Cinemark Holdings Inc (CNK) 2024 Q4 法說會逐字稿

Greetings, and welcome to Cinemark Holding's fourth quarter and full year 2024 earnings call. (Operator Instructions) As a reminder, this conference is being recorded.

大家好，歡迎參加 Cinemark Holding 2024 年第四季和全年財報電話會議。（操作員指示）提醒一下，本次會議正在錄音。

It is now my pleasure to introduce your host, Chanda Brashears, Senior Vice President of Investor Relations. Thank you. Please go ahead.

現在我很高興介紹主持人、投資者關係資深副總裁 Chanda Brashears。謝謝。請繼續。

Good morning, everyone. I would like to welcome you to Cinemark Holdings, Inc.'s fourth quarter and full year 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 Cinemark Holdings, Inc. 2024 年第四季度和全年收益發布電話會議，該電話會議由總裁兼首席執行官 Sean Gamble 主持；以及首席財務官梅麗莎·托馬斯 (Melissa Thomas)。

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 forward-looking statements are subject to risks and uncertainties that could cause the company's actual results to materially differ from those expressed or implied in the forward-looking statements. The factors that could cause results to differ materially are detailed in the company's 10-K, which was filed this morning.

在我們開始之前，我想提醒大家，本次電話會議上發表的陳述或評論可能是前瞻性的陳述。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。這些前瞻性陳述受風險和不確定性的影響，可能導致公司的實際結果與前瞻性陳述中表達或暗示的結果有重大差異。可能導致結果出現重大差異的因素已在該公司今天上午提交的 10-K 文件中詳細說明。

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-K 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 財務指標的對帳可以在公司最近提交的收益報告 10-K 和公司網站 ir.cinemark.com 上找到。

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

說完這些，我想把電話轉給 Sean Gamble。

Thank you, Chanda, and good morning, everyone. Before we get started, I'd like to first express our deep sympathies for our many friends, colleagues, partners and the collective Los Angeles community that has been impacted by the devastating wildfires in California. Our hearts go out to all of you as you manage through this difficult time.

謝謝你，Chanda，大家早安。在我們開始之前，我首先要向我們的許多朋友、同事、合作夥伴以及受到加州毀滅性野火影響的洛杉磯社區表示深切的同情。我們衷心祝福你們所有人度過這段艱難的時光。

Thank you all for joining us this morning for our fourth quarter and full year 2024 earnings call. During our prepared remarks today, I will focus predominantly on full year highlights, and then Melissa will provide details pertaining to our fourth quarter financials and go-forward capital allocation strategy.

感謝大家今天上午參加我們的 2024 年第四季和全年財報電話會議。在我們今天的準備好的演講中，我將主要關注全年亮點，然後梅麗莎將提供有關我們第四季度財務狀況和未來資本配置策略的詳細資訊。

As we look back on 2024, box office results once again reinforced the enduring and timeless appeal of shared cinematic experiences that are unique and exclusive to a movie theater environment. Throughout the year, audiences showcased their ongoing enthusiasm for being immersed in captivating stories and events on a grand larger-than-life scale with cutting-edge sight and sound technology that can't be matched at home or anywhere else. The collective enjoyment, elevated emotional impact and deep lasting memories that are fostered by experiencing films in a communal, theatrical setting continued to accentuate the irreplaceable impact of this long-established yet ever-evolving form of entertainment.

回顧 2024 年，票房成績再次證明了電影院環境中獨有的共享電影體驗的持久和永恆的吸引力。在這一年中，觀眾們展現了他們持續的熱情，沉浸在宏大而逼真的規模和引人入勝的故事和事件中，並享受著在家里或其他任何地方都無法比擬的尖端視聽技術。在公共的、劇院的環境中觀看電影所帶來的集體享受、提升的情感衝擊和深刻持久的記憶繼續凸顯了這種歷史悠久但不斷發展的娛樂形式的不可替代的影響力。

North American industry box office reached approximately $8.8 billion in 2024, which climbed to within 3% of 2023 despite the significant headwinds that were imposed by the prior year strikes in Hollywood. As more and more compelling content was released to the big screen, moviegoing momentum surged, delivering overall results that far exceeded expectations with numerous all-time records. Examples include the highest grossing animated film in history, the most successful R-rated film of all time and North America's biggest Thanksgiving box office weekend ever.

2024 年北美電影票房達到約 88 億美元，儘管受到前一年好萊塢罷工帶來的巨大阻力，但票房仍比 2023 年增長了 3% 以內。隨著越來越多引人入勝的內容被搬上大銀幕，觀影熱度飆升，整體成績遠超預期，創下了多項歷史新高。例如，史上票房最高的動畫電影、有史以來最成功的 R 級電影以及北美有史以來最大的感恩節週末票房。

Furthermore, multiple franchise installments outperformed their predecessors while legacy sequels tapped into nostalgia to unite generations, attracting both long-time fans as well as new audiences with a blend of beloved characters and fresh faces and storylines.

此外，多部系列電影的表現都超越了前作，而經典續集則利用懷舊情緒凝聚了幾代人，透過融合深受喜愛的角色、新面孔和新故事情節，吸引了長期粉絲和新觀眾。

And as the industry swelled to better-than-expected results, Cinemark once again went above and beyond with year-over-year box office performance that outpaced our industry by 300 basis points domestically and 100 basis points internationally. We have now extended our outperformance trend to 14 of the past 16 years. And relative to 2019, our recovery since the pandemic now exceeds respective industry benchmarks by 900 basis points in North America and 700 basis points in LatAm.

隨著業界表現優於預期，Cinemark 再次超越自我，其票房表現在國內比業界高出 300 個基點，在國際上比業界高出 100 個基點。如今，我們已將優異表現趨勢延續至過去 16 年中的 14 年。與 2019 年相比，我們自疫情爆發以來的復甦幅度目前在北美地區超過行業基準 900 個基點，在拉丁美洲超過行業基準 700 個基點。

During 2024, we maintained our meaningful market share gains of more than 100 basis points relative to our pre-pandemic baseline, and we entertained more than 200 million guests across our global circuit. Furthermore, we also achieved all-time high concession sales with another new domestic food and beverage per cap record of $7.89 that was propelled by our second highest purchase incident rate ever.

2024 年，我們的市場份額保持了顯著增長，與疫情前的基線相比增長了 100 多個基點，並且我們在全球各地接待了超過 2 億遊客。此外，我們還實現了歷史最高的特許銷售額，人均國內食品和飲料銷售額再創歷史新高，達到 7.89 美元，這得益於我們有史以來第二高的購買事故率。

Altogether, we delivered worldwide revenue of more than $3 billion with $590 million of adjusted EBITDA and a solid 19.4% adjusted EBITDA margin that was flat year-over-year despite a 4% decline in attendance. We also generated strong free cash flow of $315 million and further refortified our balance sheet.

總體而言，我們的全球營收超過 30 億美元，調整後 EBITDA 為 5.9 億美元，調整後 EBITDA 利潤率達到 19.4%，儘管觀眾人數下降了 4%，但與去年同期持平。我們也產生了 3.15 億美元的強勁自由現金流，並進一步增強了我們的資產負債表。

Our results are the byproduct of an intense focus on effectively navigating the dynamic ebbs and flows of film release volume throughout the year while simultaneously advancing a wide range of strategic initiatives geared toward positioning our company for future success.

我們的成果源自於我們高度重視有效應對全年電影發行量的動態起伏，同時推進一系列旨在為公司未來成功奠定基礎的策略性舉措。

Over the past several quarters, I provided updates on these initiatives, including actions we've pursued to elevate the experience we provide our guests, build audiences, grow new sources of revenue, streamline processes and optimize our footprint. And this morning, I thought I would share a brief full year recap.

在過去的幾個季度中，我提供了這些措施的最新進展，包括我們為提升客人體驗、擴大受眾群體、增加新收入來源、簡化流程和優化我們的足跡而採取的行動。今天早上，我想分享全年的簡短回顧。

The content we show on our screens is always one of the primary drivers that attracts guests to our theaters. Our studio partners and filmmakers do a phenomenal job of producing all kinds of captivating films that are intriguing to audiences and then advertising those films with compelling campaigns to generate interest to see them. At Cinemark, we then work hard to amplify the impact and conversion of those campaigns, driving audiences to our theaters through the extensive marketing reach, loyalty programs and sophisticated scheduling tools that we have developed over many years.

我們在螢幕上播放的內容始終是吸引觀眾到我們影院的主要動力之一。我們的工作室合作夥伴和電影製作人出色地製作了各種吸引觀眾的迷人電影，並透過引人注目的活動宣傳這些電影以引起觀眾的觀看興趣。在 Cinemark，我們努力擴大這些活動的影響力和轉換率，透過我們多年來開發的廣泛的營銷範圍、忠誠度計劃和複雜的排程工具吸引觀眾到我們的影院。

We now have more than 30 million addressable contacts across our global circuit to whom we send weekly calls to action to stimulate ticket sales. Utilizing purchase history and expressed interest, our e-mails, push notifications, website and app automatically tailor communications with millions of unique variations to increase their effectiveness by making them highly personalized, relevant and appealing.

目前，我們在全球擁有超過 3000 萬個可尋址聯絡人，我們每週都會向他們發送行動號召，以刺激門票銷售。利用購買歷史和表達的興趣，我們的電子郵件、推播通知、網站和應用程式會自動自訂數百萬種獨特變化的通信，透過使其高度個人化、相關和有吸引力來提高其有效性。

We also have established a wide social and digital outreach that generates billions of impressions each year with increasing engagement that has driven a heightened connection and affinity to our Cinemark brand.

我們也建立了廣泛的社交和數位推廣體系，每年產生數十億的印象，參與度不斷提高，從而增強了與 Cinemark 品牌的聯繫和親和力。

Our loyalty programs also deliver significant impact in boosting awareness of upcoming films and increasing moviegoing frequency. Our guests continue to find tremendous value in our fan favorite monthly membership program, Movie Club. And over the course of the year, subscribers grew another 10% to nearly 1.4 million members. We have an active channel of communication with our Movie Club members. They are consistently our most satisfied customers. And in 2024, tickets purchased through Movie Club grew to represent 25% of our domestic box office. Moreover, combined with our free movie rewards program, loyalty members now consistently represent over half of our domestic box office proceeds every quarter.

我們的忠誠度計劃還在提高即將上映的電影的知名度和增加觀影頻率方面發揮了重大作用。我們的客人繼續在我們最受粉絲喜愛的月度會員計劃“電影俱樂部”中找到巨大的價值。在這一年中，訂閱用戶數量又增加了 10%，達到近 140 萬人。我們與電影俱樂部會員之間有活躍的溝通管道。他們始終是我們最滿意的客戶。到 2024 年，透過電影俱樂部購買的電影票將占我們國內票房的 25%。此外，結合我們的免費電影獎勵計劃，忠誠會員現在每季都能持續貢獻我們國內票房收入的一半以上。

In addition to utilizing marketing and loyalty efforts to stimulate moviegoing demand, we also have improved our programming capabilities. Through an ongoing refinement of the database tools and controls we use to schedule our showtimes, we further increased the volume and availability of films that consumers want to see most. Additionally, we once again actively pursued nontraditional content to attract guests to our theaters during slower periods of release volume as well as to expand our audience base. Foreign faith-based concert and repertory films continue to grow and appeal and generated more than 10% of our domestic admissions revenue for the third year in a row. Of course, beyond what we show on our screens, what's equally important in keeping guests coming back for more is the experience we provide them when they visit our theaters. To that end, we remain committed to continuously enhancing the quality and execution of our in-theater presentation, amenities, atmosphere, and service to deliver a comprehensive entertainment value that is unmatched across our industry and that continues to earn us positive satisfaction ratings from nearly 95% of our guests.

除了利用行銷和忠誠度措施來刺激觀影需求外，我們還提高了節目製作能力。透過不斷改進我們用於安排放映時間的資料庫工具和控制，我們進一步增加了消費者最想看的電影的數量和可用性。此外，我們再次積極追求非傳統內容，以在電影上映量較少的時期吸引觀眾到我們的影院，並擴大我們的觀眾群。外國宗教音樂會和保留劇目電影持續增長並具有吸引力，連續第三年為我們帶來了超過 10% 的國內票房收入。當然，除了我們在螢幕上放映的內容之外，為了讓觀眾再次光臨，我們在戲院為他們提供的體驗也同樣重要。為此，我們始終致力於不斷提高影院演示、設施、氛圍和服務的品質和執行力，以提供業內無與倫比的綜合娛樂價值，並繼續贏得近 95% 的客人的積極滿意評價。

In 2024, we continued advancing the multiyear conversion of our entire circuit to Barco laser projectors, reaching 20% of our global footprint. We also diligently maintained our superb fleet of digital projectors delivering an incredible 99.98% uptime while sustaining our industry-leading light levels across more than 10 million shows throughout the year.

