Cinemark Holdings Inc (CNK) 2024 Q3 法說會逐字稿

Greetings and welcome to Cinemark Holding Inc.'s third-quarter 2024 earnings call.

歡迎參加喜滿客控股公司 2024 年第三季財報電話會議。

(Operator Instructions)

（操作員說明）

As a reminder, this conference is being recorded.

提醒一下，本次會議正在錄製中。

It is now my pleasure to introduce your host, Chanda Brashears, Senior Vice President, Investor Relations.

現在我很高興向您介紹主持人，投資者關係高級副總裁 Chanda Brashears。

Thank you.

謝謝。

You may begin.

你可以開始了。

Good morning, everyone.

大家早安。

I would like to welcome you to Cinemark Holding Inc.'s third-quarter 2024 earnings release conference call hosted by Sean Gamble, President and Chief Executive Officer; and Melissa Thomas, Chief Financial Officer.

歡迎您參加由喜滿客控股公司 (Cinemark Holding Inc.) 總裁兼執行長 Sean Gamble 主持的 2024 年第三季財報電話會議。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.

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。

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.

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。

These matters involve certain risks and uncertainties.

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.

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。

Information concerning the factors that could cause results to differ materially is contained in the company's most recently filed 10-K.

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.

此外，今天的電話會議可能包括非公認會計準則財務指標。

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.

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該公司最近提交的收益報告 10-Q 以及該公司網站 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.

謝謝你，昌達，大家早安。

We appreciate you joining us this Halloween morning to discuss our third-quarter 2024 results.

我們感謝您在萬聖節早上加入我們討論我們 2024 年第三季的業績。

Strong, sustained consumer enthusiasm for shared larger-than-life theatrical experiences was once again on full display in 3Q, as box office results far outpaced expectations for the third quarter in a row this year.

消費者對共享傳奇影院體驗的強烈而持續的熱情在第三季度再次得到充分體現，票房成績連續第三季遠遠超出預期。

North American industry box office reached $2.7 billion and was up 1% year over year, which is remarkable considering the high bar that was set by last year's Barbenheimer phenomenon.

北美電影業票房達到 27 億美元，年增 1%，考慮到去年巴本海默現象設定的高標準，這一成績相當引人注目。

These results also represented the highest grossing quarter since the pandemic and climbed to within 4% of 3Q19.

這些業績也代表了自大流行以來的最高收入季度，並攀升至 2019 年第三季的 4% 以內。

Propelled by one breakout hit after the next as a steadier cadence of compelling films were released into theaters, the third-quarter results clearly underscore that moviegoing begets moviegoing and further illustrate the heightened level of impact a theatrical release provides all categories of content.

隨著引人入勝的電影在影院上映的節奏更加穩定，在一部又一部突破性熱門電影的推動下，第三季度的業績清楚地強調了觀影引發觀影，並進一步說明了影院上映對所有類別內容所帶來的影響力的提升。

Take, for example, the lengthy playthrough of Inside Out 2, which grew to become the highest-grossing animated film in history during the quarter, generating more than $650 million of domestic box office and nearly $1.7 billion worldwide over its full theatrical run.

以《腦筋急轉彎2》的漫長播放為例，該片在本季成為史上票房最高的動畫電影，在整個院線上映期間創造了超過6.5 億美元的國內票房和近17 億美元的全球票房。

And then there was Deadpool & Wolverine, which slashed up screens to become the highest-grossing R-rated film in history with over $635 million domestically and an astounding $1.3 billion worldwide, up 70% from Deadpool 2.

然後是《死侍與金鋼狼》，它大幅削減銀幕，成為史上票房最高的R 級電影，國內票房超過6.35 億美元，全球票房達到驚人的13 億美元，比《死侍2》增長了70 %。

Enthusiastic, must-see-on-the-big-screen momentum also drove magnificent results for Despicable Me 4, with domestic box office of more than $360 million that was up 36% above DM3, as well as adventure thrill-ride Twisters and comedic fantasy Beetlejuice Beetlejuice, both of which captured more than $250 million domestically in the third quarter alone.

火爆的大銀幕必看勢頭也為《神偷奶爸4》帶來了驕人的成績，國內票房超過3.6億美元，比DM3高出36%，此外還有冒險驚險的扭扭樂和喜劇片幻想Beetlejuice Beetlejuice，光是第三季度，這兩款遊戲的國內收入就超過2.5 億美元。

A strong word of mouth and high anticipation also lifted romantic drama It Ends With Us to nearly $350 million worldwide and elevated suspense thriller A Quiet Place: Day One as well as sci-fi adventure Alien: Romulus, which was up more than 45% from 2017's Alien: Covenant.

強大的口碑和高度期待也使得浪漫劇《我們的結局》在全球票房達到近3.5 億美元，懸疑驚悚片《寂靜之地：第一天》和科幻冒險片《異形：羅慕路斯》的票房營收也比去年同期成長了45% 以上。

Additionally, positive response boosted crime thriller Longlegs to nearly $75 million of domestic box office, which became the highest-grossing domestic release of all time for independent studio NEON.

此外，正面的迴響使得犯罪驚悚片《長腿》的國內票房達到近 7,500 萬美元，成為獨立工作室 NEON 有史以來票房最高的國內電影。

Third-quarter film results continued to demonstrate how a theatrical release stimulates increased conversation, creates bigger cultural events, and amplifies the relevance of content, strengthening its recallability and staying power, all of which deliver significantly enhanced value to studios, filmmakers, and audiences.

第三季的電影業績繼續展示了院線上映如何刺激更多的對話、創造更大的文化活動、增強內容的相關性、增強其可回憶性和持久力，所有這些都為工作室、電影制片人和觀眾帶來了顯著的價值提升。

These are the films, like their theatrical predecessors, that have longevity and that people will be talking about and remember for many years to come.

這些電影就像它們的前輩戲劇一樣，具有悠久的生命力，人們將在未來的許多年裡談論和記住它們。

Just consider the fact that the original installment of Alien was released into theaters 45 years ago, Beetlejuice more than 35 years ago, Twister almost 30 years ago, and Inside Out nearly a decade ago.

想想看，《異形》的原​​版早在45 年前就已經上映，《甲蟲汁》是在35 年前上映的，《龍捲風》是在近30 年前上映的，而《腦筋急轉彎》則是在近十年前上映的。

Furthermore, theatrical franchises like the Marvel Cinematic Universe and Despicable Me have grown to massive heights via the big screen.

此外，《漫威電影宇宙》和《神偷奶爸》等院線系列電影已經透過大銀幕發展到了巨大的高度。

These two franchises alone are recent examples from the third quarter that have been delighting audiences with sequels, spinoffs, consumer products, games, and theme park rides for approximately 15 years now.

光是這兩個特許經營權就是第三季的最新例子，大約 15 年來，它們一直透過續集、衍生性商品、消費品、遊戲和主題樂園遊樂設施取悅觀眾。

And then there's repertory content like Coraline, a film that first hit theaters in 2009, which continues to generate meaningful theatrical proceeds every year and grossed close to $35 million of domestic box office this quarter.

還有像《鬼媽媽》這樣的劇目內容，該片於 2009 年首次在影院上映，每年都繼續產生可觀的院線收益，本季國內票房總收入接近 3500 萬美元。

These are all examples of the deep and lasting impact that a theatrical release generates through the unparalleled level of emotional connection it creates with stories, characters, and memory-making moments.

這些都是戲劇上映透過與故事、人物和記憶時刻建立的無與倫比的情感聯繫而產生深刻而持久的影響的例子。

At Cinemark, we certainly understand how impactful experiencing stories in a theatrical setting is to the hundreds of millions of moviegoers we serve every year as we strive to consistently deliver unmatched entertainment and service that delights our guests and keeps them coming back for more.

在喜滿客，我們當然知道在影院環境中體驗故事對我們每年服務的數億電影觀眾有多大的影響力，因為我們努力始終如一地提供無與倫比的娛樂和服務，讓我們的客人感到高興並讓他們再次光顧。

To that end, we were thrilled to see how well the third quarter's film lineup captivated audiences, and I'd like to commend our studio partners for their outstanding work producing and releasing such compelling content that will clearly leave an imprint on moviegoers for many years to follow.

為此，我們很高興看到第三季的電影陣容如何吸引觀眾，我要讚揚我們的工作室合作夥伴製作和發佈如此引人注目的內容的出色工作，這些內容將在多年來給電影觀眾留下深刻的印象跟隨。

I'd also like to equally commend our sensational Cinemark team for helping to drive the quarter's tremendous box office results through all of their tactical actions to strategically program our screens, stimulate increased moviegoing demand, and deliver an unforgettable cinematic experience that can't be found anywhere else.

我還要同樣讚揚我們出色的喜滿客團隊，他們透過所有戰術行動，對我們的銀幕進行戰略性規劃，刺激觀影需求的增長，並提供難以忘懷的觀影體驗，幫助推動了本季度的巨大票房成績。

Driven by our team's diligent execution and coupled with the continued benefits we are deriving from our strategic initiatives, as well as a film mix that resonated particularly well across our US circuit, Cinemark once again outperformed the industry in the third quarter and delivered exceptional financial results.

在我們團隊的勤勉執行力的推動下，加上我們從戰略舉措中獲得的持續收益，以及在美國影院引起特別強烈反響的電影組合，喜滿客在第三季度的表現再次優於行業，並取得了出色的財務業績。

Domestically, we exceeded year-over-year North American industry box office growth by over 600 basis points and generated our highest-grossing August and September box office proceeds of all time.

在國內，我們的北美電影票房年增超過 600 個基點，並創造了有史以來最高的 8 月和 9 月票房收入。

Similarly, internationally, we surpassed our comparable Latin American industry admissions benchmark by more than 100 basis points.

同樣，在國際上，我們比拉丁美洲的同類行業招生基準高出了 100 個基點以上。

We also set another new domestic concession per cap record of $7.97, which combined with our industry-leading box office growth yielded worldwide total revenue of $922 million, our highest third-quarter revenue of all time.

我們也創下了國內特許經營人均 7.97 美元的新紀錄，再加上業界領先的票房成長，全球總收入達到 9.22 億美元，這是我們第三季有史以來最高的收入。

These strong top-line achievements were complemented by comparably robust bottom-line results that were further enhanced by disciplined operating agility and expense management.

這些強勁的營收成就得到了相對強勁的淨利潤結果的補充，而嚴格的營運彈性和費用管理又進一步增強了淨利潤結果。

During the quarter, despite a marginal decline in attendance versus last year, our worldwide adjusted EBITDA grew 12% to $221 million, which is our highest third-quarter adjusted EBITDA in the history of our company.

