Cinemark Holdings Inc (CNK) 2025 Q3 法說會逐字稿

Greetings. Welcome to the Cinemark Holdings' third-quarter 2025 earnings conference call. (Operator Instructions)

問候。歡迎參加 Cinemark Holdings 2025 年第三季財報電話會議。（操作說明）

Please note, this conference is being recorded. I would now turn the conference over to Chanda Brashears, SVP, Investor Relations. Thank you. You may begin.

請注意，本次會議正在錄影。現在我將把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., third-quarter 2025 earnings release conference call hosted by Sean Gamble, President and Chief Executive Officer; and Melissa Thomas, Chief Financial Officer.

各位早安。歡迎各位參加 Cinemark Holdings Inc. 2025 年第三季收益發布電話會議，本次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.

在會議開始之前，我想提醒大家，本次電話會議中發表的聲明或評論可能屬於前瞻性聲明。前瞻性陳述可能包括但不限於財務預測或公司計劃、目標、預期或意圖的其他陳述。

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.

這些前瞻性陳述存在風險與不確定性，可能導致本公司的實際表現與前瞻性陳述中明示或暗示的績效有重大差異。可能導致結果與預期有重大差異的因素已在公司 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含非GAAP財務指標。這些非 GAAP 財務指標與最直接可比的 GAAP 財務指標的調整表可在公司網站 ir.cinemark.com 上找到。

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

接下來，我將把電話交給肖恩·甘布爾。

Thank you, Chanda, and good morning, everyone. Over the past several years, we have made significant strides in advancing our company since the pandemic, including enhancing the experiences we offer our guests, strengthening our operating capabilities, further bolstering our competitive position, growing new sources of revenue, and driving incremental process efficiencies. These efforts have enabled us to reach multiple important milestones in our recovery as well as attain numerous record-breaking results year after year, all of which reflect the discipline, focus, and commitment of our entire organization.

謝謝你，Chanda，大家早安。在過去的幾年裡，自從疫情爆發以來，我們在推動公司發展方面取得了長足的進步，包括提升我們為客人提供的體驗、增強我們的營運能力、進一步鞏固我們的競爭地位、開發新的收入來源以及提高流程效率。這些努力使我們得以在復甦過程中取得多個重要里程碑，並年復一年地取得眾多破紀錄的成績，所有這些都體現了我們整個組織的紀律性、專注性和奉獻精神。

This morning, I'm excited to share that we have realized another significant achievement. As of today, we have settled the final outstanding warrants related to our convertible notes, thereby fully extinguishing the remaining portion of our COVID-related debt. This accomplishment marks another major milestone for Cinemark that is the byproduct of our team's highly proficient execution and versatility, prudent fiscal decision-making, and the substantial benefits we have derived through our strategic initiatives.

今天早上，我很高興地告訴大家，我們又取得了一項重大成就。截至今日，我們已結清與可轉換票據相關的最後未償認股權證，從而徹底清償了與新冠疫情相關的剩餘債務。這項成就標誌著Cinemark又邁出了重要的一步，這是我們團隊高效執行和靈活應變、審慎的財務決策以及我們透過策略舉措獲得的巨大收益的成果。

Furthermore, in recognition of our company's robust financial position, as well as a sustained conviction in our ongoing business strategies, team, and industry, our Board of Directors just authorized a new $300 million stock repurchase program and an increase of our dividend to $0.36 per annum.

此外，鑑於我們公司穩健的財務狀況，以及對我們持續的業務策略、團隊和行業的堅定信念，我們的董事會剛剛批准了一項新的 3 億美元股票回購計劃，並將我們的股息提高到每年 0.36 美元。

These results would not have been possible without the hard work, tenacity, and resourcefulness of our collective team. I want to extend my sincere gratitude to every member across our company for all they do, including our Board and key business partners who so diligently support us. The talent, passion, and determination that runs throughout Cinemark is truly remarkable and provides me with the utmost confidence in our continued ability to maintain our financial strength, actively capitalize on future growth opportunities, and deliver meaningful value to our guests, partners, and shareholders.

如果沒有我們團隊的辛勤工作、堅韌不拔和足智多謀，這些成果是不可能的。我衷心感謝公司所有成員所做的一切，包括董事會和一直以來盡心盡力支持我們的重要業務夥伴。Cinemark 的員工展現出的才華、熱情和決心令人矚目，也讓我對我們持續保持財務實力、積極把握未來成長機會以及為顧客、合作夥伴和股東創造有意義的價值充滿信心。

With that in mind, let's turn our attention to our third quarter results and the road ahead. During the third quarter, North American industry box office reached $2.5 billion, which was down approximately 10% year over year, as a well-rounded slate of compelling films couldn't fully match last year's extensive lineup of breakout hits, that included the highest-grossing R-rated film of all time, Deadpool and Wolverine, as well as sizable carryover from the highest-grossing domestic animated film of all time, Inside Out 2.

有鑑於此，讓我們把注意力轉向第三季業績和未來的發展方向。第三季度，北美電影業票房達 25 億美元，年減約 10%。儘管本季上映了一系列引人入勝的影片，但未能完全匹敵去年的熱門影片陣容，其中包括史上票房最高的 R 級電影《死侍》和《金鋼狼》，以及史上票房最高的美國本土動畫電影《腦筋急轉彎 2》的大量延續票房。

That said, 3Q '25 featured a multitude of solidly performing titles that connected well with moviegoers across a wide range of genres, including valiant superhero reimaginings, such as Superman and The Fantastic Four: First Steps, heart-racing action thrillers like Jurassic World Rebirth and F1, terrifyingly successful horror films including The Conjuring: Last Rites and Weapons, family-friendly fare such as Freakier Friday and The Bad Guys 2, and yet another nontraditional sensation, Demon Slayer: Infinity Castle, that became the highest-grossing anime film ever, generating over $130 million domestically and nearly $670 million worldwide.

儘管如此，2025第三季湧現許多表現穩健的影片，這些影片與各種類型的觀眾都建立了良好的關係，包括英勇的超級英雄重塑之作，如《超人》和《神奇四俠：第一步》；令人心跳加速的動作驚悚片，如《侏羅紀世界：重生》和《F1》；恐怖電影的成功之作，如《招魂3：最後的儀式》和《招魂4：武器》；適合全家觀看的影片，如《怪誕星期五》和《壞傢伙們2》；以及另一部非傳統的熱門影片《鬼滅之刃：無限城》，該片成為有史以來票房最高的動畫電影，在美國本土斬獲超過1.3 億美元票房，全球票房接近 6.7 億美元。

Notably, during the quarter, Demon Slayer: Infinity Castle also became Latin America's biggest anime film of all time, and The Conjuring: Last Rites grew to become the region's highest-grossing horror film ever. So while the third quarter was down slightly versus 2024, due to a challenging comparative, there were plenty of highlights which continued to showcase strong consumer appetite for immersive cinematic experiences.