2024 年，我們繼續推進整個電路向巴可雷射投影機的多年轉換，達到我們全球足跡的 20%。我們還精心維護了我們一流的數位投影機系列，實現了令人難以置信的 99.98% 的正常運行時間，同時在全年超過 1000 萬場演出中保持了業界領先的燈光水平。

We also maintained our commitment to investing in new premium amenities, while extracting increased impact from previous installations. In doing so, we achieved record-breaking box office results for our large format screens driven by our XD auditoriums, the world's number one exhibitor branded premium format.

我們也堅持投資新的優質設施的承諾，同時從以前的設施中汲取更大的影響。在此過程中，我們在 XD 影廳（世界排名第一的參展商品牌優質格式）的推動下，實現了大銀幕票房創紀錄的成績。

For the full year, PLFs represented 5.5% of our total screens, but accounted for 13.4% of our total box office proceeds, which was up 60 basis points from 2023 and almost 400 basis points from 2019. Similarly, our D-BOX motion seats also set a new box office record that grew almost 40% year-over-year on a 30% expansion in seat count. Of course, we also continue to drive substantial benefits from our widespread fleet of premium recliner seats that span approximately 70% of our domestic circuit.

全年來看，PLF 占我們總銀幕數的 5.5%，但占我們總票房收入的 13.4%，比 2023 年增長了 60 個基點，比 2019 年增長了近 400 個基點。同樣，我們的 D-BOX 動感座椅也創下了新的票房紀錄，座位數量增加 30%，年增近 40%。當然，我們也繼續從遍布約 70% 國內航線的優質躺椅座椅中獲取巨大利益。

Another amenity that also meaningfully contributes to the atmosphere and experience guests enjoy at our theaters is our food and beverage selection. During 2024, we further enriched the variety, assortment and ease of purchase of our concession offerings. We continue to expand enhanced hot food options, hone our menus to better cater to local tastes and fine-tune the layout of our self-service facings to improve sell-through.

我們提供的餐飲選擇也是對觀眾在我們劇院享受的氛圍和體驗做出重大貢獻的另一項便利設施。2024 年，我們進一步豐富了特許經營產品的種類、組合和購買便利性。我們將繼續擴大熱食選擇，完善菜單以更好地滿足當地口味，並微調自助服務台的佈局以提高銷售率。

We also work to capitalize on emerging consumer trends for convenience with the introduction of more expedited queue lines that are now present in one-third of our domestic theaters while further ramping up our mobile ordering platform. At the same time, we actively leaned into growing excitement for movie-themed merchandise, which further elevates the fun, excitement and anticipation of going to the movies. Collectively, these many actions drove our all-time high food and beverage results that I mentioned earlier.

我們也致力於利用新興的消費趨勢來提供便利，引入更多快捷排隊線路，目前我們三分之一的國內影院都已開通該線路，同時進一步加強我們的行動訂購平台。同時，我們積極利用人們對電影主題商品日益增長的興趣，進一步提升了看電影的樂趣、刺激和期待。總的來說，這些舉措推動了我們食品和飲料業績創下我之前提到的歷史新高。

To round out the progress we have made advancing our strategic initiatives in 2024, we also continued to increase the sophistication and efficiencies in the way we operate our business. Over the course of the year, we maintained our focus on continuous improvement in our pursuit to drive productivity without compromising quality by using refined data, analytics and tools to simplify tasks, increase automation and strengthen decision-making.

為了完善我們在 2024 年策略計畫推進方面所取得的進展，我們也持續提高業務運作方式的複雜性和效率。在這一年中，我們始終專注於持續改進，透過使用精細的數據、分析和工具來簡化任務、提高自動化程度並加強決策，在不影響品質的情況下提高生產力。

Through our ongoing efforts, we further enhanced our staffing and workforce management capabilities as well as reengineered of varied operating procedures to successfully generate a third straight year of labor productivity upside reducing payroll hours deployed per customer while preserving our guest service standards.

透過不斷的努力，我們進一步提高了人員配備和勞動力管理能力，並重新設計了各種操作程序，成功地連續第三年提高了勞動生產力，減少了每個客戶的工資小時數，同時保持了我們的客戶服務標準。

We also strengthened our overall sourcing and procurement practices to more aggressively pursue product alternatives and cost deflation as we work to combat ongoing inflationary pressures on feeder amenities and services, cost of goods sold and utilities. And in the realm of pricing, we further invested in our team, analytics and market intelligence to more closely monitor and respond to market elasticities at a discrete theater level, so our pricing stays actively calibrated and aligned with evolving demand dynamics.

我們也加強了整體採購實踐，以更積極地尋求產品替代品和成本通貨緊縮，並努力應對支線設施和服務、銷售成本和公用事業方面持續存在的通膨壓力。在定價領域，我們進一步投資於我們的團隊、分析和市場情報，以便更密切地監控和響應離散影院層面的市場彈性，因此我們的定價保持積極調整併與不斷變化的需求動態保持一致。

All of these actions provided significant impact in helping us to maintain our strong margins in 2024 that were consistent with 2023 despite the attendance headwinds caused by the strikes. Moreover, we believe they will continue to afford us ongoing benefits as we move forward.

所有這些舉措都發揮了重大作用，幫助我們在 2024 年保持了與 2023 年一致的強勁利潤率，儘管罷工造成了觀眾人數的減少。此外，我們相信，隨著我們不斷前進，它們將繼續為我們提供持續的利益。

I'd like to commend our exceptional Cinemark team for their outstanding determination, skill and agility to deliver yet another year of stellar results while continuing to make significant advancements in positioning our company for long-term prosperity.

我要讚揚我們出色的 Cinemark 團隊，他們表現出了卓越的決心、技能和敏捷性，在又一年取得了出色的成績，同時繼續在公司長期繁榮發展方面取得重大進展。

As we turn our attention to 2025 and beyond, we remain highly optimistic about what the future holds for Cinemark and theatrical exhibition. After a relatively light first quarter, the 2025 release schedule for the balance of the year continues to reflect a nice spring back to the recovery trajectory our industry was following prior to the 2023 strikes in Hollywood, and 2026 is already looking like it will notch another step forward from there.

當我們將目光轉向 2025 年及以後時，我們對 Cinemark 和影院放映的未來仍然非常樂觀。在經歷了第一季相對清淡的局面後，2025 年全年的上映計劃繼續反映出我們行業在 2023 年好萊塢罷工之前所遵循的複蘇軌蹟的良好反彈，而 2026 年看起來將在此基礎上再邁進一步。

As of today, a little over 100 wide releases have been dated this year. We expect that figure will likely grow to around 115 by year-end, which is roughly 90% of pre-pandemic levels and represents a further improvement from the past two years that settled around 85%.

截至今天，今年已廣泛發行了 100 多部影片。我們預計，到年底這一數字可能會增長到 115 左右，約為疫情前水平的 90%，並且比過去兩年穩定在 85% 左右的水平有了進一步的改善。

2025 hosts the most diversified slate we have seen since COVID with a wide range of genres and varieties of films, both big and small, that truly offers something for everyone. There's action adventure like A Minecraft Movie, The Accountant 2, Mission: Impossible - The Final Reckoning, Ballerina, F1, and Jurassic World Rebirth. Superhero films like this past weekend's heroic launch of Captain America Brave New World, Thunderbolts, Superman, and the Fantastic Four: First Steps. Family fare, including Snow White, Lilo & Stitch, How to Train Your Dragon, The Smurfs, and Zootopia 2. Suspense thriller and horror titles, such as M3gan 2, I Know What You Did Last Summer, The Conjuring: Last Rites, and Saw XI. Comedies like Mickey 17, The Phoenician Scheme, and The Naked Gun Reboot. Faith-based films, including The King Of Kings and The Next Season of the chosen. Nostalgia plays like Karate Kid: Legends, Freakier Friday, and Michael. Indian drama titles such as Warfare and Downtown Abbey 3. And fantasy Sci-Fi spectacles that include Tron: Ares, Wicked: For Good and, of course, Avatar: Fire and Ash. The list in 2025 goes on and on. And then 2026's film slate is already jam packed with new installments from widely popular franchises like the Avengers, Minions, Dune, Toy Story, Spider-Man, Shrek, Hunger Games and Mario Brothers as well as new original movies from filmmakers that include Christopher Nolan, Jordan Peele, and Steven Spielberg just to name a few.

2025 年上映的電影是新冠疫情以來最為多樣化的，涵蓋了各種類型和種類的電影，有大有小，真正能滿足每個人的需求。其中有動作冒險片，例如《我的世界大電影》、《會計學2》、《碟中諜6：最終清算》、《芭蕾舞女演員》、《F1》和《侏羅紀世界：重生》。超級英雄電影，例如上週末上映的《美國隊長：美麗新世界》、《雷霆特工》、《超人》和《神奇四俠：第一步》。家庭影片，包括《白雪公主》、《星際寶貝》、《馴龍記》、《藍色小精靈》和《瘋狂動物城 2》。懸疑驚悚片和恐怖片，例如《M3gan 2》、《我知道你去年夏天做了什麼》、《厲陰宅：最後的儀式》和《奪魂鋸 11》。像是《米奇 17》、《腓尼基計畫》和《白頭神探》重啟版這樣的喜劇。基於信仰的電影，包括《萬王之王》和《天選之人的下一季》。懷舊遊戲例如《空手道小子：傳奇》、《怪誕星期五》和《麥可》。印度劇情片，如《戰爭》和《唐頓莊園3》。還有奇幻科幻大片，包括《創：戰紀》、《魔法壞女巫：永生》以及《降世神通：火與灰燼》。2025 年的名單還會不斷增加。2026 年的電影檔期已經擠滿了廣受歡迎的系列電影的新片，例如《復仇者聯盟》、《小黃人》、《沙丘》、《玩具總動員》、《蜘蛛人》、《怪物史萊克》、《飢餓遊戲》和《馬裡奧兄弟》，以及包括克里斯多福諾蘭、喬許幾爾和《史蒂芬史匹柏》在內的原創電影，僅舉幾爾。

We are thrilled to see the lineup of compelling content continue to build with so many promising films on the horizon that have already been announced.

我們很高興看到引人入勝的內容陣容不斷壯大，並且已經宣布了眾多有前途的電影即將上映。

As we consider the positive progression of film content over the next two years, one of our top priorities going forward is to fully capitalize on that resurgence, maximizing attendance, box office and margin potential. To do so, we plan to continue driving actions to further refine our programming and showtime scheduling, while strategically leveraging our marketing, pricing and loyalty capabilities and aggressively pursuing concession sales opportunities.

當我們考慮未來兩年電影內容的積極發展時，我們未來的首要任務之一就是充分利用這種復甦，最大限度地提高上座率、票房和利潤潛力。為此，我們計劃繼續採取行動，進一步完善我們的節目編排和演出時間安排，同時策略性地利用我們的行銷、定價和忠誠度能力，積極尋求特許銷售機會。

At the same time, we will maintain our focus on further advancing strategic initiatives to position Cinemark for long-term growth and success. This includes continuing to elevate the quality and value, the experiences we provide our guests, scaling up our investments to maintain and upgrade our circuit, pursuing revenue growth and diversification opportunities and driving incremental productivity gains.

同時，我們將繼續致力於進一步推動策略性舉措，確保 Cinemark 實現長期成長和成功。這包括繼續提升品質和價值、我們為客人提供的體驗、擴大投資以維護和升級我們的線路、追求收入成長和多樣化機會以及推動生產力的逐步提高。

And finally, all the while, we intend to maintain the operating discipline and prudence that have served us so well over the years and helped us build our advantaged market position. We will continue to actively focus on staying ahead of market trends, effectively navigating fluctuations in attendance, remaining disciplined with expense cash and investment management and resolving our remaining COVID-related debt.

