Cinemark Holdings Inc (CNK) 2024 Q2 法說會逐字稿

Welcome to the Cinemark Holdings Inc second quarter 2024 earnings call. (Operator Instructions) And as a reminder, this conference is being recorded.

歡迎參加喜滿客控股公司 2024 年第二季財報電話會議。（操作員說明）謹此提醒，本次會議正在錄製中。

I would now like to turn the call over to Chanda Brashears, SVP of Investor Relations. Thank you. You may begin.

我現在想將電話轉給投資者關係資深副總裁 Chanda Brashears。謝謝。你可以開始了。

Good morning, everyone. I would like to welcome you to Cinemark Holdings Inc's second quarter 2024 earnings release conference call hosted by Sean Gamble, President and Chief Executive Officer; and Melissa Thomas, Chief Financial Officer.

大家，早安。歡迎您參加由總裁兼執行長 Sean Gamble 主持的喜滿客控股公司 (Cinemark Holdings Inc) 2024 年第二季收益發布電話會議。和首席財務官梅麗莎托馬斯。

Before we begin, I would like to remind everyone that statements or comments made on this conference call may be forward-looking statements. Forward-looking statements may include, but are not necessarily limited to financial projections or other statements of the company's plans, objectives, expectations, or intentions. These matters involve certain risks and uncertainties.

在開始之前，我想提醒大家，本次電話會議中的陳述或評論可能是前瞻性陳述。前瞻性陳述可能包括但不限於財務預測或公司計劃、目標、期望或意圖的其他陳述。這些事項涉及一定的風險和不確定性。

The company's actual results may materially differ from forward-looking projections due to a variety of factors. Information concerning the factors that could cause results to differ materially is contained in the company's most recently filed 10-K.

由於多種因素，公司的實際結果可能與前瞻性預測有重大差異。有關可能導致結果出現重大差異的因素的資訊包含在該公司最近提交的 10-K 中。

Also, today's call may include non-GAAP financial measures. A reconciliation of these non-GAAP financial measures to the most directly comparable GAAP financial measures can be found in the company's most recently filed earnings release 10-Q and on the company's website at ir.cinemark.com.

此外，今天的電話會議可能包括非公認會計準則財務指標。這些非 GAAP 財務指標與最直接可比較的 GAAP 財務指標的調整表可以在公司最近提交的 10-Q 財報和公司網站 ir.cinemark.com 中找到。

With that, I would like to turn the call over to Sean Gamble.

說到這裡，我想把電話轉給肖恩甘布爾。

Thank you, Chanda, and good morning, everyone. We appreciate you joining us today to discuss our second quarter 2024 results. During my prepared remarks this morning, I'm going to focus on three main topics. First, sustained consumer enthusiasm for immersive cinematic experiences, which continues to be validated by robust film performance and provides a positive long-term outlook for our industry, along with favorable forward-looking indicators related to wide release volume.

謝謝你，昌達，大家早安。感謝您今天加入我們討論我們 2024 年第二季的業績。在今天早上我準備好的發言中，我將重點放在三個主要主題上。首先，消費者對沉浸式電影體驗的持續熱情，強勁的電影表現繼續證明了這一點，並為我們的行業提供了積極的長期前景，以及與廣泛發行量相關的有利前瞻性指標。

Second, Cinemark's solid results this quarter that continued to outperform and were driven by the consistent and skilled operational execution of our sensational team as well as the impact of our ongoing strategic actions to advance our business.

其次，喜滿客本季的穩健業績持續跑贏大盤，這得益於我們出色的團隊始終如一且熟練的營運執行力，以及我們為推進業務而持續採取的策略行動的影響。

And third, the overall strength of our company, operationally, financially, and competitively, which we believe positions us exceptionally well to deliver sustainable future growth, profitability and shareholder value.

第三，我們公司在營運、財務和競爭方面的整體實力，我們相信這使我們能夠非常有能力實現可持續的未來成長、獲利能力和股東價值。

To start for the past three years now, we witnessed example, after example, of outsized film performance across a diverse range of genres and non-traditional content that include a multitude of record-setting highs. These results provide a clear indication that consumer enthusiasm for elevated larger than live theatrical experiences remains strong and vibrant when compelling titles are brought to the big screen and marketed effectively.

從過去三年開始，我們目睹了一個又一個跨不同類型和非傳統內容的超大型電影表演，其中包括許多創紀錄的高點。這些結果清楚地表明，當引人注目的影片被搬上大銀幕並進行有效行銷時，消費者對比現場更大的戲劇體驗的熱情仍然強勁而充滿活力。

This performance trend was widely apparent in the first quarter and continued to be evident during 2Q in July. For example, in April, the dystopian saga Civil War delivered A24's biggest opening weekend ever. Shortly thereafter, adult drama Challengers exceeded expectations, generating $50 million of domestic box office. And then at the beginning of May, action adventure Kingdom of the Planet of the Apes delivered exceptional results, surpassing the full run of its preceding installment by more than 15%.

這種業績趨勢在第一季非常明顯，並且在 7 月的第二季繼續明顯。例如，四月份，反烏托邦傳奇《內戰》為 A24 帶來了有史以來最盛大的首映週末。此後不久，成人劇《挑戰者》超出預期，取得了 5,000 萬美元的國內票房。然後在 5 月初，動作冒險遊戲《猩球崛起》取得了出色的成績，比前一期的總票房高出 15% 以上。

The second quarter also included solid results from action, comedy, Bad Boys: Ride or Die, and suspense thriller A Quiet Place: Day One, as well as a resurgence in family film volume beginning with the heartwarming IF in May that was followed by The Garfield Movie the next weekend.

第二季還包括動作片、喜劇片、《絕地戰警：乘勝追擊》和懸疑驚悚片《寂靜之地：第一天》的強勁業績，以及從5 月份的溫馨電影《IF》開始的家庭電影銷量的復甦，以及隨後的《下週末加菲貓電影。

And then in June, Inside Out 2 took family moviegoing to new heights with an astounding opening that blew away expectations and it's strong continued run that recently made it the highest grossing animated film of all time with over $615 million domestically and more than $1.5 billion worldwide so far. With a steadier cadence of theatrical releases over the past month, moviegoing momentum escalated during the second quarter and has continued to build in 3Q.

隨後在6 月，《腦筋急轉彎2》以令人驚嘆的開畫、超乎預期的開場將家庭電影推向了新的高度，其強勁的持續上映使其最近成為有史以來票房最高的動畫電影，國內票房超過6.15 億美元，全球票房超過15 億美元迄今。隨著過去一個月院線上映節奏趨於穩定，觀影勢頭在第二季不斷升級，並在第三季繼續增強。

Along with the ongoing play through of Inside Out 2, July kicked off with the fantastic opening of yet another family film, Despicable Me 4, which has already eclipsed $675 million globally and is still growing. Additionally, over the course of July, horror film Longlegs became a breakout hit grossing more than $60 million domestically to date and yielding Indie label Neons biggest title ever.

隨著《腦筋急轉彎2》的持續播放，7 月又迎來了另一部家庭電影《神偷奶爸4》的精彩首映，該片的全球票房已超過6.75 億美元，並且仍在不斷增長。此外，恐怖片《長腿》在 7 月取得了突破性的成功，迄今為止國內票房收入超過 6,000 萬美元，並成為獨立廠牌 Neons 有史以來最大的作品。

Action thriller, Twisters created a storm at the box office stirring up more than $80 million in its domestic debut, which exceeded most industry opening weekend estimates by over 50%. In this past weekend, Disney and Marvel's highly anticipated release of superhero adventure, Deadpool and Wolverine just tore up the box office becoming the biggest R rated opening ever with over $210 million domestically and more than $440 million globally.

動作驚悚片《龍捲風》在國內首映就掀起了票房風暴，票房收入超過 8000 萬美元，超出大多數行業首周末票房預期 50% 以上。上週末，迪士尼和漫威備受期待的超級英雄冒險片《死侍》和《金鋼狼》剛上映，票房收入突破2.1 億美元，全球票房超過4.4 億美元，成為有史以來票房最高的R 級電影。

It produced the highest domestic July opening of all time for our industry and for Cinemark, it delivered the biggest summer opening in the history of our company. So individual title performance across all categories of films continues to demonstrate that consumer enthusiasm to view compelling content in theaters has been undeterred, even confronted by the temporary drag and fluctuations in theatrical release volume caused first by the pandemic and then last year's strikes in Hollywood.

它為我們行業和喜滿客帶來了有史以來最高的國內 7 月份首映票房，它為我們公司歷史上最大的夏季首映票房。因此，所有類別電影的個別片名表現繼續表明，消費者在影院觀看引人入勝的內容的熱情並未受到影響，即使面臨首先由大流行和去年好萊塢罷工造成的影院上映量的暫時拖累和波動。

We were thrilled to see how robust consumer enthusiasm drove second quarter North American industry box office to nearly $2 billion that was well ahead of our internal projections and how it has continued to generate strong third quarter results to date as the scale of this year's films has started turning the quarter corner, in the second half.

我們很高興看到強勁的消費者熱情如何推動第二季度北美電影業票房達到近20 億美元，遠遠超出我們的內部預測，以及隨著今年電影規模的擴大，它如何繼續產生強勁的第三季度業績。

Furthermore, we remain highly optimistic about the ongoing rebound of theatrical release volume back toward pre-pandemic levels over the next couple of years based on our continued discussions with our traditional studio partners to further expansion into theatrical exhibition of growing studios like Amazon and Apple and the increasing success of non-traditional content.

此外，基於我們與傳統工作室合作夥伴的持續討論，我們對未來幾年院線上映量持續反彈回到大流行前的水平保持高度樂觀，以進一步擴展到亞馬遜和蘋果等成長型工作室的院線放映。

Next, I'd like to comment on Cinemark's second quarter results. As strong consumer movie going demand produced a plethora of outperforming films during the quarter and propelled overall industry box-office meaningfully beyond our expectations, at Cinemark, we once again extended our lengthy track record of outsized results.

接下來我想談談喜滿客第二季的業績。由於強勁的消費電影需求在本季度催生了大量表現優異的電影，並推動整個行業的票房大幅超出我們的預期，在喜滿客，我們再次延續了長期的超額業績記錄。

Notably, our second quarter box office performance far outpaced our industry and peers exceeding year-over-year industry results by more than 300 basis points, both domestically and in Latin America. Moreover, compared to 2Q '19, our box-office recovery in the second quarter was even further pronounced and surpassed the industry by nearly 1,000 basis points domestically and 500 basis points internationally.

值得注意的是，我們第二季的票房表現遠遠超過了我們的行業和同行，無論是在國內還是在拉丁美洲，同比行業業績高出了 300 個基點以上。此外，與19年第二季相比，我們第二季的票房復甦更加明顯，國內超過產業近1,000個基點，國際超過產業500個基點。

Our strong box office outperformance, coupled with disciplined expense control and agile management of the quarter's dynamic volume fluctuations yielded strong bottom line results, even facing strike induced headwinds that caused a 22% decline in year-over-year attendance.

我們強勁的票房表現，加上嚴格的費用控制和對本季動態成交量波動的靈活管理，產生了強勁的盈利結果，即使面臨罷工引發的阻力，導致上座率同比下降 22%。

During the quarter, we delivered $142 million of adjusted EBITDA with a 19.4% adjusted EBITDA margin and $161 million of free cash flow. Our impressive second quarter results were amplified by the impact of our many ongoing initiatives to build audiences, grow new sources of revenue and hone our industry-leading operating capabilities.

本季度，我們實現了 1.42 億美元的調整後 EBITDA，調整後 EBITDA 利潤率為 19.4%，自由現金流為 1.61 億美元。我們為吸引受眾、增加新的收入來源和磨練行業領先的營運能力而採取的許多持續舉措的影響進一步放大了我們令人印象深刻的第二季業績。

Additionally, our results also benefited from film content mix that skewed particularly well across our global circuit as well as minimal seating capacity constraints due to the reduced volume of film releases and associated attendance levels. Some examples of impactful drivers that helped elevate our results during the quarter and were derived from our many ongoing strategic initiatives include the following.

此外，我們的業績也受惠於全球戲院的電影內容組合，以及因電影發行量和相關上座率減少而導致的最低座位容量限制。以下是幫助提升我們本季業績的一些有影響力的驅動因素的例子，這些驅動因素源自於我們許多正在進行的策略舉措。

We continued to earn high satisfaction ratings from approximately 95% of our guests surveyed in the US due to our heightened levels of guest service. We further expanded the reach of our extensive and loyal customer base, growing our Movie Club membership 10% since our last update to over 1.3 million subscribers.