值得注意的是，在本季度，《鬼滅之刃：無限城堡》也成為拉丁美洲有史以來票房最高的動畫電影，《厲陰宅3：最後的儀式》也成為該地區有史以來票房最高的恐怖電影。因此，儘管由於去年同期基數較高，第三季與 2024 年相比略有下降，但仍有許多亮點繼續展現了消費者對沉浸式電影體驗的強烈需求。

Within that industry backdrop, Cinemark once again delivered standout results as our ongoing efforts to build audiences and grow box office continue to yield tangible results. During the quarter, we surpassed year-over-year North American industry box office performance by nearly 250 basis points, and we achieved our highest third-quarter domestic market share in our company's history.

在這樣的行業背景下，Cinemark 再次取得了突出的成績，我們為拓展觀眾群和提升票房所做的持續努力也繼續取得了切實可見的成果。本季度，我們的北美票房同比表現比去年同期高出近 250 個基點，並實現了公司歷史上最高的第三季度國內市場份額。

The data-driven learnings, analytical advancements, and automation improvements we keep enhancing within our programming, pricing, and operating platforms, coupled with our highly impactful and evolving marketing actions, continue to provide material benefits quarter after quarter. These initiatives helped propel our 3Q box office and market share performance and were further amplified by a heightened mix of horror films and alternative content that resonate particularly well across our circuit. Our results also benefited from a film release cadence that was well spaced throughout the quarter, thus minimizing capacity constraints.

我們不斷在程式設計、定價和營運平台中改​​進數據驅動的學習、分析進步和自動化，再加上我們極具影響力且不斷發展的行銷活動，持續帶來實質的收益，每季都是如此。這些舉措有助於提升我們第三季的票房和市佔表現，而恐怖電影和另類內容的增加進一步增強了這些措施的效果，這些內容在我們的發行管道中引起了特別好的反響。我們的電影上映節奏在整個季度內分佈均勻，從而最大限度地減少了產能限制，這也有利於我們的業績。

It's worth noting that our concentrated efforts to scale anime, multicultural, faith-based, music, and specialty titles produced our second-highest quarterly box office of all time for nontraditional programming, trailing only the fourth quarter of 2023 that included Taylor Swift's highly successful Eras Tour film.

值得注意的是，我們專注於擴大動漫、多元文化、宗教、音樂和特色節目的規模，使我們非傳統節目的季度票房收入達到了歷史第二高，僅次於 2023 年第四季度，當時泰勒·斯威夫特的《時代巡迴演唱會》電影取得了巨大的成功。

Altogether, alternative content accounted for a significant 16% of our domestic box office in the quarter. We also achieved a new third-quarter domestic food and beverage per cap record of $8.2. This accomplishment can be attributed to superb execution by our field teams as well as our continued focus on enhancing the variety and appeal of products we offer our guests, further optimizing our pricing, and improving ease of purchase.

本季，另類內容占我們國內票房的16%，佔比相當可觀。第三季國內食品飲料人均消費額也創下新紀錄，達到 8.2 美元。這項成就歸功於我們一線團隊的出色執行，以及我們持續致力於提升產品種類和吸引力、進一步優化定價策略和提高購買便利性。

Overall, our collective efforts to deliver sustained top-line performance that outpaces our industry and to do so as efficiently as possible once again translated into solid all-around financial results. We generated $858 million of third-quarter global revenue, $178 million of adjusted EBITDA, and achieved a 21% adjusted EBITDA margin.

總體而言，我們為實現持續超越行業的營收成長並儘可能高效地完成這一目標而共同努力，再次轉化為穩健的全面財務表現。第三季度，我們實現了 8.58 億美元的全球收入，調整後 EBITDA 為 1.78 億美元，調整後 EBITDA 利潤率為 21%。

We are thrilled to have produced yet another quarter of consistent outperforming results while at the same time further refortifying our financial strength and competitive position by putting our convertible notes behind us. Once again, I'd like to recognize our sensational team for their outstanding execution and impact.

我們很高興能夠連續第二季取得優異的業績，同時透過發行可轉換債券進一步鞏固了我們的財務實力和競爭地位。我再次要表揚我們出色的團隊，感謝他們卓越的執行力和影響力。

Looking ahead, we are highly enthusiastic about wrapping up 2025 on a strong note as we approach one of the most robust and promising film slates we've seen over the past five years, throughout the Thanksgiving corridor and year-end. The upcoming movie lineup is jam-packed with a diverse and compelling assortment of films that offers something for everyone during the holidays.

展望未來，我們非常期待以強勁的勢頭結束 2025 年，因為我們即將迎來過去五年中最強大、最有前途的電影檔期之一，這些電影將在感恩節檔期和年底上映。即將上映的電影陣容強大，涵蓋了各種引人入勝的影片，能夠滿足每個人在假期中的觀影需求。

For action and adrenaline seekers, there's Predator Badlands, Now You See Me: Now You Don't, and The Running Man, as well as Anaconda that snakes in some Jumanji-like humor. For family-going fun, there's Zootopia 2 and The SpongeBob Movie: The Search for SquarePants, which are sure to entertain audiences of all ages.

對於尋求動作和刺激的觀眾來說，有《鐵血戰士：荒野求生》、《驚天魔盜團》和《奔跑者》，還有《狂蟒之災》，這部電影帶有一些類似《勇敢者遊戲》的幽默元素。如果想和家人一起享受歡樂時光，可以觀賞《瘋狂動物城2》和《海綿寶寶歷險記：尋找方塊褲》，這兩部電影一定會讓各個年齡層的觀眾都感到開心。

Moviegoers in search of some deeper emotional resonance and character-rich storytelling have Eternity, Ella McKay, and Song Sung Blue to look forward to. In contrast, for a bit of horror and suspense, there's Five Nights at Freddy's 2 and The Housemaid.

尋求更深層情感共鳴和人物刻畫豐富的電影的觀眾可以期待《永恆》、《艾拉麥凱》和《藍調之歌》。相較之下，如果想要體驗一些恐怖和懸疑元素，可以選擇《玩具熊的五夜後宮2》和《女傭》。

Alternatively, upcoming nontraditional content includes the animated faith-based film David as well as anime sequel Jujutsu Kaizen Execution. And of course, for those craving fantasy and spectacle, there's the highly anticipated follow-ups to their smash hit predecessors, Wicked: For Good and Avatar: Fire and Ash.

此外，即將推出的非傳統內容包括以信仰為主題的動畫電影《大衛》以及動畫續集《咒術改善處刑》。當然，對於那些渴望奇幻和壯觀場面的人來說，還有備受期待的兩部熱門前作的續集：《邪惡：為了善良》和《化身：火與灰》。

And beyond 2025, based on our recent conversations with our studio partners and the future development plans they've shared with us, we remain highly encouraged about further box office growth as film releases continue scaling up in size, variety, and volume.

展望 2025 年之後，根據我們最近與工作室合作夥伴的對話以及他們與我們分享的未來發展計劃，我們仍然對票房的進一步增長感到非常鼓舞，因為電影發行規模、種類和數量都在不斷擴大。

In the near term, 2026 already looks prime to captivate audiences with a slew of high-profile new releases from franchise favorites including Super Mario Bros, Spider-Man, The Avengers, Toy Story, Minions, Moana, Star Wars, Dune, and The Hunger Games, as well as original new concepts from visionary filmmakers like Christopher Nolan and Steven Spielberg.