最後，我們始終致力於保持多年來對我們起到良好作用並幫助我們建立優勢市場地位的經營紀律和審慎態度。我們將繼續積極專注於保持領先市場趨勢，有效應對出席人數的波動，嚴格控制費用現金和投資管理，並解決剩餘的與 COVID 相關的債務。

We've made huge strides over the past years since COVID on account of the many actions we have pursued to establish new growth channels, develop enhanced operating capabilities, optimize our circuit, expand our market advantages and strengthen our financial position. We believe Cinemark is in excellent shape in today's environment because of these efforts.

自新冠疫情爆發以來，我們採取了許多措施，建立了新的成長管道，增強了營運能力，優化了我們的管道，擴大了市場優勢，並加強了財務狀況，因此在過去幾年中我們取得了巨大進步。我們相信，憑藉這些努力，Cinemark 在當今環境下將保持良好的狀態。

Furthermore, we maintain a positive outlook for the future based on the current state of our company, the many opportunities that are directly within our control to drive incremental value creation and the further industry recovery we anticipate overall.

此外，基於我們公司的現狀、我們可直接控制的推動增量價值創造的眾多機會以及我們預期的整體行業進一步復甦，我們對未來保持樂觀的展望。

As such, we are thrilled to announce this morning that we have reinstated our cash dividend. This event marks another major milestone in our company's recovery from the pandemic and reflects the remarkable achievements of our sensational team to date, the confidence we have in the future prosperity and resilience of Cinemark and our commitment to creating long-term shareholder value.

因此，我們很高興今天早上宣布，我們已恢復現金股利。這項活動標誌著我們公司從疫情中復甦的又一個重要里程碑，反映了我們傑出團隊迄今為止的卓越成就、我們對 Cinemark 未來繁榮和韌性的信心以及我們致力於創造長期股東價值的承諾。

I will now turn the call over to Melissa, who will provide added context on our fourth quarter results and capital allocation strategy. Melissa?

現在我將電話轉給梅麗莎，她將提供有關我們第四季度業績和資本配置策略的更多背景資訊。梅麗莎？

Thank you, Sean. Good morning, everyone, and thank you for joining the call today. We were very pleased with our fourth quarter and full year 2024 operating and financial performance. Our success was fueled by industry results that far surpassed expectations, and our Cinemark team's exceptional operational execution.

謝謝你，肖恩。大家早安，感謝大家參加今天的電話會議。我們對 2024 年第四季和全年的營運和財務表現非常滿意。我們的成功得益於遠超預期的行業業績以及 Cinemark 團隊卓越的營運執行力。

In the fourth quarter, we entertained 51 million movie goers across our global footprint, a significant increase of 26% compared with the fourth quarter of 2023 given the higher volume and increased scale of films.

第四季度，我們在全球共接待了 5,100 萬名電影觀眾，由於影片數量的增加和規模的擴大，與 2023 年第四季相比大幅成長了 26%。

We grew worldwide revenue nearly 28% to a Q4 record of $814.3 million. Moreover, we gained leverage over our fixed costs with the increased attendance and benefited from the execution of our strategic initiatives, nearly doubling our adjusted EBITDA year-over-year to $156.9 million. We also expanded our adjusted EBITDA margin by 680 basis points to 19.3%.

我們的全球營收成長了近 28%，達到第四季創紀錄的 8.143 億美元。此外，隨著觀眾人數的增加，我們獲得了對固定成本的控制權，並受益於策略性舉措的執行，調整後的 EBITDA 同比幾乎翻了一番，達到 1.569 億美元。我們也將調整後的 EBITDA 利潤率提高了 680 個基點，達到 19.3%。

Domestically, we welcomed 32.6 million patrons, up 24% compared with the fourth quarter of 2023. We held our market share flat with the elevated levels we saw in Q4 of last year, and maintained significant share gains of more than 100 basis points compared with the pre-pandemic period. Our market share was bolstered by a content mix that skewed more heavily towards family films, which tend to perform particularly well in our circuit, as well as our strategic initiatives.

在國內，我們接待了 3,260 萬名顧客，與 2023 年第四季相比成長了 24%。我們的市佔率與去年第四季的高點持平，與疫情前相比，市佔率保持了超過 100 個基點的顯著成長。我們的市場份額因內容組合而得到提升，這種內容組合更偏向於家庭電影，這類電影在我們的院線中表現尤為出色，同時我們的戰略舉措也增強了我們的市場份額。

We also benefited from our ability to capitalize on alternative content opportunities during the slower October content period, which offset the impact of some of the capacity constraints we experienced during the crowded holiday season. Propelled by the higher attendance, our domestic admissions revenue increased 27% to $338.7 million. We were able to overcome last year's challenging comparison associated with the Taylor Swift: The Eras Tour concert film and grow our average ticket price 2% year-over-year to $10.39. This growth was primarily driven by strategic pricing initiatives and higher premium format mix, particularly 3D penetration.

我們也受惠於在十月份內容較為清淡的時期利用替代內容機會的能力，這抵消了我們在擁擠的假日季節遇到的一些容量限制的影響。受觀眾人數增加的推動，我們的國內門票收入成長了 27%，達到 3.387 億美元。我們成功克服了去年與泰勒絲：時代巡迴演唱會電影相關的挑戰性比較，並將平均票價同比增長 2% 至 10.39 美元。這一成長主要得益於策略性定價舉措和更高的高端格式組合，尤其是 3D 普及率。

We grew our domestic concession revenue a sizable 29% year-over-year to $259.7 million and delivered a record-setting fourth quarter per cap of $7.97. Our concession per cap was up nearly 4%, driven by strategic pricing with incidence rates holding strong despite the outsized increase in attendance.

我們的國內特許經營收入年增 29%，達到 2.597 億美元，第四季人均收入創歷史新高，達到 7.97 美元。受策略定價的推動，儘管就診人數大幅增加，但發病率依然保持強勁，人均優惠率上漲了近 4%。

Other revenue was $68 million, an increase of 35% year-over-year, primarily due to higher attendance, an increase in online penetration and a onetime $6 million contractual payment received from a third-party service provider.

其他收入為 6800 萬美元，同比增長 35%，主要原因是觀眾人數增加、在線滲透率提高以及從第三方服務提供商收到的 600 萬美元一次性合約付款。

Overall, our domestic operations delivered $666.4 million of revenue and $128 million of adjusted EBITDA, yielding a healthy 19.2% adjusted EBITDA margin.

總體而言，我們的國內業務實現了 6.664 億美元的收入和 1.28 億美元的調整後 EBITDA，產生了 19.2% 的健康調整後 EBITDA 利潤率。

Shifting to our international segment. We entertained 18.4 million guests during the fourth quarter, representing a 28% increase compared with the same period last year. Notably, our fourth quarter international attendance reached 90% of 2019 levels, and our market share continued to meaningfully outperform the pre-pandemic period.

轉向我們的國際領域。第四季度，我們接待了1,840萬名遊客，比去年同期成長了28%。值得注意的是，我們第四季的國際遊客人數達到了 2019 年水準的 90%，我們的市佔率持續顯著超過疫情前水準。

Internationally, we delivered $67.8 million of admissions revenue, $53.7 million of concession revenue and $26.4 million of other revenue in the fourth quarter. In total, we grew international revenue 23% year-over-year to $147.9 million and increased adjusted EBITDA 160% to $28.9 million, yielding a 19.5% adjusted EBITDA margin. International adjusted EBITDA benefited from enhanced operating leverage associated with the 28% increase in attendance, film performances that were stronger than expected and inflationary impacts, partially offset by FX devaluation. We continue to meaningfully benefit from our local teams' significant expertise and long track record in effectively managing the intricate economic and political environment throughout our Latin American regions.

在國際上，第四季我們的門票收入為 6,780 萬美元，特許經營收入為 5,370 萬美元，其他收入為 2,640 萬美元。整體而言，我們的國際營收年增 23% 至 1.479 億美元，調整後 EBITDA 成長 160% 至 2,890 萬美元，調整後 EBITDA 利潤率為 19.5%。國際調整後的 EBITDA 受益於與觀眾人數增加 28%、電影表現優於預期以及通膨影響相關的增強的經營槓桿，但外匯貶值部分抵消了這一影響。我們繼續受益於當地團隊的豐富專業知識和長期有效管理拉丁美洲地區複雜經濟和政治環境的經驗。

Turning to global expenses. Film rental and advertising expense was 58% of admissions revenue, up 440 basis points compared with the fourth quarter of 2023 due to an increased concentration of high grossing titles and the overall mix of films, which is a dynamic we expect will persist going forward as the box office continues its recovery.

轉向全球支出。電影租賃和廣告費用佔門票收入的 58%，與 2023 年第四季度相比增長了 440 個基點，原因是高票房影片的集中度提高以及影片的整體組合增加，我們預計隨著票房持續復甦，這種動態將持續下去。

Concession costs as a percent of concession revenue were 19.2%, down 30 basis points year-over-year, driven by strategic pricing measures, lower shrink and waste and favorable concession rebates, partially offset by inflationary pressures on certain concession categories and a shift in product mix.

特許經營成本佔特許經營收入的百分比為 19.2%，同比下降 30 個基點，這主要得益於戰略定價措施、較低的損耗和浪費以及優惠的特許經營回扣，但某些特許經營類別的通脹壓力和產品結構的變化部分抵消了這一影響。

Global salaries and wages were $107.7 million, up 11% compared with the fourth quarter of 2023 due to higher payroll hours to accommodate the increase in attendance and expanded operating hours, as well as higher wage rates and employee benefits. These increases were partially offset by the impact of our labor productivity initiatives. As a percent of total revenue, salaries and wages declined 200 basis points year-over-year.

全球工資和薪金為 1.077 億美元，與 2023 年第四季度相比增長 11%，原因是為適應出勤率的增加和營業時間的延長而增加了工資小時數，以及工資率和員工福利有所提高。這些成長被我們的勞動生產力措施的影響部分抵消。作為總收入的百分比，工資和薪水比去年同期下降了 200 個基點。

Facility lease expense was $80.6 million, a modest increase of 2% year-over-year, reflecting the relatively fixed nature of domestic leases as well as higher variable rent internationally due to the increase in attendance. As a percent of total revenue, facility lease expense decreased 240 basis points.

設施租賃費用為 8,060 萬美元，年比小幅增加 2%，反映了國內租賃的相對固定性質以及由於出席人數增加而導致的國際租賃浮動租金上漲。設施租賃費用佔總收入的百分比下降了 240 個基點。

Utilities and other expense was $127.3 million, up 12% from the fourth quarter 2023, primarily driven by the increase in attendance, which impacted our variable costs such as credit card fees. This expense line item was also impacted by higher gift card commissions and higher property and liability insurance. As a percent of total revenue, utilities and other declined 210 basis points.

公用事業和其他費用為 1.273 億美元，較 2023 年第四季成長 12%，主要原因是出席人數增加，這影響了我們的信用卡費用等變動成本。此費用項目也受到禮品卡佣金及財產及責任保險費用增加的影響。公用事業及其他收入佔總收入的百分比下降了 210 個基點。

G&A was $57.1 million in the fourth quarter and increased year-over-year due to wage and benefits inflation, increased severance costs and higher share-based compensation. These impacts were partially offset by lower incentive compensation expense and foreign exchange rate fluctuations.

第四季的一般及行政費用為 5,710 萬美元，由於薪資和福利上漲、遣散費增加以及股權激勵增加，較去年同期增加。這些影響被較低的激勵薪酬費用和外匯匯率波動部分抵銷。

Globally, we delivered $51.3 million of net income attributable to Cinemark Holdings, Inc. in the fourth quarter and diluted earnings per share of $0.33. For the full year, we generated $309.7 million of net income attributable to Cinemark Holdings, Inc. and diluted earnings per share of $2.06.

在全球範圍內，我們在第四季度實現了歸屬於 Cinemark Holdings, Inc. 的淨收入 5,130 萬美元，每股攤薄收益為 0.33 美元。全年我們創造了 3.097 億美元的淨收入，歸屬於 Cinemark Holdings, Inc.，每股攤薄收益為 2.06 美元。

Shifting to the balance sheet. We ended the year with a healthy $1.1 billion of cash, which remains elevated as we prepare to address our convertible notes maturing in August of 2025. Our year-end cash balance benefited from $315 million of free cash flow generation during 2024. Specific to the fourth quarter, we generated $136 million of free cash flow, which was bolstered by working capital tailwinds associated with the stronger December box office.

