AMC 電影院 (AMC) 2019 Q3 法說會逐字稿

Greetings and welcome to the AMC Entertainment Third Quarter 2019 Earnings Conference Call. (Operator Instructions) As a reminder, this conference is being recorded.

各位好，歡迎參加 AMC Entertainment 2019 年第三季財報電話會議。(接線員指示) 提醒各位，本次會議將被錄音。

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

現在我想把會議交給本次會議主持人——投資人關係副總裁 John Merriwether。先生，請開始。

Thank you, LaTonya. Good morning, I'd like to welcome everyone to AMC's Third Quarter 2019 Earnings Conference Call. With me this morning is Adam Aron, our Chief Executive Officer and President; and Craig Ramsey, Executive Vice President and Chief Financial Officer.

謝謝你，LaTonya。各位早安，歡迎大家參加 AMC 2019 年第三季財報電話會議。今天早上與我一同出席的有：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.

在我把電話交給 Adam 之前，先提醒各位，管理層在本次電話會議中所發表的部分評論可能包含前瞻性陳述，這些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。

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

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.

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能力範圍。鑑於任何前瞻性陳述所固有的不確定性，提醒聽眾不要對這些陳述過度依賴。

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

公司不承擔因新資訊或未來事件而修訂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 EBITDA 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 issued earlier this morning.

在本次電話會議中，我們可能會提及如調整後 EBITDA、調整後 EBITDA 利潤率、調整後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，請參閱我們今天稍早發布的財報新聞稿。

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

配合我們的財報新聞稿，我們也鼓勵各位查閱我們今早在網站上與財報新聞稿同步發布的 2019 年第三季補充財務資訊。

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

在我們的準備發言結束後，將進行問答環節。今天早上的電話會議將被錄音，稍後今天在 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 morning, everybody.

謝謝你，John。各位早安。

Thank you for joining us this morning for a review of AMC's strong results for the third quarter of 2019, our enormous optimism for the coming 6 months ahead as we finished 2019 and start off 2020 both with a bang and a progress update on several key initiatives in support of achieving the product, customer engagement and financial targets that we laid out for you at our Investor and Analyst Day in April of this year.

感謝各位今天早上加入我們，一同回顧 AMC 2019 年第三季的強勁成果；也分享我們對未來 6 個月的高度樂觀——我們將以強勢姿態完成 2019 年並在 2020 年開局，同時就幾項關鍵計畫提供進度更新，以支持達成我們在今年 4 月投資人與分析師日向各位提出的產品、客戶互動與財務目標。

The third quarter of 2019 was another strong quarter for AMC. In Q3, AMC continued to outperform the industry on revenue and incentives per screen. In so doing, we drove significant top line, adjusted EBITDA and free cash flow growth versus the year-ago quarter. Also I'll share more details on our results shortly, but first, let's start with a quick look at the industry's impressive performance in the third quarter.

2019 年第三季對 AMC 而言又是一個強勁的季度。在第三季，AMC 在每銀幕營收與每銀幕激勵收入方面持續優於同業。因此，相較去年同期，我們推動了顯著的營收、調整後 EBITDA 與自由現金流成長。我稍後會分享更多業績細節，但首先，讓我們快速看看產業在第三季令人印象深刻的表現。

The domestic industry box office for the third quarter of 2019 came in, as most of you know, at $2.8 billion, 3.6% higher than last year's third quarter and 4.1% higher than the average third quarter over the past 5 years. Like in the second quarter of 2019, we continue to see a greater number of family-friendly films led by the Lion King, which is, as of this moment, the second largest movie of the year.

如各位所知，2019 年第三季美國國內票房為 28 億美元，較去年第三季高 3.6%，也較過去 5 年第三季平均高 4.1%。如同 2019 年第二季，我們持續看到更多闔家觀賞的電影，其中以《獅子王》領軍；截至目前，它是今年票房第二高的電影。

As a reminder, family-friendly films tend to drive greater attendance in our suburban U.S. theaters.

提醒各位，闔家觀賞的電影往往能帶動我們美國郊區影城更高的入場人次。

In Europe, the industry box office also showed real strength in the third quarter of 2019, up 13.7% in the countries served by Odeon and Nordic on a constant currency basis. All in all, the cadence of the industry box office in 2019 is tracking exactly as we, at AMC, predicted a year ago, starting with a weak first quarter but followed by an impressive stretch in quarters 2 and 3, ultimately culminating in what we expect to be a very strong fourth quarter, which includes the release of a whole host of superb movies, including Star Wars: The Rise of Skywalker.

在歐洲，2019 年第三季產業票房同樣展現真正的強勁力道；以固定匯率計算，在 Odeon 與 Nordic 服務的國家中成長 13.7%。總體而言，2019 年產業票房的節奏正如我們 AMC 一年前所預測：第一季疲弱，但第二、第三季表現亮眼，最終我們預期將在第四季達到非常強勁的高峰；第四季將上映一系列極佳電影，包括《星際大戰：天行者的崛起》。

As always, while we are encouraged by the industry performance of the third quarter, optimistic for the fourth quarter, I'd note that there should be a significant spillover effect into the first quarter of 2020. It's important to remember that there are natural fluctuations in the box office at an industry level between weeks, between months, between quarters. Therefore, our activity in AMC is geared to optimizing our performance relative to our competition regardless of the ebbs and flows of the box office at large. To that end, we believe that AMC is extremely well positioned as it is behaving as the leader in our industry in having assembled the largest network of theaters globally, in which we have prominently invested in guest enhancement after guest enhancements after guest enhancement combined with world-class marketing activity and are being in the midst of nothing less than the digital transformation of our company as we increasingly and seamlessly engage with our guests before, during and after their visits to our theaters.

一如既往，儘管我們對第三季的產業表現感到鼓舞、對第四季抱持樂觀，我仍要指出，這應會對 2020 年第一季產生顯著的外溢效應。重要的是要記住，在產業層級，票房在每週、每月、每季之間都存在自然波動。因此，AMC 的各項作為著眼於在不論整體票房起伏的情況下，仍能相對於競爭對手最佳化我們的表現。為此，我們相信 AMC 的定位極佳：我們作為產業領導者，已建立全球最大的影城網絡；我們持續投入一項又一項的觀影體驗升級，結合世界級的行銷活動；同時我們正處於公司數位轉型的進程中，並在觀眾到訪影城之前、期間與之後，愈來愈多且無縫地與其互動。

So let's turn back to AMC in Q3, in which we had an impressive performance as evidenced by AMC's continuing to well outperform the industry.

那麼讓我們回到 AMC 的第三季；我們的亮眼表現可由 AMC 持續大幅優於產業的結果看出。

In our U.S. markets, AMC set a new third quarter record in U.S. attendance of 3.8% this quarter to more than 61 million theater visits. And for the 6th consecutive quarter, we noticeably outperformed the rest of the industry, the rest of the industry being defined as the approximately 3/4 of the industry that excludes AMC.

在美國市場，AMC 本季美國入場人次創下第三季新紀錄，較去年同期成長 3.8%，影城到訪次數超過 6,100 萬。而且連續第 6 個季度，我們明顯優於產業其他業者；此處所稱「產業其他業者」係指約占產業 3/4、排除 AMC 的其餘部分。

On an attendance per screen basis, AMC indeed beat the rest of the U.S. industry on attendance by 270 basis points. U.S. average ticket price grew a healthy 3.3% versus the year-ago quarter, benefiting both from strategic price increases and a greater mix in IMAX and Dolby cinema attendance.

以每銀幕入場人次計，AMC 的確以 270 個基點領先美國產業其他業者。美國平均票價較去年同期健康成長 3.3%，同時受惠於策略性調價，以及 IMAX 與 Dolby Cinema 入場占比提高。

The result of our continued attendance outperformance, along with robust average ticket price growth was that AMC outperformed the industry on admissions revenue per screen for the third consecutive quarter, this time in Q3, by 560 basis points. Let me repeat that statistic: AMC beat the pack on admissions revenues in the United States per screen by 560 basis points.

我們持續在入場人次上優於同業，再加上強勁的平均票價成長，使得 AMC 連續第三個季度在每銀幕票房收入方面領先產業；本次在第三季領先 560 個基點。我再重複一次這個數字：在美國，AMC 的每銀幕票房收入領先同業 560 個基點。

The story is similarly a good one in our international markets, supported by AMC's commitment to an improved guest experience with our proven guest initiatives and theater amenities at our European theaters, along with improved marketing activity by our company in international markets. Our International attendance was up 9.3% compared to last year's third quarter.

在國際市場，情況同樣良好；這得益於 AMC 致力於提升觀眾體驗——我們在歐洲影城推行已被驗證有效的觀眾計畫與影城設施升級，同時公司在國際市場的行銷活動也有所改善。我們的國際入場人次較去年第三季成長 9.3%。

Incidentally, the almost double-digit growth in European attendance, combined with the record U.S. attendance, also means that we set a global third quarter attendance record for our company this quarter in Q3 2019 of 87 million guests, up 5.4% versus the year-ago quarter.

順帶一提，歐洲入場人次接近兩位數的成長，加上美國入場人次創紀錄，也意味著我們公司在 2019 年第三季創下全球第三季入場人次紀錄：8,700 萬名觀眾，較去年同期成長 5.4%。

In total, Q3 AMC admissions revenue globally was up 6.1%, up 7.6% in constant currency.

總體而言，AMC 第三季全球入場（admissions）營收成長 6.1%，以固定匯率計成長 7.6%。

The AMC's third quarter story is not only bright on admissions revenue, but also we continue to see strong growth in record-setting concession spending with third quarter consolidated AMC food and beverage revenues per patron growing 3.4% to $4.82 and up 4.7% on a constant currency basis. Breaking this down by region, food and beverage revenues in the United States increased in Q3 some 4.7% to a third quarter record for AMC of $5.35 per patron, higher than any other major operator. While our international results in constant currency also grew by 7.4% to $3.77, which was an international third quarter record for us.

