Cinemark Holdings Inc (CNK) 2025 Q1 法說會逐字稿

Greetings and welcome to the Cinemark Holdings first-quarter 2025 earnings conference call. (Operator Instructions) Please note that this conference is being recorded.

大家好，歡迎參加 Cinemark Holdings 2025 年第一季財報電話會議。（操作員指示）請注意，本次會議正在錄音。

I will now turn the call over to your host, Chanda Brashears, Senior Vice President of Investor Relations. Thank you. You may begin.

現在我將把電話轉給主持人、投資人關係資深副總裁 Chanda Brashears。謝謝。你可以開始了。

Good morning, everyone. I would like to welcome you to Cinemark Holdings, Inc.'s first-quarter 2025 earnings release conference call hosted by Sean Gamble, President and CEO; and Melissa Thomas, CFO.

大家早安。歡迎您參加 Cinemark Holdings, Inc. 2025 年第一季收益發布電話會議，由總裁兼執行長 Sean Gamble 主持；以及財務長梅麗莎·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.

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。

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 factor that could cause results to differ materially are detailed in the company's 10-Q and 10-K.

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的 10-Q 和 10-K 報表中詳細說明。

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-Q, and on the company's website at ir.cinemark.com.

此外，今天的電話會議可能包括非公認會計準則財務指標。這些非 GAAP 財務指標與最直接可比較的 GAAP 財務指標的對帳可以在公司最近提交的收益報告 10-Q 和公司網站 ir.cinemark.com 上找到。

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

說完這些，我現在想把電話轉給 Sean Gamble。

Thank you, Chanda, and good morning, everyone. As we indicated last quarter, we remain highly optimistic about what the future holds for Cinemark and theatrical exhibition, including a positive rebound in our industry's recovery trajectory this year. That said, and as expected, lingering headwinds from 2023 strikes in Hollywood, which caused a prolonged work stoppage on film production and an associated drag on last year's results, continue to affect the first quarter of 2025.

謝謝你，Chanda，大家早安。正如我們上個季度所指出的，我們對 Cinemark 和影院放映的未來仍然非常樂觀，包括今年我們行業復甦軌蹟的積極反彈。儘管如此，正如預期的那樣，2023 年好萊塢罷工的持續不利因素將繼續影響 2025 年第一季度，罷工導致電影製作長期停工，並對去年的業績造成拖累。

North American industry box office during the quarter totaled approximately $1.5 billion, which declined 12% compared to the same period in 2024. In addition to strike-induced influences that resulted in fewer year-over-year tentpole releases, this decline can also be attributed to multiple films that didn't fully resonate with audiences and trailed expectations, as well as a handful of titles that were originally planned to release in 1Q that shifted out of the quarter for a variety of reasons.

本季北美電影票房總計約 15 億美元，與 2024 年同期相比下降 12%。除了罷工影響導致大片上映數量同比減少之外，這種下降還可以歸因於多部未能引起觀眾充分共鳴且未達到預期的電影，以及一些原計劃在第一季度上映的電影由於各種原因而推遲到第一季度上映。

Within this pressured environment, Cinemark once again delivered outsized results. During the quarter, we exceeded year-over-year North American box office performance by 160 basis points and surpassed our comparable Latin American benchmark by nearly 60 basis points.

在這種壓力環境下，Cinemark 再次取得了超乎預期的表現。本季度，我們的票房表現比北美年比上漲了 160 個基點，比拉丁美洲的可比基準上漲了近 60 個基點。

We also continue to maintain our industry-leading market share gains, including approximately 100 basis points of structural improvement relative to our pre-pandemic levels. These gains were further amplified by a strong mix of family films that were represented in four of the quarter's top five titles, as well as minimal capacity constraints due to the lighter release schedule, which afforded us maximum showtime scheduling flexibility to avoid hitting occupancy thresholds.

我們也持續維持業界領先的市佔率成長，包括相對於疫情前水準約 100 個基點的結構性改善。本季排名前五的影片中，有四部是家庭影片，這兩大因素進一步擴大了收益，而且由於上映日程安排較少，影院容量限制也較小，這為我們提供了最大的放映時間安排靈活性，避免達到上座率門檻。

Nevertheless, while our outperforming box office proceeds and market share helped lift our overall results, one must go all the way back to the first quarter of 2022 to find a comparable level of domestic attendance, which was a period when our industry and company were still in the early stages of emerging from the pandemic. Consequently, our worldwide first-quarter revenue was $541 million with adjusted EBITDA of $36 million and an adjusted EBITDA margin of 6.7%.

然而，雖然我們出色的票房收入和市場份額幫助提升了我們的整體業績，但必須追溯到 2022 年第一季度才能找到相當的國內上座率水平，當時我們的行業和公司仍處於擺脫疫情的早期階段。因此，我們第一季全球營收為 5.41 億美元，調整後 EBITDA 為 3,600 萬美元，調整後 EBITDA 利潤率為 6.7%。

It's worth noting, however, that relative to the first quarter of 2022, our 2025 adjusted EBITDA grew almost 45% despite scaling up our business since the pandemic and contending with significant inflationary cost pressures. This improvement underscores the transformative impact that our strategic initiatives have provided our company over the past several years.

然而值得注意的是，相對於 2022 年第一季度，儘管自疫情爆發以來我們的業務規模不斷擴大，並且面臨著巨大的通膨成本壓力，但我們 2025 年調整後的 EBITDA 仍增長了近 45%。這項改進凸顯了我們的策略舉措在過去幾年為公司帶來的變革性影響。

The remaining headwinds associated with the Hollywood strikes were largely expected to be short lived this year. And fortunately, that appears to be the case as the second quarter exploded out of the gates with record-breaking results of A Minecraft Movie.

人們普遍預計，今年好萊塢罷工帶來的剩餘阻力不會持續太久。幸運的是，事實似乎確實如此，第二季《我的世界大電影》取得了破紀錄的成績，開局就取得了爆發性成長。

The film became an instant cultural phenomenon as millions of crafters let their imaginations run wild, sparking a major social movement that produced the industry's largest opening weekend ever for a film based on a video game, surpassing the giant launch of The Super Mario Brothers Movie in 2023. It also delivered Cinemark's highest three-day opening of all time for a family film.

這部電影瞬間成為一種文化現象，數百萬製作人充分發揮想像力，引發了一場重大的社會運動，創造了遊戲改編電影史上首映週末票房最高的紀錄，超過了 2023 年《超級瑪利歐兄弟》電影的首映週末票房。該片也創下了 Cinemark 電影史上家庭電影三日首映票房最高的紀錄。

Since then, moviegoing momentum has continued to accelerate, with A Minecraft Movie already building to more than $815 million in global box office proceeds and numerous successive films delivering solid results including the breakout faith-based hit, The King of Kings; the thrilling horror sensation, Sinners; and the action-packed return of everyone's favorite number cruncher in The Accountant 2.

自那時起，電影市場的勢頭持續加速，《我的世界大電影》的全球票房收入已經超過 8.15 億美元，並且多部後續電影也取得了不錯的成績，其中包括突破性的宗教題材熱門影片《萬王之王》；驚悚恐怖片《罪人》；以及大家最喜愛的數字計算高手在《會計刺客 2》中精彩回歸。

The force was also strong with the 20th anniversary rerelease of repertory film Star Wars: Episode III - Revenge of the Sith, that brought in more than $25 million domestically this past weekend. And the successful release of The Chosen Season 5 represents yet another example of the growing appeal for non-traditional content in theaters.

值得一提的是，重映 20 週年的保留劇目電影《星際大戰：第三集——西斯的複仇》也表現出色，上週末該片在國內獲得了超過 2,500 萬美元的票房收入。《天選之子》第五季的成功上映再次證明了戲院對非傳統內容的吸引力日益增強。

The robust results of these recent releases are illustrative of the strong, sustained enthusiasm consumers have for experiencing compelling, well-marketed films in theaters across varied genres of titles. They're also reflective of the excitement that was generated at our industry's annual trade show, CinemaCon, a month ago.

這些近期上映影片的強勁成績表明，消費者對於在影院觀看不同類型的引人入勝、市場營銷精良的電影有著強烈而持續的熱情。它們也反映了一個月前我們業界年度貿易展 CinemaCon 所激發的興奮之情。

During that event, studios and filmmakers provided glimpses into the upcoming lineup of movies that are on the horizon over the next two years, and they reaffirmed comments they've expressed over and over regarding the significant enhanced impact that theatrical exhibition provides their films, companies, and audiences. The quality of material showcased and the supportive messages that were emphasized during CinemaCon reinforced a positive overall outlook for the future of moviegoing.

在那次活動中，電影公司和電影製作人透露了未來兩年即將上映的電影陣容，並重申了他們一再表達的評論，即影院放映將為他們的電影、公司和觀眾帶來顯著的增強影響力。CinemaCon 期間展示的材料品質和強調的支持性訊息強化了人們對未來電影業的正面整體前景。

In the very near term, our exuberance about the well-rounded mix of films that are still slated to release this year has only grown based on what was shared. Family films that were featured are sure to delight audiences of all ages, including a live-action version of Lilo and Stitch, Karate Kid: Legends, Elio, the Smurfs movie, The Bad Guys 2, The SpongeBob Movie: Search for SquarePants, Zootopia 2, and a live-action remake of How to Train Your Dragon, which was screened in its entirety and is absolutely sensational.

就短期而言，根據所分享的內容，我們對今年仍將上映的一系列精彩電影的興奮之情只會越來越強烈。放映的家庭電影必定會讓所有年齡段的觀眾感到滿意，其中包括真人版《星際寶貝》、《龍威小子：傳奇》、《艾利歐》、《藍色小精靈》、《壞傢伙們2》、《海綿寶寶：尋找方塊》、《瘋狂動物城2》以及真人版《馴龍高手》，該片已完整放映，絕對令人震撼。

Then there was an abundance of exhilarating, heart-racing action on display, such as Mission: Impossible – The Final Reckoning, Ballerina, Jurassic World Rebirth, Predator: Badlands, a new take on the Running Man, and F1 from the producer and director of Top Gun: Maverick. Screams, scares, and thrills were also plentiful with clips of hair-raising horror and suspense in films like Final Destination Bloodlines, 28 Years Later, M3GAN 2.0, The Conjuring: Last Rites, The Long Walk, Black Phone 2, Five Nights at Freddy's 2, and a new chapter of I Know What You Did Last Summer.

然後，還有大量令人興奮、驚心動魄的動作片上映，如《碟中諜 5：最終清算》、《芭蕾舞女演員》、《侏羅紀世界：重生》、《鐵血戰士：荒地》、《奔跑的人》新版，以及《壯志凌雲：獨行俠》製片人兼導演的 F1。電影中也充滿了尖叫、驚嚇和刺激，如《死神來了：血脈》、《28 年後》、《M3GAN 2.0》、《招魂：最後的儀式》、《長徵》、《黑色電話 2》、《玩具熊的五夜後宮 2》和《我知道你去年夏天干了什麼》等令人毛骨悚然的恐怖和懸疑片段。

Laughter also appears primed to crank the volume up to 11 based on comedy showcase like Spinal Tap II: The End Continues, The Phoenician Scheme, Freakier Friday, Good Fortune, and a hilarious-looking reboot of The Naked Gun. At the same time, we saw highly compelling looks at new superhero stories that continue to be a mainstay including Thunderbolts*, which opens this weekend, The Fantastic Four: First Steps, and the highly anticipated relaunch of Superman. In sci-fi, fantasy lovers will most certainly be captivated by further spectacles in the iconic worlds of Tron: Ares, Wicked: For Good, and Avatar: Fire and Ash, as well as a fresh new romantic adventure in A Big Bold Beautiful journey.

