AMC 電影院 (AMC) 2018 Q4 法說會逐字稿

Greetings, and welcome to the AMC Entertainment Fourth Quarter 2018 Earnings Conference Call. (Operator Instructions) Please note, this conference is being recorded.

各位好，歡迎參加 AMC Entertainment 2018 年第四季財報電話會議。(接線員指示) 請注意，本次會議將被錄音。

I will now turn the conference over to your host, John Merriwether, Vice President, Investor Relations. Mr. Merriwether, you may begin.

現在我將把會議交給本次會議主持人——投資人關係副總裁 John Merriwether。Merriwether 先生，您可以開始了。

Good afternoon. Thank you, everyone. I'd like to welcome you to AMC's Fourth Quarter and Year-end 2018 Earnings Conference Call. With me this afternoon is Adam Aron, our Chief Executive Officer and President; and Craig Ramsey, Executive Vice President, Chief Financial Officer.

各位下午好。謝謝大家。歡迎各位參加 AMC 2018 年第四季及全年財報電話會議。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 these risks and uncertainties are discussed in our public filings, including our most recently filed 10-K and 10-Q.

在我把電話交給 Adam 之前，先提醒各位，本次電話會議中管理層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。其中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。

Several of the factors that will determine the company's future results are beyond the ability of the company to control or predict. In light of the uncertainties inherent in any forward-looking statements, listeners are cautioned to not place undue reliance on these statements. The company undertakes no obligation to revise or update any forward-looking statements whether as a result of new information or future events.

決定公司未來業績的若干因素超出公司可控制或可預測的範圍。鑑於任何前瞻性陳述所固有的不確定性，提醒聽眾勿對此等陳述過度依賴。公司不承擔因新資訊或未來事件而修訂或更新任何前瞻性陳述之義務。

On this call, we may reference measures such as adjusted EBITDA, adjusted [income] margin, adjusted free cash flow and constant currency, which are non-GAAP financial measures. For a full reconciliation of our non-GAAP measures to GAAP results, please see our earnings release and supplemental financial information issued earlier today. In conjunction with our earnings release, we encourage you to review the supplemental financial information for the 2018 fourth quarter and full year that we published this afternoon on the website.

在本次電話會議中，我們可能會提及經調整 EBITDA、經調整[收入]利潤率、經調整自由現金流以及固定匯率等指標，這些均為非 GAAP 財務衡量指標。如需將我們的非 GAAP 指標完整調節至 GAAP 結果，請參閱我們今日稍早發布的財報新聞稿與補充財務資訊。配合本次財報新聞稿，我們也鼓勵各位查閱我們今天下午在網站上發布的 2018 年第四季及全年補充財務資訊。

I would like to point out, there is an error in the table on the front page of the press release and the back page of the press release that was issued today. The adjusted free cash flow number for the fourth quarter of 2017 should be $211.5 million. The adjusted free cash flow number for the year ended December 31, 2017, should be $329.1 million. We are in the process of issuing a corrected press release and updated 8-K with the corrected numbers. After our prepared remarks, there will be a question-and-answer session. 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.

我想指出，今日發布之新聞稿首頁表格與新聞稿背頁表格中有一處錯誤。2017 年第四季的經調整自由現金流數字應為 2.115 億美元。截至 2017 年 12 月 31 日止年度的經調整自由現金流數字應為 3.291 億美元。我們正在發布更正後的新聞稿以及更新後、含更正數字的 8-K。在我們的準備發言結束後，將進行問答環節。今天下午的電話會議將被錄音，且稍後今日在 amctheatres.com 網站的投資人關係專區將提供網路重播。

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

接下來，我把電話交給 Adam。

Thank you, John. Good afternoon, everybody. I'm very glad you could join us for a review of AMC's fourth quarter and full year results and an update on several key items.

謝謝你，John。各位下午好。很高興各位能加入我們，一同回顧 AMC 第四季與全年業績，並更新幾項關鍵事項。

Before I dive into AMC's record full year results for 2018, let me spend a minute talking about the impressive health of the movie exhibition industry generally. Simply put, 2018, as many of you already know, was a fantastic year for films. Movie after movie shattered attendance and revenue records this year. Movies like Black Panther, Avengers: Infinity War, Incredibles 2 and Venom helped set industry box office records for the months of February, April, June and October. And the industry achieved the single highest domestic industry box office quarter ever in the second quarter of 2018.

在我深入說明 AMC 2018 年創紀錄的全年業績之前，先花一分鐘談談整體電影放映產業令人印象深刻的健康狀況。簡而言之，正如各位所知，2018 年是電影表現極為出色的一年。一部又一部電影在今年打破觀影人次與營收紀錄。《黑豹》、《復仇者聯盟：無限之戰》、《超人特攻隊 2》與《猛毒》等電影，協助產業在 2 月、4 月、6 月與 10 月創下票房月度紀錄。此外，2018 年第二季更創下美國國內影業史上單季最高票房紀錄。

As you all know by now, the domestic industry box office reached a new all-time record of almost $11.9 billion, which marked the fifth record year for the industry in the last 7 years. This was 6.9% higher than 2017 and 4.3% greater than the previous record of $11.4 billion set in 2016. The 2018 yearly result is a great demonstration of the continued health and strength of the movie business, the theatrical exhibition business and of AMC.

各位現在都已知道，美國國內影業票房達到接近 119 億美元的歷史新高，這也是該產業在過去 7 年中第 5 次創下年度新紀錄。此數字較 2017 年高出 6.9%，也較 2016 年創下的前一紀錄 114 億美元高出 4.3%。2018 年的年度成果充分展現電影產業、院線放映業務以及 AMC 持續的健康與強勁。

We think it should set to rest once and for all the fallacious argument that movie theaters cannot thrive in an era where ubiquitous content is available in multiple ways, including streaming. We think this is especially true and especially reinforced by the incredibly bright prospects for the domestic industry box office for 2019. As we enter this new year, we cannot be more bullish about our collective prospects for 2019.

我們認為，這應可一勞永逸地平息那種錯誤的論點：在內容無所不在、且可透過多種方式（包括串流）取得的時代，電影院無法蓬勃發展。我們認為這點尤其正確，並且從 2019 年美國國內影業票房極為亮眼的前景中得到進一步印證。在邁入新的一年之際，我們對 2019 年的整體前景再也不可能更為樂觀。

Turning to AMC. We are very pleased with AMC's full year performance in 2018. Company-wide, we achieved the highest single year attendance ever for global AMC, driven primarily by a 6.1% increase in attendance at our U.S. theaters. All told, a record 359 million people across the globe chose to see a movie in an AMC or Odeon Cinemas Group theater in 2018.

回到 AMC。我們對 AMC 2018 年的全年表現感到非常滿意。在全公司層面，我們達成全球 AMC 歷來最高的年度觀影人次，主要由美國影城觀影人次成長 6.1% 所帶動。總計而言，2018 年全球有創紀錄的 3.59 億人次選擇在 AMC 或 Odeon Cinemas Group 影城觀賞電影。

For the full year, we generated a record $5.5 billion in total revenue, which is up 7.5% from 2017, setting high watermarks across all our revenue categories. Admissions revenue grew 4.8% for the full year. Food and beverage revenue grew 8.0% for the full year. Other revenue grew 34.2% for the full year. Through operating leverage, this led to the highest adjusted EBITDA in AMC's 98-year history at $929.2 million, which is up $106.7 million or 13.0% from 2017. Adjusted EBITDA margins also expanded approximately 80 basis points to 17.0%.

就全年而言，我們創下 55 億美元的總營收新高，較 2017 年成長 7.5%，並在各項營收類別均創下新高水準。全年票務收入成長 4.8%。全年餐飲收入成長 8.0%。全年其他收入成長 34.2%。透過營運槓桿效益，我們的經調整 EBITDA 達到 AMC 98 年歷史新高的 9.292 億美元，較 2017 年增加 1.067 億美元或 13.0%。經調整 EBITDA 利潤率亦擴大約 80 個基點至 17.0%。

Our growth initiatives continue to see strong returns. Recliner renovations continue to exceed our 25% return thresholds with our recent renovations in Europe achieving 50-plus percent cash returns. Food and beverage investments drove higher spend across the board as food and beverage revenue per patron grew 4.3%.

我們的成長計畫持續帶來強勁回報。躺椅座位改裝持續超越我們 25% 的報酬率門檻，而我們近期在歐洲的改裝更達到 50% 以上的現金報酬率。餐飲投資帶動整體消費提升，每位觀眾的餐飲收入成長 4.3%。

Likewise, our technology investments are generating higher online engagement and higher online ticketing fees. We are currently routinely seeing some 45% of our tickets now being sold online in advance and nearly 70, 7-0, nearly 70% of those are being sold through AMC's proprietary mobile app and website. Stubs A-List, which we will spend more time discussing later in this call, continue to be very successful. We expect it will continue to drive incremental attendance and will be additive to adjusted EBITDA a full year ahead of the original schedule now beginning this year in 2019.