AMC 第三季的亮點不僅在入場營收，我們也持續看到創紀錄的餐飲（concession）消費強勁成長；第三季合併口徑下，AMC 每位觀眾的餐飲收入成長 3.4% 至 4.82 美元，以固定匯率計成長 4.7%。按地區拆分，美國第三季餐飲收入約成長 4.7%，達到 AMC 第三季每位觀眾 5.35 美元的歷史新高，高於任何其他主要業者。同時，我們的國際業務以固定匯率計也成長 7.4% 至 3.77 美元，這也是我們國際業務第三季的歷史新高。

In addition to our ongoing food and beverage initiatives, the strength in F&B revenue capture was supported by a sharper focus on innovation in the menu choices we offer to our theater guest and strategic pricing actions taken in the latter half of 2018 and throughout 2019.

除了我們持續推動的餐飲計畫外，餐飲收入攫取的強勁表現也受惠於我們更聚焦於為影城來賓提供的菜單選擇創新，以及在 2018 年下半年與 2019 年全年採取的策略性定價措施。

As we've said previously, we believe that we are still in the early to middle innings of capturing increased food and beverage opportunities and expect to continue improving food and beverage spend in both the United States and in Europe in the years ahead.

如同我們先前所說，我們認為在掌握更多餐飲機會方面仍處於早期到中期階段，並預期未來幾年將持續提升美國與歐洲的餐飲消費金額。

On a consolidated basis, AMC generated $1.317 billion of total revenue dollars, an increase of 7.8% compared to last year and up 9.3% on a constant currency basis. In addition to our going for the gold and driving revenues, we also have been watching our costs and our margins. Accordingly, as a result of achieving companywide third quarter attendance records and generating record food and beverage spend and marrying that with cost management, our margins did expand in Q3 of 2019 compared with a year ago. And AMC generated third quarter total adjusted EBITDA of $156.5 million, which is up a healthy 11.4% in constant currency from the year-ago quarter and up a particularly noteworthy 33.1% on a constant currency basis after adjusting out the noncash impacts of ASC 842 on lease accounting adjusted EBITDA, up 33.1% year-over-year.

以合併口徑計，AMC 創造總營收 13.17 億美元，較去年成長 7.8%，以固定匯率計成長 9.3%。除了全力衝刺、推動營收之外，我們也一直關注成本與利潤率。因此，受惠於公司全體達成第三季觀影人次紀錄、創造創紀錄的餐飲消費並結合成本管理，我們 2019 年第三季的利潤率相較一年前確實擴張。AMC 第三季調整後 EBITDA 總額為 1.565 億美元，以固定匯率計較去年同期健康成長 11.4%；此外，在將 ASC 842 租賃會計對調整後 EBITDA 的非現金影響剔除後，以固定匯率計年增達到特別顯著的 33.1%，亦即年增 33.1%。

So in Q3 of 2019, AMC generated $56.6 million of cash flow from operations, a $69.2 million improvement over the year-ago quarter, again after adjusting for the impacts of ASC 842. Likewise, adjusted free cash flow grew by nearly $51 million year-over-year. It really was a very positive quarter for AMC.

因此在 2019 年第三季，AMC 來自營運活動的現金流為 5,660 萬美元，較去年同期改善 6,920 萬美元，同樣是在調整 ASC 842 影響之後。同時，調整後自由現金流年增近 5,100 萬美元。這對 AMC 而言確實是非常正向的一季。

I want to take a moment here to note that the third quarter trends to be a seasonally low quarter for both cash flow and ending cash balance as our working capital items are impacted by the timing of certain studio payments. We expect these working capital items to normalize in the fourth quarter. Said another way, we expect healthy cash flow generation in the fourth quarter of 2019 and a strong ending year end cash balance. Add to it, a wholly undrawn revolver, we have now, and will have at year end, ample liquidity right in line with the expectations we have previously conveyed.

我想在此花點時間指出，第三季通常是現金流與期末現金餘額的季節性低點，因為我們的營運資金項目會受到某些片商付款時點的影響。我們預期這些營運資金項目將在第四季回歸正常。換句話說，我們預期 2019 年第四季將有健康的現金流產生，且年末期末現金餘額將相當強勁。再加上我們目前有、且在年末也將維持的完全未動用循環信貸額度（revolver），我們現在以及年末都將擁有充足流動性，與我們先前傳達的預期一致。

Again, trying to encapsulate for you why AMC continues to overperform the competition, we believe that these pretty wonderful Q3 results are directly tied to what we've been calling with you this year, the AMC platform. AMC is delivering a personalized and targeted end-to-end experience for our guests, leveraging modern technology and using data-driven insights from our popular AMC Stubs loyalty program, which literally this very week should cross 22 million U.S. member households, totaling over 50 million people on whom we have significant purchase histories at our theaters along with our loyalty programs comparable stubs within Europe.

再次說明 AMC 為何能持續優於競爭對手，我們相信這些相當亮眼的第三季成果，直接連結到我們今年一直與各位談到的「AMC 平台」。AMC 正在運用現代科技，並透過我們廣受歡迎的 AMC Stubs 忠誠計畫所提供的數據洞察，為來賓提供個人化且精準的端到端體驗；就在本週，該計畫在美國的會員家庭數應可突破 2,200 萬戶，合計超過 5,000 萬人，我們掌握他們在影城的可觀購買歷史，並且在歐洲也有與我們忠誠計畫相當的 Stubs 計畫。

As part of the AMC platform, we're developing innovative consumer engagement practices and state-of-the-art theater experiences. This all creates a positive flywheel effect that encourages incremental attendance and incremental revenue, and which holistically and synergistically drives incremental value for our guests, for our studio partners and for AMC.

作為 AMC 平台的一部分，我們正在發展創新的消費者互動作法與最先進的影城體驗。這一切形成正向的飛輪效應，鼓勵增量觀影人次與增量營收，並以整體且協同的方式，為我們的來賓、片商合作夥伴以及 AMC 創造增量價值。

Before we turn to your questions, I'd like to briefly comment on 6 topics. First, on ASC 842 in lease accounting as we've been telling you for many months, we continue to believe that a considerable disservice has been done to investors by the rampant confusion in the market for followers of AMC and for the many other companies with a large operating lease portfolio. In data services, Bloomberg, FactSet, Capital IQ continually -- continue to wildly overstate our debt and are doing so inconsistently with U.S. GAAP. As some of you have written extensively, ASC 842 caused us no change in cash, no change in interest payments and no change in the operations of our business. We'll continue to work with the data services, pushing them to give investors more accurate information. In the meantime, we would encourage investors to take 1 of 2 approaches when looking at AMC's leverage and valuation ratios to ensure like-for-like historic comparisons, either, debt excluding operating leases should be compared to our reported adjusted EBITDA; or debt including operating leases should be compared to our reported adjusted EBITDA but then adding back into adjusted EBITDA our rent expense. Our Finance and Investor Relations team is happy to discuss this further with any of you if you want more clarity one-on-one.

在進入各位提問之前，我想先簡要評論 6 個主題。第一，關於租賃會計的 ASC 842：正如我們過去數月一直告訴各位的，我們仍然認為，市場上對 AMC 以及許多同樣擁有大量營業租賃組合的公司所出現的普遍混淆，對投資人造成了相當大的傷害。在數據服務方面，Bloomberg、FactSet、Capital IQ 持續——並且仍在——大幅高估我們的負債，而且其做法與美國 GAAP 不一致。如同各位當中有些人已大量撰文指出，ASC 842 並未造成我們現金的任何變動、利息支付的任何變動，也未改變我們業務的營運。我們將持續與數據服務商合作，敦促他們向投資人提供更準確的資訊。同時，我們也鼓勵投資人在檢視 AMC 的槓桿與估值比率、以確保可比的歷史比較時，採取兩種方法之一：要麼以「不含營業租賃的負債」對比我們揭露的調整後 EBITDA；要麼以「包含營業租賃的負債」對比我們揭露的調整後 EBITDA，但同時將租金費用加回調整後 EBITDA。若各位希望一對一獲得更清楚的說明，我們的財務與投資人關係團隊很樂意進一步討論。

Second, as we've done in past quarterly calls over the past years or so, let's talk about A-List. We are now in the enviable position of being able to give you a superb update on the rip roaring success of AMC's Stubs A-List. We are well aware that owing to the spectacular collapse of some others in this space, some investors will feel fearful when we initially launched what we were convinced would be our sustainable and successful AMC A-List program, they were not quite as confident. I'm so pleased to report to one and all what a winner AMC has on its hands with A-List. We continue to have over 900,000 members, and A-List membership is now at an all-time high. This is light years ahead of our original membership goals.

第二，如同我們在過去一年左右的季度電話會議中所做的，讓我們談談 A-List。我們現在處於一個令人稱羨的位置，能向各位提供 AMC Stubs A-List 極其出色的最新進展，證明其大獲成功。我們非常清楚，由於此領域其他一些業者的戲劇性崩潰，有些投資人在我們最初推出、而我們深信將可持續且成功的 AMC A-List 計畫時會感到擔憂，他們並沒有那麼有信心。我非常高興向所有人報告，A-List 對 AMC 而言是一個大贏家。我們的會員數仍超過 90 萬人，且 A-List 會員數目前已達歷史新高。這比我們原先的會員目標高出許多。

A-List members currently represent about 16%, 1-6, 16% of AMC's total U.S. admissions. Given our confidence in consumer demand for A-List, earlier this year we have the intestinal fortitude to increase the A-List monthly price by 10% to 20% across the country to most of our members. That price increase went into effect for new members as of January 2019 but hit the 600,000 members who enrolled last year in A-List only in the second half of this year, as last year when we launched A-List, we guaranteed no increases to membership pricing for 12 months from date of initial enrollment.