本季度，儘管與去年相比，出席人數略有下降，但我們的全球調整後 EBITDA 增長了 12%，達到 2.21 億美元，這是我們公司歷史上最高的第三季度調整後 EBITDA。

Furthermore, we expanded our adjusted EBITDA margin 140 basis points year over year to nearly 24% and generated $64 million of free cash flow.

此外，我們調整後的 EBITDA 利潤率年增了 140 個基點，達到近 24%，並產生了 6,400 萬美元的自由現金流。

As we've highlighted on previous calls, our solid results, including our consistent track record of industry outperformance, are the byproduct of years of disciplined capital deployment, a highly skilled and resourceful global team that is second to none, careful navigation of our industry's recovery from the pandemic, and the active pursuit of strategic initiatives to build audiences, grow new sources of revenue, and advance and optimize our operating capabilities.

正如我們在先前的電話會議中所強調的那樣，我們堅實的業績，包括我們始終如一的行業卓越表現記錄，是多年來嚴格資本部署、首屈一指的高技能和足智多謀的全球團隊、對我們行業的仔細導航的副產品。

These ongoing areas of focus, combined with a solid overall foundational framework that has been established over the past four decades, continue to uniquely position Cinemark with a wide range of distinctive advantages.

這些持續關注的領域，加上過去四十年建立的堅實的整體基礎框架，繼續使喜滿客保持獨特的地位，並具有廣泛的獨特優勢。

For example, we continue to benefit from our years of strategic investments to maintain and enhance our circuit that has yielded the largest array of high-quality assets in our markets, including nearly 70% penetration of reclined seats domestically; the largest volume of exhibitor-branded premium-large format auditoriums in the world; the highest rollout of D-BOX motion seats globally; and the leading site, sound, and presentation quality in the business.

例如，我們繼續受益於多年的策略投資，以維持和增強我們的線路，這些投資已在我們的市場上產生了最大的優質資產，包括國內近 70% 的斜躺座椅滲透率；全球數量最多的參展商品牌優質大型禮堂；全球 D-BOX 動感座椅的推出量最高；以及業界領先的網站、聲音和演示品質。

In this regard, it's worth noting that during the third quarter, we generated our highest quarterly D-Box revenue ever which grew nearly 70% versus 3Q '23, and we generated our second highest quarterly XD premium-large format revenue of all time.

在這方面，值得注意的是，在第三季度，我們創造了有史以來最高的季度D-Box 收入，與23 年第三季相比增長了近70%，並且我們創造了有史以來第二高的季度XD 優質大幅面收入。

We've been able to make and sustain these investments on account of our solid financial position and compelling free cash flow profile that we have long viewed as a strategic asset for our company.

我們之所以能夠進行並維持這些投資，是因為我們穩健的財務狀況和令人信服的自由現金流狀況，我們長期以來一直將其視為我們公司的戰略資產。

I'm very pleased with the great strides our team has made in refortifying that position over the past four years as we've continued to invest in our future, and Melissa will provide a deeper dive into those financials in a moment.

我對我們的團隊在過去四年中在鞏固這一地位方面取得的巨大進步感到非常高興，因為我們繼續投資於我們的未來，梅麗莎稍後將更深入地探討這些財務狀況。

Beyond the quality of our assets and our financial strength, we also have developed a highly loyal customer base and an extensive marketing reach.

除了我們的資產品質和財務實力之外，我們還建立了高度忠誠的客戶群和廣泛的行銷範圍。

Over 21 million members now participate in our global loyalty programs, and we consistently derive approximately 25% of our domestic box office from our paid Movie Club subscription members.

現在有超過 2,100 萬名會員參與我們的全球忠誠度計劃，我們的國內票房始終有約 25% 來自付費電影俱樂部訂閱會員。

Furthermore, we have an addressable reach to over 30 million customers across our global circuit with whom we can actively communicate to spread awareness of upcoming events, deliver unique and personalized offers, and drive increased movie-going frequency.

此外，我們在全球範圍內擁有超過 3000 萬客戶，我們可以與他們積極溝通，以傳播對即將舉辦的活動的認識，提供獨特和個性化的優惠，並提高觀影頻率。

The scale and extent of our loyal and addressable consumer base is something that has taken years to establish through a concentrated focus on developing, honing, and continuously improving our industry-leading operating capabilities.

我們忠誠且可尋址的消費者基礎的規模和範圍是經過多年專注於開發、磨練和不斷提高我們行業領先的營運能力而建立的。

From service levels achieved through field training and protocols that consistently earn high satisfaction ratings from approximately 95% of our guests to technology measures that yield the best and brightest projection imagery with close to 100% uptime.

從透過現場培訓和協議實現的服務水平，持續獲得約 95% 的客人的高滿意度評級，到可產生最佳、最明亮的投影影像和接近 100% 正常運行時間的技術措施。

We've developed sophisticated digital, social, and omnichannel marketing platform capabilities that drive billions of impressions a year to scale audiences, as well as data-driven pricing analytics at an individual feeder level that maximize volume, revenue, and margin.

我們開發了先進的數位、社交和全通路行銷平台功能，每年可帶來數十億次展示次數以擴大受眾群體，並在單一供給者層級上進行數據驅動的定價分析，從而最大限度地提高銷售量、收入和利潤。

Our advanced capabilities also extend to the methodical curation of food, beverage, and merchandise offerings that provide a broad array of appealing, high-quality selections with efficient purchase ease, as well as the utilization of enhanced tools and processes that help us optimize our showtimes and labor management.

我們的先進能力也擴展到食品、飲料和商品的系統管理，提供一系列有吸引力的高品質選擇和高效的購買便利，以及利用增強的工具和流程幫助我們優化展示時間和勞動管理。

We have consistently invested for years in enhancing the way we run our business to drive growth and deliver exceptional levels of service as efficiently as possible.

多年來，我們一直致力於改善我們的業務運作方式，以推動成長並盡可能高效地提供卓越水準的服務。

Collectively, we expect that the many distinctive advantages we possess today, as well as the ongoing actions we are pursuing to further grow and strengthen our company, will continue to provide us with an outsized ability to capitalize on future market opportunities and drive incremental value creation as we move forward.

總的來說，我們期望我們今天擁有的許多獨特優勢，以及我們為進一步發展和加強公司而採取的持續行動，將繼續為我們提供超強的能力，以利用未來的市場機會並推動增量價值創造當我們前進時。

One such area of opportunity is the continued rebound of new release volume in 2025 and beyond as film production further recovers following the delays it incurred during the pandemic that were then compounded by last year's strikes in Hollywood.

其中一個機會領域是 2025 年及以後的新上映量持續反彈，因為電影製作在大流行期間發生的延誤之後進一步恢復，而去年好萊塢的罷工又加劇了這一情況。

We are highly optimistic about a strong close to 2024 with fourth quarter releases like Wicked, Gladiator II, Moana 2, Mufasa, and Sonic the Hedgehog 3 on the horizon, as well as the continued momentum they will carry into what is shaping up to be a blockbuster 2025 film slate.

我們對2024 年即將到來的《魔法壞女巫》、《角斗士II》、《莫阿娜2》、《木法沙》和《刺猬索尼克3》等第四季度的發布以及它們將繼續保持的勢頭高度樂觀。

Much like the storyline of an inspirational movie, the resiliency of our industry and its ability to persevere and grow through change and adversity has been proven time and again.

就像一部勵志電影的故事情節一樣，我們行業的彈性及其在變化和逆境中堅持和成長的能力已經被一次又一次證明。

Despite a global health crisis, and varied experiments with new release models, the past three years have clearly demonstrated that consumer enthusiasm for theatrical movie-going entertainment is as strong as ever.

儘管面臨全球健康危機，並且對新的發行模式進行了各種實驗，但過去三年清楚地表明，消費者對影院電影娛樂的熱情一如既往地強勁。

Moreover, theatrical exhibition remains an important and stable component of a studio's financial value creation formula, and our content partners are fully leaning into our channel as a way to elevate the awareness, relevance, and impact of their films like only we can.

此外，院線放映仍然是電影公司財務價值創造公式的重要而穩定的組成部分，我們的內容合作夥伴正在充分利用我們的管道，以此來提高其電影的知名度、相關性和影響力，只有我們才能做到。

And within that setting, which is poised for further recovery and growth, we remain acutely focused on delivering unforgettable experiences for our audiences and long-term value for our shareholders, and we believe that Cinemark is well situated to thrive in the years to come.

在這種為進一步復甦和成長做好準備的背景下，我們仍然專注於為觀眾提供難忘的體驗，為股東提供長期價值，我們相信喜滿客處於有利位置，能夠在未來幾年蓬勃發展。

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

我現在將把電話轉給梅麗莎，她將分享更多有關本季業績的資訊。

Melissa?

梅莉莎？

Thank you, Sean.

謝謝你，肖恩。

Good morning, everyone, and thank you for joining the call today.

大家早安，感謝您今天加入電話會議。

We were extremely pleased with the box office momentum during the third quarter, which significantly surpassed expectations and further reinforced the health and vitality of our industry.

我們對第三季的票房動能感到非常滿意，大幅超出預期，進一步增強了產業的健康活力。

This momentum, together with our team's ability to fully capitalize on the strength of the box office through their unwavering dedication and strong execution, led to remarkable third-quarter results.

這種勢頭，加上我們團隊透過堅定不移的奉獻精神和強大的執行力充分利用票房實力的能力，帶來了令人矚目的第三季業績。

We welcomed over 60 million moviegoers across our global footprint in the quarter and achieved third quarter record highs for both revenue and adjusted EBITDA.

本季度，我們在全球迎來了超過 6,000 萬電影觀眾，第三季營收和調整後 EBITDA 均創歷史新高。

We grew worldwide revenue 5% year over year to $921.8 million.

我們的全球營收年增 5%，達到 9.218 億美元。

Notably, we delivered $220.5 million of adjusted EBITDA, a 12% increase over the third quarter of 2023.

值得注意的是，我們實現了 2.205 億美元的調整後 EBITDA，比 2023 年第三季成長 12%。

And on similar box office levels, we expanded our adjusted EBITDA margin 140 basis points year over year to 23.9%.

在相似的票房水準上，我們調整後的 EBITDA 利潤率年增了 140 個基點，達到 23.9%。

In the US, we entertained 37.6 million guests, flat with the third quarter of 2023.

在美國，我們接待了 3,760 萬名客人，與 2023 年第三季持平。

We grew our market share 80 basis points year over year and maintained significant share gains compared with pre-pandemic levels.

我們的市佔率同比增長了 80 個基點，並且與大流行前的水平相比保持了顯著的份額增長。

Our market share benefited from a content mix that skewed more heavily towards family and horror films, which were particularly well received by our audience base.

