Cinemark Holdings Inc (CNK) 2025 Q2 法說會逐字稿

Greetings. Welcome to Cinemark Holdings second-quarter 2025 earnings call. (Operator instructions) Please note this conference is being recorded.

問候。歡迎參加 Cinemark Holdings 2025 年第二季財報電話會議。（操作員指示）請注意，本次會議正在錄音。

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

現在，我將會議交給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 second-quarter 2025 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. 2025 年第二季收益發布電話會議，該會議由總裁兼執行長 Sean Gamble 和財務長 Melissa Thomas 主持。

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 factors that could cause results to differ materially are detailed in the company's 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公司的 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-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 GAAP 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 shared during our last call in May, the second quarter launched out of the gates with the record breaking results of A Minecraft Movie, which has now generated over $950 million in global box office proceeds.

謝謝你，Chanda，大家早安。正如我們在 5 月的上次電話會議上所分享的那樣，第二季度開局之時，《我的世界》電影就取得了破紀錄的成績，目前該片全球票房收入已超過 9.5 億美元。

That film, coupled with a steady stream of highly compelling new releases week after week, ignited a surge of summer movie going momentum that propelled second quarter North American industry box office to $2.7 billion which was up more than 35% year over year.

這部電影，加上每週源源不絕的極具吸引力的新片上映，引發了夏季電影熱潮，推動第二季度北美電影票房達到 27 億美元，同比增長超過 35%。

Moreover, the substantial magnitude of that result flipped year-to-date tracking from a 12% deficit versus 2024 at the end of the first quarter to a 14% gain by the end of June. Consumer enthusiasm for theatrical experiences was on full display in 2Q as audiences turned up in mass for films like the genre-defying breakout hit Sinners, the high flying live action remake of How to Train Your Dragon, and Marvel's most recent Avenger adventure, Thunderbolts.

此外，這一結果的大幅增長使年初至今的走勢從第一季末相對於 2024 年的 12% 的赤字轉變為 6 月底的 14% 的增長。消費者對影院體驗的熱情在第二季度得到了充分體現，大批觀眾湧入影院觀看突破類型、大獲成功的《十惡不赦》、大獲成功的真人版《馴龍高手》以及漫威最新的《復仇者聯盟》冒險電影《雷霆特工隊》。

That enthusiasm also delivered an all-time high Memorial Day weekend at the box office, driven by the lovable Lilo and Stitch, which just exceeded $1 billion globally, as well as an adrenaline pumping final reckoning in Mission Impossible.

這種熱情也使陣亡將士紀念日週末的票房創下了歷史新高，其中最受歡迎的是可愛的《星際寶貝》，全球票房剛剛超過 10 億美元，以及令人腎上腺素飆升的《碟中諜》的終極清算。

Furthermore, audiences scared up a thrilling outsized result for Final Destination Bloodlines, a sizable $60 million domestic run for the faith-based film The King of Kings, and a powerful, heart racing victory lap for F1 that yielded Apple's most significant theatrical debut to date.

此外，觀眾也為《死神來了：血緣》激動人心的巨大票房成績而感到震驚，為宗教題材電影《萬王之王》創造了 6,000 萬美元的國內票房，並為 F1 帶來了強勁而驚心動魄的勝利圈，這是蘋果迄今為止最重要的影院首映。

And that robust moviegoing momentum surged right into July with strong continued carryover from prior month releases, monstrous results for Jurassic World Rebirth, including the franchise's second highest opening of all time, a soaring Superman reboot that has ushered in a bold new era for DC Comics. And this past weekend's big first steps for the Fantastic Four, which opened to rave reviews and nearly $120 million of domestic box office that stretched well past expectations.

強勁的觀影勢頭持續到 7 月份，並延續了前幾個月上映影片的強勁勢頭，《侏羅紀世界：重生》取得了驚人的成績，創下了該系列電影史上第二高的首映票房，而《超人》的重啟也為 DC 漫畫開創了一個大膽的新時代。上週末，《神奇四俠》邁出了重要的第一步，而電影首映便獲得熱烈好評，國內票房收入接近 1.2 億美元，遠遠超出了預期。

And while August and September are typically transitional months as box office tapers off with summer vacations winding down and school resuming, several exciting films are still to come in the third quarter, including a resurgence of comedies such as The Naked Gun, Freakier Friday, The Roses, and Spinal Tattoo The End Continues; more thrills and chills in films like Weapons, The Conjuring Last Rites, and The Long Walk; fresh original titles like a Big Bold Beautiful Journey and One Battle After Another, and new installments of the Bad Guys, Downton Abbey, and Demon Slayer.

雖然八月和九月通常是過渡月份，因為隨著暑假結束和學校開學，票房逐漸減少，但第三季度仍有幾部令人興奮的電影上映，包括《白頭神探》、《怪誕星期五》、《玫瑰》和《脊椎紋身：終結繼續》等喜劇的復甦；《武器》、《厲陰宅：最後的儀式》和《長徵》等驚險刺激的電影；《大膽而美麗的旅程》和《一戰接一戰》等新鮮的原創影片，以及《壞傢伙們》、《唐頓莊園》和《鬼滅之刃》的新一季。

And then the fourth quarter is primed to accelerate once again with a further array of action, comedy, thrills, family fair, and spectacle, including Tron Ares, Mortal Kombat 2, a new take on the Running Man, Zootopia 2, the exciting conclusion to last year's sensation in Wicked for Good, Five Nights at Freddie's 2, and of course Avatar: Fire and Ash, just to name a few.

第四季將再次加速發展，推出更多動作、喜劇、驚悚、家庭劇院和奇觀，其中包括《創：戰神》、《真人快打 2》、《奔跑的人》新版、《瘋狂動物城 2》、去年轟動一時的電影《邪惡力量》的激動人心的結局、《房客的五夜後宮 2》，還有《火舉幾例：當然還有幾通神通。

Looking beyond 2025, the 2026 film slate is already shaping up to be an incredible year. Audiences can look forward to new chapters in beloved franchises like The Avengers, Spider-Man, Minions, Toy Story, Shrek, The Hunger Games, and Mario Brothers. Alongside innovative original concepts from visionary filmmakers like Christopher Nolan, Jordan Peele, and Steven Spielberg.

展望 2025 年，2026 年的電影計畫已經註定是令人難以置信的一年。觀眾可以期待《復仇者聯盟》、《蜘蛛人》、《小兵》、《玩具總動員》、《史瑞克》、《飢餓遊戲》和《瑪利歐兄弟》等深受喜愛的系列電影的新篇章。以及克里斯多福諾蘭、喬登皮爾和史蒂芬史匹柏等有遠見的電影製作人的創新原創概念。

This strong lineup of films on the horizon, coupled with sustained consumer enthusiasm for cinematic experiences underscores our continued confidence in the future of theatrical exhibition. Amid this positive industry trajectory, Cinemark's execution stood out once again in the second quarter with outperforming results that are indicative of our advantaged market position and the continued impact we are deriving from our strategic initiatives.

即將上映的強大電影陣容，加上消費者對電影體驗的持續熱情，凸顯了我們對戲院放映未來的持續信心。在產業積極發展的背景下，Cinemark 的執行力在第二季度再次脫穎而出，取得了優異的業績，顯示了我們的優勢市場地位以及我們策略舉措的持續影響。

Our team fully capitalized on the strength of movie going during the quarter, sustaining the core structural market share gains we have achieved over the past several years, while further benefiting from a sizable mix of family titles that accounted for three of the quarter's Top 4 films and more than 40% of 2Q box office.

我們的團隊充分利用了本季電影市場的強勁勢頭，維持了過去幾年來取得的核心結構性市場份額增長，同時進一步受益於大量的家庭影片，這些影片佔據了本季度票房排名前四的影片中的三部，佔第二季度票房的 40% 以上。

Furthermore, we also continue to realize upside from our efforts to take full advantage of non-traditional programming opportunities which drove more than 10% of our admissions revenues for the fourth straight quarter in a row as audience appeal for foreign, repertory, faith-based, content creator, and concert films continues to grow.

此外，我們繼續意識到，我們努力充分利用非傳統的節目機會，隨著觀眾對外國電影、保留劇目、宗教電影、內容創作者和音樂會電影的吸引力不斷增長，這些機會連續四個季度推動我們的門票收入超過 10%。

These collective actions helped us deliver several impressive box office records during the second quarter, including our highest quarterly domestic admissions revenues since the pandemic, and our third highest quarterly result of all time. We also achieved our biggest Memorial Day weekend ever, as well as a record high opening for a family film with A Minecraft Movie.

這些集體行動幫助我們在第二季度創造了多項令人印象深刻的票房紀錄，包括自疫情爆發以來最高的季度國內門票收入，以及我們有史以來第三高的季度業績。我們也迎來了有史以來最大的陣亡將士紀念日週末，同時憑藉《我的世界大電影》創下了家庭電影的首映票房紀錄。

Importantly, we were able to translate these accomplishments into meaningful overall operating and financial results.

重要的是，我們能夠將這些成就轉化為有意義的整體營運和財務表現。

Through solid execution and making the most of opportunities to delight our guests, our sensational team grew revenue 28% year over year to $941 million during the second quarter as we entertained 58 million patrons across our global circuit.

透過穩健的執行和充分利用機會取悅我們的客人，我們出色的團隊在第二季度的收入同比增長 28%，達到 9.41 億美元，我們在全球接待了 5800 萬名顧客。

Adjusted EBITDA increased a further 63% to $232 million with over 500 basis points of margin expansion to 24.7%. We're very proud to report that our second quarter adjusted EBITDA marked our second highest quarterly achievement in the history of our company, trailing only 2Q of 2019, which included Avengers: Endgame, the second highest grossing film of all time.

調整後的 EBITDA 進一步成長 63%，達到 2.32 億美元，利潤率擴大 500 多個基點，達到 24.7%。我們非常自豪地報告，我們第二季度的調整後 EBITDA 創下了公司歷史上第二高的季度業績，僅次於 2019 年第二季度，其中包括有史以來票房第二高的電影《復仇者聯盟：終局之戰》。

As mentioned, our ability to consistently generate solid outperforming results is rooted in the differentiated competitive advantages we've cultivated over time, as well as the benefits we continue to gain from our growth and productivity initiatives.

如上所述，我們能夠持續創造優異業績，這源自於我們長期以來培育的差異化競爭優勢，以及我們不斷從成長和生產力計畫中獲得的利益。

Examples include the quality and reliability of our technology, presentation, and guest experiences, the highly loyal customer base we've nurtured for many years, and our industry leading marketing and operating capabilities. For instance, we maintain a heightened focus on making sure our guests receive a premium experience when they come to our Cinemark theaters, regardless of which auditorium they choose.

例如，我們的技術、演示和客戶體驗的品質和可靠性，我們多年來培養的高度忠誠的客戶群，以及我們行業領先的營銷和營運能力。例如，我們高度重視確保我們的客人在來到 Cinemark 影院時獲得優質的體驗，無論他們選擇哪個影廳。

Doing so includes the significant amount of time and energy we put into training and coaching our teams to deliver top-notch guest service, the careful curation of food and beverage choices we serve to appeal to a wide range of diverse preferences, and the considerable levels of investment we spend on maintaining the entirety of our theaters, which continues to exceed our peers.

我們這樣做包括投入大量的時間和精力來培訓和指導我們的團隊，以提供一流的客戶服務，精心挑選我們提供的食物和飲料選擇，以滿足各種不同的偏好，以及投入大量的投資來維護我們整個影院，這繼續超過我們的同行。

In addition to general overall maintenance, this investment includes further expanding reclining seats across our circuit, which now spans 70% of our domestic footprint and are consistently one of our most highly sought after amenities.

