AMC 電影院 (AMC) 2019 Q4 法說會逐字稿

Greetings.

問候。

Welcome to AMC Entertainment Fourth Quarter 2019 Earnings Conference Call.

歡迎來到 AMC Entertainment 2019 年第四季度收益電話會議。

(Operator Instructions) Please note, this conference is being recorded.

（操作員說明）請注意，正在錄製此會議。

At this time, I'll turn the conference over to John Merriwether, Vice President, Investor Relations.

此時，我將把會議轉交給投資者關係副總裁 John Merriwether。

Mr. Merriwether, you may begin.

Merriwether 先生，您可以開始了。

Thank you, Rob.

謝謝你，羅布。

Good afternoon.

下午好。

I'd like to welcome everyone to AMC's Fourth Quarter and Year-end 2019 Conference Call.

歡迎大家參加 AMC 的 2019 年第四季度和年終電話會議。

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

今天下午和我在一起的是我們的總裁兼首席執行官 Adam Aron； Craig Ramsey，執行副總裁兼首席財務官；和執行副總裁 Sean Goodman。

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中發表的一些評論可能包含前瞻性陳述，這些陳述是基於管理層目前的預期。

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

其中許多風險和不確定性在我們的公開文件中進行了討論，包括我們最近提交的 10-K 和 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.

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.

公司不承擔修改或更新任何前瞻性陳述的義務，無論是由於新信息還是未來事件。

On this call, we may reference measures such as adjusted EBITDA, adjusted EBITDA margin, free cash flow, adjusted free cash flow and constant currency, among others, 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 EBITDA 利潤率、自由現金流、調整後的自由現金流和固定貨幣等指標，這些都是非 GAAP 財務指標。

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

如需我們的非 GAAP 措施與 GAAP 結果的全面協調，請參閱我們今天早些時候發布的收益報告。

In conjunction with our earnings release, we encourage you to review the supplemental financials for fourth quarter year ended 2019 that we published this afternoon 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下午在我們的網站上與收益發布同時發布的截至 2019 年第四季度的補充財務數據。

(Operator Instructions) To be respectful of your time, we intend to keep the call to approximately an hour.

（操作員說明）為了尊重您的時間，我們打算將通話時間保持在大約一個小時。

This afternoon's call is being recorded, and a webcast replay will be available in the Investor Relations section of our website at amctheaters.com later today.

今天下午的電話會議正在錄製中，今天晚些時候我們網站 amctheaters.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 afternoon, everyone.

大家下午好。

I'm very pleased you could join Craig Ramsey and me today.

我很高興你今天能加入 Craig Ramsey 和我。

I'm also delighted to formally introduce you to Sean Goodman.

我也很高興正式向您介紹 Sean Goodman。

Sean has been with us since December and has been working to ensure a smooth and seamless transition of the CFO responsibilities.

Sean 自去年 12 月以來一直在我們公司工作，一直致力於確保 CFO 職責的平穩無縫過渡。

As you will soon learn, Sean is a very smart and worldly fellow.

您很快就會了解到，肖恩是一個非常聰明且世故的人。

We're excited to have him on board and I greatly look forward to working together with Sean to create value for all AMC stakeholders in the years ahead.

我們很高興他加入，我非常期待與肖恩一起工作，在未來幾年為所有 AMC 利益相關者創造價值。

I want to also take this opportunity to express sincere gratitude and appreciation to Craig for his 25 years of outstanding service to AMC.

我還想藉此機會對 Craig 為 AMC 提供的 25 年出色服務表示由衷的感謝和讚賞。

He'll be retiring on the 29th of this month, just 2 days from now and Sean will formally take on the CFO title at that time.

他將於本月 29 日退休，距現在僅 2 天，屆時肖恩將正式擔任首席財務官一職。

Looking back on 2019, the year turned out to be the largest global box office of all time, having generated $42.5 billion in worldwide admission revenues.

回顧 2019 年，這一年成為有史以來全球票房最高的一年，全球票房收入達到 425 億美元。

AMC benefited from that strength globally.

AMC 在全球範圍內受益於這種優勢。

In Europe, we experienced another year of strong box office growth, driven by an industry attendance increase of more than 6%.

在歐洲，在行業觀眾人數增長超過 6% 的推動下，我們經歷了又一年的強勁票房增長。

And our new theaters in the Middle East are roaring hot.

我們在中東的新劇院火爆。

Contrary to the views held by doubters, the facts are actually quite different.

與質疑者的觀點相反，事實卻大相徑庭。

It is simply undeniable that theatrical exhibition globally was alive and well in 2019 and setting new record highs.

不可否認的是，2019 年全球的戲劇放映活動生機勃勃，並創下歷史新高。

In the United States though, 2019 was a year that saw both ups and downs.

但在美國，2019 年是跌宕起伏的一年。

The year started off with a difficult first quarter and then fought its way back to become essentially tied with 2016 as being the second highest domestic box office of all time, 2018, of course, the year prior being the strongest domestic box office in history.

這一年以艱難的第一季度開始，然後奮起直追，與 2016 年基本持平，成為有史以來第二高的國內票房，當然，2018 年也是歷史上最強勁的國內票房。

Specifically, for the fourth quarter, the domestic box office came in at $2.9 billion, 1.6% less than last year but right on par for the average fourth quarter over the past 5 years.

具體而言，第四季度國內票房收入為29億美元，比去年下降1.6%，但與過去5年第四季度的平均水平持平。

In Europe, the industry box office performed much better than in the U.S., up 6.3% on a constant currency basis, weighted according to our geographic European footprint.

在歐洲，行業票房表現遠好於美國，按固定匯率計算增長 6.3%，根據我們在歐洲的地理足跡加權。

Of particular note, not only did AMC see healthy growth internationally, but in the United States, the fourth quarter was the seventh consecutive quarter in which AMC gained market share and dramatically outperformed the rest of the theatrical exhibition industry on both attendance per screen and admission revenues per screen.

特別值得一提的是，AMC 不僅在國際上實現了健康增長，而且在美國，第四季度是 AMC 連續第七個季度獲得市場份額，並且在每屏上座率和入場人次方面都大大優於其他影院放映行業每個屏幕的收入。

Also of importance, we can clearly see that the previously announced profit improvement plan designed both to cut costs and to drive revenues is already kicking in.

同樣重要的是，我們可以清楚地看到，之前宣布的旨在削減成本和推動收入的利潤改善計劃已經開始發揮作用。

We're going to start this call by asking Sean to review our fourth quarter and full year financial results.

我們將通過要求肖恩審查我們的第四季度和全年財務業績來開始這次電話會議。

I'll then come back and give you an update on several important topics that continue to enhance the business for the long-term benefit of all of our stakeholders.

然後我會回來向您介紹幾個重要主題的最新情況，這些主題將繼續增強業務，為我們所有利益相關者的長期利益服務。

Sean, over to you.

肖恩，交給你了。

Thank you, Adam.

謝謝你，亞當。

I'm honored and excited to be on this truly exceptional team.

我很榮幸也很興奮能加入這個真正傑出的團隊。

Turning to the financial results for the fourth quarter, AMC's seventh consecutive quarter of industry out performance.

談到第四季度的財務業績，AMC 連續第七個季度表現優於行業。

Our consolidated results with variance to last year's fourth quarter calculated in constant currency are as follows: total revenue was up 3.2% to a fourth quarter record of $1.45 billion; adjusted EBITDA was $269.1 million, up 12.5% after accounting for the impact of ASC 842; the adjusted EBITDA margin was 18.6%, up over 150 basis points after accounting for the impact of ASC 842; and on an as-reported basis, adjusted free cash flow increased by $186 million to $303 million; and free cash flow, which represents net cash provided by operating activities less CapEx, increased by $190 million to $199 million.

我們的綜合業績與去年第四季度以固定匯率計算的差異如下：總收入增長 3.2%，達到創紀錄的第四季度 14.5 億美元；調整後的 EBITDA 為 2.691 億美元，在計入 ASC 842 的影響後增長 12.5%；考慮到 ASC 842 的影響後，調整後的 EBITDA 利潤率為 18.6%，上升超過 150 個基點；在報告的基礎上，調整後的自由現金流增加了 1.86 億美元，達到 3.03 億美元；自由現金流增加了 1.9 億美元，達到 1.99 億美元，代表經營活動提供的淨現金減去資本支出。

And both of these cash flow increases are after adjusting 2018 for the cash flow classification impact of ASC 842.

這兩項現金流量增長都是在調整 2018 年 ASC 842 的現金流量分類影響之後。

All of these results were achieved in an environment where the domestic box office attendance declined by 5.3% and box office revenue decreased by 1.6%.

所有這些成績都是在國內票房上座率下降 5.3%、票房收入下降 1.6% 的環境下取得的。

By contrast, AMC's fourth quarter U.S. attendance declined by 4.4%, which is approximately 100 basis points better than the rest of the industry.

相比之下，AMC 第四季度在美國的上座率下降了 4.4%，比業內其他公司高出約 100 個基點。

AMC's domestic admissions revenue actually grew by 1.7%, 423 basis points better than the rest of the industry.

AMC 的國內入場收入實際增長了 1.7%，比其他行業高出 423 個基點。

Our admissions revenue growth was driven in part by an average ticket price increase of 6.4%, 329 basis points better than the rest of the industry.