轉向資產負債表。我們以 11 億美元的健康現金結束了這一財年，隨著我們準備處理 2025 年 8 月到期的可轉換票據，這一數字仍然很高。我們的年終現金餘額受益於 2024 年產生的 3.15 億美元自由現金流。具體到第四季度，我們產生了 1.36 億美元的自由現金流，這得益於 12 月票房強勁帶來的營運資金順風。

Keep in mind, our free cash flow has benefited from lower CapEx levels as well as lower cash taxes due to our utilization of tax attributes accumulated during the pandemic period. As we look forward, we expect our CapEx levels will ramp up as box office recovery resumes and our cash taxes will increase.

請記住，由於我們利用了疫情期間累積的稅收屬性，我們的自由現金流受益於較低的資本支出水準以及較低的現金稅。展望未來，我們預計隨著票房復甦和現金稅的增加，我們的資本支出水準將會上升。

Turning to capital allocation. As we have consistently stated, we have three pillars to our capital allocation strategy, strengthening our balance sheet, investing to position the company for long-term success, and returning excess capital to shareholders with a focus over the past few years on the first two priorities.

轉向資本配置。正如我們一貫所說，我們的資本配置策略有三大支柱：加強資產負債表、進行投資以使公司獲得長期成功以及向股東返還多餘的資本，過去幾年我們的重點是前兩個優先事項。

Regarding the first pillar, we are proud of the progress we made during 2024 to strengthen our balance sheet. We paid down $156 million of pandemic-related debt, extended our maturities and reduced the interest rate on our term loan through successful reprices, most recently in November, where we achieved a 50 basis point reduction.

關於第一個支柱，我們對 2024 年在加強資產負債表方面的進展感到自豪。我們償還了 1.56 億美元的疫情相關債務，延長了期限，並透過成功的重新定價降低了定期貸款的利率，最近一次是在 11 月，我們實現了 50 個基點的降息。

Furthermore, we maintained our net leverage ratio within our target range of 2 times to 3 times, ending the year at 2.2 times net leverage. We continue to view our balance sheet as a strategic asset and a key differentiator for our company, providing us with the flexibility to invest in long-term growth and maintain the health of our circuit.

此外，我們將淨槓桿率維持在2倍至3倍的目標範圍內，年底淨槓桿率為2.2倍。我們繼續將資產負債表視為公司的策略資產和關鍵差異化因素，為我們提供投資長期成長和維持財務體系健康的靈活性。

Moving to our second pillar, pursuing strategic and financially accretive investments to grow and secure Cinemark's long-term success. In 2024, we spent $151 million on capital expenditures. Given the anticipated box office recovery and our intent to capitalize on that recovery, we are increasing our capital expenditures for 2025 to approximately $225 million. We expect to allocate roughly half of that spend towards maintaining a high-quality circuit and laser projector conversions with the remainder to be spent on high confidence, ROI-generating opportunities, including new builds and other theater enhancements, such as recliners, premium formats and food and beverage upgrades.

轉向我們的第二個支柱，追求策略性和財務增值投資，以發展並確保 Cinemark 的長期成功。2024年，我們的資本支出為1.51億美元。鑑於預期的票房復甦以及我們利用這一復甦的意圖，我們將 2025 年的資本支出增加至約 2.25 億美元。我們預計將其中約一半的支出用於維護高品質的電路和雷射投影機轉換，其餘部分將用於高信心、產生投資回報率的機會，包括新建和其他劇院改進，例如躺椅、高級格式和食品和飲料升級。

While we intend to continue to prioritize the strength of our balance sheet and growth opportunities, first and foremost, given the progress we've made on these two pillars, coupled with our expectations around Cinemark and the broader industry's recovery, we have reevaluated our near-term capital allocation priorities.

雖然我們打算繼續優先考慮我們的資產負債表實力和成長機會，但首先，鑑於我們在這兩大支柱上取得的進展，再加上我們對 Cinemark 和整個行業復甦的預期，我們重新評估了我們的近期資本配置優先事項。

For our third pillar, returning excess capital to shareholders, we are thrilled to share that our Board of Directors has authorized the reinstatement of an annual cash dividend of $0.32 per share, payable quarterly, representing an approximate 1% yield. Based on our outstanding shares, this equates to approximately $40 million annually. The first quarterly dividend will be payable on March 19 to shareholders of record as of March 5. The reinstatement of our dividend underscores the health of our balance sheet, strength of our operational and financial performance as well as the positive trends we are seeing in the industry's recovery.

對於我們的第三大支柱，即向股東返還過剩資本，我們很高興地告訴大家，我們的董事會已批准恢復每股 0.32 美元的年度現金股息，每季度支付一次，收益率約為 1%。根據我們的流通股數，這相當於每年約 4000 萬美元。第一季股利將於 3 月 19 日支付給 3 月 5 日登記在冊的股東。恢復派息凸顯了我們資產負債表的健康狀況、營運和財務表現的強勁以及我們在行業復甦中看到的積極趨勢。

Beyond this, the repayment of our convertible notes remains our primary capital consideration in the near term. Once the convertible notes are fully addressed, our intent is to return a greater share of our free cash flow to shareholders through dividends and/or stock buybacks, provided our net leverage ratio remains within our target range of 2 times to 3 times. The relative mix of dividends and/or stock buybacks will be determined over time.

除此之外，償還可轉換票據仍是我們近期的主要資本考量。一旦可轉換票據得到充分處理，我們的目的是透過股利和/或股票回購將更大份額的自由現金流返還給股東，前提是我們的淨槓桿率保持在 2 倍至 3 倍的目標範圍內。股利和/或股票回購的相對組合將隨著時間的推移而確定。

Our overarching goal is to maintain a balanced and disciplined approach to capital allocation, that provides us with sufficient flexibility to capitalize on any future value creation opportunities that may arise, including M&A, while also mitigating risk.

我們的總體目標是保持平衡和嚴謹的資本配置方式，為我們提供足夠的靈活性，以利用可能出現的任何未來價值創造機會，包括併購，同時降低風險。

In closing, we are proud of our 2024 results and the strong positioning of our company. Our success enables us to confidently invest in the future of our business and prioritize shareholder returns, demonstrating our dedication to being good stewards of capital. As we look forward, we remain highly focused on continuing to generate strong financial and operating results while creating long-term value for all shareholders.

最後，我們為 2024 年的業績和公司的強大定位感到自豪。我們的成功使我們能夠滿懷信心地投資於業務的未來，並優先考慮股東回報，表明我們致力於成為資本的良好管家。展望未來，我們將繼續高度致力於持續創造強勁的財務和經營業績，同時為所有股東創造長期價值。

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

接線員，我們的準備好的發言到此結束，現在我們想開放提問環節。

(Operator Instructions) Chad Beynon, Macquarie.

（操作員指示）麥格理銀行的 Chad Beynon。

Congrats on reinstating the dividend. Sean, I wanted to start with just concessions, maybe focusing on the US. You mentioned that this is a big driver of growth in the next couple of years. Obviously, the numbers that you've been putting up have continue to grow at record-setting paces. So can you maybe just elaborate a little bit more in terms of what's going to drive the further growth? Is it incidence of purchase, just the overall consumer environment, which we've seen a nice improvement, particularly after the presidential election? So is it controllables or uncontrollables and kind of how you see the CapEx helping grow that line?

恭喜恢復分紅。肖恩，我想從讓步開始，也許重點關注美國。您提到這是未來幾年成長的一大動力。顯然，您所提供的數字繼續以創紀錄的速度增長。那麼，您能否更詳細地闡述推動進一步成長的因素？是購買發生率，還是整體消費環境，我們看到了良好的改善，特別是在總統大選之後？那麼它是可控的還是不可控的，您認為資本支出如何幫助成長這條生產線？

Sure. Thanks for the question, Chad. Look, we've been thrilled with our continued food and beverage performance really over the years. I think the whole industry saw a big jump in food and beverage coming out of the pandemic. There was some question as to whether or not there would be a reset and it really just established a new baseline from there, and we've continued to grow.

當然。謝謝你的提問，查德。你看，多年來我們一直對我們在食品和飲料方面的持續表現感到非常興奮。我認為整個產業在疫情後都見證了食品和飲料的大幅成長。有人質疑是否會重置，實際上只是從那裡建立了一個新的基線，我們一直在繼續成長。

I always look at food and beverage as a game of singles and doubles. It's a whole series of varied initiatives that ultimately drive the overall results that we've had. Everything from the assortment of what we're putting into our theaters to just kind of optimizing the way we lay that out to new ways to ease purchase through the way we navigate lines in our theaters and the different types of forward-facing fixtures that we have in our theaters. Clearly, merchandise has had some big uptick over the last couple of years as well. So it's a whole range of things.

我總是將食物和飲料視為單打和雙打的遊戲。這是一系列不同的舉措，最終推動了我們所取得的整體成果。從我們放入影院的商品種類到優化佈局方式，再到透過在影院中引導排隊的方式和影院中不同類型的面向前方的裝置來簡化購買的新方法，一切都是如此。顯然，過去幾年商品價格也出現了大幅上漲。所以這是一系列的事情。

Specific to your question on kind of incidents and pricing, I mean, that plays into it, too, like we have our strategic pricing team that's not only working on how to best optimize ticket pricing based on elasticity, but the same goes for our food and beverage. So there's a component of that. But we do heavily focus on how do we drive incidents. And that tends to overall lead to the richest margins. And we still have seen the bulk of our growth over the last several years come from stimulating more volume through promotions, through just better fine-tuning what we're offering to guests and some of those other things I mentioned just in terms of like the ease of purchase.

具體到您關於事件和定價的問題，我的意思是，這也與此有關，例如我們的策略定價團隊不僅致力於如何根據彈性最佳地優化門票定價，而且我們的食品和飲料也是如此。所以這是其中的一個組成部分。但我們確實非常關注如何推動事件發生。總體而言，這往往會帶來最豐厚的利潤。我們仍然看到，過去幾年我們的成長主要來自於透過促銷來刺激銷售量，透過更好地調整我們為客人提供的服務，以及我提到的其他一些事情，例如購買的便利性。

So a wide range of things, and we've got a whole series of initiatives that are in motion to just continue to try to sustain those types of increases over time.

因此，我們採取了各種各樣的舉措，以繼續努力維持這種成長。

And Chad, just to provide a little bit of context on expectations for full year 2025, we are expecting to continue to grow our domestic concession forecast moderately year-over-year in 2025 with catalysts that Sean described.

查德，為了提供一些關於 2025 年全年預期的背景信息，我們預計，在肖恩所描述的催化劑作用下，2025 年我們的國內特許經營預測將繼續同比適度增長。

Great. Thank you both. And then as we think about the remainder of the content for 2025, obviously, more, I guess, loaded in the last three quarters. Can you talk about how you're feeling about the spacing of content? And then just the breadth at this point of different genres, family-friendly, faith-based, action, et cetera, how you're feeling at this point for the rest of the year?

偉大的。謝謝你們兩位。然後，當我們考慮 2025 年剩餘的內容時，顯然，我想在過去三個季度中加載更多內容。能談談您對內容間距的感受嗎？那麼，就目前不同類型的電影而言，家庭友善、信仰型、動作型等等，您對今年剩餘時間的電影感覺如何？

Sure thing. Well, yes, as you kind of mentioned, we mentioned in prepared remarks, the first quarter is a little bit lighter. I mean the conversations we've had with the studios, it would seem as though that could be just some residual impact from the Hollywood strikes. And then the rest of the year really gets moving along.

當然可以。嗯，是的，正如您所提到的，我們在準備好的發言中提到，第一季的情況稍微輕鬆一些。我的意思是，根據我們與電影公司進行的對話，這似乎只是好萊塢罷工的一些殘留影響。然後今年剩下的時間就開始順利進行。

As far as the spacing goes, I mean, there is more -- we're seeing an increase in volume, as I mentioned, during the year. So while there are some pockets of content that are spaced out nicely with a great cadence, we do see a little bit more bunching up in periods of place -- throughout the year. So that could create some more capacity constraints than we've seen in the past. Again, I would flag those are usually positive signs in the sense that we're fully maximized in terms of our occupancy in those periods.

