AMC 電影院 (AMC) 2019 Q1 法說會逐字稿

Greetings, and welcome to AMC Entertainment First Quarter 2019 Earnings Conference Call.

您好，歡迎來到 AMC Entertainment 2019 年第一季度收益電話會議。

(Operator Instructions) As a reminder, this conference is being recorded.

（操作員說明）提醒一下，正在錄製此會議。

I would now like to turn the conference over to your host, John Merriwether, Vice President, Investor Relations.

我現在想把會議轉交給你的主持人，投資者關係副總裁 John Merriwether。

Thank you, Dana.

謝謝你，丹娜。

Good morning.

早上好。

I'd like to welcome everyone to AMC's First Quarter 2019 Earnings Conference Call.

歡迎大家參加 AMC 2019 年第一季度收益電話會議。

With me this morning is Adam Aron, our Chief Executive Officer and President; and Craig Ramsey, Executive Vice President and Chief Financial Officer.

今天早上和我在一起的是我們的首席執行官兼總裁 Adam Aron；執行副總裁兼首席財務官 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.

在我把電話轉給亞當之前，讓我提醒大家，管理層在本次電話會議上發表的一些評論可能包含基於管理層當前預期的前瞻性陳述。

Numerous risks, uncertainties and other factors may cause actual results to differ materially from those that might be expressed today.

許多風險、不確定性和其他因素可能導致實際結果與今天可能表達的結果大不相同。

Many of those risks and uncertainties are discussed in our public filings, included in our most recently filed 10-K and 10-Q.

我們的公開文件中討論了其中的許多風險和不確定性，這些文件包含在我們最近提交的 10-K 和 10-Q 中。

Several of the factors that will determine the company's future results are beyond the ability of the company to control or predict.

決定公司未來業績的幾個因素超出了公司的控製或預測能力。

In light of the uncertainties inherent in any forward-looking statements, listeners are cautioned to not place undue reliance on these statements.

鑑於任何前瞻性陳述中固有的不確定性，請聽眾不要過分依賴這些陳述。

The company undertakes no obligation to revise or update any forward-looking statements whether as a result of new information or future events.

公司不承擔因新信息或未來事件而修改或更新任何前瞻性陳述的義務。

On this call, we may reference measures such as adjusted EBITDA, adjusted free cash flow and constant currency, which are non-GAAP financial measures.

在這次電話會議上，我們可能會參考調整後的 EBITDA、調整後的自由現金流和不變貨幣等非 GAAP 財務指標。

For a full reconciliation of our non-GAAP measures to GAAP results, please see our earnings release issued earlier this morning.

如需我們的非 GAAP 措施與 GAAP 結果的全面對賬，請參閱我們今天上午早些時候發布的收益報告。

In conjunction with our earnings release, we encourage you to review the supplemental financial information for the 2019 first quarter that we published this morning on our website in tandem with the earnings release.

結合我們的收益發布，我們鼓勵您查看我們今天上午在我們的網站上發布的與收益發布同時發布的 2019 年第一季度的補充財務信息。

After our prepared remarks, there will be a question-and-answer session.

在我們準備好的發言之後，將進行問答環節。

This morning'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.

今天上午的電話會議正在錄製中，今天晚些時候我們網站 amctheatres.com 的投資者關係部分將提供網絡直播重播。

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

有了這個，我會把電話轉給亞當。

Thank you, John.

謝謝你，約翰。

Good morning, everybody.

大家早上好。

Thank you for joining us to review AMC's look at 2019 results.

感謝您與我們一起回顧 AMC 對 2019 年業績的看法。

Since our most recent earnings call covering AMC's record-setting full year 2018 results, we've gotten together telephonically to take you through with as much transparency as we're able, the impact of ASC 842 and the change in accounting rules surrounding our theater leases.

自從我們最近一次關於 AMC 創紀錄的 2018 年全年業績的財報電話會議以來，我們通過電話聚在一起，盡可能透明地向您介紹 ASC 842 的影響以及圍繞我們劇院的會計規則的變化租約。

To reiterate, and as noted in our April 24 presentation, this is purely a noncash accounting change with no impact on operations or total cash flows.

重申一下，正如我們在 4 月 24 日的演示文稿中指出的那樣，這純粹是非現金會計變更，對運營或總現金流量沒有影響。

In our view, it does not alter the past or future performance of this business in reality.

在我們看來，它實際上並沒有改變該業務過去或未來的表現。

As we did this morning, for clarity, we will do our best for some time into the future to give you current and historic financials on both the actual and as-adjusted basis for ASC 842.

正如我們今天早上所做的那樣，為了清楚起見，我們將在未來一段時間內盡最大努力為您提供 ASC 842 的實際和調整後的當前和歷史財務數據。

In addition, we had the opportunity to get together in person at a well-attended Investor Day, where we showcased the strength of the AMC platform and the ongoing transformation of AMC's delivery of the quintessential 21st-century out-of-home entertainment experience.

此外，我們有機會在參加人數眾多的投資者日見面，展示了 AMC 平台的實力以及 AMC 為提供典型的 21 世紀戶外娛樂體驗而進行的持續轉型。

We get there by combining our size and scale, with market-leading technology and world-class marketing prowess to communicate, engage and sell to our guests on a frictionless, proactive and intentional basis.

我們通過將我們的規模和規模與市場領先的技術和世界一流的營銷能力相結合，以無摩擦、主動和有意識的方式與我們的客人進行溝通、互動和銷售，從而實現這一目標。

We're aided by AMCs having the largest consumer database of avid theatergoers as a result of our AMC Stubs loyalty program, enticing recurring revenue through our now profitable subscription service A-List, along with a network of theaters, richer and guest-pleasing amenities than what is offered by anyone else.

由於我們的 AMC Stubs 忠誠度計劃，我們得到了 AMC 的幫助，AMC 擁有最大的狂熱劇院觀眾消費者數據庫，通過我們現在盈利的訂閱服務 A-List 以及劇院網絡、更豐富和更受歡迎的設施來吸引經常性收入比其他任何人所提供的。

At that Investor Day session, we laid out our competitive strengths and commanding market leadership position as well as our ongoing strategies to drive growth in adjusted EBITDA and adjusted free cash flow.

在那個投資者日會議上，我們展示了我們的競爭優勢和市場領導地位，以及我們推動調整後 EBITDA 和調整後自由現金流增長的持續戰略。

In addition, we addressed our commitment to deleveraging to between 3.5x and 4.5x within 36 months, and thereafter, to reaching our long-term leverage target of 3x net debt to adjusted EBITDA, which we believe to be prudent for AMC in terms of driving equity returns and the optimal cost of capital for the company.

此外，我們承諾在 36 個月內將槓桿率降低至 3.5 倍至 4.5 倍，此後，我們將實現調整後 EBITDA 的 3 倍淨債務的長期槓桿率目標，我們認為這對 AMC 而言是謹慎的推動股權回報和公司的最佳資本成本。

At the Investor Day, we also discussed in detail our view of capital expenditures for multiple years, and set a marker on the ground, giving you a framework to think about our medium- to long-term financial performance for AMC, with targets that we believe are evidently achievable.

在投資者日，我們還詳細討論了我們對多年資本支出的看法，並在地面上設置了一個標記，為您提供了一個框架來思考我們對 AMC 的中長期財務業績，我們的目標是相信顯然是可以實現的。

While growth is not always a straight line linearly, we firmly believe that over a 3- to 5-year time frame, AMC can reliably generate revenue growth of 3% to 5% per year or 1% to 2% in excess of expected industry box office growth, combined with delivering margin expansion after adjusting for ASC 842 of up to 200 basis points.

雖然增長並不總是一條直線，但我們堅信，在 3 到 5 年的時間範圍內，AMC 可以可靠地實現每年 3% 到 5% 的收入增長，或者超過行業預期的 1% 到 2%票房增長，加上根據 ASC 842 調整高達 200 個基點後的利潤率增長。

As for CapEx, having all you gone through much of the capital investment cycle domestically, we believe CapEx will settle in over the next 3 to 5 years to a more normalized CapEx investment level of $250 million to $300 million annually.

至於資本支出，在國內經歷了大部分資本投資週期後，我們相信資本支出將在未來 3 到 5 年內穩定下來，達到每年 2.5 億至 3 億美元的更正常化的資本支出投資水平。

That's about $150 million in annual maintenance CapEx and $100 million to $150 million per growth initiatives, especially those internationally.

這大約是 1.5 億美元的年度維護資本支出和 1 億至 1.5 億美元的增長計劃，尤其是國際增長計劃。

Note that this is down considerably from net CapEx investments of $500 million 2 years ago and $450 million anticipated for this year, 2019.

請注意，這大大低於 2 年前 5 億美元的資本支出淨投資和 2019 年預計的 4.5 億美元。

We encourage you to hold us to these targets.

我們鼓勵您讓我們堅持這些目標。

As we meet them, we should be generating meaningful free cash flow and creating attractive equity value for our shareholders.

當我們滿足他們時，我們應該產生有意義的自由現金流並為我們的股東創造有吸引力的股權價值。

If you've not already looked through our Investor Day presentation, we encourage you to visit our Investor Relations website, where you can download the full presentation and a transcript.

如果您還沒有看過我們的投資者日演示文稿，我們鼓勵您訪問我們的投資者關係網站，在那裡您可以下載完整的演示文稿和文字記錄。

Now let's turn to 2019.

現在讓我們回到2019年。

The background context for 2019 results is that for the full year, we remained optimistic, confident, ebullient, why don't you pick your favorite robust adjective that in 2019, we can drive yet another record year for AMC, both in terms of revenue and adjusted EBITDA, both of which, we expect to beat full year 2018 results as adjusted for ASC 842.