同樣地，我們的科技投資帶來更高的線上互動與更高的線上售票手續費。目前我們經常看到約 45% 的票券會在事前於線上售出，而其中將近 70，7-0，將近 70% 是透過 AMC 自有的行動 App 與網站售出。Stubs A-List（我們稍後會在本次電話會議中花更多時間討論）持續非常成功。我們預期它將持續帶動增量觀影人次，並且自 2019 年起，將比原先時程提前整整一年開始對經調整 EBITDA 產生正向貢獻。

Breaking down our results by geography. We have to be pleased with our 2018 performance in the United States. Total domestic revenue grew by 7.8% to $4.0 billion. In attendance, AMC outperformed the industry domestically, growing domestic attendance per screen by 6.9%, which was more than 340 basis points better than the industry, benefiting from our organic investments in our theaters as well as the successful launch of the AMC Stubs A-List program. Adjusted EBITDA grew domestically by some 14.8% to $700 million and saw margins expand by over 100 basis points.

按地理區域拆解我們的業績。我們對 2018 年在美國的表現必須感到滿意。美國國內總營收成長 7.8% 至 40 億美元。在觀影人次方面，AMC 在美國國內的表現優於產業平均，每銀幕的國內觀影人次成長 6.9%，比產業高出超過 340 個基點，受惠於我們對影城的內生成長投資，以及 AMC Stubs A-List 計畫的成功推出。美國國內經調整 EBITDA 成長約 14.8% 至 7 億美元，利潤率亦擴大超過 100 個基點。

Internationally, total revenue was up 6.8% to $1.4 billion, which admittedly benefited from the full year contribution of Nordic Cinema Group versus 9 months in 2017. On a pro forma basis, international revenue was approximately flat year-over-year. This compares favorably though to the industry box office in countries served by Odeon and Nordic theaters, which witnessed a 5.2% decline and a 1.6% increase, respectively, on a constant currency basis.

在國際市場方面，總營收成長6.8%至14億美元；坦白說，這受惠於Nordic Cinema Group相較於2017年僅貢獻9個月、在本年度貢獻了完整一年的營收。以備考（pro forma）基礎計算，國際營收與去年同期相比約略持平。不過，與Odeon與Nordic影城所服務國家的產業票房相比，這樣的表現仍相對亮眼；在固定匯率基礎下，前者票房下滑5.2%，後者則成長1.6%。

The softer industry box office across Europe was affected by relatively weaker performance of Hollywood titles, inconsistent performance of local films as well as competing viewing attention in the summer from the every 4-year FIFA World Cup.

歐洲整體產業票房較疲弱，主要受到好萊塢片單表現相對偏弱、在地電影表現不穩定，以及每4年一度的FIFA世界盃在夏季分散觀影注意力等因素影響。

Adjusted EBITDA internationally was up 7.6% to $229 million on a reported basis and slightly down 3.2% pro forma for the Nordic acquisition. This drop on a pro forma basis was due primarily to inflationary increases in operating expenses against flat revenues.

國際調整後EBITDA按報表口徑成長7.6%至2.29億美元；若就Nordic併購以備考基礎計算，則小幅下滑3.2%。備考基礎下的下滑，主要是因營收持平之際，營運費用因通膨而上升所致。

Taking a look below the operating line. 2018 net earnings grew to $110 million and benefited from approximately $111.4 million related to the noncash mark-to-market adjustments of the derivative assets and liabilities associated with our convertible notes. In general, the impact of these adjustments moves inversely with our stock price.

接著看一下營業利益線以下的項目。2018年淨利成長至1.10億美元，並受惠於約1.114億美元，該金額與我們可轉換公司債相關之衍生性資產與負債的非現金按市價評價（mark-to-market）調整有關。一般而言，這些調整的影響與我們股價走勢呈反向變動。

As I mentioned last quarter on this comparable call, the change in value of the derivative assets and liabilities from quarter-to-quarter are noncash and are purely an accounting figure that we mark-to-market at the end of each quarter. Accordingly, we believe that you should look past these quarterly fluctuations whether they be negative, or as in the fourth quarter of 2018, quite positive.

如同我在上季這場可比電話會議中提到的，這些衍生性資產與負債的價值在各季之間的變動屬於非現金項目，純粹是會計數字，我們在每季季末按市價評價。因此，我們認為你們應該忽略這些季度波動，不論是負面，或如2018年第四季那樣相當正面。

And speaking of fluctuations, whether it's the year we just completed, the last 10 years or really since the beginning of movie exhibition, we have seen and will always see short-term quarter-to-quarter volatility in our results due primarily to the timing of releases of individual movie titles in the movie slate as well as how each such movie resonates with our guests. That's why we tend to focus much more on full year performance as we manage the business. We would encourage you to do so as well.

談到波動，不論是我們剛結束的這一年、過去10年，甚至自電影放映產業開始以來，我們一直都看到、也永遠會看到短期的逐季波動；主要原因在於片單中各部電影上映時點的安排，以及每部電影與觀眾產生共鳴的程度。這也是為什麼我們在經營管理時更傾向聚焦全年表現。我們也鼓勵各位同樣如此。

Overall, 2018 full year was an excellent year for AMC. We reached new heights, both financially and operationally. Looking forward, we are very excited about the films being released in 2019. It's too early to note for certain, but we think 2019 has the potential to be the first year in history ever to break the $12 billion mark in domestic box office. Similar to 2018, based on the timing of the movie slate, we expect to see a ramp-up in box office results that get stronger and better as each quarter goes by. There will be many, and I mean many great franchises throughout the year, maybe starting with Captain Marvel in March, that offer significant consumer appeal.

整體而言，2018年對AMC是非常出色的一年。我們在財務與營運兩方面都達到新高。展望未來，我們對2019年即將上映的電影感到非常興奮。現在下定論仍言之過早，但我們認為2019年有機會成為史上第一個美國本土票房突破120億美元的年度。與2018年相似，基於片單時程安排，我們預期票房表現將逐季走強、逐季改善。全年將有許多——我指的是非常多——優秀的系列作品，或許從3月的《驚奇隊長》開始，對消費者具有顯著吸引力。

While tentpoles generate lots of headlines, the depth and breadth of the movies outside the top 20 will also play a very important role in 2019 as it did in 2018. Looking ahead, we have counted more than 30 different films, which could resonate with consumers in a big way in 2019. Importantly, the 2019 movie slate also includes a larger number of family-friendly films than we've seen in the past couple of years. This film genre is expected to be very well received in our smaller theaters and in our nonurban domestic markets as well as in Europe.

雖然大片（tentpoles）會帶來大量媒體焦點，但在2019年，如同2018年一樣，前20名以外電影的深度與廣度也將扮演非常重要的角色。往前看，我們盤點出2019年可能在消費者間引發強烈共鳴的電影超過30部。重要的是，2019年的片單也包含比過去兩年更多的闔家觀賞電影。預期這類型電影在我們較小型的影城、在美國本土非都會市場，以及在歐洲，都會非常受歡迎。

No matter your taste in movies, there will be something for everyone in 2019. And AMC stands ready to be the theater of choice with the highest number of comfortable seats, the biggest concentration of premium large-format experiences, continued improvements to our food menus and the widest variety of beverage options, both hard and soft, along with the convenience of food and beverage Delivery to Seat in more markets than ever before.

不論你喜歡哪種電影，2019年都會有適合每個人的作品。而AMC也已準備就緒，成為首選影城：擁有最多舒適座椅、最密集的高端大型格式（premium large-format）體驗，持續改善我們的餐飲菜單，並提供最廣泛的飲品選擇（含酒精與非酒精），同時在比以往更多的市場提供「送餐到座」（Delivery to Seat）的便利服務。

Another major proconsumer step is also being taken by AMC this year. We are spreading reserved seating, much welcomed by consumers to every single one of our AMC branded and our AMC DINE-IN branded theaters by June of this year.

AMC今年也將採取另一項重大的親消費者措施。我們將在今年6月前，把深受消費者歡迎的劃位入座（reserved seating）推廣到所有AMC品牌與AMC DINE-IN品牌的每一家影城。

That's a quick synopsis of the results. Let me shift gears and update you in 4 topics that are important to us and, therefore, by extension, important to our shareholders. They are: A-List, theater renovation returns, our capital expenditure program, and a new metric, adjusted free cash flow.

以上是對業績的快速摘要。接下來我想轉換一下，針對4個對我們很重要、因此延伸而言也對股東很重要的主題向各位更新。分別是：A-List、影城翻新投資報酬、我們的資本支出計畫，以及一個新的衡量指標——調整後自由現金流。

First, for what many of you may be the elephant in the room, A-List. I am extraordinarily pleased to inform you today that A-List is quite a handsome elephant, quite a well-dressed elephant and quite a well-mannered elephant. We realize that many of you want to learn more as to the visibility we have into A-List. While you get more insight into A-List only on these quarterly updates, fortunately, we get and carefully analyze in exhaustive detail A-List results literally on a daily basis.

首先，對許多人而言可能是房間裡的大象：A-List。我非常高興今天向各位報告，A-List是一頭相當體面的大象、一頭穿著得體的大象，也是一頭很有禮貌的大象。我們了解，許多人想更進一步知道我們對A-List的可視性（visibility）到什麼程度。雖然你們只能在這些季度更新中獲得更多A-List洞見，但幸運的是，我們幾乎每天都會取得並以極其詳盡的方式仔細分析A-List的結果。

And what we've been seeing is particularly encouraging. Just 8 months and 2 days ago, we launched AMC Stubs A-List, the monthly prepaid subscription tier of our already successful AMC Stubs loyalty program. The guest reaction to both Stubs and A-List has been nothing short of terrific. Stubs is now up to 18.6 million member households, representing about 40 million Americans. About 45% of our entire U.S. clientele is now participating in Stubs, tracking their purchases with us and playing for our points.

