更詳細的評論。即便如此，你們現在也能看出，確實存在一種方式可確保 AMC 股東能就我們在歐洲的成功獲得公平價值。

Item 9. Our marketing activity continues to be one of our great strengths. As one example of several, AMC Stubs, our loyalty program, was quite the hit. We had some 2.5 million member households in mid-2016, a figure that was static without growth for 3 years. It's not even 18 months later, and we're now at about 10.8 million household members; at the U.S. average, 2.6 people per household. That means that AMC now has, in our consumer database, the movie purchase histories for some 28 million Americans. Our compactible database is also precious to us in Europe. We have e-mails and other contact information for some 6.7 million European moviegoers.

第9項。我們的行銷活動仍是我們的一大強項。舉眾多例子之一，AMC Stubs（我們的會員忠誠計畫）相當成功。2016 年年中我們約有 250 萬個會員家庭，這個數字在過去 3 年幾乎沒有成長、維持不變。不到 18 個月後，我們現在約有 1,080 萬個會員家庭；以美國平均每戶 2.6 人計算，這意味著 AMC 的消費者資料庫中，已擁有約 2,800 萬名美國人的電影購買歷史。我們可比對的資料庫在歐洲同樣珍貴。我們擁有約 670 萬名歐洲觀影者的電子郵件與其他聯絡資訊。

As to more of our marketing activity, now fully 30% of our U.S. ticket buying is done online in advance of showtime with more than half of that coming through our own AMC Theatres' website and smartphone apps. Our new pricing department, created just a year ago, has had one win after another. Very quietly, for example, we have instituted a $1 Friday and Saturday night surcharge at about 150 of our 450 AMC and AMC DINE-IN branded theaters. In Europe, we already charge an approximate 10% ticket price premium for a limited number of big so-called blockbuster movies each month, something that may be similar to what Regal announced they will be experimenting with in the United States in the near term.

至於更多行銷活動方面，目前我們在美國的售票中，已有足足 30% 是在開演前透過線上預先購買，其中超過一半來自我們自有的 AMC Theatres 網站與智慧型手機 App。我們一年前才成立的新定價部門，接連取得成果。舉例來說，我們非常低調地在約 150 家、共 450 家 AMC 與 AMC DINE-IN 品牌影城中，於週五與週六晚間加收 1 美元附加費。在歐洲，我們已對每月少數幾部大型所謂「強檔」電影收取約 10% 的票價溢價，這可能類似 Regal 近期宣布將在美國進行的實驗。

Item 10. AMC is now the largest player amongst exhibitors in the U.S. movie industry ecosystem, 20 million guests flowing through our theaters in the United States each month, 15 million plus sessions on our U.S. website each month, 10 million households plus in our U.S. AMC Stubs loyalty database. We think that AMC, therefore, can participate in a bigger slice of movie-related revenues in this country. Accordingly, we now have strong studio support to sell movie-themed merchandise at our theaters when impulse buying may be at its peak. In 2018, we will test merchandise sales at 35 of our theaters. If successful, we will roll it out throughout our system nationally later in the year.

第10項。AMC 現在是美國電影產業生態系中放映商（exhibitors）裡最大的參與者：每月有 2,000 萬名賓客流經我們在美國的影城；每月我們美國網站有超過 1,500 萬次瀏覽；我們在美國的 AMC Stubs 忠誠資料庫中有超過 1,000 萬個家庭。我們因此認為，AMC 能在美國取得更大一部分與電影相關的收入。基於此，我們已獲得片商的大力支持，讓我們能在影城內銷售電影主題商品，因為衝動購買可能在此時達到高峰。2018 年，我們將在 35 家影城測試商品銷售。若成效良好，我們將於年底稍後在全國系統內全面推廣。

Similarly, we also have strong studio support to be participants in the significant home entertainment business where various websites sell movie streaming, movie downloads and physical copies of movie DVDs. We are announcing today that in 2018 we will add this capability to the AMC Theatres website, giving AMC an opportunity to further grow our other revenues. We will do this through partnering on a white label basis with existing entrants in home entertainment, so development costs will be minimal. We're not suggesting that premium video on demand will actually happen, but if it does, having this capability already on our amctheatres.com site means that AMC will be perfectly situated to sell high-margin premium video content as a result of this initiative as well.

同樣地，我們也獲得片商的大力支持，讓我們能參與規模可觀的家庭娛樂（home entertainment）業務——各種網站銷售電影串流、電影下載與 DVD 等實體拷貝。我們今天宣布，2018 年我們將把此功能加入 AMC Theatres 網站，讓 AMC 有機會進一步成長其他收入。我們將以白牌（white label）合作方式與既有的家庭娛樂業者合作，因此開發成本將極低。我們並不是在暗示高級隨選視訊（premium video on demand）一定會發生，但若真的發生，先行在 amctheatres.com 上具備此能力，也意味著 AMC 將能在此計畫下，處於極佳位置來銷售高毛利的高級影音內容。

Item 11. Given the August and October industry-wide revenue weakness, today, we lowered our guidance range for full year 2017 from the previous $860 million to $900 million of adjusted EBITDA to a new range of $810 million to $865 million of EBITDA. As we've said on this call, the fourth quarter will still be a big one, but we will not exactly know how big until the very end. Having said that, consensus analyst estimates for AMC adjusted EBITDA for the full year 2017 are already below the low end of our previous guidance range. Therefore, we think that guidance change announced today is a reflection of what the market is already aware of.

第11項。鑑於 8 月與 10 月全產業營收疲弱，今天我們將 2017 全年調整後 EBITDA 的指引區間，從先前的 8.60 億至 9.00 億美元，下調至新的 8.10 億至 8.65 億美元區間。如同我們在本次電話會議所說，第四季仍將是重要的一季，但究竟有多大，要到最後一刻才會確定。話雖如此，市場共識分析師對 AMC 2017 全年調整後 EBITDA 的估計，已低於我們先前指引區間的下緣。因此，我們認為今天宣布的指引調整，反映的是市場其實早已知悉的情況。

And finally, item 12. In September, we announced an investment in virtual reality through Dreamscape Immersive and our plan to launch 6 Dreamscape locations at or near our U.S. and U.K. theaters by 2019 in addition to our currently envisioned IMAX VR deployments. We think virtual reality done well at our theaters could be an intriguing traffic generator. The executives behind both Dreamscape and IMAX are masters at creating spectacular and mind blowing content that once again will put AMC on yet another innovative and intriguing path.

最後，第12項。9 月，我們宣布透過 Dreamscape Immersive 投資虛擬實境，並計畫在 2019 年前於我們美國與英國影城內或附近，推出 6 個 Dreamscape 據點，此外也包括我們目前規劃的 IMAX VR 部署。我們認為，若能在影城把虛擬實境做好，將可能成為引流的有趣動能。Dreamscape 與 IMAX 背後的管理團隊，都是打造壯觀且令人驚嘆內容的大師，將再次讓 AMC 走上另一條創新且引人入勝的道路。

So in conclusion, here's our take looking back at Q3 and more importantly, looking ahead. For some considerable time, we have been predicting weakness in the third quarter and through box office due to the quantity and subject matter of the films that were scheduled to be released. Not surprisingly, our foreshadow is accurate. At the same time, however, we consistently have been bullish about the fourth quarter movie slate. Among many other hit films this year, movies like IT in September, Thor in November and soon Star Wars: The Last Jedi in December demonstrate for all to see what we know to be true. When Hollywood and international moviemakers offer appealing movies, Americans and Europeans will pour into our theaters in huge numbers and pay top dollar to do so. We believe that the naysaying arising from the May, July, August and October box office is misplaced, especially coming immediately after 2.5 years of record box office performance and just before what we expect will be strong and robust consumer demand throughout year-end. We are similarly confident, excited and optimistic about the film slate that's coming in 2018 and again in 2019. Accordingly in our opinion, those bearish investors who have been doubting the viability and strength of the movie industry generally, the movie theater industry generally and of AMC specifically, are betting the wrong way. We could not be more optimistic about our ability to deliver strong financial results in the coming years.

總結來說，以下是我們回顧第三季、以及更重要的展望未來的看法。相當長一段時間以來，我們一直預測第三季票房與整體票房將走弱，原因在於排定上映電影的數量與題材。不出所料，我們的預判是準確的。然而同時，我們也一貫看好第四季的片單。在今年眾多賣座片之中，像是 9 月的《牠》（IT）、11 月的《雷神索爾》（Thor），以及即將於 12 月上映的《星際大戰：最後的絕地武士》（Star Wars: The Last Jedi），都清楚證明了我們所知為真的事：當好萊塢與國際電影製作人提供具吸引力的電影時，美國與歐洲觀眾將大量湧入我們的影城，並願意支付高價。我們認為，源自 5 月、7 月、8 月與 10 月票房的唱衰聲浪是錯置的，尤其是在連續 2.5 年創下票房紀錄之後、以及在我們預期年末將出現強勁且旺盛的消費需求之前。我們同樣對 2018 年、以及 2019 年即將到來的片單充滿信心、興奮與樂觀。因此依我們之見，那些一直質疑整體電影產業、整體電影院產業，以及特別是 AMC 可行性與實力的看空投資人，是押錯方向了。我們對於未來幾年交出強勁財務成果的能力，從未如此樂觀。

Thank you for participating on this call this afternoon. Operator, let's now turn to questions.