由於我們提高了賓客服務水平，在美國接受調查的賓客中，約 95% 的賓客對我們持續獲得高滿意度評價。我們進一步擴大了廣泛而忠誠的客戶群的覆蓋範圍，自上次更新以來，我們的電影俱樂部會員人數增加了 10%，訂閱人數超過 130 萬。

We generated almost 10% of our domestic box office through non-traditional content by continuing to actively pursue emerging categories of films such as anime, multicultural titles and faith-based releases, through rigorous planning and execution we also improved labor efficiencies while increasing the number of showtimes we offer per theater per day despite operating with fewer overall hours.

我們透過非傳統內容創造了近 10% 的國內票房，透過繼續積極追求動漫、多元文化影片和信仰發行等新興類別的電影，透過嚴格的規劃和執行，我們在增加數量的同時提高了勞動效率。儘管總運營時間較少，但我們每天為每個劇院提供的放映時間。

And we achieved our highest domestic food and beverage per-cap ever of $7.95 through the continued enhancement of our concession offerings, pricing strategies, purchasing platforms and space management. So again, we are thrilled with the results we're able to deliver in the quarter and believe they are a direct reflection of the significant impact we have made and continue to make advancing our company.

透過不斷增強我們的特許經營產品、定價策略、採購平台和空間管理，我們實現了國內食品和飲料人均消費最高的 7.95 美元。因此，我們對本季能夠實現的業績感到非常興奮，並相信它們直接反映了我們已經產生的重大影響，並將繼續推動我們公司的發展。

And that brings me to my third topic, which is the overall strength of Cinemark. As we highlighted last quarter, following many years of strategic capital deployment as well as actions to enhance our operating capabilities and the experience we provide our guests. We believe that Cinemark maintains an advantaged market position and is uniquely situated to grow and prosper as we move forward.

這就引出了我的第三個主題，就是喜滿客的整體實力。正如我們上季度所強調的那樣，經過多年的戰略資本部署以及增強我們的營運能力和為客人提供的體驗的行動。我們相信喜滿客保持優勢的市場地位，並且擁有得天獨厚的優勢，能夠隨著我們的前進而成長和繁榮。

First and foremost, the strength and stability of our global team is unparalleled and a key differentiator for our company with domain expertise, resourcefulness, creativity, and determination that is second to none. Furthermore, in addition to our extensive and loyal customer base, as well as our industry leader, leading theater management practices that I already mentioned, we continue to benefit from the sustained investments we have made over time to develop and maintain the largest collection of high quality assets in our markets.

首先也是最重要的是，我們全球團隊的實力和穩定性是無與倫比的，是我們公司的關鍵區別所在，他們擁有首屈一指的領域專業知識、足智多謀、創造力和決心。此外，除了我們廣泛而忠誠的客戶群，以及我已經提到的行業領導者、領先的劇院管理實踐之外，我們繼續受益於我們長期以來為開發和維護最大的高品質集合而進行的持續投資。

For instance, over the past decade, we have invested more than $675 million in high-return recliner conversions, resulting in the most extensive domestic recliner penetration of all major exhibitors and nearly 70% circuit wide. We have built Cinemark XD into the largest exhibitor branded premium large-format in the world with nearly 300 XD auditoriums across the US and Latin America and in the second quarter alone, while XD represented only said only 5% of our global screens, it generated 13% of our total company box office which was up 300 basis points compared to 2Q '19.

例如，在過去的十年中，我們在高回報躺椅改造上投資了超過6.75 億美元，使得國內躺椅的滲透率成為所有主要參展商中最廣泛的，並且在整個巡迴賽中的滲透率接近70 %。我們已將喜滿客XD 打造成全球最大的品牌優質大尺寸影院，在美國和拉丁美洲擁有近300 個XD 影廳，僅在第二季度，雖然XD 僅占我們全球銀幕的5%，但它產生了占我們公司總票房的 13%，與 2019 年第二季相比增長了 300 個基點。

We have also developed the largest footprint of D-BOX motion seats in the world that now extends across 365 auditoriums globally with associated revenue growth of 75% since the pandemic. Our circuit has long been regarded as having the leading sight sound and overall presentation quality in the business, including our best in class Xenon Projection Technology and we continue to raise that standard to the next level with our ongoing rollout of Barco projectors -- Barco laser projectors.

我們還開發了世界上覆蓋範圍最大的 D-BOX 動感座椅，目前已覆蓋全球 365 個禮堂，自疫情爆發以來相關收入增長了 75%。長期以來，我們的電路一直被認為擁有業界領先的視聽效果和整體演示質量，包括我們一流的氙氣投影技術，並且通過不斷推出巴可投影儀——巴可激光，我們將繼續將該標準提高到新的水平投影機。

And with the exception of 2020 through 2022, we have historically spent approximately $80 million to $100 million of CapEx per year to maintain the overall condition of our theaters, which is far beyond our major peers on a per theater basis. We also have a distinctive global footprint that we continue to optimize. Since the pandemic, we have exited approximately 70 lower-performing theaters and over the past year alone, we renegotiated a series of ongoing lease arrangements that yielded approximately $10 million of annual rent savings.

除 2020 年至 2022 年外，我們歷來每年花費約 8,000 萬至 1 億美元的資本支出來維持影院的整體狀況，按每個影院計算，這遠遠超出了我們的主要同行。我們也擁有獨特的全球足跡，並不斷優化。自疫情爆發以來，我們已經退出了約 70 家表現不佳的影院，僅在過去一年，我們就重新談判了一系列正在進行的租賃安排，每年節省了約 1000 萬美元的租金。

At the same time, we've opened 16 new theaters that are collectively performing well beyond the pro forma targets we established prior to the pandemic. In North America, we continue to consistently generate the number one or number two box-office results in 21 of our top 25 markets with the highest attendance per screen of the leading exhibitors. And across Latin America, we are the industry leader with over 25% market share.

同時，我們開設了 16 家新影院，這些影院的整體表現遠遠超出了我們在疫情爆發前製定的預期目標。在北美，我們在 25 個前 25 個市場中的 21 個市場中持續保持第一或第二的票房成績，並且在領先的放映商中每屏上座率最高。在整個拉丁美洲，我們是行業領導者，擁有超過 25% 的市場份額。

As a result of our many strategic initiatives and our long history of disciplined capital management, Cinemark also maintains a solid financial position. We consistently deliver industry-leading adjusted EBITDA and free cash flow as was apparent once again in our second quarter results, and Melissa will comment in a moment about the further steps we made during 2Q to further fortify our balance sheet.

由於我們採取了許多策略舉措以及嚴格的資本管理的悠久歷史，喜滿客也保持著穩健的財務狀況。我們始終如一地提供業界領先的調整後EBITDA 和自由現金流，這一點在我們第二季度的業績中再次得到體現，梅麗莎稍後將評論我們在第二季度為進一步強化資產負債表而採取的進一步措施。

So we believe Cinemark is in great shape possesses a wide range of distinctive advantages and is well positioned to thrive in the years to come.

因此，我們相信喜滿客處於良好狀態，擁有廣泛的獨特優勢，並有能力在未來幾年蓬勃發展。

I will now pass the call over to Melissa, who will share more information about this quarter's results. Melissa?

我現在將把電話轉接給梅麗莎，她將分享更多有關本季業績的資訊。梅麗莎？

Thank you, Sean. Good morning, everyone, and thank you for joining the call today. We were pleased with the remarkable success of the June box office, which meaningfully exceeded our expectations and bolstered the second quarter's results. This box-office upside benefited our operating leverage and coupled with the operational excellence of the Cinemark team led to our strong financial performance in the quarter.

謝謝你，肖恩。大家早安，感謝您今天加入電話會議。我們對六月票房的巨大成功感到高興，這大大超出了我們的預期，並提振了第二季的業績。這種票房上漲有利於我們的營運槓桿，再加上喜滿客團隊的卓越運營，使我們在本季度取得了強勁的財務業績。

During the second quarter, we entertained 50 million guests across our global footprint and generated $734.2 million of revenue worldwide. We delivered $142.1 million of adjusted EBITDA, yielding a robust adjusted EBITDA margin of 19.4%, despite a softer box office than typical in the second quarter due to the impact of the Hollywood strikes.

第二季度，我們在全球範圍內招待了 5,000 萬名客人，並在全球創造了 7.342 億美元的收入。儘管由於好萊塢罷工的影響，第二季的票房比一般情況疲軟，但我們實現了 1.421 億美元的調整後 EBITDA，調整後 EBITDA 利潤率為 19.4%。

In the US, we hosted 29.1 million guests, and we grew our market share. Our market share expansion was driven by three primary factors, a film slate that resonated exceptionally well across our footprint, a lack of capacity constraints, given the softer box office and successful execution of our strategic initiatives. We generated $287.4 million in admissions revenue and our average ticket price increased 3% year over year to $9.88.

在美國，我們接待了 2,910 萬名客人，我們的市佔率也有所成長。我們的市佔率擴張是由三個主要因素推動的：電影板塊在我們的足跡中產生了異常良好的反響，考慮到票房疲軟和我們戰略舉措的成功執行，缺乏產能限制。我們產生了 2.874 億美元的門票收入，平均票價年增 3% 至 9.88 美元。

The growth in average ticket price was primarily driven by our strategic pricing initiatives. We reported $231.4 million of domestic concession revenue for the second quarter. Our concession per cap achieved a new all-time high of $7.95, increasing 4% compared with the second quarter 2023, primarily driven by strategic and inflationary pricing measures.

平均票價的成長主要是由我們的策略性定價措施所推動的。我們報告第二季國內特許經營收入為 2.314 億美元。我們的人均優惠額達到 7.95 美元的歷史新高，與 2023 年第二季度相比增長 4%，這主要是受戰略和通膨定價措施的推動。

We were pleased that our incidence rates held flat year over year despite the less favorable content mix for concession purchases. Other revenue was $53.2 million for the second quarter, down 18% year over year due primarily to reduced attendance. In total, our domestic operations generated $572 million of revenue and $108.8 million of adjusted EBITDA, resulting in a strong 19% adjusted EBITDA margin.

我們很高興看到，儘管特許購買的內容組合不太有利，但我們的發病率與去年同期持平。其他第二季收入為 5,320 萬美元，較去年同期下降 18%，主要原因是出席人數減少。總的來說，我們的國內業務產生了 5.72 億美元的營收和 1.088 億美元的調整後 EBITDA，調整後 EBITDA 利潤率高達 19%。

Shifting to our international segment, we welcomed 20.9 million moviegoers in our theaters during the second quarter with attendance recovery outpacing that of the US, largely due to the outsized performance of Inside Out 2 in Latin America, which has become the highest attended film of all time in the region.

轉向國際市場，第二季度我們的影院迎來了2,090 萬名觀影人次，上座率恢復速度超過了美國，這主要是由於《頭腦特工隊2》在拉丁美洲的出色表現，該片已成為所有上座率最高的電影該地區的時間。

Our international team was able to capitalize on the strength of this film and grow market share in the quarter. Our international operations generated $78.4 million of admissions revenue, $61.5 million of concession revenue and $22.3 million of other revenue in the second quarter. Collectively, we delivered $162.2 million of total international revenue and $33.3 million of adjusted EBITDA resulting in a strong 20.5% adjusted EBITDA margin.

我們的國際團隊能夠利用這部電影的優勢，並在本季擴大市場份額。第二季度，我們的國際業務產生了 7,840 萬美元的入場收入、6,150 萬美元的特許收入和 2,230 萬美元的其他收入。總的來說，我們的國際總營收為 1.622 億美元，調整後 EBITDA 為 3,330 萬美元，調整後 EBITDA 利潤率高達 20.5%。

Foreign currency devaluation, particularly in Argentina, remained a year-over-year headwind to international adjusted EBITDA in the quarter, which was largely offset by inflationary dynamics. The tenured expertise of our local teams continue to provide tremendous value as we navigate the economic and political landscape across our Latin American footprint.

外幣貶值，尤其是阿根廷的外幣貶值，仍然是本季國際調整後 EBITDA 的不利因素，但在很大程度上被通膨動態所抵消。當我們駕馭整個拉丁美洲的經濟和政治格局時，我們當地團隊的長期專業知識繼續提供巨大的價值。

Moving to global expenses, film rental and advertising expense was 55.8% of admissions revenue down 230 basis points compared with the second quarter of 2023, due to a lower concentration of high grossing titles and the overall mix of films. Concession costs as a percent of concession revenue were 19.3%, an increase of 120 basis points year over year, driven by inflationary pressures on certain concession categories and higher shrink, partially offset by pricing measures taken to mitigate some of the cost pressure.