看完《搖滾萬歲2：終結繼續》、《腓尼基計畫》、《怪誕星期五》、《好運連連》以及搞笑版《白頭神探》等喜劇片後，笑聲似乎也達到了 11 度。同時，我們也看到了引人入勝的新超級英雄故事，它們仍然是主流，包括本週末上映的《雷霆特工隊》*、《神奇四俠：第一步》和備受期待的《超人》重新上映。在科幻小說中，奇幻愛好者肯定會被《創：戰紀》、《魔法壞女巫：永生》和《降世神通：火與灰燼》等標誌性世界中的更多奇觀所吸引，以及《大膽而美麗的旅程》中全新的浪漫冒險。

In addition to all the eye-popping star-studded materials and presentations that were provided by our traditional studio partners during CinemaCon, including Sony, Lionsgate, Warner Bros., Universal, Paramount, and Disney, another highlight of the convention was Amazon MGM and who took the stage for the very first time to reconfirm their intention to release 14 to 16 films into theaters per year by 2027 and share footage from a wide range of their upcoming titles. Their message was highly encouraging with regard to the further recovery of overall wide release volume in 2026 and beyond, and so too was the quality and scale of their films, as well as how far along they are with the titles they have in motion. Our enthusiasm about the film pipeline ahead, ongoing theatrical support of our studio partners, and sustained consumer appeal for moviegoing is also coupled with optimism regarding our ability to navigate an uncertain and evolving macroeconomic landscape.

除了我們傳統電影合作夥伴（包括索尼、獅門影業、華納兄弟、環球影業、派拉蒙和迪士尼）在 CinemaCon 期間提供的所有令人瞠目結舌的明星材料和演示之外，大會的另一個亮點是亞馬遜米高梅，他們首次登台重申了到 2027 年每年在影院上映 14 到 16 部電影的計劃，並分享了即將上映的多片段。他們傳達的信息非常鼓舞人心，表明 2026 年及以後總體上映數量將進一步恢復，他們的電影質量和規模以及他們正在製作的電影的進展也令人鼓舞。我們對未來電影流水線的熱情、我們電影公司合作夥伴的持續影院支持、以及消費者對電影的持續吸引力，同時也對我們應對不確定和不斷變化的宏觀經濟形勢的能力充滿熱情。

Over the years, our industry has been more closely tied to the strength of film content than swings in economic cycles, both domestically and internationally. In fact, in six of the past eight US recessions, North American box office has grown. Likewise, even with the frequent economic and political turbulence that often exists throughout Latin America, our industry and business have held strong when favorable movies are in the marketplace.

多年來，我們的產業與電影內容的實力比國內和國際經濟週期的波動更緊密地連結在一起。事實上，在過去八次美國經濟衰退中，有六次北美票房都實現了成長。同樣，即使拉丁美洲經常出現經濟和政治動盪，只要市場上有受歡迎的電影，我們的行業和業務就能保持強勁。

Based on our observations, during strained economic periods, people continue to pursue out-of-home experiences, and they tend to prioritize value and affordability. Going to the movies remains one of the least expensive, high-quality, localized entertainment options for spending two to three hours of time. Moreover, it provides an often much-needed opportunity to unwind, disconnect, and escape.

根據我們的觀察，在經濟緊張時期，人們繼續追求戶外體驗，並且傾向於優先考慮價值和可負擔性。看電影仍然是花費兩到三個小時的最便宜、高品質、在地化的娛樂方式之一。此外，它還提供了一個人們常常急需的放鬆、斷開連結和逃避的機會。

Interestingly, during these periods, in addition to sustained levels of moviegoing, we also haven't historically seen a dip in the degree to which our guests upgrade to premium amenities, or consume food and beverage offerings. That behavior continued to hold true in the first quarter as we achieved a new record high concession per cap, which was driven partly by increased incidence rates. Furthermore, the opening weekend of A Minecraft Movie in April just yielded our highest three-day sales of D-BOX motion seats ever.

有趣的是，在這些時期，除了觀影人數保持穩定之外，我們也沒有看到客人升級到高級設施或消費食品和飲料的程度下降。這一行為在第一季繼續保持，因為我們實現了人均優惠的新高，這在一定程度上是由於發病率的上升。此外，4 月《我的世界》大電影首映週末，D-BOX 動感座椅的三天銷量創下了歷史新高。

So collectively, we remain highly encouraged about the overall direction of our industry and especially Cinemark. In particular, we believe that we are very well positioned and will continue to benefit from our many efforts and investments in enhancing the entertainment experience we provide our guests, strengthening and maintaining high-quality theaters, building loyalty to Cinemark, developing industry-leading operating capabilities, and activating levers to drive incremental value creation. Furthermore, we continue to derive significant advantages from our solid financial position, which remains a strategic asset for us.

因此，總的來說，我們對產業的整體發展方向，尤其是 Cinemark 的發展方向感到非常鼓舞。特別是，我們相信，我們處於非常有利的地位，並將繼續受益於我們在提升客人娛樂體驗、加強和維護高品質影院、建立對 Cinemark 的忠誠度、開發行業領先的營運能力以及激活槓桿以推動增量價值創造方面的許多努力和投資。此外，我們繼續從穩固的財務狀況中獲得巨大優勢，這對我們來說仍然是一項策略資產。

Considering the health of our company as well as our positive outlook going forward, we paid our first quarterly dividend since the pandemic this past quarter, and we opportunistically executed $200 million of share repurchases in March. These repurchases represent the first stock buyback program we've ever transacted in the history of our company, and they've put us out in front of managing potential dilution related to the warrants associated with our upcoming convertible note settlement.

考慮到我們公司的健康狀況以及我們對未來的積極展望，我們在上個季度派發了自疫情爆發以來的首次季度股息，並在 3 月份把握機會執行了 2 億美元的股票回購。這些回購是我們公司歷史上進行的第一次股票回購計劃，它們使我們處於管理與即將進行的可轉換票據結算相關的認股權證相關的潛在稀釋的風險之中。

These meaningful actions reflect our steadfast confidence in Cinemark and theatrical exhibition as a whole. To that end, we aim to fully capitalize on our industry's ongoing resurgence of content over the coming years, while maintaining the operating discipline that continues to serve us so well and actively advancing a wide range of new revenue-generating productivity and synergistic diversification initiatives to secure our long-term growth and prosperity.

這些有意義的措施反映了我們對Cinemark影城以及整個戲院的堅定信心。為此，我們的目標是充分利用未來幾年我們行業內容的持續復甦，同時保持繼續為我們服務的良好營運紀律，並積極推進各種新的創收生產力和協同多元化舉措，以確保我們的長期成長和繁榮。

I'll now pass the call over to Melissa who will share more about our first quarter results. Melissa.

現在我將把電話轉給梅麗莎，她將分享更多有關我們第一季業績的資訊。梅麗莎。

Thank you, Sean. Good morning, everyone, and thank you for joining the call today. Amid the first-quarter industry headwinds Sean covered, Cinemark successfully capitalized on available box office opportunities and effectively navigated the dynamic environment, demonstrating the strength and resilience of our outstanding team.

謝謝你，肖恩。大家早安，感謝大家參加今天的電話會議。在 Sean 報導的第一季產業逆風中，Cinemark 成功利用了現有的票房機會並有效地應對了動態環境，展現了我們優秀團隊的實力和韌性。

In the first quarter, we welcomed 36.6 million patrons globally and delivered $540.7 million of worldwide revenue. We generated $36.4 million of adjusted EBITDA, with a 6.7% adjusted EBITDA margin despite operating deleverage associated with lower attendance levels.

第一季度，我們在全球接待了 3,660 萬名顧客，全球收入達到 5.407 億美元。儘管由於客流量較低而導致營運去槓桿，但我們仍產生了 3,640 萬美元的調整後 EBITDA，調整後 EBITDA 利潤率為 6.7%。

Within our US operations, we hosted 20.6 million guests and grew our market share of 30 basis points year over year. Compared with the pre-pandemic period, we continue to maintain market share gains in excess of 100 basis points due to the combination of structural gains, a favorable content mix that over-indexed towards family titles, and minimal capacity constraints driven by a more spread-out fleet and the flexibility in our programming.

在美國業務中，我們接待了 2,060 萬名客人，市佔率比去年同期成長了 30 個基點。與疫情前相比，由於結構性收益、過度傾斜家庭影片的有利內容組合，以及更分散的劇組和節目安排的靈活性帶來的最小容量限制，我們的市場份額繼續保持 100 個基點以上的增長。

We generated $207.6 million in domestic admissions revenue. Our average ticket price increased 3% year over year to $10.08, primarily driven by strategic pricing initiatives, partially offset by a lower mix of premium formats due to the film content in the quarter.

我們的國內門票收入為 2.076 億美元。我們的平均票價年增 3% 至 10.08 美元，這主要得益於戰略定價舉措，但本季度由於電影內容導致優質格式組合減少，部分抵消了這一上漲。

Our domestic concession revenue was $164.4 million in the first quarter, and we grew our concession per cap 5% year over year, achieving a new all-time high per cap of $7.98. This robust growth was driven by an increase in incidence rates, a higher mix of merchandise, and strategic pricing actions. I would like to commend our Cinemark team for their diligent efforts and innovative strategies, which, combined with excellent field execution, have been instrumental in achieving this quarter's impressive concession per cap result.

我們第一季的國內特許經營收入為 1.644 億美元，人均特許經營收入年增 5%，達到人均 7.98 美元的歷史新高。這種強勁的成長是由發病率的上升、商品組合的增加以及策略性定價行動所推動的。我要讚揚我們的 Cinemark 團隊的勤奮努力和創新策略，加上出色的現場執行，對於實現本季令人印象深刻的人均優惠業績起到了重要作用。

We delivered $45.1 million of other revenue, down 3% versus the first quarter of 2024, primarily due to lower attendance, which led to a reduction in the variable component of other revenue, partially offset by an increase in promotional income and gaming revenue. Overall, our domestic segment generated $417.1 million of revenue and $20 million of adjusted EBITDA, yielding a 4.8% adjusted EBITDA margin.

我們實現了 4,510 萬美元的其他收入，比 2024 年第一季下降 3%，主要原因是上座率下降，導致其他收入的變動部分減少，但促銷收入和博彩收入的增加部分抵消了這一影響。總體而言，我們的國內部門創造了 4.171 億美元的收入和 2000 萬美元的調整後 EBITDA，產生了 4.8% 的調整後 EBITDA 利潤率。

Moving to our international operations, we welcomed 16 million guests during the first quarter, relatively flat with Q1 of last year despite the softer film slate due to a content mix that skewed more heavily towards family titles, which tend to resonate well in Latin America, strong performances from two local Brazilian titles, and promotional activities, including cinema weeks across the region to stimulate demand.

談到我們的國際業務，第一季我們接待了 1,600 萬名觀眾，與去年第一季基本持平，儘管電影片單較疲軟，這是由於內容組合更偏向於家庭影片（這些影片在拉丁美洲往往引起良好反響）、兩部巴西本地影片表現強勁，以及包括在整個地區開展電影週以刺激需求在內的促銷活動。

Like the US, we maintained strong market share gains in the first quarter compared with pre-pandemic levels, delivering over 200 basis points of growth versus Q1 of 2019. We grew revenue from our International segment 1% year over year to $123.6 million in the first quarter, which was comprised of $56.5 million of admissions revenue, $46 million of concession revenue, and $21.1 million of other revenue. International adjusted EBITDA was $16.4 million, with an adjusted EBITDA margin of 13.3%.

與美國一樣，與疫情前的水平相比，我們在第一季保持了強勁的市場份額增長，與 2019 年第一季相比增長了 200 多個基點。第一季度，我們國際部門的營收年增 1% 至 1.236 億美元，其中包括 5,650 萬美元的門票收入、4,600 萬美元的特許經營收入和 2,110 萬美元的其他收入。國際調整後 EBITDA 為 1,640 萬美元，調整後 EBITDA 利潤率為 13.3%。

Shifting to global expenses, film rental and advertising expense was 53.5% of admissions revenue, representing a 30-basis point increase year over year due to higher marketing spend and the overall mix of films, partially offset by a lower concentration of high-grossing titles due to the residual Hollywood strike impact. Concession costs as a percent of concession revenue were 21.1%, up 150 basis points compared with the first quarter of 2024, driven by a higher mix of merchandise, lower vendor rebates, and the impact of ongoing inflationary pressure on certain concession categories. These increases were offset in part by our strategic pricing actions.