從短期來看，2026 年似乎已經準備好以一系列備受矚目的新片吸引觀眾，包括《超級瑪利歐兄弟》、《蜘蛛人》、《復仇者聯盟》、《玩具總動員》、《小小兵》、《海洋奇緣》、《星際大戰》、《沙丘》和《飢餓遊戲》等熱門系列電影，以及《克里斯多福‧史匹柏》的原創作品的原創作品。

And Cinemark remains optimally positioned to make the most out of this compelling pipeline of films on account of the many distinctive advantages we have developed over time, the unparalleled value proposition we offer consumers, and the ongoing initiatives we continue to advance. Our overall aim at Cinemark is to deliver unmatched entertainment and service that consistently delights our guests and keeps them coming back for more by creating unforgettable larger-than-life immersive experiences that can't be found at home or anywhere else.

憑藉我們多年來積累的許多獨特優勢、我們為消費者提供的無與倫比的價值主張以及我們不斷推進的各項舉措，Cinemark 仍然處於最佳位置，能夠充分利用這一極具吸引力的電影資源。Cinemark 的總體目標是提供無與倫比的娛樂和服務，不斷取悅我們的顧客，並透過創造令人難忘的、身臨其境的體驗，讓顧客流連忘返，這些體驗在家中或其他任何地方都無法找到。

To do that, we have been deliberate about focusing on actions, details, and amenities that make the biggest consumer impact across the entirety of our theaters while prioritizing investments in enhancing and maintaining our circuit that distinguish us from our peers. We have also stayed highly diligent about managing and preserving the financial health of our organization to sustain our ability to make these investments even in times of macro-level headwinds. These actions have enabled us to create a differentiated entertainment experience at Cinemark that we've started showcasing more widely in our first-ever comprehensive brand campaign called It's Show Time.

為了實現這一目標，我們一直有意識地專注於能夠對我們所有影院的消費者產生最大影響的行動、細節和設施，同時優先投資於提升和維護我們的院線，使我們從同行中脫穎而出。我們也一直非常認真地管理和維護我們組織的財務健康，以維持我們即使在宏觀層面面臨不利因素時也能進行這些投資的能力。這些舉措使我們能夠在 Cinemark 打造差異化的娛樂體驗，我們已開始在首個名為「It's Show Time」的綜合品牌宣傳活動中更廣泛地展示這種體驗。

We launched It's Show Time last week and believe it powerfully captures the joy, fun, and positive emotional impact we create for moviegoers as well as the communal connections we foster. Moreover, the campaign challenges the notion that all movie theaters are created equal by spotlighting various facets of Cinemark's movie magic methods that set us apart from the pack, including our heroic service, immersive technology, crave-worthy indulgences, and the passion we bring to everything we do. We're excited about the many possibilities we have to augment and amplify our current marketing strategies with It's Show Time, as well as the tangible way it illustrates what is unique about our company.

我們上週推出了「It's Show Time」活動，我們相信它有力地捕捉到了我們為電影觀眾創造的歡樂、樂趣和積極的情感影響，以及我們所培養的社區聯繫。此外，該活動挑戰了所有電影院都一樣的觀念，重點展示了Cinemark電影魔法方法的各個方面，這些方法使我們脫穎而出，包括我們卓越的服務、沉浸式技術、令人垂涎的享受以及我們對所做一切的熱情。我們很高興能夠利用「It's Show Time」來增強和擴大我們當前的行銷策略，以及它以切實的方式展現我們公司的獨特之處。

Leveraging our competitive edge that is reflected in our new campaign, which includes the elevated experiences we create for our guests, our financial strength, and our advanced operating capabilities, we believe Cinemark is well situated to continue thriving as we move forward.

憑藉我們在新宣傳活動中體現的競爭優勢，包括我們為顧客創造的優質體驗、雄厚的財力和先進的營運能力，我們相信 Cinemark 已做好充分準備，在未來的發展中繼續蓬勃發展。

We are highly enthusiastic about our future growth prospects, including the many opportunities we have to unlock incremental value for our customers and shareholders through our ongoing strategic initiatives and continued execution. I will now turn the call over to Melissa who will provide more information about our third-quarter results as well as our capital allocation strategy going forward. Melissa?

我們對未來的成長前景充滿信心，包括我們透過持續的策略性舉措和執行，為客戶和股東創造更多價值的諸多機會。現在我將把電話交給梅麗莎，她將提供更多關於我們第三季業績以及未來資本配置策略的資訊。梅麗莎？

Thank you, Sean. Good morning, everyone, and thank you for joining the call today. Cinemark delivered solid financial results in the third quarter, underscoring the effectiveness of our strategy and our ongoing operational rigor.

謝謝你，肖恩。各位早安，感謝大家今天參加電話會議。Cinemark 第三季取得了穩健的財務業績，凸顯了我們策略的有效性和我們持續的營運嚴謹性。

Despite facing a softer box office environment, our team remained focused, nimble, and disciplined in their execution, successfully capitalizing on the film slate and surpassing broader North American industry box office performance year over year. In the third quarter, we welcomed 54.2 million guests across our global footprint, a 10% decrease year over year reflecting a challenging comparison against last year's exceptionally strong film slate. We delivered worldwide revenue of $857.5 million and $177.6 million of adjusted EBITDA.

儘管面臨較為疲軟的票房環境，但我們的團隊在執行過程中保持專注、靈活和嚴謹，成功地利用了電影檔期，並逐年超越了北美電影業的整體票房表現。第三季度，我們在全球接待了 5,420 萬名遊客，年減 10%，這反映出與去年同期電影檔期異常強勁相比，今年的比較面臨挑戰。我們實現了全球營收 8.575 億美元，調整後 EBITDA 為 1.776 億美元。

This resulted in a healthy adjusted EBITDA margin of 20.7%, despite operating deleverage driven by lower attendance levels. Shifting to our US operations, we hosted 33.2 million patrons and expanded our market share by 40 basis points year over year. Our outsized market share in the quarter was supported by a compelling slate of horror titles and alternative content that aligned exceptionally well with our audiences.

儘管受客流量下降的影響，營運槓桿率降低，但最終調整後的 EBITDA 利潤率仍達到了健康的 20.7%。再來看我們在美國的業務，我們接待了 3,320 萬名顧客，市佔率比去年同期成長了 40 個基點。本季我們獲得了超額的市場份額，這得益於一系列引人入勝的恐怖片和另類內容，這些內容與我們的觀眾群體非常契合。

Our team capitalized on that demand through effective showtime scheduling, agile operations, and marketing investments to drive awareness and engagement. We also benefited from minimal capacity constraints throughout the quarter. Notably, when compared with pre-pandemic levels, our market share gains remained above the 100 basis points we view as structural.

我們的團隊透過有效的放映時間表、靈活的營運和行銷投入，充分利用了這項需求，提高了知名度和參與度。我們也受惠於本季產能限制極小。值得注意的是，與疫情前的水平相比，我們的市佔率成長仍然高於我們認為具有結構性的 100 個基點。

We reported domestic admissions revenue of $348.5 million with an average ticket price of $10.5. Our average ticket price grew 5% year over year primarily due to strategic pricing actions and a higher mix of alternative content, which typically carries higher ticket prices than traditional films.