2019 年業績的背景是，對於全年，我們保持樂觀、自信、熱情，你為什麼不選擇你最喜歡的穩健形容詞，在 2019 年，我們可以為 AMC 創造又一個創紀錄的年份，無論是在收入方面和調整後的 EBITDA，我們預計兩者都將超過針對 ASC 842 調整後的 2018 年全年業績。

We always expected that the 2019 year would get off to a slow start and that the year will be back-end loaded and that continues to be our view.

我們一直預計 2019 年會開局緩慢，這一年將是後端負載，這仍然是我們的觀點。

This is exactly what happened last year.

這正是去年發生的事情。

Despite being the second biggest first quarter of all time, the domestic industry box office back in 2018 was actually down 2% year-over-year through mid-April.

儘管是有史以來第二大第一季度，但 2018 年的國內行業票房實際上在截至 4 月中旬時同比下降了 2%。

But then, Avengers: Infinity War opened.

但是隨後，復仇者聯盟：無限戰爭開始了。

When the dust settled at year-end, the 2018 domestic industry box office finished up 8% and set a new all-time record.

歲末塵埃落定之時，2018年國內行業票房收高8%，再創歷史新高。

Looking at the 2019 film slate, we, many of you and other knowledgeable industry observers think that pattern will repeat again this year.

縱觀 2019 年的電影名單，我們、你們中的許多人和其他知識淵博的行業觀察人士認為，這種模式將在今年再次重演。

For sure, 2019, this year, started slowly.

可以肯定的是，今年的 2019 年開始緩慢。

But that all changed with the record-shattering opening of Avengers: Endgame.

但這一切都隨著《復仇者聯盟：終局之戰》破紀錄的開場而改變。

Spoiler alert, expect amazing title after amazing title after amazing title in the remainder of 2019.

劇透警報，期待在 2019 年剩餘時間內獲得一個又一個驚人的頭銜。

Our sense of the film slate from April to December of this year is that we could be seeing the busiest, biggest 9-month period in the 106-year history of cinema, and we would not be surprised in any way if 2019 becomes the first year ever in which the domestic industry box office exceeds $12 billion.

我們對今年 4 月至 12 月電影名單的感覺是，我們可能會看到 106 年電影史上最繁忙、最大的 9 個月，如果 2019 年成為第一個，我們也不會感到驚訝國內工業票房超過 120 億美元的年度。

You know that many consumer-appealing movie titles that will be in theaters near you throughout 2019.

您知道，整個 2019 年，您附近的影院將上映許多吸引消費者的電影。

Among many others, in May, Rocketman, John Wick 3, Pokemon: Detective Pikachu and Disney's Aladdin; Secret Life of Pets 2, Men In Black: International, Annabelle Comes Home and Toy Story 4 all open in June; Spider-Man: Far From Home and Lion King, what I think is going to be a huge movie, to set July on fire; Fast & Furious presents Hobbs & Shaw and Angry Birds 2 highlight August; It: Chapter 2, Warner's incredible horror movie will fill red balloons in September; Joker and Gemini Man open in October; Terminator: Dark Fate, another Charlie's Angels movie, and Frozen 2 come in November; and of course, there's December with Star Wars: The Rise of Skywalker, along with the Jumanji sequel and Andrew Lloyd Webber's Cats, the legendary Broadway musical comes to the big screen, will all please audiences just before the holidays of December.

其中包括 Rocketman、John Wick 3、Pokemon：Detective Pikachu 和 Disney's Aladdin； 《愛寵大機密 2》、《黑衣人：國際大戰》、《安娜貝爾回家》和《玩具總動員 4》都將於 6 月上映； 《蜘蛛俠：英雄遠征》和《獅子王》，我認為這將是一部轟動一時的電影，讓七月火上澆油； 《速度與激情》呈現 Hobbs & Shaw 和憤怒的小鳥 2 八月亮點；它：第2章，華納令人難以置信的恐怖電影將在9月填充紅色氣球； Joker 和 Gemini Man 於 10 月開放；終結者：黑暗命運，另一部查理的天使電影，以及冰雪奇緣 2 將於 11 月上映；當然，還有 12 月的《星球大戰：天行者崛起》，以及 Jumanji 續集和安德魯勞埃德韋伯的貓，傳奇的百老匯音樂劇搬上大銀幕，都將在 12 月假期前取悅觀眾。

It is a stunning list of movies, and the 2019 film slate has something for everyone, young and old alike.

這是一份令人驚嘆的電影清單，2019 年的電影名單適合所有人，老少皆宜。

Importantly, as you heard in the list I just rattled off, family-friendly movies tend to perform better for both our international and nonurban domestic markets.

重要的是，正如您在我剛剛列出的清單中聽到的那樣，適合家庭觀看的電影往往在我們的國際和非城市國內市場上表現更好。

And with the greater mix of family-friendly movies coming in the remainder of the slate this year, this should be a boom for AMC, both in the United States and around the world.

隨著今年剩餘影片中更多合家歡電影的出現，這對美國和世界各地的 AMC 來說應該是一個繁榮。

Just as was the case during the box office record-setting years of 2015 and 2016 and 2018, the massive current success of Avengers: Endgame demonstrates just how many people could be flocking to theaters in the remainder of 2019.

就像 2015 年、2016 年和 2018 年創下票房紀錄的年份一樣，《復仇者聯盟：終局之戰》目前取得的巨大成功表明，在 2019 年餘下的時間裡，會有多少人湧向影院。

When Hollywood turns out quality movies, moviegoers come in throngs to our theaters.

當好萊塢製作出高質量的電影時，電影觀眾就會成群結隊地湧入我們的影院。

Literally billions of times each year, people the world over enjoy seeing movies communicatively in theaters on the big screen.

每年有數十億次，全世界的人們都喜歡在大屏幕上的電影院裡交流地看電影。

You already know these mind-numbing stats for Avengers: Endgame, the highest grossing domestic opening weekend of all time, bringing up more than $350 million domestically and $1.2 billion worldwide.

您已經知道《復仇者聯盟：終局之戰》的這些令人頭腦麻木的統計數據，這是有史以來票房收入最高的國內首映週末，國內收入超過 3.5 億美元，全球收入超過 12 億美元。

And in just 1.5 weeks, the fastest movie ever to reach $2 billion in global box office.

在短短 1.5 週內，全球票房達到有史以來最快的 20 億美元。

Our hats off to Disney on its wonderful accomplishment, but we should all keep in mind with some glee that AMC Odeon generates more box office dollars for Disney than does any other single cinema operator in the world.

我們向迪士尼的出色成就致敬，但我們應該慶幸地記住，AMC Odeon 為迪士尼創造的票房收入超過世界上任何其他單一影院運營商。

So when Disney wins, AMC wins.

所以當迪士尼贏了，AMC 就贏了。

And make no mistake, with its incredible skill as filmmakers and film marketers, and now combined with Fox, Disney is going to continue to win.

毫無疑問，憑藉電影製作人和電影營銷人員令人難以置信的技能，以及現在與福克斯的結合，迪士尼將繼續獲勝。

That's very good news for AMC.

這對 AMC 來說是個好消息。

Coupling AMC's relationship with Warner Bros., Universal, Sony, Paramount, Lions Gate, FTX Annapurna, Amazon Studios, just about any filmmaker committed to theatrical exhibition is similarly tight.

AMC 與華納兄弟、環球影業、索尼、派拉蒙、獅門影業、FTX Annapurna、亞馬遜工作室的關係，幾乎所有致力於院線放映的電影製作人都同樣緊密。

We can certainly say that Avengers: Endgame sure worked for AMC.

我們可以肯定地說 Avengers: Endgame 確實為 AMC 工作。

In the United States alone, we wound up playing the movie 63,000 times in just the opening 4 weekend days.

僅在美國，僅在開幕的 4 個週末，我們就播放了 63,000 次這部電影。

That's a full 1/3 more than at AMC for the previous biggest opening film.

這比之前最大的開幕影片在 AMC 多出整整 1/3。

To accommodate this unprecedented demand, we had 19 AMC locations opened around the clock continuously from Thursday morning through Sunday night and about 180 AMC theaters with posted showtime starting after midnight, starting after midnight for a 3.5-hour movie comedy trailers.

為了滿足這一前所未有的需求，我們從周四早上到週日晚上全天候開放了 19 個 AMC 地點，並在大約 180 個 AMC 影院發布了午夜後開始的放映時間，午夜後開始播放 3.5 小時的電影喜劇預告片。

Beyond admissions, we also set not 1 but 2 single day U.S. food and beverage revenue records during the Avengers opening weekend.

除了入場費，我們還在復仇者聯盟開幕週末創造了 2 個而非 1 個單日美國食品和飲料收入記錄。

More than $13 million was spent on food and beverage at AMC on the opening Friday.

週五開幕時，AMC 在食品和飲料上的花費超過 1300 萬美元。

That new record lasted for all the day, as was followed by an even bigger record set the next day on Saturday with $15 million spent.

這一新記錄持續了一整天，隨後在第二天週六創下了更大的記錄，花費了 1500 萬美元。

The Avengers: Endgame results were similarly thrilling for us for Odeon and AMC Theatres all throughout Europe and the Middle East.

對於整個歐洲和中東的 Odeon 和 AMC 影院來說，復仇者聯盟：終局之戰的結果同樣令人激動。

You'll hear us talk about operating leverage on the call in a moment.

稍後您會聽到我們談論電話會議的運營槓桿。

After all, cinemas are a high fixed cost, low variable cost business.

畢竟，電影院是一項固定成本高、可變成本低的行業。

With shrinking revenues, as we saw in Q1, profits are challenged.

正如我們在第一季度看到的那樣，隨著收入萎縮，利潤受到挑戰。

But when revenues are stronger, profits follow suit.

但當收入強勁時，利潤也會隨之增加。

Avengers: Endgame is a great example of how operating leverage works in good times to AMC's benefit.

Avengers: Endgame 是一個很好的例子，說明經營槓桿如何在繁榮時期發揮作用，使 AMC 受益。

And we have many more big movies coming in 2019.