我們的市佔率受益於更偏向家庭電影和恐怖電影的內容組合，這些電影特別受到我們觀眾群的歡迎。

It was also supported by limited capacity constraints due to box office success that was well distributed throughout the quarter and the ongoing impact of our strategic initiatives.

由於整個季度的票房成功以及我們戰略舉措的持續影響，有限的容量限制也為該計劃提供了支持。

During the third quarter, we generated $375.2 million in admissions revenue and grew average ticket price 7% year over year to $9.98. The increase in our average ticket price was primarily driven by strategic pricing initiatives, a higher mix of premium format tickets, and the absence of National Cinema Day, which occurred in Q3 of last year and offered patrons $4 tickets to celebrate and encourage theatrical moviegoing.

第三季度，我們產生了 3.752 億美元的門票收入，平均票價年增 7% 至 9.98 美元。我們平均票價的上漲主要是由於戰略定價舉措、高級格式門票的增加以及國家電影日的缺席。

We delivered $299.6 million of concession revenue in the third quarter and achieved a new all-time high concession per cap of $7.97. Our concession per cap was up nearly 12% year over year, driven by higher incidence rates and an increase in merchandise sales, both of which benefited from the favorable content mix in the quarter, as well as strategic pricing measures.

我們在第三季度實現了 2.996 億美元的特許經營收入，並創下了人均特許經營額 7.97 美元的歷史新高。由於發病率上升和商品銷售增加，我們的人均折扣同比增長近 12%，這兩者都受益於本季度有利的內容組合以及戰略定價措施。

Other revenue was $66.6 million, up 4% year over year, primarily due to higher promotional and events revenue.

其他收入為 6,660 萬美元，年增 4%，主要是由於促銷和活動收入增加。

Altogether, our domestic operations delivered $741.4 million of revenue and $180.7 million of adjusted EBITDA, yielding a robust 24.4% adjusted EBITDA margin.

我們的國內業務總共實現了 7.414 億美元的營收和 1.807 億美元的調整後 EBITDA，調整後 EBITDA 利潤率為 24.4%。

Turning to our international segment, we hosted 22.8 million patrons in our theaters during the third quarter, a 7% decline from the third quarter of 2023, as films like Twisters, Beetlejuice, Beetlejuice, and Alien: Romulus did not resonate as well in Latin America as they did in the US.

談到我們的國際部分，第三季我們的戲院接待了2,280 萬名觀眾，比2023 年第三季下降了7%，因為《龍捲風》、《甲蟲汁》、《甲蟲汁》和《異形：羅慕路斯等電影在拉丁語中的反響不佳美國就像他們在美國所做的那樣。

However, we grew our market share across the region.

然而，我們在整個地區的市場份額有所增加。

Our international segment delivered $85.2 million of admissions revenue, $67.7 million of concession revenue, and $27.5 million of other revenue in the third quarter.

第三季度，我們的國際部門實現了 8,520 萬美元的門票收入、6,770 萬美元的特許經營收入和 2,750 萬美元的其他收入。

In total, we delivered $180.4 million of international revenue and $39.8 million of adjusted EBITDA, resulting in a strong 22.1% adjusted EBITDA margin.

總的來說，我們實現了 1.804 億美元的國際收入和 3,980 萬美元的調整後 EBITDA，調整後 EBITDA 利潤率高達 22.1%。

International adjusted EBITDA was negatively impacted by FX devaluation, particularly in Argentina, with inflation largely offsetting these dynamics.

國際調整後的 EBITDA 受到外匯貶值的負面影響，特別是在阿根廷，通貨膨脹在很大程度上抵消了這些動態。

Our third quarter and year-to-date results demonstrate our local team's ability to continue to adeptly navigate the complex economic and political landscape across our Latin American footprint.

我們第三季和年初至今的表現表明，我們的本地團隊有能力繼續熟練地駕馭拉丁美洲業務中複雜的經濟和政治格局。

Shifting to global expenses, film rental and advertising expense was 57.7% of admissions revenue, up 180 basis points compared with the third quarter of 2023 due to an increased concentration of high-grossing titles and the overall mix of films.

轉向全球支出，電影租賃和廣告支出佔入場收入的 57.7%，與 2023 年第三季相比增長了 180 個基點，原因是高票房影片和電影整體組合的集中度增加。

Concession costs as a percent of concession revenue were 17.6%, a decrease of 90 basis points year-over-year, driven by strategic pricing measures and favorable concession rebates, partially offset by inflationary pressures on certain concession categories as well as a higher mix of lower-margin product offerings, such as merchandise and candy.

特許權成本佔特許權收入的百分比為17.6%，年減90 個基點，這主要得益於策略性定價措施和優惠的特許權回扣，但部分特許權類別的通膨壓力以及更高的特許權組合抵銷了特許權成本的影響。

Global salaries and wages were $109.9 million, up 2% compared with the same period last year due to higher wage rates, as the benefits from our labor productivity initiative more than offset the expansion of our operating hours in the quarter.

由於工資率上升，全球薪資和工資為 1.099 億美元，與去年同期相比增長 2%，因為我們的勞動生產力計劃帶來的好處遠遠抵消了本季度營業時間的延長。

As a percent of total revenue, salaries and wages were down 40 basis points year over year.

薪水和工資佔總收入的百分比年減了 40 個基點。

Facility lease expense was $85.9 million, an increase of 2% year over year, largely due to higher percentage rent.

設施租賃費用為 8,590 萬美元，年增 2%，主要是由於租金百分比較高。

As a percent of total revenue, facility lease expense decreased 30 basis points.

設施租賃費用佔總收入的百分比下降了 30 個基點。

Utilities and other expense was $127 million, down 2% from the third quarter 2023, primarily driven by the reduction in attendance and foreign currency impacts, partially offset by inflation.

公用事業和其他費用為 1.27 億美元，較 2023 年第三季下降 2%，主要是由於出席人數減少和外匯影響造成的，但部分被通貨膨脹所抵消。

As a percent of total revenue, utilities and other decreased 100 basis points.

公用事業及其他業務佔總收入的百分比下降了 100 個基點。

G&A was $56.4 million in the third quarter, an increase year over year due to wage and benefits inflation, higher incentive and share-based compensation, and increased professional fees.

第三季的一般管理費用為 5,640 萬美元，由於薪資和福利通膨、激勵和股權激勵提高以及專業費用增加，同比有所增長。

These impacts were partially offset by foreign currency dynamics.

這些影響被外匯動態部分抵銷。

Globally, we delivered net income attributable to Cinemark Holdings, Inc., of $187.8 million in the third quarter, and diluted earnings per share of $1.19. Net income included a $42.7 million tax benefit, primarily related to the partial release of valuation allowances previously recorded in the US.

在全球範圍內，第三季歸屬於喜滿客控股公司的淨利潤為 1.878 億美元，稀釋後每股收益為 1.19 美元。淨利潤包括 4,270 萬美元的稅收優惠，主要與先前在美國記錄的估價津貼的部分釋放有關。

Turning to cash flow, we generated $107 million of operating cash flow and $64 million of free cash flow in the third quarter.

談到現金流，我們第三季產生了 1.07 億美元的營運現金流和 6,400 萬美元的自由現金流。

Despite working capital headwinds associated with film rental payments made during the third quarter related to the strong June box office.

儘管與第三季電影租金支付相關的營運資金阻力與六月強勁的票房有關。

With that, we ended the third quarter with $928 million of cash on the balance sheet, which benefited from the stronger box office environment, as well as the upsizing of our July unsecured notes issuance to $500 million.

截至第三季末，我們的資產負債表上有 9.28 億美元的現金，這得益於更強勁的票房環境，以及我們 7 月份無擔保票據發行規模擴大至 5 億美元。

We continue to anticipate our cash balance will remain elevated in the near term, as we intend to leverage cash on hand to repay the principal amount of the $460 million of convertible notes upon their August 2025 maturity.

我們繼續預期短期內現金餘額將保持在較高水平，因為我們打算利用手頭現金在 2025 年 8 月到期時償還 4.6 億美元可轉換票據的本金。

As a reminder, the notes do not have a provisional call feature.

提醒一下，筆記沒有臨時呼叫功能。

More broadly on capital allocation, we have three pillars to our capital allocation strategy.

更廣泛地說，在資本配置方面，我們的資本配置策略有三大支柱。

Strengthening our balance sheet, investing to position the company for long-term success, and returning excess capital to shareholders, with a near-term focus on the first two priorities.

加強我們的資產負債表，進行投資以使公司長期成功，並將多餘資本返還給股東，近期重點關注前兩個優先事項。

As it relates to the first pillar, we successfully refinanced our $405 million unsecured notes due in March 2026, with the issuance of $500 million unsecured notes due 2032.

就第一支柱而言，我們成功為 2026 年 3 月到期的 4.05 億美元無擔保票據進行了再融資，並發行了 2032 年到期的 5 億美元無擔保票據。

We also repaid our remaining $6 million of COVID-related debt in Latin America.

我們也償還了拉丁美洲剩餘的 600 萬美元與新冠病毒相關的債務。

We concluded the third quarter with a net leverage ratio of 2.8 times, which remains within our target range, and surpassed our expectations, driven by the unanticipated outperformance of the third quarter box office.

第三季末，我們的淨槓桿率為 2.8 倍，仍處於我們的目標範圍內，並且在第三季票房表現超出預期的推動下超出了我們的預期。

Our strengthening balance sheet is a strategic asset and affords us the flexibility to invest in long-term growth and the health of our circuit, which is a key competitive differentiator for our company.

我們不斷增強的資產負債表是一項策略資產，使我們能夠靈活地投資於長期成長和賽道健康，這是我們公司的關鍵競爭優勢。

This brings me to our second capital allocation pillar, making strategic and financially accretive investments to grow and secure our long-term success, including maintaining a high-quality circuit and pursuing high-confidence ROI-generating opportunities, such as new builds, theater enhancements, and accretive M&A.

這讓我想到了我們的第二個資本配置支柱，即進行策略性和財務增值投資，以實現成長並確保我們的長期成功，包括維持高品質的電路和追求高可信度的投資回報率產生機會，例如新建、劇院增強，以及增值併購。

In the third quarter, we had $43 million of capital expenditures, and we are on track to spend $150 million for the full year to maintain and further enhance our fleet.

第三季度，我們的資本支出為 4,300 萬美元，預計全年將支出 1.5 億美元，以維護和進一步增強我們的機隊。

As box office and cash flow rebound, we continue to anticipate normalized capital expenditures in the $200 million to $250 million range.