我們的門票收入增長部分是由平均票價上漲 6.4% 推動的，比其他行業高出 329 個基點。

This over performance reflects the many competitive advantages enjoyed by AMC.

這種超額表現反映了 AMC 享有的許多競爭優勢。

Notable in the fourth quarter is the continued success of our A-List subscription program, strategic pricing initiatives and premium format offerings.

第四季度值得注意的是我們的 A-List 訂閱計劃、戰略定價計劃和優質格式產品的持續成功。

Overall, our fourth quarter attendance in the U.S. was 62.3 million visits, our second highest fourth quarter attendance ever.

總體而言，我們第四季度在美國的訪問量為 6230 萬人次，是有史以來第二高的第四季度訪問量。

International admissions revenue was aided by a positive industry backdrop and the success of our initial investments in recliner seating, premium formats as well as improved food and beverage offerings to enhance the guest experience.

國際門票收入得益於積極的行業背景以及我們在躺椅、高級形式以及改進的食品和飲料產品方面的成功投資，以提升賓客體驗。

For our international operations on a constant currency basis, admissions revenue grew by 4.1%, and this was driven by a 4.8% increase in attendance per screen, partially offset by a decline in the average ticket price by 0.7% as we matched, in certain select cases, price cutting by some of our competitors.

對於我們以固定貨幣為基礎的國際業務，入場收入增長了 4.1%，這是由於每個屏幕的上座率增加了 4.8%，部分被我們匹配的平均票價下降 0.7% 所抵消，在某些情況下選擇案例，我們的一些競爭對手降價。

We are particularly satisfied that our Luxe theaters, renovated with recliner seating, experienced attendance growth of more than 3.5x higher than the industry at large.

我們特別滿意的是，我們的 Luxe 劇院經過翻新，配備了躺椅座椅，其上座率增長率比整個行業高出 3.5 倍以上。

Our international fourth quarter attendance was 30.2 million visits, giving us a consolidated fourth quarter attendance of 92.6 million, our second highest fourth quarter attendance ever.

我們第四季度的國際觀眾人數為 3020 萬人次，使我們第四季度的綜合觀眾人數達到 9260 萬人次，這是我們有史以來第二高的第四季度觀眾人數。

From a food and beverage perspective, as you know, AMC goes far beyond classic concession offerings like popcorn and fountain drinks to give our guests an unrivaled out-of-the-home experience.

如您所知，從食品和飲料的角度來看，AMC 遠遠超出爆米花和噴泉飲料等經典特許產品，為我們的客人提供無與倫比的戶外體驗。

In the U.S., food and beverage revenue per patron increased by 2.5% to $5.33, while the international business food and beverage revenue per patron grew 7.8% in constant currency to $3.59.

在美國，每位顧客的餐飲收入增長 2.5% 至 5.33 美元，而每位顧客的國際商務餐飲收入按固定匯率計算增長 7.8% 至 3.59 美元。

Both the domestic and international results represent AMC records for the fourth quarter.

國內和國際業績均代表了 AMC 第四季度的記錄。

This was achieved by continuing to innovate and refresh menu choices while implementing strategic pricing actions to optimize revenue for the company while maintaining the value proposition for our guests.

這是通過繼續創新和更新菜單選擇，同時實施戰略定價行動來優化公司收入，同時保持對客人的價值主張來實現的。

We see a significant opportunity to continue to grow the overall spend in food and beverage in the years ahead.

我們看到了在未來幾年繼續增加食品和飲料整體支出的重要機會。

Even though we believe that we are primarily valued on EBITDA rather than net income, I should highlight to you that this quarter's income statement reflects certain noncash items that impacted net income.

儘管我們認為我們主要根據 EBITDA 而不是淨收入進行估值，但我要向您強調，本季度的損益表反映了某些影響淨收入的非現金項目。

We recorded an $84.3 million charge related to impairments of long-lived assets.

我們記錄了與長期資產減值相關的 8,430 萬美元費用。

The vast majority of this is attributable to impairments of operating lease right-of-use assets that were established with the adoption of ASC 842.

其中絕大部分歸因於採用 ASC 842 建立的經營租賃使用權資產的減值。

We also recorded a noncash charge of approximately $9.6 million associated with a fair value remeasurement of a derivative liability, a derivative asset related to the company's convertible notes due in 2024.

我們還記錄了約 960 萬美元的非現金費用，與衍生負債的公允價值重新計量有關，衍生負債是與公司 2024 年到期的可轉換票據相關的衍生資產。

As a reminder, we recorded income of $165.5 million in the fourth quarter of last year associated with the same derivatives.

提醒一下，我們在去年第四季度記錄了與相同衍生品相關的收入 1.655 億美元。

And finally, our income tax expense reflects an approximately $41.5 million credit from a nonrecurring tax benefit related to our international operations.

最後，我們的所得稅費用反映了與我們的國際業務相關的非經常性稅收優惠帶來的大約 4150 萬美元的抵免。

In order to aid in transparency, this quarter, we are disclosing an adjusted net income metric, which simply normalizes net income for the above-mentioned noncash charges and therefore provides a clearer picture of the underlying performance of the company.

為了提高透明度，本季度我們披露了調整後的淨收入指標，該指標只是將上述非現金費用的淨收入標準化，因此可以更清楚地了解公司的基本業績。

Adjusted net income for the fourth quarter was $38.9 million, up 105.8% compared to last year's fourth quarter.

第四季度調整後淨收入為 3890 萬美元，比去年第四季度增長 105.8%。

To touch very briefly on the consolidated full year results with variances to prior year calculated in constant currency, total revenue was a record of $5.5 billion, up 1.6%; admissions revenue was $3.3 billion, down 1%; food and beverage revenue was $1.7 billion, up 4.1%; consolidated adjusted EBITDA was $771.4 million, down 3.5% after adjusting for the impact of ASC 842 and the benefit from a $35 million onetime lease modification that happened in 2018.

簡要談談以固定匯率計算的與上一年相比的合併全年業績，總收入達到創紀錄的 55 億美元，增長 1.6%；門票收入為 33 億美元，下降 1%；食品和飲料收入為 17 億美元，增長 4.1%；綜合調整後 EBITDA 為 7.714 億美元，在調整 ASC 842 的影響和 2018 年發生的 3500 萬美元一次性租賃修改的收益後下降 3.5%。

And on an as-reported basis, adjusted free cash flow increased by $118 million to $359 million, and free cash flow increased by $172 million to $61 million.

在報告的基礎上，調整後的自由現金流增加了 1.18 億美元，達到 3.59 億美元，自由現金流增加了 1.72 億美元，達到 6100 萬美元。

Both of these cash flow increases are after adjusting 2018 for the cash flow classification impact of ASC 842.

這兩項現金流量增長都是在針對 ASC 842 的現金流量分類影響調整 2018 年之後。

Net capital expenditure for 2019 was approximately $412 million, and we are updating our 2020 net capital expenditure guidance to now be between $275 million and $300 million after landlord contributions.

2019 年的淨資本支出約為 4.12 億美元，我們正在更新我們的 2020 年淨資本支出指南，目前在房東捐款後介於 2.75 億美元至 3 億美元之間。

The CapEx reductions for 2019 and 2020 are a reflection of us having already completed the renovation of so many of our U.S. theaters and a lessening of the domestic renovation needs as a result.

2019 年和 2020 年資本支出的減少反映了我們已經完成了我們許多美國劇院的翻新，並因此減少了國內翻新需求。

The high end of our forecasted 2020 CapEx guidance includes approximately $150 million of maintenance CapEx and $150 million of net growth CapEx after landlord contributions, and such landlord contributions continue to be quite sizable.

我們預測的 2020 年資本支出指導的高端包括大約 1.5 億美元的維護資本支出和 1.5 億美元的房東貢獻後的淨增長資本支出，並且此類房東貢獻仍然相當可觀。

For 2020, we are disproportionately directing our capital investments into our European theaters, where recent financial returns have been particularly compelling, and to technology initiatives which continue to drive operational efficiencies and increase customer loyalty.

到 2020 年，我們將不成比例地將我們的資本投資投向最近的財務回報特別引人注目的歐洲影院，以及繼續推動運營效率和提高客戶忠誠度的技術計劃。

From a balance sheet perspective, we ended the year with $265 million of unrestricted cash and $332 million of undrawn revolving credit availability, which totals $597 million of liquidity.

從資產負債表的角度來看，我們在年底擁有 2.65 億美元的不受限制現金和 3.32 億美元的未提取循環信貸可用性，總計 5.97 億美元的流動性。

And finally, as the company has stressed for almost a year now, when looking at our leverage and valuation ratios, you should pay particular attention to the fact that the data services, Capital IQ, Bloomberg and Factset overstate AMC's debt by including operating lease liabilities within net debt.

最後，正如該公司近一年來一直強調的那樣，在查看我們的槓桿率和估值比率時，您應該特別注意以下事實：數據服務、Capital IQ、Bloomberg 和 Factset 通過包括經營租賃負債誇大了 AMC 的債務在淨債務中。

This is inconsistent with U.S. GAAP.

這與美國公認會計原則不一致。

Accordingly, they significantly overstate AMC's leverage and valuation multiples.

因此，他們大大夸大了 AMC 的槓桿率和估值倍數。

With that, I will now hand the call back over to Adam.

有了這個，我現在將把電話交還給亞當。

Thank you, Sean.