轉向全球支出，電影租賃和廣告費用佔門票收入的 53.5%，由於行銷支出增加和電影整體組合增加，同比增長 30 個基點，但好萊塢罷工的殘餘影響導致高票房影片集中度降低，部分抵消了這一增長。特許經營成本佔特許經營收入的百分比為 21.1%，與 2024 年第一季度相比增長了 150 個基點，這主要是由於商品組合增加、供應商回扣降低以及持續通膨壓力對某些特許經營類別的影響。這些成長被我們的策略定價行動部分抵銷。

Global salaries and wages were $90.3 million, an increase of 4% compared with the first quarter of 2024 due to wage and benefit inflation and higher workers' compensation costs, partially offset by lower attendance and foreign currency fluctuations. As we flex our labor hours based on anticipated attendance levels, salaries and wages were also impacted by the lower-than-expected box office performance.

全球薪資和薪資為 9,030 萬美元，與 2024 年第一季相比增長 4%，原因是工資和福利上漲以及工人賠償成本增加，但出勤率下降和外匯波動部分抵消了這一增長。由於我們根據預期的上座率調整工時，因此薪資和薪水也受到低於預期的票房表現的影響。

Facility lease expense was $78.3 million, up 1% year over year, reflecting the relatively fixed nature of domestic leases and the dissipation of temporary rent abatements in our International segment that benefited the first quarter of 2024. Lower-percentage rent partially offset the increase.

設施租賃費用為 7,830 萬美元，年增 1%，反映了國內租賃的相對固定性質以及國際部門臨時租金減免的消失，這對 2024 年第一季有利。較低比例的租金部分抵消了成長。

Utilities and other expense was $105.7 million, an increase of 5% from the first quarter 2024, primarily driven by higher property taxes, credit card fees, and repairs and maintenance costs. An increase in third-party commissions associated with screen advertising revenue growth in International and inflationary impacts. These increases were somewhat offset by lower attendance as many of these costs are variable or semi-variable in nature, as well as foreign currency fluctuations.

公用事業和其他費用為 1.057 億美元，比 2024 年第一季增長 5%，主要原因是房產稅、信用卡費用以及維修和維護成本增加。與國際螢幕廣告收入成長和通貨膨脹影響相關的第三方佣金的增加。由於許多成本本質上是變動或半變動成本，以及外匯波動，這些成長在一定程度上被較低的出席人數所抵消。

G&A was $54.5 million in the first quarter and grew year over year due to wage and benefit inflation, share-based compensation and related payroll taxes, and professional fees, partially offset by the favorable impact of foreign exchange rate fluctuations. Globally, we generated a net loss attributable to Cinemark Holdings, Inc. of $38.9 million, resulting in a loss per share of $0.32.

第一季的一般及行政費用為 5,450 萬美元，由於工資和福利上漲、股權激勵和相關工資稅以及專業費用，同比增長，但外匯匯率波動的有利影響部分抵消了這一增長。在全球範圍內，我們產生了歸屬於 Cinemark Holdings, Inc. 的淨虧損 3,890 萬美元，導致每股虧損 0.32 美元。

Turning to the balance sheet, we ended the quarter with $699 million of cash. Our free cash flow was negative $141 million in the quarter, which reflects the soft box office environment, semi-annual interest payments, seasonal working capital headwinds, and ongoing investments in our circuit.

從資產負債表來看，本季末我們的現金為 6.99 億美元。本季我們的自由現金流為負 1.41 億美元，這反映了疲軟的票房環境、半年利息支付、季節性營運資金逆風以及對我們影院的持續投資。

With respect to our capital allocation strategy, we continue to have three pillars: strengthening our balance sheet, investing to position Cinemark for long-term success, and returning excess capital to shareholders. Regarding the first pillar, strengthening our balance sheet, as we previously communicated, given our strong financial condition and our optimism around box office recovery, we intend to repay the $460 million principal amount of our convertible notes using cash on hand upon their maturity in August of this year. We expect our cash balance will remain elevated in the near term as we prepare to address this maturity.

關於我們的資本配置策略，我們繼續有三大支柱：加強我們的資產負債表、投資以使 Cinemark 獲得長期成功以及將多餘的資本回饋給股東。關於第一個支柱，加強我們的資產負債表，正如我們之前所傳達的，鑑於我們強勁的財務狀況和對票房復甦的樂觀態度，我們打算在今年 8 月可轉換票據到期時使用庫存現金償還 4.6 億美元的本金。我們預計，在準備解決這個到期問題時，我們的現金餘額將在短期內保持在高位。

Specific to the potential exposure above the principal amount, our Board and management team are mindful of potential shareholder dilution from the settlement of the warrants. To that end, given the recent equity market volatility, we announced the authorization of a $200 million share buyback program in March to proactively mitigate potential dilution.

具體到超過本金的潛在風險敞口，我們的董事會和管理團隊注意到認股權證結算可能導致股東權益稀釋。為此，鑑於近期股市波動，我們在 3 月宣布批准 2 億美元的股票回購計劃，以積極減輕潛在的股權稀釋。

We were thrilled to fully execute the $200 million authorization in the first quarter using cash on hand to successfully repurchase 7.93 million shares of our common stock or 6.5% of our then outstanding share count at an average price of $25.22. With that, our current intent is to issue shares to settle any incremental exposure we may have above the principal amount of the convertible notes.

我們很高興在第一季全面執行了 2 億美元的授權，利用庫存現金成功回購了 793 萬股普通股，佔當時流通股數的 6.5%，平均價格為 25.22 美元。因此，我們目前的意圖是發行股票來解決我們可能擁有的超過可轉換票據本金的任何增量風險。

Closing out the first capital allocation pillar, we ended the quarter at three times net leverage at the high end of our target range of two to three times. The health of our balance sheet remains a key differentiator for our company and affords us the flexibility to invest in long-term growth and maintain the health of our circuit, which leads me to our second pillar, investing to position the company for long-term success.

在完成第一個資本配置支柱後，我們在本季度結束時的淨槓桿率為三倍，處於我們兩到三倍目標範圍的高端。我們的資產負債表的健康狀況仍然是我們公司的一個關鍵區別因素，它使我們能夠靈活地投資於長期增長並保持我們電路的健康，這讓我想到了我們的第二個支柱，即投資以使公司長期成功。

We spent $22.1 million on capital expenditures in the first quarter. For the full-year 2025, we continue to anticipate spending $225 million on capital expenditures to maintain, enhance, and grow our global circuit. We have currently earmarked roughly half of our full-year capital expenditures for maintaining a high-quality circuit and laser projector installations, with the remainder for ROI-generating opportunities, including newbuilds and other accretive opportunities such as recliners, premium formats, and food and beverage upgrades.

我們第一季的資本支出為 2,210 萬美元。對於 2025 年全年，我們預計仍將花費 2.25 億美元的資本支出來維護、增強和擴大我們的全球佈局。目前，我們已將全年資本支出的大約一半用於維護高品質電路和雷射投影機的安裝，其餘部分用於產生投資回報率的機會，包括新建建築和其他增值機會，如躺椅、高級格式以及食品和飲料升級。

Moving to our third pillar, in March, we paid our first quarterly dividend post the pandemic, marking an important first step in returning excess capital to shareholders. This is a testament to the strength of our free cash flow profile, which allows us to prudently invest in the future of our business while returning more capital to shareholders over time through dividends and/or stock buybacks, provided our net leverage remains within our target range. Our goal is to maintain a balanced and disciplined approach to capital allocation, ensuring we have the flexibility to seize future value creation opportunities while also effectively managing risks.

談到我們的第三大支柱，3 月份，我們派發了疫情後的第一筆季度股息，這是向股東返還過剩資本的重要第一步。這證明了我們自由現金流狀況的強勁，這使我們能夠審慎地投資於業務的未來，同時透過股息和/或股票回購隨著時間的推移向股東返還更多資本，前提是我們的淨槓桿率仍然在我們的目標範圍內。我們的目標是保持平衡且嚴謹的資本配置方式，確保我們能夠靈活地抓住未來的價值創造機會，同時有效管理風險。

In conclusion, we are confident in our strategic direction and the growth opportunities that lie ahead for our company. Our strong financial position, deliberate strategic initiatives, and unwavering commitment to operational excellence, provide a solid foundation for long-term success. As we look forward, we will maintain our focus on disciplined execution, prudent investments, and leveraging our strengths to maximize value for our shareholders.

總之，我們對我們的策略方向和公司未來的成長機會充滿信心。我們強大的財務狀況、深思熟慮的策略舉措以及對卓越營運的堅定承諾為長期成功奠定了堅實的基礎。展望未來，我們將繼續注重嚴謹的執行、審慎的投資，並利用我們的優勢為股東創造最大價值。

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，現在我們想開始回答問題。

(Operator Instructions) Eric Handler, Roth Capital.

（操作員指示）埃里克·漢德勒 (Eric Handler)，羅斯資本 (Roth Capital)。

Good morning and thanks for the question. Sean, it was a very nice surprise to see you take down the whole $200 million of the share buyback in the quarter. Given that the box office is expected to be a lot stronger in the remaining three quarters of this year, and next year as well, any reason why you wouldn't want to just announce another program to have it there in case you see an opportunistic -- you could be opportunistic if you think the share price is undervalued?

早安，感謝您的提問。肖恩，看到你在本季完成了全部 2 億美元的股票回購，我感到非常驚訝。鑑於今年剩餘三個季度以及明年的票房預計會更加強勁，如果您認為股價被低估，您可能會抓住機會，那麼有什麼理由不想宣布另一個計劃並將其放在那裡？

Thanks for the question, Eric. Yeah, we are definitely very pleased with the opportunistic situation that presented itself over the quarter to fully execute that. And we're very encouraged about where the full year is heading with regard to the overall potential of box office.

謝謝你的提問，艾瑞克。是的，我們對本季出現的機會感到非常高興，可以全面實施這一目標。我們對全年票房的整體潛力感到非常鼓舞。

I'll let Melissa talk more specifically to kind of our forward-looking plans in that regard.

我會讓梅麗莎更具體地談談我們在這方面的前瞻性計劃。

So, Eric, with respect to that, so our goal does remain to return a greater share of our free cash flow to shareholders over time through dividends and/or stock buybacks, provided our net leverage ratio remains within our target range of two to three times. And that mix between dividends and/or stock buybacks will be delivered or determined over time.

因此，埃里克，就這一點而言，我們的目標仍然是透過股息和/或股票回購，隨著時間的推移向股東返還更大份額的自由現金流，前提是我們的淨槓桿率保持在兩到三倍的目標範圍內。股利和/或股票回購之間的組合將隨著時間的推移而實現或確定。

But a variety of factors go into our decision on repurchasing shares, including but not limited to cash and liquidity, valuation considerations around dilution management, as well as ongoing returns paid to shareholders. But all that said, I think it's important to also keep in mind that in the near term, we do have the upcoming convertible note settlement. As we mentioned on the call, we continue to anticipate repaying the principal amount of $460 million upon maturity in August, so that is a key priority for us from a capital allocation standpoint.

但我們回購股票的決定需要考慮多種因素，包括但不限於現金和流動性、圍繞稀釋管理的估值考慮以及持續支付給股東的回報。但儘管如此，我認為同樣重要的是要記住，在短期內，我們確實有即將到來的可轉換票據結算。正如我們在電話會議上提到的，我們仍然預計將在 8 月到期時償還 4.6 億美元的本金，因此從資本配置的角度來看，這是我們的首要任務。

Okay, so -- but you're not ruling it out for the future. And then could you just remind us for -- I know you've got the collar in place or the derivative instrument in place, like, for every dollar above, what I think it's a $22.08, how much does that equate to incremental payments?