隨著票房和現金流的反彈，我們繼續預期正常化的資本支出將在 2 億至 2.5 億美元之間。

Moving to our third capital allocation pillar, returning excess capital to shareholders, which has historically been a key part of our capital allocation strategy and remains an important consideration for us as we look forward.

轉向我們的第三個資本配置支柱，將多餘資本返還給股東，這歷來是我們資本配置策略的關鍵部分，並且在我們展望未來時仍然是我們的重要考慮因素。

Given the significant progress we've made on our near-term capital allocation priorities and our positive outlook regarding our recovery and the industry's rebound, we are currently reevaluating our capital allocation priorities in connection with our 2025 budgeting process.

鑑於我們在近期資本配置優先事項方面取得的重大進展以及我們對復甦和行業反彈的積極前景，我們目前正在結合 2025 年預算流程重新評估我們的資本配置優先事項。

As we conveyed on our second quarter earnings call in August, we intend to provide a more fulsome update on capital allocation during our fourth quarter earnings call in February.

正如我們在 8 月的第二季財報電話會議上所傳達的那樣，我們打算在 2 月的第四季財報電話會議上提供有關資本配置的更全面的最新資訊。

Overall, Cinemark's steadfast commitment to balance and discipline capital allocation with an emphasis on maximizing long-term shareholder value creation has positioned us well.

總體而言，喜滿客堅定地致力於平衡和規範資本配置，並強調最大限度地創造長期股東價值，這使我們處於有利地位。

I would expect us to maintain that prudent approach as we look forward.

我希望我們在展望未來時能夠保持這種審慎的態度。

In closing, I'm exceptionally pleased with our team's ability to make the most of the successful third quarter box office, as well as their progress in advancing our strategic initiative, which continues to yield strong operating and financial results for the company, as evidenced by our third quarter and year-to-date performance.

最後，我對我們的團隊充分利用第三季度成功票房的能力以及他們在推進我們的戰略計劃方面取得的進展感到非常滿意，這一點已證明，該戰略計劃繼續為公司帶來強勁的運營和財務業績根據我們第三季和今年迄今的業績。

We remain keenly focused on continuing to execute our strategic priorities and striving to deliver industry leading results.

我們仍然專注於繼續執行我們的策略重點並努力提供領先業界的成果。

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) David Karnovsky, JP Morgan.

（操作員指示）David Karnovsky，摩根大通。

All right, thank you.

好的，謝謝。

Sean, I know you said in the past you don't really get full visibility on next year's supply until current year end, but if you have any update on 2025, that would be great.

Sean，我知道您過去說過，直到今年年底您才能真正全面了解明年的供應情況，但如果您有 2025 年的任何更新，那就太好了。

And then you've discussed an expectation in the past for streamers to ramp their theatrical output.

然後您討論了過去對串流媒體提高戲劇產量的期望。

We did see a film get pulled off the slate in Q3, though, and there's been some talk in the trade press about a rethink here, at least by one of the streamers.

不過，我們確實看到一部電影在第三季被取消，並且商業媒體上有一些關於重新考慮這裡的討論，至少是其中一個串流媒體。

So I wanted to see how you're thinking about that contribution as we go forward.

所以我想看看在我們前進的過程中您如何看待這項貢獻。

Sure.

當然。

Thanks for the questions, David.

謝謝你的提問，大衛。

You're right.

你說得對。

We're still a little bit early to fully assess 2025, just based on the timing of when the studios announce their full slates.

僅根據工作室宣布完整名單的時間，我們對 2025 年進行全面評估還為時過早。

But we do continue to expect that overall volume next year will spring back somewhere between 2023 and 2019, following the impact that the Hollywood strikes had on the recovery trajectory this year.

但我們仍然預計，繼好萊塢罷工對今年復甦軌跡產生影響之後，明年的總銷量將在 2023 年至 2019 年之間回升。

Obviously, the studios tend to plant their larger films with dates a bit early, but the smaller titles will continue to fill out over the coming months and into next year.

顯然，製片廠傾向於提前安排大型電影的上映日期，但較小的電影將在未來幾個月和明年繼續充實。

So we'll be able to provide a more fulsome look at that on our next call.

因此，我們將能夠在下次通話中提供更全面的了解。

But we do remain, based on what we know of and what we continue to hear from the studios, we remain very optimistic about that nice rebound next year on the way to pre-pandemic recovery.

但根據我們所了解的情況以及我們繼續從工作室聽到的消息，我們仍然對明年在大流行前的復甦之路上的良好反彈感到非常樂觀。

Specific to your question on content from streamers, yeah, we're obviously a little disappointed by one of those titles shifting.

具體到你關於串流內容的問題，是的，我們顯然對其中一個標題的轉變感到有點失望。

We were referencing, too, in the case of Wolves, I believe, is a situation where they're still learning their way into the business.

我認為，就狼隊而言，我們也提到了他們仍在學習進入行業的情況。

It's still early stages.

現在還處於早期階段。

We're optimistic that in time they'll kind of find their footing.

我們樂觀地認為，他們最終會找到立足點。

They've got a big movie coming next year with F1 that we're really all excited about.

明年他們將與 F1 合作拍攝一部大電影，我們對此感到非常興奮。

But at the same time, you've got Amazon, who has really leaned heavily into investing in distribution team, films.

但同時，亞馬遜確實大力投資發行團隊和電影。

They just recently indicated that they could get up to 16 releases by 2027, as they've taken on revitalizing United Artists in addition to MGM.

他們最近剛表示，到 2027 年，他們可能會發行多達 16 部影片，因為除了米高梅之外，他們還致力於振興聯美公司。

So they're leaning more significantly at this stage than we anticipated, and I think they're on track to have something in excess of 10 films next year.

因此，他們現階段的傾斜程度比我們預期的要大，我認為他們明年的電影數量預計將超過 10 部。

So I think between those two things, we continue to be optimistic about further growth from content from streamers.

因此，我認為在這兩件事之間，我們繼續對串流媒體內容的進一步成長持樂觀態度。

And then also, you didn't mention it, but what we'll continue to see with nontraditional content, multicultural films, anime, and things of that sort.

然後，你也沒有提到這一點，但我們將繼續看到非傳統內容、多元文化電影、動漫和類似的東西。

Great.

偉大的。

Maybe just one for Melissa.

也許只是梅麗莎的一個。

On the concession call side, as a percentage of revenue, that figure was the lowest we've seen in some time, comes as commodity prices are steady.

在特許權方面，隨著大宗商品價格穩定，這一數字佔收入的百分比是一段時間以來的最低水平。

You even mentioned inflation.

你甚至提到了通貨膨脹。

So is there a mixed factor to consider here, and how should we think about the sustainability of this percentage going forward?

那麼這裡是否需要考慮一個混合因素？

Sure.

當然。

Thanks for the question.

謝謝你的提問。

So on our COGS rate for the quarter, there were a couple factors driving that, primarily strategic pricing actions, as well as favorable concession rebates.

因此，就本季的銷貨成本率而言，有幾個因素推動了這一趨勢，主要是策略定價行動以及有利的特許回扣。

That was offset partially by some inflationary pressure on certain concession categories, mainly candy and non-alcoholic beverages, as well as a shift towards some lower-margin products, including, again, candy and merchandise, as well.

這被某些特許類別（主要是糖果和非酒精飲料）的通貨膨脹壓力以及轉向一些利潤較低的產品（包括糖果和商品）部分抵消。

Now, the one call-out that I would make is, on the favorable concession rebates, that was around one point of benefit in Q3 came from those concession rebates, and that's mainly just a timing item.

現在，我要指出的是，關於有利的特許權回扣，第三季的一個點左右的收益來自於這些特許權回扣，這主要只是一個時間項目。

So the year-to-date COGS rate is going to be a better proxy for our COGS rate than Q3.

因此，今年迄今的銷貨成本率將比第三季更能代表我們的銷貨成本率。

In terms of, you know, how we're going to be able to think about the full-year COGS rate, we continue to expect our COGS rate may reflect a modest step-up from last year's levels due, again, to those inflationary pressures, as well, as product mix.

就我們將如何考慮全年銷貨成本率而言，我們仍然預計我們的銷貨成本率可能會比去年的水平略有上升，這再次歸因於那些通貨膨脹壓力以及產品結構。

And then beyond 2024, as we think longer-term, again, we do expect inflationary pressure to persist while we've had easing on some commodities in the last year, there are other commodities, namely cocoa and palm oil, which are key candy ingredients that do continue to rise.

然後，在2024 年之後，正如我們從長遠來看，我們確實預計通膨壓力將持續存在，儘管去年我們對某些大宗商品採取了寬鬆政策，但還有其他大宗商品，即可可和棕櫚油，它們是關鍵的糖果成分確實持續上升。

So we'll continue to look to offset those impacts where possible through our efforts around strategic sourcing, pricing, and proactive category management.

因此，我們將繼續透過策略採購、定價和主動品類管理方面的努力，盡可能抵銷這些影響。

But I would say Q3 with the favorable concession rebates, there is a timing element there to keep in mind.

但我想說的是，第三季有有利的特許回扣，需要記住一個時間因素。

Eric Handler, Roth Capital.

埃里克·漢德勒，羅斯資本。

Good morning.

早安.

Thanks for the question.

謝謝你的提問。

I wonder if you could sort of give some perspective or metrics on when you look at your concessions revenue, how much of that is coming now from non-food items, meaning, like, these popcorn buckets or any type of other merchandise?

我想知道您是否可以在查看特許權收入時提供一些觀點或指標，其中有多少現在來自非食品項目，也就是說，這些爆米花桶或任何類型的其他商品？

Thanks for the question, Eric.

謝謝你的提問，艾瑞克。

You know, that continues to grow.

你知道，這個數字還在持續成長。

We haven't broken that out in terms of the split of merchandise.

我們還沒有從商品的劃分面來說明這一點。

And we tend to look at it in two buckets.

我們傾向於將其分為兩個方面來看待。

There's just the pure merch, and then there's the cups and tubs that also include food in it, with popcorn and typically fountain drinks inside of that.

這裡只有純粹的商品，還有裡面還裝有食物的杯子和浴缸，裡面有爆米花和通常的噴泉飲料。

So we haven't split that out at this stage, but it is an area where we continue to see nice growth.

所以我們現階段還沒有將其分開，但我們繼續看到這個領域的良好成長。

We see it in terms of in-theater consumption.

我們從戲院內消費的角度來看這一點。

Obviously, some of those popcorn tubs have gone viral recently, and that has prompted an increase of sales.

顯然，其中一些爆米花桶最近已經走紅，這促使銷量增加。

We've also been expanding our e-commerce channel and having the option to actually sell those types of goods beyond our theaters, which has been also a nice incremental source of growth.