我們公佈的國內票房收入為 3.485 億美元，平均票價為 10.5 美元。平均票價年增 5%，主要原因是採取了策略性定價措施，以及增加了非傳統內容的佔比，這類內容的票價通常高於傳統電影。

We delivered $272.4 billion of domestic concessions revenue, setting a new third-quarter record with concession per cap reaching $8.2, an increase of 3% compared with the third quarter of last year. Our per cap growth was achieved despite a more challenging year-over-year comparison and was primarily driven by strategic pricing initiatives and a favorable shift in product mix, with a notable uplift from merchandise sales.

我們實現了 2,724 億美元的國內特許經營收入，創下第三季新紀錄，每人特許經營收入達到 8.2 美元，比去年第三季增長了 3%。儘管同比比較更具挑戰性，但我們仍實現了人均成長，這主要得益於策略定價措施和產品組合的有利轉變，其中商品銷售顯著提升。

Other revenue was $62.7 million in the third quarter, representing a 6% decrease year over year due to lower attendance levels, which affected the variable components of this line item including transaction fees. This impact was partially offset by increases in both promotional income and gaming revenue.

第三季其他收入為 6,270 萬美元，年減 6%，原因是入場人數減少，這影響了該收入的可變部分，包括交易費。促銷收入和遊戲收入的成長部分抵消了這一影響。

In total, our domestic operations generated $683.6 million of revenue and $140.2 million of adjusted EBITDA, yielding a solid 20.5% adjusted EBITDA margin. Moving to our international operations, we entertained 21 million guests in the third quarter. Despite the tough year-over-year comparison I mentioned earlier, our International segment benefited from record-setting performances from The Conjuring and Demon Slayer, as well as highly successful cinema weeks in select markets throughout the region.

我們的國內業務總共創造了 6.836 億美元的收入和 1.402 億美元的調整後 EBITDA，實現了 20.5% 的穩健調整後 EBITDA 利潤率。再來看我們的國際業務，第三季我們接待了 2,100 萬名賓客。儘管我之前提到過同比數據比較艱難，但我們的國際業務部門受益於《厲陰宅》和《鬼滅之刃》創紀錄的票房表現，以及該地區部分市場非常成功的戲院上映週。

Importantly, similar to the US, we continue to maintain strong market share gains in the quarter when compared with pre-pandemic levels. International delivered $81.2 million of admission revenue, $64.3 million of concession revenue, and $28.4 million of other revenue during the third quarter.

值得注意的是，與美國類似，與疫情前水準相比，我們本季持續保持強勁的市佔率成長。第三季度，國際業務實現了 8,120 萬美元的門票收入、6,430 萬美元的特許經營收入和 2,840 萬美元的其他收入。

In aggregate, our international operations generated $173.9 million of revenue and $37.4 million of adjusted EBITDA, resulting in a robust adjusted EBITDA margin of 21.5%. Turning to global expenses, film rental and advertising expense represented 57.1% of admissions revenue this quarter, a 60 basis point improvement year over year primarily due to a reduced concentration of high-grossing titles partially offset by increased marketing investments given the strong and consistent returns we have observed.

總體而言，我們的國際業務創造了 1.739 億美元的收入和 3740 萬美元的調整後 EBITDA，從而實現了 21.5% 的強勁調整後 EBITDA 利潤率。從全球支出來看，本季電影租賃和廣告支出佔票房收入的 57.1%，較上年同期增長 60 個基點，這主要是由於高票房影片集中度降低，但部分被營銷投資增加所抵消，因為我們觀察到了強勁且持續的回報。

Concession costs as a percentage of concession revenue were 19.5% for the quarter, up 190 basis points compared with the prior year period, primarily driven by the timing of concession rebates, growth of lower margin merchandise sales, and ongoing inflationary pressures. These impacts were partially offset by our strategic sourcing initiatives and pricing strategies, which continue to play a key role in managing inflation.

本季度特許經營成本佔特許經營收入的百分比為 19.5%，比上年同期增長 190 個基點，主要原因是特許經營返利的時機、低利潤商品銷售的增長以及持續的通膨壓力。這些影響部分被我們的策略採購措施和定價策略所抵消，這些措施和策略在控制通貨膨脹方面繼續發揮關鍵作用。

Global salaries and wages totaled $106.3 million, a 3% improvement year over year driven by lower attendance levels and reduced operating hours as well as benefits realized from our labor productivity initiatives and foreign exchange rate favorability. These factors were partially offset by wage and benefits inflation.

全球薪資總額為 1.063 億美元，年增 3%，這主要得益於出勤率下降、營業時間縮短，以及勞動生產力提升計畫和有利的匯率帶來的收益。這些因素部分被薪資和福利上漲所抵銷。

As a percentage of total revenue, salaries and wages were 12.4%. Facility lease expense was $81.9 million for the third quarter, a 5% decrease compared with the prior year period largely due to lower percentage rent associated with the reduced box office, as well as favorable movements in foreign exchange rates. These were partially offset by inflationary increases.

工資和薪金佔總收入的 12.4%。第三季設施租賃費用為 8,190 萬美元，比上年同期下降 5%，這主要是由於票房收入減少導致租金百分比下降，以及外匯匯率的有利變動。這些成長被通貨膨脹部分抵消。

As a percentage of total revenue, facility lease expense was 9.6%. Utilities and other expense totaled $127.4 million, flat versus the third quarter of last year. Higher utilities, repairs and maintenance, and gift card expenses were partially offset by lower attendance, which impacted variable and semi-variable costs. As a percentage of total revenue, utilities and other expense was 14.9%.

設施租賃費用佔總收入的9.6%。公用事業和其他支出總計 1.274 億美元，與去年第三季持平。較高的水電費、維修保養費和禮品卡支出被較低的到店率部分抵消，從而影響了可變成本和半可變成本。公用事業和其他支出佔總收入的 14.9%。

G&A expenses were $61.9 million, an increase year over year mainly due to wage and benefits inflation, investments in headcount to advance our strategic initiatives, increased cloud-based software costs, and higher share-based compensation. Favorable foreign exchange rate fluctuations partially offset these impacts.

一般及行政費用為 6,190 萬美元，較上年同期有所增加，主要原因是工資和福利上漲、為推進戰略舉措而增加的人員投入、雲端軟體成本增加以及更高的股權激勵。有利的匯率波動部分抵銷了這些影響。

As a percentage of total revenue, G&A was 7.2%. Globally, we delivered $49.5 million of net income attributable to Cinemark Holdings, Inc., resulting in diluted earnings per share of $0.40. With respect to the balance sheet, we ended the third quarter with $461 million in cash and generated $38 million of free cash flow.

一般及行政費用佔總收入的7.2%。在全球範圍內，我們為Cinemark Holdings, Inc.實現了4950萬美元的淨利潤，稀釋後每股收益為0.40美元。在資產負債表方面，我們第三季末持有現金4.61億美元，並產生了3,800萬美元的自由現金流。

Turning to capital allocation, and starting with the first pillar of our strategy, maintaining a strong balance sheet, during the third quarter, we successfully retired our remaining pandemic-related debt with the repayment of the $460 million convertible notes. This milestone underscores the strength of our balance sheet and the overall financial health of our company, made possible by disciplined execution, financial resilience, and strategic focus. We also amended the warrant agreements related to the convertible notes to accelerate the settlement and satisfy half of the obligation in cash and half in shares.