2019 年我們還有更多大片上映。

Turning more directly to the first quarter of 2019.

更直接地轉向 2019 年第一季度。

There are 5 shiny nuggets of information so far in 2019 that are highly encouraging to us as to what they portend for AMC in the balance of the year.

到目前為止，2019 年有 5 條閃亮的信息，這些信息對我們來說非常鼓舞人心，因為它們預示著 AMC 在今年餘下的時間裡會發生什麼。

In total though, the first quarter was a challenging quarter and one that we are thoroughly glad is behind us.

不過總的來說，第一季度是一個充滿挑戰的季度，我們非常高興的一個季度已經過去了。

As we had expected all along, based merely on the timing of releases within the 2019 film slate, the industry got off to a very slow start.

正如我們一直預期的那樣，僅根據 2019 年電影名單中的上映時間，該行業起步非常緩慢。

At $2.4 billion, Q1 2019 was the lowest U.S. industry box office since 2013, down 16.2% in revenue year-over-year, down 14.8% on attendance.

2019 年第一季度為 24 億美元，是自 2013 年以來美國行業票房最低的一次，收入同比下降 16.2%，上座率下降 14.8%。

You're already aware that we had a tough comp with Black Panther opening in February 2018 and stronghold over titles from 2017 continuing into the first quarter of 2018, including Star Wars: The Last Jedi, Jumanji and The Greatest Showman.

您已經知道，我們與 2018 年 2 月上映的《黑豹》(Black Panther) 以及從 2017 年一直持續到 2018 年第一季度的頭銜進行了激烈競爭，包括《星球大戰：最後的絕地武士》、《勇敢者遊戲》和《馬戲之王》。

In the first quarter of 2019, this year, AMC on a consolidated basis generated $1.2 billion of total revenues, which was down 13.2% compared to last year and down 11.2% on a constant currency basis.

今年 2019 年第一季度，AMC 在綜合基礎上產生了 12 億美元的總收入，比去年下降 13.2%，按固定匯率計算下降 11.2%。

This was driven primarily by a 12.2% decline in attendance globally.

這主要是由於全球出席人數下降了 12.2%。

For AMC, domestic attendance was down 11.1%.

對於 AMC，國內上座率下降了 11.1%。

Domestic admissions revenue in the United States was down 14.8%.

美國國內門票收入下降了 14.8%。

Fortunately, however, we continue to see strong returns from our U.S. food and beverage initiatives, with AMC's U.S. food and beverage revenues per patron up 3.9% as moviegoers enjoyed our popular feature for our menu variety and our strategic price increases took hold.

然而，幸運的是，我們繼續從我們的美國食品和飲料計劃中看到強勁的回報，AMC 在美國每位顧客的食品和飲料收入增長了 3.9%，因為電影觀眾喜歡我們廣受歡迎的菜單品種，並且我們的戰略性價格上漲已經站穩腳跟。

On the international front, we saw an attendance decline within our network of 14.5% and an admissions revenue decline of 13% year-over-year adjusted for currency, largely due to the same industry dynamics that we've noted earlier in the United States.

在國際方面，我們看到我們網絡的出勤率下降了 14.5%，入場收入同比下降 13%（經貨幣調整），這主要是由於我們早些時候在美國註意到的相同行業動態.

As also was the case in the U.S., international food and beverage revenues benefited from a 9% constant currency increase in food and beverage revenue per patron as we continue to implement theater innovations, new food and beverage initiatives and take our domestic food and beverage know-how into international markets.

與美國的情況一樣，隨著我們繼續實施劇院創新、新的食品和飲料計劃並讓我們的國內食品和飲料了解- 如何進入國際市場。

As I mentioned a moment ago, our business has a significant operating leverage, which benefits our profitability during strong attendance periods but adds pressure during weak attendance periods.

正如我剛才提到的，我們的業務具有顯著的運營槓桿，這有利於我們在出勤率高的時期的盈利能力，但在出勤率低的時期增加了壓力。

As a result of the industry-wide attendance declines in Q1, AMC generated first quarter adjusted EBITDA of $108.2 million, down considerably from the prior year.

由於第一季度全行業的出勤率下降，AMC 第一季度調整後的 EBITDA 為 1.082 億美元，較上年同期大幅下降。

As we stated in the press release issued earlier today, the comparability between this year and last year is complicated by, one, a sizable prior year rent benefit related to a lease modification that did not recur this year; two, a reduction in cash distributions received this year related to the sale of our ownership in National CineMedia last year; and three, a meaningful noncash impact related to the adoption of the new lease accounting standard, ASC 842.

正如我們在今天早些時候發布的新聞稿中所述，今年和去年之間的可比性因以下因素而變得複雜：第一，與今年未發生的租賃修改相關的相當大的前一年租金收益；第二，由於我們去年出售了 National CineMedia 的所有權，今年收到的現金分配有所減少；第三，與採用新租賃會計準則 ASC 842 相關的有意義的非現金影響。

Adjusting for these 3 items, adjusted EBITDA was down $111 million from the prior year, which is slightly below the decline in gross profit over the same period of $117 million, reflecting the operating leverage in our business.

調整這 3 項後，調整後的 EBITDA 較上年下降 1.11 億美元，略低於同期毛利潤下降 1.17 億美元，反映了我們業務的經營槓桿。

Just to spend one extra minute on ASC 842.

只是為了在 ASC 842 上多花一分鐘。

For those of you who have not yet updated your models for ASC 842, had our Q1 2019 adjusted EBITDA not been impacted by the new lease accounting standard, our total adjusted EBITDA of $108.2 million would have been higher by $22.7 million.

對於那些尚未更新 ASC 842 模型的人來說，如果我們 2019 年第一季度調整後的 EBITDA 沒有受到新租賃會計準則的影響，我們調整後的 EBITDA 總額為 1.082 億美元，本應增加 2270 萬美元。

Well, if that's the tough news for Q1, so what are those 5 bright spots so far in 2019 that I referred to earlier that we find intriguing and compelling?

好吧，如果這對第一季度來說是個壞消息，那麼我之前提到的 2019 年到目前為止我們覺得有趣和引人注目的 5 個亮點是什麼？

First, in Q1, AMC outperformed the U.S. industry across some crucial and key metrics, including that AMC outpaced the industry on attendance per screen by approximately 570 basis points.

首先，在第一季度，AMC 在一些關鍵和關鍵指標上的表現優於美國行業，包括 AMC 在每個屏幕的上座率方面超過行業約 570 個基點。

And we outpaced the industry by more than 700 basis points on attendance per screen if you compare AMC to non-AMC, meaning, you exclude AMC from the U.S. industry statistics, so it's not us against ourselves and the other guys, it's us against just the other guys.

如果將 AMC 與非 AMC 進行比較，我們在每個屏幕上的出勤率超過行業 700 個基點，也就是說，您將 AMC 從美國行業統計數據中排除，所以這不是我們反對我們自己和其他人，而是我們反對其他人。

We also outperformed on admissions revenue per screen by approximately 340 basis points, by about 450 basis points comparing AMC to non-AMC on admissions revenue per screen.

我們還在每個屏幕的入場收入方面表現出色約 340 個基點，將 AMC 與非 AMC 的每個屏幕入場收入進行比較約 450 個基點。

Second, I mentioned earlier in the call the strength of our F&B spend for patron in the quarter, up 4% domestically and 9% internationally currency adjusted.

其次，我之前在電話會議中提到了我們本季度贊助人的餐飲支出實力，經貨幣調整後國內增長 4%，國際增長 9%。

In the United States, we were pleased to see that F&B spend actually increased to $5.23 per patron, which is higher than that realized by other major cinema operators and represents a new first quarter F&B revenue per patron record for F&B for AMC.

在美國，我們很高興地看到每位顧客的餐飲支出實際上增加到 5.23 美元，高於其他主要影院運營商實現的水平，代表了 AMC 第一季度每位顧客餐飲收入的新紀錄。

Third, memberships in our AMC Stubs loyalty program is soaring.

第三，我們的 AMC Stubs 忠誠度計劃的會員人數正在飆升。

We will cross 20 million member households in AMC Stubs in the next few weeks, up from 2.5 million member households only 3 years ago.

在接下來的幾週內，我們將在 AMC Stubs 中擁有 2000 萬會員家庭，而 3 年前只有 250 萬會員家庭。

Stubs is especially important as it allows us to collect unique data around the viewing preferences and purchasing behavior of our customers on an individual account-by-account basis, and then enables us to personalize the customer experience as they engage with us, both inside and outside the theater.

存根尤其重要，因為它使我們能夠收集有關客戶在逐個帳戶的觀看偏好和購買行為的獨特數據，然後使我們能夠在客戶與我們互動時個性化他們的體驗，無論是在內部還是在劇院外。

Before they arrive, when they are there and after they get home.

在他們到達之前、他們到達那裡時以及他們回家之後。

Fourth, it is now formally time for us to declare to you that AMC Stubs A-List, our subscription program, is a winner.

第四，現在是我們正式向您宣布我們的訂閱計劃 AMC Stubs A-List 獲勝的時候了。

As of today, we currently have more than 785,000 A-List members, 787,342 to be precise, which is light years ahead of our early projections when we launched the program less than 10 months ago.

截至今天，我們目前擁有超過 785,000 名 A-List 成員，準確地說是 787,342 名，這比我們在不到 10 個月前推出該計劃時的早期預測高出數光年。

And if you're counting, that's roughly 85,000 more subscribers than when we spoke on the fourth quarter call at the end of February.

如果您正在計算，這比我們在 2 月底的第四季度電話會議上發言時多了大約 85,000 名訂閱者。

And roughly 180,000 more members in A-List than we had at the beginning of the year.

與年初相比，A-List 的成員數量增加了大約 180,000 人。

A-List member counts keep growing handsomely, even though we launched nationwide at double the price of competitors, and more recently implemented in January of 2019, an additional 10% to 20% price increase on new members in various parts of the United States.