我們也一直在擴大我們的電子商務管道，並可以選擇在我們的影院之外實際銷售這些類型的商品，這也是一個很好的增量成長來源。

So it's something that we do see as just part of one of the many areas that are carrying forward our per-cap growth year over year, and we think we'll continue to do so.

因此，我們確實認為這只是逐年推動我們的人均成長的眾多領域之一，我們認為我們將繼續這樣做。

That's something that we'll look into providing more color on in the future.

我們將來會考慮提供更多的色彩。

Okay, thanks, Sean.

好的，謝謝，肖恩。

And just some follow-up questions.

還有一些後續問題。

So look, we at Wall Street, we're acutely aware of all of the big movies that are coming out in 2025 and 2026.

所以看，我們華爾街，我們敏銳地意識到 2025 年和 2026 年上映的所有大電影。

How aware do you think your audiences are of this, and how can you maybe take advantage of improved awareness of big titles coming to maybe push Movie Club sales sort of ahead of the big wave?

您認為您的觀眾對此了解程度如何？

It's a great question and something that we've actually been discussing at a NATO level, in our industry trade association, of how to continue to create better awareness and, you know, counter some of the negativity, negative media articles that are sometimes out there which just aren't always entirely accurate, you know, about movie going.

這是一個很好的問題，我們實際上一直在北約層面、我們的行業貿易協會中討論如何繼續提高認識，以及如何反擊有時會出現的一些負面媒體文章。總是完全準確。

So there are certain things that we're exploring, like the concept of an awareness day that provides more color to upcoming films.

因此，我們正在探索某些事情，例如為即將上映的電影提供更多色彩的宣傳日概念。

Clearly there are the trailers that we are showcasing with movies in theaters, but there may even be more that we can do.

顯然，我們在影院中隨電影一起展示了預告片，但我們甚至可以做更多的事情。

We have a tremendous amount, like we talk about all the volume of communication we send out to our 20 million-plus loyalty members, and we have access to over 30 million addressable consumers, just we have connectivity to.

我們擁有大量訊息，就像我們談論向超過 2000 萬忠誠會員發送的所有通訊量一樣，我們可以接觸到超過 3000 萬可尋址消費者，只要我們有連接即可。

So we're sending them that out, but how we can continue to do that more effectively is an ongoing conversation, because you're right, the content both next year and 2026 is just very compelling, and it's good to try to build some of that hype early.

所以我們正在向他們發送這些內容，但我們如何繼續更有效地做到這一點是一個持續的對話，因為你是對的，明年和2026 年的內容都非常引人注目，嘗試構建一些內容是很好的早期的炒作。

Omar Mejias, Wells Fargo.

奧馬爾‧梅希亞斯，富國銀行。

Good morning.

早安.

Thank you for taking my question.

謝謝你回答我的問題。

Maybe first, Sean, market share performance was very strong and came in above historical levels, despite capacity constraints from having a strong overall box office quarter.

也許首先，肖恩，市佔率表現非常強勁，並且高於歷史水平，儘管整體票房強勁的季度造成容量限制。

Can you maybe unpack the drivers of the outperformance, including mix of films and PLF performance versus organic charging?

您能否分析一下表現優異的驅動因素，包括薄膜和 PLF 性能與有機充電的組合？

Thanks.

謝謝。

Sure.

當然。

Thanks for the question, Omar.

謝謝你的提問，奧馬爾。

Yes, you're right.

是的，你說得對。

While we definitely saw some of those capacity constraints, you know, hit us a bit more than we've seen in the past as volume grew in July, one of the things that really helped us overcome that was certainly the benefit of the initiatives we've been pursuing to expand our audiences and connect more with our consumers, but also a mix of films, especially in the US that really resonated particularly well across our circuit.

雖然我們確實看到了其中一些產能限制，但隨著 7 月份銷量的增長，對我們的打擊比過去更大，但真正幫助我們克服這一問題的因素之一肯定是我們採取的舉措的好處。致力於擴大我們的觀眾群並與我們的消費者建立更多聯繫，同時也致力於融合電影，尤其是在美國，在我們的戲院中產生特別好的共鳴。

Family, horror, nostalgia films, like those all really connected, and I would say were the probably the biggest component of that incremental outperformance in market share relative to the approximate 100 or so basis points that we talk about versus pre pandemic levels in this quarter in particular.

家庭電影、恐怖電影、懷舊電影等所有真正相關的電影，我想說，相對於我們談論的本季度大流行前水平的大約 100 個基點，這可能是市場份額增量表現出色的最大組成部分尤其。

Thank you.

謝謝。

Thank you so much.

太感謝了。

Maybe one more for Melissa.

也許還有一個給梅麗莎。

You guys have talked to about actively capitalizing on market opportunities and potentially adding new assets.

你們談到了積極利用市場機會並可能增加新資產。

As you exit this period of uncertainty and still looking to potentially reinstate a dividend in early 2025, do you see any attractive M&A opportunities to continue to expand the footprint, especially in North America, with some assets becoming potentially available or even South America?

當您結束這段不確定時期並仍然希望在 2025 年初恢復股息時，您是否看到任何有吸引力的併購機會來繼續擴大業務，特別是在北美，一些資產可能變得可用，甚至南美？

Any color there would be helpful.

任何顏色都會有幫助。

Thank you.

謝謝。

Sure.

當然。

So I'll just talk first broadly from a capital allocation standpoint.

因此，我首先從資本配置的角度進行廣泛討論。

So ultimately, we have our, our three pillars that I mentioned in my prepared remarks of strengthening the balance sheet, investing in accretive opportunities, as well as returning excess capital to shareholders with the near-term focus on the first two pillars.

因此，最終，我們擁有了我在準備好的發言中提到的三個支柱，即加強資產負債表、投資增值機會以及將多餘資本返還給股東，近期重點關注前兩個支柱。

Certainly within the investments in long-term success, M&A is a consideration as we evaluate those capital allocation priorities and as the industry rebounds.

當然，在長期成功的投資中，當我們評估這些資本配置優先事項和產業反彈時，併購是一個考慮因素。

Sean, do you want to take some specifics on the market side?

Sean，您想了解一些市場上的具體情況嗎？

Yeah.

是的。

I mean, as far as particular assets, we're consistently evaluating the landscape of what opportunities might come available or are available.

我的意思是，就特定資產而言，我們一直在評估可能出現或現有的機會的情況。

Thus far, the limited types of opportunities that have come to market really haven't met our investment thresholds in terms of like the quality assets and the expectations of the sellers.

到目前為止，市場上的機會類型有限，無論是優質資產還是賣家的期望，確實沒有達到我們的投資門檻。

But that said, we do think that now that our industry continues to turn the corner and rebound a would-be seller who is able to make it through kind of the tougher period, you don't want to sell in a down market.

但話雖如此，我們確實認為，現在我們的行業正在繼續扭轉局面，並且有能力度過困難時期的潛在賣家將會反彈，你不想在低迷的市場中出售。

We think there's certainly the potential for higher quality assets to start to surface probably more so in the US than international.

我們認為，更高品質的資產肯定有可能開始出現，在美國可能比在國際上更是如此。

I know you mentioned LatAm.

我知道你提到了拉丁美洲。

LatAm, it tends to be a more concentrated market amongst the, the major operators in each country.

拉丁美洲，它往往是每個國家的主要營運商更集中的市場。

And those operators are very financially well to do.

這些運營商的財務狀況非常好。

So there's not necessarily a need for them to sell.

所以他們不一定需要出售。

But I do think in the US, we could start to see more attractive opportunities surface in the next year or so.

但我確實認為在美國，我們可能會在明年左右開始看到更多有吸引力的機會出現。

Chad Beynon, Macquarie Asset Management.

貝農 (Chad Beynon)，麥格理資產管理公司。

Hi, good morning, Sean and Melissa.

嗨，早上好，肖恩和梅麗莎。

Thanks for taking my question.

感謝您提出我的問題。

Sean, you kind of give us a preview into the 2025 blockbuster slate, which we're all well aware and excited about.

Sean，你讓我們對 2025 年的大片進行了預覽，我們都對此非常了解並感到興奮。

As we think about the Latin American market, thinking about what you noted in some of the underperformance this quarter, which is some movies that didn't resonate as well, do you think there'll be stark differences in terms of attendance levels or interest in the content that we're aware of from a Hollywood standpoint down in Latin America?

當我們考慮拉丁美洲市場時，請考慮您在本季度表現不佳的一些電影，即一些沒有引起共鳴的電影，您認為在上座率或興趣方面會有明顯差異嗎？看拉丁美洲的內容中？

Thanks.

謝謝。

Thanks.

謝謝。

Great, great question.

很好，很好的問題。

I think across the totality of the year, it will likely be relatively balanced.

我認為從全年來看，可能會相對平衡。

When you look at films like Avatar 3 and Jurassic World and How to Train Your Dragon, Minecraft, Zootopia, like all those films, obviously Paddington in Peru, in that country.

當你看《阿凡達3》、《侏羅紀世界》、《馴龍高手》、《我的世界》、《瘋狂動物城》等電影時，就像所有這些電影一樣，顯然是在秘魯的帕丁頓熊。

All those films we expect will resonate very well in the market.

我們預計所有這些電影都會在市場上引起很好的反響。

On the flip side, a film like Wicked part two, the next Mission Impossible to a certain degree, even like a Captain America, those may under index a bit relative to the US.

另一方面，像《魔法壞女巫》第二部這樣的電影，在某種程度上是下一部《碟中諜》，甚至像《美國隊長》，這些電影的索引可能會與美國相關。

So you could see a little bit of fluctuation quarter to quarter, depending on when those titles release, but on the whole of the year, we think it'll be relatively balanced in comparison to the types of performances we'd see in the US.

因此，你可能會看到每個季度都會有一些波動，這取決於這些遊戲的發佈時間，但從全年來看，我們認為與我們在美國看到的表現類型相比，它會相對平衡。

Okay.

好的。

Thank you.

謝謝。

And then just thinking about Movie Club here with, with all the content in the next 12 to 24 months, how frequently are you adjusting prices?

然後想想電影俱樂部，以及未來 12 到 24 個月內的所有內容，你們調整價格的頻率是多少？

And you talked about the communication with the members right now.

您也談到了現在和成員們的溝通。

But I guess my question is, are there opportunities to grow this because of the content?

但我想我的問題是，是否有機會因為內容而成長？

And then secondly, are there opportunities to maybe raise prices just because of how good of a deal members are currently getting?

其次，是否有機會僅因為會員目前獲得的優惠而提高價格？

Sure.

當然。

Well, I mean, I'll speak broadly.