好的，但是你並沒有排除未來的可能性。然後您能否提醒我們——我知道您已經設置了領圈或衍生工具，例如，對於高於該金額的每一美元，我認為是 22.08 美元，這相當於多少增量支付？

Yes. So in terms of exposure above the $460 million principal amount, every dollar of stock price movement above $22 represents $32 million of exposure or the corresponding number of shares. What I would recommend, Eric, we did include in our investor deck a slide on the convertible note mechanics, which helps to show what that looks like, particularly in light of the repurchase that we just executed on, which does mitigate dilution now associated with 7.93 million shares associated with the settlement of the warrant. So I would encourage folks to look at that as well.

是的。因此，就 4.6 億美元本金以上的風險敞口而言，股價每超過 22 美元波動 1 美元，就意味著 3,200 萬美元的風險敞口或相應數量的股票。艾瑞克，我要建議的是，我們確實在投資者簡報中加入了可轉換票據機制的幻燈片，這有助於展示其情況，特別是考慮到我們剛剛執行的回購，這確實減輕了與認股權證結算相關的 793 萬股股份的稀釋。所以我鼓勵大家也看看這一點。

Thank you.

謝謝。

Thanks, Eric.

謝謝，埃里克。

Ben Swinburne, Morgan Stanley.

摩根士丹利的本‧斯溫伯恩 (Ben Swinburne)。

Thank you, good morning. Sean, and with a couple of questions from some of your prepared remarks, I guess, coming out of CinemaCon, helpful to hear your feedback on Amazon. I think that's been a bit of a debate given the shifting management and leadership at their studio. I don't know if you had any more color on sort of the expectations you have from their studio and the kind of films they're working on maybe beyond the Bond story. I'd love to hear similar thoughts on Apple. I think there's some debate in Hollywood about their appetite today to keep pushing into theatrical and invest behind that.

謝謝，早安。肖恩，根據您準備好的發言中的幾個問題，我想，在 CinemaCon 之後，聽到您對亞馬遜的反饋會很有幫助。我認為，鑑於工作室的管理和領導層的變動，這引起了一些爭議。我不知道您是否對他們的工作室有什麼期望，以及他們正在製作的電影類型（可能不僅限於邦德故事）有什麼進一步的說明。我很想聽聽大家對蘋果的類似看法。我認為好萊塢目前對於他們是否有興趣繼續進軍戲劇界並進行投資存在一些爭論。

And then I don't know how much you'd be willing to share, but last year's Q2 had really strong market share for Cinemark. I think it was your highest, maybe ever. But this year, second quarter also looks really good from a mix point of view, so I'm just curious if you had any thoughts on kind of comparing what we're seeing now in the current quarter versus a year ago that might impact year-over-year market share performance for Cinemark’s circuit. Thank you.

我不知道您願意分享多少，但去年第二季 Cinemark 的市佔率確實很高。我想這可能是你有史以來的最高紀錄。但從綜合角度來看，今年第二季的表現也相當不錯，所以我很好奇您是否想過將本季與去年同期的情況進行比較，看看這可能會對 Cinemark 影院的同比市場份額表現產生什麼影響。謝謝。

Sure. Thanks for the questions, Ben. Starting with your questions on Amazon and Apple. Yeah, I mean, look, Amazon, we continue to be very encouraged. I think Mike Hopkins was very clear at CinemaCon about their enthusiasm regarding putting out up to 14 to 16 in theatrical releases by 2027. I think they're looking at the potential to have up to 14 even next year.

當然。謝謝你的提問，本。從您關於亞馬遜和蘋果的問題開始。是的，我的意思是，看看亞馬遜，我們繼續感到非常鼓舞。我認為麥克霍普金斯在 CinemaCon 上非常清楚地表達了他們對到 2027 年在影院上映 14 到 16 部電影的熱情。我認為他們明年甚至有可能達到 14 個。

And they've shared a lot of that content during the course of the event. They had some great-looking materials from their upcoming film, Project Hail Mary, which is based on a book with Ryan Gosling. They just recently announced a new -- the new take on Thomas Crown Affair, Mercy, they have a whole Masters of the Universe film. So they got some varied content coming out across a range of genres of varied scales that I'd say everybody was pretty overwhelmed with, just the quality and how far along they are with the movies that they showcased.

他們在活動期間分享了很多這樣的內容。他們即將上映的電影《萬福瑪利亞計畫》有一些非常精彩的素材，這部電影改編自瑞恩高斯林的一本書。他們最近剛宣布了一部新片——《托馬斯·克朗事件》、《仁慈》的新版本，他們有一部完整的《宇宙巨人》電影。因此，他們推出了各種類型、各種規模的多樣化內容，我想說每個人都對這些內容感到非常震驚，他們展示的電影的品質和進展都很好。

They've continued to lean into putting resources in place, so they've got real skin in the game with people in production and marketing and distribution. They're putting in a whole international distribution team now. So they're really leaning into this in a big way. So I think when we just look at their actions, it really shows that they're in this for the long haul.

他們繼續傾向於投入資源，因此他們與生產、行銷和分銷領域的人員有著真正的合作。他們現在正在組建一支完整的國際分銷團隊。所以他們確實在很大程度上傾向於此。所以我認為，只要看看他們的行動，就會發現他們確實打算長期堅持下去。

Your question on Apple, I think Apple has a big focal point in the short run on F1 that they're going to be releasing through Warner Bros. this summer. The materials that they shared on that during CinemaCon looked fantastic. Everything we've heard about the film is it's just a sensational movie, so I think they're kind of waiting to get through that. And I believe they even commented -- made a comment about that on their earnings call yesterday.

您關於蘋果的問題，我認為蘋果短期內將重點關注 F1，他們將於今年夏天透過華納兄弟發布這款遊戲。他們在 CinemaCon 期間分享的材料看起來非常精彩。我們聽到的關於這部電影的一切評價都是，它只是一部轟動一時的電影，所以我認為他們正在等待這部電影的上映。我相信他們甚至在昨天的收益電話會議上對此發表了評論。

But I think that in their case, they're still in a little bit of an earlier phase of sorting out their longer-term plans. We continue to be optimistic about where they ultimately land just because we think it is a -- it would be a great complement for their business and their platform given the type of benefits that theatrical provides films from a quality perception standpoint, which really fits well with their whole Apple branding. But we'll have to see where that goes.

但我認為，就他們的情況而言，他們仍處於製定長期計劃的早期階段。我們繼續對他們的最終落地持樂觀態度，因為我們認為這將是對他們的業務和平台的一個很好的補充，因為從質量感知的角度來看，影院為電影提供了各種好處，這與他們的整個蘋果品牌非常契合。但我們必須看看事情會如何發展。

Your other question on market share for the second quarter, I mean, we're going to see how things unfold this quarter. Yeah, there's certainly a fair amount of family films, which, as you know, works very well and tends to over-index for our circuit, as does horror.

關於第二季度市場份額的另一個問題，我的意思是，我們將看看本季的情況如何發展。是的，確實有相當數量的家庭電影，如你所知，這些電影效果很好，並且在我們的院線中往往被過度推薦，恐怖片也是如此。

So that will be definitely working in our favor from a content mix standpoint, albeit there's a lot more significant films coming into the marketplace now with a larger cadence, which we've said, those are the periods that we have seen our share, we start to hit more of those capacity constraints hitting our kind of occupancy thresholds where some of that attendance spills over to other circuits, so our share has the potential to compress a bit in those circumstances.

因此，從內容組合的角度來看，這絕對對我們有利，儘管現在有更多重要的電影以更快的節奏進入市場，我們已經說過，這些時期我們看到了我們的份額，我們開始遇到更多的容量限制，達到我們的上座率門檻，其中一些觀眾溢出到其他院線，所以在這種情況下我們的份額可能會有所壓縮。

It still means that we're operating at our most efficient way and we're capitalizing on that. But we do expect that our share may compress a bit in an environment where we have a lot of content in the marketplace. And that's a good thing. Again, fortunately, we're heading into -- appear to be heading into that type of situation with a steady cadence of meaningful releases week after week after week.

這仍然意味著我們正在以最有效的方式運作，我們正在利用這一點。但我們確實預計，在市場上擁有大量內容的環境下，我們的份額可能會有所壓縮。這是一件好事。再次，幸運的是，我們正朝著這種局面前進——似乎正朝著這種局面前進，每週都會有穩定的、有意義的發布。

Got it. And I just want to clarify, Melissa, thank you for the convert slide. I appreciate that. The $32 million of incremental value above $22.08, you plan to settle that in shares now, I think you said earlier? And is that shares issued at $22.08? Is that the rough math? So it's about in 1.45 million shares per -- I think about that, right?

知道了。我只是想澄清一下，梅麗莎，謝謝你的轉換幻燈片。我很感激。我記得您之前說過，您現在計劃用股票來結算超過 22.08 美元的 3200 萬美元的增量價值？該股票的發行價是 22.08 美元嗎？這是粗略的計算嗎？所以每股大約是 145 萬股——我想是這樣的，對吧？

The way you would want to do the math, Ben, is you would basically take, say, 32 -- if the stock price, for example, based on where we closed yesterday, it was $30, you would compare -- basically take $30 less $22, that gives you roughly $8 spread, times that by $32 million, that gives you your dollar value, divide that by $30 share price, and that will get you the equivalent shares.

本，你要計算的方式基本上是，比如說，32——例如，如果股票價格根據我們昨天的收盤價是 30 美元，你會比較——基本上用 30 美元減去 22 美元，得到大約 8 美元的差價，乘以 3200 萬美元，得到你的美元價值，再除以 30 美元的股價，你就得到了等值的股票。

I see. So you'll issue shares at basically the market, whatever the stock is in August is the value they'll get.

我懂了。因此，您將按照市場價格發行股票，無論八月份股票價格是多少，他們都會獲得相應的價值。

Yes.

是的。

Got you. So you effectively bought back stock at $25 and you'll be issuing shares presumably much higher, which is obviously a nice trade for you guys. But anyway, that's not a --

明白了。因此，您實際上以 25 美元的價格回購了股票，並且您將以更高的價格發行股票，這對您來說顯然是一筆不錯的交易。但無論如何，這不是--

That would be the goal.

這就是我們的目標。

Chad Beynon, Macquarie.

麥格理銀行的查德貝農 (Chad Beynon)。

Sean, film windowing was another big theme at CinemaCon this year. Could you kind of give us the download in terms of where that sits from your conversations? And then, I guess, the side bar of that is, since you're gaining share, and it seems like you're contributing on the marketing side, is that less of an issue for you just given your Movie Club and kind of your market share?

肖恩，電影窗口期是今年 CinemaCon 的另一個大主題。您能否根據你們的談話內容向我們提供下載內容？然後，我想，另一方面，由於你們的市場份額不斷擴大，而且似乎你們在行銷方面做出了貢獻，那麼，考慮到你們的電影俱樂部和市場份額，這對你們來說是不是什麼大問題呢？

Sure. And just to clarify the last question, are you referring to are Windows less of an issue for us? Or is something related to marketing less of an issue for us?

當然。為了澄清最後一個問題，您指的是 Windows 對我們來說不是一個大問題嗎？或者與行銷相關的某些事情對我們來說不是什麼大問題？

Windowing -- if that compresses.

視窗——如果壓縮的話。

Got you. Sure. Happy to provide some added color to that. So the topic of Windows is becoming a more active discussion again. Following all the considerable evolution that's taken place with the theatrical window, both length as well as just variability over a relatively short period since the pandemic, more and more conversation is taking place now between studios and exhibitors as we collectively are evaluating the longer-term impacts on consumer behavior over time, especially for the circumstances where there's a more highly shortened window.