轉向全球支出，電影租賃和廣告支出佔入場收入的 55.8%，與 2023 年第二季度相比下降了 230 個基點，原因是高票房影片和電影整體組合的集中度較低。特許經營成本佔特許經營收入的百分比為19.3%，年成長120 個基點，這是由於某些特許經營類別的通膨壓力和更高的收縮率所推動的，但為減輕部分成本壓力而採取的定價措施部分抵銷了特許經營成本。

Global salaries and wages were $97.3 million in the second quarter down 13% compared with the same period last year. As a percent of total revenue, salaries and wages were up 140 basis points year over year, primarily driven by wage rate inflation and less operating leverage due to the decline in attendance, partially offset by benefits from our labor management initiatives and reduced operating hours.

第二季全球薪資為9,730萬美元，較去年同期下降13%。薪資和工資佔總收入的百分比年增了140 個基點，這主要是由於工資率上漲和出勤率下降導致的營運槓桿減少所致，但部分被我們的勞動力管理舉措和工作時間減少帶來的好處所抵消。

Facility lease expense was $81.5 million, a decline of 6% year over year, primarily due to lower percentage rent associated with the decline in revenue, successful lease renegotiations and theater closures. As a percent of total revenue facility lease expense increased 190 basis points.

設施租賃費用為 8,150 萬美元，年減 6%，主要是由於收入下降、租賃重新談判成功以及劇院關閉導致租金百分比下降。設施租賃費用佔總收入的百分比增加了 190 個基點。

Utilities and other expense was $104.7 million, a 13% decline versus the second quarter 2023, primarily driven by variable and semi-variable costs that declined with attendance, foreign currency impacts and a decrease in property taxes. Inflationary pressures drove a partial offset. As a percent of total revenue, utilities, and other increased 150 basis points.

公用事業和其他費用為 1.047 億美元，較 2023 年第二季下降 13%，主要是由於可變和半可變成本隨出席人數、外匯影響和財產稅減少而下降。通膨壓力導致部分抵銷。公用事業和其他收入佔總收入的百分比增加了 150 個基點。

G&A was $55.7 million in the second quarter, and increased year over year, primarily due to wage and benefits inflation as well as higher share-based compensation and related payroll taxes. Favorable impacts from foreign currency fluctuations drove a partial offset, and we remain diligent with our discretionary spending and staffing levels.

第二季的一般管理費用為 5,570 萬美元，年成長，主要是由於工資和福利通膨以及基於股票的薪酬和相關工資稅的增加。外匯波動的有利影響部分抵消了影響，我們仍然努力控制可自由支配支出和人員配置水準。

Globally, we delivered net income attributable to Cinemark Holdings Inc of $46 million in the second quarter and diluted earnings per share $0.32.

在全球範圍內，我們第二季歸屬於喜滿客控股公司的淨利潤為 4,600 萬美元，稀釋後每股收益為 0.32 美元。

Turning to the balance sheet. We ended the second quarter with $789 million of cash on hand, flat with Q1 2024 levels. Even after redeeming the remaining $150 million of senior secured notes in May. We generated $161 million of free cash flow, which was bolstered by working capital benefits associated with the strong June box office and the timing of associated film rental payments. From a capital allocation standpoint, we continue to take a balanced and disciplined approach with the goal of maximizing long-term shareholder value.

轉向資產負債表。第二季末，我們手頭現金為 7.89 億美元，與 2024 年第一季水準持平。即使在 5 月贖回了剩餘的 1.5 億美元優先擔保票據之後。我們產生了 1.61 億美元的自由現金流，這得益於 6 月份強勁票房和相關電影租金支付時間相關的營運資本收益。從資本配置的角度來看，我們繼續採取平衡和嚴格的方法，以實現長期股東價值最大化。

As outlined in our investor deck, we have three pillars to our capital allocation strategy. One, strengthening our balance sheet post pandemic, two, making financially accretive investments to position the company for long-term success, and three, returning excess capital to shareholders with a near-term focus on the first two priorities.

正如我們的投資者平台中所述，我們的資本配置策略有三大支柱。一是在疫情後加強我們的資產負債表，二是進行財務增值投資，使公司取得長期成功，三是向股東返還多餘資本，近期重點關注前兩個優先事項。

Starting with our first capital allocation pillar. we have made significant progress delevering and refortifying our balance sheet with notable advancements over the past few months. In May, we redeemed the remaining $150 million of 8.75% senior secured notes at par retiring over $270 million to date of debt taken out during the pandemic.

從我們的第一個資本配置支柱開始。過去幾個月，我們在去槓桿化和強化資產負債表方面取得了重大進展，並取得了顯著進展。5 月份，我們以面額贖回了剩餘 1.5 億美元的 8.75% 優先擔保票據，償還了迄今為止在大流行期間取出的超過 2.7 億美元的債務。

We also capitalize on favorable market conditions and successfully repriced our term loan this May to reduce the interest rate by 50 basis points resulting in $3.2 million of cash interest savings annually. In July, we proactively addressed our unsecured notes due in March 2026 with the issuance of $500 million of 7% unsecured notes due 2032.

我們也利用有利的市場條件，今年 5 月成功重新定價了定期貸款，將利率降低了 50 個基點，每年節省了 320 萬美元的現金利息。7 月份，我們主動發行了 2032 年到期、利率為 7% 的 5 億美元無抵押票據，以解決 2026 年 3 月到期的無抵押票據。

Concurrently, we executed a cash tender for the vast majority of the 2026 notes with the remainder to be addressed in the coming months. Collectively, these actions have enhanced our flexibility and risk management, extended our maturities, and underscore our commitment to strengthening our balance sheet.

同時，我們對絕大多數 2026 年票據進行了現金投標，其餘票據將在未來幾個月內處理。總的來說，這些行動增強了我們的靈活性和風險管理，延長了我們的成熟度，並強調了我們對強化資產負債表的承諾。

We ended the second quarter with a net leverage ratio of 3 times, which was within our target range and better than our expectations due largely to the significant outperformance of Inside Out 2. Looking forward, given our strong financial position, coupled with our optimism around industry recovery and in turn, our free cash flow generation, we intend to leverage cash on hand to repay the principal amount of the $460 million of convertible notes upon their maturity in August 2025.

在第二季結束時，我們的淨槓桿率為 3 倍，在我們的目標範圍內，並且好於我們的預期，這主要是由於《腦筋急轉彎 2》的表現顯著優於我們。展望未來，鑑於我們強勁的財務狀況，加上我們對行業復甦以及自由現金流產生的樂觀態度，我們打算利用手頭現金在 8 月份到期時償還 4.6 億美元可轉換票據的本金2025 年。

As the notes do not have a provisional call feature, we expect our cash balance will remain elevated in the interim as we prepare to address the convertible notes. Once the convertible notes have been fully addressed, our nearest maturity will be 2028.

由於票據不具有臨時贖回功能，我們預計在我們準備處理可轉換票據的過程中，我們的現金餘額將在中期保持在高水準。一旦可轉換票據得到充分解決，我們最近的到期日將是 2028 年。

Turning to our second capital allocation pillar. We have actively pursued strategic and financially accretive investments to position our company for success over the long term. We continue to believe our capital investments are a key differentiator for us that have contributed to our consistent industry outperformance.

轉向我們的第二個資本配置支柱。我們積極尋求策略性和財務增值性投資，以使我們的公司長期成功。我們仍然相信，我們的資本投資是我們的關鍵差異化因素，有助於我們持續保持產業領先地位。

During the second quarter, we deployed $24 million of capital towards maintaining and further enhancing our global circuit. We remain on track to invest $150 million for full year 2024 with normalized capital expenditures anticipated to be in the $200 million to $250 million range as our box office and free cash flow rebound.

第二季度，我們部署了 2400 萬美元的資金來維持和進一步增強我們的全球線路。我們仍有望在 2024 年全年投資 1.5 億美元，隨著票房和自由現金流的反彈，正常化資本支出預計將在 2 億至 2.5 億美元之間。

Looking ahead, we remain highly optimistic regarding the box office for the second half of this year and in 2025 and beyond. Following the significant progress we've made on our near-term priorities coupled with our optimism around recovery and that of our industry, we will be reevaluating our capital allocation, including the possibility of returning excess capital to shareholders in connection with our 2025 budgeting process later this year.

展望未來，我們對今年下半年以及2025年及以後的票房保持高度樂觀。隨著我們在近期優先事項上取得重大進展，加上我們對復甦和行業復甦的樂觀態度，我們將重新評估我們的資本配置，包括根據 2025 年預算流程將多餘資本返還給股東的可能性今年晚些時候。

Returning excess capital to shareholders, our third capital allocation pillar has historically been a key part of our capital allocation strategy and remains an important consideration for us as we move ahead. We look forward to providing you a comprehensive update on our capital allocation strategy on our fourth quarter earnings call in February.

將多餘資本回饋給股東，我們的第三個資本配置支柱歷來是我們資本配置策略的關鍵部分，並且在我們前進的過程中仍然是我們的重要考量。我們期待在二月份的第四季財報電話會議上向您提供有關我們資本配置策略的全面更新。

In closing, our ability to consistently deliver solid performance has provided us financial flexibility and the opportunity to continue delevering. We have a long-standing history of disciplined operators and good stewards of capital, and we remain highly focused on creating long-term shareholder value.

最後，我們持續提供穩健業績的能力為我們提供了財務靈活性和繼續去槓桿化的機會。我們擁有紀律嚴明的經營者和良好的資本管理者的悠久歷史，我們仍然高度專注於創造長期股東價值。

Operator, that concludes our prepared remarks, and we would now like to open up the line for questions.

接線員，我們準備好的發言到此結束，現在我們要開放提問線路。

(Operator Instructions)

（操作員說明）

Chad Beynon, Macquarie.

查德貝農，麥格理。

Good morning. This is Aaron on for Chad. Thanks for taking my question. Really nice quarter. Your average ticket price has increased for several years in a row now. But I think we'll be facing some more difficult comps potentially from a mix standpoint with really high XD ticket. So how are you thinking about the ability to drive prices higher in '24 and '25 just given the anticipated slate and your pricing initiatives? Thanks.

早安.這是亞倫代表查德發言。感謝您提出我的問題。真的很不錯的季度。您的平均票價已經連續幾年上漲。但我認為從混音的角度來看，我們可能會面臨一些更困難的比賽，而且票價非常高 XD。那麼，考慮到預期的名單和您的定價舉措，您如何考慮在 24 和 25 年推高價格的能力？謝謝。

Hi, Aaron thanks for the question. So just more broadly, we do continue to see opportunity to continue to modestly grow our average ticket prices, and we're leaning into data and analytics to find that optimal pricing that maximizes our overall attendance and box office. And so we do still believe we have runway there.

你好，亞倫，謝謝你的提問。因此，更廣泛地說，我們確實繼續看到繼續適度提高平均票價的機會，並且我們正在依靠數據和分析來找到能夠最大化我們整體上座率和票房的最佳定價。所以我們仍然相信我們在那裡有跑道。

As you look at full year 2024, again, modest growth expected, though that may fluctuate, our ATPs may fluctuate quarter to quarter based on film mix. Particularly with respect to Q4 of this year, it's important to keep in mind that we'll face a challenging comp given the Taylor Swift Eras Tour concert film in Q4 of last year. And then beyond that, I would just highlight on the international side, you'll continue to see some fluctuations there given FX dynamics within the recent.

再次展望 2024 年全年，預計將出現溫和增長，儘管這可能會出現波動，但我們的 ATP 可能會根據電影組合而逐季度波動。尤其是今年第四季度，重要的是要記住，考慮到去年第四季的泰勒絲 Eras 巡迴演唱會電影，我們將面臨一個具有挑戰性的比賽。除此之外，我只想強調國際面，考慮到近期的外匯動態，您將繼續看到一些波動。

Got it. Understood. And as a quick follow up, consumers appear to have a greater appetite for premium large formats and your XDoffering is driving more of your box office as you mentioned. Can you talk about what the opportunity looks like to expand that across your circuit?

知道了。明白了。作為快速跟進，消費者似乎對優質大格式更有興趣，正如您所提到的，您的 XDoffering 正在推動您的票房成長。您能談談將其擴展到您的電路中的機會嗎？

Sure. Aaron, I'll take that one. Yeah, definitely, I've been pleased with the performance of premium amenities in general has continued to grow post pandemic. There's certainly been a bit of an uptick in consumer appeal for that XDs as well as D-BOX motion seats, I would say, as well as just our overall food and beverage enhanced offerings, it's something that we're continuing to look for opportunities to deploy.