談到資本配置，首先從我們策略的第一支柱——保持強勁的資產負債表開始，在第三季度，我們透過償還 4.6 億美元的可轉換票據，成功償還了剩餘的與疫情相關的債務。這項里程碑凸顯了我們資產負債表的穩健性和公司的整體財務健康狀況，這得益於我們嚴謹的執行力、財務韌性和策略重點。我們也修改了與可轉換票據相關的認股權證協議，以加快結算速度，並以現金和股票各償還一半債務。

The cost to settle the warrants was determined using our volume-weighted average stock price from August 18 through November 3, with the final settlement occurring today.

認股權證的結算成本是根據 8 月 18 日至 11 月 3 日的成交量加權平均股價確定的，最終結算於今天進行。

The total cost was $196 million, with $98 million paid in cash and 3.6 million shares issued to our counterparties. Importantly, our proactive approach to managing dilution proved effective. By repurchasing 7.93 million shares in March of this year, we more than offset the shares issued to settle the warrants, resulting in no net dilution for our long-term shareholders.

總成本為 1.96 億美元，其中 9,800 萬美元以現金支付，360 萬股發行給交易對手。重要的是，我們積極主動管理稀釋的方法已被證明是有效的。今年 3 月，我們回購了 793 萬股股票，足以抵銷為結算認股權證而發行的股票，因此我們的長期股東權益沒有受到任何淨稀釋。

With respect to our capital structure, now that the convertible notes and associated call spread have been fully addressed, our nearest maturity is not until 2028. We continue to target a net leverage ratio of two to three times, ending the quarter with a net leverage ratio of 2.4 times.

就我們的資本結構而言，既然可轉換票據和相關的贖回利差已經完全解決，我們最近的到期日要到 2028 年。我們繼續以 2 到 3 倍的淨槓桿率作為目標，本季末淨槓桿率達到 2.4 倍。

Moving to our second pillar, pursuing strategic and financially accretive investments to grow and secure our long-term success. During the first nine months of this year, we have invested $106 million to maintain and enhance the quality of our global circuit. We continue to target $225 million of capital expenditures for the full year, with a significant weighting towards the fourth quarter given the timing of several key projects underway.

接下來是我們的第二個支柱，即進行具有戰略意義和財務增值意義的投資，以實現成長並確保我們的長期成功。今年前九個月，我們投資了 1.06 億美元，用於維護和提升我們全球賽道的品質。我們全年仍將資本支出目標設定為 2.25 億美元，考慮到幾個關鍵項目正在進行的時間安排，第四季度的支出將佔比較大。

As always, our ability to achieve this target is subject to project-specific variables and external factors, which may impact the pace and timing of execution. We continue to actively manage these dynamics. Now to our third capital allocation pillar, returning excess capital to shareholders.

與以往一樣，我們能否實現這一目標取決於專案的具體情況和外部因素，這些因素可能會影響執行的速度和時間。我們將繼續積極應對這些動態變化。現在來說說我們的第三個資本配置支柱，即向股東返還超額資本。

As Sean mentioned, given our strong financial position and sustained confidence in our business, we are pleased to announce that our Board of Directors has authorized a $300 million share repurchase program. We intend to execute the program in a measured and disciplined manner, ensuring it aligns with our financial priorities and broader strategic objectives.

正如肖恩所提到的，鑑於我們強勁的財務狀況和對業務的持續信心，我們很高興地宣布，董事會已批准一項 3 億美元的股票回購計劃。我們將以穩健嚴謹的方式執行該計劃，確保其符合我們的財務重點和更廣泛的策略目標。

Our Board also approved a 12.5% increase in our quarterly cash dividend, raising it to $0.9 per share, reinforcing our objective to deliver a sustainable and growing dividend. The increased dividend will be payable on December 12, to shareholders of record as of November 28.

我們的董事會也批准將季度現金股利提高 12.5%，至每股 0.9 美元，這進一步鞏固了我們實現永續成長股利的目標。增加後的股利將於12月12日支付給截至11月28日登記在冊的股東。

Collectively, the authorization of the share repurchase program and the dividend increase demonstrate our intent to return a greater proportion of free cash flow to shareholders over time. These actions also reflect our balanced approach to capital returns, supporting our long-term objective of driving sustainable growth, maintaining financial strength, and maximizing shareholder value.

總而言之，批准股票回購計劃和提高股息表明了我們逐步將更大比例的自由現金流返還給股東的意圖。這些措施也體現了我們對資本回報的平衡態度，支持我們實現永續成長、維持財務實力和最大化股東價值的長期目標。

It's important to note that we will continue to prioritize the health of our balance sheet and growth opportunities. The timing and extent of our capital returns will be governed by maintaining our net leverage ratio within our target range, as well as our cash position and overall liquidity. This disciplined approach provides us with the flexibility to pursue accretive opportunities as they arise while continuing to manage risk and preserve our financial strength.

值得注意的是，我們將繼續優先考慮資產負債表的健康狀況和成長機會。我們的資本回報的時間和規模將取決於我們能否將淨槓桿率維持在目標範圍內，以及我們的現金狀況和整體流動性。這種嚴謹的方法使我們能夠靈活地抓住出現的增值機會，同時繼續管理風險並保持我們的財務實力。

In closing, we are pleased with our financial performance in the third quarter and the progress we have made in executing our capital allocation strategy. Our approach remains anchored in financial discipline, operational excellence, and a long-term strategic view. With a strengthened balance sheet and prudent capital deployment, we are well-positioned to deliver shareholder value.

最後，我們對第三季的財務表現以及在執行資本配置策略方面的進展感到滿意。我們的方法仍以財務紀律、卓越營運和長期策略眼光為基礎。憑藉更穩健的資產負債表和審慎的資本部署，我們完全有能力為股東創造價值。

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

操作員，我們的發言到此結束。現在我們開通提問專線。

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

接下來我們將進行問答環節。

Ben Swinburne, Morgan Stanley.

本‧斯溫伯恩，摩根士丹利。

My question is really just continuing the conversation on kind of capital allocation. Obviously, great to see the dividend and the buyback.

我的問題其實只是想繼續探討資本配置的問題。顯然，很高興看到分紅和股票回購。

I guess, Sean, can you talk a little bit about sort of your appetite around M&A and how much of a, let's call it, a cushion you want to keep in terms of financial capacity now that you've got the convert behind you and are generating healthy free cash flow? And then I didn't know Melissa, if there was any reason to change any of your prior comments on kind of thinking about CapEx over the next couple of years.

我想，肖恩，你能談談你對併購的興趣，以及在完成收購並產生健康的自由現金流之後，你希望在財務能力方面保留多少緩衝空間嗎？然後，我不知道梅麗莎，你之前關於未來幾年資本支出的想法是否有任何需要改變的地方。

Maybe I don't know if there's an update there, just would be interested in hearing how we should think about that. Then just one housekeeping on the same topic, hopefully for the last time, can you give us what the fully diluted share count should be now going forward now that you've cleaned all this stuff up for us? Thank you.