而我們所看到的情況尤其令人振奮。就在8個月又2天前，我們推出AMC Stubs A-List——這是我們已相當成功的AMC Stubs會員忠誠計畫中的「每月預付訂閱」等級。觀眾對Stubs與A-List的反應可說是非常出色。Stubs會員家庭數已達1,860萬戶，約代表4,000萬名美國人。我們在美國的整體客群中，約45%目前都在參與Stubs，透過我們追蹤其消費並累積點數。

Accordingly, we now have a rich, large and valuable consumer database and AMC on a transformational basis has become quite the digital marketer. In 2019, I expect that we will send out more than 1.5 billion e-mails and texts, touting the appeal of the impressive 2019 movie slate to our Stubs members.

因此，我們現在擁有一個豐富、龐大且極具價值的消費者資料庫；AMC也在轉型的基礎上，成為相當出色的數位行銷者。在2019年，我預期我們將發送超過15億封電子郵件與簡訊，向Stubs會員宣傳令人印象深刻的2019年片單魅力。

As for A-List, we announced yesterday that A-List continues to grow in size now with more than 700,000 moviegoers. The exact number as of the start of this call, 704,560 to be exact, have signed up to enjoy more movies at their favorite AMC Theaters. And that 704,000-member count is net of the de minimis churn of members falling out of the program. As you already know, we achieved our 12-month goal of 500,000 members in just 4.5 months post launch.

至於A-List，我們昨天宣布A-List持續成長，目前已有超過70萬名觀影者。截至本次電話會議開始時的確切數字為704,560人，已報名在他們最喜愛的AMC影城享受更多電影。而這70.4萬名會員數是扣除極小（de minimis）的流失（churn）後的淨數。如各位所知，我們在推出後僅4.5個月就達成原先12個月目標的50萬名會員。

On last earnings call, I spent a fair amount of time talking about how the program works and why we're so excited by its prospects for success. This quarter, I want to provide you with a more exact update on the program's unit economics based on actual results. As a preview, they are very attractive, and we are considerably outperforming our original model.

在上次財報電話會議中，我花了不少時間說明這個方案如何運作，以及我們為何對其成功前景感到如此興奮。本季我想根據實際結果，就該方案的單位經濟（unit economics）提供更精確的更新。先讓各位預告一下：這些數據非常吸引人，我們的表現也明顯優於原先模型。

There is much more that we are constantly analyzing with A-List. But at its most basic level, there are 4 simple A-List metrics to understand: one, the monthly price that we charge; two, the frequency of attendance by A-List members and the incrementality of that attendance versus its cannibalization; three, the take-along factor of A-List members bringing along family and friends at full ticket prices; and four, the food and beverage spend at our theaters per subscriber.

關於A-List，我們持續分析的內容還有很多。但在最基本的層面，有4個簡單的A-List指標需要理解：第一，我們收取的月費價格；第二，A-List會員的到場頻率，以及該到場的增量效果相對於其自我侵蝕（cannibalization）的程度；第三，A-List會員以全票價帶同家人與朋友同行的帶動係數（take-along factor）；第四，每位訂閱者在我們影城的餐飲消費金額。

On the first variable. We launched the program at more than double the price charged by our competitors. And given robust demand wildly ahead of our original expectations, we took the opportunity to raise price by a weighted average of about 13% on January 16. That price increase is effective now for new members and will roll out across the entire A-List membership as each member hits the 1-year anniversary of his or her enrollment.

關於第一個變數。我們推出該方案時的定價，超過競爭對手收費的兩倍。鑑於需求強勁、遠超我們原先的預期，我們把握機會於 1 月 16 日將價格按加權平均上調約 13%。此一漲價目前已對新會員生效，並將在每位會員達到其入會滿 1 週年時，逐步適用於整個 A-List 會員群。

As to frequency of movie watching, so far, here is what we've learned. It starts out high in the first week or 2 of membership, settles down almost immediately to an average of about 3.3 visits per month in the first full calendar month of enrollment and quickly falls below 3 visits by the third month of enrollment. This is how we always expected it would be, as people settle in to ongoing membership. In January and February of 2019, average frequency for the entire membership was already down to 2.8 visits per month.

至於觀影頻率，到目前為止，我們的觀察如下。入會後的前 1 到 2 週頻率偏高，隨後幾乎立刻回落，在入會後第一個完整曆月平均約每月 3.3 次，並在入會第 3 個月迅速降至每月 3 次以下。這正是我們一向預期的情況，因為人們會逐步適應長期會員狀態。在 2019 年 1 月與 2 月，整體會員的平均頻率已降至每月 2.8 次。

Of crucial importance in all this frequency data, our reviews suggest that the incrementality of this moviegoing is huge. Prior to joining A-List, A-List members on average were seeing only about a half a dozen or so movies per year. They are now coming to our theaters with much greater frequency. And they're bringing friends with them at full price and buying high-margin food and drink. We finally appear to have cracked the code in generating increases in U.S. theater attendance, reversing a 2-decade long trend.

在所有這些頻率數據中，至關重要的是，我們的調查顯示，這些觀影行為的增量效應非常巨大。在加入 A-List 之前，A-List 會員平均每年只看大約半打左右的電影。如今他們來我們戲院的頻率高得多。而且他們會帶朋友一起來，以全票價購票，並購買高毛利的餐飲。我們似乎終於破解了提升美國戲院入場人次的密碼，扭轉了長達 20 年的趨勢。

On the third variable, A-List members are not coming alone. We are also outperforming on the bring-along metric. And I reiterate that this is at full price, with members approximately doubling their bring-along revenue as compared to before they signed up for A-List. This greatly adds to the profitability of the program.

關於第三個變數，A-List 會員並非獨自前來。我們在「帶同行者」指標上也表現優於預期。我再次強調，這些都是以全票價計算；與加入 A-List 之前相比，會員帶同行者所帶來的營收約增加一倍。這大幅提升了該方案的獲利能力。

And on the fourth variable, food and beverage spend per subscriber has grown nicely. So far, the average A-List member appears to increase their monthly food and beverage spend at AMC by approximately 2.5x versus before they signed up for A-List. This is particularly important as food and beverage revenue benefits us from its high gross margin of approximately 86%.

至於第四個變數，每位訂閱者的餐飲消費也有不錯的成長。到目前為止，平均 A-List 會員在 AMC 的每月餐飲消費，較加入 A-List 之前約提升至 2.5 倍。這點尤其重要，因為餐飲收入的毛利率約為 86%，對我們非常有利。

Put all of this together, we can say categorically that we are now capturing increased share of wallet from people who sign up for A-List. We're already seeing that Stubs A-List members are adjusted EBITDA neutral to slightly positive for January and February of 2019 as contrasted with us not having launched the program at all. Just 8 months after launch, EBITDA neutral to slightly positive.

綜合以上各點，我們可以明確地說，我們正從加入 A-List 的消費者身上取得更高的錢包份額。我們已看到，與完全未推出該方案相比，2019 年 1 月與 2 月 Stubs A-List 會員對調整後 EBITDA 的影響為持平至略為正向。也就是說，推出僅 8 個月後，EBITDA 便達到持平至略為正向。

Based on current activity, we could significantly outperform our original estimates that an illustrative 1 million subscribers at steady state would generate approximately $15 million to $25 million in incremental adjusted annual EBITDA for AMC. I would not be surprised if by the end of 2019, we are seeing incremental annual adjusted EBITDA of more than $3 per A-List member per month.

根據目前的活動情況，我們可能大幅優於原先的估算：在穩態下，假設有 100 萬名訂閱者，將可為 AMC 帶來約 1,500 萬至 2,500 萬美元的增量年度調整後 EBITDA。我不會意外的是，到 2019 年底，我們看到的增量年度調整後 EBITDA 可能超過每位 A-List 會員每月 3 美元。

At the time A-List launched in mid-2018, we told you that we expected A-List to result in a $10 million to $15 million adjusted EBITDA headwind in the back half of 2018 as we launch the program and subsidized early subscriber acquisition. Despite growing subscribers by about double the originally expected 300,000 to 350,000 by the end of 2018, the adjusted EBITDA impact in 2018 came in at the lower end of that range, coming in at $11.6 million.

A-List 於 2018 年年中推出時，我們曾告訴各位，預期 A-List 在 2018 年下半年會帶來 1,000 萬至 1,500 萬美元的調整後 EBITDA 逆風，因為我們啟動方案並補貼早期訂閱者的獲取成本。儘管截至 2018 年底訂閱者數約為原先預期 30 萬至 35 萬的兩倍成長，2018 年的調整後 EBITDA 影響仍落在該區間的低端，為 1,160 萬美元。

So much lower all because on a per person basis, all because of our stronger-than-expected subscriber unit economics. Likewise, we originally told you to expect 2019 to be a breakeven year for A-List and that A-List would not be accretive until 2020. We are now quite comfortable to expect the program to contribute adjusted EBITDA dollars in 2019, a full year ahead of schedule.

之所以低這麼多，完全是因為以每位會員計算，我們的訂閱者單位經濟效益強於預期。同樣地，我們原先也告訴各位，預期 2019 年 A-List 會是損益兩平的一年，且要到 2020 年才會具增益性（accretive）。我們現在相當有信心，預期該方案將在 2019 年貢獻調整後 EBITDA 金額，比原定時程整整提前一年。

Importantly, the A-List subscription program is valuable beyond pure EBITDA accretion. A-List shifts a meaningful portion of AMC's business to a recurring revenue subscription model, thereby increasing revenue visibility for us and reducing box office volatility. Additionally, the subscription service allows us to leverage technology to meaningfully enhance the end-to-end customer experience, reducing friction beginning with the booking process to advanced F&B selection through mobile preordering, all the way through post movie follow-up.