謝謝你，肖恩。

As you just heard, we had a successful fourth quarter, where AMC solidly outperformed the industry yet again.

正如您剛剛聽到的那樣，我們在第四季度取得了成功，AMC 再次穩居行業領先地位。

These results are directly tied to the continued commitment to innovation in the AMC platform through which we deliver a personalized and targeted end-to-end experience for our guests, leveraging technology and data-driven insights that all drive consumer loyalty.

這些成果與 AMC 平台對創新的持續承諾直接相關，我們通過該平台為我們的客人提供個性化和有針對性的端到端體驗，利用技術和數據驅動的洞察力來提高消費者忠誠度。

We believe that AMC is blazing a unique trail in creating nothing less than the quintessential 21st century moviegoing experience.

我們相信 AMC 正在開闢一條獨特的道路，創造不亞於典型的 21 世紀觀影體驗。

Before turning to your questions, I'd like to comment on 8 important specific topics.

在回答您的問題之前，我想就 8 個重要的特定主題發表評論。

First, on the attractiveness of the industry box office looking ahead.

第一，展望未來的行業票房吸引力。

As I said a few minutes ago, globally, the 2019 box office set an all-time record high.

正如我幾分鐘前所說，在全球範圍內，2019 年的票房創下了歷史新高。

Much has been written that the domestic box office may face challenges this year in 2020.

很多人寫到2020年國內票房今年可能面臨挑戰。

That may be true.

這可能是真的。

But some have tried to draw conclusions out of potential short-term softness and argue that this is due to a secular decline in out-of-home moviegoing.

但一些人試圖從潛在的短期疲軟中得出結論，並認為這是由於外出看電影的長期下降所致。

We could not disagree more strongly.

我們不能更強烈地反對。

As we look ahead, especially to 2021, we see dramatic growth in the size of the domestic box office not so far away.

展望未來，尤其是 2021 年，我們看到國內票房規模在不久的將來會出現大幅增長。

When the 2021 box office eventually is reported, we believe it will be the pessimists and the naysayers who will turn out to have been wrong.

當 2021 年的票房最終公佈時，我們相信悲觀者和反對者將被證明是錯誤的。

You will recall that as recently as 2017, some were writing the obituary of theatrical exhibition, only to find that 2018 was the biggest domestic industry box office ever and 2019 was the biggest global industry box office ever.

你會記得，就在2017年，有人在寫院線展覽的訃告，卻發現2018年是國內行業票房最高的一年，2019年是全球行業票房最高的一年。

People have been forecasting that theatergoing is an anachronism for more than 70 years now.

70 多年來，人們一直在預測看戲是不合時宜的。

Television was going to put movie theaters out of business.

電視將使電影院倒閉。

VCRs were going to put movie theaters out of business.

錄像機將使電影院倒閉。

DVDs were going to put movie theaters out of business.

DVD 將使電影院倒閉。

Premium video-on-demand was going to put movie theaters out of business.

高級視頻點播將使電影院倒閉。

And now streaming is supposed to be putting movie theaters out of business.

現在流媒體應該會讓電影院倒閉。

And yet, the resilience of theaters has overcome and overcome and overcome.

然而，劇院的彈性已經克服了，克服了，克服了。

2021 is right around the corner.

2021 年即將到來。

And 2021, in our opinion, should be quite a wonderful year for AMC.

而2021年，在我們看來，對於AMC來說應該是相當精彩的一年。

As we look to 2021 and beyond, we see proven billion-dollar franchises and incredible film slates, anchored by the likes of Avatar, Jurassic World, Indiana Jones, Mission Impossible and Star Wars, to name just a few.

展望 2021 年及以後，我們將看到經過驗證的價值數十億美元的特許經營權和令人難以置信的電影名單，其中包括《阿凡達》、《侏羅紀世界》、《奪寶奇兵》、《碟中諜》和《星球大戰》等影片，僅舉幾例。

This makes us extremely optimistic about our industry's future.

這使我們對我們行業的未來極為樂觀。

Second, on AMC's revenue growth, cost cutting and margin improvements.

其次，關於 AMC 的收入增長、成本削減和利潤率提高。

We are ever so proud that for the seventh consecutive quarter, AMC outperformed the rest of the domestic industry, with attendance per screen beating the rest of the industry by 284 basis points and admissions revenue per screen beating the rest of the industry by 607 basis points.

我們感到非常自豪，連續第七個季度，AMC 的表現優於國內其他行業，每個屏幕的上座率超過了其他行業 284 個基點，每個屏幕的入場收入超過了其他行業 607 個基點.

That speaks volumes for the efficacies of all the competitive advantages that AMC enjoys in the United States.

這充分說明了 AMC 在美國享有的所有競爭優勢的效力。

As industry-wide box office revenues grow globally to record levels this past year in 2019, we are reminded how smart it was for AMC to recently become the largest exhibitor in Europe.

隨著 2019 年全行業票房收入在全球範圍內增長到創紀錄的水平，我們意識到 AMC 最近成為歐洲最大的放映商是多麼明智。

What's more, our European theaters are responding to renovation and to the installation of recliner seating with growth rates 3.5x that of the industry growth rate generally in Europe.

更重要的是，我們的歐洲劇院正在應對翻新和安裝躺椅，其增長率是歐洲一般行業增長率的 3.5 倍。

Approximately 40 of our theaters have recliner seating installed now, and approximately 60 of our theaters in Europe should have recliner seating installed by year-end 2020.

我們現在大約有 40 家劇院安裝了躺椅，到 2020 年底，我們在歐洲的大約 60 家劇院應該安裝了躺椅。

We are similarly pleased by our latest geographic expansion in the Middle East.

我們對我們最近在中東的地域擴張同樣感到高興。

We opened our second theater there 10 weeks ago.

10 週前，我們在那裡開設了第二家劇院。

Out of our 1,000 theaters in 15 countries, on a per seat basis, that new theater that opened 10 weeks ago in Riyadh already is our highest grossing theater in the entire world.

在我們位於 15 個國家/地區的 1,000 家劇院中，按每個座位計算，10 週前在利雅得開業的新劇院已經是我們在全世界票房收入最高的劇院。

By year-end 2020, we expect to have 15 open theaters in the Middle East and possibly more.

到 2020 年底，我們預計中東地區將有 15 家開放影院，甚至更多。

We expect to have 25 or more theaters opened there by year-end 2021.

我們預計到 2021 年底將有 25 家或更多劇院在那裡開業。

On costs.

成本上。

At the end of the second quarter, we announced a $50 million profit improvement plan to enhance aspects of our revenue and optimize our operations and cost structure to improve efficiency and margins.

在第二季度末，我們宣布了一項 5000 萬美元的利潤改善計劃，以提高我們收入的各個方面並優化我們的運營和成本結構，以提高效率和利潤率。

We've already taken actions to heighten the certainty that we will deliver on or exceed this $50 million goal.

我們已經採取行動來提高我們實現或超過這個 5000 萬美元目標的確定性。

Results of our significantly increased focus on cost discipline are already showing up.

我們顯著增加對成本紀律的關注的結果已經顯現。

Adjusted for ASC 842, our EBITDA margin improved by 150 basis points for the quarter just completed.

根據 ASC 842 調整後，我們的 EBITDA 利潤率在剛剛結束的那個季度提高了 150 個基點。

During 2020, we'll continue to see the benefits of the profit improvement plan kicking in throughout the year.

2020 年，我們將繼續看到利潤改善計劃在全年發揮作用。

Third, as to CapEx and free cash flow.

第三，關於資本支出和自由現金流。

As our capital expenditures come down, AMC has turned the corner on free cash flow generation.

隨著我們的資本支出下降，AMC 已經扭轉了產生自由現金流的局面。

Our investments in strategic initiatives are yielding strong returns.

我們對戰略計劃的投資正在產生豐厚的回報。

And with the natural evolution of our U.S. theaters needing less investment money with so many of the theaters already having been renovated, AMC's capital expenditures in 2020 will be somewhere approximately $110 million to $135 million less than they were in 2019.

隨著我們美國劇院的自然發展需要更少的投資，許多劇院已經翻新，AMC 2020 年的資本支出將比 2019 年減少約 1.1 億至 1.35 億美元。

But these amounts still are more than sufficient to continue to invest in our business to drive growth, especially with theater renovations in Europe and with technology innovations everywhere.

但這些數額仍然足以繼續投資於我們的業務以推動增長，尤其是在歐洲的劇院翻新和各地的技術創新方面。

Fourth, we made an important announcement today about capital allocation especially as that relates to returning cash to shareholders.

第四，我們今天發布了一項關於資本分配的重要公告，尤其是與向股東返還現金有關的公告。

AMC is committed to a balanced capital allocation approach to achieve the highest long-term risk-adjusted return for our shareholders.

AMC 致力於採用平衡的資本配置方法，為我們的股東實現最高的長期風險調整後回報。

This includes investing in the business, reducing leverage and returning cash to shareholders through either dividends or share buybacks.

這包括投資業務、降低杠桿率以及通過股息或股票回購向股東返還現金。

We've been saying for some time now that we have raised the priority being accorded to reducing AMC's leverage, hence the significant reduction in our forecasted capital expenditures.

一段時間以來，我們一直在說，我們已經提高了降低 AMC 槓桿率的優先級，因此我們預測的資本支出大幅減少。

Deleveraging remains our single highest priority at the moment.