感謝各位今天下午參與本次電話會議。接線員，現在我們進入提問環節。

(Operator Instructions) Our first question is from Eric Wold with B. Riley & Co.

（接線員指示）我們的第一個問題來自 B. Riley & Co. 的 Eric Wold。

Couple of questions. I guess, first of all, maybe help understand kind of what was behind the reduction in the 2017 guidance because on kind of thinking back to the Q2 call, you were kind of talking people down to a Q3 box office decline as much as 20% and kind of predicted a weakness in Q3. It was weak. It possibly was a little bit less weak than expected, but now you're lowering guidance for the year. Is there -- is that based solely on what you thought or included around Q3 or also kind of lower expectations in that guidance for Q4?

有幾個問題。我想，首先，能否協助理解一下 2017 年指引下調背後的原因？因為回想第二季的電話會議，你們當時提到第三季票房可能下滑多達 20%，並且預測第三季會疲弱。確實很弱。可能比預期稍微沒那麼弱一些，但你們現在卻下調全年指引。這是——這完全是基於你們原先對第三季的看法或第三季的實際情況嗎？還是說，在該指引中也包含了對第四季較低的預期？

Well, we already know what happened in October, Eric, and as you know, October was down 18%. Blade Runner was a disappointment in the month of October. Not the only film but it was important. We note that if you look at consensus analyst estimates for the full year, they were around $850 million or so of adjusted EBITDA, which was below the lowest end of the guidance range that we put out in the August call for the year. So a combination of where analysts were with October, it just seemed prudent to us to make sure that the guidance that's out there is reflective of what you all believe and what we believe.

Eric，我們已經知道 10 月發生了什麼；如你所知，10 月下滑了 18%。《銀翼殺手》（Blade Runner）在 10 月表現令人失望。它不是唯一一部，但很重要。我們也注意到，如果你看全年市場共識分析師預估，調整後 EBITDA 大約在 8.50 億美元左右，低於我們在 8 月電話會議中所給出的全年指引區間下緣。因此，綜合分析師對 10 月的看法等因素，我們認為審慎起見，應確保目前對外的指引能反映你們所相信的、以及我們所相信的情況。

Okay. And then second question is on -- last question on Carmike. You obviously have been talking about in the past reallocating some of the capital towards the Carmike and you want to have 25 of the largest one's done by the end of next year. I guess, one, is there a way to kind of -- I know you no longer kind of talk about Carmike so much even more. They're kind of getting rebranded or have been. But is there a way to think about the Carmike locations you acquired in terms of how many definitely need to be remodeled, those that definitely do not and those that may or may not be remodeled and kind of get a sense of what the opportunity is there? And what is the average cost of a Carmike remodel? And is the contributions you're getting from landlords in line with what you've seen from legacy AMC or higher or lower?

好的。然後第二個問題是關於——最後一個關於 Carmike 的問題。你們顯然過去一直在談把部分資本重新配置到 Carmike 上，而且你們希望在明年年底前完成 25 家最大影城的改裝。我想，第一，有沒有一種方式可以——我知道你們現在不太再那麼多談 Carmike 了，他們某種程度上正在或已經被重新品牌化。但是否有一種方式來看待你們收購的 Carmike 據點：其中有多少是肯定需要翻新、多少肯定不需要、以及多少可能需要也可能不需要翻新，從而大致掌握那裡的機會？另外，Carmike 翻新的平均成本是多少？以及你們從房東那裡獲得的出資，和你們在傳統 AMC（legacy AMC）看到的水準相比，是一致、更高還是更低？

Eric, I made a big mistake. I did not write down each of the sub questions. So I'm going to do it from memory, and if I -- the landlord contributions are right up there with what we've always been seeing out of AMC. 35% or more of the cost coming from landlords. Because some of the -- not all, because some of the Carmike theatres are smaller, I think we're seeing that the renovation cost per theater is a little lower than what we saw in the AMC circuit historically. I think you're looking at $3 million to $5 million to renovate a Carmike theater, would be a good gross number prior to landlord contribution. The -- in terms of the number of Carmike theaters that we can do, the -- my guess is that we'll top out at around 50 to 75 theaters over time, 25 of which will be done by the end of '18. And -- but it's also true that, I would think, 150 of the Carmike theaters would never be candidates for renovation. And those 150, you talked about our rebranding of the theaters, have been put into our so-called AMC Classic brand. Our AMC brand, which includes legacy AMC Theatres, not all of them, many of them went into the AMC Classic brand, too, but which primarily include legacy AMC Theatres and a significant number of Carmike theaters, are the candidates. We have about 400 AMC-branded theaters. Those are the candidates for recliner renovations. For the AMC Classic theaters, about 200 of our theaters or so, we don't anticipate seeing renovations in the AMC Classic circuit. And I talked on the call about our growing focus on expense management and tightening the way we run the company and heightening margins. I think what you're going to see over time is that our -- just like Ritz-Carlton is run by Marriott International but so too is Courtyard by Marriott, different brands can have different strategies and different price points. I think our AMC Classic brand is going to be a low-price, low-cost, low-CapEx brand and should be quite profitable as we look ahead, as we clamp down the cost structure and improve margins within AMC Classic. So that's a quick take. But again, I want to come back to the summary conclusion of it all, that what's really going on now, after all these action steps we took to improve our fortunes within Carmike, is the renovated Carmike theaters, there aren't many of them, but they are performing just like the renovated AMC Theatres and the non-renovated Carmike theaters performing just like the non-renovated AMC Theatres, which means that, in our view, we have cracked the code on sorting through the Carmike acquisition. We've already taken a number of steps to improve performance, and now the last major step is to renovate the high return opportunity theaters in the Carmike system to drive the kind of significant returns that we've seen throughout the AMC circuit.

Eric，我犯了一個大錯。我沒有把每個子問題都記下來。所以我會憑記憶回答；如果我——房東出資的部分，基本上和我們過去在 AMC 一直看到的水準差不多。由房東負擔的成本占比是 35% 或以上。因為部分——不是全部，因為有些 Carmike 影城規模較小，我們看到每家影城的翻新成本比我們過去在 AMC 影城線（circuit）歷史上看到的略低。我認為翻新一家 Carmike 影城大概是 300 萬到 500 萬美元，這是一個不錯的總額估算，且是在扣除房東出資之前的毛額。——至於我們能做多少家 Carmike 影城的翻新——我猜長期來看大概會在 50 到 75 家左右，其中 25 家會在 2018 年底前完成。而且——但同時也確實，我認為大約有 150 家 Carmike 影城永遠不會成為翻新候選。那 150 家——你提到我們對影城的重新品牌化——已被納入我們所謂的 AMC Classic 品牌。我們的 AMC 品牌（其中包含傳統 AMC Theatres，不是全部，很多也被納入 AMC Classic 品牌），但主要包含傳統 AMC Theatres 以及相當數量的 Carmike 影城，這些才是候選。我們大約有 400 家掛 AMC 品牌的影城；這些是躺椅（recliner）翻新的候選。至於 AMC Classic 影城，大約 200 家左右，我們預期在 AMC Classic 線不會看到翻新。我在電話會議中也談到，我們越來越聚焦於費用管理、收緊公司營運方式並提高利潤率。我認為你們會隨時間看到的是——就像麗思卡爾頓由萬豪國際經營，但萬怡（Courtyard by Marriott）也同樣由萬豪國際經營，不同品牌可以有不同策略與不同定價。我認為我們的 AMC Classic 品牌將會是低票價、低成本、低資本支出（low-CapEx）的品牌；隨著我們壓低成本結構並改善 AMC Classic 的利潤率，展望未來它應該會相當有利可圖。以上是快速的看法。但我還是想回到整體的總結結論：在我們採取了所有這些行動步驟來改善 Carmike 的經營狀況之後，現在真正發生的是——已翻新的 Carmike 影城（數量不多）表現就像已翻新的 AMC Theatres；未翻新的 Carmike 影城表現就像未翻新的 AMC Theatres。這意味著，在我們看來，我們已經破解了如何梳理 Carmike 收購案的關鍵。我們已經採取多項措施來提升表現，而現在最後一個主要步驟，就是翻新 Carmike 系統中那些高報酬機會的影城，以帶動我們在整個 AMC 影城線中所見到的那種顯著回報。

Our next question is with David Miller with Loop Capital Markets.

我們的下一個問題來自 Loop Capital Markets 的 David Miller。

A couple questions. Adam, one sort of stat or metric you didn't call out, which I'm kind of surprised you didn't, is film rents. Film rent's just outstanding here in the third quarter, 48.4% of admissions. Clearly, your size is allowing you to have an advantage in terms of buyer and supplier power over the studio system. What can you say, if anything, about film rents in the fourth quarter and going forward into '18? And I'm going to have a follow-up.