除了一般的整體維護外，這項投資還包括進一步擴大我們航線上的可躺式座椅，目前可躺式座椅已覆蓋我們國內航線的 70%，並且一直是我們最受歡迎的設施之一。

It also includes diligently maintaining our best in class Xenon projection technology with a staggering 99.98% screen up time across thousands of showtimes per day, as well as continuing to advance a multi-year conversion to Barco laser projectors that will reach nearly 25% of our circuit by year end.

它還包括勤勉地維護我們一流的氙氣投影技術，在每天數千場放映中，螢幕開啟時間高達 99.98%，以及繼續推進多年的巴可雷射投影機轉換，到年底，該轉換將覆蓋我們影院電路的近 25%。

Altogether, these holistic efforts that benefit the totality of our theaters continue to earn us positive satisfaction scores from approximately 95% of our guests during the second quarter. They also helped us to grow our food and beverage per caps in both the US and Latin America to new highs, with the US exceeding $8 for the very first time at $8.34.

總而言之，這些使我們所有影院受益的整體努力在第二季度繼續為我們贏得約 95% 的客人的積極滿意度評分。他們還幫助我們將美國和拉丁美洲的人均食品和飲料價格推向新高，其中美國的人均食品和飲料價格首次超過 8 美元，達到 8.34 美元。

Simultaneously, we also continue to lean into growing the volume of upgrades we provide our guests that appeal to audiences who want a further enhanced and differentiated experience. Already today we offer 315 premium large format auditoriums across our global circuit, six Screen X auditoriums that provide an expanded 270 degree panoramic range of view, and the largest footprint of D-BOX motion seats in the world with installations throughout more than 450 of our auditoriums.

同時，我們也將繼續致力於增加為客人提供的升級服務量，以吸引那些想要進一步增強和差異化體驗的觀眾。如今，我們已在全球影院中提供 315 個優質大型影廳、6 個可提供 270 度全景視野的 Screen X 影廳，以及全球最大的 D-BOX 動感座椅，安裝在我們 450 多個影廳中。

During the second quarter, our D-BOX revenues reached an all-time high, and our XD PLF screens generated their second highest quarterly box office results ever.

在第二季度，我們的 D-BOX 收入創下歷史新高，我們的 XD PLF 螢幕創造了有史以來第二高的季度票房成績。

Based on this strong demand, we continue to add more PLFs throughout our theaters. We recently executed an agreement to introduce an additional 80 D-BOX auditoriums over the course of this year and next, and just this week we announced plans to roll out 20 more ScreenX experiences by the end of 2026.

基於這種強勁的需求，我們將繼續在各個影院增加更多的 PLF。我們最近簽署了一項協議，將在今年和明年推出另外 80 個 D-BOX 影廳，就在本週，我們宣布了到 2026 年底再推出 20 個 ScreenX 體驗的計劃。

The investments we've made and continue to make in our theaters, amenities, service, and experiences have earned us tremendous loyalty from our guests. So too has our ongoing focus on creating meaningful perceived value for our patrons and simplifying our customer journey from buying a ticket in concessions to enjoying a film in a plush luxury lounger seat. A great example of doing so is the significant impact we've achieved through our loyalty programs.

我們對影院、設施、服務和體驗所做的投資以及持續的投資為我們贏得了客人的極大忠誠。我們始終致力於為顧客創造有意義的感知價值，簡化顧客的旅程，從在特許經營店購買電影票到在豪華躺椅上欣賞電影。一個很好的例子就是我們透過忠誠度計畫所獲得的重大影響。

Members who participate in our free Cinemark rewards program grew to account for more than 55% of our domestic box office proceeds in the second quarter. Moreover, those who participate in our paid movie club subscription program and who are some of our most satisfied customers have driven almost 30% of our domestic box office over the past two quarters.

參與我們免費 Cinemark 獎勵計畫的會員在第二季成長至占我們國內票房收入的 55% 以上。此外，參與我們付費電影俱樂部訂閱計劃並成為我們最滿意客戶的人在過去兩個季度中推動了我們國內票房的近 30%。

Movie Club now has 1.45 million members, which is up 12% year over year and over 50% since 2019. The significant value and benefits our guests derive from both movie club and Cinemark Rewards continue to drive increased moviegoing frequency, higher food and beverage consumption, more active upgrades to enhanced offerings, and importantly, substantial loyalty to Cinemark.

電影俱樂部目前擁有 145 萬會員，年成長 12%，自 2019 年以來成長了 50% 以上。我們的客人從電影俱樂部和 Cinemark Rewards 獲得的巨大價值和好處繼續推動著觀影頻率的增加、食品和飲料消費的增加、更積極地升級到增強服務，以及重要的是，對 Cinemark 的高度忠誠。

Additionally, our direct connection with these guests enables us to personalize our interaction with them, providing tailored and relevant information in our communications that further enriches their engagement with Cinemark. It also meaningfully supplements our broader marketing efforts as we work to build awareness and excitement for upcoming films.

此外，我們與這些客人的直接聯繫使我們能夠個性化與他們的互動，在我們的溝通中提供客製化的相關訊息，進一步豐富他們與 Cinemark 的互動。當我們致力於為即將上映的電影樹立知名度和吸引力時，它也對我們更廣泛的行銷工作有意義的補充。

With marketing reached to over 32 million addressable consumers globally, we can very effectively and efficiently amplify studio campaigns by targeting audiences that are most inclined to see a particular film and offering them an easy and immediate opportunity to buy tickets.

透過行銷覆蓋全球超過 3,200 萬目標消費者，我們可以非常有效且有效率地擴大工作室的宣傳活動，針對最傾向於觀看特定電影的觀眾，並為他們提供輕鬆、即時的購票機會。

Throughout the second quarter, we continued to leverage this network in our varied studio collaborations across social and digital media channels, in promotions and partnerships with varied third party retailers, and to strengthen our own independent advertising.

在整個第二季度，我們繼續利用這個網路在社交和數位媒體管道上與各種工作室合作，與各種第三方零售商進行促銷和合作，並加強我們自己的獨立廣告。

And finally, as we pursue these extensive marketing efforts to build our audiences in tandem with the added enhancements we are making to our theaters, our beneficial loyalty programs, and the memorable experiences we offer our guests, we focus on doing so as efficiently as possible without compromising quality.

最後，在我們進行廣泛的營銷努力以擴大觀眾群的同時，我們也對影院、有益的忠誠度計劃以及為客人提供的難忘體驗進行了改進，我們專注於在不影響質量的情況下盡可能高效地完成這些工作。

Productivity is a key priority throughout our company, as is the strength and diligence of our operating practices. For example, the concentrated attention we place on achieving these objectives enabled us to increase domestic labor hours by only 13% year over year during the second quarter, despite a 3% expansion in our operating hours and a 27% growth in domestic attendance, while sustaining our high levels of guest satisfaction as mentioned earlier.

生產力是我們整個公司的首要任務，同樣，我們的營運實務的優勢和勤勉也是如此。例如，我們高度重視實現這些目標，儘管我們的營業時間增加了 3%，國內客流量增加了 27%，但第二季度的國內工時僅比去年同期增加了 13%，同時保持了前面提到的高水平的客戶滿意度。

Overall, the second quarter once again demonstrated the strength and resilience of theatrical exhibition, as well as Cinemark's ability to fully capitalize on upswings in moviegoing.

總體而言，第二季再次展現了影院上映的強勁勢頭和韌性，以及 Cinemark 充分利用觀影人數上升趨勢的能力。

As a steadier cadence of compelling films were released into theaters, audiences continued to showcase their enduring enthusiasm for larger than life cinematic experiences, and we were able to deliver one of our most profitable quarters of all time.

隨著越來越多引人入勝的電影在戲院上映，觀眾繼續展現出他們對超越現實的電影體驗的持久熱情，我們也因此實現了有史以來最賺錢的季度之一。

Looking forward, we remain highly encouraged about the film pipeline ahead, and we believe Cinemark remains exceptionally well positioned to thrive on account of our solid financial and operating foundation as well as the benefits we continue to obtain from our strategic initiatives.

展望未來，我們仍然對未來的電影儲備充滿信心，並且我們相信，憑藉我們穩固的財務和營運基礎以及我們繼續從戰略舉措中獲得的利益，Cinemark 仍然處於非常有利的地位，可以蓬勃發展。

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

現在我將電話轉給梅麗莎，她將分享更多有關我們第二季業績的資訊。梅麗莎。

Thank you, Sean. Good morning, everyone, and thank you for joining the call today. Our robust second quarter results reflect a compelling film slate that clearly resonated with audiences, as well as the successful execution of our strategic initiatives to drive revenue and efficiently scale our operations.

謝謝你，肖恩。大家早安，感謝大家參加今天的電話會議。我們第二季的強勁業績反映了引人注目的電影名單，明顯引起了觀眾的共鳴，也反映了我們成功執行了策略舉措，以推動收入成長並有效擴大營運規模。

The team's commitment to operational excellence enables us to maximize the opportunities presented in the quarter and deliver strong financial results.

團隊對卓越營運的承諾使我們能夠最大限度地利用本季出現的機會並實現強勁的財務業績。

In the second quarter, global attendance grew 16% year over year to 57.9 million patrons, and worldwide revenue increased 28% to $940.5 million. We delivered $232.2 million of adjusted EBITDA and expanded our adjusted EBITDA margin by 530 basis points to 24.7%, reflecting increased operating leverage driven by the attendance growth in the quarter, as well as improved monetization and productivity advancements.

第二季度，全球觀眾人數較去年同期成長 16%，達到 5,790 萬人，全球營收成長 28%，達到 9.405 億美元。我們實現了 2.322 億美元的調整後 EBITDA，並將調整後 EBITDA 利潤率提高了 530 個基點，達到 24.7%，這反映了本季遊客量增長推動的經營槓桿率上升，以及貨幣化和生產力的提高。

Domestically, we entertained 36.9 million guests, and we continue to sustain strong market share gains compared with pre-pandemic levels. In addition to the structural gains we have made over the past few years, our market share in the quarter benefited from a favorable content mix, including family films like A Minecraft Movie, Lilo and Stitch, and How to Train Your Dragon, which connected particularly well with our audiences.

在國內，我們接待了 3,690 萬名遊客，與疫情前水準相比，我們的市佔率持續保持強勁成長。除了過去幾年取得的結構性收益外，本季我們的市佔率還受益於良好的內容組合，包括《我的世界大電影》、《星際寶貝》和《馴龍高手》等家庭電影，這些電影與我們的觀眾產生了特別好的共鳴。

We delivered $383.4 million in domestic admissions revenue with an average ticket price of $10.39 for the second quarter. Our average ticket price increased 5% year over year, primarily driven by strategic pricing initiatives and to a lesser extent favorable format and ticket type mix given the composition of the film slate in the quarter.

第二季度，我們的國內門票收入為 3.834 億美元，平均票價為 10.39 美元。我們的平均票價同比上漲了 5%，這主要得益於戰略定價舉措，以及考慮到本季度電影名單的構成，有利的格式和票價類型組合（在較小程度上）。

We grew domestic concession revenue by a substantial 33% year over year to $307.6 million. This performance marks a significant milestone for us, as it is the first time we have exceeded $300 million in concession revenue in a single quarter, representing our highest quarterly concession revenue ever.

我們的國內特許經營收入年增 33%，達到 3.076 億美元。這項業績對我們來說是一個重要的里程碑，因為這是我們首次在一個季度內特許經營收入超過 3 億美元，創下了我們有史以來最高的季度特許經營收入。

Our concession per cap increased 5% year over year to an all-time high of $8.34 due to strategic pricing actions, a favorable shift in product mix fueled by growth in merchandise sales, and higher incidence rates. Other revenue was $68.3 million and grew 28% compared with the second quarter of 2024, primarily due to the higher attendance levels, which contributed to increased promotional income and transaction fees as well as gaming revenue.