就間距而言，我的意思是，正如我所提到的，我們看到今年的數量增加。因此，雖然有些內容以很好的節奏很好地分佈，但我們確實看到在全年的某些時間段內，更多的內容聚集在一起。因此，這可能會造成比我們過去所見更多的容量限制。再次強調，我想指出這些通常都是正面的訊號，這意味著我們在這些時期的入住率已經達到了最大化。

As I mentioned in prepared remarks, the types of content, we think it's one of the most diverse slates we've seen. So we think that has a lot to offer all types of audiences. And based on at least on paper, the films that we've seen and what materials have been released thus far, we're really optimistic about how these films will perform over the course of the year.

正如我在準備好的演講中提到的那樣，我們認為這是我們見過的最多樣化的內容類型之一。因此我們認為這對各類觀眾來說都有許多益處。至少從紙上看，根據我們已經看過的電影和迄今為止發行的材料，我們對這些電影在今年的表現非常樂觀。

David Karnovsky, JPMorgan.

摩根大通的戴維卡諾夫斯基。

Maybe just following up on your capital allocation commentary. Can you just clarify on the convert and how you intend to settle that with cash and/or stock? And then you mentioned a buyback. I know you might want to comment on this later, but maybe what would be the factors that would determine the mix of repurchases versus dividends over time?

也許只是跟進您的資本配置評論。您能否澄清一下轉換情況以及您打算如何用現金和/或股票來解決？然後你提到了回購。我知道您可能想稍後對此發表評論，但也許哪些因素會決定一段時間內的回購與股息的組合？

Great. So in terms of your question on convertible note maturities. So as we've conveyed in our prepared remarks, given our strong financial condition and optimism around our recovery in that of the industry, we do intend to repay the principal amount of the convertible notes using cash on hand upon their August 2025 maturity. The notes don't have a provisional call feature. So we do expect cash, our cash balance to remain elevated in the near term as we prepare to address the converts.

偉大的。關於可轉換票據到期日的問題。因此，正如我們在準備好的評論中所表達的那樣，鑑於我們強勁的財務狀況和對行業復甦的樂觀態度，我們打算在 2025 年 8 月到期時使用手頭的現金償還可轉換票據的本金。該筆記沒有臨時呼叫功能。因此，我們確實預計現金，我們的現金餘額將在短期內保持高位，因為我們準備解決轉換問題。

Beyond the principal amount, we do have a call spread in place that protects us from stock price movements up to $22.08, and we have the flexibility to settle the impact in either cash or shares. How we choose to settle any exposure above the principal amount 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. And so we're -- that's really the strategy there. We'll determine based on where the stock price is at that time. And we'll take the course of action that we believe is in the best interest of the company and our shareholders.

除了本金之外，我們還有一個看漲價差，可以保護我們免受高達 22.08 美元的股價波動的影響，並且我們可以靈活地以現金或股票形式解決影響。我們如何選擇解決超過本金的任何風險敞口將取決於股價超過 22.08 美元的程度、我們手頭上的現金以及潛在的稀釋考慮等因素。所以，這就是我們的策略。我們將根據當時的股票價格來決定。我們將採取我們認為最符合公司和股東利益的行動。

With respect to determining the relative mix of dividends versus stock buybacks over time, that will really be based on the facts and circumstances that we see there. In terms of factors and the natures of buybacks in general, the things that we're going to consider would include, but not be limited to our cash and liquidity valuation, dilution management and total ongoing returns paid to shareholders. But again, we'll evaluate that based on facts and circumstances available at the time.

至於確定一段時間內的股利與股票回購的相對組合，這實際上將基於我們所看到的事實和情況。就一般回購的因素和性質而言，我們要考慮的事情包括但不限於我們的現金和流動性估值、稀釋管理以及支付給股東的持續總回報。但我們會再次根據當時掌握的事實和情況進行評估。

Okay. And then just on a separate topic, Sean, I'd be interested to get your thoughts on Netflix's agreement with IMAX for the Narnia film. You'll participate in this somewhat to your IMAX footprint, but I wanted to get your overview -- overall view on the structure and then whether you see an opportunity at some point down the line for a similar participating arrangement with your XD screens?

好的。然後就另一個主題而言，肖恩，我很想知道您對 Netflix 與 IMAX 就納尼亞電影達成的協議的看法。您將在某種程度上參與到您的 IMAX 業務中，但我想了解一下您的概況——對結構的整體看法，以及您是否認為在未來某個時候有機會透過您的 XD 螢幕進行類似的參與安排？

Sure. I think it's an interesting structure they put together. I think we would have preferred to see a more full wide release of a film such as that. I think that also sounds like is similar to what the filmmaker would prefer. But I know it's pretty clear from their commentary, that's not the strategy they're choosing to employ right now. So I think this has been described more as promotional effort and way to support talent versus any real shift.

當然。我認為他們建構的結構很有趣。我想我們更希望看到這樣的電影能夠更全面地上映。我認為這聽起來也與電影製作人的喜好類似。但我知道，從他們的評論中可以清楚地看出，這不是他們現在選擇採用的策略。因此我認為這更多的被描述為一種促銷活動和支持人才的方式，而不是任何真正的轉變。

I think ultimately, it remains to be seen how that film gets programmed because it is being released in a very crowded period of the year in 2026, where it will be going up against several other major films that will have full releases from major studio suppliers. So I think it's kind of a TBD in terms of how that plays out. So it's an interesting concept, and I know it's an approach that's being used, but I don't think it's necessarily one that is sustainable over time.

我認為，最終該電影的排期如何還有待觀察，因為它是在 2026 年一年中非常擁擠的時期上映的，屆時它將與其他幾部由主要製片廠完整發行的大片競爭。所以我認為就其結果而言，這還有待確定。所以這是一個有趣的概念，我知道這是一種正在使用的方法，但我不認為它一定是可持續的方法。

Robert Fishman, MoffettNathanson.

羅伯特·菲什曼、莫菲特·納桑森。

I'll start with Sean and then one for Melissa too. Sean, actually a two-parter for you. So, you continue to perform strongly in the markets in the US. I think you called out number one or number two in the box office in 20, 21 of your top 25 markets. Can you just talk about the advantages of your domestic geographic footprint. I think it still leans a little bit more suburban, rather regions in the US that you can benefit from getting even bigger.

我先從 Sean 開始，然後再為梅麗莎 (Melissa) 做一件事。肖恩，實際上這對你來說是一個兩部分。因此，你們在美國市場上持續表現強勁。我認為在你們前 25 名的市場中，有 20 到 21 個市場都名列第一或第二。您能否談談貴公司在國內地理覆蓋範圍的優勢？我認為它仍然更傾向於郊區，而不是美國可以從擴大規模中受益的地區。

And maybe on the flip side of that, since 2019, you've reduced your screen count by about 400 screens. So do you see building more screens going forward as good ROI or should we expect further reductions of the underperforming screens in the years ahead?

也許另一方面，自 2019 年以來，你們的螢幕數量減少了約 400 塊。那麼，您是否認為建造更多的銀幕會帶來良好的投資回報率，或者我們是否應該預期未來幾年表現不佳的銀幕會進一步減少？

Thanks, Robert. Great question. Yes, we -- I mean, I think starting with our profile. We do tend to operate more in suburban markets across the country at large, not to say that we aren't in some urban markets. We obviously have a large presence in places like San Francisco and Los Angeles, and that's just how the circuit has evolved over time, certainly has nothing to do with any aversion to other markets that we're not in, in the US. We tend to evaluate those, as areas of further opportunity for growth, like kind of you asked.

謝謝，羅伯特。好問題。是的，我們——我的意思是，我認為從我們的簡介開始。我們確實傾向於在全國郊區市場開展更多業務，但這並不意味著我們沒有涉足某些城市市場。我們顯然在舊金山和洛杉磯等地擁有大量業務，這只是該線路隨著時間的推移而發展的過程，當然與我們在美國沒有進入的其他市場的厭惡無關。我們傾向於將這些視為進一步成長機會的領域，就像您所問的那樣。

Ultimately, it boils down to what's the opportunity on a discrete level. So as we look -- we looked over time, as we've looked over time, the places that we've chosen to put theaters in have just yielded the best prospects for returns. So we would be open to broadening out into some other markets to the extent that there were opportunities that had a high confidence of accretive new theaters.

最終，它可以歸結為離散層面上的機會是什麼。因此，經過一段時間的觀察，我們發現，我們選擇開設戲院的地方已經獲得了最好的回報前景。因此，只要有機會並有信心增加新影院，我們就會願意拓展到其他一些市場。

You mentioned kind of closing down theaters. We have reactivated our new build pipeline. We do believe that will continue to be part of our overall optimizing footprint strategy over time in a pocket of growth for us. We do see more opportunities emerging that have the right kind of return profile and the right kind of demographics for new builds. Clearly, that whole pipeline was put on a bit of pause during the pandemic, but we're encouraged by what we see in terms of future opportunities that will all boil down to the types of the returns and prospects we have and the balancing of our capital allocation priorities that Melissa spoke about earlier.

您提到了關閉劇院。我們已經重新啟動了新管道。我們確實相信，隨著時間的推移，這將繼續成為我們整體優化足跡策略的一部分，為我們帶來成長。我們確實看到了更多新興機會，這些機會具有適合新建專案的正確回報特徵和正確的人口統計。顯然，整個管道在疫情期間暫停了一段時間，但我們對未來的機會感到鼓舞，這些機會都歸結於我們擁有的回報和前景類型，以及梅麗莎之前提到的資本配置優先事項的平衡。

Okay, cool. And so Melissa, if we go back to some of your prepared remarks, keeping margins flat in full year '24 versus '23. Just can you talk a little bit more about how we should think about margin improvement in '25 and beyond. Clearly, a lot of moving pieces on the cost side with box office is expected to recover further. Maybe just talk about some of the cost line items like the film rental costs and other potential efficiencies.

好的，很酷。因此，梅麗莎，如果我們回顧一下您準備好的一些發言，那麼 2024 年全年的利潤率與 2023 年相比將保持持平。您能否再多談談我們應該如何考慮 25 年及以後的利潤率提高？顯然，成本方面的許多因素以及票房預計將進一步回升。也許只是談論一些成本項目，例如電影租賃成本和其他潛在的效率。

All right. So if we had go-forward margins, a couple of things that I'd highlight first based on the performance that we've been experiencing over the past couple of years. We're certainly optimistic on our ability to expand margins as the box office rebounds further in 2025 and beyond.

好的。因此，如果我們有前進的利潤率，根據過去幾年的表現，我首先要強調幾件事。隨著 2025 年及以後票房進一步反彈，我們對擴大利潤率的能力充滿信心。

In terms of 2025, we do expect our margin to benefit from higher operating leverage over our fixed cost due to the stronger year-over-year box office as well as the ongoing execution of our strategic initiatives and growth in our average ticket prices as well as our concession per caps. However, these anticipated benefits may be somewhat offset by market share tempering as the box office recovers, and auditoriums increasingly reach capacity limits as well as ongoing inflationary and other expense pressures, as you mentioned.

就 2025 年而言，我們確實預期我們的利潤率將受益於更高的經營槓桿率，這得益於票房逐年增長、我們戰略舉措的持續執行以及平均票價和人均優惠的增長。然而，正如您所說，隨著票房復甦、影院容量逐漸達到極限以及持續的通貨膨脹和其他費用壓力，這些預期的收益可能會被市場份額的下降所抵消。

More specifically on the expense side, as you project out, margins for 2025, there's a couple of things that I would keep in mind. So first, we do expect our film rental rates will increase in 2025 versus last year given a greater share -- greater concentration of blockbuster content anticipated. Second, on the salaries and wages side, we are facing ongoing wage rate pressure that you want to take into account. And then specific to international due to local labor laws, we do have less flexibility to adjust staffing levels with changes in attendance, which may impact international margins as the box office further rebounds.

更具體地說，在費用方面，正如您所預測的，2025 年的利潤率，有幾件事我需要記住。首先，我們確實預計，由於大片內容的份額將更大，2025 年的電影租賃率將比去年增加。其次，在薪資方面，我們面臨持續的工資率壓力，這一點需要考慮。然後具體到國際方面，由於當地勞動法，我們在根據上座率變化調整人員配置水平方面的靈活性較低，這可能會隨著票房進一步反彈而影響國際利潤率。

I'd also call out utilities and other. We do expect that to reflect higher repairs and maintenance this year as we address some deferred maintenance needs across the circuit.

我也會呼籲公用事業和其他部門。我們確實預計這將反映出今年更高的維修和保養費用，因為我們解決了整個賽道的一些延期維護需求。

And then on the G&A side, modest increases are expected there as we look to invest in head count and capabilities to further advance our strategic initiatives and position the company for long-term success, but those investments will be targeted in nature.