重要的是，A-List 訂閱方案的價值不僅止於單純的 EBITDA 增益。A-List 將 AMC 業務中相當一部分轉為具經常性收入的訂閱模式，從而提升我們的營收可視性並降低票房波動。此外，訂閱服務讓我們能運用科技大幅提升端到端的顧客體驗，從訂票流程開始降低摩擦，透過行動預訂進行進階餐飲選擇，一直到觀影後的後續互動。

And with the unique customer insights that we gain through the Stubs purchase history database, we are increasingly making this whole process of a consumer feeling attached to AMC more tailored to the individual customer on a custom basis. Done right and we are already far advanced in this area, we expect this will significantly improve long-term customer loyalty for AMC.

並且，透過我們從 Stubs 購買歷史資料庫取得的獨特顧客洞察，我們正日益以客製化方式，讓消費者對 AMC 的黏著感在整個流程中更貼近個別顧客需求。若執行得當——而我們在這方面已相當領先——我們預期這將顯著提升 AMC 的長期顧客忠誠度。

Topic two, continuing attractive returns on our theater renovations. On the domestic front, during 2018, including new-build theaters, we installed recliner seating at 58 U.S. theaters, 14 of them former Carmike theaters. This brings the total number of theaters in the U.S. that offer recliners, including our Dine-In Theatres and Dolby Cinema auditoriums, to 305 locations with about 2,900 screens or about 48% of our theaters and 36% of our screens.

第二個主題：我們的戲院翻新持續帶來具吸引力的報酬。在美國本土方面，2018 年期間（含新建戲院），我們在 58 家美國戲院安裝了躺椅座位，其中 14 家為前 Carmike 戲院。這使得美國境內提供躺椅座位的戲院總數（包含我們的 Dine-In Theatres 與 Dolby Cinema 影廳）達到 305 個據點、約 2,900 個銀幕，約占我們戲院的 48% 與銀幕的 36%。

But let's look at the AMC circuit, excluding the AMC Classic branded theaters, which by definition are low-visitation theaters, fewer than 1,000 guests per day and theaters that are not now and will not in the future be equipped with recliner seating. Excluding AMC Classic, recliners now account for approximately 75% of AMC and AMC DINE-IN theaters and 50% of AMC and AMC DINE-IN screens. Returns for these newly renovated theaters remain strong, and their run rate performance are resulting in ROIs in excess of our 25% hurdle targets.

但讓我們看看 AMC 院線（不含 AMC Classic 品牌戲院；按定義，這些是低到訪量戲院，每日來客少於 1,000 人，且目前沒有、未來也不會配置躺椅座位）。排除 AMC Classic 後，躺椅座位目前約占 AMC 與 AMC DINE-IN 戲院的 75%，並占 AMC 與 AMC DINE-IN 銀幕的 50%。這些新翻新戲院的報酬仍然強勁，其常態化表現所帶來的投資報酬率（ROI）超過我們 25% 的門檻目標。

Internationally, during 2018, we renovated 16 theaters and built 3 new theaters, all with power recliners across Europe, bringing the total number of renovated or newbuild theaters with recliner seating in the U.K., Spain, Italy and Germany to 24, totaling approximately 230 screens. Included in the class of 2018 is a stunning, gut to the studs renovation of our most iconic and most important theater in all of Europe, the legendary Odeon Leicester Square in London, which opened originally in 1938. Initial results of this newly reborn Odeon Luxe theater, as we're calling the recliner theaters in Europe, in the heart of London and for that matter, for all of the 2018 class of European renovated theaters are very promising.

在國際市場方面，2018 年我們翻新了 16 家戲院並新建 3 家戲院，遍及歐洲且全數配備電動躺椅，讓英國、西班牙、義大利與德國配備躺椅座位的翻新或新建戲院總數達到 24 家，合計約 230 個銀幕。2018 年這一批中，包含對我們在全歐洲最具代表性且最重要的戲院——倫敦傳奇的 Odeon Leicester Square（原於 1938 年開幕）——進行令人驚豔、徹底拆到結構的翻新。這家重獲新生的 Odeon Luxe 戲院（這是我們對歐洲躺椅戲院的稱呼）位於倫敦市中心，其初步成果，以及 2018 年歐洲翻新戲院整體的初步成果，都非常令人鼓舞。

As we've said before, recliner penetration is a great opportunity for us in Europe. There's tremendous potential to increase our European EBITDA, especially in the United Kingdom, which is a large part of our thesis for the Odeon acquisition. The early renovation returns have proven us out to be true. For example, the first 5 theaters that we renovated in Europe with recliners and that have already been open for a full year have achieved an average ROI of more than 50%, driven by an average attendance increase of 34%. The early results from our more recent renovations continue to support the same conclusion. Accordingly, we expect to renovate another 20 to 25 theaters in Europe in 2019.

如同我們先前所說，躺椅滲透率在歐洲對我們而言是極佳的機會。提升我們歐洲 EBITDA 具有巨大潛力，尤其是在英國；這也是我們收購 Odeon 投資論點的重要部分。早期的翻新報酬已證明我們的判斷正確。例如，我們在歐洲最早翻新並配置躺椅、且已營運滿一年的前 5 家戲院，平均 ROI 超過 50%，主要由平均入場人次增加 34% 所帶動。我們較近期翻新的早期成果也持續支持相同結論。因此，我們預期在 2019 年於歐洲再翻新 20 至 25 家戲院。

Speaking of which, our third important subject to review with you is our capital expenditures program as a whole. Net CapEx -- net cash CapEx for 2018 came in at $461 million, at the low end of our guidance of $450 million to $500 million. Only $129 million or less than 30% of that amount was related to maintaining our operations, so-called maintenance CapEx. The balance or approximately $332 million net of landlord contributions was invested into organic growth initiatives, both domestically and in Europe, which we believe generate strong ROI well in excess of our cost of capital and, therefore, are additive to shareholder value.

說到這一點，我們要與各位檢視的第三個重要主題，是我們整體的資本支出計畫。淨資本支出（Net CapEx）——2018 年的淨現金資本支出為 4.61 億美元，落在我們先前指引 4.5 億至 5 億美元區間的低端。其中僅 1.29 億美元（不到 30%）與維持營運相關，即所謂的維護性資本支出（maintenance CapEx）。其餘部分（約 3.32 億美元，已扣除房東出資）投入於美國本土與歐洲的內生成長計畫；我們相信這些投資可產生遠高於資本成本的強勁投資報酬率（ROI），因此能為股東價值帶來增益。

Having said that, 2018 was an important transitionary year for AMC. With 75% of our U.S. AMC and AMC DINE-IN theaters already having been reclined, we are now close to reaching saturation for recliner seating in our domestic circuit with the bulk of the remaining U.S. opportunities coming from the low-hanging fruit from amongst the acquired Carmike theaters. At the same time, our European circuit remains largely unrenovated, and as I just discussed, is yielding fantastic ROIs.

話雖如此，2018 年對 AMC 而言是重要的轉型年度。由於我們在美國的 AMC 與 AMC DINE-IN 影城已有 75% 完成躺椅化（reclined），我們在國內院線的躺椅座位配置已接近飽和；剩餘的大部分美國機會主要來自於所併購 Carmike 影城中的「低垂果實」。同時，我們的歐洲院線仍大多尚未翻新，而如我剛才所述，正帶來極佳的投資報酬率。

Due to these facts, beginning this past year in 2018, we began to step down our investments in the domestic circuit and ramp up our investments in the European circuit. You should expect to see this trend continue in 2019 and going forward as we begin to conclude our capital investment cycle domestically and shift focus towards Europe.

基於上述事實，自 2018 年起，我們開始降低對國內院線的投資，並加大對歐洲院線的投資力度。隨著我們逐步完成國內的資本投資週期並將重心轉向歐洲，您應可預期此趨勢將在 2019 年及往後持續。

Therefore, in terms of 2019 CapEx guidance, we now expect to invest approximately $450 million in net CapEx falling at the lowest end of the $450 million to $500 million range we previously provided. Included in that CapEx is an expected 33-theater renovations and newbuilds to complete -- to be completed in the U.S. and more than 30-theater renovation and newbuild theaters to be completed in Europe and the Middle East.

因此，就 2019 年資本支出指引而言，我們目前預期淨資本支出約為 4.5 億美元，落在先前提供的 4.5 億至 5 億美元區間的最低端。該資本支出包含預計完成的 33 家影城翻新與新建——將在美國完成，以及在歐洲與中東完成超過 30 家影城的翻新與新建。

For the first time, we want to provide you with CapEx guidance over a longer time period looking ahead because some of you may be overestimating our CapEx investment plans going forward. Over the next 3 to 5 years, we would expect to see CapEx step down to a more normalized level of approximately $250 million to $300 million. Combined with hopefully increasing EBITDA levels, this reduction in CapEx versus today's levels should allow us to use our excess cash for deleveraging, which is a very high priority for us now.