有幾個問題。Adam，有一個你沒有特別點出的統計或指標，我有點驚訝你沒提到，那就是片租（film rents）。第三季的片租表現非常突出，佔入場收入（admissions）的 48.4%。顯然，你們的規模讓你們在與片廠體系的買方與供應商議價能力上具備優勢。你能否談談第四季以及展望 2018 年的片租情況？我還有一個追問。

So a, you're right. B, it was reassuring to us to see that performance. Part of that 48.4% number is because film rents in Europe are so much less than they are in the United States. But even in the United States, our FEC costs were 50.6%. Our principal competition all reported in the past few days, you can compare our FEC costs, film exhibition costs, to how others are doing, and AMC is doing well. Some of you may have seen The Wall Street Journal article about Disney in tough terms. You didn't see AMC whining to The Wall Street Journal about either Disney or Star Wars. I think I was good in that article saying that Star Wars is going to be God's -- a gift from heaven for American movie theaters and for AMC. We have, we think, great relationships with our studio partners. We -- in most cases, we have long-term contracts associated with film rent splits, and we are quite encouraged by where we sit in the competitive hierarchy.

所以，A，你說得對。B，看到那樣的表現讓我們很安心。48.4% 這個數字的一部分原因，是因為歐洲的片租遠低於美國。但即使在美國，我們的 FEC 成本是 50.6%。我們的主要競爭對手在過去幾天都公布了數據，你們可以把我們的 FEC 成本（film exhibition costs，影片放映成本）和其他人的表現做比較，而 AMC 的表現不錯。你們有些人可能看過《華爾街日報》那篇用很強硬措辭談迪士尼的文章。你沒有看到 AMC 跑去《華爾街日報》抱怨迪士尼或《星際大戰》。我想我在那篇文章裡說得很清楚：《星際大戰》將會是上帝——來自天堂的禮物，送給美國電影院，也送給 AMC。我們認為我們與片廠夥伴的關係非常好。我們——在多數情況下，我們有與片租分成相關的長期合約，而我們對自己在競爭層級中的位置感到相當鼓舞。

The one thing I'd add, too, David, just to keep in mind that, that line item for us does also include some credit back, I guess, you'd say, as we kind of think we do a good job of working with the studios to market their films through our loyalty program as an example and to use other media assets that we have, and certainly, they're willing to compensate us for that. So it's not just what we pay for the film. There's also some cooperation and being a good partner with the studios to work together to market their films. And we benefit from that as well. And I think our scale is important to the studios in that regard also.

另外我也想補充一點，David，提醒大家注意：我們這個科目也包含一些回饋（credit back），可以這麼說。因為我們認為自己在與片廠合作方面做得不錯，例如透過我們的會員忠誠計畫來行銷他們的電影，並運用我們擁有的其他媒體資產；當然，他們也願意為此補償我們。所以不只是我們為影片支付的費用而已。還有一些合作——作為片廠的好夥伴，一起合作行銷他們的電影。我們也因此受益。我也認為，我們的規模在這方面對片廠同樣很重要。

Right. And then, Adam...

對。然後，Adam……

I think we're -- David, before you ask the follow-up. So with respect to better film costs, because of what Craig said, it's just not a negotiation between studio and exhibitor about who gets what. It's also that we're earning our keep because we're delivering for the studios, and therefore, they're investing back in our media assets. Go ahead.

我想——David，在你問追問之前。關於更好的片租成本，因為 Craig 剛才說的，這不只是片廠和院線之間就「誰拿多少」的談判而已。也在於我們確實創造價值，因為我們為片廠交付成果，因此他們也回頭投資在我們的媒體資產上。你繼續。

Okay. And then on Friday, as you know, Cinemark printed their Q3, and Mark Zoradi on that call, I think it was an answer to another analyst question, basically said that there is "no advancement whatsoever" in any kind of PVOD initiative or PVOD talks. Your comments were -- seemed to kind of -- were a little hedgy. I -- it seemed like you're hedging that a little bit. Your tone seems to be sort of, if it happens, here's what we will do. Am I reading you correctly? Or would you agree with Mark Zoradi in terms of his tone?

好的。然後你也知道，上週五 Cinemark 公布了他們的第三季財報，Mark Zoradi 在那通電話會議上，我想是在回答另一位分析師的問題時，基本上說在任何 PVOD（高級隨選影片）倡議或 PVOD 討論上「完全沒有任何進展」。你的評論——聽起來有點——有點保留。我——感覺你有點在打預防針。你的語氣似乎是：如果它發生了，我們會怎麼做。我這樣解讀對嗎？還是你在語氣上會同意 Mark Zoradi 的看法？

I'm sort of somewhere in a more, how do I say it, nuanced position, and let me tell you what that is. We are aware that investors have been generally worried about talk from studios this year about PVOD and its potential impact on theaters. I've been in forums where investors early this year categorically told me that studios would have implemented PVOD by now and that they would have done so in ways that are highly detrimental to the earnings capability of theaters. What we've -- it's very hard to box against shadows. Of course, PVOD has not happened yet, but -- and what we've been saying all year is as the largest exhibitor in the world, we got a seat at the table as all this is being discussed. Based on what I know now, I've never been more convinced than what I'm about to say. I believe that the outcomes are that either PVOD simply will not happen in the United States anytime soon or if it does happen, it will happen only in a way that is agreed to by AMC and is profitable for AMC even after taking into account any potential cannibalization from people watching films in other places other than theaters. So I guess, my prediction is either it doesn't happen now in the U.S. or if it does, it will actually be beneficial, profitable and a revenue opportunity for AMC.

我大概介於兩者之間，怎麼說呢，是一個更——更細緻（nuanced）的立場，我來說明是什麼。我們知道，投資人今年普遍擔心片廠談 PVOD 以及它對電影院可能造成的影響。我參加過一些場合，投資人在今年年初就斷言片廠到現在應該已經推行 PVOD，而且會以對電影院獲利能力高度不利的方式推行。我們——對著影子出拳是很難的。當然，PVOD 到目前為止還沒有發生，但——而我們今年一直在說的是：作為全球最大的院線，我們在所有這些討論中有一席之地。基於我現在所知道的，我從未像接下來要說的這樣確信。我相信結果會是：要嘛 PVOD 在美國短期內根本不會發生；要嘛如果真的發生，也只會以一種 AMC 同意、且對 AMC 有利可圖的方式發生，即使把人們在電影院以外地方觀影所造成的任何潛在分流（cannibalization）納入考量也是如此。所以，我的預測是：要嘛它現在不會在美國發生；要嘛如果發生，實際上會對 AMC 有利、能帶來利潤，並且是一個營收機會。

So you're saying that if it happens, which we're skeptical that it'll happen at all, but if it happens, there is a possibility that you might even come out ahead financially all of the variables being equal. Am I reading that correctly?

所以你的意思是，如果真的發生——我們對它是否會發生其實持懷疑態度——但如果發生了，在其他所有變數都相同的情況下，你們甚至有可能在財務上反而更有利。我的理解正確嗎？

Mostly correctly but I'm going to change a couple of words. Not that there's a possibility that we're going to come out ahead, that there would be a probability and perhaps even a certainty that we would come out ahead. We're not -- I said this way back in March or April. We're not going to sign on to anything that's bad for AMC shareholders, period, end of story. So I think it's either not going to happen or it's going to happen in a way where we make money from it happening, not in a way where we get hurt.

大致正確，但我想改幾個用詞。不是說「有可能」我們會更有利，而是說「有相當機率」，甚至「可能是確定的」我們會更有利。我們不——我在三月或四月就說過——我們絕不會簽任何對 AMC 股東不利的協議，句點，故事結束。所以我認為要嘛不會發生，要嘛會以一種我們能從中賺到錢的方式發生，而不是以一種會傷害到我們的方式發生。

Our next question is with Chad Beynon with Macquarie Group.

下一個問題來自 Macquarie Group 的 Chad Beynon。

Wanted to go back to your -- I guess, how the October weakness ties into your guidance for the year. Were you referring simply to the domestic box? Or did we also see that weakness international? Just because it appears that the operating leverage is actually higher internationally, so for this quarter, that would kind of be the swing factor. Just a little bit more clarity on that, please.

我想回到你剛才提到的——我想是十月的疲弱如何與你們全年指引連結。你指的是單純美國本土票房嗎？還是國際市場也看到同樣的疲弱？因為看起來國際市場的營運槓桿其實更高，所以就本季而言，那可能會是影響結果的關鍵因素。麻煩再多給一點釐清，謝謝。

So we did -- in the CFO commentary today, I think we -- or in the press release, we suggested that whereas in August, we were calling for industry box office in North America to be $11.2 billion, we're now calling for it to be $11.1 billion. So that's part of the weakness. But you are correct that what we saw in the United States, we also saw internationally. The film titles in October were weak in Europe just as they were weak in the United States. We expect that the film titles in Europe are going to be very strong in November, December, just as we expect they're going to be strong in the United States in November, December. But it is both a domestic issue and an international issue.

我們確實——在今天 CFO 的說明裡，我想我們——或者在新聞稿中——提到，八月時我們對北美產業票房的預估是 112 億美元，現在我們改為 111 億美元。所以這是疲弱的一部分。但你說得沒錯：我們在美國看到的情況，在國際市場也看到了。十月的片單在歐洲也很弱，就像在美國一樣。我們預期歐洲在十一月、十二月的片單會非常強，就像我們預期美國在十一月、十二月也會很強一樣。但這同時是國內問題，也是國際問題。

Okay, great. And then on the $30 million of saves, is there anything left internationally that you could do to help those margins? Or is most of that domestically? I know you've outlined the synergies from the prior international acquisitions. But is there anything left over there that could help the margin profile? And that's it for me.