在一般及行政費用方面，預計會有適度成長，因為我們希望投資於員工數量和能力，以進一步推進我們的策略舉措，並使公司獲得長期成功，但這些投資本質上是有針對性的。

And then lastly, on the Latin America side, you always want to factor in inflation as well as the FX dynamics in the region. All of that said, we do remain highly focused on maximizing overall profitability and margin potential.

最後，在拉丁美洲方面，你總是必須考慮通貨膨脹以及該地區的外匯動態。儘管如此，我們仍然高度關注最大化整體獲利能力和利潤潛力。

Eric Handler, ROTH Capital.

漢德勒（Eric Handler），羅仕資本（ROTH Capital）。

Melissa or Sean, maybe a variation on the last question. Cinemark pre-pandemic had a long track record of operating adjusted EBITDA margin above 20%, as a matter of fact, 10-year average was like 23%. Revenue this year, at least from a consensus basis is for a record level. But how -- to get back to those normalized levels, do you have to see attendance sort of get close to record levels? Or are there other levers that you can use to sort of get back there?

梅麗莎或肖恩，也許是最後一個問題的變體。疫情爆發前，Cinemark 的營業調整後 EBITDA 利潤率長期維持在 20% 以上，事實上，10 年平均為 23%。今年的收入，至少從普遍共識來看，將達到創紀錄的水平。但是，要如何才能恢復到正常水平，是否必須看到出席人數接近創紀錄的水平？或者有其他方法可以幫助你回到那裡嗎？

I'll take that one, Eric. So it's worth noting that pre-pandemic margin rates benefited by about 200 basis points from dividends received from NCM and DCIP, which will not recur on a go-forward basis. As we think about levers to drive margin expansion going forward, attendance is certainly the biggest attendance and box office are going to be the biggest drivers of that margin expansion. But outside of that, market share, our ability to sustain market share or grow market share as well as the average ticket prices and concession per caps the extent to which we grow that, those are going to be key factors, and you've seen us have success, particularly on the food and beverage side, kind of shifting the mix of business towards food and beverage, which is higher margin.

我會接受這個，艾瑞克。因此值得注意的是，疫情前的保證金率因 NCM 和 DCIP 收到的股息而受益約 200 個基點，而這種股息在未來不會再次出現。當我們思考推動未來利潤率擴大的槓桿時，上座率無疑是最大的因素，而票房將成為利潤率擴大的最大驅動力。但除此之外，市場份額、我們維持市場份額或增加市場份額的能力以及平均票價和人均優惠的增長程度，這些都是關鍵因素，你已經看到我們取得了成功，特別是在食品和飲料方面，將業務組合轉向利潤率更高的食品和飲料。

And then outside of that, it's really going to be offsetting cost pressures that we're facing. And we have many initiatives in place, whether it be revenue generating productivity driving our cost mitigating to look to continue to expand margins. But there certainly are some puts and takes on the expense side that are headwinds for us.

除此之外，它確實會抵銷我們面臨的成本壓力。我們已經採取了許多舉措，無論是創造收入、提高生產力、推動成本降低，或是尋求繼續擴大利潤率。但在費用方面確實存在一些對我們不利的因素。

That's helpful. And then, Sean, you did mention about sort of reactivating your new build plans. And I believe that part of that is in your 2025 budget. At this point, do you have many projects signed up for construction? And when do we -- when can we start seeing maybe some of those come online? And then can you maybe talk about the variation between domestic versus LATAM?

這很有幫助。然後，肖恩，你確實提到了重新啟動你的新建設計劃。我相信其中一部分已經包含在你們的 2025 年預算中。目前，你們簽約興建的項目有幾個？我們什麼時候可以開始看到其中一些上線？那麼，您能談談國內和拉丁美洲之間的差異嗎？

Sure thing. Yes, we actually have a new location opening this week, in fact, in El Paso, which is our first family entertainment center concept, that is happening right now. We have a couple of other projects that are in motion that we expect will be happening this year. There's some other opportunities also that we are not committed as of this point, but that we're also working on.

當然可以。是的，事實上，我們本週在埃爾帕索開設了一個新店，這是我們的第一個家庭娛樂中心概念，目前正在實施中。我們還有其他幾個正在進行的項目，預計今年完成。還有一些其他機會，我們目前還沒有承諾，但我們也在努力。

I mean -- so we do have a variety of things, and that's continuing to build. Of course, that, as I mentioned earlier, the pace of that will be dependent on just ongoing industry recovery, our cash flow projections, our balance sheet fortification objectives and just the overall strength of opportunities. So there's a range of things that go into that.

我的意思是——我們確實有各種各樣的東西，而且還在繼續建造。當然，正如我之前提到的，這一步伐將取決於正在進行的行業復甦、我們的現金流預測、我們的資產負債表強化目標以及整體機會的實力。因此，這其中涉及一系列因素。

More of those opportunities at this point are domestic-based versus international based. There are a couple of things that are actually in motion international as well as far as some screen additions and things of that nature, so that we have reactivated kind of our exploration across the LatAm markets, too. But I would say that's moving a little bit slower at this stage than what's happening in the US.

目前，更多的機會是國內機會，而不是國際機會。實際上，在國際上正在進行一些事情，包括增加一些螢幕和類似的事情，因此我們也重新啟動了對拉丁美洲市場的探索。但我想說，目前這一進程比美國慢一些。

Ben Swinburne, Morgan Stanley.

摩根士丹利的本‧斯溫伯恩 (Ben Swinburne)。

I wanted to ask a couple of cash flow-related questions. Because, I don't know if you can help us with cash tax rate in '25. I think it was about 18% of book income in '24. I know you said cash taxes would grow, but I presume that's partly because -- or entirely because income is going to grow. And then I think you had mentioned at a conference last year, what kind of longer-term capital spending in the $200 million to $250 million range. Obviously, that's within your '24 numbers in that range. Just wanted to see if that was still the right kind of longer-term framework?

我想問幾個與現金流相關的問題。因為，我不知道您是否可以幫助我們確定 25 年的現金稅率。我認為它大約佔 1924 年圖書收入的 18%。我知道您說過現金稅會增加，但我認為這部分是因為——或者完全是因為收入會增加。然後我想您在去年的一次會議上提到過，什麼樣的長期資本支出在 2 億美元到 2.5 億美元之間。顯然，這在你的 24 個數字範圍內。只是想看看這是否仍然是正確的長期框架？

And then I think maybe the more important question is just how do you guys -- how do you and the Board think about the right free cash flow payout ratio when you just combine whatever it is you're going to do with buybacks and dividends, presumably it's to some degree, tied to free cash flow generation. I think your $40 million dividend is going to be about 13% of at least last year's free cash flow. Pre-pandemic, you were paying out like 60% to 100% in any given year. Obviously, the dividend was much higher. But just like long term, what's the philosophy around sort of return to capital once we get beyond the August convert?

然後我認為也許更重要的問題是，當你們將要進行的回購和股息結合時，你們和董事會如何考慮正確的自由現金流支付率，大概在某種程度上，這與自由現金流的產生有關。我認為您的 4000 萬美元股息至少佔去年自由現金流的 13% 左右。在疫情之前，每年的支出大約是 60% 到 100%。顯然，股利要高得多。但就像長期一樣，一旦我們度過八月轉換期，資本回報的概念是什麼？

Sure. I'll start with the cash taxes. So on the cash taxes side, we do expect that to start to step up meaningfully in 2025. And there's a couple of drivers of that. First is business recovery continues, that will naturally cause our cash taxes to increase. We also have less available tax attributes to minimize our tax exposure. And then thirdly, Brazil, has been under a corporate income tax holiday since 2022, and they'll start to return to their statutory income tax rate of 34%.

當然。我先從現金稅開始。因此，就現金稅方面而言，我們確實預計到 2025 年它將開始大幅增加。造成這種情況的因素有幾個。首先，商業持續復甦，這自然會導致我們的現金稅增加。我們也擁有較少的可用稅收屬性，以盡量減少我們的稅務風險。第三，巴西自 2022 年起開始享有企業所得稅減免，並將開始恢復 34% 的法定所得稅率。

So those three factors are really driving our cash taxes to increase in 2025. As you step back and look at where effective tax rate will land, we think on a normalized basis, that, that will begin to return closer to 30%. So that's the context on the cash tax side.

因此，這三個因素確實推動了我們的現金稅在 2025 年增加。當我們回顧並觀察有效稅率將會落到什麼位置時，我們認為，在正常化的基礎上，有效稅率將開始接近 30%。這就是現金稅方面的背景。

In terms of capital expenditures and really what that normalized range would be over time. We have stated in the past, as you mentioned, Ben, $200 million to $250 million as being within that normalized range, and we're at $225 million is the expectation for this year. As we think about beyond 2025, we do think that the number could grow to $250 million, potentially a little beyond that, but that's going to be contingent upon the accretive investment opportunities at that time. So I'd say for now, that's a pretty good range for where we think things could shake out. But we'll have to see where the ROI opportunities are.

就資本支出而言，隨著時間的推移，這個正常化範圍實際上會是多少。正如你所提到的，本，我們過去曾表示，2 億至 2.5 億美元屬於正常範圍，而我們今年的預期是 2.25 億美元。當我們考慮 2025 年以後時，我們確實認為這個數字可能會成長到 2.5 億美元，甚至可能略高於這個數字，但這取決於當時的增值投資機會。所以我想說，就目前而言，我們認為這是一個相當不錯的範圍，可以說明事情可能會如何發展。但我們必須看看投資回報機會在哪裡。

And then on the third point in terms of how we're thinking about free cash flow, the percentage of free cash flow that we ultimately will allocate over time. Just from a philosophy standpoint, the way that we're thinking about this is we want to make sure that our capital allocation strategy is maintaining sufficient flexibility for us to be able to capture opportunities that are in front of us, while at the same time mitigating risk. So we want to make sure at the end of the day that we're considering those two factors. But we're really just trying to deliver long-term value for all shareholders. So we'll be balancing those factors.

第三點是關於我們如何考慮自由現金流，也就是我們最終將隨時間分配的自由現金流百分比。僅從哲學角度來看，我們思考這個問題的方式是，我們希望確保我們的資本配置策略保持足夠的靈活性，以便我們能夠抓住擺在我們面前的機遇，同時降低風險。因此，我們最終要確保考慮到這兩個因素。但我們其實只是想為所有股東創造長期價值。所以我們會平衡這些因素。

Okay. But you'll operate presumably within your leverage range? Or would you get below the leverage range? Because, obviously, if you keep the payout ratio lower, at some point, you'll dip below 2%?

好的。但您大概會在自己的槓桿範圍內進行操作吧？或者您會低於槓桿範圍嗎？因為，顯然，如果你保持較低的派息率，在某個時候，你會跌至 2% 以下？

Yes. So the intent is for us to operate within that 2 times to 3 times net leverage ratio going forward.

是的。因此，我們的目標是在未來的 2 倍到 3 倍的淨槓桿率範圍內運作。

Got you. And then if I could just ask Sean about the slate. I know you don't have a crystal ball, but since you have a '26 slate slide in your deck there, I feel like it's fair game, are you still expecting supply to get back to pre-pandemic levels next year and presumably box office as well along the way?

明白了。然後我是否可以向肖恩詢問有關石板的事情。我知道您沒有水晶球，但既然您的牌堆裡有 26 年的幻燈片，我覺得這是公平的，您是否仍預計明年的供應量將恢復到疫情前的水平，並且票房收入也有望恢復到疫情前的水平？

Well, I mean, it's interesting. We're certainly optimistic of that volume pipeline continuing to round out. We had thought that potentially 2025 would be a year we'd see volume creep back to pre-pandemic levels. And then clearly, the six months of work stoppage in Hollywood, impacted that. We're looking this year continuing to bounce back somewhere between 2023 and where 2019 was. I mentioned potentially up to 115 releases, which will be about 90% of pre-pandemic levels.