當然。亞倫，我要那個。是的，當然，我對高級設施的性能總體上在大流行後繼續增長感到滿意。我想說的是，消費者對 XD 和 D-BOX 運動座椅的吸引力肯定有所上升，以及我們整體的食品和飲料增強產品，這是我們正在繼續尋找機會的東西部署。

Specifically with regard to XD, which I believe was your question, some of the governors on that are just the scale of auditorium, so that are available. So we're looking in the case of existing theaters where we may have an opportunity for a second XD, but it's important that be as a large enough screen otherwise, it kind of undermines the point of having that a larger screen with the enhanced sound and so on.

特別是關於XD，我相信這是你的問題，其中一些州長只是禮堂的規模，所以這是可用的。因此，我們正在尋找現有影院的情況，我們可能有機會進行第二次 XD，但重要的是要有足夠大的螢幕，否則，它會破壞擁有增強聲音的更大螢幕的意義等等。

So we're continuing to look for where those opportunities are to deploy those in certain cases, we may have the opportunity to design a theater to actually add to that theater. And definitely wherever we're opening new theaters we're putting in multiple XDsright out of the gate.

因此，我們正在繼續尋找這些機會，在某些情況下部署這些機會，我們可能有機會設計一個劇院，以實際添加到該劇院。當然，無論我們在哪裡開設新影院，我們都會立即投入多個 XD。

D-BOX seats, we continue to have a long runway of opportunity there in terms of deploying more of those across the circuit. Those have been generating really strong returns and we're, I'd say just very early in terms of the overall penetration across our circuit in terms of the opportunities there. So we see it -- we see that too as a real possibility. So it's part of our ongoing CapEx when we look at further ROI generating opportunities, we still see plenty of opportunity for further and various kinds of premium amenities.

D-BOX 席位，我們在整個賽道上部署更多席位方面仍然有很長的機會。這些已經產生了非常強勁的回報，我想說，就我們整個賽道的整體滲透率而言，就那裡的機會而言，我們還處於起步階段。所以我們看到了——我們也認為這是一種真正的可能性。因此，當我們著眼於進一步產生投資回報率的機會時，這是我們正在進行的資本支出的一部分，我們仍然看到大量的機會來進一步提供各種優質設施。

That's helpful. Appreciate the color, and congrats again on the quarter.

這很有幫助。欣賞這個顏色，並再次祝賀本季。

Thanks, Aaron. appreciate.

謝謝，亞倫。欣賞。

David Karnovsky, JPMorgan.

大衛卡諾夫斯基，摩根大通。

Thank you. Sean, your market share gain this quarter looks outsized even relative to some of the increases from prior periods. Maybe you can segment out the performance a little bit between the film mix, which you highlighted, and then those factors that you listed that are more under your control. And would you kind of expect to sustain gains on this level going forward?

謝謝。肖恩，您本季的市場份額增長看起來甚至與之前時期的一些增長相比也是巨大的。也許你可以在你強調的電影混音和你列出的那些更容易控制的因素之間稍微細分一下表演。您是否期望未來能夠維持這水準的收益？

Sure. Thanks, David. We're really pleased with our share results in the quarter. Just to kind of flag again, in addition to, I'd say, just solid execution in the quarter by our team. Obviously, as I mentioned, we've benefited from content mix that was particularly strong for our circuit with about more than a third of the domestic box office, as an example, came from family films, which is right in our sweet spot.

當然。謝謝，大衛。我們對本季的股票業績非常滿意。只是再次提醒一下，除了我們團隊在本季度的紮實執行之外，我想說。顯然，正如我所提到的，我們受益於對我們的影院來說特別強大的內容組合，例如，大約三分之一以上的國內票房來自家庭電影，這正是我們的最佳選擇。

Titles like, Kingdom of Planet of the Apes, Godzilla x Kong, A Quiet Place, those also skew really well for our circuit. And we saw that benefit -- domestically, we saw that benefit internationally. So we definitely got a lift there. The other thing that I'd say is since the pandemic, as you know, we've continued to see that volume overall film volume has been somewhat depressed.

像《猩球崛起》、《哥吉拉 x 金剛》、《噤界》這樣的作品也非常適合我們的巡迴演出。我們看到了這種好處——在國內，我們在國際上看到了這種好處。所以我們肯定在那裡搭了電梯。我要說的另一件事是，自大流行以來，如您所知，我們繼續看到整體電影銷量下降。

So we haven't really encountered many situations where we're hitting seating capacity constraints that can kind of limit our ability where we hit our maximum occupancy thresholds that can limit our overall share expansion. So we benefited from that as well. So as we look forward, the comments we made is we continue to think that about 100 basis points of improvement is a reasonable expectation.

因此，我們並沒有真正遇到過很多情況，即我們遇到座位容量限制，這可能會限制我們的能力，而我們達到最大入住率閾值可能會限​​制我們的整體份額擴張。所以我們也從中受益。因此，展望未來，我們的評論是，我們仍然認為大約 100 個基點的改善是合理的預期。

Certainly as we start to encounter more of those situations where we are hitting those seating capacity thresholds, just as an example, we've already started to see some examples of that this July. We certainly saw examples of that in the third quarter of last year. So as more and more content comes back, we expect to see more of that.

當然，當我們開始遇到更多達到座位容量閾值的情況時，舉個例子，今年 7 月我們已經開始看到一些這樣的例子。我們在去年第三季確實看到了這樣的例子。因此，隨著越來越多的內容回歸，我們預計會看到更多內容。

In some ways that's a good problem to have. It just means we're fully optimizing our theater capacity and highly productive. And then, of course, we're going to continue to see skews from content mix. We've seen that even recent examples where that can cause fluctuations of about 100 basis points or more in our market share, you know, as was a circumstance this quarter, which was kind of on the upper end.

從某些方面來說，這是一個好問題。這只是意味著我們正在全面優化我們的劇院容量和高生產力。當然，我們將繼續看到內容組合的偏差。我們已經看到，即使是最近的例子，這也可能導致我們的市場份額波動約 100 個基點或更多，你知道，就像本季度的情況一樣，這有點高端。

So again, pleased with our performance. We're going to continue to obviously do everything we can to maximize our share into the future and push the limits on how far we can push our attendance gains and box office performance gains. But that's some of the key things that we benefited from this quarter and what our expectations are as we go forward.

再次對我們的表現感到滿意。顯然，我們將繼續盡我們所能，最大限度地提高未來的份額，並突破我們能在多大程度上推動我們的上座率成長和票房業績成長。但這是我們從本季受益的一些關鍵事情，也是我們對未來的期望。

Okay. And maybe one more on the expense side. So you've been able to manage salaries and wages during these periods of anticipated slower box. You have talked though, to recover and film supply for '25 and '26. So as you look over the medium term, does that better box office to set the tape greater hours and staffing? Or can you utilize some of these innovations that you've seen over the past couple of years? A lot more operating leverage on that line as the box recovers?

好的。也許還有一個費用方面的問題。因此，您已經能夠在預期的速度較慢的時期管理薪水和薪資。不過，您已經談到要恢復 25 年和 26 年的膠片供應。那麼，從中期來看，票房是否會因為設定更長的拍攝時間和人員配置而更好？或者您可以利用過去幾年中看到的一些創新嗎？隨著盒子的恢復，這條線上的營運槓桿會增加很多嗎？

I'll take that question. So regarding our go-forward salaries and wages expense, we do flex our labor hours up or down based on projected attendance levels and operating hours. So I would expect labor hours and in turn our salaries and wages to increase as we start to see the box office scale to accommodate higher attendance.

我來回答這個問題。因此，關於我們的未來工資和工資支出，我們確實根據預期的出勤程度和工作時間來上下調整我們的勞動時間。因此，當我們開始看到票房規模能夠適應更高的上座率時，我預計工作時間以及我們的薪水和薪水都會增加。

But we do still expect to benefit from the productivity gains that we have been seeing, just not to the same extent as we have been in these softer box office environments we've been experiencing over the past couple of quarters.

但我們仍然希望從我們所看到的生產力提高中受益，只是程度不及過去幾季經歷的票房疲軟環境中的程度。

The other thing I would call out on the salaries and wages side, just to keep in mind is wage rates. So we do continue to expect to see some pressure there in line with what we saw pre-pandemic, which was in that 5% to 6% range annually. We continue, of course, to continue to look for opportunities to drive further productivity and efficiencies, but those are the puts and takes.

我要在薪水和工資方面提出的另一件事是工資率。因此，我們確實繼續預計那裡會出現一些壓力，與我們在大流行前看到的情況一致，每年在 5% 到 6% 的範圍內。當然，我們將繼續尋找機會來進一步提高生產力和效率，但這些都是關鍵。

Very helpful. Thank you.

很有幫助。謝謝。

Eric Handler, ROTH MKM.

漢德勒 (Eric Handler)，羅斯 MKM。

Good morning, and thanks for the question. Sean, it's clear that when content is compelling, people are showing up to the movie theaters. When you look at fourth quarter, when you look at '25 you have a great chart in your PowerPoint presentation, the content looks really good in '25 and then you get some really big franchises coming in 2026.

早安，謝謝你的提問。肖恩，很明顯，當內容引人注目時，人們就會去電影院。當你看第四季度時，當你看25 年時，你的PowerPoint 簡報中有一個很棒的圖表，25 年的內容看起來非常好，然後你會在2026 年獲得一些非常大的特許經營權。

So I was like, Wallstreet's probably hyper aware of the content slate over the next two plus years. But how well do you think your consumers are aware of just how good the slate is and what can you do to improve that? So maybe it helps reinvigorate the movie pass subscriptions even more than what you're seeing right now?

所以我想，華爾街可能非常了解未來兩年多的內容。但您認為您的消費者對石板有多好了解程度如何？那麼，也許它比你現在看到的更有助於重振電影通票訂閱？

Well, thanks. Yeah, thanks, Eric, for the question and for the observation. I mean, we agree, I think when we look at what is -- we have line of sight to today and which is generally as some of those larger films, we definitely think it looks quite promising. And you're right. I mean, I think that's certainly understood by industry insiders. The question on how do we get broader consumer awareness of that.

非常感謝。是的，謝謝艾瑞克的提問和觀察。我的意思是，我們同意，我認為當我們看到今天的情況時，我們的視線通常與一些大型電影一樣，我們肯定認為它看起來很有前途。你是對的。我的意思是，我認為業內人士當然理解這一點。問題是我們如何讓更廣泛的消費者意識到這一點。

I think there's a range of ways. I mean, obviously, there's the classic ways as we get nearer to those titles on the marketing campaigns that take place, both by the studios as well as by exhibitors, just to gain awareness for what's coming in the near term. I think as we get to a place where there is a more steady cadence is why we talk about is the benefits and really desire for more of this volume to come back in.

我認為有很多種方法。我的意思是，很明顯，當我們在工作室和放映商所進行的營銷活動中越來越接近這些作品時，有一些經典的方法，只是為了提高對近期即將發生的事情的認識。我認為，當我們達到一個更穩定節奏的地方時，我們談論的是好處，並且真正希望更多的這本書回來。

When more volume is in, we're seeing it right now, right in the marketplace. We've got great momentum going in the marketplace as a result of number one, great films in the market, but then also this more steady cadence of release, people come in, they get exposed through trailers, through one sheets just by being there in terms of what's coming down the pipeline.

當銷量增加時，我們現在就在市場上看到了它。由於市場上排名第一的優秀電影，我們在市場上取得了巨大的動力，而且這種更穩定的發行節奏，人們進來，他們透過預告片、透過一張紙就在那裡曝光就即將發生的事情而言。

So I think that's a real other important ingredient as we have more sustained volume of content in theaters, people get into that habit of going to the theaters and getting more exposure to other things. Beyond that, I'd say there's a range of other conversations happening about just how to broaden out PR to it's one of NATO's big focal points in terms of priorities and how do they work to help the industry to create and spread more of the positive news and awareness about what's coming and try to counteract some of these false narratives that sometimes get portrayed about moviegoing, which consumers can read about.

所以我認為這是一個真正的另一個重要因素，因為我們在劇院裡有更多持續的內容量，人們養成了去劇院並更多地接觸其他事物的習慣。除此之外，我想說，還有一系列其他對話正在發生，涉及如何擴大公關，使其成為北約在優先事項方面的重點之一，以及他們如何幫助該行業創造和傳播更多積極的一面。新聞和對即將發生的事情的認識，並試圖抵消其中一些錯誤的敘述，這些敘述有時被描述為消費者可以閱讀的有關電影的內容。

So there's a range of things big focal point. But I think a large part is just getting back to that scenario where there are more films in the marketplace and people are just getting exposed them more regularly through marketing and by coming to the movies.