A-List 會員目前約占 AMC 美國總入場人次的 16%，1-6，16%。基於我們對 A-List 消費者需求的信心，今年稍早我們有足夠的勇氣，將全國多數會員的 A-List 月費上調 10% 至 20%。該次漲價自 2019 年 1 月起對新會員生效，但對去年加入 A-List 的 60 萬名會員，則是在今年下半年才開始適用，因為去年我們推出 A-List 時，曾保證自首次加入日起 12 個月內不調漲會員費用。

Remember, too, that we are charging more than double for A-List what it cost to join in Cinemark's Movie Club. And then in the summer of this year, Regal finally launched its own subscription offering. There were some who speculated that the combination of our price increases, Cinemark continuing to dramatically undercut us on price and a new Regal program could hurt us. Not the case. Our membership base is solid, loyal to AMC, growing and importantly, profitable.

也請記得，我們對 A-List 的收費超過 Cinemark 的 Movie Club 入會成本的兩倍。而在今年夏天，Regal 終於推出了自家的訂閱方案。有些人曾推測，我們的漲價、Cinemark 持續以價格大幅壓低我們，以及 Regal 新方案的推出，三者結合可能會傷害我們。事實並非如此。我們的會員基礎穩固、對 AMC 忠誠、持續成長，而且重要的是，具備獲利性。

As important as are the membership numbers, given the fixed monthly price, so too is the frequency of visits to an AMC theater on a per member, per month basis. You'll recall the frequency level was 2.86 in the first quarter of 2019 and 2.848 in the second quarter. It was 2.4 in quarter 3. 2.4. We have previously indicated to you that when combined with all the other consumer behavior dynamics in A-List of incrementally, high-margin food and beverage spending and take along taken to full price, the A-List program should be handsomely profitable if member visitation per month are in the sweet spot of 2.5 to 3 visits per month. And that's where we are, right in the heart of central sweet spot bill.

會員人數固然重要，但在每月固定價格的前提下，同樣重要的是：以每位會員、每月為基準，造訪 AMC 影城的頻率。各位還記得，2019 年第一季的到訪頻率為 2.86，第二季為 2.848。第三季是 2.4。2.4。我們先前已向各位表示，若再結合 A-List 其他消費行為動態——包括帶來增量的高毛利餐飲消費，以及外帶（take-along）以全價購買——當會員每月到訪次數落在每月 2.5 至 3 次的甜蜜點時，A-List 計畫應可帶來相當可觀的獲利。而我們現在正是在那裡，正處於甜蜜點的核心。

As a result, we can confirm to you that we are about 18 months ahead of schedule on A-List profitability. At the time of the program's launch back in 2018, midyear, we originally postulated that we would breakeven on A-List in 2019 and make money on A-List but not do so until 2020. Now we can confirm that A-List was nicely profitable in the just completed Q3.

因此，我們可以向各位確認，A-List 的獲利進度大約比原定時程提前了 18 個月。在 2018 年年中該計畫推出時，我們原先推估 A-List 會在 2019 年達到損益兩平，並在 2020 年才開始為 A-List 帶來獲利。現在我們可以確認，A-List 在剛結束的第三季已經有相當不錯的獲利表現。

We also now expect that A-List will contribute $15 million to $20 million to full year AMC operating income in 2019. And we can reaffirm our previous commentary about the run rate profitability for A-List looking ahead on a per member, per month basis by the end of this year, 2019.

我們也預期，A-List 在 2019 年全年將為 AMC 的營業利益貢獻 1,500 萬至 2,000 萬美元。同時，我們也可以重申先前的評論：展望未來，以每位會員、每月為基準，到 2019 年底 A-List 的獲利能力（run-rate profitability）將如我們所述。

What's more, we are finding ways to significantly enhance the A-List program for members, but without -- but doing so without immaterially increasing our costs. Just 2 weeks ago for example, we launched something that we call A-List Entourage, where notable members, including family and/or friends, can link their accounts. That way, one person can make a movie reservation and reserved for specific seats for all in their entourage in just a single, quick and easy booking transaction. Previously, each member had to book on their own. So before Entourage, let's say your spouse grabbed seat H5 for the 7:00 p.m. screening of Paramount's Rocketman, you would separately have had to rush out and then try to grab seat H6. Our guests being able to book multiple seats at once is so popular that already, in just the first 2 weeks, more than 60,000 A-List members have enrolled in Entourage and linked up multiple accounts.

此外，我們正在為會員找出能大幅提升 A-List 計畫的方法，但同時——在不實質增加我們成本的情況下——做到這一點。例如，就在兩週前，我們推出了名為 A-List Entourage 的功能，讓重要會員（包括家人及／或朋友）可以連結他們的帳戶。如此一來，只要一個人就能在一次快速、簡單的訂票交易中，替其同行團體中的所有人完成電影預訂並選定特定座位。過去，每位會員都必須各自訂票。所以在 Entourage 推出之前，假設你的配偶為晚上 7:00 的派拉蒙《火箭人》（Rocketman）場次搶到 H5 座位，你就得另外趕緊再去嘗試搶到 H6 座位。我們的觀眾能一次預訂多個座位非常受歡迎，以致於在短短前兩週內，就已有超過 60,000 名 A-List 會員加入 Entourage 並連結了多個帳戶。

And speaking of more to come in A-List, just a week from now we will also introduce for the first time A-List gifting where someone can buy a 3 months, 6 months, or 12 months A-List membership for a family member, friend or business colleague without having to disclose the credit card information of the giftor to the giftee. It's no accident that we're launching A-List gifting just in time for all those Christmas stocking stuff for you.

再談談 A-List 接下來還有更多新內容：就在一週後，我們也將首次推出 A-List 贈禮（A-List gifting），讓某人可以為家人、朋友或商務同事購買 3 個月、6 個月或 12 個月的 A-List 會員資格，而無需向收禮者透露贈禮者的信用卡資訊。我們選在此時推出 A-List 贈禮並非偶然，正好趕上大家準備聖誕襪小禮物的時節。

In summary on A-List, we remain ecstatic about the continuing ahead of expectations, ahead of schedule, positive and profitable performance of A-List and the increased loyalty to AMC it has created. It's not the only reason for the surge in our U.S. theater attendance but it is certainly one of the major reasons.

總結 A-List：我們對 A-List 持續超出預期、超前進度、正向且具獲利性的表現，以及它為 AMC 帶來的更高忠誠度，仍感到非常振奮。它並非我們美國影城入場人次激增的唯一原因，但無疑是主要原因之一。

For the third topic to comment on briefly, I'd like to give you some more color on the $50 million profitability improvement program that we announced on the last quarterly call midsummer. As you might recall, at our Investor and Analyst Day back in April, we set out to you a goal to improve AMC's operating margins by up to 200 basis points. As a part of our commitment to achieving this target, we announced a profit improvement plan that we believe will contribute $50 million or more of operating income to AMC in 2020 through a combination of revenue and cost initiatives.

第三個我想簡要評論的主題，是就我們在盛夏上一季法說會上宣布的 5,000 萬美元獲利改善計畫，提供各位更多細節。各位或許記得，在 4 月的投資人與分析師日上，我們提出一項目標：將 AMC 的營業利潤率提升最多 200 個基點。作為達成此目標承諾的一部分，我們宣布了一項獲利改善方案；我們相信，透過營收與成本措施的組合，該方案將在 2020 年為 AMC 貢獻 5,000 萬美元或以上的營業利益。

There are literally dozens and dozens of identified line items to fund the cost savings and revenue opportunities outlined in our profit improvement plan. Let me share with you a few examples to put some meat on the bone of achieving our goal.

為了支應我們獲利改善方案中所列的成本節省與營收機會，我們已辨識出數十項、甚至更多的具體科目。我分享幾個例子，讓各位更具體理解我們如何實現目標。

During the just-completed third quarter, we took the difficult step of implementing a reduction in force at our corporate headquarters in Kansas City to rightsize our corporate headcount by more than 10% to be more consistent with our vision of a leaner, but not meaner AMC. In Europe, the cut out costly duplicative above theater overhead. We rationalized 7 separate geographic territories, each with their own centralized staffs to 3 geographic regions: U.K. Ireland, based on Manchester; Northern Europe, based on Stockholm; and Southern Europe, based on Barcelona, where in each we already had a large and effective staff presence in place. Both in the U.S. and in Europe, those steps represented significant payroll savings.

在剛結束的第三季，我們做出艱難決定，在堪薩斯市的公司總部實施裁員，將總部人力編制縮減逾 10%，使其更符合我們「更精實、但不刻薄」的 AMC 願景。在歐洲，我們削減了影城之上的昂貴且重複的管理間接費用。我們將原本 7 個各自擁有集中式人員編制的地理區域，整併為 3 個地理區域：以曼徹斯特為基地的英國與愛爾蘭；以斯德哥爾摩為基地的北歐；以及以巴塞隆納為基地的南歐——而這三地原本就已具備規模大且有效率的團隊。無論在美國或歐洲，這些措施都帶來了顯著的薪資成本節省。

Another ingenious example. Our marketing programs are so pervasive, our communications efforts so constant and our mobile technology now so much more in use, that very quietly we have been successfully able to modestly shrink some of our theater operating hours during the most off-peak of off-peak times. This appears to be getting us considerable savings on the utilities and labor costs at our theaters, but in the grand scheme of things, not depriving us of revenue.

再舉一個巧妙的例子。由於我們的行銷方案非常普及、溝通推廣持續不斷，加上行動科技的使用程度大幅提升，我們在不張揚的情況下，成功於最離峰的時段，適度縮短了部分影城的營業時間。這似乎為我們在影城的水電與人力成本帶來可觀節省，但就整體而言，並未讓我們失去營收。

There just maybe no need to start a movie screening at 11:10 p.m. on a Wednesday night and ending at 1:30 a.m. in Oklahoma City, or for that matter in New York City. Well, thanks to our improving technology and growing brand loyalty, we can now convince the guests to cheerfully attend a 10:00 p.m. or 10:40 p.m. show start for that same movie instead.