嗯，我的意思是，我會廣泛談論。

We continue to be really pleased with the performance of movie club and the degree of value and satisfaction that our members derive from it.

我們仍然對電影俱樂部的表現以及我們的會員從中獲得的價值和滿意度感到非常滿意。

And the increased movie going frequency we see because of that, as we’ve mentioned it's consistently now accounting for approximately 25% of our box office in the US.

因此，我們看到觀影頻率不斷增加，正如我們所提到的，它目前一直占我們美國票房的 25% 左右。

We get great feedback from our members and we're constantly looking for ways to add enhanced value into the club with surprise and delight types of events and things like that.

我們從會員那裡得到了很好的回饋，我們一直在尋找透過令人驚喜和愉悅的活動等方式為俱樂部增加價值的方法。

In terms of your specific comment or question on pricing that we do look at that obviously over time to time.

就您對定價的具體評論或問題而言，我們確實會不時地進行研究。

And we're focused on kind of what's the parity of the pricing relative to our base level ticket prices.

我們關注的是定價相對於我們的基本票價的平價。

So we want to make sure that that stays in line.

所以我們要確保這一點保持一致。

So we're conscious of that staying in an appropriate place.

所以我們意識到留在適當的地方。

And at the same time, not having too frequent of price increases that can potentially agitate our consumer base.

同時，不要過於頻繁地漲價，否則可能會激怒我們的消費者群。

So we have a whole team that is looking at pricing on the whole at a theater level and using a ton of data to drive a lot of that decision-making and it applies to movie club as well.

因此，我們有一整個團隊正在研究影院層面的整體定價，並使用大量數據來推動大量決策，這也適用於電影俱樂部。

So it's something that we do look at.

所以這是我們確實關注的事情。

We'll continue to look at, we had a price increase not too long ago, which went very smoothly.

我們會繼續關注，前不久我們漲價了，進展非常順利。

And I don't know, Melissa, if there's anything to add to that.

我不知道梅麗莎是否還有什麼要補充的。

I would just reiterate the way that we're -- we think about it is looking overall at the value proposition for the customer within movie club, trying to continue to grow that subscriber base, which we still think we have runway there.

我只想重申我們的方式——我們認為整體著眼於電影俱樂部內客戶的價值主張，試圖繼續擴大訂戶基礎，我們仍然認為我們在那裡有跑道。

So it's really balancing those dynamics again, as Sean said, also with our base pricing and the benefits that consumers receiving, but we've been really happy with the results we've seen today.

因此，正如肖恩所說，這確實再次平衡了這些動態，以及我們的基本定價和消費者獲得的好處，但我們對今天看到的結果感到非常滿意。

Thank you both.

謝謝你們倆。

The agitation is definitely less than what we see from the streamers personally.

這種騷動肯定比我們從主播身上看到的還要少。

Daniel Duran, Morgan Stanley.

丹尼爾‧杜蘭，摩根士丹利。

Hi, Sean.

嗨，肖恩。

Hi, Melissa.

嗨，梅麗莎。

Thank you for taking my question.

謝謝你回答我的問題。

How do you assess the attractiveness of buybacks versus dividends as you get back to returning capital to shareholders in 2025?

當您在 2025 年重新向股東返還資本時，您如何評估回購與股利的吸引力？

So in terms of our capital allocation strategy and dividend versus buyback.

因此，就我們的資本配置策略以及股利與回購而言。

So that's something, as we mentioned, we're looking at re-evaluating our overall capital allocation priorities as part of our 2025 budgeting process.

因此，正如我們所提到的，我們正在考慮重新評估我們的整體資本配置優先事項，作為 2025 年預算流程的一部分。

And as part of that, we will be evaluating our third pillar as well, which is returning excess capital to shareholders, dividends and site stock buybacks.

作為其中的一部分，我們還將評估我們的第三個支柱，即向股東返還多餘的資本、股息和現場股票回購。

As you would imagine, we're taking a comprehensive approach, and we will evaluate both of those.

正如您所想像的那樣，我們正在採取全面的方法，並且我們將評估這兩者。

There are certainly different considerations in both of those, but what we're ultimately trying to do is maximize long-term shareholder value and return.

兩者當然有不同的考慮因素，但我們最終要做的是最大化長期股東價值和回報。

So that will be guiding the decisions that we make overarchingly on our capital allocation strategy going forward.

因此，這將指導我們在未來的資本配置策略上做出的整體決策。

Got it.

知道了。

Thank you.

謝謝。

And just a quick second one, and you've kind of already talked on market share gains this quarter, but do you believe these market share gains versus 2019 are sustainable?

快速介紹第二個問題，您已經談到了本季的市佔率成長，但您認為與 2019 年相比，這些市場佔有率的成長是可持續的嗎？

Is any of the market share over performance we've seen due to continued balance sheet stress of the competition?

由於競爭對手持續的資產負債表壓力，我們所看到的市佔率是否超過了業績？

And on a full-year basis, should we assume market share levels change as the box office further recovers in the years ahead?

從全年來看，我們是否應該假設隨著未來幾年票房的進一步復甦，市場佔有率水平會發生變化？

Thank you.

謝謝。

Yeah.

是的。

So I can start with that one.

所以我可以從那個開始。

So as we think about -- maybe I'll start with fourth quarter because I think it's important to remember that our market share does fluctuate quarter to quarter dependent upon film mix.

因此，當我們思考時，也許我會從第四季度開始，因為我認為重要的是要記住，我們的市場份額確實會根據電影組合而按季度波動。

And as it relates to Q4 specifically, our market share may trend lower than it's been running year to date due to content mix, as well as possible capacity constraints that you mentioned.

由於具體涉及第四季度，由於內容組合以及您提到的可能的容量限制，我們的市場份額可能會低於今年迄今為止的水平。

We do expect to have strong performance on the family content during the quarter as that genre tends to resonate well with our suburban footprint.

我們確實預期本季家庭內容會有強勁表現，因為該類型往往與我們的郊區足跡產生良好共鳴。

However, some of the content on the slate such as Wicked may skew more metro causing our share to moderate a bit.

然而，一些內容（例如 Wicked）可能會偏向地鐵，導致我們的份額略有下降。

So we'll just have to see how the box office shakes out, but we do expect there could be some pullback there.

因此，我們只需要看看票房如何變化，但我們確實預計票房可能會出現一些回落。

Beyond 2024, we do think on a full year basis that we believe that a hundred basis points of share improvement relative to our pre pandemic results continues to be a reasonable expectation as wide release volume ramps back up.

2024 年之後，我們確實認為，從全年的角度來看，隨著廣泛釋放量的回升，相對於大流行前的業績，份額改善 100 個基點仍然是合理的預期。

And we start to hit more of those seating capacity constraints that may limit our overall share.

我們開始遇到更多的座位容量限制，這可能會限制我們的整體份額。

Robert Fishman, MoffettNathanson.

羅伯特‧菲什曼，莫菲特‧內森森。

Good morning, everyone.

大家早安。

I'll start one for Sean and then one from Melissa.

我先為肖恩（Sean）做一份，然後為梅麗莎（Melissa）做一份。

Sean, following up on the movie club member conversation and your prior answer about the 21 million Cinemark movie reward members.

肖恩，跟進電影俱樂部會員的談話以及您之前關於 2100 萬喜滿客電影獎勵會員的回答。

Can you just talk about how the studios partner with you to target these loyal fans?

您能談談工作室是如何與您合作瞄準這些忠實粉絲的嗎？

And have you considered even partnering or bundling with any of their streaming services to bring a joint subscription offering to moviegoers?

您是否考慮過與他們的任何串流媒體服務合作或捆綁，為電影觀眾提供聯合訂閱服務？

Sure.

當然。

Well, look, we have a lot of partnership with our studios in both programs.

好吧，看，我們在這兩個項目中都與我們的工作室建立了很多合作夥伴關係。

I mean, I think we've been able to demonstrate how -- I mean, certainly in the case of Movie Club, how that leads to increased movie going frequency, increased selection of consumers to upgrade.

我的意思是，我認為我們已經能夠展示如何——我的意思是，當然就電影俱樂部而言，這如何導致增加看電影的頻率，增加消費者升級的選擇。

So they've given us special types of promotions with screenings and things of that sort for our overall loyalty program.

因此，他們為我們的整體忠誠度計劃提供了特殊類型的促銷活動，包括放映和類似的活動。

We get different types of movie gear and things and promos and things of that sort that we're able to put into the rewards carousel that consumers can select through.

我們獲得不同類型的電影裝備、宣傳片以及諸如此類的東西，我們可以將它們放入消費者可以選擇的獎勵輪播中。

We work with them also just as part of our overall joint marketing efforts when they have an upcoming film.

當他們即將上映的電影時，我們與他們合作也是我們整體聯合行銷工作的一部分。

As an example, if somebody has amassed a certain amount of credits that they haven't used, we can target those consumers if we know it's a piece of content that they like and try to promote that to those specific consumers to try to get them to convert into a ticket sale.

舉個例子，如果某人累積了一定數量的積分但尚未使用，如果我們知道這是他們喜歡的內容，我們就可以瞄準這些消費者，並嘗試將其推廣給那些特定的消費者，以吸引他們轉化為門票銷售。

So there's a range of things that we do there.

所以我們在那裡做了一系列的事情。

As far as partnering up and kind of marrying it up to their programs.

至於合作以及將其與他們的項目結合。

We have done that in the past with our loyalty program with Disney.

我們過去已經透過迪士尼的忠誠度計劃做到了這一點。

Not everybody has their own loyalty program like that.

並不是每個人都有自己的忠誠度計畫。

So obviously Disney does.

顯然迪士尼就是這麼做的。

So there's are things that we certainly have done, and you would consider to do depending on what those types of programs are and what the structure is.

因此，我們確實已經做了一些事情，您會根據這些程式的類型和結構來考慮做這些事情。

But yeah, I think the studios have been highly encouraged by what they've seen from the impact that those programs of ours as loyalty programs we have do for supporting their content.

但是，是的，我認為工作室對我們為支持他們的內容所做的忠誠度計劃所產生的影響感到非常鼓舞。

Okay.

好的。

Thank you.

謝謝。

And Melissa, NATO put out a big headline last month of the $2.2 billion of investment to modernize and upgrade the theaters.

梅麗莎，北約上個月發布了一個大標題，稱投資 22 億美元對劇院進行現代化和升級。

I think it was over the next three years across the eight largest domestic theater chains.

我認為這是未來三年國內八家最大連鎖院線的情況。

So any way to help think about what Cinemark's planned investment will be over that time period?

那麼有什麼方法可以幫助我們思考喜滿客在這段期間的計畫投資是多少呢？

And just maybe more broadly, how do you think about your competitive positioning in future CapEx spending relative to your peers?