我們首次希望提供更長期間、向前看的資本支出指引，因為你們之中有些人可能高估了我們未來的資本支出投資計畫。在未來 3 至 5 年，我們預期資本支出將下調至較為正常化的水準，約 2.5 億至 3 億美元。若再配合 EBITDA 水準有望提升，與目前水準相比的資本支出下降，應可讓我們運用多餘現金進行去槓桿（deleverage），這也是我們目前的高度優先事項。

The fourth topic to discuss with you is free cash flow, adjusted free cash flow. In order to provide investors with increased clarity with respect to the company's discretionary cash generation and liquidity position, AMC is disclosing a new non-GAAP metric, adjusted free cash flow, beginning this quarter. It will similarly be announced in the quarters to come. The metric is calculated as cash flow from operations plus certain items such as M&A expenses, less maintenance CapEx, less landlord contributions, which is generally linked to growth CapEx.

第四個要與各位討論的主題是自由現金流——調整後自由現金流。為了讓投資人更清楚了解公司可自由支配的現金創造能力與流動性狀況，AMC 自本季起揭露一項新的非 GAAP 指標：調整後自由現金流（adjusted free cash flow）。未來各季也將同樣公布。該指標的計算方式為：營運活動現金流量加上特定項目（例如併購費用），再減去維護性資本支出，並減去房東出資（通常與成長性資本支出相關）。

This metric is how management thinks about the true cash generation potential of AMC before considering the effects of our investments in organic growth initiatives. We're certainly not planning to stop investing in growth given the substantial high ROI opportunities remain. Even so, with a crystal ball, we do expect that growth CapEx should moderate to a more normalized level, previously the $250 million to $300 million range, approximately over the next 3- to 5-year time period.

這項指標反映管理層在不考慮我們對內生成長計畫投資影響之前，如何看待 AMC 真正的現金創造潛力。鑑於仍存在大量高 ROI 機會，我們當然不打算停止成長投資。即便如此，若以「水晶球」來看，我們確實預期成長性資本支出將在未來約 3 至 5 年內趨於溫和，回到較正常化的水準——先前所述約 2.5 億至 3 億美元區間。

In 2018, AMC generated adjusted free cash flow of $298.2 million. It was lower than 2017 primarily due to a combination of M&A expense and an increase in interest expense. In considering interest expense, though, it is worth noting that as a result of our repurchase of $24.1 million Class B shares from Wanda in September, our dividend also has been reduced by $4.8 million per quarter, reduced by $19.2 million on an annualized basis. While our adjusted free cash flow measure is lowered by the incremental interest expense, it does not show the benefit from the reduction in cash lays out -- the reduction in cash outlays associated with the reduced dividend payments.

2018 年，AMC 產生的調整後自由現金流為 2.982 億美元。相較 2017 年較低，主要是因為併購費用與利息費用增加的綜合影響。不過，在考量利息費用時，值得注意的是：由於我們於 9 月向萬達回購 2,410 萬股 B 類股份，我們的股利也已每季減少 480 萬美元，按年化計算減少 1,920 萬美元。雖然我們的調整後自由現金流指標會因新增利息費用而降低，但該指標並未反映因股利支付減少而帶來的現金支出下降——亦即與股利降低相關的現金支出減少。

Fully burdening the adjusted free cash flow by growth CapEx of $459.8 million prior to associated landlord contributions of $127.6 million results in negative cash generation of $34.0 million in 2018 full year. It's important to note that this negative cash generation was intentional on our part as we chose to accelerate our CapEx investments to utilize the proceeds from the planned monetization of nonstrategic assets throughout 2018.

若將成長性資本支出 4.598 億美元（尚未扣除相關房東出資 1.276 億美元）全數納入調整後自由現金流的負擔，則 2018 全年將呈現負現金創造 3,400 萬美元。需要強調的是，這種負現金創造是我們刻意為之，因為我們選擇在 2018 年加速資本支出投資，以運用當年度透過規劃中的非策略性資產變現所取得的資金。

You'll recall that in '18, we actioned the mandated sale of NCM shares for $162 million, certain sale leaseback transactions for $50 million and the Screenvision merger, which resulted in $40 million of cash proceeds to AMC. The net-net result of all this activity was that our cash balance remained largely unchanged from the beginning of the year.

各位應記得在 2018 年，我們執行了依法要求出售 NCM 持股，取得 1.62 億美元；完成部分售後回租交易，取得 5,000 萬美元；以及完成 Screenvision 合併，為 AMC 帶來 4,000 萬美元現金收入。上述所有活動的綜合淨效果是：我們的現金餘額與年初相比大致維持不變。

Looking forward, we are committed to keep growing our free cash flow in 2019 and beyond, both our adjusted free cash flow and fully loaded cash flows for growth CapEx. As I mentioned a minute ago, as CapEx steps down towards more normalized levels over the next 3 to 5 years, we expect to increasingly utilize our excess cash flow to deleverage as well as continuing to return capital to our shareholders.

展望未來，我們承諾在 2019 年及之後持續提升自由現金流，包括調整後自由現金流，以及在納入成長性資本支出後的「全額負擔」現金流。如我剛才提到，隨著未來 3 至 5 年資本支出逐步下調至較正常化水準，我們預期將愈來愈多地運用多餘現金流進行去槓桿，同時也會持續向股東回饋資本。

Before I turn the call over for Q&A, I finally want to touch on 2 housekeeping issues. The first housekeeping matter pertains to an upcoming Analyst and Investor Day. AMC plans to host an Analyst and Investor Day sometime in March or April 2019 in New York City.

在我把電話交給問答之前，最後我想提兩項例行事項。第一項例行事項與即將舉辦的分析師與投資人日（Analyst and Investor Day）有關。AMC 計畫於 2019 年 3 月或 4 月間在紐約市舉辦分析師與投資人日。

The topics we will cover will include an update on our strategy and growth investment philosophy, a deep dive into our many growth opportunities, the likelihood of a more moderated, normalized CapEx spend in the years ahead and a discussion of our long-term financial target framework, including our long-term target leverage objectives. Details on logistics for the event will be provided at a later date. The event will be webcast. We encourage everyone to attend if you can and/or to review the materials that we publish on our Investor Relations website prior to the event.

我們將涵蓋的主題包括：策略與成長投資理念的最新進展、對眾多成長機會的深入解析、未來幾年資本支出更趨溫和且正常化的可能性，以及我們長期財務目標架構的討論（包含長期目標槓桿水準）。活動的後勤細節將於日後提供。活動將以網路直播方式進行。我們鼓勵大家若可行請親自參與，並／或在活動前至我們的投資人關係網站查閱我們發布的資料。

The second housekeeping matter is in regard to lease accounting and the adoption of ASC 842. Beginning with the first quarter of 2019, our financials will be reported on an ASC 842 basis. As most of you are aware, this will result in certain presentation changes to our financial statements. But as it is purely a noncash accounting change, there should be no impact on our business nor on our cash flows. Still, we want you to be well briefed, so we will provide full and additional details as to the lease accounting changes by a dedicated conference call to walk you through the details on a date to be announced. The call will occur after the Analyst Investor Day but prior to the announcement of our first quarter 2019 results.

第二項例行事項與租賃會計及採用 ASC 842 有關。自 2019 年第一季起，我們的財務報表將以 ASC 842 基礎進行報導。如各位多數人所知，這將導致我們財務報表在呈現方式上出現若干變更。但由於這純粹是非現金的會計變更，對我們的業務及現金流量不應有任何影響。儘管如此，我們希望各位充分了解，因此我們將透過一場專門的電話會議提供完整且เพิ่มเติม的租賃會計變更細節，並在稍後公布日期，帶領各位逐項說明。該電話會議將在分析師投資人日之後、但在我們公布 2019 年第一季業績之前舉行。

To summarize, 2018 was AMC's best year in our nearly 100 years of existence. We set financial and statistical records, leveraged our global scale and built deeper loyalty with our guests through AMC Stubs and the new A-List subscription tier, which only helped to drive attendance to new highs. The movie slate is so enticing for this year, especially in 2019's second, third and fourth quarters. As such, we are very optimistic about our ability to deliver superb financial results for 2019.

總結來說，2018 年是 AMC 近 100 年歷史中表現最好的一年。我們創下財務與統計紀錄，發揮全球規模優勢，並透過 AMC Stubs 與全新的 A-List 訂閱級別，與賓客建立更深的忠誠度，進一步推動觀影人次創新高。今年的片單極具吸引力，尤其是在 2019 年第二、第三與第四季。因此，我們對於在 2019 年交出卓越財務成果的能力感到非常樂觀。

Ladies and gentlemen, it's now time for your questions.

各位女士、先生，現在進入提問時間。

(Operator Instructions) Our first question comes from David Miller, Imperial Capital.

(接線員指示) 我們的第一個問題來自 Imperial Capital 的 David Miller。

Congratulations on the stellar results. Nice to see your stock marked up 6.5% here after market hours. Couple questions, Adam. The -- with regard to the slight softness in Europe, is there any difference now in the scheduling? Or are there any changes to the scheduling that you guys plan on potentially IPO-ing the European portion on either London or Euronext?

恭喜你們交出亮眼的成績。也很高興看到你們的股價在盤後上漲了 6.5%。Adam，我有幾個問題。關於歐洲略顯疲軟的情況，目前在時程安排上是否有任何不同？或者你們是否計畫調整時程，可能在倫敦或泛歐交易所（Euronext）將歐洲業務部分進行 IPO？

Craig, I think you had mentioned that the time line last quarter was going to be late '19 or early '20. I'm just wondering if there's any change in that timeline. And then I have a follow-up.