嗯，我的意思是，這很有趣。我們當然對產量管道的持續完善持樂觀態度。我們原本以為，到 2025 年，交易量可能會回升至疫情前的水平。顯然，好萊塢六個月的停工對此產生了影響。我們預計今年將繼續反彈，反彈幅度在 2023 年和 2019 年之間的某個水平。我提到可能最多發布 115 個版本，這將達到疫情前水準的 90% 左右。

And then 2026, what's phenomenal about '26, I mean the -- obviously, the studios tend to plant their stakes for their large films. We have nice visibility into that and it looks very promising. How those mid-tier and smaller films round out, we won't get line of sight to that until much later. But based on the conversations we continue to have, the new entrants that continue to ramp like an Amazon and Angel Studios and A24 as well as nontraditional content, we're definitely optimistic that it will close the gap further, if not reach the level of volume that we saw prior to pandemic. So we're definitely encouraged by the continued trends we see with regard to the rebuild of volume.

然後是 2026 年，2026 年最引人注目的是什麼，我的意思是——顯然，電影公司傾向於為大型電影投入資金。我們對此有很好的了解，而且前景非常光明。這些中型和小型電影最終會如何發展，我們要等到很久以後才能知道。但根據我們持續的對話，像亞馬遜、Angel Studios 和 A24 這樣的新進入者以及非傳統內容的持續增長，我們絕對樂觀地認為，即使不能達到疫情之前的數量水平，差距也會進一步縮小。因此，我們對重建數量方面的持續趨勢感到鼓舞。

Omar Mejias, Wells Fargo.

富國銀行的奧馬爾‧梅希亞斯。

Sean, I think you highlighted on your prepared remarks and maybe a follow-up to the prior question for your expectations of 115 films by year-end and 90% of pre-pandemic. And you talked about just closing that gap over the next few years. So how should we think about where these films will come from. It's mostly from just additional volume from some of the major studios, new entrants or some of the smaller studios just ramping up the volume of midsized films? Just any color on sort of how that bridge looks like to sort of closing that gap or potentially exceeding it.

肖恩，我想你在準備好的發言中強調了這一點，也許可以對之前的問題進行跟進，你預計到年底會有 115 部電影，達到疫情前的 90%。您談到了在未來幾年內縮小這一差距。那我們該如何思考這些電影從何而來呢？這主要源自於一些大型電影公司、新進業者或一些小型電影公司增加的中型電影數量？任何顏色都可以作為橋樑的外觀，以縮小或超越差距。

And Melissa on the cost side, US costs came in a bit higher than expected, and you talked about some of the potential drivers there. But maybe I think you talked about salaries and wages and some inflationary pressures there. But maybe on the concession side, they were also elevated. And I think you've talked about some inflationary pressures and some internal initiatives. Can you unpack what were some of the drivers there from those two key factors?

梅麗莎，在成本方面，美國的成本比預期的要高一些，你談到了一些潛在的驅動因素。但也許我認為您談論的是工資和薪水以及一些通膨壓力。但也許在讓步方面，他們也得到了提升。我認為您已經談到了一些通膨壓力和一些內部舉措。您能否從這兩個關鍵因素中分析出一些驅動因素？

Thanks, Omar. Yes, just on your -- I'll start with your first question regarding volume. I think -- kind of our sense is from all the factors you mentioned, when we speak with our traditional studio partners and try to get a sense for what their plans are and add all that up. And then as we know that Amazon has publicly indicated the potential to get to up to 16 films by 2027. So they are clearly building to the level of a major studio in terms of the scale of releases that they plan to have. Angel Studios has been delivering about five to six films a year. A24 has ramped up. Lionsgate has expressed similar intentions.

謝謝，奧馬爾。是的，就您的問題而言——我將從您關於音量的第一個問題開始。我認為——我們的感覺是從您提到的所有因素中得出的，當我們與傳統工作室合作夥伴交談並試圖了解他們的計劃並將所有這些因素加起來時。眾所周知，亞馬遜已公開表示到 2027 年有可能推出多達 16 部電影。因此，從他們計劃發行的作品規模來看，他們顯然正在朝著大型工作室的水平邁進。天使工作室每年推出約五到六部電影。A24 已加速發展。獅門影業也表達了類似的意圖。

So we kind of put all that together. And then as we look -- continue to look at how nontraditional content has grown. I mentioned it's been over 10% of our box office for the past three years. We continue to see consumer appeal for faith-based, foreign, repertory, concert, creator content types of films gain bigger and bigger results. So there's that element, too. And then when we just look at the risk equation on smaller and mid-tier films that has improved as a result of a more dynamic window. We think there's more opportunities even for the studios to continue to try more of that because there's lower downside potential and more upside potential.

因此我們將所有這些放在一起。然後我們繼續觀察非傳統內容是如何成長的。我提到過，過去三年它一直占我們票房的 10% 以上。我們繼續看到消費者對基於信仰、外國、保留劇目、音樂會、創作者內容類型的電影的吸引力越來越大。所以也有這個因素。然後，當我們只看小型和中型電影的風險方程式時，由於視窗更加動態，風險方程式已經得到改善。我們認為，對於電影公司來說，還有更多機會繼續嘗試，因為下行潛力較低，上行潛力較大。

So that's how we're kind of coming to that overall assessment of things building back towards that volume level because we're not that far off. I mean, when we were talking about 115 films this year versus 130 on average pre-pandemic, that gap has been closing. And it doesn't -- wouldn't take too much more to get that fully back. Obviously, the scale and the mix of the types of films within that will vary year-to-year. But back to the earlier question, '26 is looking really, really compelling right now.

這就是我們對事物整體評估的結果，因為我們距離那個數量水準並不遙遠。我的意思是，當我們談論今年的 115 部電影與疫情前的平均 130 部電影時，這一差距正在縮小。而且不需要花太多就能完全恢復。顯然，其中的電影規模和類型組合每年都會有所不同。但回到之前的問題，'26 現在看起來真的非常引人注目。

And then, Omar, to your question on the cost side, there are a couple of things that I would mention there. On cost of goods sold, rate, there we were favorable 60 basis points year-over-year in the US. So we were pleased with the outcome there, and that was really driven by strategic pricing actions, lower shrink and waste and higher concession rebates due to the increase in attendance that we saw partially offset by ongoing inflationary pressures that we continue to see on certain concession categories. We think going forward, in '25, we'll still see some modest pressure or we'll start to see some modest pressure continue on the COGS front with -- on the inflationary side.

然後，奧馬爾，對於你關於成本方面的問題，我想提幾點。就銷售成本率而言，我們在美國比去年同期高出 60 個基點。因此，我們對結果感到滿意，這實際上是由戰略定價行動、降低損耗和浪費以及由於出席人數增加而提高的特許回扣所推動的，而我們看到，這部分被我們在某些​​特許類別中繼續看到的持續通脹壓力所抵消。我們認為，展望未來，在 25 年，我們仍將看到一些適度的壓力，或者我們將開始看到在 COGS 方面以及通膨方面繼續出現一些適度的壓力。

However, maybe the point that I would call out on the quarter, Q4, in particular, that may have come in a little bit higher and pressured margins a bit would have been on the utilities and other side. We did see an increase there driven in part by the 24% increase in attendance, which impacts our variable and semi-variable expenses, so namely credit card fees, janitorial, utilities to varying degrees.

然而，也許我想指出的是，本季度，特別是第四季度，利潤率可能會略高一些，並且會受到公用事業和其他方面的壓力。我們確實看到了成長，部分原因是出席人數增加了 24%，這在不同程度上影響了我們的變動費用和半變動費用，即信用卡費用、清潔費用、水電費。

But in addition to that, we did have higher gift card commissions due to stronger gift card sales as well as increased penetration in third-party channels. We also saw on the fixed cost side, some impact due to higher property and liability insurance. So that contributed to the increase there. So that is something that on utilities and other, we do think will remain elevated as we move into 2025, particularly, as I mentioned earlier that we are going to be leaning into and addressing some deferred maintenance on the R&M side across the circuit. So that -- and we expect that to be around $8 million to $10 million of headwind in 2025.

但除此之外，由於禮品卡銷售強勁以及第三方通路滲透率提高，我們的禮品卡佣金也確實有所提高。我們也看到，在固定成本方面，財產和責任保險增加也帶來了一些影響。所以這促進了那裡的成長。因此，我們確實認為，在進入 2025 年時，公用事業和其他方面的問題仍將保持高位，特別是，正如我之前提到的，我們將傾向於解決整個電路中 R&M 方面的一些延期維護問題。因此 — — 我們預計 2025 年的逆風成本將達到約 800 萬至 1,000 萬美元。

Patrick Sholl, Barrington Research.

巴林頓研究公司的 Patrick Sholl。

I just have a question on ticket pricing and how you're kind of approaching that the strong 2025 and 2026 slate. And I guess, also sort of like in the context that you mentioned of maybe giving back some of that market share gain as you kind of are at your kind of like -- as you're kind of closer to your capacity limits. And then maybe like with a stronger slate, how like filling in the gap in the slate and whether alternative content needs like a little bit more marketing to stand out and how you approach kind of supporting that side of the film slate?

我只是想問一下門票定價以及您如何看待 2025 年和 2026 年的強勁表現。我想，這也有點像您提到的那樣，也許會歸還部分市場份額增長，因為您已經接近產能極限了。然後也許就像有了更強大的片單，如何填補片單中的空白，以及替代內容是否需要更多的行銷才能脫穎而出，以及您如何支持電影片單的這一方面？

Okay. I'll take the average ticket price question to start. So in terms of 2025, we expect modest growth in our average ticket prices domestically for full year 2025. That will fluctuate quarter-to-quarter based on film mix.

好的。我先來問一下平均票價的問題。因此，就 2025 年而言，我們預計 2025 年全年國內平均票價將溫和成長。這將根據影片組合逐季度波動。

In terms of the primary drivers, strategic pricing opportunities continue to be a tailwind for us as well as growth in premium format mix, including XD, D-Box and 3D, given the expected strength of the film slate. Keep in mind on the international side that we do expect ticket prices to face some continued pressure from FX dynamics in the region with some offset from inflationary price increases, country mix typically a factor as well. But we continue to leverage data and analytics to really lean in and find the optimal pricing that's going to maximize overall attendance as well as box office. With respect to your question...

就主要驅動因素而言，考慮到電影片單的預期實力，策略定價機會繼續成為我們的順風，同時包括 XD、D-Box 和 3D 在內的高端格式組合也將成長。請記住，在國際方面，我們確實預計機票價格將面臨來自該地區外匯動態的一些持續壓力，但會因通膨價格上漲而受到一定程度的抵消，國家組合通常也是一個因素。但我們會繼續利用數據和分析來真正找到最佳定價，以最大限度地提高整體上座率和票房。關於您的問題...

On alternative content marketing, I'll take that one. With regard to alternative content marketing, it's interesting, in some ways, the nontraditional content is -- in some way it is easier to target market because they tend to be a little bit more niche focused audiences with established channels to reach them. So you think like a concert film, usually the artist has a broad base of followers that you can tap into Foreign films, similar. They're usually looking for those kinds of things more proactively. Faith-based films, same fold. They have their kind of different channels that they get to those audiences well.

關於替代內容行銷，我會選擇這個。關於替代內容行銷，有趣的是，在某些方面，非傳統內容——在某種程度上更容易瞄準目標市場，因為它們往往是更集中的利基受眾，並且有成熟的管道來接觸他們。所以你認為像音樂會電影一樣，通常藝術家擁有廣泛的追隨者基礎，你可以利用這些追隨者，就像外國電影一樣。他們通常會更積極地尋找這類東西。基於信仰的電影，也是如此。他們擁有不同的管道來很好地接觸這些觀眾。

So all of those films always have the potential to cross over as you look like a sound of freedom or something like that when it gets a bit more mainstream. And on occasion, they'll follow these -- the distributors of those -- that content will follow a more traditional marketing campaign. But generally speaking, through their channels where they have direct connectivity to their consumers as well as supplemented with our own marketing channels, that's basically the way we're kind of getting to these audiences and how they're finding this content. Does that hit on what you were asking, Pat?

因此，當這些電影變得更加主流時，它們總是具有跨界的潛力，就像自由的聲音或類似的東西一樣。有時，他們會關注這些內容的經銷商，這些內容將遵循更傳統的行銷活動。但一般來說，透過他們的管道，他們可以與消費者直接聯繫，並輔以我們自己的行銷管道，基本上就是我們接觸這些受眾以及他們如何找到這些內容的方式。這符合你的要求嗎，帕特？

Mike Hickey, Benchmark.