明白了。當然。很高興能為此增添一些色彩。因此，Windows 的話題再次成為更活躍的討論話題。自從疫情爆發以來，影院上映窗口在相對較短的時間內發生了顯著變化，包括長度和變化性，現在電影公司和影院之間正在進行越來越多的對話，我們正在共同評估這些變化對消費者行為的長期影響，特別是在窗口期大大縮短的情況下。

The goal is to maximize the shared value revenue and margin creation achieving increased flexibility and marketing leverage and overall film results without adversely impacting theatrical attendance and overall theatrical proceeds. So in our view, we continue to believe that a flexible window structure provides benefits both to studios and theaters, both of our economics. However, the debate really is on the time frame. We think that the time frame between when a movie releases in theaters and when it becomes available in homes needs to be sufficient enough across a majority of films to fully stimulate and realize the theatrical moviegoing excitement, build those cultural moments like we're seeing recently with A Minecraft Movie and Sinners, just maximize value creation, without the risk of causing consumer confusion and sub-optimizing revenue generation.

目標是最大化共享價值收入和利潤創造，實現更高的靈活性和行銷槓桿以及整體電影效果，同時不對戲院上座率和整體戲院收入產生不利影響。因此，在我們看來，我們仍然相信靈活的窗口結構對工作室和劇院都有好處，對我們的經濟都有好處。然而，爭論的焦點實際上是時間框架。我們認為，一部電影在戲院上映和家庭上映之間的時間間隔對於大多數電影來說需要足夠長，以充分刺激和實現影院觀影的興奮感，創造那些文化時刻，就像我們最近在《我的世界大電影》和《罪人》中看到的那樣，最大限度地創造價值，而不會造成消費者困惑和收入創造的次優化風險。

So I'd say it's just an active topic because there's some debate going on, what is that optimal window length. And while we don't necessarily believe it's a one-size-fits-all scenario. We do share some of that sentiment that more of a 45-day average kind of across the bulk of films is a good target that we think minimizes the risk of suboptimizing results over time, particularly for casual moviegoers and in smaller films. So that's really the topic that has kind of resurfaced more actively now that we're a few years from all these changes, and taking a good look at, all right, what are we seeing now with regard to the impact of that.

所以我認為這只是一個活躍的話題，因為存在一些爭論，最佳視窗長度是多少。儘管我們不一定相信這是一個放諸四海皆準的方案。我們確實認同這種觀點，即在大多數電影中，45 天的平均票房是一個很好的目標，我們認為這可以最大限度地降低隨著時間的推移結果不優化的風險，特別是對於普通電影觀眾和小成本電影而言。因此，距離所有這些變化已經過去了幾年，這個主題現在又更加活躍地重新浮出水面，讓我們仔細看看，好吧，我們現在看到了這些變化的影響。

In our viewpoint, I wouldn't say that our marketing efforts and our share gains, those have been real positives, but I'm not sure that necessarily changes the matter with regard to Windows. I think the Windows concept is more of a macro industry discussion just because we're looking at, all right, are any consumer behavior patterns changing over time because of some of these shifts and trying to hone in on, again, what's that optimal point to maximize overall value for all key stakeholders.

從我們的角度來看，我不會說我們的行銷努力和市佔率成長是真正的正面因素，但我不確定這是否一定會改變 Windows 的情況。我認為 Windows 概念更多的是一個宏觀的行業討論，因為我們正在研究，隨著時間的推移，消費者的行為模式是否會因為這些轉變而發生變化，並試圖再次確定，什麼是可以為所有關鍵利益相關者實現整體價值最大化的最佳點。

Great. Very comprehensive. And then Melissa, the domestic concession per cap bumping up against $8, I guess, for the fourth quarter in a row pretty nice growth you mentioned, good incidence of spending and strategic pricing increases and the benefit from the slate. Should we continue to see growth in CPPs? Or are we getting to a level that it's more based on the content that's out there in the people that are in your auditoriums?

偉大的。非常全面。然後是梅麗莎，我想，國內優惠的人均收入連續第四個季度上漲至 8 美元，這是您提到的相當不錯的增長，支出發生率高，戰略價格上漲，以及從中受益。我們是否應該繼續看到 CPP 的成長？或者我們是否正在達到這樣的水平：它更多地基於禮堂裡的人們所聽到的內容？

Thanks for the question. So we do continue to expect moderate year-over-year growth in our domestic concession per cap for full year 2025. And that's driven by ongoing execution of our initiatives aimed at both increasing incidence rates as well as optimizing our concession prices. Now keep in mind, our per caps do fluctuate quarter-to-quarter with film mix. But we do expect to continue to be able to grow our concession per caps. That's on the domestic front.

謝謝你的提問。因此，我們仍預期 2025 年全年人均國內特許經營額將較去年同期溫和成長。這是由我們持續執行旨在提高發病率和優化優惠價格的舉措所推動的。現在請記住，我們的人均收入確實會隨著電影組合而逐季度波動。但我們確實希望能夠持續增加人均優惠。這是國內方面的情況。

I would just highlight, as it relates to international, we do expect to face some pressure from FX dynamics with some offset expected from inflationary price increases. But that's just the dynamic that's been playing out in international is not really a new phenomenon there.

我只想強調，就國際而言，我們確實預計會面臨一些來自外匯動態的壓力，而通膨價格上漲預計會抵消一些壓力。但這只是國際上正在上演的動態，並不是新現象。

Patrick Sholl, Barrington Research.

巴林頓研究公司的 Patrick Sholl。

I just had a question about the market share impacts of the growing box office that you guys have talked about. And just curious on the opportunities that you see around operating hours to maybe make that a little bit easier to absorb? Or if you feel you're kind of at like just the sustainable capacity of operating levels where it would be kind of more margin dilutive if you were to expand it?

我只是想問一下你們談到的票房成長對市場佔有率的影響。我只是好奇，您是否看到了一些與營業時間相關的機會，以便讓這些機會更容易被利用？或者，您覺得自己的營運能力處於可持續水平，如果擴大規模，利潤率是否會進一步稀釋？

It's a great question, Pat. I'll take that one. The operating hours are definitely something that we look at as a way to try to capture more attendance when the demand is there. Our team actually looks at profitability by theater, by hour, by day of the week with the anticipated demand we have. And that's generally how we’re kind of gearing up the degree of operating hours we have.

這是一個很好的問題，帕特。我要那個。當有需求時，我們肯定會考慮營業時間，以吸引更多的人來。我們的團隊實際上會根據預期需求來考慮戲院、小時、星期幾的獲利能力。這基本上就是我們如何提高營業時間的方法。

So you tend to have a little bit lower margins in the wings kind of in the early hours and then later hours, but we're looking at driving positive just dollar generation in those moments.

因此，在凌晨和晚些時候，利潤率往往會稍微低一些，但我們希望在那些時刻推動積極的美元收益。

So we're flexing that based on the level of demand. And you're right, your observation is one where with greater demand, there's an opportunity to expand that within reason so that you're still profitable, but that's the way you do it. as it pertains to share, that can help a bit. However, the periods where we're starting to hit some of those threshold, those capacity thresholds are really in like the weekend evening moments like Friday, Saturday evening where you only have so many seats to sell across your circuit. And in those periods, even if you're expanding hours in the wings, it may not fully capture that because if somebody is looking to go during that period of time, particularly in some of the prime sets and you don't have any seats they may look elsewhere.

因此，我們會根據需求水準進行調整。你是對的，你的觀察是，隨著需求的增加，就有機會在合理範圍內擴大規模，這樣你仍然能夠盈利，但這就是你做事的方式。就分享而言，這可以有一點幫助。然而，我們開始達到某些閾值的時期，這些容量閾值實際上出現在周末晚上的時刻，例如周五、週六晚上，此時整個線路上只有這麼多座位可供出售。在這些時期，即使你延長了場館的開放時間，也可能無法完全滿足顧客的需求，因為如果有人想在這段時間去，特別是在一些黃金時段，而你又沒有座位，他們可能會去其他地方。

So some of that demand may spill over to other time frames, but not all of it. So that's where we just get some of that compression at times when you get into these really big moviegoing periods with a lot of films in the marketplace. I'll just add one point. The way we compensate for that in a lighter period is you can basically expand the volume of showtimes you have on a given title across more auditoriums, but when you have many large important films in the marketplace, you just -- you don't have as much flexibility to do that.

因此，部分需求可能會蔓延至其他時間段，但並非全部。所以，當進入電影熱潮期，市場上有大量電影上映時，我們就會遇到一些這樣的壓力。我只想補充一點。在電影票房較差的時期，我們彌補這一缺陷的方法是，基本上可以擴大某一部影片在更多影院的放映場次，但當市場上有許多重要的大型影片時，你就沒有那麼大的靈活性來做到這一點。

Right. And then maybe just on capital expenditures. You mentioned recliners as one of the investment areas. Should we think of -- are you looking at more quickly going to full recliner seating or is that still more just a gradual process more around like new builds and things like that?

正確的。然後可能只是資本支出。您提到躺椅是投資領域之一。我們是否應該考慮——您是否正在考慮更快地實現全躺椅座椅化，還是這仍然只是一個漸進的過程，更多地圍繞新建之類的事情？

Well, we're -- at this point, we have approximately 70% of our domestic circuit is reclined and I wouldn't say we're aiming for 100%. Part of that is a factor of just the performance of the theaters, part of that and the age of the theater. Part of that is -- if a theater is just is doing so much demand if your occupancy levels are really high, we can't afford to lose that volume of seats because you can't generate the lift you need without the number of seats in the marketplace.

嗯，目前，我們大約有 70% 的國內航線是傾斜的，但我不會說我們的目標是 100%。部分原因是劇院的表現，部分原因是劇院的年齡。部分原因是——如果一家劇院的需求量很大，如果上座率很高，我們就不能承受失去那麼多座位的損失，因為如果市場上沒有足夠的座位，就無法產生所需的提升。

That tends to be the situation in Latin America where auditoriums generally are a bit smaller, occupancies are higher you can't really afford to take seats out. So you wind up with a few auditoriums that are VIP and recline and the remainder auditoriums that are kind of your standard rocker seating. So we look at it really where there's opportunities to generate positive returns based on the lift that we feel confident we can get if we have enough capacity theater by theater for those -- the remaining 30% of the circuit that's not reclined.

拉丁美洲的情況往往如此，那裡的禮堂通常較小，但上座率較高，因此無法承擔空位的後果。因此，您最終會發現，有幾個禮堂是 VIP 座位和斜倚座位，其餘禮堂則是標準的搖椅座位。因此，我們真正關注的是，如果我們的影院有足夠的容量來容納剩餘 30% 的影院，我們有信心我們可以獲得積極的回報。

Omar Mejias, Wells Fargo.

富國銀行的奧馬爾‧梅希亞斯。

Sean, I know you mentioned how resilient the box office is during recessionary periods, but I wanted to dig in on this a bit further. Can you touch on the state of the consumer? And if you have seen any early signs of weakness in 2Q? And curious if you have any concerns on average ticket prices or per caps being pressured by the weaker macro?

肖恩，我知道你提到了經濟衰退時期票房的韌性，但我想進一步深入探討這個問題。能談談消費者的狀況嗎？您是否發現第二季度出現任何早期疲軟跡象？您是否擔心平均票價或人均票價會受到宏觀經濟疲軟的壓力？

Sure. Look, it's a great question, kind of the current state of macro economy. The short answer is we haven't seen any indications of any of those factors adversely affecting moviegoing. I mean, as we kind of mentioned, second quarter specifically, we're in a moment right now where there's a lot of positive momentum in the marketplace for moviegoing. We've seen generally the majority of films have been outperforming this quarter at significant levels, particularly when you look at kind of what A Minecraft Movie has done, the holds on Sinners have been sensational.