去槓桿化仍然是我們目前的首要任務。

Today, we also announced that given the current depressed level of our share price and given that the financial markets seem to be giving AMC very little credit for paying an oversized dividend, we realize there's an opportunity to enhance shareholder value by deleveraging and by increasing the proportion of capital returned to shareholders through buybacks rather than through dividend payments.

今天，我們還宣布，鑑於我們目前股價處於低迷水平，並且金融市場似乎對 AMC 支付過大的股息給予的信任很少，我們意識到有機會通過去槓桿化和增加股東價值來提高股東價值。通過回購而不是通過股息支付返還給股東的資本比例。

Even so, the paying of dividend remains an important component of our capital allocation and that the current new dividend amount we are doing so consistent with the average paid by other New York Stock Exchange listed companies.

即便如此，支付股息仍然是我們資本配置的重要組成部分，而且我們目前這樣做的新股息數額與其他紐約證券交易所上市公司支付的平均數額一致。

Some have speculated that we might not have the wherewithal financially to fund higher dividend.

一些人猜測我們可能沒有足夠的資金來支付更高的股息。

That's just nonsense.

那隻是胡說八道。

And it's completely belied by our $265 million of cash and $332 million in undrawn revolving lines of credit at year-end 2019, totaling approximately $600 million of total year-end liquidity.

到 2019 年底，我們的 2.65 億美元現金和 3.32 億美元未提取的循環信貸額度完全掩蓋了這一點，年末流動資金總額約為 6 億美元。

The explanation is this.

解釋是這樣的。

Simply put, we cannot justify paying out a dividend with a yield exceeding 11% when our share price is currently 1 to 3 multiple points below historic EBITDA trading ranges adjusted for ASC 842.

簡而言之，當我們的股價目前比根據 ASC 842 調整的歷史 EBITDA 交易範圍低 1 到 3 個點時，我們不能證明派發收益率超過 11% 的股息是合理的。

In our view, given current conditions, the smartest way to return cash to shareholders now is through share repurchase rather than a dividend within a typically large yield.

我們認為，鑑於目前的情況，目前向股東返還現金的最明智方式是通過股票回購，而不是通常收益率很高的股息。

So we are adjusting our capital allocation accordingly at this time.

因此，我們此時正在相應地調整我們的資本配置。

AMC's Board of Directors, as we issued in a press release a few minutes ago, has declared a dividend for the quarter ended December 31, 2019, of $0.03 per share on shares of Class A and Class B common stock, the 24th consecutive dividend since the company's initial public offering but admittedly at a lower level starting this quarter.

正如我們在幾分鐘前發布的新聞稿中，AMC 董事會已宣布派發截至 2019 年 12 月 31 日止季度的每股 A 類和 B 類普通股 0.03 美元的股息，這是自以來連續第 24 次派發股息該公司的首次公開募股，但誠然從本季度開始處於較低水平。

The dividend decrease of $0.17 per share compared to the fourth quarter of 2018 reduces the total dividend payout for the quarter by approximately $18 million, and should this dividend continue unchanged, by approximately $72 million annually, providing capital that we can optimally deploy towards both deleveraging and to equity buybacks that will create value for our shareholders.

與 2018 年第四季度相比，每股股息減少 0.17 美元，使本季度的總股息支付減少約 1800 萬美元，如果該股息繼續保持不變，每年減少約 7200 萬美元，為我們提供可優化部署的資本以及將為我們的股東創造價值的股權回購。

To that end, our Board has also authorized up to $200 million of Class A common stock repurchases over the next 3 years.

為此，我們的董事會還授權在未來 3 年內回購高達 2 億美元的 A 類普通股。

Topic 5. We also announced today a new executive compensation program for our most senior officers that trades immediate pay reductions, reductions for a share equivalent grant that is considerably out of the money.

主題 5。我們今天還宣布了一項針對我們最高級管理人員的新高管薪酬計劃，該計劃以立即減薪為代價，減免股票等值的贈款，這是相當虛的。

AMC's management team and I believe that our shares are fundamentally mispriced and that at current levels, our shares are a bargain.

AMC 的管理團隊和我認為我們的股票從根本上被錯誤定價，而且在目前的水平上，我們的股票很便宜。

As a result, all of the relevant senior officers of AMC have voluntarily and enthusiastically signed onto a new reduced compensation program, where our corresponding benefit is dependent on a onetime way out of the money share equivalent grant.

因此，AMC 的所有相關高級管理人員都自願並熱情地簽署了一項新的減薪計劃，我們相應的福利取決於一次性的貨幣份額等值補助金。

Here are details at a high level.

這是高層次的細節。

More information will be contained in an 8-K filing.

更多信息將包含在 8-K 文件中。

The current total target compensation of AMC's participating senior officers will be immediately reduced by an amount equal to the sum of 15%, 1-5, 15% of their cash salaries, plus 15%, 1-5, 15% of their target cash bonus opportunity.

AMC參與的高級管理人員當前的總目標薪酬將立即減少，金額等於其現金工資的15%、1-5、15%，加上其目標現金的15%、1-5、15%獎金機會。

This compensation decrease will be split into thirds and applied evenly as reductions in compensation across each of 3 categories: 1/3 lowering combined cash salary and cash bonus; 1/3 lowering at-market restricted share grant amounts that time vest; and 1/3 lowering at-market performance share grants that vest based on performance.

這種薪酬減少將分成三分之一，並平均應用於 3 個類別中每一類的薪酬減少： 1/3 降低合併現金工資和現金獎金； 1/3 降低上市限制性股票授予金額的時間；和 1/3 降低的基於績效的市場績效股票授予。

Importantly, these sacrifices now in lowered cash salary and cash bonus as well as lowered at-market restricted shares and performance shares will continue at the new lower totals in each of the coming 3 years.

重要的是，這些犧牲現在以降低現金工資和現金紅利以及降低上市限制性股票和績效股票的形式在未來 3 年的每一年都將繼續以新的較低總數進行。

In exchange, the officers reducing their pay now will receive a onetime grant of AMC share equivalents that, with certain exceptions, has a 3-year time vesting provision and also requires that the AMC share price rise materially in order for any vesting to occur.

作為交換，現在減薪的高管將獲得一次性授予的 AMC 股份等價物，除某些例外情況外，該等價物具有 3 年時間歸屬條款，並且還要求 AMC 股價大幅上漲才能實現歸屬。

This share grant is split into 6 equal tranches.

該股份授予分為 6 等份。

Initial vesting will occur -- will not occur, initial investing will not occur until the AMC share price recovers on a 20-day VWAP basis to $12 per share, a 102% premium to yesterday's market close.

初始歸屬將發生——不會發生，初始投資不會發生，直到 AMC 股價在 20 天 VWAP 基礎上恢復至每股 12 美元，比昨天的市場收盤價溢價 102%。

The second tranche will vest only when the AMC share price rises to $16, a 170% premium to yesterday's close.

第二批股票只有在 AMC 股價上漲至 16 美元時才會授予，較昨日收盤價溢價 170%。

The third tranche vests at $20, a 237% premium to yesterday's close.

第三批股票的發行價為 20 美元，較昨日收盤價溢價 237%。

The subsequent tranches vests at $24, $28 and $32; premiums of 305%, 372% and 440%, respectively.

隨後的分期付款分別為 24 美元、28 美元和 32 美元；保費分別為 305%、372% 和 440%。

14 senior officers of AMC are all participating in this effort, including me personally, of course.

AMC 的 14 名高級官員都參與了這項工作，當然也包括我個人。

We are all trading immediate compensation reductions for 3 years in exchange for a security that will have no value at all until the AMC share price more than doubles or triples and more.

我們都在交易 3 年的即時薪酬減少，以換取一種在 AMC 股價超過兩倍或三倍甚至更多之前完全沒有價值的證券。

As you can see, all of us have deep conviction about AMC's future, and therefore, each of us is putting our money where our mouth is.

如您所見，我們所有人都對AMC的未來深信不疑，因此，我們每個人都言出必行。

Management is totally aligned with shareholders, and through cash pay cuts and lowered at-market share grants now, we are all putting more skin in the game.

管理層與股東完全保持一致，現在通過現金減薪和降低市場份額授予，我們都在遊戲中投入了更多資金。

We are heavily incentivized to build the AMC share price back up.

我們有很大的動力來建立 AMC 的股價。

We have every confidence that will occur and we will be doing all in our power to make that possible.

我們完全有信心會發生，我們將竭盡全力使之成為可能。

Sixth, as to A-List.

第六，關於A-List。

As we've done each quarter, a quick update on our AMC Stubs A-List subscription program.

正如我們每個季度所做的那樣，快速更新我們的 AMC Stubs A-List 訂閱計劃。

The fourth quarter just completed was another quite successful quarter for A-List.

剛剛結束的第四季度對於 A-List 來說又是一個相當成功的季度。

A-List is one of our most vital and impactful marketing programs.

A-List 是我們最重要和最有影響力的營銷計劃之一。

We are constantly and proactively managing the program to improve our company's overall profitability.

我們一直在積極主動地管理該計劃，以提高公司的整體盈利能力。

We continue to have between 900,000 and 1 million paid members.

我們繼續擁有 90 萬至 100 萬付費會員。

A-List members currently represent between 15% and 20% of our total U.S. admissions.