好的，很好。再來關於那 3,000 萬美元的節省，國際市場那邊還有什麼可以做來幫助提升毛利率嗎？還是大多都在美國本土？我知道你們已經概述過先前國際併購帶來的綜效，但那邊是否還有剩餘空間可以改善利潤率結構？我就這些，謝謝。

Thank you. Well, the $30 million profit improvement, admittedly, some of that was revenue. Not all of it was cost. But that was a domestically focused $30 million if you go back to when we talked about it previously. I will tell you that you all did a very good job beating us on the head and shoulders about costs as from August, when we all started talking about it. And we got religion. We are zealously focused on cost containment within the company and so much so that as we look at the AMC Classic brand, I think, as I mentioned earlier, looking forward not a week or a month or a quarter, but looking ahead over the next 24 months, we're going to make sure that we keep investment in that circuit tight, that we keep cost controls in that circuit tight, which will allow us to charge lower prices, which is important because as more and more theaters get renovated, the theaters that are not renovated have a product disadvantage. Therefore, they better have a price advantage. So I'd say the whole company has been moving on to a war footing with respect to cost controls. And that's not only true in the U.S. That's also true in Europe. Our management teams there are very focused on weaning out efficiencies in the European system. The dirty little secret of what we acquired in Europe is that Odeon, when we bought it, was managed really as a collection of, call it, a confederation of 4 separate territories: U.K./Ireland, Germany/Austria, Italy and Spain/Portugal. There was a terrific amount of overlap in duplicative costs as work was done in each of the 4 territories that could have been done centrally. Then we went and acquired Nordic, which added a fifth territory to the system. The senior management team of Odeon has as one of their largest priorities for 2018 and 2019, rationalizing the expense management of that -- of the European theaters because there's no reason to do something 5 times that we could do once.

謝謝。嗯，這 3,000 萬美元的獲利改善，坦白說，其中一部分來自營收，不全是成本。但如果回到我們先前談到它的時候，那是一個以美國本土為主的 3,000 萬美元。我可以告訴你們，從八月開始大家都在談這件事時，你們確實在成本議題上把我們「敲得很用力」。我們也因此徹底醒悟。我們正以極大的決心專注於公司內部的成本控管，甚至到我們在看 AMC Classic 這個品牌時——我想我先前提過——我們不是看下一週、下一個月或下一季，而是看未來 24 個月，我們會確保在那個院線的投資維持緊縮、成本控管維持嚴格，這樣我們才能收取較低的票價；這很重要，因為隨著越來越多戲院完成翻新，未翻新的戲院在產品上會處於劣勢。因此，它們最好在價格上有優勢。所以我會說，整個公司在成本控管方面都已進入「戰備狀態」。這不只在美國如此，在歐洲也一樣。我們那邊的管理團隊非常專注於在歐洲系統中淘汰低效率。關於我們在歐洲收購的「不太光彩的小秘密」是：我們買下 Odeon 時，它的管理方式其實更像是由 4 個獨立區域組成的集合體——姑且稱之為一個邦聯：英國/愛爾蘭、德國/奧地利、義大利，以及西班牙/葡萄牙。因為各區域各自做事，存在大量重疊的重複成本；很多工作其實可以集中化一次完成，而不必在 4 個區域各做一遍。接著我們又收購了 Nordic，讓系統增加了第五個區域。Odeon 的高階管理團隊在 2018 與 2019 年最重要的優先事項之一，就是合理化——也就是優化——歐洲戲院的費用管理，因為沒有理由一件事要做 5 次，而我們其實可以做 1 次就好。

Our next question is with Eric Handler with MKM Partners.

下一個問題來自 MKM Partners 的 Eric Handler。

A couple items for you. First, just curious, on a pro forma basis, can you give us the percentage of tickets sold online versus -- on a year-over-year basis? And then secondly with regards to Carmike, you went from severe underperformance in 2Q to in line on possibly a little ahead of the industry in 3Q. How much of that was switching some of the second-run theaters to first-run theaters? How much was a reflection of those 2 theaters that you had closed for upgrades and renovation coming back online?

有幾點想請教。第一，純粹好奇，以備考（pro forma）基礎來看，你們能否提供線上售票占比，相較去年同期的變化？第二，關於 Carmike，你們從第二季的嚴重落後，到了第三季已回到與產業持平、甚至可能略優。這其中有多少是把部分二輪戲院改為首輪戲院所致？又有多少反映了你們先前為升級與翻新而關閉的那兩家戲院重新開業所帶來的影響？

So Eric, I just don't know that I can dissect all the Carmike changes item by item by item. They all contributed. The theater openings occurred towards the end of Q3 and therefore, will impact Q4 more than they impacted Q3. The -- but there is no doubt that we've been taking advances -- we've been making advances within the Carmike circuit in many different ways. We had a double-digit price increase in average ticket price -- sorry, not double digit, almost double-digit price increase in the Carmike circuit in Q3. That was encouraging to us. In part, that's because of our pricing organization, which really has, I think, been a superstar little staff group within AMC, has been driving smarter thinking about how to price our theaters. We saw food and beverage levels at -- in the Carmike circuit rise to new highs. That, in part, is a result of having installed Coke Freestyle machines in all of the Carmike theaters between March and June of 2017. So I mean, we go step after step after step. We made a lot of improvements, and they all add up. As for online ticketing sales, it's just over 30% of tickets sold currently, and year-over-year, that number is up about 20-ish percent compared to last year. But what's more relevant to us is the third-party sites like Fandango and MovieTickets, they've been around. They were in the base case year of '16 and the base -- and the current year of '17. If we look at AMC's participation in generating online ticket sales, AMC is now generating more than half of our own ticket sales at our own website, our own smartphone apps, and that number is up about 50% year-over-year compared to last year. And we think these numbers are going to continue to grow. What's really interesting to us, for example, is that if you look at ticketing on our smartphone app, our app store, we got an Android and an Apple app, over 90% of the tickets that are being bought on our smartphone apps are being bought by AMC Stubs members. That -- the fact that the membership in AMC Stubs is quadrupling and that AMC Stubs members like to buy their tickets online in advance, that's all a good thing. Those numbers that I gave you, by the way, were not pro forma. I don't have in my head the pro forma counts. What I do know, however, is that, in the Carmike system, they sold very few tickets on their website and online, if any at all. I think that their -- they use Fandango as their source of ticketing. So they subbed it out through a third party. Whereas, we're happy for Fandango to sell as many tickets as they can for us, but we're also selling a lot on our own directly.

Eric，我不確定我能把 Carmike 的所有變化逐項逐項拆解。它們都有貢獻。戲院重新開業發生在第三季末，因此對第四季的影響會大於對第三季的影響。不過——毫無疑問，我們確實以很多不同方式在 Carmike 院線上取得進展。第三季 Carmike 院線的平均票價有接近兩位數的漲幅——抱歉，不是兩位數，是接近兩位數——這讓我們很受鼓舞。部分原因是我們的定價團隊；我認為那真的是 AMC 內部一個表現非常突出的精幹團隊，推動了更聰明的戲院定價思維。我們也看到 Carmike 院線的餐飲（food and beverage）水準上升到新高；部分原因是我們在 2017 年 3 月到 6 月期間，已在所有 Carmike 戲院安裝了 Coke Freestyle 機台。所以我們是一個步驟接著一個步驟往前走。我們做了很多改善，而這些改善加總起來就有成果。至於線上售票，目前線上售出的票占比略高於 30%，而年對年來看，這個數字比去年大約提升了 20% 左右。但對我們更重要的是第三方網站，例如 Fandango 和 MovieTickets，它們一直都在；它們在 2016 年的基期存在，在 2017 年的當期也存在。如果我們看 AMC 自己在帶動線上售票方面的參與度，AMC 現在有超過一半的線上售票是由我們自己的網站、我們自己的智慧型手機 App 產生，而這個數字相較去年年對年成長約 50%。我們認為這些數字會持續成長。對我們來說很有趣的一點是，例如你看我們手機 App 的售票——我們在 App 商店有 Android 與 Apple 的 App——在我們手機 App 上購買的票中，超過 90% 是由 AMC Stubs 會員購買。也就是說，AMC Stubs 會員數正在成長到原來的四倍，而 AMC Stubs 會員又喜歡提前在線上買票，這些都是好事。順帶一提，我剛提供的數字不是備考（pro forma）口徑；我腦中沒有備考的統計。不過我知道的是，在 Carmike 系統裡，他們在自己網站或線上賣出的票非常少，甚至幾乎沒有。我想他們把 Fandango 當作售票來源，所以是透過第三方外包。相較之下，我們當然也樂見 Fandango 能替我們賣越多票越好，但我們同時也在自有渠道直接賣出大量票券。

Great. And then just as a quick follow-up. So we've seen Regal announce it's doing some type of partnership with Atom Tickets. Who knows what that will end up being? Cinemark is going to launch a subscription service by year-end. Just curious how you're thinking of various pricing initiatives or subscription type services.