當然。看，這是一個很好的問題，有點像當前的宏觀經濟狀況。簡而言之，我們尚未發現任何跡象表明這些因素會對觀影產生不利影響。我的意思是，正如我們所提到的，特別是在第二季度，我們現在正處於電影市場積極勢頭的時期。整體而言，我們看到本季大多數電影都表現出色，尤其是當你看到《我的世界大電影》的表現時，你會發現《罪人》的票房表現非常出色。

I mentioned kind of the first quarter, food and beverage, but also the second quarter on Minecraft, we had our highest box sales ever for a 3-day opening period. So people are continuing not only to come to the movies, but they are continuing to consume food and beverage, merchandise as well as upgrade to premium amenity offerings, seats and auditoriums and things of that sort. So we haven't seen a stall in that, which is consistent with historic patterns -- when compelling films are in the marketplace people may trade off on other types of activities, but they're still looking for affordable local forms of out-of-home entertainment and going to the movies as one of the best choices, most economical choices they have.

我提到了第一季的食品和飲料，以及第二季度的 Minecraft，我們在為期 3 天的開放期內創下了有史以來最高的盒子銷售。因此，人們不僅繼續來看電影，而且還繼續消費食品和飲料、商品，以及升級到高級便利設施、座位和禮堂等。所以我們並沒有看到這方面的停滯，這與歷史模式一致——當市場上有引人入勝的電影時，人們可能會選擇其他類型的活動，但他們仍然在尋找負擔得起的本地戶外娛樂形式，而去看電影是他們最好的選擇之一，也是最經濟的選擇。

So short answer again is we haven't seen any impact and hopefully, that will continue as we progress through the year. Pricing, I think we're going to be careful about. Obviously, it's the same way when we were coming out of the pandemic. We were really careful about pricing when we were trying to encourage people to come back. So we'll continue to use our data analytics to guide that decision-making in terms of what the market will bear and how much elasticity there is.

所以簡短的回答是，我們沒有看到任何影響，並且希望這種影響能持續到今年。我認為，對於定價，我們會非常謹慎。顯然，當我們走出疫情時，情況也是一樣的。當我們試圖鼓勵人們回來時，我們對定價非常謹慎。因此，我們將繼續使用數據分析來指導決策，以了解市場將承受什麼以及有多少彈性。

But our overall goal with all those decisions, we want to make sure when consumers come to our theaters, they get a premium movie-going experience that they feel is a great value, and that's what continues to drive more frequency and keeps them coming back again and again.

但我們做出所有這些決定的總體目標是，確保消費者來到我們的影院時，能夠獲得他們認為物超所值的優質觀影體驗，這才是繼續提高觀影頻率並讓他們一次又一次回來的原因。

And one thing I would add, Omar, just on the average ticket price side for our expectations there. We do continue to expect modest growth. As Sean mentioned, we'll approach our pricing cautiously, but we do still see pockets of opportunity there. In addition, given the strength of the film slate from here on out that we're expecting that also bodes well for premium format mix. So we do still see the ability to modestly grow our ticket prices.

奧馬爾，我想補充一點，關於平均票價，我們對此有預期。我們確實繼續預期溫和成長。正如肖恩所提到的，我們會謹慎地對待我們的定價，但我們仍然看到了一些機會。此外，考慮到我們預期今後電影片單的強勁表現，這也預示著優質格式組合將取得良好進展。因此，我們仍然有能力適度提高票價。

That's super helpful. And Melissa, maybe on the cost side, concession costs were a little bit higher when compared to historical levels. Can you unpack some of the key drivers that drove costs higher? And do you see this as a new run rate or just a one-off?

這非常有幫助。梅麗莎，也許在成本方面，與歷史水平相比，特許成本略高一些。您能否解釋一下導致成本上漲的一些關鍵因素？您認為這是一個新的運行率還是只是一次性的？

Sure. So on the COGS rate side, there were a couple of drivers of rate in the quarter. I would say the largest impact was the higher mix of merchandise and then followed by lower rebates and just some ongoing inflationary pressure that we've been seeing on certain concession categories, offset by our pricing initiatives. What I would highlight on the merch mix is in a quarter like Q1, where, as Sean pointed out in his prepared remarks, where we had the lowest attendance level since Q1 of 2022.

當然。因此，就 COGS 利率而言，本季有幾個利率驅動因素。我想說，最大的影響是商品組合的增加，其次是折扣減少，以及我們在某些​​優惠類別中看到的持續通膨壓力，但我們的定價措施抵消了這些影響。我想強調的是，在第一季這樣的商品組合中，正如肖恩在準備好的發言中指出的那樣，我們的出席率是 2022 年第一季以來的最低水平。

We do have some noise in our -- in the expense side, I would say the level of merchandise mix and how much this is impacting our COGS rate in the quarter, is probably exacerbated by that. So we're not expecting this run rate on a go-forward basis for COGS. We do still expect it to increase year-over-year, but not at the clip it that you're seeing in the quarter.

我們在費用方面確實存在一些噪音，我想說商品組合的水平以及這對我們本季度的 COGS 率的影響有多大，可能會因此而加劇。因此，我們並不期望 COGS 在未來達到這樣的運行率。我們仍然預計它會同比增長，但不會像本季度那樣增長。

Robert Fishman, MoffettNathanson.

羅伯特·菲什曼、莫菲特·納桑森。

One for Sean and one for Melissa, if I can. Sean, could we go back to windows for a second. Any best estimate you can give us on the box office cannibalization that you've seen from the current studio flexible windows relative to the pre-pandemic longer windows, maybe if you just think of full year '24 as an example? And would you be willing to give any offsetting economics to the studios to help convince them given their own success in PVOD like Universal generating $100 million from Wicked?

如果可以的話，一份給肖恩，一份給梅麗莎。肖恩，我們可以回到窗戶一會兒嗎？您能否就目前工作室靈活放映窗口相對於疫情前較長放映窗口的票房蠶食情況給出一個最佳估計，如果您以 2024 年全年為例？您是否願意向電影公司提供一些補償性經濟措施，以幫助他們說服電影公司，因為他們在 PVOD 方面取得了成功，例如環球影業從《魔法壞女巫》中獲得了 1 億美元的收入？

Sure. Well, I mean trying to evaluate the impact is the exercise going on right now because it's not perfectly straightforward, unfortunately. On the plus side, what we're not seeing is an accelerated drop in theatrical performance when movies enter the home on PVOD. So that's a good sign. What's unclear and harder to fully pierce through is the overall opening is the overall impact not as large as it otherwise could be because people are starting to decide to either stay home or wait because of that.

當然。嗯，我的意思是嘗試評估影響是現在正在進行的工作，因為不幸的是，它並不完全直接。積極的一面是，當電影透過 PVOD 進入家庭時，我們並沒有看到影院票房表現的加速下滑。這是一個好兆頭。目前尚不明確且難以完全洞察的是，整體開放的整體影響不如預期那麼大，因為人們開始決定是待在家裡還是等待。

And that's the analysis we're going on. Or is there a confusion being created right now that could be leading to that over time over any particular types of film.

這就是我們要進行的分析。或者現在是否存在一種混淆，隨著時間的推移，這種混淆可能會對任何特定類型的電影產生影響。

The other thing that convolutes it a little bit is the fact that overall volume in the marketplace still hasn't fully recovered to pre-pandemic levels. So when we kind of compare what we're seeing now relative to prepandemic circumstances, it's just another factor that distorts things because like we've talked about, this tends to be a momentum type business that when there's a regular cadence of films in the marketplace it keeps people coming. It keeps people getting exposed to the film -- the future films that are coming down the pipe and then continue to come more. We've had more of those starts and stops like, for instance, the first quarter, it was a weaker film segment. Now we're in a stronger film period and the momentum is starting to crank back up again.

另一件讓情況稍微複雜的事情是，市場整體交易量仍未完全恢復到疫情前的水準。因此，當我們將現在看到的情況與疫情前的情況進行比較時，這只是扭曲事物的另一個因素，因為就像我們談到的那樣，這往往是一種勢頭型的生意，當市場上有規律的電影節奏時，就會吸引人們前來觀看。它讓人們不斷接觸電影——即將上映的電影以及更多即將上映的電影。我們經歷過更多這樣的開始和停止，例如，第一季度，電影業務較為疲軟。現在我們正處於電影業更加強勁的時期，其勢頭又開始回升。

So how much of what we're seeing at a macro level is because of that versus other factors. This is what we're all kind of studying and evaluating. So can't really give a direct sense for that because it's not fully clear right now, which is why we're all trying to understand that collectively to figure out what is the best ultimate landing point to go forward with. I think from an economic standpoint, that's just -- that's an ongoing discussion that I think will play out as we're sorting these types of things out to figure out what is that right balance. So it's an appropriate and fair kind of just economic structure in whatever kind of final place things land.

那麼，我們在宏觀層面上看到的情況有多少是由於這個因素而不是其他因素造成的。這就是我們正在研究和評估的內容。因此無法直接給出答案，因為現在還不完全清楚，這就是為什麼我們都試圖共同理解這一點，以找出最好的最終著陸點。我認為從經濟角度來看，這只是——這是一個正在進行的討論，我認為在我們理清這些事情以找出正確的平衡點時，這個討論將會展開。因此，無論最終結果如何，這都是一種適當且公平的經濟結構。

Makes sense. Melissa, after the slower start to the box office that you guys have talked to and the impact on margins. Just can you help us investors think about what kind of full year margin target you might be expecting, given the stronger rebound in the box office for the rest of the year? Is 20% the right goal? Anything more meaningful or any help around some of the other cost pieces would be very helpful.

有道理。梅麗莎，你們談到了票房起步緩慢以及對利潤率的影響。鑑於今年剩餘時間票房將出現更強勁的反彈，您能否幫助我們投資者思考一下，您預期的全年利潤目標會是什麼樣的？20%是正確的目標嗎？任何更有意義的事情或對其他成本部分的任何幫助都會非常有幫助。

Yes. So from a margin standpoint, as you know, the largest driver of our margins are going to be attendance in box office performance given the operating leverage that we gain as revenue scales, additional factors, market share growth in food and beverage per cap and our average ticket prices that we've talked about, as well as the value capture from our strategic initiatives and our ability to mitigate potential cost pressures. Given what we're expecting regarding box office recovery this year, we expect our margins to expand as we benefit from that higher operating leverage over our fixed costs. The execution of our strategic initiatives and then the growth in per cap and ATP. But we do expect some offset from market share tempering from the record levels that we've experienced in the past couple of years.

是的。因此，從利潤率的角度來看，正如您所知，我們利潤率的最大驅動力將是票房表現，因為我們隨著收入規模的擴大而獲得了經營槓桿，其他因素，人均食品和飲料的市場份額增長和我們談到的平均票價，以及從我們的戰略舉措中獲得的價值和我們減輕潛在成本壓力的能力。考慮到我們對今年票房復甦的預期，我們預計利潤率將會擴大，因為我們將受益於高於固定成本的營運槓桿。我們的策略性舉措的執行以及人均和 ATP 的成長。但我們確實預計，市佔率的下降將抵消過去幾年所經歷的創紀錄水平。

And that's really just driven by some of the commentary Sean made earlier in the call around the capacity constraints that we may face just given the more robust film slate.

這實際上只是由肖恩早些時候在電話會議上發表的一些評論所推動的，這些評論涉及我們可能面臨的容量限制，因為電影片單更加豐富。

Beyond that, the other considerations would be ongoing inflationary and other headwinds as well as potential impacts from FX devaluation on the international side. But we -- all that said, remain highly focused on maximizing our overall profitability and expanding margins as the box office recovers.

除此之外，其他考慮因素包括持續的通膨和其他不利因素以及國際方面外匯貶值的潛在影響。但儘管如此，隨著票房的復甦，我們仍然高度專注於最大化我們的整體獲利能力和擴大利潤率。

David Karnovsky, JPMorgan.