A-List 成員目前占我們美國招生總數的 15% 到 20%。

The superb A-List news in the fourth quarter is that average A-List frequency for the fourth quarter was again 2.4 theater visits per member per month, right in the heart of the sweet spot of the mid- to high 2x range, which defines program success at current membership pricing levels.

第四季度一流的 A-List 新聞是，第四季度的平均 A-List 頻率再次達到每位會員每月 2.4 次影院訪問，正好處於中高 2 倍範圍的最佳位置的核心，這定義了在當前的會員定價水平下計劃成功。

Just as A-List has been ahead of schedule on membership counts and program profitability from right out of the shoot, the fourth quarter frequency of moviegoing at 2.4x also per month is also favorable to our initial planning models.

正如 A-List 從一開始就在會員數量和項目盈利能力方面領先於計劃一樣，第四季度的電影觀看頻率也是每月 2.4 倍，這也有利於我們的初始規劃模型。

We continue to have a rock-solid, reassuring and confidence building analytic handle on the A-List program.

我們繼續對 A-List 計劃進行堅如磐石、令人放心和建立信心的分析處理。

And innovation continues with A-List.

A-List 繼續創新。

Our new Entourage feature has been a much welcome enhancement to A-List.

我們新的 Entourage 功能是對 A-List 的一個非常受歡迎的增強。

It was launched in November of 2019, and it allows A-List members to link their accounts so that they can make, in a single, quick and easy booking transaction, a movie reservation, including specific reserved seats for multiple moviegoers, the people in their entourage.

它於 2019 年 11 月推出，它允許 A-List 會員鏈接他們的帳戶，以便他們可以在一次快速簡便的預訂交易中進行電影預訂，包括為多個電影觀眾預留的特定座位，他們的隨行人員。

In just 3 months, we have about 115,000 members of A-List who linked their accounts through Entourage.

在短短 3 個月內，我們有大約 115,000 名 A-List 成員通過 Entourage 關聯了他們的帳戶。

Overall, A-List contributed more than $20 million of incremental operating income to AMC in 2019, way ahead of our earlier announced expectations and a full year ahead of our expectations described during the launch of the A-List program back in June of 2018.

總體而言，A-List 在 2019 年為 AMC 貢獻了超過 2000 萬美元的增量營業收入，遠遠超過了我們早先宣布的預期，也比我們在 2018 年 6 月推出 A-List 計劃時描述的預期提前了整整一年。

We expect even more from A-List in 2020.

我們期待 2020 年 A-List 的表現會更好。

It continues to exceed our expectations.

它繼續超出我們的預期。

It's increased loyal to AMC, it has benefited our theaters, our studios and our premium format partners.

它增加了對 AMC 的忠誠度，它使我們的影院、我們的工作室和我們的優質格式合作夥伴受益。

A-List is a big reason why AMC's U.S. attendance has been robust and why AMC has outperformed the industry quarter after quarter after quarter after quarter after quarter after quarter after quarter.

A-List 是 AMC 在美國的上座率一直很高的一個重要原因，也是 AMC 一個又一個季度又一個季度又一個季度地跑贏行業的重要原因。

Seventh, on the issue of streaming.

第七，關於分流的問題。

Some seem to accept on faith that an increase in streaming content will serve as some mortal threat to movie theaters.

有些人似乎堅信流媒體內容的增加將對電影院構成致命威脅。

They choose to ignore the facts that 2019 was the biggest global box office year for movie theaters ever, or that when television exploded with content from 4 major channels to hundreds of channels, theaters did just fine, or that companies like AMC have invested billions of dollars to increase the creature comforts at our theaters, enticing more and more moviegoers to get out of the house, or that our marketing and engagement programs are increasing loyalty on a customized basis like never before, or that our technology interfaces have made it far, far easier to book a prime seat in a movie theater and for us to stay continuously engaged with our guests.

他們選擇忽略以下事實：2019 年是電影院有史以來全球票房最高的一年，或者當電視內容從 4 個主要頻道爆炸式增長到數百個頻道時，影院的表現還不錯，或者像 AMC 這樣的公司已經投資了數十億美元美元來增加我們影院的舒適度，吸引越來越多的電影觀眾走出家門，或者我們的營銷和參與計劃正在以前所未有的方式在定制的基礎上提高忠誠度，或者我們的技術界面已經取得了長足的進步，預訂電影院的主要座位以及讓我們與客人保持持續互動要容易得多。

Studies have indicated a clear and strong positive correlation between those who stream movies and those who also like to go to theaters to enjoy movie-watching in person on a big screen with powerful sound and the smell of buttered popcorn.

研究表明，流媒體播放電影的人與喜歡去電影院親自在大屏幕上享受震撼的聲音和黃油爆米花味的電影的人之間存在明顯而強烈的正相關關係。

In short, movie-watching begets moviegoing.

簡而言之，看電影會引發看電影。

Further, rather than looking at theaters as competitors, we believe there is a significant opportunity for streaming providers to further utilize theatrical exhibition to create tremendous value for their content and for their shareholders.

此外，與其將劇院視為競爭對手，我們認為流媒體提供商有機會進一步利用劇院放映為其內容和股東創造巨大價值。

The theatrical format has always had strong branding power, particularly in today's world of endless scroll of content icons on streaming platforms.

戲劇形式一直具有強大的品牌影響力，尤其是在當今流媒體平台上內容圖標層出不窮的世界中。

Theatrical exhibition helps to differentiate high-quality content from low-quality content.

劇場放映有助於區分高質量內容和低質量內容。

Theatrical exhibition aids users in discovery.

戲劇展覽有助於用戶發現。

Multiple studios have utilized theatrical exhibition as the anchor in building incredibly valuable franchises, which are then extendable into TV content, streaming content, theme parks, video games and merchandise, all with a built-in demand base that was created initially and encouraged from that initial theatrical release.

多個工作室已經利用戲劇展覽作為建立極具價值的特許經營權的支柱，然後將其擴展到電視內容、流媒體內容、主題公園、視頻遊戲和商品中，所有這些都具有最初創建並從中得到鼓勵的內置需求基礎最初的戲劇發行。

These studios are starting to do that now with their streaming offerings, too, and they do this while earning billions in profits via the theatrical box office, which, as the content arms race continues to play out, we think will be increasingly important to help defray the massive investment in content that is required to succeed.

這些工作室現在也開始通過他們的流媒體產品來做到這一點，他們這樣做的同時通過影院票房賺取了數十億美元的利潤，隨著內容軍備競賽的繼續進行，我們認為這將越來越重要，以幫助支付成功所需的大量內容投資。

Importantly, the lure of theatrical exhibition keeps talented directors, cinematographers, writers and actors excited and motivated, knowing that their work will be shown and enjoyed in the best possible way on a big screen.

重要的是，戲劇展覽的誘惑讓才華橫溢的導演、電影攝影師、作家和演員保持興奮和積極性，因為他們知道他們的作品將在大屏幕上以最好的方式展示和欣賞。

As a result, we have every confidence that we will maintain our century-long partnerships with existing major studios and forge new alliances with emerging streaming powerhouses for them to use our movie theaters as vehicles to propel their own business success.

因此，我們充滿信心，我們將與現有的主要電影公司保持長達一個世紀的合作夥伴關係，並與新興的流媒體巨頭建立新的聯盟，讓他們利用我們的電影院作為推動自身業務成功的工具。

With this in mind, AMC just hired a new Senior Vice President of Strategy, who joins us Monday.

考慮到這一點，AMC 剛剛聘請了一位新的戰略高級副總裁，他將於週一加入我們。

He is media world savvy, highly regarded and has previously worked as a long time Executive Vice President of Business Development and Strategy of 20th Century Fox Television and before that at Universal Pictures.

他精通媒體世界，備受推崇，曾長期擔任 20 世紀福克斯電視台業務發展和戰略執行副總裁，在此之前還曾在環球影業任職。

Based in Los Angeles, his first major objective will be to create partnerships with streaming services, both from established studios and from emerging streaming players to create value for the benefit of all parties but especially to create value for us here at AMC.

他住在洛杉磯，他的第一個主要目標是與流媒體服務建立合作夥伴關係，包括成熟的工作室和新興的流媒體播放器，為各方創造價值，尤其是為我們在 AMC 創造價值。

And finally, topic 8. Just before we head to your questions, it seems appropriate to take a moment to briefly address the topic on everyone's mind, the coronavirus.

最後是主題 8。在我們回答您的問題之前，花點時間簡要談談每個人都在關注的話題，冠狀病毒似乎是合適的。

AMC Entertainment does not have movie theaters in China nor in South Korea nor anywhere in Asia.

AMC Entertainment 在中國、韓國和亞洲任何地方都沒有電影院。

AMC does not have movie theaters in Iran.

AMC 在伊朗沒有電影院。

We do have theaters in Italy, some of which in northern and northeastern Italy, we have decided to close for a week starting 3 days ago as a precaution.

我們在意大利確實有劇院，其中一些在意大利北部和東北部，我們決定從 3 天前開始關閉一周，以防萬一。

As best we can tell, the economic impact of corona on AMC so far has been minimal.

據我們所知，到目前為止，電暈對 AMC 的經濟影響微乎其微。

While it's conceivable that could change, as of today, our theaters, which are predominantly in the United States and Northern Europe, appear to have felt little or no pain.