也許更廣泛地說，您如何看待您相對於同業在未來資本支出支出方面的競爭地位？

Like maybe any bigger initiatives that Cinemark is considering to keep you ahead of everyone else?

就像喜滿客正在考慮的任何更大的舉措一樣，以使您領先於其他人？

Thanks for the question, Robert.

謝謝你的提問，羅伯特。

So a couple of things on the NATO report.

北約報告中有幾件事。

So they did announce $2.2 billion of investments over the next few years.

因此他們確實宣布了未來幾年的 22 億美元投資。

Within that number, they did include the $200 million -- $200 million a year for us, which was part of our normalized range that we had disclosed of $200 million to $250 million.

在這個數字中，他們確實包括我們每年 2 億美元——2 億美元，這是我們披露的 2 億至 2.5 億美元標準化範圍的一部分。

So that is our share of that.

這就是我們的份額。

What -- the other things I would mention there is if you think about our consistent investments that we've made to maintain a high quality circuit and enhance the theatrical experience for our guests, we certainly do feel that that has created a competitive advantage.

我要提到的其他事情是，如果你考慮到我們為維持高品質的影院和增強觀眾的影院體驗而進行的持續投資，我們確實認為這創造了競爭優勢。

And as we look forward, we do expect that our investment levels may continue to over index versus peers, which again, we think will further differentiate Cinemark.

展望未來，我們確實預期我們的投資水準可能會繼續高於指數與同行，我們認為這將進一步使喜滿客脫穎而出。

So we do expect that over indexing essentially to occur.

因此，我們確實預期過度索引基本上會發生。

As you think about our spending over the next couple of years, we've said on a normalized basis, we'd expect to grow to around $200 million to $250 million.

當你考慮到我們未來幾年的支出時，我們已經說過，在正常化的基礎上，我們預計會成長到 2 億至 2.5 億美元左右。

The one thing that I would keep in mind there is while we're still underway with our budgeting process for 2025 based on -- and we can't provide specific expectations yet, we'll do so on our February call.

我要記住的一件事是，雖然我們仍在進行 2025 年的預算流程，但我們目前還無法提供具體的預期，我們將在 2 月的電話會議上這樣做。

But based on the ROI generating initiatives in front of us, we do think that it's certainly possible that we get within that range as soon as 2025.

但根據我們面前的投資回報率產生計劃，我們確實認為我們最早有可能在 2025 年達到該範圍。

Now, ultimately box office expectations as well as cashflow generation will factor into the levels of spend that we do undertake in 2025.

現在，票房預期和現金流產生最終將影響我們 2025 年的支出水準。

But I think it's just important to call out that we could get within that range as soon as next year.

但我認為重要的是要指出我們最早可以在明年達到這個範圍。

[Maikiki, Benchmark].

[Maikiki，基準]。

This is

這是

[Shanda].

[盛大].

Thanks for taking our questions.

感謝您回答我們的問題。

Great quarter.

很棒的季度。

Congratulations.

恭喜。

First topic on would be a consumer.

第一個主題是消費者。

Definitely seeing some pressure here.

一定會看到這裡有一些壓力。

I'm just curious if you think you're sort of in the position now of benefiting from the trade down effect.

我只是好奇你是否認為你現在處於從貿易下降效應中受益的位置。

And you think for the quarter, at least your ticket price domestically was $10 concession per patrons averaging $8, which means, for a $20 spot, I can give my daughter, she can have a great time with her friends.

你認為這個季度，至少你的國內票價是每位顧客10 美元的優惠，平均8 美元，這意味著，對於20 美元的座位，我可以給我的女兒，她可以和她的朋友們度過愉快的時光。

The value proposition of that scenario in this environment just seems pretty remarkable.

在這種環境下，該場景的價值主張似乎相當引人注目。

So I guess that's the first question.

所以我想這是第一個問題。

Are you benefiting here given the state of the consumer?

考慮到消費者的狀況，您是否從中受益？

And the second one would be given that we're not, how are you thinking about pricing moving forward in this environment and how sensitive do you think your patrons are to ticket pricing here?

第二個問題是，我們不是，您如何考慮在這種環境下向前推進的定價以及您認為您的顧客對這裡的門票定價有多敏感？

Thank you, guys.

謝謝你們，夥計們。

Thanks for the questions, Mike.

謝謝你的提問，麥克。

It's an interesting one.

這是一件有趣的事。

You're right.

你說得對。

That is historically something we've seen is theatrical exhibition will tend to buck the trends of broader macroeconomic cycles.

從歷史上看，我們已經看到，戲劇展覽往往與更廣泛的宏觀經濟週期的趨勢背道而馳。

So in periods where it's an inflationary market or recessionary market and consumers' pockets are being more pinched, movies, I guess in theory benefit from that because we continue to be one of the more affordable, localized, premium entertainment choices that consumers have at their disposal when they want to get out of the house for some fun.

因此，在通貨膨脹市場或衰退市場以及消費者的口袋更加緊縮的時期，我想理論上電影會從中受益，因為我們仍然是消費者在他們的生活中擁有的更實惠、本地化、優質的娛樂選擇之一。

The extent to which we're benefiting from that is a little bit difficult to tease out.

我們從中受益的程度有點難以弄清楚。

And what we've generally seen in the past of clearly, strength of content is the biggest driver of people coming to the movies.

我們過去普遍看到，內容的強度是人們看電影的最大動力。

So we've seen when compelling contents in the marketplace that even in those tough periods people are coming out.

因此，我們看到，當市場上的內容引人注目時，即使在那些困難時期，人們也會站出來。

And I think what I've always found remarkable, and we continue to see it now, I mean, maybe this is one example of people will elect to come out to the theaters and they continue to indulge in many of the enhanced options we’ve had.

我認為我一直發現的非凡之處，我們現在繼續看到它，我的意思是，也許這是人們會選擇去劇院的一個例子，他們繼續沉迷於我們的許多增強選項——曾經有過。

Like I've always anticipated, oh maybe we'll start to see a little bit of a dip in people in their food and beverage consumption and them electing some of the premium offerings that we have.

就像我一直預期的那樣，哦，也許我們會開始看到人們的食品和飲料消費量下降，並且他們會選擇我們擁有的一些優質產品。

And we just haven't seen that here in the US or throughout Latin America where some of those ups and downs tend to be a bit more radical.

我們只是還沒有看到在美國或整個拉丁美洲，其中一些起伏往往更加激進。

So we're not seeing it.

所以我們沒有看到它。

So, yeah, I do think we kind of benefit a bit from people maybe downgrading on that more expensive vacation, a more expensive type of activity coming in.

所以，是的，我確實認為我們從人們可能會在更昂貴的假期、更昂貴的活動類型中降級中受益。

It's hard to specifically tease out how much that is.

很難具體弄清楚這個數字是多少。

And then Mike, I'll take the second part of your question around pricing moving forward.

然後麥克，我將回答你關於定價問題的第二部分。

And you asked also around consumer sensitivity to price.

您也詢問了消費者對價格的敏感度。

So we do know that the number one deterrent to movie going is price.

所以我們確實知道，看電影的第一大障礙是價格。

So that is certainly something that we analyze on an ongoing basis.

所以這肯定是我們持續分析的事情。

And we're very mindful of given our overarching strategy is to maximize attendance and box office.

我們非常注意我們的整體策略是最大限度地提高上座率和票房。

So ultimately, we can further monetize with ancillary revenues.

因此最終，我們可以透過輔助收入進一步貨幣化。

So we're very mindful of price.

所以我們非常注重價格。

We continue to lean into data and analytics and take a very surgical approach to our pricing decisions.

我們繼續依靠數據和分析，並對我們的定價決策採取非常嚴格的方法。

As you look forward, we do see opportunity to continue to modestly grow our domestic ticket prices.

正如您所期望的那樣，我們確實看到了繼續適度提高國內票價的機會。

As you know, they do fluctuate quarter to quarter based on film mix, but we do see room for further growth on the ticket price.

如您所知，它們確實會根據電影組合而按季度波動，但我們確實看到票價有進一步增長的空間。

Just the one call out I would make this to be mindful of in the near term for fourth quarter is that we are lapping Taylor Swift from last year.

我要在第四季的近期內提醒大家注意的一個問題是，我們正在超越去年的泰勒絲。

So just keep in mind that Q4 pricing might be flat to slightly down, but as we think kind of more broadly beyond 2024, we expect to continue to be able to have modest growth in our ticket prices.

因此請記住，第四季度的票價可能持平或略有下降，但隨著我們對 2024 年後更廣泛的思考，我們預計票價將繼續保持適度增長。

Jim Goss, Barrington Research.

吉姆‧戈斯，巴靈頓研究中心。

Thanks.

謝謝。

You've talked more about alternative content options in recent quarters.

最近幾個季度，您更多地談論了替代內容選項。

And while the need may be lessening somewhat since the film flow is improving, IMAX was discussing a improved platform utilization on its own yesterday.

雖然由於電影流量正在改善，需求可能會有所減少，但 IMAX 昨天正在討論如何提高平台利用率。

And I wonder if you might talk about how this might fit in going forward, both in terms of something unique to Cinemark and, and maybe something in conjunction with others in the industry, Fathom or whatever , that might be a better way to create some initiatives that might be successful.

我想知道你是否可以談談這將如何適應未來，無論是喜滿客獨有的東西，還是與業內其他人、Fathom 或其他東西結合的東西，這可能是創造一些東西的更好方法。會成功的舉措。

Sure thing.

當然可以。

Well, yeah, I personally am thrilled to see some growth in non-traditional content.

是的，我個人很高興看到非傳統內容的成長。

I've long been a believer that there is a lot more potential than we were realizing pre pandemic in this space and, and a bit frustrated that it had never really taken off as much.

長期以來，我一直相信，這個領域的潛力比我們在疫情大流行前意識到的要大得多，而且有點沮喪的是，它從未真正起飛過。

And now we're finally seeing that.

現在我們終於看到了這一點。

On a go forward basis, I think even as more of the larger Hollywood films come back into the fold with further volume recovery, there will continue to be a place for these types of films, just because there's a solid audience response for them.

展望未來，我認為，即使更多的好萊塢大片隨著銷量的進一步恢復而回歸，這類電影仍將有一席之地，因為它們有堅實的觀眾反響。

Some of these movies are doing considerable business at the level of Hollywood films.

其中一些電影的票房可觀，達到了好萊塢電影的水平。

Even you look at some of the faith-based concert, you look at some of the multicultural content, optimistic that we'll start to see some more concert films as well.