由於策略定價行動、商品銷售成長推動的產品結構有利轉變以及發生率上升，我們的人均優惠年增 5%，達到歷史最高水準 8.34 美元。其他收入為 6830 萬美元，與 2024 年第二季度相比增長了 28%，這主要是由於上座率提高，從而帶動了促銷收入和交易費以及博彩收入的增加。

Altogether, our domestic segment generated our highest quarterly revenue ever with $759.3 million representing an increase of 33% year over year.

總體而言，我們的國內部門創造了有史以來最高的季度收入，達到 7.593 億美元，年增 33%。

Adjusted EBITDA grew 73% to $188.1 million yielding a robust adjusted EBITDA margin of 24.8%, representing a 580 basis points expansion versus the prior year period.

調整後的 EBITDA 成長 73% 至 1.881 億美元，調整後的 EBITDA 利潤率達到 24.8%，比去年同期成長了 580 個基點。

Turning to our international segment, we hosted 21 million guests during the second quarter in line with the same period last year. Our attendance benefited from the solid performance of family titles, which helped to offset the prior year's challenging comparison driven by the exceptional success of Inside Out 2, which over indexed in Latin America and was the region's highest grossing film of all time.

談到我們的國際業務，第二季我們接待了 2,100 萬名遊客，與去年同期持平。我們的觀眾人數得益於家庭影片的出色表現，這有助於抵消上一年因《腦筋急轉彎 2》的巨大成功而帶來的挑戰性對比，《腦筋急轉彎 2》在拉丁美洲的票房收入超過預期，是該地區有史以來票房最高的電影。

Like the US, we maintained strong market share gains in the second quarter compared with pre-pandemic levels, delivering more than 100 basis points of growth versus Q2 of 2019.

與美國一樣，與疫情前的水平相比，我們在第二季度保持了強勁的市場份額增長，與 2019 年第二季度相比增長了 100 多個基點。

Internationally, we generated $83.7 million of admission revenue, $70.1 million of concessions revenue, and $27.4 million of other revenue in the second quarter. In total, international revenue grew 12% year over year to $181.2 million.

在國際上，我們在第二季創造了 8,370 萬美元的門票收入、7,010 萬美元的特許經營收入和 2,740 萬美元的其他收入。整體而言，國際營收年增 12%，達到 1.812 億美元。

Adjusted EBITDA increased 32% to $44.1 million with a strong 24.3% adjusted EBITDA margin that expanded 380 basis points year over year.

調整後的 EBITDA 成長 32% 至 4,410 萬美元，調整後的 EBITDA 利潤率高達 24.3%，較去年同期成長 380 個基點。

Moving to global expenses, film rental and advertising expense was 58% of admissions revenue, up 220 basis points year over year due to an increased concentration of high grossing films and higher marketing spend as we leaned in to the strength of this quarter's film slate.

轉向全球支出，電影租賃和廣告支出佔門票收入的 58%，同比增長 220 個基點，原因是我們依靠本季度電影市場的強勁表現，增加了高票房電影的集中度和營銷支出。

Concession costs as a percent of concession revenue were 19.4%, a 10 basis points increase compared with the second quarter of last year, driven by a higher mix of merchandise sales, which have a lower margin than our core concession offerings, and ongoing inflationary pressures on certain concession categories. These impacts were largely offset by benefits from our strategic pricing actions and higher rebates.

特許經營成本佔特許經營收入的百分比為 19.4%，與去年第二季相比增加了 10 個基點，原因是商品銷售組合增加（利潤率低於我們的核心特許經營產品）以及某些特許經營類別持續面臨通膨壓力。這些影響在很大程度上被我們的策略定價行動和更高的回扣帶來的好處所抵消。

Global salaries and wages were $109.4 million up 12% year over year due to an increase in labor hours to accommodate higher attendance levels and expanded operating hours, as well as wages and benefits inflation, partially offset by labor productivity initiatives and favorable foreign exchange rate fluctuations.

全球工資和薪資為 1.094 億美元，年增 12%，原因是為適應更高的出勤率和延長的工作時間而增加了工時，以及工資和福利上漲，但勞動生產力舉措和有利的外匯匯率波動部分抵消了這一增長。

As a percentage of total revenue, salaries and wages decreased 170 basis points to 11.6%. Facility lease expense was $82.9 million an increase of 2% compared with the second quarter of 2024, reflecting higher percentage rent given the stronger year over year box office results and inflationary increases, partially offset by foreign exchange rate favorability.

工資和薪水佔總收入的百分比下降了 170 個基點，至 11.6%。設施租賃費用為 8,290 萬美元，與 2024 年第二季相比增長了 2%，這反映了由於票房成績同比強勁和通貨膨脹上升，租金百分比有所上升，但外匯匯率的有利因素部分抵消了這一影響。

As a percentage of total revenue, facility lease expense declined 230 basis points to 8.8%. Utilities and other expense was $124.7 million up 19% year over year, primarily driven by higher attendance, which impacted our variable and semi-variable costs, elevated repairs and maintenance expense to address deferred maintenance needs across the circuit, and higher fixed costs, namely real estate taxes and property and liability insurance.

設施租賃費用佔總收入的百分比下降了 230 個基點，至 8.8%。公用事業和其他費用為 1.247 億美元，年增 19%，主要原因是上座率提高，這影響了我們的變動成本和半變動成本，增加了維修和維護費用以解決整個賽道的遞延維護需求，以及增加了固定成本，即房地產稅和財產和責任保險。

As a percentage of total revenue, utilities and others decreased 100 basis points to 13.3%. G&A was $54.1 million and was down 3% year over year, largely attributed to lower share-based compensation and related payroll taxes and favorable exchange rate movements. These benefits were partially offset by wage and benefits inflation, targeted investments in headcount, and higher professional fees. As a percentage of total revenue, G&A declined by 180 basis points to 5.8%.

公用事業及其他收入佔總收入的百分比下降了 100 個基點，至 13.3%。一般及行政費用為 5,410 萬美元，年減 3%，主要歸因於股權激勵和相關工資稅的降低以及有利的匯率變動。這些好處被薪資和福利上漲、針對性的員工投資以及更高的專業費用部分抵消。作為總收入的百分比，G&A 費用下降了 180 個基點，至 5.8%。

Globally, we delivered $93.5 million of net income attributable to Cinemark Holdings Inc., resulting in diluted earnings per share of $0.63.

在全球範圍內，我們實現了 9,350 萬美元的淨收入，歸屬於 Cinemark Holdings Inc.，每股攤薄收益為 0.63 美元。

Shifting to the balance sheet, we ended the quarter with $932 million of cash as we prepare to address our convertible notes later this month. We generated $246 million of free cash flow in the quarter, reflecting the stronger adjusted EBITDA performance as well as seasonal working capital tailwinds.

轉向資產負債表，我們在本季結束時擁有 9.32 億美元現金，我們準備在本月稍後處理可轉換票據。我們在本季產生了 2.46 億美元的自由現金流，反映了更強勁的調整後 EBITDA 表現以及季節性營運資本的順風。

This result underscores the strong free cash flow generating capabilities of our business model when supported by a more favorable content cycle.

這項結果凸顯了在更有利的內容週期支援下，我們的商業模式具有強大的自由現金流產生能力。

Turning to capital allocation, our strategy remains focused on three key pillars: one, strengthening our balance sheet. Two, investing to position Cinemark for long-term success, and three, returning excess capital to shareholders.

談到資本配置，我們的策略仍集中在三大支柱上：一是加強我們的資產負債表。二是投資以使 Cinemark 長期成功；三是將多餘的資本回饋給股東。

Starting with the first pillar: strengthening our balance sheet. Given the strength of our financial position, we provided notice to the convertible note holders of our election to settle the $460 million principal amount in cash upon their August 15 maturity.

從第一支柱開始：加強我們的資產負債表。鑑於我們財務狀況的強勁，我們已通知可轉換票據持有人，我們選擇在 8 月 15 日到期時以現金結算 4.6 億美元的本金。

Bear in mind that the maturity date for the warrants extends beyond that of the convertible notes and hedges.

請記住，認股權證的到期日比可轉換票據和避險的到期日要長。

As a reminder, in the first quarter, we took steps to proactively mitigate potential dilution from the settlements of the warrants with the repurchase of 7.93 million shares. Actively managing dilution remains a key priority as we seek to deliver long term value for our shareholders.

提醒一下，在第一季度，我們採取措施主動減輕認股權證結算可能造成的稀釋，並回購了 793 萬股。在我們尋求為股東創造長期價值的過程中，積極管理稀釋仍然是我們的首要任務。

We also took proactive steps in the quarter to reduce our interest expense. We successfully repriced our term loan, resulting in a 50 basis points reduction in our interest rate and more than $3 million in annual savings.

本季我們也採取了積極措施來降低利息支出。我們成功地重新定價了定期貸款，導致利率降低了 50 個基點，每年節省了 300 多萬美元。

When combined with the upcoming repayment of our convertible notes, we expect a $24 million reduction in our annual cash interest expense.

加上即將償還的可轉換票據，我們預計年度現金利息支出將減少 2,400 萬美元。

To wrap up our first capital allocation pillar, we ended the quarter with a net leverage ratio of 2.2 times, which is within our target range of 2 to 3 times. Our balance sheet continues to set us apart, providing us the financial flexibility to strategically invest in long-term growth while maintaining the ongoing strength and resilience of our circuit.

為了完成我們的第一個資本配置支柱，我們在本季結束時的淨槓桿率為 2.2 倍，這在我們 2 至 3 倍的目標範圍內。我們的資產負債表繼續使我們脫穎而出，為我們提供了財務靈活性，可以策略性地投資於長期成長，同時保持我們電路的持續實力和彈性。

This brings me to our second pillar: pursuing strategic and accretive investments to grow and secure our long-term success. We deployed $52.2 million of capital during the first half of the year to maintain and enhance our high quality circuit. For the full year, we continue to expect capital expenditures of approximately $225 million.

這讓我想到了我們的第二個支柱：進行策略性和增值性投資，以實現成長並確保我們的長期成功。我們在上半年投入了 5,220 萬美元的資金來維護和增強我們的高品質電路。就全年而言，我們預計資本支出仍約為 2.25 億美元。

And now to our third capital allocation pillar: returning excess capital to shareholders. In June we paid our second quarterly dividend since the pandemic. And over time our goal continues to be to return a greater share of our free cash flow to shareholders provided our net leverage ratio remains within our target range.

現在來談談我們的第三個資本配置支柱：將多餘的資本回饋給股東。六月，我們支付了疫情爆發以來的第二次季度股息。隨著時間的推移，我們的目標仍然是將更多的自由現金流回饋給股東，前提是我們的淨槓桿率仍然在我們的目標範圍內。

Overall, we remain committed to taking a balanced and disciplined approach to capital allocation, ensuring we retain the flexibility to pursue attractive financially creative opportunities as they arise while proactively managing risk.

總體而言，我們仍然致力於採取平衡和嚴謹的資本配置方式，確保我們保留靈活性，以便在出現有吸引力的財務創造機會時能夠積極管理風險。

In closing, we are pleased with the strong financial and operational performance we achieved in the quarter. Our solid financial condition, disciplined capital allocation, and focused execution, positions us to capitalize on opportunities ahead and deliver long-term value to our shareholders.

最後，我們對本季取得的強勁財務和營運業績感到滿意。我們穩健的財務狀況、嚴格的資本配置和專注的執行力，使我們能夠抓住未來的機遇，為股東創造長期價值。

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，現在我們想開始回答問題。

Thank you. We will now be conducting a question-and-answer session.