儘管我們在全國范圍內推出的價格是競爭對手的兩倍，並且最近於 2019 年 1 月實施，美國各地的新會員價格額外上漲 10% 至 20%，但 A-List 會員數量仍保持強勁增長。

Here's another important metric.

這是另一個重要指標。

A-List frequency of visits per member per month in the first quarter was 2.6x, right within our desired sweet spot of 2.5 to 3.0 visits per member per month.

第一季度每位會員每月訪問 A-List 的頻率為 2.6 倍，恰好在我們期望的每位會員每月 2.5 至 3.0 次訪問的最佳點內。

Average week frequency per member Q1, 2.6.

每個成員的平均週頻率 Q1，2.6。

But that was admittedly in a slow moviegoing quarter.

但不可否認，那是在一個放映緩慢的季度。

We can now report the average A-List frequency for April and the first 8 days of May, which includes the first 2 weeks that were heavily attended for Avengers: Endgame also was 2.6x, exactly as it was for the January to March quarter and right where we want it to be.

我們現在可以報告 4 月和 5 月前 8 天的平均 A-List 頻率，其中包括前 2 周大量參加複仇者聯盟：Endgame 也是 2.6 倍，與 1 月至 3 月季度完全一樣就在我們想要的地方。

Additionally, we are also pleased to report that the A-List program was profitable and was accretive to adjusted EBITDA in the first quarter of 2019.

此外，我們也很高興地報告，A-List 計劃在 2019 年第一季度實現了盈利並增加了調整後的 EBITDA。

We continue to believe that by the end of the year, A-List will be $3 accretive to adjusted EBITDA on a per member per month basis.

我們仍然相信，到今年年底，A-List 每個成員每月的調整後 EBITDA 將增加 3 美元。

Again, that is way beyond our original expectations.

同樣，這超出了我們最初的預期。

We have good history now 10 months into A-List, and we think we have good visibility in the A-List going forward.

我們進入 A-List 已有 10 個月的良好歷史，我們認為我們在未來的 A-List 中具有良好的知名度。

And as I said, it is a winner for AMC.

正如我所說，它是 AMC 的贏家。

And the fifth point.

還有第五點。

While we certainly saw a negative adjusted EBITDA swing in Q1 against the soft industry backdrop, we're already beginning to see the positive uplift in earnings on the heels of Avengers: Endgame in April.

雖然我們確實看到在疲軟的行業背景下第一季度調整後的 EBITDA 出現負波動，但我們已經開始看到在 4 月份的《復仇者聯盟：終局之戰》之後收益出現正增長。

We expect to continue to see strong positive operating leverage throughout the rest of 2019 as the box office ramps.

隨著票房的增長，我們預計在 2019 年剩餘時間裡將繼續看到強勁的積極經營槓桿。

Accordingly, let me reiterate that we believe 2019 has the potential to be another record-breaking year for AMC.

因此，讓我重申，我們相信 2019 年有可能成為 AMC 又一個破紀錄的一年。

And as a result, we now expect that our full year 2019 adjusted EBITDA will exceed that of 2018, adjusted for ASC 8421.

因此，我們現在預計 2019 年全年調整後的 EBITDA 將超過 2018 年的調整後 ASC 8421。

One final update for you before we close, I'm pleased to point you to our announcement yesterday of our addition of a new independent director joining the AMC Board of Directors, Adam Sussman.

在我們結束之前，我很高興為您提供最後一次更新，我很高興向您指出我們昨天宣布我們增加了一位新的獨立董事加入 AMC 董事會，Adam Sussman。

As part of the strategic investment from Silver Lake last September, we agreed to elect a director with significant technology experience and knowledge, and we couldn't have picked a better candidate.

作為去年 9 月 Silver Lake 戰略投資的一部分，我們同意選舉一位具有豐富技術經驗和知識的董事，我們找不到更好的候選人了。

The Harvard MBA, Adam Sussman, is currently the GM of Direct Digital and Geographies at Nike, with over 20 years of digital consumer experience at major global brands, including Disney, Electronic Arts and Zynga.

Adam Sussman 是哈佛大學的 MBA，目前是 Nike Direct Digital 和 Geographies 的總經理，在迪士尼、Electronic Arts 和 Zynga 等全球主要品牌擁有超過 20 年的數字消費者經驗。

We look forward to his valuable ideas and contributions to AMC.

我們期待他為AMC提供寶貴的想法和貢獻。

In conclusion, before we turn to your questions, looking at the totality of AMC.

總之，在我們回答您的問題之前，先看看 AMC 的整體情況。

Increasingly, AMC is delivering a moviegoing experience to our customers that is frictionless and leverages data to create meaningful and personalized communication and experiences between AMC and our guests.

AMC 越來越多地為我們的客戶提供無摩擦的觀影體驗，並利用數據在 AMC 和我們的客人之間創造有意義和個性化的溝通和體驗。

We are marrying our global and upgraded physical footprint with a rapidly growing customer database, along with modern technology interfaces, data-driven insights and innovative consumer engagement practices.

我們正在將我們的全球和升級的物理足跡與快速增長的客戶數據庫、現代技術接口、數據驅動的洞察力和創新的消費者參與實踐結合起來。

Clearly, we continue to see in Q1 that this is all measurably driving attendance surges at AMC.

顯然，我們在第一季度繼續看到，這一切都在顯著推動 AMC 的上座率激增。

With a strong movie slate coming and increasing consumer loyalty to our company, we look forward to the remainder of 2019, and what will hopefully be another record-breaking year for AMC.

隨著強大的電影名單的到來和消費者對我們公司的忠誠度的提高，我們期待著 2019 年的剩餘時間，並有望成為 AMC 又一個破紀錄的一年。

And as I said before, what we might -- what we just think might be the biggest 9 months in movie history.

正如我之前所說，我們可能——我們認為可能是電影史上最重要的 9 個月。

With that, thank you for listening.

感謝您的收聽。

And Craig and I are happy to take your questions.

克雷格和我很樂意回答你的問題。

(Operator Instructions) Our first question comes from the line of David Miller with Imperial Capital.

（操作員說明）我們的第一個問題來自 Imperial Capital 的 David Miller。

Adam, question on surge pricing for you.

亞當，請問您關於激增定價的問題。

You recall a couple of years ago, you guys did an analyst event in San Francisco, where you detailed all kinds of surge pricing strategies around multiple days and multiple formats and multiple types of genres and films.

你還記得幾年前，你們在舊金山做了一個分析師活動，在那裡你詳細介紹了圍繞多天、多種格式和多種類型和電影的各種激增定價策略。

You reiterated that, I think, briefly at your Analyst Day a couple weeks ago.

我認為，您在幾週前的分析師日上簡短地重申了這一點。

With that being said, what kind of surge pricing strategies and tactics have you been using with this Avengers juggernaut that continues?

話雖這麼說，你對這個仍在繼續的複仇者聯盟主宰使用了什麼樣的激增定價策略和策略？

And will those continue going forward into the back half of the year?

這些會持續到今年下半年嗎？

Sure.

當然。

David, so this is a complicated question.

戴維，這是一個複雜的問題。

There are so many things that are on the table for pricing strategies.

定價策略的表上有很多東西。

And let me -- I'll mention some that we've done and some that are on the drawing board.

讓我——我會提到一些我們已經完成的和一些在繪圖板上的。

1.5 years ago, we already introduced weekend surcharges at hundreds of our most visited theaters.

1.5 年前，我們已經在數百家訪問量最大的劇院推出了周末附加費。

And those have been in place now for a long time.

這些已經存在很長時間了。

Consumers have accepted them and we're doing just fine.

消費者已經接受了它們，我們做得很好。

So that's one.

這就是一個。

Second, as you know, we charge a premium for PLFs and it's a very healthy premium.

其次，如您所知，我們對 PLF 收取溢價，這是非常健康的溢價。

We get a 70% price premium at Dolby and IMAX; about a 40% premium, 45% premium for AMC Prime; we get a, on average, a 33% premium for 3D; and we have leaned into 3D and premium formats bigger than anyone else in the country.

我們在杜比和 IMAX 上獲得了 70% 的價格溢價；溢價約40%，AMC Prime溢價45%；對於 3D，我們平均獲得 33% 的溢價；我們已經向 3D 和高級格式傾斜，比國內任何其他公司都大。

And as an example, a couple of years ago, we had 155 PLFs.

例如，幾年前，我們有 155 個 PLF。

We have over 350, I believe, in the United States currently.

我相信，我們目前在美國有 350 多個。

All those auditoriums were commanding those pricing premiums for Avengers: Endgame.

所有這些觀眾席都在為《復仇者聯盟：終局之戰》索取定價溢價。

In addition to that, we've created, as you know, the first-ever pricing department in the history of the movie industry.

除此之外，如您所知，我們還創建了電影業歷史上第一個定價部門。

And that pricing department looks at the prices we charge at every single theater on a constant basis, and we move pricing around building by building all the time, trying to optimize pricing, taking price up where we're able and taking price down where we need to.

那個定價部門會不斷地查看我們在每個劇院收取的價格，我們會一直在建設中調整定價，努力優化定價，在我們能夠的地方提高價格，在我們能夠降低的地方降低價格需要。

Knowing that Avengers: Endgame was coming, we certainly looked hard throughout the latter half of 2018 and the first 4 months of 2019 to make sure that the overall box office pricing theater by theater was well positioned.

知道復仇者聯盟：終局之戰即將到來，我們在整個 2018 年下半年和 2019 年前 4 個月都在努力尋找，以確保各影院的整體票房定價處於有利位置。

Beyond that, we've had 2 major pricing actions in the last 12 months, again.

除此之外，我們在過去 12 個月內再次採取了 2 次重大定價行動。

As you know, we call them Discount Tuesdays, which launched nationwide at $5 on Tuesdays and turns Tuesday into the second biggest attendance day of the week at AMC.