即使你看一些基於信仰的音樂會，你也會看一些多元文化的內容，樂觀地認為我們也會開始看到更多的音樂會電影。

When you look at the success of Taylor Swift and Beyoncé last year.

當你看看泰勒絲和碧昂絲去年的成功。

So there's always going to be perhaps a bit of timing, making sure that the scheduling and programming of those don't coincide with a, you know, a week or two-week period in the summer where is already a substantial amount of volume.

因此，總是會有一些時間安排，確保這些活動的安排和安排不會與夏季的一周或兩週時間重合，而夏季的一周或兩週時間已經有很大的數量。

But keep in mind, most of our theaters, we've got a number of screens and the ability to program these in the midst and in parallel with the big Hollywood content.

但請記住，我們的大多數劇院都擁有許多螢幕，並且能夠在播放好萊塢大片的同時對這些螢幕進行編程。

So I definitely think it can continue to be a source of box office lift.

所以我絕對認為它可以繼續成為票房提升的來源。

We've always felt it could represent up to 5% or so of box office.

我們一直認為它可以佔票房的 5% 左右。

For us last year, it was 14%, Year to date this year, it's still been about 10%.

去年我們是 14%，今年迄今為止，仍然是 10% 左右。

So it's over indexing right now.

所以現在索引已經結束了。

And again, I think it'll continue to be, to have its place on a go forward basis and hopefully continue to grow.

再說一次，我認為它將繼續保持其地位，並希望繼續成長。

Okay.

好的。

And are there live events that you might make some headway with this big network around the country or will rights offerings still get in the way of getting any of that done?

是否有一些現場活動可以讓您透過這個遍布全國的大型網路取得一些進展，或者版權產品是否仍然會妨礙完成這些活動？

Well, yes.

嗯，是的。

I mean, we have the ability to do live events and we've done that.

我的意思是，我們有能力舉辦現場活動，而且我們已經做到了。

We broadcast BTS live.

我們現場直播 BTS。

We do live Q&A sessions that we broadcast across our network.

我們透過網路進行現場問答會議。

I mean, we have the ability to broadcast not only within our Cinemark network, but to other theater chains as well.

我的意思是，我們不僅有能力在喜滿客網絡內播放，還可以向其他連鎖影院播放。

If you're commenting specifically on sports, sports in traditional sports is a more complicated area because of the rights that you're talking about, like unraveling that.

如果您專門評論體育運動，那麼傳統體育運動是一個更複雜的領域，因為您正在談論權利，例如闡明這一點。

We've had some success in that in the past with Disney and their relationship with -- their ownership of ESPN where we've been able to pierce through that, but it is a complicated and challenging area to navigate.

過去我們在這方面與迪士尼以及他們與 ESPN 的所有權的關係取得了一些成功，我們已經能夠突破這一點，但這是一個複雜且具有挑戰性的領域。

So there's still work to be done there.

因此，那裡仍有工作要做。

But we've done gaming types of events and there's a fantastic consumer response to it.

但我們已經舉辦了遊戲類型的活動，消費者對此反應熱烈。

So it's another pocket where I'd say it's been limited in the number of events there have been to date, but certainly there is opportunity there.

因此，我想說，這是另一個領域，迄今為止舉辦的活動數量有限，但那裡肯定有機會。

And there's been phenomenal fan response when we've done those types of things.

當我們做這些事情時，粉絲們的反應非常熱烈。

Okay.

好的。

One last thing, your notable upcoming films are very franchise heavy.

最後一件事，您即將上映的著名電影非常注重特許經營權。

So that should give some comfort in terms of future projections, but you've also talked about the breadth of content that's developing.

因此，這應該會為未來的預測帶來一些安慰，但您也談到了正在開發的內容的廣度。

I'm wondering if that breadth of content is creating some demographic shifts you may be experiencing and whether that might also be helping, say, your Movie Club efforts and your proactive push marketing to those members.

我想知道內容的廣度是否會造成您可能正在經歷的一些人口變化，以及這是否也可能有助於您的電影俱樂部工作和對這些會員的主動推送行銷。

Absolutely.

絕對地。

I mean, we believe that what is most healthy for the industry is a broad range of compelling content that speaks to wide audience base.

我的意思是，我們相信對這個行業來說最健康的是廣泛的、吸引廣泛受眾群體的引人注目的內容。

We tend to talk about and focus more on these calls on the bigger films that will obviously drive a larger portion of the box office, but that by no means suggests that the non-franchise, smaller and mid-tier films are not important.

我們傾向於更多地談論和關注對大片的呼籲，這些大片顯然會帶來更大的票房收入，但這絕不意味著非特許經營、小規模和中型電影不重要。

They absolutely are.

他們絕對是。

We look at the potential for some of those original types of films to do big business and support.

我們著眼於一些原創類型的電影獲得大生意和支持的潛力。

It's necessary.

有必要。

And you're right.

你是對的。

Our most frequent movie goers, our movie club members, they consume a high amount of franchise films and non-franchise films.

我們最常看電影的人，我們的電影俱樂部成員，他們消費了大量的特許經營電影和非特許經營電影。

So it's one of the things that gives us optimism as we look forward is more of that type of content fills back in.

因此，讓我們感到樂觀的事情之一是，我們期待更多此類內容的回歸。

It provides a greater amount of opportunities for specific fans of that -- those types of films, as well as the kinds of fans who consume everything to just see more content.

它為特定的電影迷以及那些為了看到更多內容而消費一切的粉絲提供了更多的機會。

So absolutely, think that -- and by the way, I would say too, that to a large degree, the more flexible type of release model that exists now, it improves the risk equation for studios on that type of content.

所以絕對，順便說一句，我也會說，在很大程度上，現在存在的更靈活的發行模式類型，它改善了工作室在該類型內容上的風險方程式。

And we started to see the opportunity for more of that to come in and studios lean a bit more into that, which was becoming a struggle pre-pandemic with a longer window.

我們開始看到更多這樣的機會進來，工作室也更傾向於這一點，這在大流行前已經成為一場更長窗口的鬥爭。

So I'd say it's one of the benefits that has come out of a more flexible window is it allows for a greater opportunity for studios to take chances on that type of film and be able to do so in a profitable way.

所以我想說，更靈活的窗口帶來的好處之一是，它為製片廠提供了更大的機會在此類電影上抓住機會，並能夠以盈利的方式做到這一點。

Steven Laszczyk, Goldman Sachs.

史蒂文‧拉斯奇克，高盛。

Hey, great.

嘿，太棒了。

Good morning.

早安.

Thanks for taking the question.

感謝您提出問題。

Just one for me.

只給我一個。

Sean, could you give us your latest thoughts on how you expect the competitive dynamic and industry to play out as the slate ramps here in 4Q and into 2025?

Sean，您能否向我們介紹一下您對隨著第四季度和 2025 年競爭動態和行業發展的預期的最新想法？

And just curious to the extent to which competition might be framing the way you're approaching pricing either at the box or over at Movie Club.

只是好奇競爭可能會在多大程度上影響你在盒子裡或電影俱樂部的定價方式。

Thank you.

謝謝。

Sure.

當然。

I mean, I think it probably touches on a couple of the concepts we've spoken to.

我的意思是，我認為它可能涉及我們已經討論過的幾個概念。

One just as more compelling films come to theaters and we hit some more of our capacity limits in terms of our maximum seating occupancies that can affect our share.

隨著更多引人入勝的電影進入影院，我們在最大座位佔用率方面達到了更多的容量限制，這可能會影響我們的份額。

In some ways, it's a good problem to have in that we're being fully utilized.

從某些方面來說，這是一個好問題，因為我們正在被充分利用。

It's our kind of most profitable type of scenario to have.

這是我們最有利可圖的場景類型。

But from a competitive landscape, we could just see our share come down a tick as Melissa was referencing earlier.

但從競爭格局來看，我們的份額可能會下降，正如梅麗莎之前提到的那樣。

I'd say the way we approach our business, we're continuing just to do a wide range of consumer facing initiatives to enhance the entertainment value that we provide.

我想說的是，我們開展業務的方式是，我們將繼續開展各種面向消費者的舉措，以提高我們提供的娛樂價值。

So I think that's just to stay competitive and try to maintain our edge out there.

所以我認為這只是為了保持競爭力並努力保持我們的優勢。

Pricing from a pricing standpoint, we use a tremendous amount of data and analytics on a very discreet theater based level to drive those decisions.

從定價的角度來看，我們在非常謹慎的劇院層級上使用大量數據和分析來推動這些決策。

So some of that's obviously influenced by dynamics in the marketplace of demographics, what's happening perhaps with some of the competition out there.

因此，其中一些顯然受到人口統計市場動態的影響，可能是一些競爭發生的情況。

But we are testing things using controls and letting that guide us so that whatever we're doing ultimately isn't affecting the volume of attention.

但我們正在使用控制來測試事物，並讓它指導我們，這樣我們所做的任何事情最終都不會影響注意力。

It also plays into our food and beverage consumption as well.

它也影響我們的食品和飲料消費。

We're not wanting to adversely affect our incidence.

我們不想對我們的發病率產生不利影響。

So it really trying to optimize the level of that, and it can work both ways up or down.

所以它確實在嘗試優化其水平，並且它可以向上或向下雙向工作。

So I would say it's a data driven exercise based on a lot of analytics that kind of guide us there more so than just kind of, -- and it's consumer oriented more so than just thinking about what our competition is doing.

所以我想說，這是一項基於大量分析的數據驅動練習，它不僅可以指導我們，而且還以消費者為導向，而不僅僅是考慮我們的競爭對手在做什麼。

Thank you.

謝謝。

At this point, I would like to turn the floor back over to Mr. Gamble for closing comments.

現在，我想將發言權轉回給甘布爾先生以供結束評論。

Okay.

好的。

Thank you, Donna.

謝謝你，唐娜。

Just in closing, I'd like to reinforce once more that we believe our third-quarter results are indicative of the meaningful continued impact our team and initiatives are having in advancing our company.

最後，我想再次強調，我們相信第三季的業績顯示我們的團隊和措施對公司發展產生了有意義的持續影響。

And we remain bullish about the future of our industry in Cinemark.

我們仍然看好喜滿客產業的未來。

I'd like to thank you all again for joining us this morning, and we look forward to speaking again following our fourth-quarter results.

我想再次感謝大家今天早上加入我們，我們期待在第四季度業績公佈後再次發言。

Have a great day.

祝你有美好的一天。

Ladies and gentlemen, thank you for your participation.

女士們、先生們，感謝您的參與。

This concludes today's event.

今天的活動到此結束。

You may disconnect your lines or log off the webcast at this time and enjoy the rest of your day.

此時，您可以斷開線路或登出網路廣播，享受剩下的一天。