或許我不知道那方面是否有更新，只是很想聽聽我們該如何看待這個問題。那麼，關於這個主題，還有最後一個問題需要說明，希望這是最後一次了，既然您已經幫我們把這些問題都解決了，您能否告訴我們，完全稀釋後的股份數量現在應該是多少？謝謝。

Sure. Thanks for the questions, Ben. As you know, one of our key areas of focus as we position ourselves for success over time is optimizing our footprint, which includes growing and recalibrating our circuit over time. And M&A is certainly a part of that. So we have an appetite for M&A as we look forward. Melissa mentioned that with regard to overall capital allocation priorities, investing in the future success of our company is a top priority of ours. And again, that includes M&A. Broadly speaking, with regard to M&A, as you know, we evaluate all prospective opportunities. And our focus is on high-quality assets that we believe can deliver solid assured returns over time.

當然。謝謝你的提問，本。如您所知，隨著我們不斷取得成功，我們的重點領域之一是優化我們的佈局，包括隨著時間的推移擴展和調整我們的業務範圍。併購當然也是其中的一部分。展望未來，我們對併購抱持濃厚的興趣。梅莉莎提到，就整體資本配置優先事項而言，投資公司未來的成功是我們的首要任務。這其中也包括併購。總的來說，就併購而言，如您所知，我們會評估所有潛在的機會。我們專注於高品質資產，我們相信這些資產能夠隨著時間的推移帶來穩健可靠的回報。

So that continues to be our focus. We tend to prefer deepening penetration in those areas where we already have some presence to leverage our existing infrastructure relationships. But we also do consider other factors such as scale, strategic importance, margin profile, competitive position. So we do look at a wide range of options as they come to market and we have targets in mind.

所以這仍然是我們的工作重點。我們傾向於在我們已經有所佈局的地區深化滲透，以利用我們現有的基礎設施關係。但我們也會考慮其他因素，例如規模、策略重要性、利潤率、競爭地位。因此，我們會關注市場上出現的各種選擇，並且心中有目標。

So we look at a range of things, but we've been very disciplined in our approach, that has served us well over time. We continue to believe that's the right strategy in terms of going after the right types of assets. But broadly speaking, we do believe we have and we intend to maintain the right flexibility to be able to pursue those types of opportunities as they come to the table.

所以我們會考慮很多因素，但我們一直秉持著非常嚴謹的態度，這種態度也讓我們受益匪淺。我們仍然認為，就獲取合適的資產類型而言，這是正確的策略。但總的來說，我們相信我們已經並打算保持適當的靈活性，以便在機會出現時能夠抓住這些機會。

And then Ben, with respect to your question on CapEx 2026, we do intend to remain prudent with our CapEx. We'll continue to prioritize maintaining a high-quality circuit as well as pursuing high-confidence ROI generating opportunities.

Ben，關於你提出的 2026 年資本支出問題，我們確實打算在資本支出方面保持謹慎。我們將繼續優先維護高品質的賽道，同時尋求能夠帶來高投資報酬率的機會。

But it is premature, a bit premature at this stage to provide specifics on CapEx expectations for 2026 given that we're still underway with our budgeting process. But given the abundance of ROI generating opportunities available as well as some modest deferred maintenance CapEx that we're still working through, it is reasonable to anticipate some increase in CapEx for 2026 above what we're targeting in 2025. So we'll provide more clarity once we finalize our budget and have assessed all the moving pieces, I’d expect that to be on the February call.

但鑑於我們仍在進行預算編制工作，現在就提供 2026 年資本支出預期的具體細節還為時過早。但鑑於目前有大量的投資回報率機會，以及我們仍在努力解決的一些適度的延期維護資本支出，預計 2026 年的資本支出將比 2025 年的目標有所增加，這是合理的。因此，一旦我們最終確定預算並評估所有相關因素，我們將提供更清晰的信息，我預計這將在二月份的電話會議上公佈。

. And then in terms of your question regarding fully diluted share count, so just to kind of speak more broadly to our share count and how to think about that, as of September 30, we had 116.5 million shares outstanding. That reflects 1.4 million of shares that we issued in Q3 to settle a portion of the warrants.

。至於您提出的關於完全稀釋股份數量的問題，為了更廣泛地談談我們的股份數量以及如何看待這個問題，截至 9 月 30 日，我們有 1.165 億股流通股。這反映了我們在第三季發行的 140 萬股股票，用於結算部分認股權證。

In Q4, we issued 2.2 million shares to settle the remaining portion of the warrants, so you'll want to factor that into the share count. In Q4 in particular, you will still have some noise from a diluted EPS standpoint just given GAAP accounting.

在第四季度，我們發行了 220 萬股股票來結算剩餘的認股權證，因此您需要將此因素考慮在股票數量中。尤其是在第四季度，由於採用 GAAP 會計準則，從稀釋後的每股盈餘角度來看，仍會出現一些波動。

But once we move forward into 2026, you should start to see our diluted share count more closely aligned with basic share count with just modest variations for certain share-based compensation awards.

但到了 2026 年，您應該會看到我們的稀釋股份數量與基本股份數量更加接近，只有某些基於股份的薪酬獎勵會有小幅波動。

David Karnovsky, JPMorgan.

David Karnovsky，摩根大通。

Sean, there's been a lot of hand wringing in the trade press about the fall box office so far. And whether the performance of films in aggregate is representative of the demand trend or whether you can dismiss this to quality or scheduling or genre preferences. So wanted to give you a chance to kind of expand on the last two months and how you see the state of things? Then I have a follow-up.

肖恩，到目前為止，業內媒體對秋季票房形勢憂心忡忡。電影的整體表現是否能代表需求趨勢，或者這是否可以歸因於電影品質、上映時間或類型偏好。所以我想給你一個機會，詳細說說過去兩個月的狀況，以及你對現狀的看法？然後我還有一個後續問題。

Sure. Well, look, I think when you look at the overall box office for our industry, it's always important to keep in mind it's something that needs to really be looked at over time. Just due to the nature of how movies get released, the scale of those movies, ultimately how well they resonate with audiences. So I think it's tough to ever look at any short-term period and try to draw too many conclusions from that. Got to look at longer-term trends.

當然。嗯，你看，我認為當你審視我們行業的整體票房時，始終要記住，這是一個需要長期觀察的事情。電影的發行方式、電影的規模，最終決定了它們能否引起觀眾的共鳴。所以我認為，很難只憑短期數據就得出太多結論。必須著眼於更長遠的趨勢。

Specific to what we've seen as of late, third quarter as an example, we had some and really October as well when you look at just the scale of some of the movies that were released last year, you had some big, big overperformers, in the third quarter with like a Twisters and a Beetlejuice Beetlejuice and films like that. You just had a wider release slate than you had in the third quarter of this year as well as the past couple of months. But as we look ahead to November and December, the inverse is the case.

就我們最近看到的而言，以第三季度為例，以及十月份的情況，如果你看看去年上映的一些電影的規模，你會發現第三季度有一些表現非常出色的電影，比如《龍捲風》和《陰間大法師》等等。與今年第三季以及過去幾個月相比，你們的影片發行計畫更加豐富。但展望11月和12月，情況則恰恰相反。

You've got just a loaded slate of movies coming to wrap up the year just the way the dates got planned out, which on paper should far exceed last year. So we'll see how that all continues to play out for the rest of this year.