如您所知，我們稱之為“折扣星期二”，它在星期二以 5 美元的價格在全國范圍內推出，並使星期二成為 AMC 本週第二大上座率。

Actually, when we launched the program last year, we called it $5 Tuesdays.

實際上，當我們去年推出該計劃時，我們將其稱為每週二 5 美元。

We renamed it Discount Tuesdays at the beginning of 2019 because very quietly, we've been taking price increases on Tuesday, pushing Tuesday from $5 to anywhere between $5 and $7 depending upon the theater.

我們在 2019 年初將其重命名為 Discount Tuesdays，因為我們一直在悄悄地在周二提價，將周二從 5 美元推高到 5 美元到 7 美元之間的任何地方，具體取決於劇院。

And then of course, there is A-List, which is a dramatic change in pricing philosophy that's affected, so far, 787,342 of our happiest customers.

當然，還有 A-List，這是定價理念的巨大變化，到目前為止，我們最滿意的客戶中有 787,342 人受到影響。

As we look ahead, there's still more that we can do, obviously, not that we did in time for the Avengers: Endgame opening, but we continue to think hard about what we call zone pricing, charging different prices for different seats as we do in Europe.

展望未來，我們還有更多可以做的事情，顯然，我們並沒有及時趕上《復仇者聯盟：終局之戰》的開幕，但我們會繼續認真思考我們所說的區域定價，就像我們所做的那樣，對不同的座位收取不同的價格在歐洲。

We look hard at what we call in Europe, Blockbuster pricing, where we charge different process title by title, just as we did in Europe on Avengers: Endgame.

我們仔細研究我們在歐洲所說的 Blockbuster 定價，我們按標題對不同的流程標題收費，就像我們在歐洲對複仇者聯盟：終局之戰所做的那樣。

And then also, we are looking at the timing of pricing, the possibility of charging more at the beginning of a movie's run when obviously demand is at its peak and charging less at the back end of a movie's run when demand is weakest, just before it leaves theaters and goes elsewhere into the ecosystem.

然後，我們也在考慮定價的時機，在電影放映開始時收費更高的可能性，此時需求顯然處於高峰期，而在電影放映結束時需求最弱的時候收費更低，就在之前它離開劇院並進入生態系統的其他地方。

Just to show you how dramatic this all is, I just want to give you an example of the theaters that I attended the opening of Avengers: Endgame.

為了向您展示這一切的戲劇性，我只想舉一個我參加複仇者聯盟開幕式的劇院的例子：Endgame。

It was the Odeon Leicester Square in the heart of London.

那是位於倫敦市中心的 Odeon Leicester 廣場。

For opening weekend of Avengers, we charged anywhere from $15 to $51.63 per ticket for the opening weekend of Avengers: Endgame based on where you sat in the theater.

對於《復仇者聯盟》的首映週末，我們根據您在劇院的座位，為《復仇者聯盟：終局之戰》的首映週末收取每張門票 15 美元至 51.63 美元不等的費用。

With more than half of the seats in the theater priced at north of GBP 33 per ticket, close to $40 a ticket or higher.

劇院一半以上的座位售價在每張 33 英鎊以上，接近 40 美元一張或更高。

So pricing is something we think we understand a lot about at AMC.

所以定價是我們認為我們在 AMC 了解很多的事情。

We've already taken a lot of actions over the past couple of years, and this will continue to be an active area of revenue opportunity for us going forward.

在過去的幾年裡，我們已經採取了很多行動，這將繼續成為我們未來的一個活躍的收入機會領域。

Our next question comes from the line of Eric Handler with MKM Partners.

我們的下一個問題來自 Eric Handler 與 MKM Partners 的合作。

Adam, I wonder if you can dig in and maybe provide us a little color about the bring-alongs that you're seeing with A-List subscribers?

亞當，我想知道你是否可以深入了解一下你在 A-List 訂閱者中看到的帶來的東西？

Eric, we know exactly what it is, and I don't think we've released the statistic publically, but -- and if I'm wrong, I'm happy to say what it is in the call but people are nodding that we haven't released the number publicly.

埃里克，我們確切地知道它是什麼，我認為我們沒有公開發布統計數據，但是 - 如果我錯了，我很樂意在電話中說出它是什麼，但人們點頭表示我們還沒有公開發布這個數字。

But there are 3 -- there are 4 numbers that really drive the profitability of A-List.

但有 3 個——有 4 個數字真正推動了 A-List 的盈利能力。

And those people who were at our Investor Day presentation, or those who've looked at the Investor Day presentation, realize that the level of detailed analysis that we have in A-List is huge.

那些參加過我們的投資者日演講的人，或者那些看過投資者日演講的人，意識到我們在 A-List 中的詳細分析水平是巨大的。

But the big numbers that drive the profitability of the program: What's the price we're charging, what's the frequency per month at which members are going, what's the take-along percentage, and how much food and beverage spend are they buying?

但推動該計劃盈利能力的大數據是：我們收取的價格是多少，會員每月去的頻率是多少，帶走百分比是多少，以及他們購買了多少食品和飲料？

And literally, we are now sophisticated enough in our A-List analysis that we're able to track those statistics literally account by account, member by member.

從字面上看，我們現在在我們的 A-List 分析中已經足夠複雜，我們能夠逐個帳戶、逐個成員地跟踪這些統計數據。

And we have a very good feel of who's profitable and who's not profitable and what the average profitability of that portfolio is.

我們非常清楚誰盈利，誰不盈利，以及該投資組合的平均盈利能力是多少。

So while we haven't released that specific stat yet, and therefore, I don't want to set a precedent today.

因此，雖然我們還沒有發布具體的統計數據，因此，我今天不想開創先例。

Rest assured that we know it, we track it literally daily, and as a result of all this, we're very confident in putting forward the 2 comments that AMC Stubs A-List was accretive in Q1, and by the end of the year, it will be accretive to the tune of $3 per member per month.

請放心，我們知道它，我們每天都在跟踪它，因此，我們非常有信心提出 2 條評論，即 AMC Stubs A-List 在第一季度和年底前有所增長，每個會員每月將增加 3 美元。

That's $36 million a year if we had 1 million members in the system.

如果我們的系統中有 100 萬會員，那麼每年就是 3600 萬美元。

I should also add that while we're not releasing the exact stats, it is a meaningful number.

我還應該補充一點，雖然我們沒有發布確切的統計數據，但這是一個有意義的數字。

There are a lot of A-Listers who are being joined by non-A-listers.

有很多一線明星加入了非一線明星的行列。

And one of the many technical enhancements that we're making in the AMC app right now as we speak is making it easier and more seamless, more frictionless for AMC A-Listers to bring along guests at full revenue, so they can do it in a single transaction without paying.

我們現在正在對 AMC 應用程序進行的眾多技術改進之一是讓 AMC A-Listers 更輕鬆、更無縫、更順暢地帶來全額收入的客人，這樣他們就可以做到這一點單筆交易無需支付。

The easier we can make it to use their app, the more incentive it will provide those A-Listers to bring people along with them.

我們越容易使用他們的應用程序，就越能激勵這些一線明星將人們帶到他們身邊。

Great.

偉大的。

And just as a follow-up, not sure what you'll be able to provide, but among families, how many subscriptions are you seeing per family on average?

作為後續行動，不確定你能提供什麼，但在家庭中，你平均看到每個家庭有多少訂閱？

And secondly, what percentage of ticket purchases are seeing upgrades?

其次，升級的購票比例是多少？

When you say seeing upgrades, what do you mean by that?

當您說看到升級時，您指的是什麼？

PLF.

PLF。

PLF upgrades?

PLF升級？

PLF.

PLF。

Yes, yes.

是的是的。

Again, we track that stat hourly and I don't think we release that stat?

同樣，我們每小時跟踪一次該統計數據，我認為我們不會發布該統計數據？

We don't.

我們沒有。

But we know exactly what it is and it's pretty close to where we modeled it and it's a big, exciting feature of our program to the guest.

但我們確切地知道它是什麼，它非常接近我們建模的地方，對於客人來說，這是我們節目的一個重要的、令人興奮的功能。

They use our PLFs.

他們使用我們的 PLF。

They like IMAX, they like Dolby Cinema, they like getting it without having to pay the normal 70% premium that we charge.

他們喜歡 IMAX，他們喜歡 Dolby Cinema，他們喜歡無需支付我們收取的正常 70% 溢價即可獲得它。

And it's one of the things that is I think driving the major appeal of A-List.

這是我認為推動 A-List 主要吸引力的因素之一。

With respect to families, the average member is between 1 and 2 members per household, our AMC Stubs members.

關於家庭，平均每個家庭有 1 到 2 個成員，即我們的 AMC Stubs 成員。

So we have a lot of couples, both of them are members.

所以我們有很多夫妻，他們都是會員。

We also have a lot of single members.

我們也有很多單身會員。

While we have some children members, we don't have as many as you might think because we imposed, as a rule of the program when we launched back in 2018, a minimum age, which we lowered down to 2016 (sic) [16].

雖然我們有一些兒童會員，但我們並沒有您想像的那麼多，因為我們在 2018 年推出該計劃時規定了最低年齡，我們將其降低到 2016 年（原文如此）[16 ].

But we still have a minimum age of 2016 (sic) 16 . And you may wonder why, the reason is, literally, every time an A-Lister shows up at our theater, we require that they show us a government-issued photo ID, which generally is a driver's license.

但是我們仍然有最低年齡 2016 (sic) 16 。你可能想知道為什麼，原因是，每次 A-Lister 出現在我們的劇院時，我們都要求他們向我們出示政府頒發的帶照片的身份證件，這通常是駕駛執照。

And obviously, if you're under the age of 16, it's not going to be so easy to get a driver's license.