因此，有一系列重要的焦點。但我認為很大程度上只是回到了那種場景，即市場上有更多的電影，人們只是透過行銷和看電影更頻繁地接觸它們。

Great, great. And then as a follow-up, I mean, your financial position is definitely one of, if not the best in the industry right now. So I'm curious we haven't seen much in a new theater development of late, particularly in the US. There's only so much you can do to push real estate projects along, but what are you seeing right now in terms of new developments?

很棒很棒。作為後續行動，我的意思是，您的財務狀況即使不是目前行業中最好的，也絕對是最好的之一。所以我很好奇我們最近沒有看到太多新劇院的發展，特別是在美國。為了推動房地產專案的發展，你能做的只有這麼多，但你現在在新開發案方面看到了什麼？

Well, obviously, as you point out, the development pipeline was slow, kind of like the film pipeline was slow due to the pandemic so too, is the whole new build pipeline. And if anything been more in a contraction mode in the industry have more theaters that have closed over the past few years. Certainly lower-performing theaters, which in some ways isn't a bad thing. It's kind of pruning some of those theaters that were lesser yielding venues.

嗯，顯然，正如您所指出的，開發管道很慢，有點像電影管道由於大流行而緩慢，整個新建管道也是如此。如果說產業處於收縮模式的話，過去幾年有更多戲院關閉。當然是表現較差的劇院，從某些方面來說這並不是一件壞事。這相當於修剪了一些收益較低的劇院。

We have reactivated our pipeline of looking at incubating new projects, we've had, as I mentioned in my prepared remarks, we've had great success with the newbuilds that we have opened since the pandemic, which were projects that were committed to prior to the pandemic and on the whole, those have been performing better than what we set out to do in our expectations before the pandemic.

我們已經重新啟動了孵化新項目的管道，正如我在準備好的發言中提到的，我們自大流行以來開設的新項目取得了巨大成功，這些項目是之前致力於的項目總體而言，這些措施的表現比我們在疫情爆發前的預期要好。

So we've reactivated that pipeline. I expect others have as well. Just going to take a little bit of time because like making a movie, these projects can take years to work through all of the deals with landlords, with government permitting and just the whole construction process, it can take some time. So I expect the more that will you'll start to see more of that taking place over the next few years.

所以我們重新激活了該管道。我希望其他人也有同樣的經驗。只是需要一點時間，因為就像製作電影一樣，這些項目可能需要數年時間才能完成與房東的所有交易，在政府許可的情況下，僅整個施工過程可能需要一些時間。所以我預計在接下來的幾年裡你會開始看到更多這樣的事情發生。

Albeit I also expect that will continue to be tempered a bit just as everybody still is going through a bit of recovery. Our whole industry still is continuing to recover, volume still is coming back. So as everyone is still working through that cycle, I still think that will be a little bit of a governing factor on how fast any kind of new build activity ramps up.

儘管我也預計這種情況會繼續有所緩和，因為每個人仍在經歷一些恢復過程。我們整個產業仍在持續復甦，銷量仍在恢復。因此，由於每個人仍在經歷這個週期，我仍然認為這將是任何類型的新建活動成長速度的一個控制因素。

Thank you.

謝謝。

Ben Swinburne, Morgan Stanley.

本‧斯威本，摩根士丹利。

Hey, good morning, everyone. Sean, I always benefit -- we alwaysbenefit from hearing your expectations on film supply next couple of years and you hit it a little in your prepared remarks, but maybe you could just give us the latest and greatest from the studio side in terms of '25 wide releases. I think the last time you updated us, I think you felt those would be higher than '23. And then I had a follow-up for Melissa.

嘿，大家早安。肖恩，我總是受益- 我們總是受益於聽到您對未來幾年電影供應的期望，並且您在準備好的講話中提到了一點，但也許您可以從工作室方面向我們提供最新和最好的信息，例如“ 25 個廣泛發布。我想你上次更新我們的資訊時，我想你覺得這些會比 23 更高。然後我對梅麗莎進行了跟進。

Sure. Well, I mean, as we sit here today, speaking most specifically about 2024 because that's where we have the most line of sight to. So earlier, we were kind of coming into the year, we were estimating overall volume would be somewhere around 95 wide releases. At this point, we are seeing a few more. So we're looking at about 100 wide releases for this year.

當然。嗯，我的意思是，當我們今天坐在這裡時，最具體地談論 2024 年，因為那是我們最能看到的地方。所以早些時候，我們即將進入今年，我們估計總體數量將在 95 個廣泛版本左右。此時，我們看到了更多。因此，我們今年將發布約 100 個廣泛版本。

There has been a few smaller films that have been dated since that time, which is great to see a little bit of further recovery. Obviously, that's still down about 25% from the 130 or so average prior to the pandemic and down a little bit from last year, which was about 110. As we look to 2025, the typical process and this even predates COVID, and we generally get a better line of sight to that towards the end of the year.

從那時起，已經有幾部較小的電影上映了，很高興看到進一步的復甦。顯然，這仍然比大流行前 130 左右的平均值下降了約 25%，也比去年的 110 左右略有下降。當我們展望 2025 年時，典型的過程甚至早於新冠疫情，我們通常在年底時對此有更好的了解。

That's just we have a good sense for what some of the larger titles are, but the studios don't more fully announce what they have in all their dating until you get towards the end of this year. So we don't have complete line of sight to that. But from our conversations, the discussions we have and the different data points that we do have access to,we continue to expect that we'll see a rebound in overall volume next year, somewhere between where 2023 landed and where we were pre pandemic in '25. And there's probably a little bit of lingering impact from the Hollywood strikes of last year, but definitely a nice bounce back to the trajectory we have been progressing upon in terms of overall volume recovery in the marketplace.

這只是我們對一些較大的遊戲有很好的了解，但工作室不會更全面地宣布他們在所有約會中都有什麼，直到今年年底。所以我們對此沒有完整的視野。但從我們的對話、討論以及我們確實可以獲得的不同數據點來看，我們仍然預計明年總體交易量將出現反彈，介於 2023 年和大流行前的水平之間'25。去年好萊塢的罷工可能會產生一些揮之不去的影響，但就市場整體銷售恢復而言，絕對是一個很好的反彈，回到了我們一直在進步的軌道。

That's helpful. Thank you. And Melissa, you gave us a lot to chew on in the prepared remarks. I just wanted to come back to a couple of things. On the convert and you guys are planning to redeem that with cash. I guess my question is a little technical. You said principal amounts. I'm wondering as the stock has performed and I think that liability grows, do you plan to redeem all that in cash or might there be a stock piece if the stock were to do really well between now and next August.

這很有幫助。謝謝。梅麗莎，你在準備好的演講中給了我們很多值得深思的東西。我只是想回到幾件事。在轉換時，你們計劃用現金兌換。我想我的問題有點技術性。你說的是本金。我想知道，隨著股票的表現，我認為負債會增加，你是否計劃以現金贖回所有這些，或者如果股票從現在到明年八月表現良好，是否可能會有股票。

And then you also mentioned in the budgeting process and sort of talking about your return of capital plans in February, you framed them as returning excess capital to shareholders. I guess I wanted to ask if that includes buybacks as a consideration historically, Cinemark's, but obviously a dividend payer, but I noticed maybe I'm reading too much into your interior language, but it seemed like you were being a little more vague. So I wondered if maybe you guys were considering buybacks as well, or the Board was? Thank you.

然後你也在預算過程中提到，並在談論二月的資本回報計劃時，你將它們定義為向股東返還多餘的資本。我想我想問這是否包括歷史上考慮的回購，喜滿客，但顯然是股息支付者，但我注意到也許我對你的內部語言解讀太多，但你似乎有點含糊不清。所以我想知道你們是否也正在考慮回購，或者董事會正在考慮？謝謝。

So on your first question with regard to the convert, so we purchase a call spread that protects us from the impact of stock price movements up to $22.08. To the extent that the stock price exceeds $22.08, we have the flexibility to settle the incremental amount in either shares or cash. And ultimately our decision will be contingent upon the extent to which the stock price exceeds $22.08. Our cash on hand and potential dilution considerations among other factors.

因此，關於您關於轉換的第一個問題，我們購買了看漲期權價差，以保護我們免受高達 22.08 美元的股價波動的影響。如果股價超過 22.08 美元，我們可以靈活地以股票或現金結算增量金額。最終我們的決定將取決於股價超過 22.08 美元的程度。我們手頭上的現金和潛在的稀釋考慮因素等。

And then, with respect to your question on capital allocation, we are taking, as you would expect, a comprehensive approach to evaluating our capital allocation strategy. So you can assume that is looking across all three pillars inclusive of looking at stock buybacks as well as dividends.

然後，關於你關於資本配置的問題，正如你所期望的那樣，我們正在採取一種全面的方法來評估我們的資本配置策略。因此，您可以假設正在考慮所有三個支柱，包括股票回購和股息。

Great. Thank you so much.

偉大的。太感謝了。

Jim Goss, Barrington Research.

吉姆‧戈斯，巴靈頓研究中心。

All right. Thanks. Sean, I'm wondering if you feel that this discussion of the film flow, if it's more of a numbers game right now? Or is it dependent primarily on the quality and demographic appeal mix of the films being released? You do seem optimistic about attendee attitudes, and I'm just wondering how you view the slate?

好的。謝謝。肖恩，我想知道你是否覺得對電影的討論現在更像是一場數字遊戲？或者它主要取決於正在發行的電影的品質和人口吸引力組合？您似乎確實對與會者的態度持樂觀態度，我只是想知道您如何看待這份名單？

Sure. Well, I'd say I think we kind of look at it as it's really a factor of both. We've clearly seen examples where even with reduced film volume, overall box office can perform at levels comparable to pre-pandemic. And we saw that I think it was last July where box office exceeded July of 2019, even with quite a bit quite a fewer number of overall titles being released.

當然。嗯，我想說，我認為我們會考慮它，因為它確實是兩者的一個因素。我們已經清楚地看到一些例子，即使電影數量減少，整體票房仍可以達到與疫情前相當的水平。我們看到，我認為去年 7 月的票房超過了 2019 年 7 月，儘管發行的總影片數量相當少。

So compelling content that resonates well with audiences is clearly a critical aspect of that. But I would say the volume piece, you want to have just more opportunities for one films to have those breakouts. Like we've seen, I went through a series of those examples in many of them over the last several years, you want more of those opportunities for those breakouts, which oftentimes can propel the box office.

如此引人注目、能引起觀眾共鳴的內容顯然是其中的關鍵面向。但我想說的是，你希望一部電影有更多的機會取得這些突破。正如我們所看到的，在過去的幾年裡，我在其中的許多例子中經歷了一系列這樣的例子，你希望有更多這樣的突破機會，這通常可以推動票房。

And then just to have that opportunity for that continued momentum of going to the films you know of this is an industry where moviegoing often begets moviegoing. You people get into that kind of habit, as I mentioned earlier, you get exposed to what's coming up. We like a nice variety of films that speak to all audiences and then sufficient volume of that to keep people coming because you get it, you get kind of into that mode, and it helps.

然後就有機會繼續看電影，你知道這是一個看電影往往會引發看電影的行業。正如我之前提到的，你們養成了這種習慣，就會接觸到即將發生的事。我們喜歡各種各樣的電影，能夠吸引所有觀眾，然後有足夠的數量來吸引人們前來，因為你明白了，你就會進入那種模式，這會有所幫助。

So it's really both elements of that. And we're again, we're encouraged by what we see thus far in terms of the appeal of and strength of what's coming down the line from a quality standpoint, and we're certainly encouraged as we listen to and look to the different indicators we have regarding overall volume filling back in.

所以這其實是其中的兩個要素。我們再次對我們迄今為止所看到的從品質角度來看即將推出的產品的吸引力和強度感到鼓舞，當我們傾聽和關注不同的產品時，我們當然也受到了鼓舞。回填的指標。

Okay. And maybe one other Melissa mentioned the you're leaning into data analytics to determine the most effective pricing strategy. Box-office trends and the recovery has really been focused a lot on price increases and premium share mix. And I know attendance levels as always as Cinemark priority and that's really what is going to allow you to benefit from the higher concessions per cap.