摩根大通的戴維卡諾夫斯基。

Sean, I'm curious, when you think about the Minecraft movie and the Popcorn trend, I know this is an organic thing. But is there kind of an opportunity to either work with studios in advance and figuring out how to kind of potentially create these moments or just kind of execute more on maybe viral trends that you're seeing across social channels.

肖恩，我很好奇，當你想到《我的世界》電影和爆米花趨勢時，我知道這是一件自然而然的事。但是，是否有機會提前與工作室合作，並弄清楚如何創造這些時刻，或者只是在社交管道上看到的病毒式趨勢上執行更多操作。

Yes. I mean, look, it's a great question. I mean that is a great example of as really getting into the film, creating this cultural moment and this event building where they just kind of created their own unique ways of engaging with the films with elevated emotion. Trying to work with the studios on that. I mean one of the things that we do, it's not to the level of what we're just talking about with Minecraft.

是的。我的意思是，你看，這是一個很好的問題。我的意思是，這是一個很好的例子，他們真正融入了電影，創造了這個文化時刻和這個活動場所，他們只是創造了自己獨特的方式來與電影互動，並提升了情感。嘗試與工作室合作。我的意思是，我們所做的事情之一還沒有達到我們剛才談論的 Minecraft 的水平。

But obviously, like merchandise is an example where we're starting to see that continue to grow, and it adds to the whole experience, right, some of these fun types of offerings that engage fans, it makes the experience more special in terms of going. And so it's a version of that.

但顯然，商品就是一個例子，我們開始看到它繼續成長，它增加了整個體驗，對吧，其中一些有趣的產品可以吸引粉絲，它使體驗變得更加特別。這就是它的一個版本。

I don't think anybody quite expected this to take off. So it's almost like we've seen with some of the sing-a-longs with Wicked or Frozen in the past. It's maybe more of a question of when we start to see some sign of that, how do you quickly work together to engage in that and try to make it grow and make it something more than it otherwise could be. But sometimes, they're just hard to fully anticipate what's going to catch on. We do other kinds of fan events, I would just say, in terms of the launch.

我認為沒有人預料到這個會成功。所以這幾乎就像我們過去在《魔法壞女巫》或《冰雪奇緣》中看到的一些合唱一樣。這也許更像是一個問題：當我們開始看到一些跡象時，你們如何快速地合作參與其中，並努力使其成長，使其變得比原來更好。但有時，他們只是很難完全預測什麼會流行起來。我想說，就發表會而言，我們還會舉辦其他類型的粉絲活動。

So there are things like that, that we do. But it's a great question is how do we just feed into these kind of moments when they start to emerge because they're just -- they're fun for fans.

所以，我們確實做了類似這樣的事情。但一個很好的問題是，當這些時刻開始出現時，我們該如何融入其中，因為它們只是——它們對粉絲來說很有趣。

And we see that also, too, with the way people dress up for movies. We saw that with Mario Brothers where people were coming as Mario and Luigi, and Princess Peach. I mean like there's all those kinds of different activities that make for a fun outing.

我們也看到人們為看電影而打扮的方式。我們在《瑪利歐兄弟》中看到了這一點，其中的角色分別扮演馬裡奧、路易吉和桃子公主。我的意思是，有各種各樣的活動可以讓出遊變得有趣。

And then with other revenue growth in the quarter, well in excess of attendance losses. Maybe you could just speak to the drivers there. Melissa, you mentioned gaming revenue, for instance. And just would you expect over the balance of the year for those other revenue lines to selectively outpace attendance?

本季其他收入的成長也遠遠超過了客流量的損失。也許你可以和那裡的司機談談。梅麗莎，例如，你提到了遊戲收入。您是否預計在今年剩餘的時間裡，其他收入項目的收入會選擇性地超過觀眾人數？

So as we look at other revenue in the quarter on the domestic side, that declined about 3% relative to a 13% decline in attendance. So what we saw there was essentially offsetting some of the attendance decline was higher promotional income. Some of that is really timing and depends on content mix. Those are vendor contributions to promote content. So we do see timing flex quarter-to-quarter there. And then gaming revenue, we did see increase.

因此，當我們查看本季國內其他收入時，我們發現，相對於觀眾人數下降 13% 的情況，國內其他收入也下降了約 3%。因此，我們看到促銷收入的增加基本上抵消了部分觀眾人數的下降。其中一些實際上是時間問題，並且取決於內容組合。這些都是供應商為推廣內容所做的貢獻。因此，我們確實看到了季度間的時間彈性。然後我們確實看到了遊戲收入的成長。

I would expect the gaming revenue to continue as we've launched our first FEC in El Paso. But as we think about kind of going forward, I think the couple of drivers to just call out is that on the variable component side, you have transaction fees, screen advertising revenue, promotional income and gaming. Those will fluctuate with attendance and film content not necessarily at the same rate. Beyond that, you also need to keep in mind that other revenue includes a fixed portion associated with the amortization of NCM screen advertising advances. That's about $8 million per quarter.

由於我們在埃爾帕索推出了第一家 FEC，我預計博彩收入將會持續成長。但當我們考慮未來發展時，我認為需要指出的幾個驅動因素是，在可變組成部分方面，有交易費、螢幕廣告收入、促銷收入和遊戲收入。這些會隨著觀眾人數和電影內容的波動而不一定會以相同的速度波動。除此之外，您還需要記住，其他收入包括與 NCM 螢幕廣告預付款攤銷相關的固定部分。即每季約 800 萬美元。

So when you have a quarter that has low box office levels that we do, like we did in Q1, that will represent a higher percentage of the mix.

因此，當某個季度的票房水準與我們一樣低時，就像第一季一樣，這將代表更高的比例。

Mike Hickey, Benchmark Company.

麥克·希基（Mike Hickey），Benchmark 公司。

Just two topics here, Sean. First on premium format. It looks like XD if our math is right here, is about 12% of your global box office on 5% of your screens. Just curious if you think the trend here from moviegoers, which has been substantial toward the premium screen is going to continue even in the face of maybe an economic downturn and what opportunity, I guess, you have within your network to expand your premium formats. And then I have a follow-up.

這裡只有兩個話題，肖恩。首先採用優質格式。看起來 XD 如果我們的計算正確的話，全球票房的 12% 左右來自於 5% 的螢幕。我只是好奇，您是否認為即使在經濟低迷的情況下，電影觀眾向優質影院傾斜的趨勢仍將持續下去，我想，您的網絡內有哪些機會可以擴展優質格式。然後我有一個後續問題。

Sure. Thanks, Mike, and good observation. Yes. I mean, we've certainly seen a nice uptick from consumers in terms of leaning further into premium amenities since the pandemic, which are up probably a couple of percentage points from where they were prior to the pandemic. So there's certainly -- there's definitely a segment of audience that likes to pursue these elevated experiences whether it be auditorium, food and beverage, seating choice, et cetera. It's not just limited to auditoriums.

當然。謝謝，麥克，觀察得很好。是的。我的意思是，自從疫情爆發以來，我們確實看到消費者對高端設施的傾向有了很大的提高，可能比疫情爆發前上升了幾個百分點。所以肯定有一部分觀眾喜歡追求這些高級的體驗，無論是禮堂、食物和飲料、座位選擇等等。它不僅限於禮堂。

And we've continued to lean into that. We're not -- as I mentioned earlier, we're not seeing any signs of trade downs, both domestically or internationally with what's going on kind of in the macroeconomic landscape. I will say that our focus, however, is just on making the entirety of coming to our theaters a premium moviegoing experience regardless of which auditorium our guests choose. We focus on service levels, our recliner seats, our cleanliness and maintenance, our food and beverage offerings. Like those are the attributes that affect everybody, and they drive a perception of value and from what we've seen ultimately lead to increased moviegoing frequency and loyalty across all categories of films, not just the big, big blockbusters.

我們將繼續堅持這一方向。正如我之前提到的，我們沒有看到任何貿易下滑的跡象，無論是國內還是國際，宏觀經濟狀況都是如此。不過，我想說的是，我們的重點是讓觀眾無論選擇哪個戲院，都能享受到優質的觀影體驗。我們注重服務水準、躺椅、清潔和維護以及食品和飲料供應。這些屬性會影響每個人，它們推動著價值觀的形成，而且從我們所看到的情況來看，它們最終會增加人們觀看各類電影的頻率和忠誠度，而不僅僅是觀看大片。

And so when we look at -- it's important not to lose sight of the fact that these upgradable offerings they still only represent a small fraction of the overall sales in the industry. As an example, just you mentioned our XDs like PLFs in general across the industry are less than 20% of the box office that's generated. So we need to strike our right balance between those further enhanced offerings and just making sure that the entirety of going to theaters is viewed as a premier experience. So we're continuing to lean into those. Again, we see further growth there. We continue to expect that there'll be further opportunity in that regard, but there is -- it's a balancing act.

因此，當我們看的時候——重要的是不要忽視這樣一個事實，即這些可升級的產品仍然只佔行業整體銷售額的一小部分。舉個例子，你剛才提到，我們的 XD 和整個產業的 PLF 總體而言佔票房總額的 20% 以下。因此，我們需要在進一步增強的服務與確保整個影院觀影體驗成為一種頂級體驗之間取得適當的平衡。因此我們將繼續依賴這些。我們再次看到那裡有進一步的成長。我們繼續期待在這方面有更多機會，但這是一個平衡的行為。

Just a clarification, Sean. When you look at your '25 and '26 slate, is premium a tailwind for you over the next couple of years when you look at it, what it'd be as a percentage of your mix -- tailwind on pricing?

只是澄清一下，肖恩。當您回顧 25 年和 26 年的計劃時，您認為未來幾年高端產品對您來說是否是一個順風，它在您的產品組合中所佔的百分比是多少？對定價有何影響？

A tailwind on pricing. I think so. I think that as you have -- I mean, particularly this year, the next 3 quarters, next year's slate looks incredibly strong from a tentpole standpoint. All those things -- obviously, those are the films in particular that tend to over-index in these premium formats. They also lend themselves to more merchandise, which is kind of premium food and beverage offerings as well.

定價方面的順風。我認為是的。我認為，正如您所說——我的意思是，特別是今年、接下來的三個季度，從主打電影的角度來看，明年的電影計劃看起來非常強勁。所有這些——顯然，這些電影在這些高端格式中往往被過度索引。他們還提供更多商品，包括優質食品和飲料。

So I would say it was the likelihood for a skewed mix, both in the form of price and just overall percentage of box office for the remainder of this year and next.

所以我想說，今年剩餘時間和明年的票房可能會出現不平衡的情況，無論是價格還是整體票房百分比。

Last question, Sean. On the tariff war, there is some concern that some Hollywood films may not be allowed into the China market. Curious your view on that? And if you think that situation could influence any studios on their release dates this year?

最後一個問題，肖恩。關於關稅戰，有人擔心一些好萊塢電影可能不被允許進入中國市場。好奇您對此的看法嗎？您是否認為這種情況會影響今年任何電影公司的上映日期？

I think that'll have to remain to be seen. Right now, we're not getting any indications from the studios of that being an issue. It's not one of the topics that really comes up much. I think on the whole, while there was a period of several years ago where China was becoming a much larger percentage of the Hollywood box office in worldwide box office of the film, that's come down a bit as that market has become more localized, local films have started to grow considerably.

我認為這還有待觀察。目前，我們還沒有從工作室得到任何有關這是一個問題的跡象。這不是一個經常被提及的話題。我認為總體而言，雖然幾年前有一段時間中國在好萊塢電影全球票房中所佔的比例很大，但隨著中國市場變得更加本地化，​​這一比例有所下降，本土電影開始大幅增長。

So the amount of box office that's being derived from China for the studios is still important, but to a lesser degree than where it was. So we haven't heard any indication of that impacting both greenlighting decisions of new films being made or shifts in release dates because of just quotas and things of that sort with regard to what gets into China.