顯然，如果您未滿 16 歲，要獲得駕照就不會那麼容易。

We've done this because we wanted from day 1 to make sure there was not fraud within the A-List program.

我們這樣做是因為我們希望從第一天起就確保 A-List 計劃中沒有欺詐行為。

Others in subscription who failed pretty spectacularly were saying that they say massive fraud, because they were not checking identification and people were passing their cards around.

訂閱中的其他人以驚人的失敗告終，他們說他們說的是大規模欺詐，因為他們沒有檢查身份證明，而且人們在四處傳遞他們的卡片。

I'm also pleased to say that we are working right now to program family membership capability within our website and app.

我也很高興地說，我們現在正在努力在我們的網站和應用程序中規劃家庭會員功能。

And essentially, what we're going to do is program a photo upload capability so that you can store your picture with us, so you won't have to show us a government ID for us to know that you are actually the member, because we'll have your picture loaded on file.

本質上，我們要做的是對照片上傳功能進行編程，這樣您就可以將您的照片存儲在我們這裡，這樣您就不必向我們出示政府身份證，我們就可以知道您實際上是會員，因為我們會將您的圖片加載到文件中。

And while you'll be able to change your picture from time-to-time, it will be infrequently, so maybe once a year or something, so that we don't open ourselves up to fraud.

雖然您可以不時更改您的照片，但不會經常更改，所以可能一年一次或其他時間，這樣我們就不會向欺詐敞開心扉。

When we have the photo upload capability that will then allow us to lower the minimum age down to let family members enroll not only for a husband and wife but also for their children.

當我們擁有照片上傳功能時，我們將能夠降低最低年齡，讓家庭成員不僅可以為丈夫和妻子報名，也可以為他們的孩子報名。

So that's -- and that's yet another one of these bells and whistles adds to A-List coming down the pike that will make A-List even more attractive to more people, which I think will cause it to continue to grow as a program into the future.

這就是 - 這是 A-List 的又一個附加功能，它會逐漸減少，這將使 A-List 對更多人更具吸引力，我認為這將導致它作為一個程序繼續發展成為未來。

But I wouldn't be surprised if that photo upload capability is a 2020 initiative, rather than something we'll have -- that will happen this year in 2019.

但如果照片上傳功能是 2020 年的一項舉措，而不是我們將在今年 2019 年實現的功能，我不會感到驚訝。

Eric, it's Craig.

埃里克，我是克雷格。

I'd add and just kind of to repeat a point to that, I mean, maybe to embellish it a little bit.

我想補充一點，只是想重複一點，我的意思是，也許可以稍微美化一下。

We actually, for the quarter, planned as we looked, as we planned 2019 without the second quarter, the A-List program would actually be slightly dilutive on an EBITDA basis.

實際上，對於本季度，我們按照我們的計劃進行了計劃，正如我們計劃在沒有第二季度的情況下的 2019 年一樣，A-List 計劃實際上會在 EBITDA 的基礎上略有稀釋。

So we thought it would be better than it performed in 2018, but still a little dilutive.

所以我們認為它會比 2018 年的表現更好，但仍然有點攤薄。

The fact that it was, by a meaningful number, accretive, I think was really in Q1 was an indication of kind of the strength and contribution of all the factors, frequency really in line, bring-along exceeding expectations and so it's a combination of a lot of things that are driving the improvement well above what we expected at this point in time, and why we, again, think run rate at the end of the year, is going to be $3 of contribution per member.

事實上，它是一個有意義的數字，增加，我認為真的是在第一季度，這表明所有因素的力量和貢獻，頻率確實符合，帶來超出預期等等它的組合很多因素推動改進遠高於我們此時的預期，以及為什麼我們再次認為年底的運行率將是每個成員貢獻 3 美元。

Can I just add one more thing?

我可以再添加一件事嗎？

Because obviously, A-List is such an important topic.

因為顯然，A-List 是一個如此重要的話題。

I'm an old geezer.

我是一個老怪人。

I'm 64 years old.

我今年 64 歲。

I have been in business for 40 years.

我從業 40 年了。

I've worked for probably 10 different companies over the course of my career.

在我的職業生涯中，我大概為 10 家不同的公司工作過。

I have never been more proud of an organization in my entire career than I am of AMC's marketing organization and its ability to analyze A-List and understand what's going on.

在我的整個職業生涯中，我從未像 AMC 的營銷組織及其分析 A-List 和了解正在發生的事情的能力那樣為一個組織感到自豪。

The sophistication of our understanding of A-List is a big reason why it's profitable.

我們對 A-List 的深入理解是它盈利的一個重要原因。

We designed the program right.

我們正確地設計了程序。

We were prepared to change the program as needed to make sure that it would become profitable and stay profitable and obviously the early returns are just way ahead of our expectations, positive on every dimension.

我們準備根據需要更改計劃，以確保它能夠盈利並保持盈利，顯然早期回報遠遠超出了我們的預期，在各個方面都是積極的。

And they rip this program apart every single day.

他們每天都把這個程序撕成碎片。

We understand it well.

我們很好理解。

We know what's going on.

我們知道發生了什麼。

We have it under control.

我們控制住了它。

It's performing well, and we will do whatever we need to do to change the program to keep it that way.

它表現良好，我們將盡一切努力改變程序以保持這種狀態。

But as I said, right now, program is very profitable and way ahead of timetable.

但正如我所說，現在，這個項目非常有利可圖，而且比時間表提前了很多。

Our next question comes from the line of Jim Goss with Barrington Research.

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

I might as well stay in the A-List theme for a moment.

我不妨暫時留在 A-List 主題中。

You attempted to rightsize frequency with the price increases.

您試圖通過價格上漲調整頻率。

And I wondered if you can talk about how that calculation changed the frequency in New York or Chicago or LA as you raised the prices?

我想知道你是否可以談談當你提高價格時，這種計算是如何改變紐約、芝加哥或洛杉磯的頻率的？

So we didn't see any change in frequency in the 5 states where we went up to $24, that I detected.

因此，我發現在 5 個州的頻率達到 24 美元時，我們沒有看到任何變化。

About -- and the 5 states where California, New Jersey, New York, Connecticut, which is Metro New York and Massachusetts, which is Metro Boston.

關於——以及加利福尼亞州、新澤西州、紐約州、康涅狄格州（即紐約大都會）和馬薩諸塞州（即波士頓大都會）所在的 5 個州。

We then went up $4 a month in those markets.

然後我們在這些市場上每月上漲 4 美元。

We went up $2 a month in another 10 states, plus the District of Columbia.

我們在另外 10 個州以及哥倫比亞特區每月上漲 2 美元。

It's not so much that it rightsized frequency, it just got us more revenue.

與其說它調整了頻率，不如說它給我們帶來了更多的收入。

If we're getting $4 more per head per month, it's $48 more per year, and that's $48 more that we either can afford to pay our studio partners in film rent or put in our pocket or a combination of the 2.

如果我們每個人每月多賺 4 美元，那麼每年就多賺 48 美元，這多出 48 美元，我們可以負擔得起支付給工作室合作夥伴的電影租金，或者放在我們的口袋裡，或者兩者兼而有之。

And we needed to get that additional price increase because we want this program to be profitable, and we got a lot of people seeing a lot of movies, 2.6 per month in the quarter and we want to price it right.

我們需要額外的價格上漲，因為我們希望這個項目有利可圖，而且我們有很多人看了很多電影，本季度每月 2.6 部，我們希望定價正確。

Plus, I guess the other comment on pricing it right, it's just also a function of demand.

另外，我想其他關於定價的評論是正確的，它也是需求的函數。

The membership applications have been so solid.

會員申請一直很穩定。

When you've got demand, you can afford to raise the price and we had demand, so we figured we might as well raise the price.

當你有需求時，你有能力提高價格，而我們有需求，所以我們認為我們不妨提高價格。

All right.

好的。

And Adam, does the 2.6x frequency mainly create profitability by the bring-along box office or by adding concession sales?

而亞當，2.6倍頻主要是靠自帶票房創造盈利，還是靠增加特許銷售？

And when you do the accretive calculation, what are you accounting into that?

當你進行增值計算時，你在計算什麼？

So it's both.

所以兩者都是。

Because it's a sum of all these metrics, right?

因為它是所有這些指標的總和，對吧？

Money is fungible, right?

錢是可替代的，對吧？

If we didn't have the bring-along factor, we wouldn't have the $3.

如果我們沒有隨身攜帶的因素，我們就沒有 3 美元。

If we didn't have the F&B -- increased F&B spend, we wouldn't have the $3.

如果我們沒有餐飲——增加餐飲支出，我們就不會擁有 3 美元。

We do have the bring-along factor, we do have the F&B spend, hence the $3.

我們確實有攜帶因素，我們確實有餐飲支出，因此是 3 美元。

The $3 meaning the $3 per member per month of incremental EBITDA.

3 美元意味著每位會員每月 3 美元的增量 EBITDA。

What we're doing is we're comparing the program to the money that it's bringing to us now versus what -- the moneys that would have come to us anyway if we didn't have the program.

我們正在做的是，我們將這個項目與它現在給我們帶來的錢與什麼——如果我們沒有這個項目本來會給我們的錢進行比較。

So that's the calculus.

這就是微積分。

Because for an enormous subset of this group, I'd say in the neighborhood of half, we knew what their frequency with us was prior to creating A-List, because they were already Stubs members.

因為對於這個群體的很大一部分，我會說大約一半，我們在創建 A-List 之前就知道他們與我們在一起的頻率，因為他們已經是 Stubs 成員了。

So they were already tracking our purchases with us.

所以他們已經在跟踪我們的購買情況。

So we're able to compare -- remember, Stubs gives them points not only on their own tickets, but on other tickets they buy for bring-alongs and brings them points for F&B spend.