很好。再快速追問一下。我們看到 Regal 宣布要與 Atom Tickets 做某種合作，最後會變成什麼還不知道；Cinemark 則打算在年底前推出訂閱服務。想請教你們如何看待各種定價方案或訂閱型服務的策略？

Sure. Well, number one, as I said on this call, we very quietly introduced weekend surcharges in the United States at 1/3 of our AMC-branded and AMC DINE-IN-branded theaters. We're already charging blockbuster pricing in Europe. That's something that we will consider in future. But I think as we look to what most intrigues us as the next major pricing initiative for AMC will probably be to bring, let's call it, legitimate theater, I think is what Broadway calls themselves, legitimate theater saw pricing or sport stadium style pricing to movie theaters, which is to say charging a premium for the most -- a small premium, not a large premium, a small premium for the most desirable seats and a significant price reduction for the least desirable seats. We know for a fact that the first row or first 2 rows of most AMC auditoriums are almost always empty. So that clearly represents an off-peak product, so to speak. We shouldn't be charging a premium price for a product that people only buy as a matter of last resort. So I would say that's the next major initiative that you'll see coming from AMC. I would expect you would see it in 2018. I would love to drop the price by a material amount in the first row. It doesn't cost you any money to cut the price of something that you never sell any of, and it might give us an opportunity to make moviegoing affordable for consumers who are willing to make the tradeoff to sit in those seats. As for subscription, it's been a hot topic in the movie industry, generally. We have a -- since August, we do have a subscription program that's quite active in Europe right now called Limitless. It's in the United Kingdom and in Germany. MoviePass clearly launched itself with a new concept in August. We've actually only made one public comment so far about MoviePass. We did it on the very first day of their announcement, and we said that, generally, AMC likes the idea of subscription. However, we also pointed out that, in our view, that MoviePass' $9.95 price point was below what it costs to make good movies and to operate quality theaters and that, in our view, the MoviePass price was unsustainable. Nothing has changed in our view. I would point out that they're charging $9.95 a month for -- on a limited number of movies, 1 per day, I guess, that's the limit, but for 1 per day, a full month's worth of potential movies. And yet in September, MoviePass paid AMC, according to our records, $11.88 for each and every ticket that it purchased for our mutual guests. That's quite a gap, $9.95 a month versus $11.88 a visit. I must point out, that's very gracious of them, and we appreciate their business. But I think it's also important to make clear that we, despite claims they've made to the contrary, AMC has absolutely no intention, I repeat, no intention of sharing any, I repeat, any of our admissions revenue or our concessions revenue with MoviePass.

當然。嗯，第一，如同我在這通電話中所說，我們已在美國約 1/3 的 AMC 品牌與 AMC DINE-IN 品牌影城，非常低調地導入了週末附加費。我們在歐洲已經在收取大片的高峰票價。這也是我們未來會考慮的事情。但我認為，當我們展望 AMC 下一個最令我們感興趣的重大定價措施時，可能會把——姑且稱之為——「正統劇場」（我想百老匯是這麼稱呼自己的）那種分區定價，或是運動場館式的定價，引入到電影院；也就是說，對最——最理想的座位收取溢價——小幅溢價，不是大幅溢價，而是小幅溢價；並對最不理想的座位大幅降價。我們確知，多數 AMC 影廳的第一排或前兩排幾乎總是空的。所以那顯然代表一種非尖峰產品（可以這麼說）。我們不應該對人們只有在不得已時才會購買的產品，收取高價。我會說，這就是你們接下來會看到 AMC 推出的下一個重大措施。我預期你們會在 2018 年看到。我很希望能把第一排的價格實質下調。把一個你根本賣不出去的東西降價，並不會讓你多花任何成本，而且這可能讓我們有機會，讓願意在座位上做取捨、坐在那些位置的消費者，也能負擔得起看電影。至於訂閱制，它一直是整個電影產業的熱門話題。我們有一個——自 8 月以來，我們確實有一個在歐洲相當活躍的訂閱方案，名為 Limitless，目前在英國與德國。MoviePass 顯然在 8 月以一個新概念推出。我們迄今對 MoviePass 只做過一次公開評論，就是在他們宣布的第一天；我們表示，整體而言，AMC 喜歡訂閱制的概念。然而，我們也指出，依我們看法，MoviePass 的每月 9.95 美元定價低於製作好電影與營運高品質影城的成本，因此我們認為 MoviePass 的價格不可持續。我們的看法沒有改變。我想指出的是，他們每月收 9.95 美元——電影數量有限制，我想上限是每天 1 部——但每天 1 部等於一整個月潛在可看的電影數。可是在 9 月，根據我們的紀錄，MoviePass 為我們共同的顧客在 AMC 購買的每一張票，支付給 AMC 的金額是 11.88 美元。這之間差距很大：每月 9.95 美元對比每次到訪 11.88 美元。我必須指出，他們這樣做非常慷慨，我們也感謝他們的生意。但我也認為有必要澄清：儘管他們曾提出相反的說法，AMC 絕對無意——我再說一次，無意——與 MoviePass 分享任何——我再說一次，任何——我們的票房收入或餐飲販售收入。

Our next question is with Ben -- Stan Meyers with Piper Jaffray.

下一個問題來自 Piper Jaffray 的 Ben——Stan Meyers。

Just wanted to dig a little deeper into your industry box office outperformance. Seems like it largely came through pricing. Maybe you can parse out some of the parts there. You have film mix in the quarter. You have IMAX POS. Sounds like a lot of weekend surcharges. Maybe you can kind of parse out various categories for the quarter.

我想更深入了解一下你們在產業票房表現優於同業的部分。看起來主要是透過定價帶動。也許你可以把其中一些構成拆解一下。本季有影片組合因素，也有 IMAX POS。聽起來還有不少週末附加費。也許你可以把本季各個類別大致拆解一下。

Look, we've given you the admissions revenue, and there are product changes year-over-year, quarter-over-quarter. We think our attendance performance was in line. Certainly, we had some strong pricing versus the industry. But as we think about it over a longer period of time, we think our attendance and our pricing is really in line with the industry, and it kind of shows itself that we're performing, in total, ahead of the industry. And you can talk about the individual pieces, but we're performing, in total, ahead, and that's probably how we want to leave it.

你看，我們已經提供了你們票房收入數字，而且產品面也有年對年、季對季的變化。我們認為我們的觀影人次表現是符合預期的。當然，我們在定價上相較產業有一些優勢。但若拉長時間來看，我們認為我們的觀影人次與定價其實與產業相當一致，而這也反映在我們整體表現領先產業。你可以談各個單項，但我們整體是在領先，這大概也是我們希望在這裡做的結論。

Our next question is with Jim Goss with Barrington Research.

下一個問題來自 Barrington Research 的 Jim Goss。

I've got a couple. Adam, you've always been very emphatic that even though Wanda owns a majority interest in AMC as AMC is a -- manages itself as a U.S. company, if you do perceive there's an IPO of Odeon, would the management team at Odeon be able to make that same claim? Or do you expect a more, say, collaborative management process?

我有幾個問題。Adam，你一直非常強調，儘管萬達持有 AMC 的控股權益，但 AMC 作為一家——仍以美國公司方式自行管理。如果你們認為 Odeon 可能會 IPO，Odeon 的管理團隊也能做出同樣的說法嗎？還是你預期會有更——比如說——更協作式的管理流程？

Well, you're right that Wanda had let us manage the company from Kansas City. It's been a fabulous shareholder, I got to tell you. They are supportive of us as they possibly could be, and they leave us alone to run the company and deliver results. I don't know that our European management team is going to be able to say quite the same thing about how hands off we are. The -- we are trying to let Odeon manage Europe from its London headquarters, and we're not trying to, how do I describe it, get hyper involved in the detail because we don't want to paralyze -- from Kansas City, because we don't want to paralyze management action. I've always believed that the smartest way you can manage an organization is get decision-making as close to the cash register as possible. But it is true that we are -- so while we are delegating day-to-day decisions of Odeon to Odeon, it is also true that we are very involved and in very close contact with the senior leadership group at Odeon, especially from the senior officers here. I was in London last week. I'm going back next week. The -- but rather than getting mired in the detail of what's going on in Europe, what we've tried to do is impact through broad brush strategy change and resource allocation, what Odeon's all about. And I can't begin to tell you how excited we are with the theater renovations that are going on throughout the Odeon system and the new -- the -- we have -- I told you we got 1 done, and we have 2 more that are going to finish next week. But those 2 that have -- going to finish next week have been partially open during construction. And we were seeing revenues at those theaters stay stable even though half the theater was closed and half the auditoriums were closed, which makes us think that when we open the full theater and open all the auditoriums, we're going to see the same kind of revenue surges that we've already seen in East Kilbride. Similarly, our plans with Odeon Leicester Square are just stunning, a major transformation of the most important theater in the United Kingdom. The fact that we're going to have 25 Odeon theaters reclined by next year is important. And these are decisions that are -- that we're driving from here because, obviously, our company is very experienced with theater renovations and heretofore Odeon hadn't done any. It's also true that we're giving the Odeon team much more in the way of resource than they had under the prior ownership. Even though our European theaters are about 20% of our revenues across the system, more like 35% of our total CapEx investment in 2018 will be going to Europe. So we're putting our money where our mouth is. We believe there's great opportunity in Europe. We believe that we're getting it already, that we will get more as the theater renovations come onstream. And so I guess, a final answer to your question, Jim, we're not going to be quite as hands off with Odeon. Even after an IPO scenario, we're still going to own 2/3 or 3/4. We won't be as hands off with Odeon as Wanda has been with us, but we're still going to let decisions make -- decisions get made in Europe and not paralyze decision-making by centralizing it here in Kansas.