也許根本沒有必要在週三晚上 11:10於奧克拉荷馬市開演一場電影，並在凌晨 1:30 結束，甚至在紐約市也是如此。而得益於我們持續改善的科技與日益提升的品牌忠誠度，我們現在可以說服觀眾愉快地改去參加同一部電影在晚上 10:00或 10:40開演的場次。

But in the illustrative hypothetical, our theater guests to close a half hour or a full hour earlier. That saves us money, and our staff gets more sleep, which in turn, may lead to better customer service over time for a more well-rested and less-stressed theater teams.

在這個示意性的假設情境中，我們的影城就能提早半小時或一小時打烊。這能為我們省下成本，而我們的員工也能多睡一點；長期而言，對於更休息充足、壓力更小的影城團隊，或許也能帶來更好的顧客服務。

In the third quarter, we reduced show starts by 4.1% in the United States. Reduced show starts by 4.1% in the United States and yet we achieved an all-time attendance record for that same quarter and had the biggest increase in reported market share of any chain in the country.

在第三季，我們在美國將開演場次（show starts）減少了 4.1%。在美國將開演場次減少了 4.1%，但我們仍在同一季度創下史上最高入場人次紀錄，並且在全美所有連鎖影城中，取得最大幅度的申報市占率提升。

This dynamic scheduling cuts both ways though, getting smarter about knowing when to cut show times in the off-peak, means we also are getting smarter about adding showtimes in the peak. So when Star Wars opens in December, you can be sure that AMC will be going around the clock without interruption for days on end at major theaters all across the country.

不過，這種動態排片是雙向的：在離峰時段更聰明地知道何時該減少場次，也意味著我們同樣更懂得在尖峰時段增加場次。因此，當《星際大戰》在 12 月上映時，你可以確信，AMC 將在全國各地的主要影城連續多日不間斷、全天候放映。

And more examples in the profit improvement plan. Just by adding an "I'm not a robot" security feature to our gift card database, that's pretty obscure. It miraculously saves us hundreds of thousands of dollars annually. Putting some of our vendor relationships out for competitive bid. It's also expected to save us millions without reducing the quality of the goods or services that we procure.

獲利改善計畫中還有更多例子。僅僅是在我們的禮品卡資料庫加入「我不是機器人」的安全驗證功能——這看起來相當不起眼。卻神奇地讓我們每年節省數十萬美元。再例如，將部分供應商合作關係拿出來進行競標。也預期能在不降低我們採購商品或服務品質的前提下，為我們節省數百萬美元。

I'll spare you every line item on the profit improvement plan, but I can tell you that we are on track to hit and potentially exceed the $50 million target for 2020.

我就不逐一細述獲利改善計畫中的每個細項了，但我可以告訴各位，我們正按計畫進行，有望達成，甚至可能超越2020年5,000萬美元的目標。

Fourth topic, AMC continues to be committed to innovation.

第四個主題，AMC仍然致力於創新。

By the start of the just completed Q3, all of our U.S. theaters in the AMC and AMC-Dine-In (inaudible) offer reserved seating, which is immensely popular to our guests. At the start of Q3, we also launched our new artisan films concept, which puts a halo and extra marketing around what we are calling contemporary curated films into which we are leaning in heavily. Yes, we show tentpoles, but there are plenty of really intriguing movies out there that we're especially highlighting, like Universal's Yesterday, Warner's The Joker, Disney/Foxes Ford versus Ferrari, Sony's Once Upon a Time in Hollywood. And movie after movie and after movie like Judy, Bombshell, The Good Liar and The Current War to name just a few of the many artisan films that we are trumpeting.

截至剛結束的第三季（Q3）開始時，我們在美國所有AMC與AMC-Dine-In（聽不清）影城都提供劃位座位，深受觀眾喜愛。在Q3開始時，我們也推出全新的「artisan films」概念，為我們所稱的「當代精選策展電影」加上光環並投入更多行銷資源，我們正大力推進這一方向。沒錯，我們會放映大片，但市場上也有許多非常引人入勝的電影值得特別聚焦，例如環球的《Yesterday》、華納的《小丑》、迪士尼/福斯的《賽道狂人》（Ford v Ferrari）、索尼的《從前，有個好萊塢》。以及一部又一部、再一部的作品，例如《茱蒂》、《重磅腥聞》、《完美謊言家》、《電流大戰》等等，僅舉其中幾部我們正在大力宣傳的artisan films。

More innovation in Q3. We started showing professional football games on Sunday afternoons at about 100 of our U.S. theaters. The early returns on our blockbuster pricing test, which launched on August 2 in 4 major cities across the country are doing very well and our experimenting with blockbuster pricing will continue. As we do in Europe, we are testing, charging a small surcharge of $0.50 a dollar and $1.50 depending upon the theater on certain really big movie titles at least for the first week or 2 of their run.

Q3還有更多創新。我們開始在美國約100家影城於週日下午播放職業美式足球比賽。我們於8月2日在全國4個主要城市推出的「大片定價」測試，初步回饋非常好，我們對大片定價的實驗將會持續。如同我們在歐洲的作法，我們正在測試：針對某些超大型片名，在上映的前1到2週，依影城不同加收0.50美元、1.00美元或1.50美元的小額附加費。

And again on innovation, just 2 weeks ago, we introduced on our website and smartphone app AMC theaters on demand, the ability for our AMC's Stubs members to rent or buy more than 2,000 of the latest released movies for home viewing. We're the first and only U.S. theater circuit to participate in more of the movie ecosystem by allowing us to participate in revenue streams at the home and in the theater, and we have the enthusiastic support of all the major studios in our doing so.

再談創新，就在兩週前，我們在官網與智慧型手機App上推出「AMC theaters on demand」，讓AMC Stubs會員可租借或購買超過2,000部最新上映電影在家觀賞。我們是美國第一家、也是唯一一家透過參與更完整的電影生態系，讓我們同時能在家庭端與影城端的收入來源中分一杯羹的院線；而我們也獲得所有主要片商對此作法的熱情支持。

Leaders lead and innovation at AMC therefore will continue. In Q4 or Q1, we expect that we'll start testing home delivery of our own AMC Perfectly Popcorn and other menu items via (inaudible) (inaudible). What I'm suggesting with all these various concepts, many that are just in the design stage, some that are now being tested and some that are now being widely deployed, is that there is real imagination and energy and vitality at work and on display at AMC. There are, in fact, reasons why our attendance and our revenues are outperforming the competition. As I said, leaders lead.

領導者帶頭，AMC的創新因此將持續推進。在Q4或Q1，我們預期將開始測試透過（聽不清）（聽不清）提供AMC自有的「Perfectly Popcorn」以及其他餐點的到府外送。我想透過這些不同的概念來表達的是：其中許多仍在設計階段，有些正在測試，有些已在大規模部署；AMC確實展現出豐富的想像力、能量與活力，並且正在付諸實行。事實上，這也是我們的入場人次與營收表現優於競爭對手的原因。如我所說，領導者帶頭。

Innovation, along with adaptive creative new thinking is part of the very ethos of AMC especially as we transform ourselves digitally and engage with our guests more and more in offering a quintessential 21st century style moviegoing experience.

創新，以及具適應性的創意新思維，是AMC核心精神的一部分，尤其在我們推動數位轉型、並在提供具代表性的21世紀觀影體驗方面，與觀眾的互動愈來愈深。

Topic 5. Just to hit quickly on our CapEx plans. As you may recall on the last quarterly earnings call, being very mindful of our desire to generate adjusted free cash flow and to deleverage, we introduced new guidance last quarter for 2019 CapEx of $415 million, down from $450 million the target that was outlined earlier in the year. We also introduced 2020 CapEx guidance of only $300 million, which is reflective of the natural conclusion of the domestic CapEx cycle and in line with our long-term targets we set out in our April Investor and Analyst Day of $253 million to $300 million over a 3- to 5-year time frame. We are reaffirming those 2 numbers $415 million and $300 million today. Indeed the CapEx is not expected to exceed $415 million in 2019 nor to exceed $300 million in 2020.

第五個主題，快速談一下我們的資本支出（CapEx）計畫。各位或許記得，在上一次季度財報電話會議中，基於我們希望創造調整後自由現金流並降低槓桿的目標，我們在上一季提出2019年CapEx的新指引為4.15億美元，低於年初所提出的4.50億美元目標。我們也提出2020年CapEx指引僅3.00億美元，反映美國本土CapEx週期自然告一段落，並與我們在4月投資人與分析師日所設定的長期目標一致：在3到5年的期間內，CapEx為2.53億至3.00億美元。我們今天重申這兩個數字：4.15億美元與3.00億美元。確實，預期2019年CapEx不會超過4.15億美元，2020年也不會超過3.00億美元。

One of the reasons why we're comfortable containing CapEx at these levels as we look ahead, is that we already have recliner seats installed in 78% of our AMC-branded and AMC-Dine-In theater locations in the United States. By the very nature of AMC classic branded theaters, with ticket sales are usually in the lower end of the range of between 200 to 1,000 tickets sold per day, visitation levels that are -- these are smaller theaters, are simply not high enough to get an attractive financial return from sizable investment in added theater amenities. We operate and compete differently among theaters within our classic brand.

我們之所以有信心在未來將CapEx控制在這些水準，其中一個原因是：我們在美國78%的AMC品牌與AMC-Dine-In影城據點，已安裝躺椅座位。就AMC Classic品牌影城的特性而言，其售票量通常落在每天200到1,000張的較低區間；由於這些影城規模較小、來客量不足，對於大幅投資新增影城設施，往往無法取得具吸引力的財務回報。我們在Classic品牌旗下的影城採取不同的營運與競爭方式。

So adding our own CapEx monies together with landlord and partner contributions, we are still able to commit significant resources to continue investing in our technology and to continue to investing in our large theater network to make our theaters more attractive to consumers, especially doing so in Europe and the Middle East. As we identified growth opportunity and attractive high ROI returns, we intend to continue to capture them.