所以我們能夠比較 - 請記住，Stubs 不僅在他們自己的機票上給他們積分，而且在他們購買的其他門票上給他們積分，並為他們帶來餐飲消費積分。

So we knew exactly what they were doing before A-List, and we know exactly what they're doing after A-List and you can adjust that for the change in the box office.

所以我們確切地知道他們在 A-List 之前在做什麼，我們也確切地知道他們在 A-List 之後在做什麼，您可以根據票房的變化進行調整。

You can -- so you can size it to make sure that the box office was comparable in dollar volume and you can analyze exactly how much money was coming in the door beforehand and how much was coming in after.

你可以 - 所以你可以調整它的大小以確保票房在美元數量上具有可比性，並且你可以準確分析事先有多少錢進來以及之後有多少錢進來。

And that's what this is incremental calculation is.

這就是增量計算。

Jim, I might add, I'd say it's fully loaded.

吉姆，我可能會補充說，我會說它已經滿載了。

And by that, I mean in this comparison that Adam's describing, the program -- the A-List program, versus how the member attended before A-List, we also consider any additional fees -- ticketing fees that may be weighed.

而且，我的意思是，在這個比較中，亞當描述的程序——A-List 程序，與成員在 A-List 之前的參加方式相比，我們還考慮了任何額外費用——可能被權衡的票務費用。

So we're putting that factor in; all the film costs, all the food and beverage costs; operating expenses, we're loading any incremental operating expenses, whether they maybe be even credit card fees as an example, not to -- this isn't an exhaustive list, but we're putting in some overhead costs that are incurred in the program from this office.

所以我們把這個因素考慮在內；所有的電影費用，所有的餐飲費用；運營費用，我們正在加載任何增量運營費用，無論它們是否甚至可能是信用卡費用，而不是 - 這不是一個詳盡的清單，但我們正在增加一些間接費用，這些費用是在這個辦公室的程序。

So I think it's a realistic view of incremental revenues and also incremental costs that are associated.

所以我認為這是對增量收入和相關增量成本的現實看法。

So we're trying to be as transparent, I guess, as we can.

因此，我想我們正在努力做到盡可能透明。

And intellectual honesty is a good thing, we're trying to be intellectually honest with how it is performing in -- by building in all the costs as we compare pre-A-List to post-A-List.

知識上的誠實是一件好事，我們試圖在知識上誠實地對待它的表現——在我們比較 pre-A-List 和 post-A-List 時建立所有成本。

Okay.

好的。

One smaller non-A-List question.

一個較小的非 A-List 問題。

I noticed you had a few more Dolby Cinema openings and I think one IMAX opening.

我注意到你們有更多的杜比影院開場，我想還有一個 IMAX 開場。

And I assume that IMAX is pretty much largely in place or is it?

而且我認為 IMAX 基本上已經到位了，或者是嗎？

Do you have more room for IMAX?

你有更多的空間放 IMAX 嗎？

And do you think most of the PLF increments will come from Dolby and perhaps your Prime area and how aggressive will you be?

您是否認為大部分 PLF 增量將來自杜比，或許還有您的 Prime 區域？您的積極性如何？

Jim, so look, AMC is in love in IMAX and AMC for that matter is in love with Dolby Cinema.

吉姆，你看，AMC 愛上了 IMAX，而 AMC 也愛上了杜比影院。

We are the largest IMAX exhibitor in North America.

我們是北美最大的 IMAX 放映商。

We have about half of all IMAX installations in North America.

我們在北美擁有大約一半的 IMAX 安裝。

We did a major announcement I think a year ago, might have been 2 years ago, but I think it was a year ago that we are going to look to add 25 IMAX locations throughout Europe.

我認為我們在一年前發布了一個重大公告，可能是 2 年前，但我認為是一年前我們打算在整個歐洲增加 25 個 IMAX 地點。

Similarly, we're the only Dolby Cinema operator in North America or in the United States, and we have about 130 Dolby Cinemas by now opened in the United States, the Odeon Leicester Square, the Dolby Cinema in London.

同樣，我們是北美或美國唯一的杜比影院運營商，我們目前在美國開設了大約 130 家杜比影院，Odeon Leicester Square，倫敦的杜比影院。

We would like to add as many IMAX and Dolby Cinema locations as we can.

我們希望添加盡可能多的 IMAX 和杜比影院位置。

We have room for -- in the U.S., Europe and the Middle East, maybe 100 to 150 more theaters could take an IMAX or a Dolby installation I would think.

我們有空間——在美國、歐洲和中東，我認為可能還有 100 到 150 家影院可以安裝 IMAX 或杜比。

I'm sure that we will add more IMAX locations, I'm sure that we'll add more Dolby Cinema locations.

我確定我們會添加更多 IMAX 位置，我確定我們會添加更多杜比影院位置。

We're also going to add more Prime locations.

我們還將添加更多黃金地段。

We're -- without being too specific, we're also looking at other large-format ideas that we find fascinating that might not require as much capital as an IMAX or Dolby or Prime installation.

我們 - 無需太具體，我們也在研究其他我們認為令人著迷的大幅面創意，這些創意可能不需要像 IMAX 或 Dolby 或 Prime 安裝那樣多的資金。

And -- so -- but because consumers are willing to pay premiums for the better sight and sound experience in the theater, we're working hard to figure out how we can maximize the number of premium sight and sound technology auditoriums that we have, because we're getting handsomely compensated by the customer for them.

而且 - 所以 - 但由於消費者願意為劇院中更好的視覺和聽覺體驗支付額外費用，我們正在努力弄清楚我們如何才能最大限度地增加我們擁有的高級視覺和聲音技術禮堂的數量，因為我們從客戶那裡得到了豐厚的補償。

Our last question comes from the line of Mike Hickey with The Benchmark Company.

我們的最後一個問題來自 The Benchmark Company 的 Mike Hickey。

A couple on A-List.

A-List 上的一對夫婦。

You noted the frequency was 2.6 for Q1, obviously not the most compelling slate during that period.

你注意到第一季度的頻率是 2.6，顯然不是那個時期最引人注目的名單。

And you mentioned that 2.6 through, looks like May 8, and obviously that includes Avengers, I think intuitively you sort think frequency would go higher and maybe it's just a case that we haven't stretched long enough into the tent-pole season or enough weeks of Avengers.

你提到過 2.6，看起來像 5 月 8 日，顯然其中包括復仇者聯盟，我認為直覺上你認為頻率會更高，也許這只是我們沒有足夠長的時間進入帳篷季節或足夠長的情況幾週的複仇者聯盟。

But why you think frequency, I guess, hasn't stepped up, given more compelling film content?

但我想，為什麼你認為頻率沒有提高，因為電影內容更引人注目？

On a similar level, I guess, you would anticipate, I guess, Avengers would be a driver of A-List sales.

在類似的層面上，我猜，你會預期，復仇者聯盟將成為 A-List 銷售的推動力。

I'm curious what relationship you've seen there in terms of Avengers being a catalyst for A-List sales or at least did that meet your expectations?

我很好奇你在復仇者聯盟是 A-List 銷售的催化劑方面看到了什麼關係，或者至少符合你的期望？

And I have a follow-up.

我有一個後續行動。

So it's our supposition also that frequency would rise with Avengers.

所以我們也假設復仇者聯盟的頻率會上升。

And the last stat that I saw, 73% of A-List members went to see Avengers, which is a pretty amazing statistic.

我看到的最後一個統計數據是，73% 的 A-List 成員去看了復仇者聯盟，這是一個非常驚人的統計數據。

But it didn't actually change the number of movies that they saw in a month.

但這實際上並沒有改變他們一個月內看的電影數量。

And I think it might be because they -- 2.6 movies a month is -- you're going every week and a half, it may have to do more with their lives than the titles that are out there.

而且我認為這可能是因為他們 - 每月 2.6 部電影 - 你每周半都會去，這可能與他們的生活有關，而不是那裡的電影。

But I wouldn't be surprised if the frequency goes up a little bit between now and December.

但如果從現在到 12 月之間頻率稍微上升一點，我不會感到驚訝。

It's -- but it sure feels to us like it's -- I called 2.5 to 3.0x per month the sweet spot for this program.

它是——但我們確實感覺它是——我稱每月 2.5 到 3.0 倍是該計劃的最佳點。

It sure feels to us that it's staying within that bound, even with a stronger box office going forward.

對我們來說，它肯定會保持在這個範圍內，即使未來票房更強勁。

And if it were ever to raise to higher than that, we would raise the price to make sure that the profitability of the program stays in balance.

如果要提高到更高的價格，我們會提高價格以確保該計劃的盈利能力保持平衡。

But so far, so good, and does it go up to 2.7 or 2. 8 with higher -- with this better slate of movies coming?

但到目前為止，這麼好，它會上升到 2.7 或 2. 8 更高的 - 隨著這部更好的電影的到來？

It's possible.

這是可能的。

But it doesn't look like it's going to soar beyond that.

但它看起來不會超越這一點。

And I said -- as I said, we always have a pricing mechanism that we could pull if we need to.

我說過——正如我所說，我們總是有一個定價機制，如果需要，我們可以拉動它。

Okay.

好的。

And then I guess the question was on Avengers, what influence it has on...

然後我猜這個問題是關於復仇者聯盟的，它對……有什麼影響？

I'm sorry, you asked that question too, Mike.

對不起，你也問了這個問題，邁克。

Yes, yes.

是的是的。

We did see a certain -- when Avengers opened, we certainly saw a surge in member applications but not an enormous surge.

我們確實看到了一些——當複仇者聯盟開幕時，我們確實看到了會員申請的激增，但不是一個巨大的激增。

I mean it was up, it was up, it was a higher number.

我的意思是它上升了，它上升了，它是一個更高的數字。

But remember, we added 100,000 from January 1 to Feb 28, and we added 80,000 from March 1 to May 8. So -- and January 1 to Feb 28 was a slower moviegoing season.