嗯，你說得沒錯，萬達一直讓我們在堪薩斯城管理公司。我得說，他們是一位非常棒的股東。他們對我們的支持可說是能做到的都做到了，而且他們讓我們專心經營公司、交出成果。我不確定我們的歐洲管理團隊能否同樣說我們有多麼放手。——我們正嘗試讓 Odeon 以其倫敦總部來管理歐洲，而我們不想——我該怎麼形容——過度介入細節，因為我們不希望從堪薩斯城把管理行動給癱瘓。我一直相信，管理組織最聰明的方法，就是讓決策盡可能貼近收銀台。但確實，我們——所以，雖然我們把 Odeon 的日常決策授權給 Odeon，但同時也確實與 Odeon 的高階領導團隊保持非常密切的聯繫，尤其是我們這裡的高階主管。我上週在倫敦，下週還會再去。——但與其陷入歐洲正在發生什麼的細節，我們嘗試透過較宏觀的策略調整與資源配置，來影響 Odeon 的方向。我無法形容我們對 Odeon 系統各地正在進行的影城翻新有多麼興奮，以及新的————我們——我告訴過你們，我們已完成 1 家，還有 2 家會在下週完工。但那 2 家在施工期間已部分開放。我們看到那些影城的營收保持穩定，即使有一半影城關閉、一半影廳關閉，這讓我們相信當我們全面開放整個影城、開放所有影廳時，我們將看到與我們在 East Kilbride 已經看到的同樣類型的營收躍升。同樣地，我們對 Odeon Leicester Square 的計畫也非常驚人，將對英國最重要的影城進行重大改造。到明年我們將有 25 家 Odeon 影城完成可躺式座椅改裝，這很重要。而這些決策——是我們從這裡推動的，因為顯然我們公司在影城翻新方面經驗非常豐富，而過去 Odeon 幾乎沒有做過。也確實，我們給 Odeon 團隊的資源遠多於前一任所有權之下。即使我們的歐洲影城約占整個系統營收的 20%，但 2018 年我們總資本支出投資中約 35% 會投向歐洲。所以我們是說到做到。我們相信歐洲有很大的機會。我們相信我們已經在取得成果，且隨著影城翻新陸續上線，我們會得到更多。所以我想，對你問題的最後回答是，對 Odeon 我們不會像萬達對我們那樣放手。即使在 IPO 的情境下，我們仍會持有 2/3 或 3/4。我們不會像萬達對我們那樣對 Odeon 放手，但我們仍會讓決策在歐洲做出，不會把決策集中在堪薩斯這裡而癱瘓決策。

Okay. And just one other area, premium pricing. IMAX has been pushing more in the direction of 2D versus 3D, thinking there's a greater preference of people seeing that. I'm wondering how -- what your view is on any shift away from 3D, which could, I guess, compromise some of the premium pricing you had and whether you've seen a significant difference in the blend of PLFs versus IMAX that you've been running within your chain.

好的。還有另一個領域：溢價定價。IMAX 一直更往 2D 而非 3D 的方向推進，認為大家更偏好看 2D。我想知道你們怎麼看待從 3D 轉移的任何趨勢——我想這可能會影響你們部分的溢價定價——以及你們是否看到在你們院線中，PLF 與 IMAX 的組合占比有顯著差異。

So let's do 3D first. Let's do 3D outside the world of IMAX, and then we'll do 3D inside the world of IMAX. The -- we have seen a small decline in 3D patronage in the non-IMAX circuit, and that is something that's very important to us because we get a $3 or $4 price premium for 3D compared to 2D in our regular auditoriums. We have a meeting later this week with 3D here in Leawood, Kansas at the highest levels, including CEO to COO and all of our support teams underneath, to see what ideas we can institute to make progress on building back 3D demand across our system. Within the world of IMAX per se, we only charge a $1 premium for IMAX 3D compared to IMAX 2D, and essentially, half of that -- slightly more than half of that goes to the studios and the other half of it goes to the cost of providing the glasses. So we don't make any extra money from 3D versus 2D within an IMAX auditorium, so we're actually quite indifferent as to whether the IMAX screens perform in 2D or 3D. As for -- but I want to come back to the overall 3D comment. It is more than 10% of our total ticket buying, and we -- just as we put the A team on the Carmike theaters, we're going to put the A team on 3D and see what we can't do to stimulate 3D patronage at AMC. With respect to the blend of the different PLFs, we could not be more excited with our 2 partnerships with IMAX and with Dolby Labs. We have more than 150 IMAX screens. We have more than 80 Dolby Cinema screens. We're the largest IMAX guy in the United States. We're the largest and only Dolby exhibitor in the United States. We're seeing about, on average, about a 70% price premium in our IMAX and Dolby auditoriums compared to our non-PLF auditoriums. IMAX and Dolby are both performing very well, similar -- quite similar to each other, actually, within whiskers of each other and it kind of goes -- it's kind of a horse race that goes down to the wire. It's neck and neck, and it changes month to month to see who's outpacing the other by 1%. But they're both huge, 70% price premium compared to what we see regularly. We also have launched our first private AMC PLFs, what we called, essentially, more of a mid-tier PLF, won't command the same kind of price premium that Dolby Cinema or IMAX command. On the other hand, the investment cost to upgrade the auditoriums to put those in is much less as well, and we get to keep 100% of the revenue rather than sharing any of it with a third-party partner. So we think our PRIME at AMC auditoriums are also a big opportunity for us.

那我們先談 3D。先談 IMAX 以外世界的 3D，接著再談 IMAX 世界裡的 3D。——我們已經看到在非 IMAX 影廳體系中，3D 觀影人次出現小幅下滑；這對我們非常重要，因為在一般影廳裡，3D 相較 2D 我們可以取得 3 到 4 美元的票價溢價。本週稍晚，我們會在堪薩斯州 Leawood 與 3D 方面在最高層級（從 CEO 到 COO，以及底下所有支援團隊）開會，看看有哪些想法可以推動，讓我們在整個系統中重建 3D 需求。就 IMAX 本身而言，IMAX 3D 相較 IMAX 2D 我們只收 1 美元溢價，而其中一半——略多於一半——會給片商，另一半則用於提供眼鏡的成本。因此，在 IMAX 影廳內，3D 相較 2D 我們並不會多賺錢，所以對於 IMAX 螢幕是以 2D 或 3D 表現，我們其實相當無所謂。至於——但我想回到整體 3D 的評論：3D 佔我們總購票量超過 10%，而且——就像我們把 A 隊派去 Carmike 影城一樣，我們也會把 A 隊投入 3D，看看我們能做些什麼來刺激 AMC 的 3D 觀影人次。關於不同 PLF 的組合，我們對與 IMAX 以及 Dolby Labs 的兩項合作感到無比興奮。我們有超過 150 個 IMAX 銀幕；有超過 80 個 Dolby Cinema 銀幕。我們是美國最大的 IMAX 業者；我們也是美國最大且唯一的 Dolby 放映業者。我們看到 IMAX 與 Dolby 影廳相較非 PLF 影廳，平均約有 70% 的票價溢價。IMAX 與 Dolby 的表現都非常好，而且——其實彼此非常接近，幾乎不相上下；有點像一路纏鬥到終點的賽馬，勢均力敵，而且每個月都會變動，看誰以 1% 的差距領先對方。但兩者都很強，與我們一般影廳相比都有 70% 的票價溢價。我們也推出了第一批自有的 AMC PLF，我們稱之為較偏中階的 PLF，票價溢價不會像 Dolby Cinema 或 IMAX 那麼高。另一方面，為了導入這些而升級影廳的投資成本也低得多，而且我們可以保留 100% 的收入，而不是與第三方合作夥伴分成。因此，我們認為 PRIME at AMC 影廳對我們也是一個很大的機會。

Our next question is with Mike Hickey with The Benchmark Company.

下一題是 The Benchmark Company 的 Mike Hickey。

Just 2, I guess. Curious, Europe, what you're seeing in Europe in terms of the competitive response to your [recliner] initiatives. And then secondly, obviously, this could be a delicate topic, but as we sort of model out Q4, [obviously], Thor was good. We're still sort of down double-digit domestic. Justice League looks like it's shaping up well. But in terms of Star Wars, how should we think about modeling that? Should we think about 2 years ago? Or do you have any evidence in terms of pre-ticket sales that this year is some -- can compete with that level?