謝謝。我們現在將進行問答環節。

Benjamin Swinburne, Morgan Stanley.

摩根士丹利的班傑明‧斯溫伯恩。

Thanks, good morning. And thanks for all the commentary on the convert. I want to talk, I want to ask you about the convert and kind of capital allocation Sean and Melissa, so.

謝謝，早安。並感謝大家對皈依者的評論。我想談談，我想問你們關於轉換和資本配置類型的問題，肖恩和梅麗莎，所以。

It sounds like you're still planning to address the premium with shares. So I want to see if there's any thought about maybe using cash, but assuming you're sticking with the stock approach. Is there any potential to accelerate that, kind of 180 per day settlement through March 12.

聽起來您仍計劃用股票來解決溢價問題。所以我想看看是否有考慮使用現金，但假設你堅持股票方式。有沒有可能加速這一進程，例如截至 3 月 12 日每天結算 180 筆。

And I guess I'm asking because I'm wondering. In terms of your goal of increasing return of capital which you guys laid out in your deck. Do you need to wait for that warrant premium to completely close out to revisit the dividend, raise the buyback, that kind of thing, or maybe not. So that's kind of my first question. Then I just wanted to circle up on the big beautiful bill impact for Cinemark.

我想我之所以問這個問題是因為我很好奇。就你們在演講稿中提出的增加資本回報的目標而言。您是否需要等待認股權證溢價完全平倉才能重新考慮股息、提高回購率等事情，或者可能不需要。這是我的第一個問題。然後我只想總結一下 Cinemark 的巨大美麗賬單影響。

All right. Thanks for the questions, Ben. So starting with the warrants. So our current intent is to settle the warrants in shares. Now we don’t have to make that election until shortly before settlement. Ultimately, our decision will be contingent upon the extent to which the stock price exceeds $22, our cash and liquidity, and potential dilution considerations among other factors. So just in terms of how we settle that.

好的。謝謝你的提問，本。因此，先從認股權證開始。因此，我們目前的意圖是以股票形式結算認股權證。現在我們不必在結算前不久做出選擇。最終，我們的決定將取決於股價超過 22 美元的程度、我們的現金和流動性以及潛在的稀釋考慮等因素。就我們如何解決這個問題而言。

As you think about you had the question on acceleration, we do continue to evaluate opportunities to mitigate potential exposure on the warrants. The decision as to whether or not we unwind the warrants early or let them expire over that contractual settlement period is a function of the cost to unwind early, our stock price at that time, as well as future stock price expectations among other factors.

當您想到您對加速有疑問時，我們會繼續評估減輕認股權證潛在風險的機會。我們是否提前解除認股權證或讓其在合約結算期間到期的決定取決於提前解除認股權證的成本、當時的股票價格以及未來股票價格預期等因素。

And then as far as your question goes, in terms of will that hinder returning additional capital to shareholders. In the near term, certainly addressing the maturity of the convertible notes later this month as well as the warrants is a key consideration for us from a capital allocation standpoint.

就您的問題而言，這是否會阻礙向股東返還額外資本。從短期來看，從資本配置的角度來看，解決本月稍後可轉換票據以及認股權證的到期問題無疑是我們考慮的關鍵因素。

But the potential for additional capital returns to shareholders prior to settlement of the warrants that will depend upon a range of factors including where our cash position is at, overall liquidity, as well as our net leverage ratio among other factors.

但在認股權證結算之前向股東提供額外資本回報的可能性將取決於一系列因素，包括我們的現金狀況、整體流動性以及我們的淨槓桿率等。

But the Board and us as a management team, we continue to assess our capital allocation strategy and the framework and that includes size of the dividend as well as potential for share buybacks as we look to deliver long term value for shareholders.

但董事會和我們作為管理團隊，將繼續評估我們的資本配置策略和框架，其中包括股利規模以及股票回購的可能性，因為我們希望為股東帶來長期價值。

Got it. And then I just wondered sorry, Sean, go ahead.

知道了。然後我只是想知道對不起，肖恩，繼續吧。

No, I didn’t say anything. --

不，我什麼都沒說。--

And then, yes, I guess, Melissa, can you quantify cash flow benefits at Cinemark from the 100% bonus depreciation and the shifts into the leverage, interest coverage limitations? I don’t know if you guys have figured that out yet.

然後，是的，我想，梅麗莎，您能否量化 Cinemark 從 100% 獎金折舊和槓桿轉變、利息覆蓋限制中獲得的現金流收益？我不知道你們是否已經明白了這一點。

So it’s still premature to provide quantification there. We’re still analyzing the full impact. But we do expect our cash taxes to meaningfully benefit from the new legislation, particularly as it relates to the 100% bonus depreciation and the loosening of the interest expense limitation.

因此，現在提供量化數據還為時過早。我們仍在分析其全部影響。但我們確實預期我們的現金稅將從新立法中獲得顯著好處，特別是與 100% 獎金折舊和放寬利息支出限制有關。

From a capital expenditure standpoint, many of our capital expenditures do qualify for that accelerated depreciation on the bonus side. I think just the one thing I would call out there Ben as you guys are looking at modeling is just we do for 2025 we had 40% bonus depreciation such that the benefit isn’t all incremental, but we do expect it to be significant.

從資本支出的角度來看，我們的許多資本支出確實符合獎金的加速折舊條件。我認為，當你們正在研究模型時，我只想指出的一件事是，我們對 2025 年的計劃是 40% 的獎金折舊，因此收益並不全是增量的，但我們確實預計它會很可觀。

And then on the loosening of the business interest expense limitation essentially the denominator or the measure that before essentially our interest expense limitation was determined based on EBIT. Now that will be determined based on EBITDA. And since EBITDA is at that bigger number, we’ll be able to take a greater deduction for interest expense. So the combination of those, like I said, still not at a position where we’ll quantify it. We think it’s a bit premature to do so, but we do expect meaningful benefits to come from the new legislation.

然後，在放寬企業利息支出限制方面，基本上分母或衡量標準是，之前我們的利息支出限制基本上是根據息稅前利潤 (EBIT) 確定的。現在這將根據 EBITDA 來確定。由於 EBITDA 數值較大，我們可以扣除更多利息費用。所以就像我說的，這些因素的結合還未達到我們可以量化的程度。我們認為現在這樣做還為時過早，但我們確實期待新立法能帶來實際的利益。

David Karnovsky, JPMorgan.

摩根大通的戴維卡諾夫斯基。

Hey, thank you. Sean, I wanted to see if you could just expand a bit on your PLF strategy. For instance, what kind of drives your decision to roll out more D-BOX and Screen X as opposed to XDs? And then we wanted to just get your view on some reports that surfaced a couple of weeks ago that you and others were looking at co-branding some of your own PLF formats.

嘿，謝謝你。肖恩，我想看看你是否可以稍微擴展一下你的 PLF 策略。例如，是什麼促使您決定推出更多的 D-BOX 和 Screen X，而不是 XD？然後，我們想聽聽您對幾週前出現的一些報道的看法，這些報道說您和其他人正在考慮聯合打造一些您自己的 PLF 格式。

And if you can’t comment on that directly, maybe you could just speak more generally to what you can do with the XD brand in terms of maybe driving more share or pricing or even integrating it with studio marketing?

如果您無法直接對此發表評論，那麼您可以更籠統地談談您可以對 XD 品牌做些什麼，例如提高市場份額或定價，甚至將其與工作室行銷相結合？

Sure. Well, first let me start just by emphasizing. At Cinemark, while we hold our IMAX’s and our XDs and all our other enhanced screens in very high regard, as mentioned during the prepared remarks, our focus is on making sure that the entirety of coming to our theaters feels like a premium movie going experience, regardless of which auditorium our guests ultimately choose. Our focus again applies to our service levels, reclined seats, our cleanliness, our maintenance, our food and beverage offerings, etcetera.

當然。好吧，首先讓我強調一下。在 Cinemark，雖然我們非常重視 IMAX、XD 和所有其他增強型螢幕，但正如在準備好的演講中提到的那樣，我們的重點是確保來到我們影院的整個過程都感覺像是一次優質的電影觀看體驗，無論我們的客人最終選擇哪個影廳。我們的重點再次放在我們的服務等級、傾斜座椅、清潔度、維護、食品和飲料供應等方面。

In our experience, these types of broad attributes and amenities that reach all audiences and drive high they tend to drive higher overall perception of value, which ultimately leads to increased movie going frequency and loyalty across all categories of films, big and small.

根據我們的經驗，這些涵蓋所有觀眾並推動高水準發展的廣泛屬性和便利設施往往會提高整體價值感知，最終導致觀影頻率和各類電影（無論大小）的忠誠度增加。

Regarding PLF specifically, they provide a fantastic opportunity for select moviegoers who want an added enhancement to what’s already a premium experience of going to the movies. But keep in mind, PLF still only account for about 15% of domestic box office.

具體來說，對於希望在已經很優質的電影觀影體驗上獲得進一步提升的特定電影觀眾來說，PLF 為他們提供了絕佳的機會。但請記住，PLF 仍然只佔國內票房的 15% 左右。

So while that figure is up somewhat from pre pandemic levels, PLFs do benefit from being programmed with the biggest new opening releases each week at a corresponding price point, which tends to boost their performance and has made their recovery versus 2019 appear more outsized.

因此，儘管這一數字較疫情前的水平有所上升，但 PLF 確實受益於每週以相應的價格安排最大的新開畫影片，這往往會提高其表現，並使它們相對於 2019 年的複蘇顯得更加巨大。

So the bulk of domestic box office, 85% of it continues to be driven by all other cinematic auditoriums in the industry. So while a fantastic amenity, which has been one of several sources of growth for the industry, PLFs are still a relatively small percentage of overall box office sales.

因此，國內票房的大部分（85%）仍然由業內所有其他電影院推動。因此，儘管 PLF 是一項很棒的娛樂設施，也是電影業的幾個成長來源之一，但它在整體票房收入中所佔的比例仍然相對較小。

So the right contextual balance needs to be maintained overall. And I would also say just so, overarchingly, there are numerous fantastic PLF experiences that are available to moviegoers across The US and around the world, including IMAX, which is a tremendous experience clearly.

因此，整體上需要保持正確的語境平衡。而且我還想說，總的來說，美國和世界各地的電影觀眾可以享受到許多精彩的 PLF 體驗，包括 IMAX，這顯然是一種非凡的體驗。

When the industry conversations about PLFs have taken place, which aren’t new by the way, They’ve largely been focused on how to most effectively market all large screen formats to grow the pie and unlock incremental upside, not as a challenge to IMAX.

當業界討論 PLF 時（順便說一句，這並不是什麼新鮮事），他們主要關注的是如何最有效地行銷所有大螢幕格式，以擴大市場份額並釋放增量優勢，而不是對 IMAX 構成挑戰。

In general, increasing consumer awareness about the myriad of PLF options that are out there as well as all the other heightened amenities that are available to movie fans, that’s a positive for the entire industry, exhibition, studios, creative community and moviegoers.

總的來說，提高消費者對眾多 PLF 選項以及電影迷可以使用的所有其他高級設施的認識，這對整個行業、展覽、工作室、創意社區和電影觀眾來說都是一件好事。

So the relative difference of kind of how we’re looking at one thing versus another, I mean, back to week there has been a nice uptick in select consumers seeking these types of amenities. So we’re looking at opportunities across all those categories. You mentioned a range of them like I’d say they’re all on the table in terms of where we might lean and look for incremental growth opportunities. It really boils down to the particular theater, the size of the screen, the market, kind of what’s in the market, the demographics, all those types of things in terms of what’s the optimal path to choose one versus another.