因此，結合我們自有的CapEx資金，以及房東與合作夥伴的投入，我們仍能承諾投入可觀資源，持續投資科技並持續投資我們龐大的影城網路，使影城對消費者更具吸引力，尤其是在歐洲與中東。只要我們辨識到成長機會與具吸引力的高投資報酬（ROI）回報，我們就打算持續把握。

And finally, topic 6. I want to wrap up our prepared remarks in this call with a salute to 2 individuals by name, for whom I have the greatest respect. This comes in conjunction with the well (inaudible) retirement by, our CFO, Craig Ramsey, at the age of (inaudible) he won't let me say his age, actually who will hit his 25th anniversary with AMC on February 1, 2020.

最後，第六個主題。我想在本次電話會議的預備發言結尾，向兩位我非常敬重的人士點名致意。這也與我們財務長（CFO）Craig Ramsey即將（聽不清）退休一事相呼應；他今年（聽不清）歲——他其實不讓我說他的年齡——並將於2020年2月1日迎來他在AMC任職滿25週年。

I think the world of Craig as to many of you, who has a story in history with AMC having served as CEO of this company for some 2 decades. Craig, in front the people who know you, I cannot thank you enough for your sage counsel, your confidence and your high integrity, for your long-standing service and many contributions to AMC over the years. You have many friends. You will be missed.

我非常敬重Craig，正如在座許多人一樣；他與AMC有著深厚的歷史淵源，曾擔任本公司執行長長達約20年。Craig，在了解你的人面前，我再怎麼感謝你都不為過：感謝你睿智的建言、你的信任與高度正直，感謝你多年來對AMC的長期服務與諸多貢獻。你有很多朋友。我們會想念你。

Craig and I have been working together on his eventual transition for some time. As a company, understandably, given the crucial nature and potential impacts of the role, the CFO role, if filled well, AMC devoted great efforts to identify and recruit Craig's successor as CFO, namely Sean Goodman who joins us on December 2, just a few weeks from now.

Craig和我為他的最終交接已合作規劃了一段時間。就公司而言，考量到CFO職位的重要性及其可能帶來的影響，若能妥善任用將至關重要；因此AMC投入大量心力辨識並招募Craig的CFO接任者，也就是Sean Goodman，他將於12月2日加入我們，也就是再過幾週。

Sean is the CEO of Fortune 500 Asbury Automotive Group. Like AMC, also an NYSE-listed public company. He's a CPA with (inaudible) experience at Deloitte both in South Africa and in New York and of Harvard MBA. He worked for Morgan Stanley in London as an investment banker for many years and led several senior staff finance functions at Home Depot in Atlanta for many years as well. He is as smart as smart can be, a keen strategic thinker and a nice person to boot. I welcome him here to partner with me in guiding AMC, and especially to help us build back our share price to the levels that we believe are far more commensurate with the potential earnings power and the bright future that lies ahead for our company.

Sean目前是《財富》500大企業Asbury Automotive Group的執行長。與AMC一樣，也是於紐約證券交易所（NYSE）上市的公開公司。他是註冊會計師（CPA），曾在德勤（Deloitte）於南非與紐約累積（聽不清）經驗，並擁有哈佛MBA學位。他也曾在倫敦的摩根士丹利（Morgan Stanley）擔任投資銀行家多年，並在亞特蘭大的家得寶（Home Depot）多年領導多項資深財務職能。他極其聰明，是敏銳的策略思考者，而且人也很好。我歡迎他加入，與我一同引領AMC，尤其協助我們把股價拉回到我們認為更能反映公司潛在獲利能力與光明前景的水準。

Sean and Craig will overlap together for about 3 months, making for what we all believe will be an easy, painless and orderly transition. Undoubtedly, they will get out and about during that time period, and we'll be able to meet with many of you.

Sean與Craig將有約3個月的重疊交接期，我們都相信這將是一個順利、無痛且有秩序的交接。毫無疑問，在這段期間他們會四處拜訪，我們也將有機會與各位當中的許多人會面。

In summary, as we conclude, AMC had a strong third quarter. We are well positioned for the future. And operator, we are now ready for questions.

總結來說，在我們結束之前，AMC 第三季表現強勁。我們已為未來做好充分布局。接線員，我們現在準備開始問答。

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

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

A few questions. I'll get to kind of a nitty-gritty first and then add just an overall philosophical question. Adam, or maybe Craig, the noncash expense entry on the NCM services agreement, it looks like it cost you guys about a $0.08 a share, I'm surprised you guys didn't call that out. If you could just kind of scribe that entry for us that would kind of help flush that out. And then it looks like rent expense was up 17.2% year-over-year. How much of that was ASC 842 and how much of that was just pure organic inflation? And then I have a follow-up.

我有幾個問題。我先問一個比較細節的問題，然後再補一個整體偏理念性的問題。Adam，或許 Craig 也可以回答，關於 NCM 服務協議中的非現金費用入帳，看起來大約讓你們每股少了 0.08 美元；我有點意外你們沒有特別點出來。如果你們能幫我們把那筆分錄（入帳）說明一下，會有助於我們釐清。另外看起來租金費用年增 17.2%。其中有多少是 ASC 842 的影響？又有多少只是純粹的有機通膨？我還有一個追問。

We'll have to get back to you, David on...

David，這個我們得回頭再跟你確認……

Congratulations, you stumped us on that one.

恭喜，你這題把我們考倒了。

Yes, on the NCM noncash. I mean, there is some amortization, we'll have to get it, look and get back to you on that. Your question about the ASC 842 to charge in the comparable adjustment in 2018 for ASC 842 had been about $23 million on a consolidated basis, probably about $12 million of that domestically and the balance on the international side.

是的，關於 NCM 的非現金項目。我的意思是，裡面有一些攤銷，我們得再看一下，之後回覆你。你問到 ASC 842 的部分：在 2018 年為了可比性調整而反映的 ASC 842 影響，合併口徑大約是 2,300 萬美元，其中國內大概 1,200 萬美元，其餘在國際業務端。

Okay, fair enough. And then Adam, do you still believe that the U.S. box office will end at a record this year versus last year? Looks like it's going to be very close, probably going to come down to Star Wars. But you did, I think, make that statement perhaps 2 quarters ago. Wondering if you're willing to stand by that again?

好，合理。那 Adam，你仍然相信今年美國票房會以創新高作收、超過去年嗎？看起來會非常接近，可能要看《星際大戰》的表現。但我記得你大概在兩季前有做過這樣的表述。想問你是否願意再次維持這個看法？

And then also just wondering if you could size up the Saudi Arabian opportunity. To me at least this looks like a huge multiple expansion opportunities for your stock price. And just yet another massively underserved market around the world, and if you could just maybe couch some of the population statistics about the fact that it's just a younger audience and they want to go to the movies and then so and so forth, that will be helpful for us.

另外也想請你評估一下沙烏地阿拉伯的機會。至少在我看來，這像是能讓你們股價估值倍數大幅擴張的巨大機會。而且這又是一個全球嚴重供給不足的市場；如果你能談談一些人口統計數據，例如人口更年輕、他們想去看電影等等，對我們會很有幫助。

Thank you. On the box office, we're really not -- people are trying to forecast 2020. Hard to forecast 2020 when you still can't quite forecast 2019, and it's hard to forecast the next two months of 2019 when we we're all trying to figure out how next weekend will do. We're really not going to know where 2019 ends up literally until Christmas, New Year's week. The film volumes are so big in December. We know the quarter is going to be a big one. I think it's very unlikely that 2019, the domestic box office, anyway will finish below $11.5 billion. I think it's unlikely that we'll finish above $11.8 billion, $11.9 billion. We had hoped at the beginning of the year this might be the first year to hit $12 billion. It seems pretty unlikely it'll do that. We're in that range, $11.5 billion to $11.9 billion, $11.6 billion to $11.8 billion. It really settles in. It really all depends on how individual movie titles gross over the next 7, 8 weeks.

謝謝。關於票房，我們其實不太——大家都在試著預測 2020。但 2019 都還沒辦法完全預測清楚，要預測 2020 很難；而且連 2019 接下來兩個月都很難預測，因為我們都還在想下週末會怎麼樣。我們真的要到聖誕節、新年那一週才會知道 2019 最終落點。12 月的影片量非常大。我們知道這一季會很強。我認為 2019 年（至少美國國內）票房很不可能低於 115 億美元。我也覺得不太可能高於 118 億、119 億美元。年初我們曾希望這會是第一個達到 120 億美元的年度。但看起來很不可能達到。我們大概會落在 115 億到 119 億美元之間，或 116 億到 118 億美元之間。最終會落在哪個點，真的取決於接下來 7、8 週各部電影的票房表現。

As for the Middle East, I was just there last week. I'm going back in 6 weeks. The story has enormous promise for us. We have a single theater opened in Riyadh. It's currently doing 11x the revenue of a traditional AMC screen in the United States or Europe. 11x the average seat utilization per year at that theater in Riyadh is more than double the highest grossing theater in the United States, which happens to be an AMC Theatre by the way, Empire 25 at Times Square. We signed a joint venture agreement with a public investment fund, an affiliate of the public investment fund, the sovereign wealth fund in that country to develop at least 40 to 50 theaters over the next 4 to 5 years. Our second theater, a 10-screen theater, will open in mid-December. We expect to have somewhere between 12 and 20 theaters opened by the end of next year 2020. Remember this is an affluent country of 33 million people. It has the 20th largest economy in the world. They like going to movies. They do it now by driving to Bahrain or flying to Dubai to see movies. They see movies when they travel outside the country. They see movies at home by satellite dish. And as we've proven when we open theaters, they come to our theaters in huge numbers. We agree with you, it's a significant opportunity for us. And we've done it in a capital-light way. Most of the capital for our expansion in the Middle East is being provided by our sovereign wealth fund partner.