今年年底將上映一系列電影，上映日期也按照計劃進行，從紙上看，數量應該遠遠超過去年。所以，讓我們拭目以待，看看今年剩下的時間裡，這一切將如何發展。

So I think 2025 we still got to see, there's still plenty of room to go in terms of that. Probably the one big difference year over year that I would call out is we didn't have a major animated release in the third quarter like we traditionally do. And I think if that had been the case, people would be looking at this year much differently in many respects.

所以我覺得到 2025 年我們還得拭目以待，在這方面還有很大的發展空間。與往年相比，最大的不同之處在於，我們在第三季沒有像往年那樣推出一部重要的動畫電影。我認為如果情況真是如此，人們在很多方面看待今年都會截然不同。

So like one movie can make a big difference in terms of the overall perception. But again, there's a lot of big stuff still to come. I think the story is still to be written on how 2025 ends up.

所以，一部電影就能對整體看法產生很大影響。但話說回來，還有很多大事即將發生。我認為2025年的故事還有待寫。

Okay. And then I was hoping to follow-up on theatrical windows. Around the time of CinemaCon it seemed like there was a lot of talk between studios and exhibitors over this, but still work to be done. Or research to be executed on the topic. Maybe can you just update on where things stand? And is there any movement towards a more uniform or longer window?

好的。然後，我希望能夠跟進戲院窗口期的情況。在 CinemaCon 電影產業大會前後，電影公司和發行商似乎就此進行了許多討論，但仍有許多工作要做。或就此主題進行研究。您能否簡要說明一下目前的進展？是否存在朝著更統一或更長的窗口期發展的方向？

It's a great question. I would say that there continue to be quite a number of conversations on that matter and evaluation taking place. Obviously, there has been quite a shift in windows that happened fairly rapidly since the pandemic with regard to the timing of things. And it's become quite varied. So the overall implications of that long term on consumer behavior and how it's affecting attendance and box office patterns is still being sorted out. Especially because as you know volume has been continuing to recover. So there are things like that which kind of muck up the evaluation a bit.

這是一個很好的問題。我認為，目前關於此事的討論和評估仍在進行中，而且數量相當多。顯然，自從疫情爆發以來，事情的時間安排發生了相當大的變化，而且這種變化發生得相當迅速。而且種類也相當豐富了。因此，這種長期影響對消費者行為的整體影響，以及它如何影響上座率和票房模式，目前仍在分析中。尤其是因為如你所知，銷量一直持續回升。所以諸如此類的事情會稍微影響評估結果。

The good news is while there doesn't appear to be a material impact on the week-to-week box office trajectory when you look at films that have shorter versus longer windows. I will say there's some concern and some signs emerging that highly shortened windows below the thirty to forty-five days may be affecting overall attendance recovery and results for casual moviegoers and smaller titles.

好消息是，從上映窗口期較短且較長的電影來看，似乎對每週票房走勢沒有實質影響。我想說，目前有一些跡象表明，低於 30 至 45 天的大幅縮短的上映窗口可能會影響整體上映人數的恢復，以及休閒觀眾和小眾電影的票房表現，這令人擔憂。

So I think that's the point of discussion in particular as we're all trying to understand what's happening with that. It has been clearly demonstrated that a theatrical release significantly benefits the overall performance of films and the asset value over time for those films.

所以我覺得這正是我們討論的重點，因為我們都在試著去了解到底發生了什麼事。已經明確證明，院線發行能夠顯著提升電影的整體表現和長期資產價值。

But a significant enough of a window is necessary in order to deliver those proceeds. So that's still a matter of discussion. I would say the good news for Cinemark specifically is we have done a lot of work to reorient our business to be both highly successful in the current environment as it stands today, and we remain highly encouraged about where things are going. So the matter of windows specifically is something that I expect will continue to be discussed over the coming quarters as we all try to sort out what's the best optimal structure going forward.

但要實現這些收益，就需要足夠長的時間窗口。所以這仍然是一個值得討論的問題。就 Cinemark 而言，好消息是我們已經做了很多工作來調整業務方向，使其在當前的環境下取得巨大成功，而且我們對未來的發展方向仍然充滿信心。因此，窗戶的具體問題預計將在接下來的幾個季度中繼續被討論，因為我們都將努力找出未來最佳的結構。

Eric Handler, Roth.

埃里克·漢德勒，羅斯。

Sean, I wanted to follow-up on M&A. Earlier this week, Kinepolisannounced its buying Imagine Entertainment. It's been reported National Amusements is up for sale. You talk about like is the pipeline as deep as it's been since the start of the pandemic and maybe give some color around that.

肖恩，我想跟進一下併購方面的情況。本週早些時候，Kinepolis宣布收購Imagine Entertainment。據報道，國家娛樂公司正在出售。你可以談談管道是否像疫情開始以來那樣暢通，並就此做一些說明。

Sure. Sure thing, Eric. I don’t know if I'd say the pipeline is as deep. I'd say it's been pretty consistent. If anything, the pipeline has we've had been expecting more opportunities as we said in the past coming out of the pandemic than have played out.

當然。當然可以，艾瑞克。我不知道這條管道是否真的那麼深。我覺得一直都比較穩定。如果有什麼改變的話，那就是我們之前預期疫情結束後會有更多機會，但實際情況並非如此。

There are a few things percolating now like the deals that you just mentioned. Think the timing of those two may be more coincidental than kind of anything indicative of a growing volume of opportunities or activity that may take place. So I would still say that while we still believe there will be more opportunities as we look ahead, and opportunities for higher quality circuits, the overall volume of those has still been fairly limited.

現在有一些事情正在醞釀中，像是你剛才提到的那些交易。我認為這兩件事發生的時間可能只是巧合，並不預示未來會有更多機會或活動發生。因此，我仍然認為，儘管我們展望未來仍然相信會有更多機會，也會有更高品質的電路出現，但這些電路的總數量仍然相當有限。

And at least there's no indications at this moment in time that's going to accelerate or anything like that. But we still believe in time there's unique circumstances in most of these cases. In time, we will start to see more opportunities come become available.

至少目前沒有任何跡象表明這種情況會加速發展或出現類似情況。但我們仍然相信，隨著時間的推移，大多數此類案例都有其特殊情況。隨著時間的推移，我們將看到更多機會出現。

Great. And then secondly, given the success of alternative content that we saw in the third quarter, is there a way to sort of lean into this more, finding I know Trafalgar does a lot in the music space. There is clearly a vault of anime movies and opportunities there. And so curious of your thoughts there.

偉大的。其次，鑑於我們在第三季看到的另類內容的成功，有沒有辦法更深入地發展這方面的內容呢？我知道 Trafalgar 在音樂領域做了許多工作。那裡顯然蘊藏著大量的動畫電影和發展機會。我很想知道你的想法。

Absolutely. Look, I mean we have been leaning into nontraditional programming quite significantly. And trying to hone what are those better opportunities that are out there. And as a result of that, we've seen for the last three years that nontraditional content has represented in excess of 10% of our box office. And importantly, it's not just the percentage. The overall dollar amount last year was almost two times what it was in 2019 for us. So that's the byproduct of actively focusing on this and trying to stimulate more growth. As well as just more compelling content becoming available that is resonating with audiences. So we continue to see growth.