好的。也許有另一位梅麗莎提到，您正在依靠數據分析來確定最有效的定價策略。票房趨勢和復甦實際上主要集中在價格上漲和溢價份額組合。我知道喜滿客一如既往地優先考慮上座率，這確實能讓您從更高的人均優惠中受益。

And I'm wondering if you might talk about how you view attendance -- physical attendance recovery over the next several years and how that might you now move into the next couple of years where there's a lot of optimism?

我想知道您是否可以談談您如何看待未來幾年的出勤率——實際出勤率的恢復，以及您現在如何進入未來幾年，在樂觀的情況下？

Well, I think that goes hand-in-hand with the volume. I mean, you're right. I think our primary focus is driving attendance and driving frequency of attendance because that helps to maximize box office. It helps to create those opportunities for food and beverage sales. And again, it just keeps people getting exposed to what's coming down the line.

嗯，我認為這與數量密切相關。我的意思是，你是對的。我認為我們的主要重點是提高上座率和上座頻率，因為這有助於最大化票房。它有助於為食品和飲料銷售創造這些機會。再說一次，它只會讓人們接觸到即將發生的事情。

So it becomes a positive circle. So when we've think about attendance trends and by the way, it also plays into our pricing strategies too, as Melissa mentioned earlier. When we approach pricing, we're looking at it strategically, like clearly, we're looking to do what we can to get price gains, but we're very conscious of what that can do ultimately to attendance.

這樣就形成了一個正向循環。因此，當我們考慮出勤趨勢時，順便說一下，它也會影響我們的定價策略，正如梅麗莎之前提到的。當我們處理定價時，我們會從戰略角度來看待它，很明顯，我們希望盡我們所能獲得價格上漲，但我們非常清楚這最終會對出席率產生什麼影響。

So it's really that goal of finding that sweet spot where we're not negatively affecting attendance or were not negatively affecting incidence of consumption of food and beverage. So we're looking for what can actually stimulate that. And we think there the trends on both attendance and box office looks positive just as more movies come back into the marketplace and people come in, they received all the enhancements that have been made in the theaters when is particularly for those people who may not have been there frequently. We just think that winds up continuing a positive continue of moviegoing.

因此，我們的目標實際上是找到一個最佳點，使我們不會對出席率產生負面影響，也不會對食品和飲料的消費發生率產生負面影響。所以我們正在尋找能夠真正刺激這一點的因素。我們認為，上座率和票房的趨勢看起來都是積極的，就像更多的電影重新進入市場和人們進來一樣，他們得到了影院中所做的所有改進，特別是對於那些可能沒有經常去過那裡。我們只是認為這最終會繼續積極地繼續看電影。

All right. Thanks very much. Appreciate it.

好的。非常感謝。欣賞它。

Omar Mejias, Wells Fargo.

奧馬爾‧梅希亞斯，富國銀行。

Good morning, guys. Thank you for taking the questions. Sean, maybe first, in your prepared remarks, you mentioned expansion of alternative content as a driver of film supply volumes. Could you give us an update on what your plans are for traditional, not-traditional content going forward and if you continue to expect that to continue to enhance the box office performance?

早上好傢伙。感謝您提出問題。肖恩，也許首先，在您準備好的發言中，您提到替代內容的擴張是電影供應量的驅動力。您能否向我們介紹一下您對傳統和非傳統內容的未來計劃以及您是否繼續期望這將繼續提高票房表現？

Sure. Thanks, Omar. Yes, look, I think we've been pleased with some of the building success we've seen in non-traditional content, anime, faith-based film, multicultural titles, concert films, I know for a long while prior to the pandemic, at least for me personally, it was a disappointment. I always felt like there was this huge potential in this space of alternative content that never was kind of living up to fruition.

當然。謝謝，奧馬爾。是的，看，我認為我們對非傳統內容、動漫、基於信仰的電影、多元文化電影、音樂會電影中所看到的一些建設成功感到高興，我知道在大流行之前很長一段時間，至少對我個人而言，這是令人失望的。我總覺得這個替代內容領域有著巨大的潛力，但從未實現過。

And it's been great to finally see that momentum build. There's been many, many examples now across all those different categories. So it feels like it's getting to a place where audiences are seeking those out more there's more compelling content in that space. And because of that success, there's more of that content getting made now.

很高興終於看到這種勢頭的增強。現在在所有這些不同的類別中都有很多很多的例子。因此，感覺就像是觀眾正在尋找更多在該空間中更引人注目的內容。由於這種成功，現在有更多這樣的內容被製作出來。

You've got now studios like Angel Studios that's putting out, I think they've announced five releases of faith-based films this year, and they had phenomenal success last year. So there's more of that. We obviously saw Taylor Swift and Beyonce last year with the concert based films. There's been many of those types of examples with BTS and Metallica and Coldplay and a smaller scale and we're optimistic that will lead to more in that area.

現在像天使工作室這樣的工作室正在推出，我認為他們今年已經宣布發行五部基於信仰的電影，去年他們取得了巨大的成功。所以還有更多這樣的事。去年我們顯然看到了泰勒絲和碧昂絲的演唱會電影。BTS、Metallica 和 Coldplay 等類型的例子有很多，而且規模較小，我們樂觀地認為這將在該領域帶來更多的例子。

Anime has been growing really strong. Obviously, Sony purchased Crunchyroll, they're leaning more heavily into that space. So there's more and more of that compelling content coming into the market. So we remain optimistic about what it can continue to do on a go forward basis.

動漫一直在發展壯大。顯然，索尼收購了 Crunchyroll，他們更傾向於這個領域。因此，越來越多引人注目的內容進入市場。因此，我們對其未來能夠繼續做的事情保持樂觀。

Last year was a banner year. It was about 14% of our box office. This past quarter, again, it was about 10% for us. So real pleased that now we think that percentage may go down a bit just as we have more of that Hollywood content rebounding over future years. But we said for a long while we could see non-traditional content represent more like 5% or so of overall box office and we can tick versus the 1% to 2% it's historically been, and we continue to expect that as we look ahead.

去年是輝煌的一年。這大約占我們票房的 14%。上個季度，我們的比例再次約為 10%。非常高興的是，現在我們認為這個百分比可能會下降一點，就像我們有更多好萊塢內容在未來幾年反彈一樣。但我們表示，很長一段時間以來，我們可以看到非傳統內容大約佔總票房的5% 左右，我們可以與歷史上的1% 到2% 相比，並且我們在展望未來時繼續預計這一點。

That's very helpful. And maybe for Melissa, on per-caps, you mentioned that incidence rate was flat year over year, yet per-caps grew over 4%. A clear sign that some of the strategic initiatives are working. Can you provide us some color on the key drivers of this success and how much room for improvement you have ahead? Thanks.

這非常有幫助。也許對梅麗莎來說，關於每人次，你提到發病率同比持平，但每人次增長超過 4%。這是一些策略性舉措正在發揮作用的明顯跡象。您能否向我們介紹一下這項成功的關鍵驅動因素以及您未來還有多少改進空間？謝謝。

Sure. So on the per cap side for Q2, our increase was driven largely by our strategic pricing actions to offset some of the inflationary pressures that we've experienced. So we've seen success in being able to push price on food and beverage. Again, as Sean mentioned, we're very cognizant similar to how on average ticket prices. We're cognizant of we want to maximize attendance first and foremost.

當然。因此，就第二季度的人均上限而言，我們的成長主要是由我們的策略性定價行動推動的，以抵消我們所經歷的一些通膨壓力。因此，我們在提高食品和飲料價格方面取得了成功。再次，正如肖恩所提到的，我們非常了解平均票價。我們認識到，我們首先要最大限度地提高出席率。

On the food and beverage side, we're looking to ultimately find the optimal pricing as well as drive our incidence. The last two quarters, just the film slate hasn't been as conducive to concession purchases. So more action orientated horror content typically brings in that audience that it does have a higher concession purchase.

在食品和飲料方面，我們希望最終找到最佳定價並提高我們的發病率。過去兩個季度，僅電影片單就不太有利於特許購買。因此，更多以動作為導向的恐怖內容通常會吸引觀眾，使其確實有更高的優惠購買。

But we were pleased given some of the initiatives that we've been leaning into that, we were able to hold incidence flat year over year despite that dynamic. As you think about some of the things that we're doing that we're most excited about, I would say would be on modifying our flow of concession traffic, putting in self-service capabilities, mobile ordering.

但我們很高興考慮到我們一直在採取的一些舉措，儘管存在這種動態，但我們仍能夠使發病率逐年保持穩定。當你想到我們正在做的一些讓我們最興奮的事情時，我想說的是修改我們的特許流量、引入自助服務功能、行動訂購。

We also have enhanced our hot foods offering. So as we offer more products and we've certainly seen some success from that pushing merchandise sales as well as scaling third-party delivery are some other initiatives that we're pursuing to ultimately drive incidence rates higher. So we feel good about where we're at and the film slate will allow our per caps to fluctuate quarter to quarter, but we still I believe we have plenty of opportunity to grow.

我們也增強了熱食供應。因此，隨著我們提供更多產品，我們當然也看到了一些成功，推動商品銷售以及擴大第三方交付是我們正在追求的其他一些舉措，以最終提高發病率。因此，我們對自己所處的位置感到滿意，而且電影片將允許我們的人均片酬逐季度波動，但我們仍然相信我們有很多增長的機會。

Thank you, guys. Appreciate it.

感謝你們。欣賞它。

Thanks so much.

非常感謝。

Mike Hickey, The Benchmark Company.

麥克·希基，基準公司。

Hey, Sean, Melissa, Chanda, good morning, guys. Great job on your quarter. I guess on the topic of concession, and this dovetails a bit, I think on Omar's question and your answer, Melissa, but looking at 2Q and this has obviously been a trend here exiting the pandemic. But your concession looking at domestic revenue, your concession to admission ratio is about 81%.

嘿，肖恩、梅麗莎、昌達，早安，夥計們。你這個季度做得很好。我想關於讓步的話題，這有點吻合，我認為奧馬爾的問題和你的回答，梅麗莎，但看看第二季度，這顯然是擺脫大流行的趨勢。但你的讓步看國內收入，你的讓步與入場比例大約是81%。

And I think that's all-time record and you compare that to pre-pandemic, it was 68%. So I'm just curious, I heard what you said, Melissa, on concession, what's driving it on a per cap basis, but just curious, sort of the total volume here relative admission, what do you think is sort of the key driver there? And I guess the question is, can we keep waiting for this to come down a bit, but it seems very durable and in fact, it seems to be the mix seems to be growing.

我認為這是歷史記錄，與大流行前相比，為 68%。所以我只是好奇，我聽到你所說的，梅麗莎，讓步，是什麼推動了它的每項上限，但只是好奇，這裡的總成交量相對入場，你認為關鍵的驅動因素是什麼那裡？我想問題是，我們能否繼續等待這種情況有所下降，但它似乎非常持久，事實上，這種混合似乎正在增長。

So curious as you look forward, how durable, in fact, you think it will continue to be when we have a full product play and maybe economic challenges, obviously, we've seen strain on the consumer that's fed through into some of the restaurants, doesn't seem to be the case at all in theater, but wondering your view there.

當你展望未來時，你會感到好奇，事實上，當我們擁有完整的產品時，你認為它會持續多久，也許還有經濟挑戰，顯然，我們已經看到一些餐廳給消費者帶來的壓力，在劇院裡似乎根本不是這樣，但想知道你在那裡的看法。

And then I guess the last piece if it is, in fact durable, and we do see a larger portion of the mix when you think about attendance getting back to pre-pandemic. And I know that, Sean, you said you think volume of product in the next couple of years should be equal to pre-pandemic. So maybe attendances to what does that sort of mix towards concession ultimately mean to you total margin opportunity versus pre-pandemic? Thanks, guys.

然後我猜最後一件作品實際上是否耐用，當你考慮到出勤率回到大流行前時，我們確實看到了更大的一部分。我知道，肖恩，你說你認為未來幾年的產品數量應該等於疫情前的水平。那麼，與疫情前相比，這種讓步組合最終對您的總利潤機會意味著什麼？多謝你們。

So I can start on that, Mike. One of the things you mentioned, the percentage of concessions relative to admissions and even if we look at that on a per cap basis versus 2019, our domestic per cap is up north of 40% and the majority of that growth that we're seeing is driven by higher incidence rates and then to a lesser extent, price.

所以我可以開始了，麥克。你提到的一件事是，相對於招生的優惠百分比，即使我們以人均上限與 ​​2019 年相比來看，我們國內的人均上限也超過了 40%，而且我們看到的大部分增長是由較高的發病率驅動的，然後在較小程度上是由價格驅動的。

And that higher incidence rate is a blend of core concession purchases. So say coke and popcorn as well as expanded product offerings, including alcohol, ICEE, and hot foods, such as pizza as well as the execution of some of the strategic initiatives that I mentioned earlier.