雖然可以想像這可能會改變，但截至今天，我們主要位於美國和北歐的劇院似乎很少或根本沒有疼痛感。

It goes without saying that we are vigilantly monitoring reports and advice from governmental authorities in the United States and throughout Europe as well as from medical experts.

不用說，我們正在密切關注美國和整個歐洲政府當局以及醫學專家的報告和建議。

Of course, as you would expect, we will be a responsible player here, taking into account the safety of our guests and of our staff, but importantly, to report looking broadly at our circuit of 1,000 theaters across 15 countries visited 1 million times per day by moviegoers around the world.

當然，正如您所期望的那樣，我們在這裡將是一個負責任的參與者，考慮到我們客人和員工的安全，但重要的是，報告廣泛查看我們在 15 個國家/地區的 1,000 家劇院，每年訪問 100 萬次世界各地電影觀眾的一天。

So far, so good.

到目前為止，一切都很好。

And probably, this is as good a place as any in this call today to remind one and all that AMC does not have a single debt maturity before the year 2024.

也許，這是今天這個電話會議中提醒所有人的好地方，AMC 在 2024 年之前沒有單一的債務到期日。

Also, our securities are covenant light, a flexible capital structure with no debt maturities for 4 full years should be calming.

此外，我們的證券是輕型證券，靈活的資本結構，沒有 4 整年到期的債務，應該會讓人平靜下來。

In conclusion, the quarter just completed was another period in which AMC truly performed well.

總之，剛剛結束的這個季度是 AMC 真正表現出色的另一個時期。

While we realize in looking at our share price that there are many who seem to doubt us, we have every confidence that as we continue to deliver results, we'll be proven correct that AMC's future is extraordinarily bright.

雖然我們在查看我們的股價時意識到有很多人似乎懷疑我們，但我們完全有信心，隨著我們繼續取得成果，我們將被證明是正確的，AMC 的未來非常光明。

With that, operator, we're ready for questions.

有了這個，接線員，我們準備好提問了。

(Operator Instructions) Our first question is from the line of Eric Wold with B. Riley FBR.

（操作員說明）我們的第一個問題來自 Eric Wold 和 B. Riley FBR。

Just a quick question on the capital allocation plan.

只是一個關於資本分配計劃的快速問題。

Obviously, Adam, you talked about the reduction of the dividend can be deployed towards share repurchases and a decrease in debt.

顯然，亞當，你談到減少股息可以用於股票回購和減少債務。

Maybe some thoughts on how that decision is made between those 2 uses and kind of how do you prioritize those 2.

也許有一些想法是關於如何在這兩種用途之間做出決定的，以及你如何確定這兩種用途的優先級。

Sure, Eric.

當然，埃里克。

Actually, I think it was your report that first suggested that we switch from dividends to buybacks, I might add.

實際上，我認為是您的報告首先建議我們從股息轉向回購，我可以補充一下。

Look, we've been returning $80 million a year in dividends.

看，我們每年返還 8000 萬美元的股息。

We are going to continue to pay out dividends, admittedly at the lower rate.

我們將繼續以較低的利率支付股息。

It generates right around $70 million annually, $72 million should the current new dividend rate continue unchanged.

它每年產生大約 7000 萬美元，如果當前的新股息率保持不變，則為 7200 萬美元。

Essentially, that by itself would fund the share buyback authorization that we announced.

從本質上講，這本身將為我們宣布的股票回購授權提供資金。

But in terms of deciding between returning cash to shareholders, well, let me just keep going in a second.

但就決定向股東返還現金而言，好吧，讓我繼續說下去。

We also -- to build up cash on the balance sheet, therefore increase or decrease net debt, therefore improving our leverage ratio, we are bringing our CapEx expenditures way down, as you know, somewhere between $110 million to $135 million comparing 2020 to 2019.

我們還——為了在資產負債表上增加現金，從而增加或減少淨債務，從而提高我們的槓桿率，我們正在將我們的資本支出大幅降低，如您所知，與 2020 年至 2019 年相比，在 1.1 億美元至 1.35 億美元之間.

That allows us to deleverage significantly.

這使我們能夠顯著去槓桿化。

In the prior years, there were some assets that we are able to sell and monetize in cash.

在前幾年，我們可以出售一些資產並將其變現。

I do believe there is some opportunity for us to continue to do that in 2020.

我確實相信我們有機會在 2020 年繼續這樣做。

When we look at the share price and see that our assets are being valued at less than 7x EBITDA, it seems pretty low to us.

當我們查看股價並發現我們的資產估值低於 7 倍 EBITDA 時，這對我們來說似乎很低。

Some of the items under our control are worth far more than that.

我們控制的一些物品的價值遠不止於此。

So all of these things are in our sights.

所以所有這些事情都在我們的視線範圍內。

In terms of priorities, it's very clear.

在優先級方面，它非常明確。

Priority 1 is to deleverage and we're all doing that through reduced capital expenditures and the possibility of a small amount, a modest amount of asset sales.

優先事項 1 是去槓桿化，我們都在通過減少資本支出和少量、適度的資產出售的可能性來做到這一點。

I don't want anybody to think we're doing anything big.

我不想讓任何人認為我們在做大事。

Then also I would say, next priority is to continue to return cash to shareholders.

然後我還要說，下一個優先事項是繼續向股東返還現金。

And -- but we'll choose to do that more through share repurchase than through dividends.

而且 - 但我們會選擇通過股票回購而不是通過股息來做到這一點。

Especially with the uncertainty in the world today, with the uncertainty in the markets in the last 3 days, now is a good time to be adding cash to the balance sheet, and that's what we intend to do above all else.

特別是考慮到當今世界的不確定性，以及過去 3 天市場的不確定性，現在是向資產負債表增加現金的好時機，而這正是我們最想做的事情。

Perfect.

完美的。

If I might, real quick, on Stubs A-List, 1 follow-up there, I guess.

如果可以的話，真的很快，在 Stubs A-List 上，我猜有 1 個跟進。

You've had that in place for almost 2 years.

你已經有將近 2 年的時間了。

Can you talk about what you see with kind of the less than active users?

你能談談你對那些不太活躍的用戶的看法嗎？

Do they tend to stay on for the most part?

他們大部分時間都傾向於留下來嗎？

Are you seeing churn away from people who don't use as much?

您是否看到那些不經常使用的人流失了？

And then with that, what is your thoughts on the ability or need to take additional price increases?

然後，您對額外提價的能力或需要有何看法？

Sure.

當然。

So our A-List has been in force for 20 months.

所以我們的 A-List 已經生效了 20 個月。

As I said in the call, like -- it was more successful than we ever hoped it could be right out of the shoot.

正如我在電話中所說的那樣 - 它比我們希望的更成功。

Membership counts were higher, profitability was faster.

會員數量更高，盈利更快。

You may recall a long time ago, we said we thought by year-end, we would get to $3 per member per month, right about what's happening these days.

您可能還記得很久以前，我們說過我們認為到年底，每個會員每月 3 美元，這與最近發生的事情是一樣的。

The average -- if you look at churn, which we look at very carefully, the average A-List member looks like they're going to stay with us for at least 3 years.

平均水平——如果你看一下流失率，我們會非常仔細地觀察，平均 A-List 成員看起來會在我們這裡待至少 3 年。

Churn is pretty low.

客戶流失率很低。

Logically, the people who would fall off most are the people who are inactive.

從邏輯上講，最容易脫落的人是那些不活躍的人。

That's kind of a logical thing.

這是合乎邏輯的事情。

But we have been replacing those departing A-List members with more new members, so our membership counts keep growing rather than shrinking.

但是我們一直在用更多新成員替換那些離開的 A-List 成員，因此我們的成員數量保持增長而不是減少。

There's no compelling need to take a pricing action.

沒有必要採取定價行動。

I -- remember, we've already set 3 different pricing regions across the United States.

我——記住，我們已經在美國設置了 3 個不同的定價區域。

We intend to be judicious in how we price the program.

我們打算明智地為該計劃定價。

I do think there's an opportunity, in some markets or in some states, to take the price up.

我確實認為在某些市場或某些州有機會提高價格。

There are a couple of other really interesting levers that we can pull that will affect the program profitability a lot that don't require a price increase.

我們可以利用其他一些非常有趣的槓桿，這些槓桿將對計劃的盈利能力產生很大影響，而無需提價。

For competitive reasons, I don't actually want to articulate what they are on this phone call.

出於競爭原因，我實際上不想在這個電話中明確說明他們的意思。

But there's 1 decision by itself that could improve A-List profitability by at least $10 million, possibly more on an annualized basis.

但有 1 個決定本身可以將 A-List 的盈利能力提高至少 1000 萬美元，按年率計算可能更多。

And we started testing in several markets quite quietly, various approaches surrounding that decision to see how they play with consumers.

我們開始悄悄地在幾個市場進行測試，圍繞該決定採用各種方法，以了解他們如何與消費者打交道。

So I'm going to leave you with a bit of mystery only because I don't want to tip our hand.

所以我會給你留下一點神秘感，只是因為我不想透露我們的手。

But as I said, we are constantly living this program, proactively managing it, looking at all sorts of ways in which we can generate increased value from it.

但正如我所說，我們一直在實施這個計劃，積極主動地管理它，尋找我們可以從中產生更多價值的各種方式。

We've separated AMC A-List members into deciles based on their activity, their frequency, their food and beverage spend.