因此，對於電影公司來說，來自中國的票房收入仍然很重要，但比以前有所降低。因此，我們還沒有聽到任何跡象表明這會影響新電影的製作審批或上映日期的調整，因為配額和類似的東西與進入中國有關。

Nice. Thanks, guys. Good luck. Thanks.

好的。謝謝大家。祝你好運。謝謝。

Stephen Laszczyk, Goldman Sachs.

高盛的史蒂芬‧拉什奇克 (Stephen Laszczyk)。

First, Sean, if I could, I'd love to get maybe your latest thoughts on industry consolidation and M&A. If you thought consolidation was something that could happen, maybe more at scale over the near to medium term, what you thought or think could catalyze that? And then if the opportunities did present themselves, how interested would you be in pursuing them?

首先，肖恩，如果可以的話，我很想了解您對行業整合和併購的最新看法。如果您認為整合是可能發生的，也許在中短期內會更大規模地發生，那麼您認為或認為什麼可以催化這種整合？那麼，如果機會確實出現了，您會有多大興趣追求它們？

Sure. We haven't -- obviously, we haven't seen a tremendous amount of consolidation. We had been of the mindset that we might see more in the earlier days emerging from the pandemic, but I think some of the government stimulus money kind of staved off, what otherwise would have been more bankruptcies and circuits going out of business, particularly for the smaller circuits. So we haven't seen a tremendous amount. Now if you were a would-be seller presumably if you're able to get through kind of the last few years were a bit of a tougher box office cycle and make it to now.

當然。顯然，我們還沒有看到大規模的整合。我們原本以為，在疫情剛開始的那幾天，我們可能會看到更多這樣的情況，但我認為，政府的部分刺激資金在一定程度上阻止了這種情況的發生，否則將會有更多的破產和賽道倒閉，尤其是那些規模較小的賽道。所以我們還沒有看到大量的。現在，如果你是潛在的賣家，想必你能夠熬過過去幾年比較艱難的票房週期，並堅持到現在。

And now as we look forward, it would be a better market to bring your assets to the marketplace.

現在我們展望未來，這將是一個更適合將您的資產推向市場的市場。

For us, I mean, it's certainly when we think about optimizing our circuit and pockets of growth, M&A is one of the areas that we look at. We do tend to be prudent buyers and looking for assets that are of quality can deliver solid assured returns over time. We generally tend -- we've mentioned this in the past, we tend to prefer deeper penetration in our existing markets that can leverage our infrastructure and relationships and knowledge and obviously, we also consider things like scale and strategic importance and just competitive position in margins. But we're looking for assets that can really have an assured positive return over time. And we're not looking to grow just simply for growth's sake, like we already have a meaningful scale as it is.

對我們來說，當我們考慮優化我們的線路和成長點時，併購肯定是我們關注的領域之一。我們確實傾向於謹慎的買家，尋找能夠隨著時間的推移帶來穩定保證回報的優質資產。我們通常傾向於——我們過去曾提到過這一點，我們傾向於更深入地滲透到我們現有的市場中，以利用我們的基礎設施、關係和知識，顯然，我們也會考慮規模、戰略重要性以及利潤方面的競爭地位等因素。但我們正在尋找能夠隨著時間的推移真正獲得保證的正回報的資產。我們並不希望僅僅為了成長而成長，因為我們現在已經擁有了有意義的規模。

So it really has to have a good financial profile to it. So I think remains to be seen kind of what comes. I still believe we'll start to see a little bit more in that kind of area, just again, as we get to a better marketplace. I'm not expecting it to be rampant, but there could be some more opportunities that come to the table over the next couple of years.

所以它確實必須擁有良好的財務狀況。所以我認為接下來會發生什麼事還有待觀察。我仍然相信，隨著我們進入更好的市場，我們將開始在此類領域看到更多進展。我並不認為它會變得猖獗，但未來幾年可能會出現更多的機會。

That's great. And then maybe just a second one, a housekeeping question for Melissa. Utilities and other expense. Just curious if you could dig a little bit deeper into the drivers of the step-up in the first quarter. I think there's a mix of fixed and variable expenses in that line item.

那太棒了。然後也許還有第二個問題，關於梅麗莎的一些家務問題。水電費和其他費用。我只是好奇您是否可以更深入地探究第一季成長的驅動因素。我認為該項目中既有固定費用，也有變動費用。

Would just be curious how you would encourage us to think about how that trends over the course of the year as Box scales?

我只是好奇您會如何鼓勵我們思考隨著 Box 規模的擴大，這個趨勢在一年內會如何發展？

Sure. So on utilities and other, there are a couple of key drivers we have in the quarter. So property taxes and other fixed costs were higher that there is kind of a tougher comparison year-over-year on the property tax side just given successful tax appeals in the prior year. So we do expect that to subside. Repairs and maintenance, this is an area that impacted our expense in Q1.

當然。因此，在公用事業和其他方面，本季我們有幾個關鍵驅動因素。因此，由於前一年的稅收申訴成功，房產稅和其他固定成本較高，因此與去年相比，房產稅方面的比較更加困難。所以我們確實希望這種情況能夠消退。維修和保養，這是影響我們第一季支出的一個領域。

And as you may recall from our year-end earnings call, we mentioned that this year, we do anticipate to spend an additional $8 million to $10 million on repairs and maintenance to address some deferred maintenance needs across the circuit.

您可能還記得，我們​​在年終收益電話會議上提到，今年我們預計將額外花費 800 萬至 1000 萬美元用於維修和保養，以解決整個賽道上的一些延期維護需求。

So I would expect that to continue to be an area that you need to model in as you think about utilities and other for full year 2025. And outside of that, we did have higher credit card fees and a couple of drivers there, but one of them includes higher online penetration and a shift from cash to credit cards. So as we start to see consumers increase their online purchases, we do start to see higher credit card transactions as a result. So I would expect that to continue as well. So by and large, kind of big picture, what I would expect is utilities and other as a percentage of revenue to remain elevated with the most material driver of that being repairs and maintenance expense.

因此，我希望當您考慮 2025 年全年的公用事業和其他業務時，這將繼續成為您需要建模的領域。除此之外，我們的信用卡費用確實有所提高，還有其他一些驅動因素，其中之一包括更高的線上滲透率以及從現金到信用卡的轉變。因此，當我們開始看到消費者增加線上購物時，我們確實開始看到信用卡交易量的增加。因此我希望這種情況也能持續下去。所以總的來說，我預計公用事業和其他收入佔收入的百分比將保持在較高水平，其中最實質的驅動因素是維修和維護費用。

Got it. Thank you both. Thanks.

知道了。謝謝你們兩位。謝謝。

Alicia Reese, Wedbush Securities.

艾莉西亞‧里斯 (Alicia Reese)，韋德布希證券公司。

You already talked about concession cost and merchandising costs a bit, but I wanted to dig in a little bit more. So just curious to what degree was the Q1 concession costs higher due to cost pressures versus just a higher mix of merchandising and then also, I wanted to ask about the potential for merchandising more over the course of the year and certainly into 2026 as the volume and quality of the content increases, and whether or not that would be bigger in quarters or periods where there are more family-friendly titles versus adult fare like, say, Sinners or around Halloween with horror.

您已經談到了特許成本和商品成本，但我想進一步深入探討。所以我只是好奇 Q1 特許成本在多大程度上是由於成本壓力而不是僅僅是商品組合增加而更高，然後，我想問一下，隨著內容數量和質量的提高，在今年以及肯定到 2026 年，商品銷售的可能性是否會更大，以及在家庭友好型影片比成人影片（例如《罪孽》或萬聖節恐怖片）更多的季度或更大時期，這種可能性是否會更大。

So Alicia, I'll take the first part on mix. So higher merchandise mix was the key driver of the 140 basis point increase in domestic COGS rate, I would call it just north of 100 bps of that. The other items that we mentioned, the lower rebates and inflationary pressures, those were largely offset by pricing initiatives. So I'd say it's the lion's share of that increase in the quarter.

那麼艾莉西亞，我將負責混音的第一部分。因此，更高的商品組合是國內 COGS 率增加 140 個基點的關鍵驅動因素，我稱之為略高於 100 個基點。我們提到的其他因素，例如較低的回扣和通膨壓力，在很大程度上被定價舉措所抵消。所以我認為這是本季成長的最大份額。

And as we look forward, I would just say we're certainly optimistic about further growth of merchandise, both when we look at just the profile of films coming out over the rest of this year and next that lend themselves to merch as well as just the growing interest of consumers in that. As I mentioned earlier, it kind of adds to the fun and overall entertainment experience. It's also a great promotional vehicle too for these films as they're coming up.

展望未來，我想說，我們對商品的進一步增長充滿信心，無論是從今年剩餘時間和明年上映的電影來看，這些電影都適合做商品，而且消費者對此的興趣也日益濃厚。正如我之前提到的，它增加了樂趣和整體娛樂體驗。對於這些即將上映的電影來說，這也是一個很好的宣傳媒介。

While that could create a little bit of a mix -- further mix drag on COGS over time. I think Melissa kind of addressed some of the expectations on that. The good news is, like we've largely seen it to be incremental in terms of consumption -- so while it can have a little bit of a mixed drag on COGS, it’s adding incremental dollars to the pie, which we view as a positive thing. So it's an area within our many food and beverage and concession initiatives that we continue to lean into for all those reasons.

雖然這可能會造成一點混亂——但隨著時間的推移，進一步的混亂會拖累 COGS。我認為梅麗莎在某種程度上滿足了對此的一些期望。好消息是，正如我們所見，它在消費方面基本上是增量的——因此，儘管它可能會對 COGS 產生一些混合拖累，但它會增加增量美元，我們認為這是一件好事。因此，基於所有這些原因，我們將繼續傾向於進行眾多食品、飲料和特許經營計劃中的一個領域。

Yes, definitely seen higher gross profit. And so expanding that further seems like a wise thing to do. And following on to that, have you started a merchandising effort in Latin America? If not now, is that in the works? Is that planned for the coming year?

是的，毛利確實更高了。因此進一步擴大此範圍似乎是明智之舉。那麼，您是否已經開始在拉丁美洲開展行銷活動了？如果現在還沒有，那麼現在正在進行中嗎？明年有這樣的計畫嗎？

Absolutely. We do it the same that we're pursuing in the U.S. we're also doing in LatAm on a comparable level. So we were also expanding more now while we have been pursuing food and beverage and merchandise, specifically in our theaters for years, we continue to grow our e-commerce channel as well where there's a greater degree of inventory space in a way to -- if for whatever reason we sell out, we have another channel to also feed into demand beyond our theaters. So we're doing that domestically and also working on that internationally.

絕對地。我們所做的與我們在美國所做的一樣，我們也在拉丁美洲做了類似的工作。因此，我們現在也在進一步擴張，同時我們多年來一直在追求食品、飲料和商品，特別是在我們的影院，我們也在繼續發展我們的電子商務管道，那裡有更大的庫存空間——如果由於某種原因我們的票賣完了，我們還有另一個渠道來滿足影院以外的需求。因此，我們在國內進行這項工作，同時也在國際上進行這項工作。

This now concludes our question-and-answer session. I would like to turn the floor back over to Mr. Gamble for closing comments.

我們的問答環節到此結束。我想把發言權交還給甘布爾先生，請他發表最後評論。

Thank you, Jessie, and thank you, everyone, for joining. I always appreciate your time and all the great questions. We look forward to speaking with you again soon following our second quarter results. Have a great day.

謝謝你，傑西，也謝謝大家的參與。我非常感謝您抽出時間並提出所有精彩的問題。我們期待在第二季業績公佈後再次與您交談。祝你有美好的一天。

Thank you. Ladies and gentlemen, we thank you for your participation. This does conclude today's teleconference and webcast. You may disconnect your lines, and have a wonderful day.

謝謝。女士們、先生們，感謝你們的參與。今天的電話會議和網路廣播到此結束。您可以斷開線路，享受美好的一天。