我想問兩個問題。第一個是歐洲：就你們的 [recliner]（躺椅座）計畫而言，你們在歐洲看到競爭對手有什麼反應？第二個，這顯然是個比較敏感的話題，但當我們在建模第四季時，[obviously]，《雷神索爾》表現不錯，但美國本土仍是雙位數下滑。《正義聯盟》看起來也在成形。但就《星際大戰》而言，我們建模時應該怎麼看？應該以兩年前作為參考嗎？或者你們是否有任何預售票的證據顯示，今年可以——能夠競爭到那個水準？

So in Europe, we either see no competitive response or are in a very few theaters, very few, handful. People are putting in a row of recliner seats or 2 rows of recliner seats and calling it a day. That's a very different look to the consumer compared to what we're doing to enhance the overall feel and appeal of our theaters. We do think we're going to pick up considerable first-mover advantage in Europe and that, that first-mover advantage will be sustained for a significant period of time. With respect to Q4, everything you said is accurate. I think we're going to let it play out before starting to handicap each title, title by title. I don't think any of us would have called $325 million for IT in September for example. We do think Star Wars is going to be huge. We think it's going to be the biggest movie of the year. Whether it gets all the way to the level of Chapter VII - The Force Awakens or not, I don't know that anybody is calling for that, but we do -- we know it's going to be a very big movie, so probably under The Force Awakens and more than anything else you've seen this year. And with those numbers, I'm not talking about the 2017 calendar gross. I'm talking about the full run of the movie as it extends into January and beyond. But one more Star Wars comment though. AMC leaned into Star Wars: The Force Awakens 2 years back. We had theaters that were running 24 hours a day, 4 and 5 days in a row. We're going to lean into The Last Jedi every bit as aggressively as we did 2 years back with Star Wars. We're going to have a lot of show times. We do -- we believe that maybe for the second half of December, you can rename our company. It won't be AMC Entertainment. It'll be called Star Wars: The Last Jedi Entertainment. We'll be leaning into it in a big way, and we're expecting success.

在歐洲，我們要嘛看不到競爭回應，要嘛只在極少數影城、非常少、少數幾家看到。有人只是裝了一排躺椅座或兩排躺椅座就算完成。這在消費者眼中，跟我們為了提升影城整體感受與吸引力所做的事情，是非常不同的。我們確實認為我們會在歐洲取得相當可觀的先行者優勢，而且這個先行者優勢會在相當長一段時間內持續。至於第四季，你說的都正確。我想我們會讓它自然發展，而不是現在就開始逐片去預判、逐片去押注。舉例來說，我想我們任何人都不會在 9 月就預測《牠》能有 3.25 億美元的票房。我們認為《星際大戰》會非常巨大。我們認為它會是今年最大的電影。至於是否能達到《第七部：原力覺醒》的水準，我不確定是否有人會這麼預測，但我們——我們知道它會是一部非常大的電影，所以大概會低於《原力覺醒》，但高於你今年看到的任何其他電影。而我說的數字，不是指 2017 年曆年的票房總額；我是指這部電影完整放映週期的總表現，因為它會延伸到 1 月甚至更久。不過再補充一點：兩年前《星際大戰：原力覺醒》時，AMC 是全力投入。我們有些影城連續 4、5 天 24 小時營運。我們這次對《最後的絕地武士》的投入，會跟兩年前一樣積極。我們會安排大量場次。我們——我們相信也許在 12 月下半月，你可以把我們公司改名；不會叫 AMC Entertainment，而會叫《星際大戰：最後的絕地武士》娛樂公司。我們會大力投入，並且期待成功。

Our next question is with Jonathan Jenson with Imperial Capital.

下一題是 Imperial Capital 的 Jonathan Jenson。

Just firstly as it relates to the updated guidance, can you help us bridge the implied EBITDA in Q4 based on your updated guidance? Is it a function of pricing or cost? Could you just help us there?

首先，關於更新後的財測指引，你能否協助我們把更新指引所隱含的第四季 EBITDA 串接起來？這是定價的因素還是成本的因素？能否幫我們釐清一下？

We lowered the guidance on both. I mean, our -- there is some pricing, and there's some cost associated with it with the new guidance. I guess I'm not...

我們兩者都下調了指引。我的意思是——新的指引裡，確實有一些定價因素，也有一些成本因素。我想我不是……

Well, there's just -- there -- I mean, look, there are so many variables going on in fourth quarter activity. One of which is that the film rent splits on a movie like Star Wars are going to be more favorable to studios than on the kinds of titles that we're playing in the third quarter. So our highest grossing film in Q4 is going to probably give us -- not probably, will give us more residual money than we've had for any other film in Q3, but the percentage of revenues will be lower than what it was for any movie in Q3. Prices are going up in a lot of theaters. In other places, we're hyper promotional. We had $5 Tuesdays in the fourth quarter on -- which is typically a very low demand period in the month of October and November. So there's just so much going on. You know what our EBITDA is 2 or 3 quarters. And you know what the guidance range is, high to low, for Q4, and you can take it from there as you model.

嗯——只是——我的意思是，你看，第四季的活動有太多變數。其中之一是，像《星際大戰》這種電影的片租分成，會比我們第三季放映的那些片種更有利於片商。所以第四季票房最高的電影，可能會——不是可能，會——帶給我們比第三季任何一部電影都更多的絕對金額（殘餘）收入，但收入占比會低於第三季任何一部電影。很多影城的票價都在上調；在其他地方，我們則是高度促銷。我們在第四季推出了 5 美元星期二——而 10 月與 11 月通常是每月需求很低的時段。所以事情很多。你知道我們前 2 或 3 個季度的 EBITDA，也知道第四季指引區間的高低端，你可以在建模時從那裡推算。

Right. The implied EBITDA would be around $300 million. I'm just trying to see if it's more attendance or if it's mainly a function of pricing. But yes, that's pretty helpful. And then just my last question as it relates to liquidity. Can you just let us know the RC amount that's outstanding and available?

了解。隱含的 EBITDA 大約會在 3 億美元左右。我只是想確認是更多來自人次，還是主要是定價因素。不過是的，這很有幫助。然後最後一題，關於流動性：你能否告訴我們 RC 目前已動用與可用的金額？

Revolving credit line.

循環信用額度（Revolving credit line）。

Yes. There was about $60 million at the end of the quarter outstanding.

是的。季度末大約有 6,000 萬美元已動用。

And then...

然後……

And largely because we had some LIBOR contracts we didn't want to break.

而且主要是因為我們有一些不想提前終止的 LIBOR 合約。

And the size of the revolving credit line is?

那循環信用額度的規模是？

It's $225 million.

是 2.25 億美元。

So we have a tremendous amount of liquidity available to us.

所以我們有非常充裕的可用流動性。

Our next question is with Ryan Sundby with William Blair.

下一題是 William Blair 的 Ryan Sundby。

Adam, I know you just -- you touched on AMC Prime. Just curious to see -- also, at the same time, Feature Fare, how that rollout's gone. And then with both, are you kind of happy with the performance so far today? And I guess, any expectations that's performing better or worse? That'd be great.

Adam，我知道你剛剛——你提到了 AMC Prime。我也想了解——同時還有 Feature Fare——那個推廣/導入的進展如何。然後這兩者目前為止的表現，你們是否滿意？以及我想問，有沒有哪一個表現比預期更好或更差？那就太好了。

So Feature Fare, we're like thrilled, thrilled beyond thrilled beyond thrilled. We rolled it out in 300 of our 400 AMC brand theaters. And you will note that we reported F&B revenue per patron in the third quarter, up 8.7% to a level above $5 of spend per patron. That is higher than, if you look at -- not necessarily looking at 15 theaters or all restaurant Dine-In Theatres, but if you look against our major competition, we got the highest food and beverage spend per patron of any of the majors. And one of the reasons for that, of both the high level and the significant growth, is because Feature Fare has been a hit at our theaters. And I must say, I've eaten our Feature Fare in many states, and it's much improved, much more imaginative, much more fulfilling. So good for us. More bars, more freestyle, better food, that's a big part of the strategy of making AMC more appealing to consumers.

所以關於 Feature Fare，我們真的非常、非常興奮，興奮到無以復加。我們已在 400 家 AMC 品牌影城中的 300 家推出。你們也會注意到，我們在第三季公布的每位觀影人次（per patron）餐飲（F&B）營收成長 8.7%，每位觀影人次的消費水準提升到超過 5 美元。這個數字更高——如果你拿來對照——不一定是拿 15 家影城或所有餐廳式的 Dine-In 影城來比，而是與我們主要競爭對手相比，我們在大型業者中擁有最高的每位觀影人次餐飲消費。造成這個高水準與顯著成長的原因之一，就是 Feature Fare 在我們影城大受歡迎。我必須說，我在很多州都吃過我們的 Feature Fare，品質提升很多、更有創意、也更有飽足感。這對我們是好事。更多酒吧、更多自助飲料機（freestyle）、更好的食物，這是讓 AMC 對消費者更具吸引力策略中的重要一環。

Yes. No, great to see it kind of show up in the numbers there. And then with merchandising, that seems like a pretty logical step to make. Can you just talk about maybe how that came up? Is that something your consumers are asking for? And then, I guess, from a margin standpoint, does that look something more like food and beverage? Or is there some kind of a licensing component there that may take margins down?

是的。沒錯，很高興看到它確實反映在數字上。接著談到周邊商品（merchandising），這看起來是相當合乎邏輯的一步。你能談談這個想法是怎麼出現的嗎？這是消費者在要求的嗎？另外我想從毛利率的角度來看，這會比較像餐飲那樣嗎？還是其中有某種授權（licensing）成分，可能會把毛利率拉低？

So where did it come from? It came from having our eyes open and realizing that if you go into any sports stadium, there's one store after another that's selling jerseys and team gadgets. If you go to any concert tour, that's the same. If you look at the Harlem Globetrotters, they've always figured out a way to get every kid in the stadium to buy a basketball for the third quarter. This is not a new concept, and we know that the studios have a tremendous amount of licensing deals where they're selling merchandise in retail stores around the world. And yet, in a venue where you would think the enthusiasm would be highest, in a movie theater on your way out the door, we do nothing. And I must say, this is one of the areas where we've actually learned something from Wanda. On one of my trips to Beijing, I walked to one of their theaters and saw a store literally embedded, like a small little logo store. But think of all the restaurants who have been selling merchandise as you go out the door. Wanda is doing that in a lot of their theaters in China. And so I think some of our learning was best practices within our own sister network of theaters in Asia. And so we're going to try it in the states. The big debate was do we just roll it out to 400 theaters or do we test it first, and we thought it was prudent to test it first. But we're optimistic it will be successful, and therefore, we're expecting it to roll out much bigger beyond the initial test. Having said that, this is a low-margin business. Selling movie-related physical merchandise is -- does not have the profit margins of popcorn or soda or liquor. And so I don't think you should think this is going to be a huge change for us in other revenues, but we can pick up $0.20, $0.30, $0.40, $0.50 a head and -- from merchandise sales. When you multiply that against 0.25 billion visits over the course of a year, it adds up to real money.