至於中東，我上週才剛去過。我 6 週後還會再去。這個故事對我們而言有非常巨大的潛力。我們在利雅德已開出一家影城。目前它的營收是美國或歐洲傳統 AMC 單一銀幕的 11 倍。利雅德那家影城的年平均座位使用率是美國最高票房影城的兩倍以上；順帶一提，美國最高票房影城剛好也是 AMC 影城——時代廣場的 Empire 25。我們與公共投資基金（該國主權財富基金）的關聯機構簽署了合資協議，計畫在未來 4 到 5 年開發至少 40 到 50 家影城。我們的第二家影城是一家 10 個影廳的影城，將在 12 月中旬開幕。我們預期到明年 2020 年底，將會有大約 12 到 20 家影城開幕。請記得，這是一個富裕的國家，人口 3,300 萬。它是全球第 20 大經濟體。他們喜歡看電影。他們現在會開車去巴林或飛去杜拜看電影。他們出國旅行時也會看電影。他們在家則透過衛星接收看電影。而且我們已經證明，只要我們開影城，他們就會大量湧入。我們同意你的看法，這對我們是非常重要的機會。而且我們是以輕資本的方式來做。我們在中東擴張所需的大部分資本，都是由我們的主權財富基金合作夥伴提供。

But David, I actually now focused on your question in a second.

不過 David，我現在其實想回到你剛才那個問題。

You're back to NOL?

你是要回到 NOL（淨營運虧損結轉）嗎？

Back to the NCM noncash charge, really what's going on there is when the company was formed years ago, there were some upfront payments that were collected by the forming partners, one of which was AMC, of course. That money was deferred and amortized over the term of our ongoing agreement with National CineMedia. Last year, the accountant said you need to break out an interest component of that amortization. So really, nothing has changed, whereas the amortization was formerly in our expense category. A piece of it is now pulled down into interest expense. So there's really no substantial or change of substance there. It's just really a reclassification. And most importantly, it's a noncash item. The cash was collected long ago. This is a noncash charge that's coming through.

回到 NCM 的非現金費用，其實背後的情況是：公司在多年前成立時，成立夥伴（其中之一當然是 AMC）收取了一些預付款。那筆錢被遞延，並在我們與 National CineMedia 的持續協議期間內攤銷。去年會計師表示，你需要把這個攤銷中的利息成分拆分出來。所以實際上沒有任何改變；原本攤銷是列在費用項下，現在其中一部分被挪到利息費用。因此在實質上沒有重大變動或本質改變。這只是分類重列。而且最重要的是，這是一個非現金項目。現金早在很久以前就已收取。現在只是有一筆非現金費用在損益表中反映出來。

Our next question comes from Meghan Durkin with Crédit Suisse.

我們的下一個問題來自 Crédit Suisse 的 Meghan Durkin。

I'm wondering if you had very early earnings on AMC On Demand product. And why do you think AMC can be successful in the VOD space given Walmart is exiting this business?

我想請問你們是否已經看到 AMC On Demand 產品非常初期的營收表現。另外，鑑於沃爾瑪正在退出這個業務，你們為什麼認為 AMC 能在 VOD（隨選視訊）領域取得成功？

And then, I wanted to dig in to your comment about around optimizing the box office versus competition. What are the levers you can pull there and how can we have confidence that you'll outperform the industry in 2020?

另外，我想深入追問你剛才提到的、關於在競爭環境下優化票房的評論。你們可以運用哪些槓桿？以及我們如何能有信心你們在 2020 年會跑贏產業？

We'll do the second question first. Why should we -- why should we continue to outperform the competition? Because we've been outperforming the competition depending upon which method you're looking at 3 quarters in a row or 6 quarters in a row. And if you look at all of the marketing programs that we have, we're just so out in front of the pack. Stubs, in that 2.5 million households 3 years ago, it's going to hit 22 million and it was growing either. We redesigned the program. 3 years later, it's going to hit 22 million households this month. We used to communicate to our guests, e-mail and the like, 50 million to 100 million times a year, when I say used to, back when Stubs had 2.5 million member households. We're now communicating to our guests by e-mail, text, SMS, mobile push notifications, about 1.5 billion times a year. About half of our total AMC clientele now is enrolled in our loyalty program, Stubs. And we're making it very easy for them to buy our product through our upgraded website and smartphone app.

我們先回答第二個問題。為什麼我們——為什麼我們應該持續跑贏競爭對手？因為我們一直在跑贏競爭對手，取決於你採用哪種衡量方法，已經連續3個季度或連續6個季度。而且如果你看看我們所有的行銷方案，我們確實遠遠領先同業。Stubs 在3年前只有250萬個會員家庭，將會達到2,200萬，而且當時也在成長。我們重新設計了這個計畫。3年後，也就是這個月，將會達到2,200萬個會員家庭。過去我們與顧客溝通——電子郵件等等——一年大約5,000萬到1億次；我說的「過去」是指當 Stubs 只有250萬個會員家庭的時候。現在我們透過電子郵件、簡訊、SMS、行動推播通知等方式與顧客溝通，一年大約15億次。我們 AMC 的整體客群中，約有一半目前已加入我們的忠誠度計畫 Stubs。而且我們透過升級後的網站與智慧型手機 App，讓他們非常容易購買我們的產品。

Under the old website that was here when I got to AMC 3.5 years back, we were being visited on the web or on our smartphone app just under 100 million times annually. Depending upon the volume per month, our website or smartphone -- our smartphone apps are being visited between fifth -- a low of 50 million times a month and 90 -- and a high of 90 million times a month. We should be pushing in 2020 somewhere between 750 million and 1 billion visits to our website and smartphone app. We're all reserved seating. Making it much more convenient for our guests. Our theater network is in better shape. More theaters having been renovated, more theaters having been installed with recliner seats. I could just go on and on, but it really is this what we've been calling the AMC Platform. It is working.

在我3年半前到 AMC 時所使用的舊網站之下，我們的網站或智慧型手機 App 每年被造訪的次數略低於1億次。依每月流量而定，我們的網站或智慧型手機——我們的智慧型手機 App 每月被造訪的次數，低則5,000萬次，高則9,000萬次。我們預期在2020年，網站與智慧型手機 App 的造訪量應該會推進到約7.5億到10億次之間。我們全面導入劃位座位。讓顧客方便許多。我們的影城網路狀況更好。更多影城完成翻新，更多影城安裝了躺椅座。我可以一直講下去，但這其實就是我們所稱的 AMC 平台。它正在發揮作用。

A-List is just doing phenomenally well, and we're just so out and far in front of our competition. By the way, it's not easy in an industry that's mature to move market share around, and we've had the biggest reported market share gain increase in the country. So that's what we've been doing. That's what we'll continue to do. We'll continue to do it well. We're constantly innovating. And I believe all that is going to cause us to continue to be out in front of our competition.

A-List 的表現非常出色，而我們確實遠遠、明顯領先競爭對手。順帶一提，在一個成熟產業中要改變市占並不容易，而我們在全國取得了已公布的最大市占提升幅度。所以這就是我們一直在做的事。這也是我們將持續做的事。我們會持續把它做好。我們不斷創新。我相信這些都會讓我們持續領先競爭對手。

As for AMC On Demand, AMC Theatres On Demand, we've been only out 2 weeks. It's a little early to give you any forecast over 2 weeks. We always thought that we would start out very slowly. We had very little test invested in this thing, a few million dollars to program it. We're not spending a lot of money marketing it. We don't quite think we're going to secure items or any other people in this space already.

至於 AMC On Demand、AMC Theatres On Demand，我們才推出2週。僅僅2週就要給你任何預測，還太早。我們一直認為一開始會非常緩慢。我們在這件事上的測試投入很少，只花了幾百萬美元來開發。我們也沒有花很多錢去行銷它。我們不太認為我們會在這個領域裡去爭取獨家內容或任何其他已經在這個領域的人。

But here's what we do think. If somewhere between 50 million and 90 million people a month who are interested in movies are already coming to the AMC website, and are already coming to the AMC smartphone apps, and we can make it really easy for them to rent or buy movies on demand for home viewing, phone viewing, tablet viewing, if this where the fish are, and we've got so many people interested in movies already coming to us and exploring our website, we think that, just by accident, we're going to see a substantial number of transactions on each of which we make a positive contribution over at. So that's why we think we'll be successful, and yet we think the business will be very small, at least when we start. and we'll see how we build over the quarters and years ahead.

但我們的看法是這樣。如果每月已有介於5,000萬到9,000萬、對電影有興趣的人正在造訪 AMC 網站、也正在使用 AMC 的智慧型手機 App，而我們能讓他們非常容易地以隨選方式租片或買片，用於家中觀看、手機觀看、平板觀看；如果魚群就在這裡，而已經有這麼多對電影有興趣的人來到我們這裡、瀏覽我們的網站，我們認為即使只是「順帶」的，我們也會看到相當可觀的交易量，而每一筆交易我們都能取得正向的貢獻。所以這就是我們認為會成功的原因；但我們也認為這門生意至少在起步時會非常小。接下來我們會看看在未來幾個季度與幾年中如何逐步建立起來。

But why not do it? It was easy for us to do, and we've launched and we asked all you just -- got to be Stubs are enrolled, but go to our website or go to our smartphone app, there used to be 2 buttons at the top of every page, in theaters and coming soon. There are now 3 buttons at the top of the page, in theaters, coming soon and on-demand. We think that what we've designed is a really attractive, sleek looking guest interface. We look every bit as professional as other major players in this space. And as I said, it cost us next to nothing to do it. We'll see how much revenue and profit it winds up adding to the bottom line.

但為什麼不做呢？對我們來說很容易，我們已經上線了；我們也請各位——你只要加入 Stubs、完成註冊即可——到我們的網站或智慧型手機 App。以前每個頁面上方有兩個按鈕：上映中與即將上映。現在頁面上方有三個按鈕：上映中、即將上映與隨選。我們認為我們設計出的是一個非常吸引人、外觀俐落的顧客介面。在這個領域裡，我們看起來完全不輸其他主要業者的專業度。而且如我所說，做這件事幾乎沒花我們什麼成本。我們會看看它最終能為損益表底線增加多少營收與獲利。

Studios are -- by the way, and lastly, studios are very happy with us doing it because it's just one more player coming in and helping in the ecosystem of their home entertainment business. And we already have great relationships with all of our major studio partners to the extent that we can do more things that make their lives better, making their lives better ultimately makes our lives better in the long run.