Craig，我記得你上季提到時間表會落在 2019 年底或 2020 年初。我想確認這個時間表是否有任何變動。之後我還有一個追問。

First, thank you, David. First of all, congratulations on your new role. There was slight softness in Europe. A lot of it had to do with the FIFA World Cup. Some movies didn't translate as well in Europe as they did in the United States, think Black Panther. Some of the domestic product, local language products in Germany nearly wasn't all that great this year.

首先，謝謝你，David。也先恭喜你升任新職。歐洲確實有些微疲軟。其中很大一部分與 FIFA 世界盃有關。有些電影在歐洲的表現不如在美國，例如《黑豹》。另外，今年德國的一些本土產品、當地語言內容表現也不算太好。

But we already made the comment on the last call about a European IPO. It's off the table for now. We do need to -- we think it's wiser to post strong operating results in Europe before we contemplate selling off 1/4 or 1/3 of our European assets to investors and we'll get a much higher price. So there is no change in the schedule as compared to what we announced on last quarter's call.

不過，我們在上一通電話會議已經談過歐洲 IPO 的事。目前已暫時不在考慮範圍內。我們確實需要——我們認為在考慮把我們歐洲資產的 1/4 或 1/3 出售給投資人之前，先在歐洲交出強勁的營運成果會更明智，這樣我們能取得更高的價格。因此，與我們在上一季電話會議所宣布的時程相比，沒有任何變動。

Yes, David. I'd simply add that what's moved -- what's changed though is really the emphasis on the cash flow generation, the changes that Adam talked about in his remarks to the capital deployment and reduction of CapEx. And that really steps up our opportunity and ability to deliver going forward.

是的，David。我只想補充，真正移動——真正改變的是對現金流創造的重視程度，也就是 Adam 在談話中提到的資本配置調整與資本支出（CapEx）降低。這確實提升了我們未來交付成果的機會與能力。

Yes. That, especially with the more moderate view of CapEx in outer years. But also, I should have mentioned in the first part of my answer, we're also seeing such staggering results in the financial returns on our recliner theaters, we also think that our current shareholders should reap the benefit of that EBITDA increase and the valuation that accrues to us from better EBITDA in Europe, from the recliner renovations in Europe. As I said in my prepared remarks, we're routinely seeing ROIs in excess of 50%. Before we give all that value to a third party, we'd like to give it our own shareholders first.

是的。尤其是在對較遠年度的 CapEx 採取更溫和的看法之下。另外，我在回答的第一部分也應該提到：我們看到躺椅影廳（recliner theaters）的財務回報非常驚人，因此我們也認為，現有股東應該先享有這些 EBITDA 增加所帶來的好處，以及歐洲躺椅翻新帶來的更高 EBITDA 所累積的估值提升。如同我在事先準備的發言中所說，我們經常看到 ROI 超過 50%。在把這些價值讓給第三方之前，我們希望先把價值回饋給自家股東。

Okay. And then just a follow-up. I believe it was last year at this time that you guys were having problems with the renovated AMC Theatres versus the renovated Carmike theaters then, of course, within that, the non-renovated AMC Theatres versus the non-renovated Carmike theaters. Has that all been absolved now? Do you feel a lot more comfortable with those renovated Carmike theaters given the fourth quarter performance? Appreciate the questions.

好的。接著追問一下。我記得大約去年這個時候，你們在翻新的 AMC 影城與翻新的 Carmike 影城之間遇到一些問題；當然也包括未翻新的 AMC 影城與未翻新的 Carmike 影城之間的差異。現在這些問題都已經解決了嗎？鑑於第四季的表現，你們是否對那些翻新的 Carmike 影城更有信心了？謝謝回答。

Thank you, and yes. And let me set it in context. The -- you got to go way back. You did say last year, so I got to go way back in 2017. The circuit that was delivered to us in December of '16 was in an eroding position, and eroded throughout much of 2017. And we put the A-Team on it, and by September, October, we'd hit those -- we'd hit the bottom and crested. And by October, November, we were starting to climb -- this is of '17, climb up and start to see good performance out of the entire Carmike fleet of theaters.

謝謝你，是的。我先把背景交代清楚。這——你得回溯很久。你說的是去年，所以我得回到 2017 年。我們在 2016 年 12 月接手的那個院線當時正處於走下坡的狀態，而且在 2017 年的大部分時間持續惡化。我們派出最強團隊處理，到 9 月、10 月時，我們已經——已經觸底並開始回升。到了 10 月、11 月，我們開始往上爬——這是指 2017 年——並開始看到整個 Carmike 影城群的良好表現。

What we said way back then because we're talking 15 months ago, is that some of the investment decisions that Carmike had made in renovating their theaters were -- before our ownership, were different decisions than we might have made ourselves. They put far more money into Dine-In Theatres and far less money into recliner seating. And that the so-called renovated Carmike theaters in 2017 were similarly problematic for us in the acquired circuit.

我們當時說過——因為那是 15 個月前——Carmike 在我們接手之前所做的一些影城翻新投資決策，與我們自己可能會做的決策不同。他們在餐飲影廳（Dine-In Theatres）投入了更多資金，而在躺椅座椅上的投入則少得多。因此，所謂「已翻新的 Carmike 影城」在 2017 年對我們而言，在併購而來的院線中同樣帶來一些問題。

But we're talking 12 to 24 months ago. As we sit here today, I already said that we had turned around the whole of the Carmike fleet by the end of 2017. And the Carmike theaters that we renovated in 2018, we renovated with the kind of initiatives that AMC is quite experienced in. We were building -- we were installing recliner seating as we have done quite successfully.

但那是 12 到 24 個月前的事了。以今天來看，我剛才已經說過，我們在 2017 年底前就扭轉了整個 Carmike 影城群。而我們在 2018 年翻新的 Carmike 影城，是用 AMC 非常有經驗的那套作法與措施來翻新。我們一直以來都很成功地——我們在安裝躺椅座椅。

And actually, the returns coming out of the renovated Carmike theaters were quite appealing in 2018. They nicely met our 25% hurdle returns. And I mentioned that we did 58 theaters in 2018. 44 of them legacy AMC Theatres and 14 of them legacy Carmike theaters.

事實上，2018 年翻新的 Carmike 影城所帶來的回報相當吸引人。它們很好地達到了我們 25% 的門檻報酬率。我也提到過，我們在 2018 年翻新了 58 家影城。其中 44 家是原 AMC 影城，14 家是原 Carmike 影城。

What we're seeing from the results of the '18 renovations in the Carmike circuit, doing it the way that we know how to do it, making the decisions that are based on our own analysis, they were quite strong. And looking ahead, I think you're going to see more Carmike theaters getting renovated than AMC getting -- legacy AMC Theatres getting renovated because the returns are so high.

我們從 Carmike 院線 2018 年翻新的成果看到：用我們熟悉的方式來做，並依據我們自己的分析做決策，表現相當強勁。展望未來，我認為你會看到翻新的 Carmike 影城數量會多於——多於翻新的 AMC 影城（原 AMC 影城），因為回報實在太高。

We're well down the road. We got 75% of the AMC Theatres now renovated. All but 14 of those are legacy AMC Theatres. The low-hanging fruit is not deep in the cycle of the AMC Theatres. It's early in the cycle, the Carmike theaters. And that's where our CapEx moneys will primarily be going in the years ahead domestically.

我們已經走了很長一段路。目前 AMC 影城已有 75% 完成翻新。其中除了 14 家以外，其他都是原 AMC 影城。所謂「低垂的果實」並不在 AMC 影城翻新週期的後段。而是在 Carmike 影城週期的前段。因此，未來幾年我們在美國本土的 CapEx 資金將主要投向那裡。

Our next question comes from Eric Handler, MKM Partners.

下一個問題來自 MKM Partners 的 Eric Handler。

Two things I want to focus on. First, in Europe, particularly the U.K., it sounds like the renovated theaters are off to an excellent start. But I wonder if you could talk about the competitive dynamic.

我想聚焦兩點。第一，在歐洲、尤其是英國，聽起來翻新影城的起步非常好。但我想請你談談競爭態勢。

Last year was a near 50-year high in attendance in the U.K. There was definitely some U.K. films that overindexed quite nicely, which helped, but one of your competitors, Vue, dropped price substantially and gained some market share that way.

去年英國的觀影人次接近 50 年新高。確實有一些英國電影的表現明顯超出平均，帶來助益；但你們的一個競爭對手 Vue 大幅降價，並藉此取得了一些市占。

So you gained a little market share, Vue gained some market share. Was it the middle ground that lost market share? Or do you not compete with Vue in certain markets? And how do you think about the film comparisons on a year-over-year basis in the U.K.?

所以你們拿到一些市占，Vue 也拿到一些市占。那是中間區間的業者流失了市占嗎？或者你們在某些市場其實不與 Vue 競爭？另外，你們如何看待英國市場在電影片單上與去年同期相比的比較基期？

Sure. Look, Vue's pricing in the U.K. is insane. And they gain share from it theoretically, but it's not how we believe we should be competing in the United Kingdom. Fortunately, we have a different strategy. Rather than dropping price to questionable levels, we've chosen instead to compete on quality and value.

當然。你看，Vue 在英國的定價簡直瘋狂。理論上他們因此取得市占，但這不是我們認為在英國應該採取的競爭方式。幸好我們有不同的策略。我們不是把票價降到令人質疑的水準，而是選擇以品質與價值來競爭。

And that's not just words, it's easy to say you're competing in quality and value, but we now have 20-ish theaters in the U.K. with recliner seating. I'm pretty sure we'll have another 20 in 2019. And we're getting enormous progress and seeing enormous progress in our U.K. network as a result of having improved the physical condition of our theaters, and that's how we're going to play the game in the United Kingdom. I think it's a much wiser strategy.