因此，我們看待一件事物與看待另一件事物的相對差異在於，我的意思是，回顧上週，尋求此類便利設施的特定消費者數量出現了良好的增長。因此，我們正在尋找所有這些類別中的機會。您提到了一系列問題，我想說，就我們可能傾向和尋找增量成長機會而言，這些問題都擺在桌面上。它實際上歸結為特定的劇院、螢幕大小、市場、市場類型、人口統計數據，所有這些類型的事物，以決定選擇哪個的最佳路徑。

Thanks. And then just for Melissa, just given the down G and A in the quarter, want to see how to think about the growth on that line item for the balance of the year. We recognize obviously there’s a variable component around box and your stock price. And then just any view you can give on concession costs from here and just managing inflation around certain items? Thanks.

謝謝。然後對於梅麗莎來說，考慮到本季的 G 和 A 下降，想看看如何考慮今年剩餘時間該項目的成長。我們顯然認識到，盒子和股票價格周圍有一個可變的成分。那麼，您能就特許成本以及如何管理某些項目的通貨膨脹提出什麼看法嗎？謝謝。

Yes. So from general administrative expense standpoint, so we did have lower stock based compensation in the quarter that and associated payroll taxes that did result in lower G&A. Kind of outside of that, we do continue to make targeted investments in headcounts and capabilities to further advance our strategic initiatives. And we do have some merit increases and rising cost of benefits.

是的。因此，從一般管理費用的角度來看，本季我們的股票薪酬和相關工資稅確實較低，從而導致一般管理費用 (G&A) 較低。除此之外，我們確實會繼續對員工數量和能力進行有針對性的投資，以進一步推進我們的策略性舉措。我們的績效確實有所增加，福利成本也有所上升。

So as you think forward from a G&A perspective, I would just keep in mind that ex stock based comp, we’d still do expect to see wages and benefits increase as a result of the factors I mentioned. And then always timing of professional fees and then incentive compensation those can timing and amount of incentive compensation can impact our G&A from quarter to quarter. But we continue to remain disciplined, but I would say the year over year comp was impacted by stock based compensation pretty meaningfully this quarter.

因此，當您從一般及行政費用的角度進行展望時，我只想記住，除股票薪酬外，我們仍然預計工資和福利會因我提到的因素而增加。然後總是要考慮專業費用的時間安排，然後是激勵薪酬，這些時間和激勵薪酬的金額會影響我們每季的 G&A。但我們繼續保持紀律，但我想說，本季的年收入受到股票薪酬的顯著影響。

Then I think your other -- ?

那我認為你的另一個-- ？

anything on concessions? Yes.

有什麼優惠嗎？是的。

Yes. So on our concession rate, so we continue to expect our COGS rate for the full year to be higher year on year given ongoing inflationary pressures as well as the shift in product mix and that’s mainly driven by higher sales of merchandise and you saw that happen in the first half of the year.

是的。因此，就我們的折扣率而言，我們繼續預計全年的銷貨成本率將同比上升，因為持續的通膨壓力以及產品組合的轉變，這主要是受商品銷售額增加的推動，而您在今年上半年已經看到了這種情況。

Now we do continue to pursue strategies to mitigate inflationary and tariff impacts that may arise and we’ll continue to look to do that. And then with respect to product mix that is an area that we think could continue to drive especially as we look at the film slate for the second half of the year particularly in Q4 does lend itself to merch.

現在我們確實在繼續推行策略來減輕可能出現的通貨膨脹和關稅影響，並且我們將繼續努力做到這一點。然後就產品組合而言，我們認為這是一個可以繼續推動的領域，特別是當我們看今年下半年的電影名單，特別是第四季度的電影名單確實適合商品銷售。

So it’s really going to depend on that mix of merchandise and what transpires there. But we’ll continue to look to offset wherever we can. I think the other thing I would just call out is a big tough comp in the third quarter. So just keep that in mind. We had a challenging comparison year over year given the timing of rebates in Q3 of last year. So you’ll want to look at that when you’re doing your modeling.

所以這實際上取決於商品組合以及在那裡發生的情況。但我們將繼續盡一切可能尋求補償。我想我要指出的另一件事是第三季的競爭十分激烈。所以請記住這一點。由於去年第三季的回饋時間，我們與去年同期的比較非常具有挑戰性。因此，當你進行建模時，你會想要看看這一點。

Eric Handler, Roth MKM.

埃里克·漢德勒（Eric Handler），羅斯 MKM。

Sean, wonder if you had a view on whether or not you will be looking at doing discount Wednesdays?

肖恩，想知道您是否考慮在周三進行折扣活動？

Sure. Well, I mean, just to comment specifically on that, I think it’s an interesting concept and angle. It’s going to be we’re curious to see how it ultimately affects attendance patterns and if it’s able to ultimately stimulate more movie going without compromising box office. Also curious to see how it performs and how the studios ultimately embrace it or not.

當然。嗯，我的意思是，只是具體評論一下這一點，我認為這是一個有趣的概念和角度。我們很好奇，它最終會如何影響觀眾人數模式，以及它是否能夠在不影響票房的情況下最終刺激更多的人去看電影。也很好奇它的表現如何以及工作室最終是否接受它。

So I think it’s an interesting concept and we’re going to watch it closely and we’ll make some of our decisions based on what we see. I will point out, we’ve had a very successful Discount Tuesday program at Cinemark for many years as well as varied pricing throughout the day, week and time of year that’s aligned with consumer demand to optimize attendance, box office and revenue.

所以我認為這是一個有趣的概念，我們將密切關注它，並根據我們所看到的做出一些決定。我要指出的是，Cinemark 多年來一直推行非常成功的「折扣星期二」計劃，並且根據消費者需求在一天、一周和一年中的各個時間提供不同的定價，以優化上座率、票房和收入。

So we’ve got a highly sophisticated, fully dedicated pricing team that uses all kinds of varied data and insights to drive our decision making, with the ultimate goal of ensuring our guests feel like they’re receiving meaningful value when they visit our theaters.

因此，我們擁有一支高度成熟、全心投入的定價團隊，他們使用各種不同的數據和見解來推動我們的決策，最終目標是確保我們的客人在訪問我們的影院時感受到他們獲得了有意義的價值。

So overall our decisions are really based on elasticity of demand and consumer value perception as we approach prices. It’s worked very well for us over the years and we’ll continue to evaluate that one particular concept that you mentioned -- based on how it performs and depending on that we can always make a decision to move down that path or not.

因此，整體而言，我們的決策實際上是基於需求彈性和消費者在定價時的價值認知。多年來，它對我們來說非常有效，我們將繼續評估您提到的特定概念——根據它的表現，我們可以決定是否繼續沿著這條道路前進。

Great. That’s helpful. And then as a follow-up, I’m curious what percentage of your concession sales is now merchandise? And how are you thinking about maybe expanding that business to grow, maybe broaden the product mix or add some online capabilities?

偉大的。這很有幫助。然後作為後續問題，我很好奇現在你們特許銷售中有多少比例是商品？您是否考慮過擴大業務、拓展產品組合或增加一些線上功能？

Sure. Well, look, it’s still a relatively small overall portion of our food and beverage, but it’s growing exceptionally well. I mean year over year overall merch was up close to 240%. So again, it’s on a smaller base, but it’s showing great signs of upside. Obviously that it’s become beyond just a nice offering, it’s become part of the fun events of going to the movies and also a fantastic promotional vehicle.

當然。嗯，你看，它在我們的食品和飲料中所佔的比例仍然相對較小，但它的成長勢頭非常好。我的意思是，與去年同期相比，商品總銷售額成長了近 240%。因此，雖然基數較小，但顯示出巨大的上漲跡象。顯然，它已經不僅僅是一種不錯的服務，它已經成為了觀影樂趣的一部分，同時也是一種極好的宣傳工具。

So they become more and more elaborate, fans are seeking them out, talent from the movies are getting involved in using them to promote the films. So it’s just become more and more part of the fun of going to the movies. So we’re very encouraged about we’re seeing really over the past couple of years with the growth and we think there’s still more to come.

因此它們變得越來越精緻，粉絲們對它們趨之若鶓，電影界的人才也開始利用它們來宣傳電影。因此，它越來越成為看電影的樂趣的一部分。因此，我們對過去幾年的成長感到非常鼓舞，我們認為未來還會有更大的成長。

Chad Beynon, Macquarie Research.

麥格理研究公司的 Chad Beynon。

Great to see the strength in the second quarter and the continuation in July. Sean, I was wondering if we’re starting to see more, I guess, filling in around the edges, just from an overall content standpoint, kind of how that looks for the back half of the year. Obviously, some a little bit of weakness projected in August and September, but kind of picks up. But, yes, just wondering how some of that filling in looks at this point?

很高興看到第二季的強勁表現以及七月份的持續成長。肖恩，我想知道我們是否開始看到更多內容，我想，從整體內容的角度來看，這就像今年下半年的情況一樣。顯然，8 月和 9 月預計會出現一些疲軟跡象，但會有所回升。但是，是的，只是想知道此時填充的部分看起來如何？

Well, thanks for the question. Definitely, I mean, I think coming into this year and what we’ve seen thus far is a more fulsome volume of releases for the industry and we certainly saw that in the second quarter. Obviously, first quarter was still dealing with some of the aftermath of the strikes. Second quarter, we saw how momentum picked up with a more regular cadence of compelling releases week after week after week. And we saw what that did for just phenomenal results and attendance patterns throughout this quarter.

嗯，謝謝你的提問。毫無疑問，我的意思是，我認為進入今年以來，我們迄今為止看到的是該行業的發布量更加豐富，我們在第二季度確實看到了這一點。顯然，第一季仍在處理一些襲擊的後果。第二季度，我們看到了發展勢頭如何隨著每週更規律地發布引人注目的產品而逐漸增強。我們看到了這對本季的驚人結果和出勤模式產生了什麼影響。

Yes, kind of mentioned naturally the way the normal way movies get booked in the industry August and September tends to be de throttle a little bit, but year-end it looks like one of the most compelling fourth quarter as we’ve seen since the pandemic with the volume of movies that are coming out.

是的，很自然地提到了業內電影預訂的正常方式，8 月和 9 月往往會有所放緩，但年底看起來是自疫情爆發以來最引人注目的第四季度之一，因為上映的電影數量眾多。

The last couple of years between the pandemic and the strikes more of the larger films got packed into the summer and year end wasn’t as significant as it typically would be from a larger film release perspective. This year we’ve got a really strong fourth quarter coming. So we’re really excited to see the lineup how the lineup of films plays out certainly as we get later into the second half of the year. And we’ve had a nice July to kick things off at least for third quarter.

在過去幾年裡，由於疫情和罷工，更多的大片被安排在夏季和年底上映，從大型電影的上映角度來看，這並不像往常那麼重要。今年我們迎來了非常強勁的第四季。因此，我們非常期待看到下半年電影陣容的上映情況。我們度過了一個愉快的七月，至少為第三季開了個好頭。

Great. Thanks. And then somewhat related just in terms of international, I know the booking periods are slightly different. So it was a very family friendly film slate up here in North America for Q2. Was that the same in international or were some of these pushed into later periods just in the context of that market being more flat versus all the growth that we saw up here?

偉大的。謝謝。然後就國際而言，我知道預訂時間略有不同。因此，北美第二季的電影市場非常適合家庭觀看。在國際上也是一樣嗎？或者其中一些被推遲到後期，只是因為那個市場與我們在這裡看到的所有成長相比更加平穩？

Sure. We were very pleased with the results of Latin America for the second quarter and it is a little nuanced as you kind of point out. I would say the profile and release timing of the films was similar, but there were a few differences and you look at just how the totality of the slate performed in The US relative to LatAm.