麥克希基，Minchmark。

Congrats on the quarter and your dividend. Just two from us. Clearly, the domestic growth opportunity, Sean, for '25 and '26 is pretty obvious, good tailwinds here in terms of film volume, variety, et cetera, everything you pointed out, maybe less obvious is how you think Latin America will perform over the next couple of years and whether you think that region for you is sort of a plus or minus to the growth in revenue and margin that you see from the domestic business?

恭喜本季和您的股息。距離我們只有兩個。肖恩，顯然，25 年和 26 年國內的增長機會非常明顯，在電影數量、種類等方面都有良好的順風，您所指出的一切，可能不太明顯的是您認為拉丁美洲在未來幾年的表現如何，以及您認為該地區對您從國內業務中看到的收入和利潤增長是加分還是減分？

Sure. Thanks for the question, Mike. Latin America, we've been really pleased with the performance in Latin America. I mean, obviously, the financial results and just the recovery of the region as a whole, I would say, is actually pacing ahead of the US at this stage. For a while during the pandemic, it was lagging, but you look at certain places, even Argentina with everything that has gone on there recently economically, the recovery of moviegoing has been one of the strongest that we've seen around the world.

當然。謝謝你的提問，麥克。拉丁美洲，我們對拉丁美洲的表現感到非常滿意。我的意思是，顯然，我認為該地區的財務表現和整體復甦實際上在現階段領先美國。在疫情期間，電影業一度落後，但看看某些地方，即使是阿根廷，儘管最近經濟形勢嚴峻，但電影業的復甦卻是全球最強勁的之一。

So we look at just the moviegoing behavior of consumers is really strong. The way we've been able to enhance the performance of our business there, similar to the US has been really strong. And as we look ahead, we continue to just see positive signs about where that region is going. I mean there has been no loss of interest in going to movies -- moviegoers in that region tend to over-index in the level of consumption that they have. So we still think the overall fundamentals of Latin America look positive and are positive for our business.

因此，我們看到消費者的觀影行為確實非常強勁。與美國類似，我們在那裡提升業務績效的方式非常有效。展望未來，我們繼續看到該地區發展的積極跡象。我的意思是，人們對看電影的興趣並沒有減少——該地區的電影觀眾的消費水平往往過高。因此，我們仍然認為拉丁美洲的整體基本面是正面的，對我們的業務有利。

Good to hear, Sean. Second question on Movie Club. It seems like every quarter, you've got great data to share. I think you said maybe 25% of your admission of revenues now from Movie Club. I think that's trending higher. I guess thinking forward here, how do you sort of maximize the value of this loyalty program? And how important has it been in terms of sort of achieving some of your strategic goals in terms of retention when you think about market share and reoccurrence of attendance is obviously is key to your growth and your concession sales, which have been a huge success?

很高興聽到這個消息，肖恩。關於電影社的第二個問題。似乎每個季度您都有大量數據可以分享。我想您說過現在大概有 25% 的收入來自電影俱樂部。我認為這個趨勢正在上升。我想從長遠角度考慮，您如何才能最大限度地提高這個忠誠度計劃的價值？當您考慮市場佔有率和再次出席率時，實現保留方面的某些策略目標有多重要？這顯然是您的成長和特許銷售的關鍵，而特許銷售已經取得了巨大的成功？

Sure, sure. Well, yes, I mean it's -- it's a very important program for us that has had a tremendous amount of success. I mean as you kind of hit on some of the goals that we seek through that is, number one, it keeps audiences coming to Cinemark. These are very loyal consumers to our business. They derive a lot of value from the program overall. And as you mentioned, the -- we can continue to see the ratio of box office that they represent grow year after year.

當然，當然。嗯，是的，我的意思是——這對我們來說是一個非常重要的項目，並且取得了巨大的成功。我的意思是，正如你所追求的一些目標一樣，第一，它可以讓觀眾繼續來到 Cinemark。這些都是我們業務非常忠誠的消費者。總體而言，他們從該計劃中獲得了很多價值。正如您所說，我們可以看到它們所代表的票房比例逐年增長。

We've also seen that the program has helped stimulate increased moviegoing frequency and food and beverage consumption in both cases. So when we look at consumers' behavior, prior to joining the program and after joining the program, we see both of those tend to grow. So it comes back to the value they derive from the program. It stimulates greater consumption, there's greater upgrading behavior, which is all a positive and directly aligned with kind of the studio's interest as well, which they think very highly of this program.

我們還發現，該計劃在兩種情況下都有助於刺激觀影頻率的增加以及食品和飲料的消費。因此，當我們觀察消費者在加入該計劃之前和之後的行為時，我們發現這兩種行為都趨於增長。所以這又回到了他們從該計劃中獲得的價值。它刺激了更大的消費，帶來了更大的升級行為，這都是正面的，並且與工作室的興趣直接相關，他們對這個項目評價很高。

And -- the third piece of this, it just enhances the overall experience, which leads to increased guest satisfaction. So it's simplistic. We have a direct line of communication to these guests, so we can -- we tailor our communications to their likes based on the data we get in terms of learnings of what they tend to prefer, and the ease of purchase is just simplified. So all around, there's just a whole range of benefits that consumers drive, and it's been very important.

第三點是，它增強了整體體驗，從而提高了客人滿意度。所以它很簡單。我們與這些客人有直接的溝通管道，因此我們可以根據所獲得的數據來了解他們的喜好，客製化我們的溝通方式，從而簡化購買流程。所以總的來說，消費者獲得了一系列好處，這非常重要。

Fortunately, we continue to see the program grow at a pace that's consistent with what we were seeing even pre-pandemic. That ebbs and flows based on the amount of volume or amount of content that's in the marketplace, but it's continued growing. And as I mentioned, we were up 10% year-over-year, and we're up considerably since 2019.

幸運的是，我們繼續看到該計劃以與疫情前一致的速度成長。它會根據市場上的數量或內容量而起伏，但它會持續增長。正如我所提到的，我們的銷售額同比增長了 10%，並且自 2019 年以來增長幅度很大。

Stephen Laszczyk, Goldman Sachs.

高盛的史蒂芬‧拉什奇克 (Stephen Laszczyk)。

Just two follow-ups from me. First, for Sean on market share. Could you elaborate a little bit more on your outlook for market turn in 2025 in US, it sounds like you're expecting some pressure. Just curious how much of that might be slate related or capacity related versus how much might be added competition or any other factors?

我只想跟進兩件事。首先，對 Sean 來說，市佔率是多少。您能否更詳細地闡述您對 2025 年美國市場轉變的展望，聽起來您預計會面臨一些壓力。只是好奇其中有多少可能與石板或容量有關，又有多少可能與增加的競爭或任何其他因素有關？

And then second for Melissa on film rental expense in your prepared remarks, I think you called out some of the increases were expected to dynamically persist going forward. Just curious if you could talk a little bit more about what this means and if there's any quarters in particular, we could expect film rental expense to be heavier or lighter?

其次，對於梅麗莎在您準備好的演講中提到的電影租賃費用，我認為您提到了一些預計未來會持續增長的費用。只是好奇，您是否可以再多談談這意味著什麼，以及在特定季度，我們可以預期電影租賃費用會增加還是減少？

Sure. Thanks, Stephen. I'll talk about 2025 by at least starting with 2024 market share. I mean, we were thrilled with the results of '24. We continue to see benefits of all the efforts we've pursued to drive attendance in just kind of structural market share improvements, which we continue to believe will be sustained at about 100 basis points ahead of where we were pre-pandemic. In '24, those benefits were further amplified by a mix of content that really worked well for our circuit as well as a slate that was pretty well spread out over the year that minimized the amount of capacity constraints, we had with hitting occupancy thresholds.

當然。謝謝，史蒂芬。我將至少從 2024 年的市場份額開始談論 2025 年。我的意思是，我們對 24 年的結果感到非常興奮。我們繼續看到我們為提高出席人數所做的所有努力所帶來的好處，這只是結構性市場份額的改善，我們仍然相信這一比例將維持在比疫情前高出約 100 個基點的水平。在 2024 年，這些優勢得到了進一步放大，因為我們的放映內容組合非常適合我們的影院，而且全年的放映安排也相當合理，最大限度地減少了容量限制，從而達到了上座率門檻。

So as we look to 2025, we continue to expect those structural benefits will be maintained, but we do expect some of the content mix benefits we received in '24 as well as the capacity constraints, the -- or the limited capacity constraints to temper a bit. So -- and that's just a byproduct of more volume in the marketplace overall, more diversified content in the marketplace.

因此，展望 2025 年，我們仍預期這些結構性優勢將得以維持，但我們確實預期 24 年獲得的一些內容組合優勢以及產能限制，或有限的產能限制將有所緩和。所以——這只是市場整體數量增加、內容更加多樣化的副產品。

So as I mentioned earlier, at least with regard to the capacity constraints, I mean, what generally is happening there is when there's a lot of great content in the market, we're being fully utilized. So we're highly productive in those moments, but some of that volume will spill over to other parts of the market, and our share may compress a little bit. So it's not necessarily a bad thing, but it does affect the overall rate of share that we have overall.

正如我之前提到的，至少就容量限製而言，我的意思是，通常發生的情況是，當市場上有很多優質內容時，我們就會被充分利用。因此，我們在那些時刻的生產力很高，但其中一部分產量將溢出到市場的其他部分，我們的份額可能會略有壓縮。所以這不一定是壞事，但它確實會影響我們整體的份額率。

And then on the film rental side, our film rental rates for 2024 benefited from a lower concentration of tentpole films due to the Hollywood strike, particularly in the first half of the year. So as blockbuster content resurged in the second half, what we saw is box office concentration increase as did our film rental rates.

在電影租賃方面，由於好萊塢罷工，尤其是在今年上半年，我們 2024 年的電影租賃率受益於大片集中度的降低。因此，隨著下半年大片內容的復甦，我們看到票房集中度提高，電影租賃率也有所提高。

So as we look forward to 2025, we do expect that dynamic to continue with a greater concentration of blockbuster content, which will increase our film rental rates year-over-year. But as you think about how that could present from a quarterly standpoint, it's really going to be dependent upon the concentration in any given quarter. But the first half of the year, given the impact of the Hollywood strikes in 2024 was certainly lighter on the film rental rate side.

因此，展望 2025 年，我們確實預期這種動態將持續下去，大片內容將更加集中，這將使我們的電影租賃率逐年增加。但當你從季度角度思考這一情況時，你會發現它實際上取決於任何特定季度的集中度。但考慮到2024年好萊塢罷工的影響，上半年的電影租賃率肯定會較低。

I think the other point that would be worth calling out would be on the marketing side, that is also included within our film rental line item and that does also vary quarter-to-quarter, based on our expected attendance and the returns that we're seeing, but we do expect for the full year 2025 that marketing spend as a percent of admissions and concession revenue will be relatively consistent to what we saw in 2024.

我認為值得一提的另一點是行銷方面，這也包含在我們的電影租賃項目中，並且根據我們預期的出席人數和我們看到的回報，每個季度都會有所不同，但我們確實預計 2025 年全年行銷支出佔入場人數和特許經營收入的百分比將與 2024 年的水平相對一致。

At this time, I'd like to turn the floor back over to Mr. Gamble for closing comments.

現在，我想把發言權交還給 Gamble 先生，請他發表最後評論。

All right. Thank you, Donna. In closing, I'd just like to reinforce once again the strength -- our confidence in the strength of Cinemark and the advantaged position that we maintain in today's environment as a result of the significant advancements we've been able to make over the past years to position our company for success. We remain highly encouraged about the road ahead and the further upside we anticipate with further box office recovery and the continued impact of our strategic initiatives.

好的。謝謝你，唐娜。最後，我只想再次強調我們的實力——我們對 Cinemark 的實力充滿信心，以及我們在當今環境中保持的優勢地位，這是由於我們在過去幾年中取得了重大進步，為公司的成功奠定了基礎。我們對未來的道路仍然充滿信心，我們預計票房將進一步復甦，我們的策略性舉措將持續產生影響，從而帶來進一步的上升空間。

And I'd just like to thank you all once again for joining us this morning, and we look forward to speaking with you again following our first quarter results. Thank you.

我再次感謝大家今天上午加入我們，我們期待在第一季業績公佈後再次與大家交談。謝謝。

Ladies and gentlemen, this concludes today's event. You may disconnect your lines and walk up the webcast at this time, and enjoy the rest of your day.

女士們、先生們，今天的活動到此結束。此時您可以斷開線路並觀看網路直播，然後享受剩餘的一天。