而且這不只是說說而已；要說自己在品質與價值上競爭很容易，但我們現在在英國已有約 20 家影城配備躺椅座位。我相當確定 2019 年我們還會再增加約 20 家。由於我們改善了影城的實體狀況，我們在英國的據點網路正取得、也正在看到巨大的進展；這就是我們在英國要採取的打法。我認為這是更明智的策略。

And then the follow-up to that was also going to be, when you look at the year-over-year film slate in the U.K. since it is your largest market there, you had a lot of theaters -- or the film content in 2018 was very U.K.-centric. How do you see that as you look at a year-over-year basis in 2019?

接著延伸的問題也會是：當你看英國的年度電影片單（因為那是你們在當地最大的市場）時，2018 年的片單內容非常偏英國本土。你如何看待 2019 年相較 2018 年的年度變化？

Well, look. Let's talk a little bit more broadly than just the U.K. If you look at all of Europe, Europe was soft in 2017 -- sorry, 2018. And we posted these results for global AMC that are making us smile even in the face of some weakness in Europe.

嗯，這樣說吧。我們談得更廣一些，不只看英國。如果你看整個歐洲，歐洲在 2017 年表現疲弱——抱歉，是 2018 年。即便歐洲有些疲弱，我們全球 AMC 仍交出讓我們感到欣慰的成績。

Having said that, as we look at 2019, the slate that's coming out 2019 appears to be so strong that we're hoping for an up year in Europe, in the U.K. and across the continent. And that will just be gravy for us given that we posted strong results in 2018 on the strength solely of the domestic network.

話雖如此，展望 2019 年，2019 年即將上映的片單看起來非常強勁，因此我們希望歐洲、英國以及整個歐陸都能迎來成長的一年。而鑑於我們 2018 年僅靠美國本土院線的強勁表現就已交出亮眼成績，若歐洲轉強，對我們而言就只是額外的加分。

Okay. And then one last quick thing. So your per cap concession spending in the fourth quarter in the U.S. was quite good, up 2.2%, which is a big reversal from the modest decline that you had in the third quarter. And you talked about, in the third quarter, how A-List had a little bit of impact because of that. What changed so dramatically in the fourth quarter to all of a sudden get per cap spending back on a positive trend?

好的。最後再快速問一點。你們美國第四季的人均餐飲（concession）消費表現相當不錯，上升 2.2%，這與第三季的小幅下滑相比是很大的反轉。你們也提到第三季 A-List 對此有一些影響。第四季到底有什麼重大改變，讓人均消費突然又回到正向趨勢？

Well, first, I don't know the right way to say it. A-List was very new to us in the third quarter. We only launched it in June 26. We learned early that while the A-List spending per month is way up because of increased visits, the A-List spending per visit was not robust. We learned from that experience, and we marketed our F&B harder and better and smarter in the fourth quarter of 2018.

嗯，首先，我不確定該怎麼說才最恰當。A-List 在第三季對我們來說還非常新。我們是在 6 月 26 日才推出。我們很早就學到：雖然 A-List 因為來店次數增加，使得每月餐飲消費大幅上升，但每次到訪的餐飲消費並不強勁。我們從這個經驗中學習，並在 2018 年第四季更用力、更有效、更聰明地行銷我們的餐飲。

And that's something that's going to continue to be a very high priority for us in 2019, with new menu items, more delivery to seat, a lot more marketing activity, a few tricks up our sleeve I can't talk about on this call, because competition will learn about them too soon. And Craig wants to mention one more thing.

而這會在 2019 年持續成為我們的高度優先事項：推出新菜單品項、更多送餐到座位、更多行銷活動，還有一些我們的秘密武器——我在這通電話上不能說，因為競爭對手也會太快知道。Craig 還想補充一點。

Yes, I -- the other thing, Eric, we took our pricing action, the 2018 pricing action was really taken in kind of late summer, and so we didn't affect really the third quarter that much. The price, food and beverage up is 13%. The lion's share of that came from some late summer, early fall pricing that solely benefited the fourth quarter.

是的——另外一點，Eric，我們採取了調價措施；2018 年的調價其實是在大約夏末才做的，所以對第三季的影響不大。餐飲價格上調了 13%。其中大部分來自夏末、初秋的調價，而這些調價的效益主要反映在第四季。

And I might add that we've also put in some price initiatives on F&B already this year in 2019, which should flow through the P&L throughout the year as well.

我也補充一下：我們在 2019 年今年也已經對餐飲推出一些價格措施，這些也會在全年逐步反映到損益表（P&L）上。

Our next question comes from Chad Beynon, Macquarie Group.

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

Nice quarter. Firstly, on domestic margins, as we think about 2019, so outside of the rent adjustment that you will face, that headwind in the first half of the year, are there any other reasons why the flow-through shouldn't be strong? I think we're all expecting revenue at the box office to be up, and that historically has led to somewhere between 40% and 60% flow-through. So outside of that rent, is there any reason why you shouldn't be able to get some margin expansion?

這一季表現不錯。首先談美國本土的利潤率：展望 2019 年，除了你們將面臨的租金調整（上半年會有逆風）之外，還有其他原因會讓利潤的流入（flow-through）不會很強嗎？我想大家都預期票房收入會成長，而歷史上這通常會帶來約 40% 到 60% 的流入。所以除了租金之外，還有什麼原因會讓你們無法實現一些利潤率擴張？

I think it's going to be a pretty good year. So let me put all the implications of lease accounting aside for the call when we walk you through it. Should about a pro forma basis, old accounting -- I'm sorry, old accounting or pro forma basis new accounting, so you have comparable stats year-over-year.

我認為會是相當不錯的一年。所以先把租賃會計的所有影響先放一邊，等我們在電話會議中帶大家走過一次。應該以備考（pro forma）基礎、舊會計——抱歉，是舊會計或新會計的備考基礎來看，這樣你才能做年度間的可比比較。

Should feel like a very good year, with the caveat being the box office is going to be much stronger in the second, third and fourth quarters than the first. And whenever revenues are stronger, margins expand greater. So I think you should expect to see better performance in the latter part of the year as opposed to, say, Q1. Craig?

整體感覺會是非常好的一年，但要提醒的是：票房在第二、第三與第四季會比第一季強很多。而通常收入越強，利潤率擴張就越大。所以我認為你應該預期今年後段的表現會比例如第一季更好。Craig？

Yes, I'd add, Chad. Some of the headwinds we had in 2018 for the full year on EBITDA contribution to margins, we had lower dividends. That will comp very comparably year-over-year 2019 versus 2018. A-List, we've talked about, that we see improvement that actually being a net contributor. So that should be improvement.

是的，我補充一下，Chad。2018 年全年在 EBITDA 貢獻到利潤率方面，我們遇到一些逆風，例如股利收入較低。2019 年相較 2018 年，這一項的比較基期會相當可比。至於 A-List，我們也談過，我們看到改善，實際上會成為淨貢獻者。所以這會帶來改善。

Cooper & Tanner was a piece that we'll have to contend with, but we have some things in store that ought to offset the benefit that we had in 2018 on that onetime lease incentive payment. So there's gives and takes, but I think net-net, we ought to see some margin improvement next year.

Cooper & Tanner 會是我們必須面對的一塊，但我們也準備了一些作法，應可抵銷 2018 年那筆一次性的租賃誘因款所帶來的利益。所以有得有失，但我認為整體而言，明年我們應該會看到一些利潤率改善。

Craig, on the share count, how are you guys going to be treating the convert, the 32 million shares there from a P&L standpoint? And is this 135 million shares? Is that the right number, kind of fully diluted with everything included, thinking about going forward?

Craig，關於股數，你們在損益表（P&L）角度會如何處理可轉債所對應的 3,200 萬股？以及 1.35 億股這個數字——把所有項目都納入、以完全稀釋（fully diluted）來看——作為未來的股數，這是正確的嗎？

Yes. That has the -- the 135 million has the -- for the quarter, and the 130 million for the full year, has the dilutive effects of the convert, which is what you've observed. Now certainly not as dramatic an impact on the full year because it wasn't outstanding for a full year. So the 135 million, yes, would probably be more indicative of the full year.

是的。1.35 億股（季度）以及 1.30 億股（全年）都已包含可轉債的稀釋效果，也就是你觀察到的。當然，對全年來說影響沒有那麼顯著，因為它並非整年都在外流通。所以 1.35 億股，是的，可能更能代表全年水準。

And we're about 103 million shares outstanding, if you set aside the convert.

如果先不考慮可轉債，我們流通在外股數大約是 1.03 億股。

Okay. And then last one. Just for CapEx, the $250 million to $300 million, so I think you've said before the maintenance number is really somewhere between $150 million and $180 million. So what would be the delta between the $250 million to $300 million in kind of a pure maintenance number? Is that just further reseats and just things from a technological standpoint that you're doing in the theater? Why wouldn't that just reset down to the maintenance?

好的。最後一題。關於資本支出（CapEx）2.5 億到 3 億美元：我記得你們之前說過維護性支出大概在 1.5 億到 1.8 億美元之間。所以在 2.5 億到 3 億美元之中，超出純維護性支出的差額會是什麼？是更多換座椅，或是你們在影城做的一些技術面投資嗎？為什麼不把它降回到維護性支出的水準？

So you're right. Maintenance capital this year was $129 million. Of that $250 million to $300 million range, call it $150 million and $150 million. $150 million of maintenance capital and $150 million at the higher end of the range for growth initiatives.