當然。我們對拉丁美洲第二季的業績非常滿意，正如您所指出的那樣，它有點微妙。我想說的是，這些電影的形象和上映時間是相似的，但也存在一些差異，你可以看看這些電影在美國和拉丁美洲的整體表現。

Keep in mind, LatAm had a bit of a tougher comp year over year because it was going up against Inside Out 2, which was huge in the US, but in Latin America it was the biggest movie of all time. So that was just a huge comparison. It would be flat year over year with that comparison in there. We look as a real positive.

請記住，拉丁美洲的競爭比去年更加激烈，因為它要與《腦筋急轉彎 2》競爭，後者在美國很受歡迎，但在拉丁美洲，它是有史以來最賣座的電影。所以這只是一個巨大的比較。透過這樣的比較，與去年同期相比來看，業績將持平。我們看起來確實很正面。

Couple other things, Minecraft did exceptionally well in Latin America. However, in The US it was that much higher of a cultural phenomenon. When you look at Lilo and Stitch, which also did well in both markets compared to Minecraft, in the US the difference between the two were about 6% in box office.

除此之外，Minecraft 在拉丁美洲的表現也十分出色。然而，在美國，這是一種更高層次的文化現象。看看《星際寶貝》，與《我的世界》相比，它在兩個市場上都表現良好，在美國，兩者的票房差距約為 6%。

In LatAm, Lilo and Stitch nearly doubled the attendance of Minecraft. Similarly films like Sinners, which was the third largest movie in the quarter for the US didn’t really connect that broadly in LatAm. It wasn’t even in the top 10. And other films like The Accountant 2 and Karate Kid and Mission Impossible, these are films that tend to work better in the US, and have a little bit more of a nostalgia factor in the US.

在拉丁美洲，《莉蘿與史迪奇》的觀眾人數幾乎是《我的世界》的兩倍。同樣，像《罪人》這樣的電影，雖然是本季美國票房第三大的電影，但在拉丁美洲並沒有引起廣泛反響。它甚至沒有進入前十名。其他電影，如《會計刺客 2》、《龍威小子》和《碟中諜》，這些電影在美國往往更受歡迎，也更能引起人們的懷舊情緒。

Whereas they over index as much in that market. So those factors really are the things that drove some of the differences between the level of performance in the US for on a year over year basis compared to LatAm.

而他們在該市場的指數卻高估了這一點。因此，這些因素確實是導緻美國與拉丁美洲的業績水準較去年同期出現差異的原因。

But overall performance and we are still thrilled with the results of LatAm basically with flat attendance year over year, margins in excess of 24%. The whole region continues to perform that the recovery pace relative to the US continues to outpace things in LatAm on a comparative basis which is really good.

但總體而言，我們仍然對拉美地區的業績感到興奮，基本而言，出席人數與去年同期持平，利潤率超過 24%。整個地區繼續表現良好，相對於美國的復甦速度繼續超過拉丁美洲，這確實是件好事。

Drew Crum, B Riley Securities.

德魯·克魯姆 (Drew Crum)，B Riley 證券。

Okay. Your previous guidance for domestic ATP and per cap had been modest growth. Curious if there's any update there, any changes to your expectations for the year?

好的。您之前對國內 ATP 和人均的預期是適度增長。好奇那裡是否有任何更新，您對今年的期望有任何變化嗎？

Thanks for the question. So with respect to average ticket prices, we continue to expect modest growth year-over-year for full year 2025, and that's again driven by strategic pricing opportunities as well as expected increase in premium format mix, given our anticipations around the strength of the film slate.

謝謝你的提問。因此，就平均票價而言，我們繼續預計 2025 年全年將同比小幅增長，而這再次受到戰略定價機會以及預期高級格式組合增加的推動，因為我們對電影片單實力有預期。

Now do keep in mind that our average ticket prices may fluctuate quarter-to-quarter based on film mix but we do expect modest growth in the US year-over-year. Specific to international ticket prices will be impacted by inflationary and FX dynamics in the region and country mix will also play a factor.

現在請記住，我們的平均票價可能會根據電影組合而逐季度波動，但我們預計美國的平均票價將比去年同期出現小幅增長。具體到國際機票價格，將受到通貨膨脹的影響，並且地區和國家組合的外匯動態也將發揮作用。

On the per cap side, for food and beverage, we do continue to expect moderate year-over-year growth in our domestic per cap for full year and that's driven by the ongoing initiatives we have in place to both increase incidence rates as well as optimized pricing again, similar to our average ticket prices, they will fluctuate quarter-to-quarter with film mix.

在人均方面，對於食品和飲料，我們確實繼續預計全年國內人均消費將同比溫和增長，這是由我們正在實施的提高發生率和優化定價的舉措推動的，與我們的平均票價類似，它們將隨著電影組合而逐季度波動。

And then the same drivers I mentioned for international on the average ticket price side really apply for per caps that inflation and FX dynamics as well as country mix will influence where they shake out there. But ultimately, our aim is to drive sustainable per cap growth.

然後，我提到的國際平均票價方面的相同驅動因素實際上也適用於人均票價，即通貨膨脹和外匯動態以及國家組合將影響他們的表現。但最終，我們的目標是推動人均永續成長。

And then on the CapEx guidance, it suggests the spend is very second half weighted. Could you address that? And any other swing factors we need to consider in modeling your free cash flow for the second half?

然後在資本支出指導方面，它表明支出在下半年佔比很大。你能解決這個問題嗎？在為下半年的自由現金流建模時，我們還需要考慮其他哪些波動因素？

Yes. So from a CapEx standpoint, you are correct in that we spent year June year-to-date, we spent just over $50 million in CapEx. We do still expect our spend levels for this year to be $225 million. It's as typical with our CapEx, it is typically back-half weighted. It does take time for some of these projects to get moving and completed.

是的。因此，從資本支出的角度來看，您說得對，從今年 6 月至今，我們的資本支出剛剛超過 5000 萬美元。我們仍然預計今年的支出水準將達到 2.25 億美元。這與我們的資本支出一樣典型，通常是後半部加權。其中一些項目確實需要時間才能啟動和完成。

So we still continue to target that, As you think about free cash flow generation for the second half of the year, in addition to cash flow timing, the other thing that I would suggest is just the working capital dynamics of our model. So remembering that for Q1 and Q3, we typically have working capital headwinds, just given the dynamics between when box office is generated and when our film rental payments are made.

因此，我們仍然繼續以此為目標，當您考慮下半年的自由現金流產生時，除了現金流時機之外，我建議的另一件事就是我們模型的營運資本動態。因此請記住，對於第一季和第三季度，我們通常會面臨營運資金逆風，這是因為票房產生時間和電影租金支付時間之間存在動態關係。

In addition to that, our interest payments are more heavily weighted to the first quarter and third quarter of the year. And then in addition to that, we had kicked off the Q&A with a question around cash taxes. So we had previously conveyed on a call that we had expected cash taxes to meaningfully increase in 2025.

除此之外，我們的利息支付主要集中在每年第一季和第三季。除此之外，我們也以現金稅的問題開始了問答環節。因此，我們之前在電話中表示，我們預計現金稅將在 2025 年大幅增加。

However, now that we stand to benefit from recent tax litigation, we -- while we're still quantifying those impacts, we're not expecting that same level of increase that we were previously anticipating. So those are the kind of puts and takes specific to the second half as well as, of course, box office and attendance that will be the biggest driver.

然而，既然我們將從最近的稅務訴訟中受益，儘管我們仍在量化這些影響，但我們並不期望出現先前預期的相同水平的增長。所以這些都是下半年的具體投入和產出，當然，票房和觀眾人數將是最大的動力。

Robert Fishman, Moffat Nathanson.

羅伯特·菲什曼、莫法特·納桑森。

One for Sean and one for Melissa, if I can. Sean, after the box office success from F1 that you discussed in your prepared remarks, just curious if you've heard anything directly from Apple about their intention to ramp up the potential number of theatrical releases in the year ahead?

如果可以的話，一份給肖恩，一份給梅麗莎。肖恩，在您準備好的發言中討論過 F1 的票房成功之後，我只是好奇您是否直接從蘋果公司那裡聽到過有關他們打算在未來一年增加影院上映數量的消息？

And then on a related note, any updated thoughts on Netflix changing its theatrical strategy, especially with their recent Happy Gilmore 2 release which I think we can all say would likely have been a pretty big box office.

然後，在相關說明中，關於 Netflix 改變其戲劇策略的任何最新想法，特別是他們最近發布的《快樂的吉爾莫 2》，我想我們都可以說它可能會取得相當大的票房成功。

Sure. Well, thanks for the questions, Robert. Obviously, F1 was a big important film for Apple, and we're just thrilled with the success that they had releasing that help of Warner Bros. It's just been a fantastic movie and a fantastic result. As far as where does this lead, we know that they have aspirations of doing more in the theatrical space, and this was one kind of big key step along the way of that.

當然。好吧，謝謝你的提問，羅伯特。顯然，《F1》對蘋果來說是一部非常重要的電影，我們對他們在華納兄弟的幫助下發行該電影所取得的成功感到非常高興。這真是一部精彩的電影，而且效果也非常棒。至於這將會帶來什麼結果，我們知道他們渴望在戲劇領域取得更多成就，而這是他們實現這一目標的關鍵一步。

So good things, we think will come, don't have any specifics to share as of this point. I think that's still being sorted out, but I think this is an encouraging step in terms of what this could lead to for Apple. On the Netflix front, based on their public commentary, it doesn't appear they have any near-term plans to change their overarching strategy.

我們認為好事將會發生，但目前還沒有任何具體細節可以分享。我認為這個問題仍在解決中，但我認為就此舉將為蘋果帶來的影響而言，這是一個令人鼓舞的舉措。就 Netflix 而言，根據他們的公開評論，他們似乎沒有任何近期計劃改變其整體策略。

It's clearly unfortunate just there appears to be a big opportunity that's not being pursued as all the data clearly shows now that the theatrical release creates a bigger promotional impact, elevates consumers desire to see films, build bigger brands and cultural moments, delivers longer longevity and remembrance and value for those assets. So it's also important to filmmakers and consumers.

顯然，不幸的是，似乎存在一個巨大的機會，但卻沒有被利用，因為現在所有的數據都清楚地表明，影院上映會產生更大的宣傳效果，提升消費者看電影的慾望，打造更大的品牌和文化時刻，為這些資產提供更長的壽命、記憶和價值。所以這對電影製作人和消費者來說也很重要。

But it appears that's not something they're choosing to elect at this point. We're still optimistic that at some stage, they'll change course. Yes, Happy Gilmore has had great success. Bear in mind, of course, that's a movie based on a big theatrical success of a film, which many of those movies that have done more business on that platform have been based off of versus original concept. So -- but no, not any -- we don't have any awareness with any of their plans to shift gears at this stage.

但看起來這不是他們目前選擇的選擇。我們仍然樂觀地認為，在某個階段，他們會改變路線。是的，《Happy Gilmore》取得了巨大的成功。當然，請記住，這是一部基於巨大影院成功案例的電影，許多在該平台上獲得更多票房的電影都是基於該電影而非原創概念。所以——但是沒有，沒有任何——我們不知道他們現階段有任何轉變的計劃。

Okay. And Melissa, maybe similar questions I asked you, I think, last quarter, just about the margins. Clearly, Q1 was a slower start, but then followed by the strong margins that you guys just presented for 2Q. So just curious, when you think about the full year margin in the second half slate, anything that you want to share update us on where those expectations are and potential upside from here? Even if you want to get into some of the other expense drivers that you talked about outside of Q&A.