但請記住，我們從 1 月 1 日到 2 月 28 日增加了 100,000 人，從 3 月 1 日到 5 月 8 日增加了 80,000 人。所以 - 1 月 1 日到 2 月 28 日是放映電影的季節。

But it's still zooming, still zooming.

但它仍在縮放，仍在縮放。

That's -- we're -- remember, we thought we would be lucky to get to 500,000 by June of '19 and we've got to 500,000 in 4.5 months and we've added 180,000 in the first 4 months of the year, basically -- 185,000 in the first 4 months of this year.

那是——我們——記住，我們認為我們很幸運能在 19 年 6 月之前達到 500,000，我們在 4.5 個月內達到了 500,000，並且我們在今年的前 4 個月增加了 180,000，基本上 - 今年前 4 個月有 185,000 人。

And that includes the slow moviegoing season in the first quarter.

這包括第一季度的緩慢觀影季。

So we're not done.

所以我們還沒有完成。

They're still signing up.

他們還在報名。

And I think one of the reasons they're still signing up, we're doing a very good job of promoting A-List in our theaters, on the website.

而且我認為他們仍在註冊的原因之一是，我們在我們的影院和網站上很好地推廣了 A-List。

We sold more than 20 million tickets a month at our theaters.

我們的劇院每月售出超過 2000 萬張門票。

That's 20 million eyeballs a month that we're promoting A-List to.

這是我們推廣 A-List 的每月 2000 萬眼球。

Between the smartphone app and the website, we're getting somewhere between 50 million and 80 million visits a month, depending upon the month.

在智能手機應用程序和網站之間，我們每月的訪問量在 5000 萬到 8000 萬之間，具體取決於月份。

Those people are hearing about A-List.

那些人正在聽說 A-List。

So -- and interestingly, this marketing is pretty inexpensive to us, because they're already on our website, they're already in our theaters.

所以 - 有趣的是，這種營銷對我們來說非常便宜，因為它們已經在我們的網站上，它們已經在我們的劇院裡了。

So it's practically free and yet it's a lot of exposure and to a very targeted audience, too.

所以它實際上是免費的，但它的曝光率很高，而且也面向非常有針對性的受眾。

Mike, it's Craig.

邁克，是克雷格。

The thing that strikes me with the great success of the program.

該計劃的巨大成功令我印象深刻。

We're seeing -- as we've talked about, we're seeing the CapEx cycle kind of coming to maturation, certainly in the U.S. and over the next couple of years, we'll probably see the same thing in Europe.

我們看到——正如我們所談到的，我們看到資本支出週期正在走向成熟，當然是在美國，在接下來的幾年裡，我們可能會在歐洲看到同樣的事情。

We'll spend a little more in Europe but it will tail off and we see the $250 million to $300 million in 3 to 5 years.

我們會在歐洲多花一點錢，但會逐漸減少，我們會在 3 到 5 年內看到 2.5 億到 3 億美元。

This is the type of strategy A-List, which is a low-capital strategy to drive moviegoing res.

這是 A-List 策略的類型，這是一種推動電影資源的低資本策略。

Before it was physical improvement to the theater costing capital earning good returns, now we're really focused on marketing programs and this A-List program has got so much headroom to it where we can drive growth and drive attendance on a low-capital spend, and I think that is an additional big benefit from the program.

在對劇院進行物理改造之前，需要花費資本來獲得豐厚的回報，現在我們真正專注於營銷計劃，而這個 A-List 計劃有很大的發展空間，我們可以通過低資本支出推動增長和上座率，我認為這是該計劃的另一大好處。

Cool.

涼爽的。

Last question from me.

我的最後一個問題。

I guess when you're close to sort of 800,000 in subs now and I think the bogey maybe 1 million by year-end, I'm not sure if you gave that, that's just what we're thinking.

我想當你現在接近 800,000 的訂閱者時，我認為到年底可能會達到 100 萬，我不確定你是否給出了，這正是我們的想法。

But sort of the 200,000 in incremental subs to bridge from where we are today to that 1 million, wherever it is, whenever it is.

但是，無論何時何地，200,000 的增量訂閱者都可以從我們今天的狀態過渡到 100 萬。

Any thoughts in terms of what that demo would look like, that sort of where we're at and sort of the new buyer movie behavior pattern, what -- any particular geos that you feel like is sort of under-indexed and maybe step up?

關於演示會是什麼樣子的任何想法，我們所處的位置以及新的買家電影行為模式，什麼 - 你覺得任何特定的地理位置都索引不足並且可能會加強？

And I guess, do you feel like you have to pull more from non-AMC patrons than perhaps where you have before.

我想，你是否覺得你必須從非 AMC 顧客那裡獲得比以前更多的東西。

Well, the official bogey is, I said 500,000 by June of '19 and $1 million by June of '20.

好吧，官方的忌諱是，我說到 19 年 6 月是 500,000，到 20 年 6 月是 100 萬美元。

I think I'll live with that and beat expectations again, better to under-promise and over-deliver.

我想我會忍受這一點並再次超出預期，更好地承諾不足和超額交付。

But yes, if we're already at 785,000, you would think we're going to get to 1 million before June of 2020.

但是，是的，如果我們已經達到 785,000，你會認為我們將在 2020 年 6 月之前達到 100 萬。

In terms of demos, the thing that I find interesting is that about 1/4 of them are millennials, and by the way the age is all over the place.

在演示方面，我覺得有趣的是，其中大約 1/4 是千禧一代，順便說一句，這個年齡段無處不在。

We've got senior citizens who were getting senior citizen discounts before and now they're not getting -- now they're paying the same price as everybody else.

我們有一些老年人，他們以前可以享受老年人折扣，但現在他們沒有——現在他們支付的價格與其他人一樣。

We've got millennials.

我們有千禧一代。

A couple of years ago, people in this industry were lamenting that maybe millennials were not going to movie theaters, and were more geared to subscription services.

幾年前，這個行業的人在感嘆，也許千禧一代不會去電影院，而更適合訂閱服務。

Well, lo and behold, AMC now has a subscription service and millennials are coming to AMC.

好吧，你看，AMC 現在有訂閱服務，千禧一代正在來到 AMC。

So I find that particularly interesting.

所以我覺得這特別有趣。

It is also interesting to us, I don't want to release the stat, but how many of our A-List members are coming from the 5 states that -- where we're charging the highest price.

我們也很感興趣，我不想發布統計數據，但是我們的 A-List 成員中有多少來自我們收取最高價格的 5 個州。

Clearly, we have struck a chord with moviegoers in New York and California and that's very good for us.

顯然，我們已經引起了紐約和加利福尼亞電影觀眾的共鳴，這對我們來說非常好。

We have a lot of theaters in those states, and if we can lock in brand loyalty to AMC, it's good wherever we lock in brand loyalty but it's especially good in states where we have a lot of theaters.

我們在這些州有很多劇院，如果我們能夠鎖定對 AMC 的品牌忠誠度，那麼無論我們在哪裡鎖定品牌忠誠度都很好，但在我們擁有很多劇院的州尤其如此。

And then from geographies beyond -- I mean, that was geographies.

然後從地理之外——我的意思是，那是地理。

Then the other stat that's interesting is that about half of the members for A-List were coming into the program having already been Stubs members, but what was so interesting is about half of the members coming to A-List were not Stubs members.

然後另一個有趣的統計數據是，大約一半的 A-List 成員在加入該計劃之前已經是 Stubs 成員，但有趣的是，大約一半的 A-List 成員不是 Stubs 成員。

Now some of those people might have been coming to AMC anyway, but coming with very low frequency, once every 3 or 4 months and now they're coming once every couple of weeks.

現在，其中一些人可能無論如何都會來 AMC，但頻率非常低，每 3 或 4 個月一次，現在他們每兩週來一次。

Or they might have been coming from other chains where we've been taking share.

或者他們可能來自我們一直在分享的其他連鎖店。

But there's a lot going on.

但是發生了很多事情。

We're tracking it very closely.

我們正在非常密切地跟踪它。

We have a pretty solid understanding of what it is.

我們對它是什麼有相當紮實的了解。

And there's really -- there's not a single red flag within A-List right now.

真的 - 現在 A-List 中沒有一個危險信號。

Just wherever we turn, we're pleased with what we're seeing.

無論我們轉向哪裡，我們都對所看到的感到滿意。

Ladies and gentlemen, we have reached the end of the question-and-answer session.

女士們，先生們，我們的問答環節已經結束。

And I would like to turn the call back to Adam Aron for closing remarks.

我想將電話轉回給 Adam Aron 以作結束語。

Great.

偉大的。

Thank you, everybody.

謝謝大家。

Thanks for joining us today.

感謝您今天加入我們。

Let me just close with a couple of points that we made during the call.

讓我以我們在通話中提出的幾點結束。

Our attendance was 700 basis points better than the competition in the United States, that's a whole new world.

我們的上座率比美國的比賽高出 700 個基點，那是一個全新的世界。

And as we continue to drive attendance at a time when the movie slate is robust, and we believe that the movie slate from mid-April to the end of December will be quite robust.

隨著我們在電影票房強勁的時候繼續提高上座率，我們相信從 4 月中旬到 12 月底的電影票房將非常強勁。

We think while the first quarter was a tough one and we all understand that, boy, this could be a great year for our company.

我們認為雖然第一季度很艱難，但我們都明白，男孩，今年對我們公司來說可能是偉大的一年。

And we are -- we've never been more upbeat, more confident and more excited to let the next several months play out and post good numbers for the benefit of our shareholders.

我們 - 我們從未如此樂觀、自信和興奮地讓接下來的幾個月發揮作用並為我們的股東的利益發布良好的數字。

With that, thank you very much.

有了這個，非常感謝你。

We're glad you joined us today.

很高興您今天加入我們。

This concludes today's conference.

今天的會議到此結束。

You may disconnect your lines at this time.

此時您可以斷開線路。

Thank you for your participation.

感謝您的參與。