較高的發病率是核心特許權購買的綜合結果。例如可樂和爆米花以及擴大的產品供應，包括酒精、ICEE 和披薩等熱食，以及我之前提到的一些策略性舉措的執行。

So we did coming out of the pandemic, we did think that incidence rates would start could potentially normalize. We haven't seen that, and we do believe that our efforts that we've been leaning into to drive incidence rates are ultimately causing them to hold. So we feel good about where we're at, but those are kind of the drivers since 2019.

因此，我們確實走出了大流行，我們確實認為發病率可能會開始正常化。我們還沒有看到這一點，但我們確實相信，我們一直致力於提高發病率的努力最終會導致發病率保持不變。因此，我們對自己所處的位置感覺良好，但這些都是自 2019 年以來的驅動因素。

And then from a margin standpoint, as we talk about adjusted EBITDA margin going forward and even look at what we were able to deliver in full year 2023 with concession revenue being higher than it was pre-pandemic, we certainly feel that's a key element to adjusted EBITDA margin going forward. And ultimately, as we look to get back to trying to get back to pre-pandemic margins, our ability to sustain and grow our per-caps would be an important driver of that.

然後從利潤率的角度來看，當我們談論未來調整後的EBITDA 利潤率，甚至看看我們在2023 年全年能夠實現的目標（特許經營收入高於大流行前）時，我們當然認為這是一個關鍵因素未來調整後的 EBITDA 利潤率。最終，當我們希望回到疫情前的利潤率時，我們維持和成長人均上限的能力將是這一目標的重要驅動力。

And I would just add, Mike, just while we're certainly going to continue to pursue the kinds of initiatives Melissa's mentioned and things we've been successful with to grow per-caps, we don't know at least historically, one of the areas that pressures per caps is just when you have full theaters in long lines or is probably the number one deterrent to buying food and beverage, people see that and then they'll skip it.

我想補充一點，麥克，雖然我們肯定會繼續推行梅麗莎提到的各種舉措以及我們已經成功實現人均增長的事情，但我們至少從歷史上不知道，其中之一人均上限面臨壓力的區域恰好是當劇院排隊的時候，或者可能是購買食品和飲料的第一大阻礙時，人們看到這一點，然後他們就會跳過它。

So we've worked really hard to avoid that, obviously with a lower volume of films in the marketplace. And thus, because of that lower attendance, we haven't had as much of those kinds of situations where we find that pressure, that is something that we could see into the future as a more full slate of films comes back which could put a little bit of pressure on that concession to admission ratio.

因此，我們非常努力地避免這種情況，顯然市場上的電影數量較少。因此，由於上座率較低，我們沒有遇到那麼多那種壓力的情況，這是我們可以看到的，因為未來會有更多的電影回歸，這可能會帶來更多的壓力。比例的讓步有一點壓力。

That said, again, we've been working on initiatives like the mobile platforms where you can order ahead, delivery to seat, things of that sort that allow people to avoid the lines. And thus by doing that, it makes it easier for people who are buying in theaters to have lower line. So hopefully, we'll see that all those things will continue to sustain as we go forward.

也就是說，我們一直在致力於諸如移動平台之類的舉措，您可以在其中提前訂購，送貨到座位，諸如此類的事情可以讓人們避免排隊。因此，透過這樣做，可以讓在戲院購買的人更容易排隊。因此，希望我們能看到所有這些事情都將在我們前進的過程中繼續維持下去。

And we have fuller theaters with more volume in the marketplace, but we'll have to see. But obviously, we're very pleased by the impact that our many initiatives have had to boost our per-caps with our attendance, and we got a lot more of those on that we're working on to sustain that type of growth going forward.

我們的戲院更加擁擠，市場容量也更大，但我們還得拭目以待。但顯然，我們對我們的許多舉措所產生的影響感到非常高興，這些舉措必須透過我們的出席率來提高我們的人均人數，並且我們正在努力實現更多這些舉措以維持未來的這種增長。

Thanks, guys.

多謝你們。

Thanks, Mike. Appreciate.

謝謝，麥克。欣賞。

Eric Wold, B. Riley Securities.

沃爾德 (Eric Wold)，B. 萊利證券。

Thanks. Good morning. I guess, just a high-level question. So on I guess in the past couple years, the whole issue around windows days in theater that came about during the pandemic has essentially disappeared from discussions of the exhibition industry. But maybe just update us on kind of what you hear in general from studios recently around windows.

謝謝。早安.我想，這只是一個高級問題。因此，我想在過去的幾年裡，大流行期間發生的有關劇院櫥窗日的整個問題基本上已經從展覽業的討論中消失了。但也許只是向我們介紹一下您最近從窗戶周圍的工作室中聽到的一般情況。

Are they coming into kind of scheduling discussions with you with kind of any predetermined date that a film may go to a streaming platform that is completely flexible on that date? And when they'll start marketing streaming availability to subscribers, depending on how a film performs and how do you think that could or could not change as the slate becomes more robust and '25 and beyond?

他們是否正在與您進行某種安排討論，並確定電影可以在該日期完全靈活的串流媒體平台上播放的任何預定日期？他們何時開始向訂戶行銷串流可用性，具體取決於電影的表現，以及您認為隨著電影變得更加強大和 25 年及以後，這可能會或不會改變？

Sure. Great question. Obviously, there was a lot of kind of public focus on that with all the experimentation that was going on during the pandemic. I would say it's probably less in the public eye now. It's an ongoing conversation holistically amongst exhibitors, amongst studios as we just continue to try to evaluate any impact that evolving windows might have on consumer behavior.

當然。很好的問題。顯然，在大流行期間進行的所有實驗中，公眾都非常關注這一點。我想說的是，現在公眾的視線中可能更少了。這是參展商和工作室之間持續不斷的對話，因為我們只是繼續嘗試評估不斷發展的窗戶可能對消費者行為的任何影響。

I would say what we're where we are right now is it's been a little bit more stable albeit stable with a dynamic component right before things were more rigid. Now it's a more flexible window, which I know we've commented we view as a positive because in many respects, it de-risks. It reduces some of the risks for certainly smaller and mid-tier films for the studios, giving them the opportunity to run a long window in success and get those titles into home -- the home faster and curtail losses if things just don't connect.

我想說的是，我們現在所處的位置是，雖然在事情變得更加嚴格之前就具有動態組件，但它已經更加穩定了。現在這是一個更靈活的窗口，我知道我們已經評論過我們認為這是積極的，因為在很多方面，它降低了風險。它降低了製片廠中小型和中型電影的一些風險，讓他們有機會在很長的一段時間內取得成功，並將這些影片帶入國內——更快地回家，並在事情無法連接的情況下減少損失。

Likewise for us when things are connecting, we're looking to put other things onto our screens. So it kind of works both ways. Generally what we're finding is things are still kind of coalescing around 45 days for those more compelling films. Films that's kind of a in some respects, the starting point for those larger, more compelling films, some of the smaller films are ranging, are kind of skewing a little, but it largely is depending on size, scale, and ultimate performance in terms of how that's playing through.

同樣，對我們來說，當事物相互連接時，我們希望將其他事物放到我們的螢幕上。所以它是雙向的。一般來說，我們發現對於那些更引人注目的電影來說，事情仍然在 45 天左右聚合。在某些方面，電影是那些更大、更引人注目的電影的起點，一些較小的電影範圍很廣，有點傾斜，但這在很大程度上取決於尺寸、規模和最終表現。進行的。

Thus far, again, we're still evaluating. Are we seeing any kind of impact on moviegoing thus far. We're not seeing that having a major effect on people's decisions to go to the movies and kind of where we've landed at this point in time, which is probably why there hasn't been as much discussion on it. But it's something that we all continue to watch carefully as we're just trying to figure out what's the sweet spot and optimal point for the studios to maximize their financial gains on their films as well as for us in the exhibitor side for us to be able to maximize our opportunities as well.

到目前為止，我們仍在評估。到目前為止，我們是否看到了對電影觀看的任何影響？我們沒有看到這對人們去看電影的決定以及我們目前所處的位置產生重大影響，這可能是為什麼對此沒有太多討論的原因。但這是我們大家都在繼續仔細觀察的事情，因為我們只是想找出製片廠最大化其電影財務收益的最佳點和最佳點，以及我們放映商方面的最佳點和最佳點。

Perfect. And thanks.

完美的。謝謝。

Robert Fishman, MoffettNathanson.

羅伯特‧菲什曼，莫菲特‧內森森。

Good morning, everyone. One for Sean and then one for Melissa, if I can. Sean, given your strong financial position. Can you just update us on your appetite for acquisitions both in the US and internationally? And do you even have a preference in terms of larger portfolios versus smaller tuck-ins if they both meet your return on investment criteria. And just maybe on a related note, any thoughts you can share about Sony's acquisition of Alamo taking it from the other side?

大家，早安。如果可以的話，一張給肖恩，一張給梅麗莎。肖恩，考慮到你強大的財務狀況。您能否向我們介紹一下您對美國和國際收購的興趣的最新情況？如果較大的投資組合與較小的投資組合都符合您的投資回報標準，您是否會更傾向於它們？也許在相關的說明中，您可以分享一下關於索尼從另一方收購 Alamo 的想法嗎？

Sure. Well, yeah. I mean, look, as we have, talked about optimizing our circuit and evolving our footprint, which includes growing and recalibrating and strengthening our circuit M&A is certainly a piece of that equation. So the appetite for M&A, it's certainly there. I would say, as we've indicated in the past, you know, our focus is generally on high quality assets that we believe have can deliver solid assured returns over time.

當然。嗯，是的。我的意思是，正如我們所討論的那樣，優化我們的電路並發展我們的足跡，其中包括成長、重新校準和加強我們的電路併購當然是其中的一部分。因此，併購的興趣肯定是存在的。我想說，正如我們過去所指出的，我們的重點通常是高品質的資產，我們相信這些資產可以隨著時間的推移帶來可靠的回報。

And as I've also mentioned, like we don't just pursue growth for growth's sake, and we really are targeting accretive investments that don't strain our balance sheet. We've had great success following that approach in the past, and we believe it's the right approach as we move forward. So we keep a close view on what's out there in the marketplace.

正如我也提到的，我們不僅僅是為了成長而追求成長，我們的目標確實是不會對我們的資產負債表造成壓力的增值投資。我們過去遵循這種方法取得了巨大成功，我們相信這是我們前進的正確方法。因此，我們密切關注市場上的情況。

There hasn't been I would say there we look across the industry. The M&A activity has been fairly limited. There have been a handful of assets that have come to the market. None of those, I would say, met our strategic or investment thresholds, but we'll continue to keep a close watch on what's out there. In terms of smaller opportunities versus larger opportunities,it really would just depend, I would say it clearly it all comes back to the quality assets, the assurance of being able to deliver the returns that we're looking for. And then how they fit in with our circuit. I think directionally, we tend to favor going a bit deeper in the markets we're in versus just going broader. And when I say markets, I'm talking more like US, Latin America.

我想說的是，我們還沒有審視整個產業。併購活動相當有限。已有一些資產進入市場。我想說，這些都沒有達到我們的策略或投資門檻，但我們將繼續密切關注其中的情況。就較小的機會與較大的機會而言，這實際上取決於，我想說的是，這一切都取決於優質資產，以及能夠提供我們所尋求的回報的保證。然後它們如何適應我們的電路。我認為，從方向上來說，我們傾向於在我們所處的市場上走得更深一些，而不是僅僅走得更廣。當我說市場時，我指的更像是美國、拉丁美洲。

But again, we keep a close eye. We evaluate everything that's out there as well, thinking about the best way to move our circuit forward, and we're going to continue to do that.

但我們再次密切關注。我們也會評估現有的一切，思考推動我們的賽道前進的最佳方式，我們將繼續這樣做。

And Alamo?

還有阿拉莫？

Oh, I'm sorry. And then a second question on Alamo. Yeah, I mean, it's an interesting acquisition by Sony and we know from the what Sony has commented on in their earnings last quarter even based on their mid-range plan. We know that they've talked about looking for ways to further monetize their IP, their film IP, their gaming IP and looking at experiential types of opportunities to do that.

哦，對不起。然後是關於阿拉莫的第二個問題。是的，我的意思是，這是索尼的一次有趣的收購，我們從索尼上季度收益中的評論中了解到，即使是基於他們的中期計劃。我們知道他們已經談到尋找進一步將其 IP、電影 IP、遊戲 IP 貨幣化的方法，並尋找體驗式的機會來實現這一目標。

So this clearly fits that category. We know Sony has been a big supporter of the theatrical experience for a long, long time. And certainly this transaction is a demonstration of that, the fact that they are actually physically purchasing a circuit and entering into this space themselves. I think that's just a it underscores their feelings of the future of theatrical exhibition.