那它從哪裡來？來自於我們睜大眼睛、意識到：你走進任何運動場館，會看到一家接一家店在賣球衣和球隊小物。你去任何演唱會巡演，也是同樣的情況。你看哈林籃球隊（Harlem Globetrotters），他們早就想出辦法讓場館裡每個孩子在第三節都買一顆籃球。這不是新概念，而且我們知道片商有大量授權交易，在全球各地的零售店販售周邊商品。然而在一個你會以為熱情最高的場域——電影散場走出影廳、走向出口的那一刻——我們卻什麼都沒做。我必須說，這是我們實際上從萬達（Wanda）學到的一個領域。我有一次去北京，走進他們的一家影城，看到一間店就「嵌」在裡面，像是一個小小的品牌商店。但想想看，有多少餐廳在你走出門時就會賣周邊商品。萬達在中國的很多影城都在做這件事。所以我認為，我們的一些學習來自於我們在亞洲的姊妹影城網路中的最佳實務。因此我們打算在美國嘗試。最大的爭論是：我們要直接推到 400 家影城，還是先測試？我們認為先測試比較審慎。但我們對成功抱持樂觀，因此預期在初期測試之後會更大規模地推廣。話雖如此，這是一個低毛利的生意。販售電影相關的實體周邊商品——其利潤率不如爆米花、汽水或酒類。所以我不認為你們應該把它視為會讓我們其他營收出現巨大變化，但我們可以透過周邊商品銷售，每人次增加 0.20、0.30、0.40、0.50 美元——當你把這乘上全年 2.5 億人次的到訪量，累積起來就是真金白銀。

We will now be taking our final question from David Hargreaves with Stifel.

我們現在將接聽最後一個問題，來自 Stifel 的 David Hargreaves。

I was just was looking at the bond covenants and trying to figure out where your restricted payment capacity is at the moment. It looks to me like your accumulated builder is probably something in the order of $880 million. There's an excluded amount of $327 million under the tighter set of covenants and then another carve out of $400 million. That would get us to about $1.6 billion. I'm wondering if that's more or less what you guys think the number is.

我剛剛在看債券契約（bond covenants），試著弄清楚你們目前的受限支付（restricted payment）額度大概是多少。在我看來，你們的累積建構額度（accumulated builder）可能大約是 8.8 億美元。在較嚴格的一套契約下有 3.27 億美元的排除額（excluded amount），然後還有另一個 4 億美元的 carve-out（豁免額）。這樣加總大概會到 16 億美元左右。我想知道這是否大致符合你們認為的數字。

About close to $2 billion.

大概接近 20 億美元。

$2 billion. And so now the last $30 million you guys bought was at $14.86. Given where the shares are now, we're just wondering if you're going to be more aggressive with share repurchases and if you have -- you mentioned that you have a lot of liquidity right now. I'm wondering if that means you could issue senior secured debt that you might use to fund equity purchases. Or perhaps you mentioned the IPO proceeds in Europe. I'm wondering what potential sources there might be for buying back more shares.

20 億美元。那麼你們最後買回的 3,000 萬美元是在 14.86 美元的價格。考量到目前股價的位置，我們想知道你們是否會更積極進行庫藏股（share repurchases），以及——你們提到目前有很多流動性（liquidity）。我想知道這是否意味著你們可能發行優先擔保債（senior secured debt）來資助股權回購。或者你們提到歐洲 IPO 的募資款。我想知道，用來回購更多股票的潛在資金來源可能有哪些。

.

。

Well, let me remind you that the -- all the talk about an IPO in Europe is second half '18 or first trimester of '19, so I don't -- and while that could be a source of capital for us to buy back shares, inherent in your question, I think, is will we move a lot faster than second half of '18. The -- so that would not be an option. We have no intention of borrowing money right now to buy back stock. One of the things that our investor base is very sensitive to is our leverage level. And by -- if you borrow to buy back shares, you're only going to increase the leverage level, which I'm not sure would be all that acceptable to a lot in our shareholder base. Having said that, we did announce a $100 million buyback over 8 quarters, and we got 30% of it done in 1 quarter. I'm not going to make any comment about the pace at which we will continue to buy back shares, but I will point out that we believe our stock is undervalued. The -- a major studio chieftain told me a month ago that our stock is a screaming bargain. I agree with him. I was buying. Our company's been buying. It's even more of a screaming bargain today than it was 2 weeks ago, so we will continue to implement our buyback program as announced.

好，我先提醒一下——所有關於歐洲 IPO 的討論是在 2018 年下半年或 2019 年第一個四個月（first trimester），所以我不——雖然那可能成為我們用來回購股票的資金來源，但我想你問題的核心是：我們是否會比 2018 年下半年快很多地行動。——所以那不會是一個選項。我們目前沒有打算借錢來回購股票。我們投資人基礎對我們的槓桿水準（leverage level）非常敏感。而如果你借錢回購股票，只會提高槓桿水準，我不確定這對我們許多股東而言是否能接受。話雖如此，我們確實宣布了 1 億美元、分 8 個季度執行的回購計畫，而我們在 1 個季度就完成了其中的 30%。我不會評論我們接下來回購的速度，但我要指出的是，我們認為我們的股票被低估了。——一位大型片商的高層一個月前告訴我，我們的股票便宜得驚人（a screaming bargain）。我同意他。我在買，我們公司也一直在買。今天它比兩週前更是便宜得驚人，所以我們將依照已宣布的方式，持續執行我們的回購計畫。

I really appreciate those comments. And the other thing was, in your prepared remarks, you talked about millennial spending, and I'm curious if you could elaborate a little bit on how they're spending relative to your other demographic categories, where they're focusing -- are they doing as much in the food and beverage category? And I'm just wondering if there's any peculiarities of what you're seeing there.

我非常感謝這些評論。另一件事是，在你們的準備稿中，你談到千禧世代（millennial）的消費，我想知道你能否再多說一點，他們相對於其他人口族群的消費情況如何、他們的重點在哪裡——他們在餐飲類別上的消費也一樣多嗎？我只是想知道你們觀察到是否有任何特別之處。

So I don't have, at the top of my fingertips, what millennial food and beverage buying is compared to other demographic groups. I can tell you that there has essentially been a war going on all year between the bulls and the bears about the movie theater industry. On -- the bulls point to 2.5 years of record performance and a big slate of movies coming in '18 and '19. The bear -- and the bulls point to the fact that when Hollywood makes movies for -- that appeal to millennials like IT, they show up in big numbers and are an active and vibrant part of our customer base. The bears look at these 4 bad months in 2018 -- sorry, 2017, May, July, August and October and are trying to predict that the future of interest in moviegoing is going to play off the May, July, August, October numbers. We believe the bears are wrong. It's our job to deliver financial results to prove them wrong, and that's what we are absolutely committed to doing.

所以我手邊沒有立即可用的數據，能說明千禧世代的餐飲購買相較於其他人口族群的情況。我可以告訴你的是，今年基本上多頭與空頭之間一直在就電影院產業展開一場「戰爭」。——多頭指出過去 2.5 年的創紀錄表現，以及 2018 與 2019 年將上映的一大批片單。空頭——而多頭也指出，當好萊塢製作出——能吸引千禧世代的電影，例如《牠》（IT），他們就會大量出現，並且是我們客戶基礎中活躍且充滿生命力的一部分。空頭則看著 2018 年的這 4 個不佳月份——抱歉，是 2017 年，5 月、7 月、8 月與 10 月——並試圖用 5 月、7 月、8 月、10 月的數字來預測未來對看電影的興趣走向。我們相信空頭是錯的。我們的工作就是交出財務成果來證明他們錯了，而這正是我們絕對承諾要做到的。

So I think, operator, you said that was our last question. We'd like to thank you all for joining us today. And 2017 will turn out to have been a tale of 2 cities. The first 4 months were strong. September was strong. November, December is going to be strong. May, July, August, October, were weak. But you take it all together, we think AMC is extremely well positioned to compete in this industry, to thrive and to prosper. Thank you one and all.

所以我想，接線員，你說那是我們最後一個問題。我們要感謝各位今天加入我們。2017 年將會是一個「雙城記」。前 4 個月很強，9 月很強，11 月、12 月也會很強；5 月、7 月、8 月、10 月則偏弱。但把所有月份綜合起來看，我們認為 AMC 在這個產業中具備極佳的競爭定位，能夠成長、茁壯並繁榮。謝謝大家。

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

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。