好的。梅麗莎，我想上個季度我問過你類似的問題，是關於利潤率的。顯然，第一季的開局比較慢，但隨後第二季的利潤率表現強勁。所以只是好奇，當您考慮下半年的全年利潤率時，您是否想分享一些資訊來告訴我們這些預期在哪裡以及潛在的上升空間？即使您想了解在問答之外談到的一些其他費用驅動因素。

So we were certainly very pleased to deliver our second highest quarterly adjusted EBITDA ever. And over 24% margins across both the US and international in the quarter. And we do remain optimistic about our long-term margin potential, driven by our expectations around further box office recovery ahead as well as what we anticipate from the ongoing execution of our strategic initiatives.

因此，我們非常高興地實現了有史以來第二高的季度調整後 EBITDA。本季美國和國際市場的利潤率均超過 24%。我們確實對我們的長期利潤潛力保持樂觀，這得益於我們對未來票房進一步復甦的預期以及我們對持續執行策略性舉措的預期。

Primary drivers, I mean, attendance and box office, as we talked about earlier, those are going to be biggest drivers given the operating leverage we gain as revenue scales, and that was demonstrated really by the significant margin expansion we even saw just between Q1 and Q2 of this year with the strong slate.

主要驅動因素，我的意思是上座率和票房，正如我們之前談到的，這些將是最大的驅動因素，因為我們隨著收入規模的擴大而獲得了經營槓桿，而這確實從我們在今年第一季度和第二季度之間看到的強勁的利潤率擴張中得到了證明。

Our margins are also influenced by market share, food and beverage per cap and average ticket prices. The extent of benefits captured by strategic initiatives and our ability to mitigate potential cost pressures also play a significant role in our margin performance.

我們的利潤率也受到市場份額、人均食品和飲料以及平均票價的影響。策略性舉措所帶來的效益程度以及我們減輕潛在成本壓力的能力也對我們的利潤表現起著重要作用。

Specific to full year 2025. So our margin should benefit from the anticipated box office recovery as well as the higher concession per cap and ticket prices that we mentioned. That said, we are mindful that we're comparing against the elevated market share levels we delivered last year and our market share may temper in the second half given the cadence of releases as well as the overall scale and relative mix of films.

具體到2025年全年。因此，我們的利潤率應該會受益於預期的票房復甦以及我們提到的更高的人均優惠和票價。話雖如此，我們注意到，我們正在與去年實現的較高市場份額水平進行比較，考慮到發行節奏以及電影的整體規模和相對組合，我們的市場份額在下半年可能會有所下降。

And that's particularly the case in the fourth quarter. Of course, ongoing inflationary and other expense dynamics as well as the impact of FX devaluation will also be a factor. To your point on just the expense side and what you should keep in mind for the full year margin? I mean film rental rates, we do continue to expect a higher concentration of blockbuster content, which would impact our film rental rates, and then wage rates were a factor. However, we've done a nice job offsetting those with some productivity initiatives that we continue to pursue.

第四季的情況尤其如此。當然，持續的通貨膨脹和其他支出動態以及外匯貶值的影響也是一個因素。關於費用方面，您有什麼看法？對於全年利潤，您應該注意什麼？我的意思是電影租賃率，我們確實繼續預期大片內容的集中度會更高，這將影響我們的電影租賃率，然後工資率也是一個因素。然而，我們透過一些我們將繼續推行的生產力舉措很好地抵消了這些影響。

And then the other thing I would keep in mind is utilities and other, we do expect that to remain elevated as we address some deferred maintenance needs across the circuit. So net-net, though, we continue to prioritize growing revenue, mitigating costs to maximize our adjusted EBITDA and margin potential as the box office continues to rebound.

然後我要記住的另一件事是公用事業和其他方面，我們確實預計這些方面將保持在高位，因為我們解決了整個電路中的一些延期維護需求。因此，隨著票房持續反彈，我們將繼續優先考慮增加收入、降低成本，以最大限度地提高調整後的 EBITDA 和利潤潛力。

Patrick Sholl, Barrington Research.

巴林頓研究公司的 Patrick Sholl。

I kind of just follow up quickly on your comments on film rent margin and your comments on the majority of box office being outside the PLF. I was just kind of curious if you could discuss some of the ways that you could approach the film concentration and the ability to market that longer tail of releases to maybe ease some of that, maybe just like what the makeup of attendance of that -- those longer -- a longer tails that release slate looks like.

我只是快速跟進一下您關於電影租金利潤率的評論以及關於大部分票房收入不在 PLF 範圍內的評論。我只是有點好奇，您是否可以討論一下您可以採取哪些方法來集中電影資源，以及如何營銷那些較長的上映影片，以緩解其中的一些問題，也許就像那些較長的上映影片的觀眾構成是什麼樣的一樣。

Sure. Thanks for the question, Pat. I mean, I do think the studios to a certain degree, they obviously put the bulk of the marketing upfront as they're leading into release. There is a bit of chase that still happens after the fact and that some it depends on the scale of the film, it depends on the performance of the film. It kind of depends on the studio's approach in general to marketing.

當然。謝謝你的提問，帕特。我的意思是，我確實認為，在某種程度上，電影公司在電影發行前顯然會投入大量的行銷工作。事後仍會發生一些追逐，這取決於電影的規模，取決於電影的表現。這在某種程度上取決於工作室的整體行銷方式。

We do our own supplementary support of that as well, both leading up to as well as following up after films in market specifically as we're kind of looking at people who we think are most inclined to see those films, have they seen it or not and kind of trying to amplify in those areas. The ability to actually kind of strategically do that to try to affect film rental, I'm not sure that is kind of the driving force. It's really more how do we just capture the most box office performance and attendance out of that movie, whether it be upfront or downstream.

我們也會對此提供自己的補充支持，包括電影上映前和上映後的跟踪，具體來說，我們會關注那些我們認為最有可能觀看這些電影的人，看看他們是否看過，並試圖在這些領域擴大影響力。實際上，透過某種戰略手段來影響電影租賃的能力，我不確定這是否是一種驅動力。更重要的是我們如何從一部電影中獲得最高的票房表現和觀眾人數，無論是前期還是後期。

And some of that is just kind of the natural play through word of mouth, that kind of percolates in terms of what people are saying about the how they like the movie or not and what the movie is about and how that just basically resonates with people.

其中有些只是透過口耳相傳的自然現象，這種現象滲透到了人們的言論中，他們談論的只是他們是否喜歡這部電影，電影講述了什麼，以及它如何引起人們的共鳴。

So I think -- I'm not sure there's a huge opportunity to kind of go after it that way. We just continue to look for ways to just ultimately affect the overall outcome and maximize the results through its full play through of all films.

所以我認為——我不確定以這種方式去追求它是否有很大的機會。我們只是繼續尋找方法，最終影響整體結果，並透過在所有電影中充分發揮其作用來最大化結果。

Okay. And then I was curious if you could talk a little bit about the opportunity for new builds. And if you view those mostly as replacing existing theaters where they maybe gotten a little older or if those would be more market expansion opportunities and where you think you would target screen growth going forward?

好的。然後我很好奇您是否可以談談新建築的機會。您是否認為這些戲院主要是為了取代現有的戲院（這些戲院可能已經有些老舊），或者這些戲院是否會有更多的市場擴張機會，您認為未來的銀幕成長目標在哪裡？

Sure. It could be a combination of both. I'd say, generally, as we -- our real estate team is evaluating market opportunities. We continue to see areas where -- that are underserved, where we can put a new build in there and just grow attendance or capture attendance that’s not being fulfilled right now.

當然。這可能是兩者的結合。我想說，一般來說，我們的房地產團隊正在評估市場機會。我們繼續關注那些服務不足的地區，我們可以在那裡建造新建築，以增加客流量或吸引目前未滿足的客流量。

In other cases, it may be a matter of replacing an older theater that rather than go through a major remodel, it just makes more sense to put in a rebuild, I would say, more of what we're doing right now, at least as we've reactivated our pipeline of exploration for new build.

在其他情況下，這可能是更換舊劇院的問題，而不是進行大規模改造，重建更有意義，我想說，我們現在正在做的事情更多，至少我們已經重新啟動了新建設的探索管道。

I'd say more of that is taking the shape of new opportunities versus replacing older theaters, but it could be a mixture of both. It just depends on what the market opportunity looks like and what the potential returns are.

我想說的是，這更多的是以新機會的形式出現，而不是取代舊劇院，但也可能是兩者的結合。這只取決於市場機會是什麼樣的以及潛在的回報是多少。

Eric Wold, Texas Capital Securities.

沃爾德 (Eric Wold)，德州資本證券公司。

A couple of questions. If you look at the Q3 and Q4, the back half of the year, obviously, your Q2 Latin America, there's a number of films that didn't resonate down there versus here also with a tough comparison to Inside Out last year.

有幾個問題。如果你看一下第三季度和第四季度，即今年下半年，顯然，也就是拉丁美洲第二季度的情況，你會發現有很多電影在那裡並沒有引起共鳴，這與去年的《腦筋急轉彎》形成了鮮明對比。

So as you look at the back half of this year, any films you can see or just how do you think about the back half in terms of the slate and any major divergences you can see down in Latin America that could impact performance with the slate.

因此，當您回顧今年下半年時，您能看到哪些電影，或者您如何看待下半年的檔期，以及在拉丁美洲您能看到哪些可能影響檔期表現的重大分歧。

And then with regards to your pricing initiatives, both here and in Latin America, how do you think about your pricing power around both tickets and concessions heading into the end of summer and into the holiday back office period with where we are with the consumer right now.

然後關於你們在這裡和拉丁美洲的定價舉措，根據我們現在對消費者的狀況，您如何看待在夏季末和假期後台辦公期間，你們在門票和優惠方面的定價能力？

Sure. Thanks, Eric. Yes, the second half of the year as far as the profile of the films for LatAm, I would also say similar to kind of what we've seen recently, it's a little bit of a mixed bag of things. There's a range of films that we think will resonate really well and perform probably in line, if not better than the US, and there's a handful of films conversely, that will likely over index in the US.

當然。謝謝，埃里克。是的，就今年下半年拉丁美洲電影的概況而言，我想說這與我們最近看到的情況類似，有點好壞參半。我們認為，有一系列電影會引起強烈共鳴，其票房表現可能與美國電影持平，甚至更好，而也有少數電影在美國的票房表現可能會超過美國電影。

I mean, some examples, Superman, which already released performed very well throughout the region, but it under-indexed, the US a bit similar to what we've seen in other international markets. Title in the third quarter, like The Conjuring will do really well, while whereas films like Freakier Friday, Naked Gun, Bad Guys 2, we expect those will likely over-index in the US in comparison to LatAm.

我的意思是，舉幾個例子，《超人》已經上映，在整個地區表現得非常好，但它在美國的指數有點類似於我們在其他國際市場看到的情況。第三季的影片，例如《厲陰宅》將會表現得很好，而像《怪誕星期五》、《白頭神探》、《壞傢伙們2》這樣的影片，我們預期它們在美國的票房可能會高於拉丁美洲。

As we move into the fourth quarter, similarly, again, family films, horror films, those tend to work better in the region than sci-fi and fantasy and things of that sort. So movies like Zootopia 2, Five Nights at Freddy’s 2, we think they'll resonate extremely well while other films like Wicked for Good, The Running Man, Mortal Kombat 2 to a certain degree, Tron Ares like these are films that will where we expect will work much better in the US and to a lesser degree in that market.