順帶一提，最後，片商也很樂見我們這麼做，因為這等於又多了一個參與者加入，協助他們家庭娛樂業務的生態系。而且我們與所有主要片商夥伴本來就有很好的關係；在我們能做更多事情讓他們更順利的範圍內，讓他們更好，長期而言最終也會讓我們更好。

Our next question comes from Chad Beynon with Macquarie Group.

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

This is Aaron, I'll be on for Chad. First, you talked a little bit about Regal subscription plan. Since Regal launched the program, have you noticed any attrition in the markets where you guys compete? And then can you talk a little bit about what you're seeing some of the labor or payroll standpoint in cities, and do you think that's putting any pressure on your margin initiatives?

我是 Aaron，我代 Chad 發問。首先，你稍早提到 Regal 的訂閱方案。自從 Regal 推出該方案以來，你們是否在雙方競爭的市場中注意到任何流失？另外，你能否談談你們在一些城市看到的勞動力或薪資成本方面的情況？你認為這是否會對你們的利潤率改善措施造成任何壓力？

On the first question. Regal's unlimited program, no, we haven't see any impact really. A-List is healthy, strong, resilient, profitable. How many wonderful adjectives can I come up with to describe A-List? It's driving great incrementality at movie going, it's driving great incrementality in food and beverage spending. A-List members are bringing people along at full price. We think -- we don't know, we think -- we know we've got a very strong program on our hands. We also would note that while -- let me put it right -- we also note that we launched A-List at a time when other unmentionable people were out there. We thought we designed our program in a really smart way. We know that we've been managing our program in really smart ways over the past 18 months. There was a reason why we put in a limit of 3 movies per week in the A-List program. And in the Regal Unlimited Program, theirs is truly unlimited. So if somebody wants to see 25 movies a month, they can. Honestly, when you are only charging $20 a month, $22 a month, $24 a month, somebody wants to see 25 movies a month, we're happy to give all those people to Regal. They can have every single one of them.

先回答第一個問題。Regal 的無限方案，沒有，我們其實沒有看到任何影響。A-List 很健康、很強韌、很有韌性、而且有獲利。我還能用多少美好的形容詞來描述 A-List 呢？它帶動了觀影人次的顯著增量，也帶動了餐飲消費的顯著增量。A-List 會員會帶朋友一起來，而且是以全票價購買。我們認為——我們不知道，但我們認為——我們知道我們手上有一個非常強的方案。我們也要指出，雖然——我把話說清楚——我們也注意到，我們推出 A-List 的時候，外面還有其他一些不便點名的人。我們認為我們以非常聰明的方式設計了這個方案。我們也知道，在過去18個月裡，我們以非常聰明的方式在管理這個方案。我們之所以在 A-List 方案中設定每週最多3部電影的上限，是有原因的。而在 Regal Unlimited 方案中，他們是真正的無上限。所以如果有人想一個月看25部電影，他們可以。坦白說，當你每月只收20美元、22美元或24美元時，如果有人想一個月看25部電影，我們很樂意把這些人全部交給 Regal。他們可以把每一個都拿走。

But to answer your question, no, there's been no competitive impact on us. We're strong and we're healthy. As for labor and payroll, Craig may have more detail. But yes, there's no doubt. We're on a multiyear trend of political decisions being made to raise minimum wage all over the country. That is costing us money. But that's one of the reasons why we're looking so hard to drive savings, real savings through the profit improvement program. And I gave you several examples where we are really cutting costs. And there are dozens and dozens more examples that I didn't laboriously take you through. But yes, we're ahead of the game when you look at cost-reduction efforts against labor and payroll expansion efforts.

但為了回答你的問題，沒有，競爭對我們沒有造成任何影響。我們很強健、也很健康。至於勞動力與薪資，Craig 可能會有更多細節。但沒錯，毫無疑問。我們正處於一個多年趨勢之中：全國各地因政治決策而提高最低工資。這正在讓我們付出成本。但這也是我們為何如此努力透過獲利改善計畫來推動節省、真正的節省的原因之一。我也給了你幾個例子，說明我們確實在削減成本。而我沒有逐一帶你看過的例子，還有數十個、數十個之多。但沒錯，當你把我們的降本努力與勞動力與薪資擴張的壓力相比，我們是走在前面的。

Yes. I'd say that the wage -- minimum largely due the minimum wage changes that Adam referenced was probably somewhere between 7% to 8% in the quarter, I think on a go-forward basis. We'd expect them to be around 5%. So yes, we're seeing it, most notably not to repeat Adam, but I think is an example of how we really took a hard look at show starts as an example of optimizing our operating envelope without sacrificing revenue because we still outperformed on a revenue basis even with some cost pressures. We managed our business smartly and we saw margin improvement. And I think that's really the answer. Yes, there was wage cost. We did the right things to manage our business under those circumstances, and we still improved our profitability.

是的。我會說，工資——主要是因 Adam 提到的最低工資變動——在本季大概落在 7% 到 8% 之間，我想以未來趨勢來看。我們預期會在 5% 左右。所以是的，我們確實看到了，最明顯的例子（不重複 Adam 的話）是我們確實嚴格檢視了開演時間（show starts），作為在不犧牲營收的前提下優化營運範圍的一個例子，因為即使有一些成本壓力，我們在營收表現上仍然超出預期。我們更聰明地管理業務，也看到了毛利率改善。我想這才是真正的答案。是的，確實有工資成本。在那樣的情況下，我們做了正確的事來管理業務，而且我們仍然提升了獲利能力。

Our next question comes from Mike Hickey, the Benchmark Company.

我們的下一個問題來自 Benchmark Company 的 Mike Hickey。

Congrats on the quarter guys. And Craig, you'll be definitely missed, but best of luck. I guess just 2 questions. It looks like your A-List sort of held through the first price increase. I guess the price increase I guess with some late adopters the impact you would expect on the total sub, if you can continue to grow that or if you expect a mild decline.

恭喜各位本季表現。Craig，你一定會讓人很想念，但祝你一切順利。我想問兩個問題。看起來你們的 A-List 在第一次漲價後仍然維持得不錯。我想問這次漲價，對於一些較晚加入者而言，你預期對總訂閱數會有什麼影響？你們是否能持續成長，或是你預期會有小幅下滑？

And then second question on one of your partners, National CineMedia, changed their deal with some of their founding partners, including Cinemark, to allow ads post show time, which I think is pretty common in international market. It's also I think happening with a competitor domestically, the Screenvision, and you guys are pretty vocal that that's not something that you wanted to participate in. So I'm just sort of curious your thoughts there and why you decided not to do that?

第二個問題是關於你們的一個合作夥伴 National CineMedia，他們與一些創始合作夥伴（包括 Cinemark）修改了合約，允許在開演時間之後播放廣告；我想這在國際市場相當常見。我也認為在美國國內，競爭對手 Screenvision 也在做類似的事，而你們一直很直言這不是你們想參與的做法。所以我想了解你們的看法，以及你們為什麼決定不這麼做？

Sure. So let's talk about A-List first. Yes, it's all good for A-List. The membership growth is way ahead of where we expect it to be at this point. I would expect that we would continue to grow our A-List membership. I don't think we've flattened out to a point where we'll decline in membership. But I do think that growth, going forward, is going to be much slower than it was in the first 6 to 9 months where we're in a ramp-up phase. The price increase is a factor, competition is a factor. I think the biggest factor is just how big this market size is.

當然。那我們先談 A-List。是的，A-List 一切都很好。會員成長遠遠超出我們在這個時間點的預期。我預期我們會持續增加 A-List 會員數。我不認為我們已經趨於平坦到會出現會員下滑的程度。但我確實認為，未來的成長速度會比前 6 到 9 個月慢很多，因為那段時間我們處於爬坡期。漲價是一個因素，競爭是一個因素。我認為最大的因素只是這個市場規模到底有多大。

When we launched the program back in June of '18, I actually speculated that if we got to 1 million members, it will take us 2 full years. But then we might not ever get to a 1 million members, provided size of the market at about 800,000 members for AMC, we're already well ahead of that. I think we'll continue to grow, but not at the exponential pace that we saw in the first 9 months.

當我們在 2018 年 6 月推出這個方案時，我其實推測如果我們能達到 100 萬名會員，可能需要整整兩年。但接著我也想過，考量市場規模，或許我們永遠也到不了 100 萬名會員；以 AMC 的市場規模大約 80 萬名會員來看，我們已經遠遠超前。我認為我們會持續成長，但不會像前 9 個月那樣呈現指數型的成長速度。

As for NCM and advertising. If there were 2 things that we are in the NCM announcement, one is they're showing ads 5 minutes after the official show time start. And the official show time starting is actually 20 to 25 minutes ahead of when the movie actually begins, because there's a big trailer package that shows in the 20 minute period prior to the movie start.

至於 NCM 與廣告。在 NCM 的公告中，有兩件事：第一，他們會在官方開演時間開始後 5 分鐘播放廣告。而所謂官方開演時間，其實比電影真正開始早了 20 到 25 分鐘，因為在電影開始前的 20 分鐘會播放一大段預告片組合。

And the second issue, which is 1 to 2 trailers before the movie actually begins, call it 2.5 to 4 minutes before a movie actually begins, they were going to be inserting another -- a 60-second ad right at the middle or the end of the trailer package right before the movie starts. We don't have any problem really with the -- showing ads 5 minutes after the show time start. It's a long time before the theater -- before the movie begins in theater. But this thing about showing commercials right before the movie actually began to the middle of the trailer package, that trailer package is extremely valuable real estate. I would so much rather be advertising movies. The value of what we earn both from the paid trailers where we're receiving income from studios and from all the extra tickets that we sell for future coming attractions, that's so much more than what NCM offered us to show and advertise detergent. We also think that -- and know that our customers like seeing movie trailers, and we think they're going to find it quite jarring to see an ad for an unrelated product just before showtime.