你說得沒錯。今年的維護性資本支出是 1.29 億美元。在 2.5 億到 3 億美元的區間中，概略來說可以視為 1.5 億加 1.5 億。其中 1.5 億美元是維護性資本支出，而在區間上緣的另外 1.5 億美元則用於成長計畫。

Look, we're still sitting on what we see as impressive opportunity to invest in our circuit and achieve high returns far in excess of our cost of capital. And sometimes, there are recliner seats. There are a whole host of other things we can do, including new-build theaters. We did sign a contract in 2018 that calls for 50 new theaters to be built in the next 4 years in the Middle East. 90% of the capital for those theaters coming from our partner. If those theaters go well, we could see that number of theaters double and technology is also a great opportunity for us.

各位請看，我們仍然坐擁我們認為相當可觀的機會，可以投資於我們的院線並取得遠高於資本成本的高報酬。而且有時候，還會有躺椅座位。我們還有一大堆其他事情可以做，包括新建影城。我們確實在2018年簽署了一份合約，要求在中東於未來4年內新建50家影城。這些影城的資本支出有90%由我們的合作夥伴提供。如果這些影城進展順利，我們可能會看到影城數量翻倍，而科技對我們而言也是一個很大的機會。

We've become a digital marketer now. 45% of our clientele are booking their tickets in advance online. That's all the strength of our website and smartphone app or apps plural. So we got food and beverage opportunities galore. So we're never going to -- I should never say never, but I don't ever envision growth initiative CapEx falling to 0. That would imply that there's no opportunity organically within the business to chase and actually achieve high returns.

我們現在也成為數位行銷者了。我們有45%的客戶會提前在網路上訂票。這全都仰賴我們網站與智慧型手機App（或多個App）的強大能力。因此我們在餐飲方面也有大量機會。所以我們永遠不會——我不該說永遠，但我從未想像成長型計畫的資本支出（CapEx）會降到0。那將意味著公司在本業內部已沒有任何可追逐、並且實際達成高報酬的有機機會。

And as we look ahead, there's going to be a lot of opportunities still to get those returns, which should increase EBITDA, which should be beneficial to our shareholders. Having said that, we've been at this now for 6 years in the United States. And with 75% of our theaters already having been touched domestically, we don't have to invest at the same levels in outer years going forward as we've been in the last few years simply because once you do the big renovation, you're done. But there is considerable opportunity within our gunsights.

展望未來，仍會有很多機會取得這些報酬，進而提升EBITDA，並讓股東受益。話雖如此，我們在美國市場已經做這件事6年了。由於我們在國內已有75%的影城完成相關改善，未來幾年我們不必像過去幾年那樣以同等水準投入，原因很簡單：一旦完成大型翻新，就算告一段落。但在我們的瞄準範圍內仍有相當可觀的機會。

Jim Goss, Barrington Research.

Jim Goss，Barrington Research。

Ideally, with A-List, you would like the members to attend -- take up seats that would not be sold otherwise, I suppose. And I'm wondering if as the uptake increases, are you getting any crowd out in peak periods where you might have sold some tickets at higher prices? And...

理想情況下，對於A-List，你會希望會員去——我想是坐滿那些原本不會賣出去的座位。我想請教的是，隨著採用率提高，在尖峰時段是否會出現擠出效應，導致你們原本可以用更高票價賣出一些票？以及……

Your first premise is accurate. Of course you'd like them to fill empty seats rather than block -- either fill full seats or block full-paying patrons. You know I'm an ex-airline guy, I spent 11 years in the airline industry. I know something about load factors. It is shocking how many empty seats we have in the movie theater industry. We are not airlines that run 78% load factors. We are churches built for Easter Sunday that have empty pews on most Sundays. We're not seeing any evidence of significant disruption to our ability to sell tickets to full-paying customers.

你的第一個前提是正確的。當然，你會希望他們去填補空位，而不是——不是把已滿的座位占掉、或擋到願意付全票價的顧客。你知道我以前在航空業，我在航空產業待了11年。我對載客率（load factors）略知一二。電影放映產業有這麼多空位，真的令人震驚。我們不像航空公司那樣能維持78%的載客率。我們更像是為復活節主日而建的教堂，但大多數主日長椅都是空的。我們沒有看到任何證據顯示，這會對我們向付全票價的顧客售票能力造成顯著干擾。

Okay. And as the number of visits per month edges down a little bit, do you think ultimately, you get an improved film ramp margin rather than a challenge to it, as attendance moves to that lower level? That you'd have the higher revenues and maybe brace the costs?

好的。另外，當每月到訪次數略微下降時，你認為最終會是片租分成的利潤率（film ramp margin）改善，而不是受到挑戰嗎？也就是說，當出席人次降到較低水準時，你們會有較高的收入，並且也許能攤提成本？

I want to stay away from that conversation publicly because we work so hard with studios to convince them that we are their partner, that we're interested in increasing the pie for everybody, rather than arguing about film rent splits between us.

我想避免在公開場合談這個，因為我們非常努力與片商合作，讓他們相信我們是他們的夥伴；我們關注的是把整個市場的餅做大、讓大家都受益，而不是和他們爭論我們之間的片租分成比例。

A-List is a program that clearly is driving incremental attendance, as I said earlier, up 5, 6x. We're all making more money from this thing. And as for how it splits between the studios and AMC, I prefer that they handle that with our studios privately.

如我先前所說，A-List這個方案顯然正在帶動增量觀影人次，提升了5到6倍。我們大家都從這件事賺到更多錢。至於片商與AMC之間如何分配，我更希望這由我們與片商私下處理。

All right. Since we're at the end of the line, I'll stop there.

好。既然我們已到隊伍末端，我就先到這裡。

No, no, no. We love you, you can finish, go ahead. What's your next question?

不不不。我們很喜歡你，你可以講完，請繼續。你的下一個問題是什麼？

Okay, just one other one. You talked about the family-focused films working against ticket prices this year. And now this coming year, you talked about a lot of those tickets again that might not sell a lot of IMAX and 3D. Do you think that's another issue in terms of the average ticket prices going on to the new year?

好，還有一個。你提到今年以家庭為主的電影對票價不利。而明年你又提到會有很多這類票房，可能不太會賣出很多IMAX和3D。你認為這會不會成為新一年平均票價的另一個問題？

Actually, I think it's going to be the opposite. I think some of these family-friendly films that are going to come out are going to be massive hits for IMAX and for that matter, for Dolby Cinema. Some of the animated films have been made for IMAX. I think are going to do very, very well. And I think we're going to be very glad that we are the largest IMAX exhibitor in North America. I think we're going to be very glad that we're the largest Dolby Cinema operator in North America.

其實我認為會相反。我認為接下來上映的一些適合家庭觀賞的電影，對IMAX而言會是超級大片；同樣地，對Dolby Cinema也是。有些動畫電影就是為IMAX製作的。我認為它們會表現得非常、非常好。而且我想我們會非常慶幸自己是北美最大的IMAX放映商。我想我們也會非常慶幸自己是北美最大的Dolby Cinema營運商。

And the key to the family-friendly film comment was the former Carmike circuit played really well the G and PG product, less well to our product. And we've seen kind of a dearth of family-friendly product in -- certainly in '17. It improved in '18, but there's a lot more opportunity ahead. We got movies like Toy Story 4 and Frozen 2. And there are a lot of titles coming, Lion King, Dumbo. There are a lot of movies coming out that are going to appeal to families in a big way, and that should help us across the entirety of our North American circuit.

而關於「適合家庭觀賞的電影」那段評論的重點在於：原Carmike院線對G級與PG級的片種表現非常好，對我們的片種則相對沒那麼好。而我們也看到——至少在2017年——適合家庭觀賞的片源相對匱乏。2018年有所改善，但未來還有更多機會。我們有像《玩具總動員4》和《冰雪奇緣2》這樣的電影；還有很多片名即將推出，《獅子王》、《小飛象》。接下來會有很多電影會大幅吸引家庭觀眾，這應該能在我們整個北美院線全面帶來助益。

We have reached the end of the question-and-answer session. And I would like to turn the call back over to Adam Aron for closing remarks.

問答環節到此結束。接下來我想把電話交回給Adam Aron做結語。

Thank you, operator. Thank you, one and all. Look, we're obviously pleased about 2018. $929.2 million of EBITDA, is up $107 million year-over-year. That's a good healthy growth. The box office, it looks to be huge for 2019. A-List is a strong and successful program. This is all adding up to a good '18 and hopefully, a good '19. With that, thank you for joining us today. We'll be happy to take any of your further questions in detail on follow-up calls. Thank you, one and all.

謝謝，接線員。謝謝各位。各位請看，我們顯然對2018年的表現感到滿意。EBITDA為9.292億美元，年增1.07億美元。這是相當健康的成長。票房方面，2019年看起來會非常強勁。A-List是一個強而有力且成功的方案。這些因素加總起來，讓2018年表現不錯，也希望2019年同樣不錯。在此，感謝各位今天加入我們。我們也很樂意在後續電話中，針對各位進一步的問題做更詳細的回覆。謝謝各位。

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

今天的電話會議到此結束。各位現在可以掛線。感謝各位的參與。