我們根據他們的活動、頻率、食品和飲料支出將 AMC A-List 成員分成十分位數。

We're putting different promotions out to different people based on their activity, trying to stimulate the activity that they could spend more with us, not trying to dilute activity where they're already spending a lot with us.

我們根據他們的活動向不同的人提供不同的促銷活動，試圖刺激他們可以在我們這里花費更多的活動，而不是試圖稀釋他們已經在我們這里花費很多的活動。

If there's one thing this company ever did well ever in its 100-year history, and this is our 100th year, by the way, 2020 is our 100th anniversary, A-List might be the hit of all hits.

如果這家公司在其 100 年的歷史中有一件事情做得很好，而今年是我們的 100 週年，順便說一下，2020 年是我們的 100 週年，A-List 可能是所有熱門歌曲中的熱門歌曲。

Our next question comes from the line of David Miller with Imperial Capital.

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

Great results, congratulations there.

偉大的結果，在那裡祝賀。

Sean, a couple of questions for you.

肖恩，有幾個問題要問你。

And Craig, maybe you want to chime in just because I know you have this background, obviously.

克雷格，也許你想插話只是因為我知道你有這個背景，顯然。

When we look at your capital structure, the net debt-to-EBITDA is what it is and it's recorded efficiently, and I get it that there are some inefficiencies with the way it's being reported by the wire services.

當我們查看您的資本結構時，淨債務與 EBITDA 之比就是它的真實情況，並且它被有效地記錄下來，而且我知道有線服務報告它的方式存在一些效率低下的問題。

But the net debt-to-EBITDA ratio looks invariably much higher when you count in the convert, when you count in the $600 million convert.

但是，當您將 6 億美元的轉換計算在內時，淨債務與 EBITDA 的比率看起來總是高得多。

And the problem with that convert is that it's busted and it's way below money.

該轉換的問題在於它已被破壞並且遠低於金錢。

So what, if anything, can be done about renegotiating the terms of the convert?

那麼，如果有的話，關於重新談判轉換者的條款可以做些什麼呢？

And then specifically, a separate question, I think, Craig, maybe it was about a year ago, you mentioned that you would consider a European IPO on either Euronext or London if there was consistency with the European results, which there has been.

然後具體來說，一個單獨的問題，我想，克雷格，也許是大約一年前，你提到如果與歐洲的結果一致，你會考慮在泛歐交易所或倫敦進行歐洲首次公開募股。

I think that's 3 quarters in a row of European out performance.

我認為這是歐洲連續 3 個季度的表現。

So a European IPO, at least by my account, would just eviscerate any criticism that you guys would -- guys are overleveraged.

因此，至少在我看來，歐洲 IPO 只會消除你們可能會提出的任何批評——你們過度槓桿化了。

And I'm wondering what flavor you have in tackling that at this point?

我想知道此時你對解決這個問題有什麼看法？

David, it's Adam.

大衛，是亞當。

I'm going to field both.

我將兩者都派上用場。

On the issue of the Silver Lake convert, I would remind everybody that while it stays debt, there's an interest rate of 2.95%.

關於銀湖轉換的問題，我提醒大家，雖然它仍然是債務，但利率是2.95%。

And if it converts to equity, as far as the public shareholders of AMC are concerned, while it was issued at $18.95, I believe, it could drop into the $14s if we stay low, if the share price stays low.

如果它轉換為股權，就 AMC 的公眾股東而言，雖然它的發行價為 18.95 美元，但我相信，如果我們保持低位，如果股價保持低位，它可能會跌至 14 美元。

I defy anybody in this call to be unhappy if management was able to raise significant equity at north of $14 a share when our share price is trading at $6.

如果管理層能夠在我們的股價為 6 美元的情況下以每股 14 美元以上的價格籌集大量股權，我相信任何參與此次電話會議的人都會不高興。

We're aware that there may be an opportunity to renegotiate the terms of the convert.

我們知道可能有機會重新協商轉換條款。

We would only do so if we could do so on terms that were attractive to AMC and beneficial to AMC's public shareholders.

只有在我們能夠以對 AMC 有吸引力且對 AMC 的公眾股東有利的條件下這樣做，我們才會這樣做。

On the issue of a European IPO, we did raise that issue about 2 years ago.

關於歐洲 IPO 的問題，我們在大約 2 年前確實提出過這個問題。

I think we put that -- yes, you are correct that if we sold off a lot of our European assets, we said a European IPO might be selling off essentially 1/4 of Europe, that, that would prove to the world that it's ludicrous, that our European theater assets are being valued at under 7x EBITDA.

我認為我們說的是——是的，你是對的，如果我們出售大量歐洲資產，我們說歐洲 IPO 可能會出售基本上 1/4 的歐洲資產，那將向世界證明它是可笑的是，我們歐洲劇院資產的估值低於 7 倍 EBITDA。

But there are other ways to make the same point.

但是還有其他方法可以表達同樣的觀點。

And I also said, I think, 6 to 12 months ago on one of these calls that the results of our recliner renovations in Europe are so high, realizing that we now have 40 theaters done and we're going to have 60 theaters done by year-end 2020.

而且我還說，我想，6 到 12 個月前，在其中一個電話會議上，我們在歐洲的躺椅翻新結果非常好，意識到我們現在已經完成了 40 家劇院，我們將完成 60 家劇院2020 年底。

Right now, we think it's smartest for our current shareholder base to reap all of the increased shareholder value that accrues from those recliner renovations going into place.

目前，我們認為對我們現有的股東來說，最明智的做法是從正在進行的躺椅翻新中獲得所有增加的股東價值。

And that it would be unwise to give away 1/4 of that upside to the European public.

將 1/4 的收益讓給歐洲公眾是不明智的。

So for the moment, it's off the table.

所以目前，它不在討論之列。

We do think there are other ways to prove to one and all that some of our European theaters are worth a lot more than less than 7x EBITDA.

我們確實認為還有其他方法可以證明我們的一些歐洲劇院的價值遠遠超過 7 倍的 EBITDA。

But we don't think we should be selling the whole European estate to do so.

但我們認為我們不應該為此出售整個歐洲地產。

Our next question is from the line of Chad Beynon from Macquarie.

我們的下一個問題來自 Macquarie 的 Chad Beynon。

For 2020, I think most prognosticators are looking for domestic admission revenues to be down mid-singles or maybe even slightly worse.

對於 2020 年，我認為大多數預測者都在尋找國內入場收入下降到單打中等甚至更糟的情況。

So if you guys can continue to gain market share and obviously benefit from the cost-cutting plan that you put in place and that we saw a nice margin improvement in the fourth quarter domestically, can you help us think about margin potential as you've laid out before for 2020, if that is the scenario that ends up playing out?

因此，如果你們能夠繼續獲得市場份額並明顯受益於你們實施的成本削減計劃，並且我們在第四季度國內看到了不錯的利潤率改善，你們能幫我們考慮一下你們的利潤率潛力嗎？之前為 2020 年制定的計劃，是否最終會出現這種情況？

Thank you, Chad.

謝謝你，乍得。

Look, here -- in a nutshell, right?

看，在這裡——簡而言之，對吧？

We've got 3 vectors at work and -- 4 vectors at work in 2020.

我們有 3 個向量在工作，而 2020 年有 4 個向量在工作。

We've got solid growth in Europe and the Middle East.

我們在歐洲和中東取得了穩健的增長。

We've got market share gains in the U.S., which we hope to continue, and we have all the help from the profit improvement plan, which I'm increasingly confident that not only will we deliver on our goal, that we will exceed our goal.

我們在美國的市場份額有所增加，我們希望繼續下去，而且我們得到了利潤改善計劃的所有幫助，我越來越相信我們不僅會實現我們的目標，而且會超越我們的目標目標。

The fourth vector is the domestic box office could be soft.

第四個向量是國內票房可能會疲軟。

In an ideal world, the sum of the 3 first vectors would fully offset the fourth vector.

在理想情況下，前 3 個向量的總和將完全抵消第四個向量。

But it's only February 15 and it's too early to tell.

但現在才 2 月 15 日，現在下結論還為時過早。

Got you.

明白了

And then separately, just back on the share repurchase announcement.

然後分別回到股份回購公告上。

Are there restrictions in terms of how much you can purchase per day or per week, just given the volume, I guess, as a percentage of the daily float?

每天或每週購買的數量是否有限制，我想，只是給定數量佔每日流通量的百分比？

And how did you think about...

你是怎麼想的...

I think it's 25% of the last 2 weeks' trading volume is what we can buy in a single day.

我認為過去 2 週交易量的 25% 是我們可以在一天內購買的。

That's our limit.

那是我們的極限。

You were going to say -- I cut you off, I didn't mean to.

你會說——我打斷了你，我不是故意的。

And you were saying, how do we think about something rather?

你是說，我們如何思考某件事？

Well, I was just going to say, how did you think about repurchasing opportunistically versus doing kind of a standard Dutch tender out in the market?

好吧，我只是想說，您如何看待機會主義回購與在市場上進行某種標準的荷蘭招標？

I think our preference is to do a purchase opportunistically based on the share price at the time.

我認為我們的偏好是根據當時的股價進行機會主義的購買。

Doing this gradually might be better than shooting our wide-all in single Dutch auction.