第二個議題是：在電影真正開始前的 1 到 2 支預告片——就算是 2 支——也就是在電影真正開始前約 2.5 到 4 分鐘，他們打算在預告片組合的中間或結尾、也就是電影開始前的最後一刻，再插入一則 60 秒廣告。對於在官方開演時間後 5 分鐘播放廣告，我們其實沒有太大問題。因為距離電影在影廳真正開始還有很長一段時間。但在電影真正開始前、在預告片組合中間插播商業廣告這件事，那段預告片組合是極其珍貴的版位。我寧可用來宣傳電影。我們從付費預告片（片商付費、我們取得收入）以及從未來上映預告帶動的額外售票所賺到的價值，遠遠高於 NCM 提供給我們、要我們在那個時段播放並宣傳洗衣精的報酬。我們也認為——並且知道——我們的顧客喜歡看電影預告；而在開演前一刻看到與電影無關的產品廣告，他們會覺得相當突兀。

So it's commonly done in Europe, but consumers are used to it in Europe. It's not commonly done in the United States. And we think U.S. consumers are going to react pretty negatively to it. So as the leader in the industry, we passed.

所以這在歐洲很常見，但歐洲消費者已經習慣了。在美國並不常見。而我們認為美國消費者會對此有相當負面的反應。因此，作為產業領導者，我們選擇不參與。

I just might add, I'm convinced we're going to make far more money from the sale of trailers to studios and the sale of tickets to films. By the way, we deploy our trailer time. We'll make far more money than that, than we would make if we accepted what NCM had over us to show unrelated third party advertising in that space.

我再補充一下，我深信我們透過向片商銷售預告片時段、以及銷售電影票，能賺到更多錢。順帶一提，這就是我們如何運用預告片時段。我們賺到的會遠遠多於如果我們接受 NCM 的提案、在那個空間播放與電影無關的第三方廣告所能賺到的。

We have time for one more question, and our question comes from Eric Handler with MKM Partners.

我們還有時間再問一個問題，下一個問題來自 MKM Partners 的 Eric Handler。

Adam, you haven't really talked much lately about the success of the reseats in Europe and how those have fared. I think by now we're sort of -- a number of them have sort of anniversaried one year, the one year mark. And I wonder if you can give us some color on how those are performing.

Adam，你最近沒有太多談到歐洲換座椅（reseats）成功的情況，以及它們的表現如何。我想到了現在，我們算是——其中不少已經滿一年、到了一周年的時間點。我想請你分享一些細節，說明它們的表現如何。

Thank you, Eric. The reseats in Europe continue to be off the chart successful. We said in prior calls we are seeing ROI returns of 50% or more or 70% or more. We're seeing theater revenues go up in half. We're seeing theater revenues double. There's no new news that makes us any less bullish on our investment in theater amenity programs in Europe. You'll notice that even -- as we brought CapEx spending down in total for the company, you'll see it over and over again that we continue to see significant ROI opportunities, especially in our European and Middle Eastern theaters. I would expect we will do at least 15 theaters in the U.K. in 2020 for example, with full-blown theater renovations, including with that recliner seats. The whole investment thesis behind our buying audience in the first place was to take a circuit with a strong brand name and great physical locations. But for the fleet of theaters that were pretty run down and invest significantly in improving the quality of those theaters, bringing AMC style, proven guest initiatives over to Europe. That's what we've done. And we've got about 30 theaters done. We're going to add another 15 more next year. And we're off to the races. This has been a very successful initiative for AMC. It's made us happy to have grown in Europe and it's an all good news story. One that will continue in 2020 and beyond.

謝謝你，Eric。歐洲的換座（改裝座椅）持續取得超乎預期的成功。我們在先前的電話會議中提到，我們看到的投資報酬率（ROI）回收達到 50% 以上，甚至 70% 以上。我們看到影城營收在一半的影城上升。我們也看到影城營收翻倍。目前沒有任何新消息會讓我們對在歐洲推動影城設施升級計畫的投資變得不那麼看多。你會注意到，即使——當我們把公司整體資本支出（CapEx）降低時，你仍會一再看到我們持續發現顯著的 ROI 機會，特別是在我們的歐洲與中東影城。例如，我預期我們在 2020 年至少會在英國做 15 家影城的全面翻新，包括加裝那種躺椅座位。我們當初收購 Odeon 的整體投資論點，是取得一個擁有強勢品牌與絕佳實體據點的院線。但對於那批相當老舊的影城，我們要大幅投資提升影城品質，把 AMC 風格、經驗證的顧客體驗措施帶到歐洲。這正是我們所做的。而且我們已完成約 30 家影城。明年我們還會再增加 15 家。我們正全速前進。這對 AMC 來說是一項非常成功的計畫。我們很高興能在歐洲成長，這是一個全然的好消息。而且這個故事將在 2020 年及之後持續下去。

Great. And just a quick follow-up with the U.K. market. It seems like you continues to have very irrational low pricing in a number of its markets. Wondered how that's been impacting you lately.

很好。另外針對英國市場再追問一下。看起來你們在多個市場仍面臨非常不理性的超低票價。想請問這最近對你們造成了什麼影響。

So yes, one of our competitors has been pretty stupid, especially in the U.K. We fortunately have been renovating theaters in the U.K., so there's been no need to match their lowball pricing. As we've insulated ourselves somewhat by improving the quality of our theaters, there's a reason why we can charge a dramatic premium. When we launched Avengers: Endgame with the Odeon Leicester Square in London, we have variable seat pricing commonly in Europe. We were charging $40 a seat to see Avengers: Endgame at the Odeon Leicester Square. And if you sat in the row box, which is 24 seats, I think. I don't know how big the row box is, we're charging $52 a seat to watch Avengers: Endgame at the Odeon Leicester Square. So you can differentiate yourself by the quality of the theaters not just on price. But in others of our theaters, we get tired of them picking our pocket. So if you look for example our third quarter pricing internationally, you'll see that the price increase we picked up in the States, we did not pick up in Europe, but are getting down and dirty and slightly at odd with them is one of the reasons why we had a 9.3% increase in attendance in Europe. And the end result of it was growing attendance, growing theater admission revenues, growing EBITDA, growing margins. So we think we've got the formula right. Craig, do you want to add?

是的，我們的一位競爭對手確實做得相當愚蠢，尤其是在英國。我們很幸運地一直在英國翻新影城，因此沒有必要去跟他們的超低價競爭。由於我們透過提升影城品質在某種程度上建立了防護，因此我們能夠收取顯著溢價是有原因的。當我們在倫敦的 Odeon Leicester Square 上映《復仇者聯盟：終局之戰》時，歐洲普遍採用浮動座位定價。我們在 Odeon Leicester Square 看《復仇者聯盟：終局之戰》一個座位收 40 美元。如果你坐在包廂那一排，我想是 24 個座位。我不確定包廂到底多大，但我們在 Odeon Leicester Square 看《復仇者聯盟：終局之戰》一個座位收 52 美元。所以你可以靠影城品質來做出差異化，而不只是靠價格。但在我們其他一些影城，我們也受夠了他們一直占我們便宜。因此，如果你看例如我們第三季的國際票價，你會看到我們在美國取得的票價提升，在歐洲並沒有取得；但我們也開始跟他們硬碰硬、採取更貼身的競爭，這也是我們在歐洲出席人次成長 9.3% 的原因之一。最終結果是出席人次成長、影城票房收入成長、EBITDA 成長、利潤率成長。所以我們認為我們的公式是對的。Craig，你要補充嗎？

Yes, I might add some context to -- with a couple of data points. I think we've mentioned that -- Adam mentioned on his call, on his formal remarks at Europe, industry was up a little over 13%. Our recliner segment of our circuit outperformed in Europe, outperformed by a factor 3x that. So that's the -- they're driving a lot of the growth we are seeing, and there's -- that's clearly a portion of our circuit. I mean, it's 25, almost 30 theaters, so it's that -- it's a growing, more important piece. It's the fastest growing. And we're certainly not forced or pushed to take price reductions there. In fact, we're optimizing our price because of the big demand that we are seeing on those remodeled reseated theaters. We are matching prices in some of our other theaters where it makes sense to us strategically to take some lower price, but certainly not the remodeled piece.

是的，我可以補充一些背景——提供幾個數據點。我想我們提過——Adam 在他的電話會議上、在正式談話中提到，歐洲整體產業成長略高於 13%。我們院線中配置躺椅座位的那一段在歐洲表現優於市場，幅度是其 3 倍。所以——它們正在推動我們看到的許多成長，而那——顯然只是我們院線的一部分。我的意思是，那大約是 25 家、接近 30 家影城，所以那——是一個正在成長、愈來愈重要的部分。它是成長最快的。而且我們當然沒有被迫或被推著在那裡降價。事實上，因為我們在那些翻新、重新換座的影城看到很大的需求，我們正在最佳化我們的定價。在我們其他一些影城，若從策略上對我們有意義，我們會在部分地方配合降價以匹配價格，但翻新那一塊當然不會。

First, we know that this is a big earnings season day. There are a lot of companies reporting. We want to let you get off the phone. Thank you for participating and joining with us today. To sum it all up, AMC had a very strong quarter. We are extremely well positioned looking ahead. We have every confidence in our future and hopefully you do, too. Thanks much.

首先，我們知道今天是財報季的重要一天。有很多公司正在公布財報。我們希望讓各位可以掛線離開。感謝各位今天參與並加入我們。總結來說，AMC 本季表現非常強勁。展望未來，我們的布局極佳。我們對未來充滿信心，也希望各位同樣如此。非常感謝。

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

今天的電話會議到此結束。您現在可以掛斷電話線，感謝您的參與。