所以這顯然符合這一類別。我們知道索尼長期以來一直是戲院體驗的大力支持者。當然，這筆交易證明了這一點，事實上他們實際上是在購買一條電路並自己進入這個領域。我認為這只是強調了他們對戲劇展覽未來的感受。

So we look at that as a positive. But beyond that, I mean, I think, again, we see this as a plus in terms of their view on the marketplace. And I think we will probably learn more as they continue to talk about their future plans.

所以我們認為這是積極的。但除此之外，我的意思是，我認為，就他們對市場的看法而言，我們再次認為這是一個優勢。我認為當他們繼續談論他們的未來計劃時我們可能會了解更多。

And if I can just squeeze one quickly for Melissa, just coming back to the margin conversation than a lot of talk about that. But just in terms of the sustainability outside of from the cost side, outside of the salaries which you talked about. Are there any other big lessons learned that you can share with us that you've given is slower box office periods that gives you the confidence in terms of the sustainability of cost efficiencies going forward as box office ramps up?

如果我能為梅麗莎快速擠壓一個，回到邊緣談話而不是很多談論這個。但就永續性而言，除了成本方面之外，除了你談到的工資之外。您是否也可以與我們分享其他重要的經驗教訓，即您在票房較慢的時期所獲得的經驗教訓，使您對隨著票房的上升而對未來成本效率的可持續性充滿信心？

So as we think about the sustainability of cost efficiencies in our one of our largest variable cost is salaries and wages. So that has been the area where I would say we've gained most of our productivity and we talked about that side as we scale, as the box-office scales.

因此，當我們考慮成本效率的可持續性時，我們最大的變動成本之一是薪水和工資。因此，我想說，這就是我們獲得大部分生產力的領域，隨著我們規模的擴大、票房規模的擴大，我們也談到了這一方面。

I think the other just a couple of things that I would keep in mind from an expense and margin standpoint is over the past couple of quarters, given the mix of films and concentration of box office, our film rental rates have been lower than they historically have been. So we would expect as that overall mix and concentration starts to change in second half of the year and beyond that film rental rate would normalize.

我認為從費用和利潤的角度來看，我要記住的另外幾件事是在過去的幾個季度中，考慮到電影的組合和票房的集中度，我們的電影租賃率一直低於歷史水平已經。因此，我們預計，隨著下半年整體組合和集中度開始發生變化，電影租賃率將正常化。

And the other thing I would just call out is on the facility lease expense side, particularly in international, that is more variable in nature, given it's tied to box office generated. So that we would expect to scale as the box office scales. And there have been other efficiencies that we've learned within utilities and other as well as I would say, the biggest drivers would be theater labor. The learnings that we've gained there and then just some of the other costs will naturally increase as a result of the box office scaling.

我要指出的另一件事是設施租賃費用方面，特別是在國際上，考慮到它與票房產生的聯繫，它本質上更具可變性。因此，我們期望隨著票房規模的擴大而擴大規模。我們在公用事業和其他領域也學到了其他效率，我想說，最大的驅動因素是劇院勞動力。由於票房規模的擴大，我們在那裡獲得的經驗以及其他一些成本自然會增加。

Thank you all.

謝謝你們。

Thanks, Robert.

謝謝，羅伯特。

Stephen Laszczyk, Goldman Sachs.

史蒂芬·拉斯奇克，高盛。

Great. Thanks for taking the questions. Maybe first, Sean, you mentioned the strategy to exit underperforming theaters. I think you've done 70 or so to date, I'd just be curious on how much more opportunity you think there is to close less productive theaters and then maybe how you think about the benefit financially, perhaps some long-term margin side from that recalibration?

偉大的。感謝您提出問題。也許首先，肖恩，你提到了退出表現不佳的戲院的策略。我想到目前為止你已經做了 70 家左右，我只是想知道你認為關閉生產力較低的劇院還有多少機會，然後也許你如何看待財務上的好處，也許是一些長期利潤方面從重新校準中？

Sure. I'm sorry, could you repeat the last part? I got the question on what we think going forward on closing, I didn't hear the last piece.

當然。抱歉，您能重複最後一部分嗎？我被問到我們對結束的看法，我沒有聽到最後一段。

Just the financial benefit of that strategy and the potential long-term margin benefit.

只是該策略的財務收益和潛在的長期利潤收益。

Got it. Thanks. Yeah, I think as far as closing theaters, goes, there was a bigger amount of titles that were affected more recently as we've exited pandemic. Now the majority of those were theaters that were at the end of their lease life. So they were a bit older, and I would say more on the cusp financially. So on the whole, those have yielded positive bottom line benefits to our organization by exiting those theaters.

知道了。謝謝。是的，我認為就關閉影院而言，隨著我們擺脫了大流行，最近有更多的電影受到了影響。現在，其中大多數都是租賃期即將結束的劇院。所以他們年紀大了一些，我想說更多的是在經濟上的風口浪尖。因此，總的來說，透過退出這些劇院，這些為我們的組織帶來了積極的底線效益。

I think as we look forward, we're getting more into that normal state of operation where historically we've been in that case, we may close a few theaters a year and then we would open a few theaters a year. And generally, it's repurposing older theaters with newer theaters that have just run their course. So I expect we will continue to have a certain number of closures just each year, which is just part of the norm of the business.

我認為，隨著我們的展望，我們將更多地進入正常的運營狀態，歷史上我們一直處於這種情況，我們可能每年關閉一些劇院，然後我們每年會開設一些劇院。一般來說，它會用剛結束的新劇院來重新利用舊劇院。因此，我預計我們每年都會繼續有一定數量的關閉，這只是業務常態的一部分。

But at the same token, it was talked about earlier. We've reactivated both our newbuild pipeline, we'll see what comes from a potential M&A perspective as we go forward. But we expect that we'll be adding new theaters as well. Net-net in all cases as we pursue these type of activities.

但同樣的道理，之前也談過。我們已經重新啟動了新建管道，隨著我們的前進，我們將看看潛在的併購前景會帶來什麼。但我們預計我們也會增加新的劇院。當我們從事此類活動時，在所有情況下都是網路網路。

To your question on future margin impact, we're looking at circumstances that enhance our margins and benefit our margins. It's rare, I don't think of -- I can't think of a situation where we're closing a theater that actually has a negative margin impact. Generally, when that's happening, it's happening for a reason and it's to the positive.

對於您關於未來利潤率影響的問題，我們正在研究提高我們的利潤率並有利於我們的利潤率的情況。我不認為這種情況很少見——我想不出我們關閉一家劇院實際上會對利潤率產生負面影響的情況。一般來說，當這種情況發生時，它的發生是有原因的，而且是正面的。

Great. Thanks for that. And then maybe one for Melissa. On the international side, there's been some continued volatility on the inflationary front in some of your markets. Could you talk a little bit more about the operating environment at the moment? And then maybe looking ahead, are there any aspects of that environment that you see easing or becoming more difficult over the next couple of quarters? Thank you.

偉大的。感謝那。然後也許是給梅麗莎的。在國際方面，一些市場的通膨方面持續波動。能多談談目前的運作環境嗎？然後展望未來，您認為在接下來的幾個季度中，該環境的哪些方面會有所緩解或變得更加困難？謝謝。

Thanks for the question, Stephen. So on the international side, we do continue to see volatility in Argentina. So Argentina continues to contend with FX devaluation, and you're seeing that in our numbers year over year. Now Argentina is also a highly inflationary environment. So inflation has been providing an offset to the FX devaluation that we're seeing in the country.

謝謝你的提問，史蒂芬。因此，在國際方面，我們確實繼續看到阿根廷的波動。因此，阿根廷繼續應對外匯貶值，您可以在我們逐年的數據中看到這一點。現在阿根廷也是一個高度通膨的環境。因此，通貨膨脹一直在抵消我們在該國看到的外匯貶值。

Now, one of the dynamics that we saw in Q2, when you look at our average ticket price and per cap, we did have promotional activity within the quarter, particularly in the softer box office months of April and May, which led essentially our prices to increase at a rate that was slower than the rate of inflation so we did see some pressure in the quarter in international related to that. And it continues to be a dynamic situation. But again, we have teams on the ground who are highly experienced at navigating the economic landscape in Argentina.

現在，我們在第二季度看到的動態之一是，當您查看我們的平均票價和每人上限時，我們確實在本季度內進行了促銷活動，特別是在4 月和5 月票房較疲軟的月份，這基本上導致了我們的價格以低於通貨膨脹率的速度增長，因此我們確實在本季度看到了與此相關的國際壓力。而且這種情況仍然是動態的。但同樣，我們的實地團隊在應對阿根廷經濟狀況方面經驗豐富。

I would just add, we've been really pleased with the performance of our Latin American circuit on the whole. I mean, in the midst of the environment that Melissa was just describing, which we know has been somewhat fluid from a economic and political standpoint, the results have been really strong. I mean, again, last year, our overall EBITDA in Latin America was higher than 2019.

我想補充一點，我們對拉丁美洲賽道的整體表現非常滿意。我的意思是，在梅麗莎剛才描述的環境中，我們知道從經濟和政治的角度來看，這種環境有些不穩定，但結果非常強勁。我的意思是，去年我們在拉丁美洲的整體 EBITDA 高於 2019 年。

And in the case of Argentina, which is probably the extreme situation right now, attendance last year was higher than 2019. So even in the midst of a really challenging environment and we are facing some pressures on what we may be able to do from a pricing standpoint, otherwise just to contend with this market.

就阿根廷而言，這可能是目前最極端的情況，去年的出席人數高於 2019 年。因此，即使在一個真正具有挑戰性的環境中，我們也面臨一些壓力，從定價的角度來看我們可以做什麼，否則只是為了應對這個市場。

And as that we have teams that are very well adept at dealing with that. We still see great examples of performance in the marketplace here as a result of just our teams. Our team's impact. These are strong moviegoing cultures, again on the whole, Latin America has actually recovered further than the US at this stage.

因此，我們擁有非常擅長處理這個問題的團隊。我們仍然在市場上看到了出色的業績範例，而這些都是我們團隊的成果。我們團隊的影響力。這些都是強大的觀影文化，總的來說，拉丁美洲現階段實際上比美國恢復得更好。

So for a while, during the pandemic that lagged due to availability of vaccines, that's changed again, we look at that as a testament how strong moviegoing is in these marketplaces. And also to a certain degree how content has resonated the content that's been released thus far has resonated in those markets. We may face a little bit of pressure on that in the second half, but on the whole, we're really pleased with how Latin America has performed.

因此，有一段時間，在由於疫苗的供應而滯後的大流行期間，情況再次發生了變化，我們將其視為這些市場中觀影能力的證明。在某種程度上，內容如何引起共鳴迄今為止發布的內容也在這些市場中引起了共鳴。下半年我們可能會面臨一些壓力，但總的來說，我們對拉丁美洲的表現非常滿意。

Great. Thank you, both.

偉大的。謝謝你們倆。

Thank you. We have reached the end of our question-and-answer session. I would now like to turn the floor back over to Sean Gamble for any closing remarks.

謝謝。我們的問答環節已經結束。現在我想請肖恩·甘布爾發表結束語。

Thank you very much. In closing, I'd just like to reiterate, once again, our enthusiasm about the future of our industry and Cinemark. Consumer interest in theatrical experiences, as we have discussed, remains robust and the key indicators we continue to see related to a continued recovery of wide release volume are positive. And we continue to believe that Cinemark is exceptionally well positioned to prosper as we move forward.

非常感謝。最後，我想再次重申我們對產業和喜滿客未來的熱情。正如我們所討論的，消費者對影院體驗的興趣仍然強勁，我們繼續看到的與廣泛上映量持續復甦相關的關鍵指標是積極的。我們仍然相信喜滿客在我們前進的過程中處於非常有利的位置，能夠蓬勃發展。

We appreciate all of you joining us this morning, and we look forward to speaking with you again following our third quarter results. Have a great day and thank you.

我們感謝大家今天早上加入我們，我們期待在第三季業績公佈後再次與您交談。祝您有美好的一天，謝謝。

This does conclude today's teleconference. We appreciate your participation. You may disconnect your lines at this time. Enjoy the rest of your day.

今天的電話會議到此結束。我們感謝您的參與。此時您可以斷開線路。享受你一天剩下的時間。