循序漸進地進行可能比在單一荷蘭式拍賣中進行廣泛的拍攝要好。

Also at the -- by doing so opportunistically, we get to decide the timing of our buys.

同樣在 - 通過機會主義地這樣做，我們可以決定我們購買的時間。

We are going to -- we certainly clearly are buying back stock -- I'm sorry, we clearly will, not today, we're in a quiet period.

我們將 - 我們當然會回購股票 - 對不起，我們顯然會，而不是今天，我們正處於安靜時期。

We clearly will be buying back stock.

我們顯然會回購股票。

But as for the timing of that stock repurchase, debt reduction, lowering -- increasing our net debt -- increasing our cash to reduce our net debt, decreasing our leverage ratios, deleveraging is still our single top priority.

但至於股票回購的時機，減少債務，降低——增加我們的淨債務——增加我們的現金以減少我們的淨債務，降低我們的槓桿率，去槓桿化仍然是我們的首要任務。

And especially right now, when there's real uncertainty in the world, we're going to be conservative in keeping cash in our pockets to make sure that the -- what I think might be somewhat irrational fears the market has had over the past few days don't turn out to be rational fears, having cash in our pocket would be a good thing.

尤其是現在，當世界上存在真正的不確定性時，我們將保守地保留現金，以確保——我認為市場在過去幾天裡產生的恐懼可能有點不合理不要變成理性的恐懼，口袋裡有現金是件好事。

But deleveraging first, share repurchase second, both will happen.

但首先是去槓桿，其次是股票回購，兩者都會發生。

Go back to the Investor Day from April of 2019, nothing has changed with respect to our aspirational targets.

回到 2019 年 4 月的投資者日，我們的理想目標沒有任何改變。

We laid out a 3- to 5-year road for AMC to go down in which deleveraging was a major strategy for the company.

我們為 AMC 制定了 3 至 5 年的走下坡路，其中去槓桿化是公司的主要戰略。

Margin improvement was a major strategy for the company.

提高利潤率是該公司的一項主要戰略。

Revenue growth was a major strategy for the company.

收入增長是公司的主要戰略。

That is still our view of where AMC will go in the years ahead.

這仍然是我們對 AMC 未來幾年發展方向的看法。

We're nearing the end of our question-and-answer session.

我們的問答環節即將結束。

We have time for 1 additional question, which is coming from the line of Meghan Durkin with Crédit Suisse.

我們有時間提出 1 個額外的問題，該問題來自瑞士信貸的梅根·德金 (Meghan Durkin)。

I wanted to get a little more color on the Italy impact, revenue and EBITDA contribution from those theaters.

我想更多地了解這些劇院對意大利的影響、收入和 EBITDA 貢獻。

How many screens are closed?

關閉了多少屏幕？

Why did you decide to close for 1 week?

你為什麼決定關閉 1 週？

And what types of evaluations will you be doing before you open the theaters again?

在再次開放影院之前，您將進行哪些類型的評估？

And then just one last is, what protections do you have if there is a more prolonged closure?

最後一個問題是，如果關閉時間更長，您有什麼保護措施？

Is there insurance or something like that?

有保險之類的嗎？

Well, that's about 19 -- I mean, we adore you, Meghan, but there's about 19 questions in there.

好吧，那是大約 19 個——我的意思是，我們崇拜你，梅根，但是裡面有大約 19 個問題。

We have 47 theaters in Italy.

我們在意大利有 47 家劇院。

We've closed 22 of them for -- all in northern Italy, generally around Milan.

我們已經關閉了其中的 22 個——全部在意大利北部，通常在米蘭附近。

There are another 7 in northeastern Italy, where the local government has gone back and forth 3 times in the past 48 hours where they want us to open or close.

意大利東北部還有7家，當地政府在過去48小時內來回3次要我們開門或關門。

The -- back in Milan, there are already a lot of entities in Milan that have reopened to the public.

回到米蘭，米蘭已經有很多實體重新向公眾開放。

There is an increasing view of Milan -- in Milan that there may be an overreaction in and around Milan.

對米蘭的看法越來越多——在米蘭，米蘭及其周邊地區可能反應過度。

We decided to close for a week because that's what all the local governmental authorities and local medical authorities thought was the right thing to do.

我們決定關閉一周，因為所有當地政府部門和當地醫療部門都認為這是正確的做法。

Milan and its environments are not on a quarantine or a lockdown.

米蘭及其環境並未處於隔離或封鎖狀態。

We did this cooperatively with the local governments just as a precaution.

我們與當地政府合作，以防萬一。

In terms of the economic impact, it's de minimis.

就經濟影響而言，這是微不足道的。

If the only issue is that those theaters in Italy are closed for a week, it's between $0.5 million and $1 million for a week's closure.

如果唯一的問題是意大利的那些劇院關閉一周，那麼關閉一周的費用在 50 萬到 100 萬美元之間。

That's not even going to be noticed but when we wrap up AMC for the year.

這甚至不會被注意到，但當我們結束今年的 AMC 時。

The issue might be if it scares moviegoers elsewhere in Italy or elsewhere in Europe, if it causes people to return to theaters slowly after the theaters reopen.

問題可能是它是否會嚇到意大利其他地方或歐洲其他地方的電影觀眾，是否會導致人們在劇院重新開放後慢慢回到劇院。

But it's way too early to start prognosticating what's going to happen.

但現在開始預測將要發生的事情還為時過早。

Right now, we have a few handfuls of theaters that are closed.

現在，我們有幾家劇院已經關閉。

They're smaller theaters in general.

它們通常是較小的劇院。

Economic impact is really low.

經濟影響真的很低。

And no, we don't -- we're not being Pollyanna.

不，我們不——我們不是盲目樂觀的人。

I raised the issue in my script on the call.

我在通話中的腳本中提出了這個問題。

If the coronavirus were in the United States in a huge way, like that would be a problem for us.

如果冠狀病毒以巨大的方式出現在美國，那對我們來說將是一個問題。

But what's happened in Milan is not.

但在米蘭發生的事情並非如此。

And as I said, as we assess where we are today, as you look at our circuit broadly across 1,000 theaters, there's little or no impact.

正如我所說，當我們評估我們今天所處的位置時，當您廣泛查看我們在 1,000 家影院的巡迴演出時，影響很小或沒有。

I should say that we do not have business interruption insurance for the coronavirus.

我應該說我們沒有針對冠狀病毒的業務中斷保險。

So that is not a protection that is currently available to the company.

因此，這不是公司目前可用的保護措施。

I tried in my prepared remarks to be calm about coronavirus.

我在準備好的發言中試圖對冠狀病毒保持冷靜。

Right now, AMC is in a very good place.

現在，AMC 處於一個非常好的位置。

Let's hope it stays that way.

讓我們希望它保持這種狀態。

Okay.

好的。

And my best to Craig.

向克雷格致以最誠摯的問候。

Thank you.

謝謝。

Meghan, everybody -- that's a nice way to end the call after 25 years, everybody's best to Craig.

梅根，大家——這是結束 25 年後通話的好方式，大家對克雷格最好。

Thanks.

謝謝。

At this time, I'll turn the floor back to you, Adam, for any closing remarks.

現在，我將把發言權轉回給您，亞當，請您發表任何結束語。

So I said all I had to say before folks.

所以我在大家面前說了所有我要說的。

I just put my money where my mouth is.

我只是把錢放在嘴邊。

I just signed on to a $1.6 million pay cut over the next 3 years to take AMC securities that will have no value until our share price crosses $12 or $16 or $20, $24, $28 and $32.

我剛剛簽署了未來 3 年減薪 160 萬美元的協議，以購買 AMC 證券，這些證券在我們的股價超過 12 美元或 16 美元或 20 美元、24 美元、28 美元和 32 美元之前將毫無價值。

I personally own 459,833 shares of AMC stock today.

今天我個人擁有 459,833 股 AMC 股票。

We believe the future -- I haven't sold a single share in the 4 years I've been here and I'm maybe acquiring a lot more.

我們相信未來——在我來這裡的 4 年裡，我沒有賣出過一股股票，而且我可能會收購更多。

I think our future is enormously bright.

我認為我們的未來非常光明。

I think the pessimists who have been doubting us over the past year but especially the last 6 months and 3 months, I think they're just flat-out wrong.

我認為過去一年，尤其是過去 6 個月和 3 個月一直懷疑我們的悲觀主義者，我認為他們完全錯了。

And all in our management team is out to prove themselves.

我們管理團隊中的所有人都在證明自己。

We will do everything humanly possible to deliver results at AMC as we did in the fourth quarter.

我們將盡一切可能在 AMC 取得成果，就像我們在第四季度所做的那樣。

And we know that all the talk in the world isn't going to matter.

我們知道世界上所有的談話都不會重要。

The only thing that's going to matter is do we deliver results.

唯一重要的是我們是否交付了結果。

We are very much committed to doing so.

我們非常致力於這樣做。

We have done so and we will all see together the fruits of that labor.

我們已經這樣做了，我們將一起看到這項工作的成果。

With that, we thank you for joining us, for staying with us late on a Thursday night, especially in the East Coast, and we'll adjourn the call.

有了這個，我們感謝你加入我們，感謝你在周四晚上和我們在一起很晚，尤其是在東海岸，我們將暫停電話會議。

Thank you.

謝謝。

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。