當我們進入第四季時，同樣，家庭電影、恐怖電影在該地區的表現往往比科幻片、奇幻片和諸如此類的電影更好。因此，我們認為《瘋狂動物城 2》、《玩具熊的五夜後宮 2》等電影會引起極大的反響，而其他電影，例如《邪惡力量》、《奔跑的人》、《真人快打 2》（某種程度上）、《電子世界爭霸戰》等，我們預計在美國市場會取得更好的成績，而在中國市場則反響較差。

So it's really a mixture. And then it's just going to depend on the nature of how in the totality of those films compare one relative to another in terms of what the full composition of box office winds up being. The only other thing I would say is from a timing standpoint, which is a question asked earlier, a film like SpongeBob, which is a good family film for that market, that has shifted to 2026 for Brazil, Argentina and Chile. So while that will all happen in the US in North America in the fourth quarter, it will fall into the first quarter for those countries.

所以它確實是一種混合物。然後，這將取決於這些電影的整體票房組成如何相互比較。我唯一想說的另一件事是從時間角度來看，這是之前提出的問題，像《海綿寶寶》這樣的電影，對於那個市場來說是一部不錯的家庭電影，但對於巴西、阿根廷和智利來說，上映日期已經推遲到 2026 年。因此，雖然這一切都將在第四季在美國和北美發生，但對於這些國家來說，這將發生在第一季。

And then from a pricing power standpoint, so we do continue to see opportunities on the strategic pricing front for both tickets as well as food and beverage based on our ongoing analysis of data and analytics by our team.

然後從定價權的角度來看，根據我們團隊對數據和分析的持續分析，我們確實繼續看到門票以及食品和飲料在策略定價方面的機會。

And I think Sean mentioned a little bit of this earlier, but we are really driving our pricing decisions based on elasticity of demand, and our ultimate goal is to maximize attendance box office and overall revenue. We continue to leverage data to guide those decisions. And we approach it thoughtfully given the economic background.

我認為肖恩之前提到過這一點，但我們的定價決策實際上是基於需求彈性，而我們的最終目標是最大限度地提高票房和總收入。我們將繼續利用數據來指導這些決策。我們會根據經濟背景認真考慮這個問題。

But we want our guests to feel they've received a great overall value for the experience. And we believe that strategy has benefited us when we look at our attendance recovery relative to the industry and our overall concession per cap growth since the pandemic.

但我們希望我們的客人能夠感受到他們從這次體驗中獲得了巨大的整體價值。我們相信，當我們回顧我們相對於行業的客流量恢復情況以及自疫情爆發以來人均總體優惠的增長情況時，這一策略使我們受益匪淺。

Stephen Laszczyk, Goldman Sachs.

高盛的史蒂芬‧拉什奇克 (Stephen Laszczyk)。

Maybe first on market share. Just be curious to comment on how market share has trended so far in the third quarter, perhaps across North America and international, given what we've seen play out so far through July?

就市場佔有率而言可能第一。我只是好奇地想評論一下，根據我們所看到的截至 7 月份的情況，第三季迄今為止的市場份額趨勢如何，也許是在北美和國際範圍內？

And then a second one for Melissa on salaries and wages. I would think if you could just talk a little bit more about how flexible you were able to be in the second quarter on scaling labor up and down as you saw box office demand materialize week in and week out.

然後第二個是給梅麗莎的關於工資和薪水的問題。我想，如果您能再多談一下，隨著票房需求每週都在增長，您在第二季度在增加或減少勞動力方面有多靈活。

And looking ahead, just curious to what extent you think there's more opportunity to gain efficiency on that line item setting aside some of the operating leverage that you naturally get from higher box.

展望未來，我只是好奇您認為在多大程度上有更多的機會提高該專案的效率，同時拋開您從更高的框架中自然獲得的一些經營槓桿。

Sure. I'll start with the market share question and just speak a little bit more broadly. First half -- we're thrilled with our market share results. They exceeded our expectations, clearly, with a high mix of family films that outperformed as well as kind of a balanced spread of the outperforming films throughout the quarter, which minimized hitting our capacity constraints, particularly during the second quarter. We continue to expect to sustain our 100 basis points or so of structural gains going forward.

當然。我將從市場佔有率問題開始，稍微廣泛地談談。上半年—我們對我們的市佔率結果感到非常興奮。顯然，他們的表現超出了我們的預期，其中家庭電影的混合表現優異，並且整個季度表現優異的電影分佈均衡，最大限度地減少了對我們的容量限制的影響，尤其是在第二季度。我們預計未來仍將維持 100 個基點左右的結構性效益。

And obviously, the quarterly content mix and volume will fluctuate a bit as we shift to the second half. We do think that could temper a bit. Third quarter share has been performing well. I think we'll see how the spread works. It's obviously a slightly less congested overall quarter, which could work in our favor.

顯然，隨著進入下半年，季度內容組合和數量將會發生一些波動。我們確實認為這可能會有所緩和。第三季股價表現良好。我想我們會看到傳播如何進行。顯然，本季的整體交通狀況稍微好一些，這對我們有利。

Fourth quarter, we could see it perhaps tempering a bit more a higher volume of blockbuster releases that are kind of concentrated in a bit more proximity of release dating as well as a higher concentration of just Sci-Fi and fantasy skewing films, which tend to kind of skew a little bit lower for our circuit than those family films and those horror films and kind of more real action types of titles.

在第四季度，我們可能會看到大片的發行量有所緩和，這些大片的發行量集中在發行日期的臨近，而且科幻和奇幻電影的集中度較高，這些電影在我們的院線中的票房比家庭電影、恐怖片和更多真實動作類型的電影要低一些。

And then on the salaries and wages side, so we were really pleased domestically, our salaries and wages were up only 12.5% on 27% attendance. So we did a nice job. We've put tools in place that allow us to flex our labor hours up and down based on anticipated attendance levels week-to-week as well as our operating hours.

然後在薪資方面，我們對國內的情況感到非常高興，我們的薪資僅上漲了 12.5%，出勤率為 27%。所以我們做得很好。我們已經採用了一些工具，使我們能夠根據每週預計的出勤率以及我們的工作時間來靈活地增加或減少我們的工作時間。

So what you're seeing is that our labor hours are flexing but not necessarily at the same rate as attendance, which has benefited that labor line item. So we feel good about our ability to continue to flex labor and respond to changes in box office and attendance.

所以，您會看到，我們的勞動時間是彈性的，但不一定與出勤率相同，這對勞動力專案有利。因此，我們對自己繼續靈活運用勞動力並應對票房和觀眾人數變化的能力感到滿意。

Now there are times where and you see this on an international where we have less flexibility on the international side as box office deviates from our expectations. So there just by way of local labor laws, we do have less flexibility to adjust on a more real-time basis.

現在，有時你會在國際上看到這種情況，由於票房偏離我們的預期，我們在國際方面的靈活性較低。因此，僅透過當地勞動法，我們確實缺乏即時調整的靈活性。

So you saw a bit of that in the second quarter come through on international salaries and wages because they were comping Inside Out 2 from last year where that just over-indexed in Latin America and outperformed our projections, so there was favorability last year as a result of that, and we comped that this year.

因此，您會看到第二季度的國際薪資和工資有所下降，因為他們正在比較去年的《頭腦特工隊 2》，其中該片在拉丁美洲的指數過高，並且超出了我們的預期，因此去年的票房表現不錯，我們今年也對其進行了比較。

But all in all, we continue to focus on labor productivity initiatives and building those tools and processes that allow us to continue to drive productivity as the box office scales.

但總而言之，我們將繼續專注於勞動生產力舉措，並建立那些使我們能夠在票房規模擴大的同時繼續提高生產力的工具和流程。

Omar Mejias, Wells Fargo.

富國銀行的奧馬爾‧梅希亞斯。

Sean, maybe first. In the past, you've talked about actively capitalizing on market opportunities and potentially adding new assets. Just wanted to get your updated view on M&A opportunities to continue to expand this footprint. And if there's any interest in enhancing your presence in major urban markets?

肖恩，也許是第一個。過去，您曾談到積極利用市場機會並可能增加新資產。只是想了解您對併購機會的最新看法，以繼續擴大這一足跡。您是否有興趣提升您在主要城市市場的影響力？

Sure. Thanks for the question, Omar. Yes, I mean as we look to further optimize our circuit and grow, M&A is certainly one of the potential channels that we look to do so. So it's something we're open to. We do tend to prefer deepening penetration in the markets we already have presence to leverage our existing infrastructure, relationships and market knowledge, but we obviously also consider other factors like scale and strategic importance and competitive positioning and market profile and you're getting into certain -- getting deeper into other urban areas to the extent that the right returns profiles are in place and the financial accretive confidence is there is something that would be of interest.

當然。謝謝你的提問，奧馬爾。是的，我的意思是，當我們希望進一步優化我們的線路並實現成長時，併購無疑是我們希望實現這一目標的潛在管道之一。所以我們對此持開放態度。我們確實傾向於深化對已有市場的滲透，以利用我們現有的基礎設施、關係和市場知識，但我們顯然也會考慮其他因素，如規模和戰略重要性以及競爭定位和市場概況，並且你會進入某些領域——在正確的回報概況和財務增值信心到位的範圍內，深入其他城市地區，這是值得關注的事情。

I think it boils down to what opportunities are out there and what are high confidence types of potential M&A situations. We don't believe in growth just simply for growth's sake. We've been very disciplined about how we deploy our capital targeting those types of financially accretive investments that don't overly strain our balance sheet. And we've had a great track record of delivering solid returns with that approach, and we think it continues to be the prudent way to move forward.

我認為這取決於存在哪些機會以及哪些是潛在的併購情況的高可信度類型。我們不相信單純為了成長而成長。我們對資本的配置非常嚴格，專注於那些不會對我們的資產負債表造成過度壓力的財務增值投資。我們在透過這種方式獲得豐厚回報方面有著良好的記錄，我們認為這仍然是未來發展的審慎之選。

So we're actively out there kind of evaluating opportunities, and we'll continue to follow a process like that as we approach potential M&A situations.

因此，我們正在積極評估機會，並且在處理潛在的併購情況時，我們將繼續遵循這樣的流程。

And Melissa, a housekeeping question for me. I think you touched on this earlier under the deferred maintenance onetime item. I think you had called that out at around $8 million to $10 million impact in the utilities line item for the year. Can you quantify how much of this impacted 2Q results and how much you have left for the remainder of the year?

梅麗莎，我想問一個家務事問題。我認為您之前在延期維護一次性項目下提到過這一點。我認為您所說的對今年公用事業項目的影響約為 800 萬至 1000 萬美元。您能否量化這對第二季業績的影響有多大，以及對今年剩餘時間的影響有多大？

Yes. So about half of that spend has already incurred through the first two quarters of the year. Second quarter was about $4 million of an impact. So you have about -- you have basically half left for the remainder of the year.

是的。因此，大約一半的支出已經在今年前兩個季度產生。第二季的影響約為 400 萬美元。因此，您大約還有——基本上只剩下今年剩餘時間的一半了。

And should we think about it like evenly split through 3Q or 4Q?

我們是否應該考慮將其均勻地劃分為 3Q 或 4Q？

I would have more heavily weight Q3 than I would Q4 in that cadence.

在這種節奏下，我會更重視 Q3 而不是 Q4。

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

我們的問答環節到此結束。現在我想把發言權交還給肖恩·甘布爾 (Sean Gamble)，請他發表最後評論。

Thank you, Darryl, and thank you to everyone for joining us this morning. We certainly appreciate all the questions and interest, and we look forward to speaking with you all again following our third quarter results. Have a great day.

謝謝你，達裡爾，也謝謝大家今天早上加入我們。我們非常感謝大家提出的問題和關注，並期待在第三季業績公佈後再次與大家交談。祝你有美好的一天。

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

謝謝。今天的電話會議到此結束。感謝您的參與。現在您可以斷開線路。享受剩餘的一天。