絕對地。你看，我的意思是，我們一直在大力推進非傳統節目製作。並努力尋找那些更好的機會。因此，在過去三年裡，我們看到非傳統內容占我們票房的 10% 以上。而且重要的是，這不僅僅是百分比的問題。去年我們的總金額幾乎是 2019 年的兩倍。所以，這就是積極關注並努力刺激更多成長的副產品。除此之外，還有更多引人入勝、能引起觀眾共鳴的內容出現。因此，我們持續看到成長。

As mentioned in our prepared remarks, it was 16% of our box office this past quarter. So we remain optimistic about further growth in this category, as a way to add to the box office. If anything, it was something as we had talked about before the pandemic that was always an area of frustration where it seemed like there was tremendous potential and never quite got off the ground. It's great now to see that we're really seeing some movement in anime, faith-based, multicultural content, repertoire content, like there's a range of these categories and they all appear to be working really well. So optimistic about more growth there and it is something that we're going to continue to lean into.

正如我們在事先準備好的演講稿中提到的，上個季度，它占我們票房的 16%。因此，我們對該類別的進一步成長仍然持樂觀態度，認為這將有助於增加票房收入。如果有什麼不同的話，那就是我們在疫情之前就討論過的那個令人沮喪的領域，它似乎蘊藏著巨大的潛力，但卻從未真正發展起來。很高興看到動漫、宗教主題、多元文化內容、劇目內容等領域都出現了一些發展趨勢，這些類別層出不窮，而且似乎都發展得非常順利。我對那裡的進一步成長持樂觀態度，這也是我們將繼續專注於發展的領域。

And we are not alone. It's something that's happening across the industry.

我們並不孤單。這是整個產業都在發生的事情。

Drew Crum, B. Riley Securities.

Drew Crum，B. Riley Securities。

Question on '25 and one on '26. Melissa, you've expressed confidence in your ability to grow adjusted EBITDA margin this year. Nine months in, you're down a little bit, but it seems that you're poised to make that up in 4Q. Just want confirm that's still your expectation to grow margin year on year this year.

25年有一個問題，26年也有一個問題。梅麗莎，你曾表示對今年提高調整後 EBITDA 利潤率的能力充滿信心。九個月過去了，你的業績略有下滑，但看起來你有望在第四季度彌補回來。我只是想確認一下，您今年的利潤率是否仍預期會逐年成長。

And then Sean, just to follow-up on Eric's question, concerning nontraditional content. Looking ahead to next year, with '26 being a World Cup year for FIFA, curious if there are opportunities to incorporate that into your programming, and/or if this is a competitive headwind for your business, particularly in Latin America? Thanks.

然後肖恩，我來補充艾瑞克關於非傳統內容的問題。展望明年，2026 年是國際足總世界盃年，我想知道是否有機會將此融入你們的節目策劃中，以及這是否會對你們的業務構成競爭阻力，尤其是在拉丁美洲？謝謝。

Thanks, Drew. So I'll start with your first question. On margin. So in terms of our margin expectations, ultimately our margin for the year is going to be driven by attendance and box office performance as the primary driver.

謝謝你，德魯。那我就先回答你的第一個問題吧。邊際上。因此，就我們的利潤預期而言，最終我們今年的利潤將主要取決於上座率和票房表現。

Given the operating leverage inherent in our business model as revenue scales. Other factors that will influence our margin will be market share, food and beverage per cap, and average ticket prices along with the incremental value we capture from our strategic initiatives. Naturally, we have ongoing inflationary pressures, other expense headwinds, and the impacts of FX movements that also will be considerations.

隨著收入規模的擴大，我們的商業模式具有固有的營運槓桿效應。其他影響我們利潤率的因素包括市場份額、人均餐飲消費、平均票價以及我們從策略性舉措中獲得的增量價值。當然，我們也要考慮持續的通膨壓力、其他支出方面的不利因素以及匯率波動的影響。

As you think about kind of specific to fourth quarter, our margin should benefit from the anticipated box office recovery as well as growth in concession per cap and average ticket prices. But we do recognize that our market share may temper in the fourth quarter given the cadence of releases as well as the overall scale and relative mix of films. Also keep in mind other revenue in the fourth quarter of last year included a one-time $6 million contractual payment received from a third-party service provider that will not recur in Q4 of this year.

考慮到第四季度的具體情況，我們的利潤率應該會受益於預期的票房復甦以及人均特許經營收入和平均票價的成長。但我們確實意識到，考慮到影片上映的節奏以及影片的整體規模和相對組成，我們的市場份額在第四季度可能會有所下降。另請注意，去年第四季的其他收入包括從第三方服務提供者收到的一次性 600 萬美元合約款項，該款項在今年第四季不會再次發生。

And then expense considerations that you would want to take into account, namely I'll point out on utilities and other, we continue to incur some elevated expenses as we work through some deferred maintenance needs across the circuit. So we remain highly focused on maximizing profitability and margin potential, but our ability to grow margins year over year is largely going to be dependent upon how the box office unfolds in the fourth quarter as well as the other dynamics I mentioned.

然後還有一些費用的考慮，特別是關於水電費和其他費用，由於我們正在處理電路中一些延期維護的需求，我們將繼續產生一些較高的費用。因此，我們仍然高度專注於最大限度地提高盈利能力和利潤率潛力，但我們逐年提高利潤率的能力很大程度上取決於第四季度的票房情況以及我提到的其他因素。

And then to your question on the World Cup, I guess starting on the opportunity front, one of the challenges that we've had with the World Cup much like sports in general are just the complicated rights issues. So the ability to program those games in theaters is something that has been limited because of that. So it's not for lack of trying, but like many of the major sport leagues, the rights have just been preventative. The other thing too with the World Cup in particular is it is so widely displayed everywhere, that there even is some question as to how big of an opportunity might there be in terms showcasing those games and drawing people to theaters versus just walking down the street and being able to see these things all over, the games all over.

至於你提出的世界盃問題，我想先從機會方面說起，世界盃面臨的挑戰之一，就像運動普遍面臨的挑戰一樣，就是複雜的版權問題。因此，在影院播放這些遊戲的能力受到了限制。所以，並非缺乏努力，而是像許多主要運動聯盟一樣，版權問題一直只是預防性的。世界盃還有一點值得注意，那就是它在各地的廣泛傳播，甚至有人質疑，與人們走在街上就能到處看到這些比賽相比，透過這種方式展示比賽、吸引人們去電影院觀看比賽的機會究竟有多大。

Specific to LatAm and how that could impact there, we've seen historically, it really just depends on how the teams are performing and playing out like depending on what their games are. There are times where the studios will schedule some of the content around particular games. So they'll try to work that to the extent they can. But it hasn't historically presented a huge headwind.

具體到拉丁美洲以及這可能對那裡產生的影響，我們從歷史經驗來看，這實際上取決於球隊的表現和比賽的進展。有時，遊戲工作室會圍繞特定遊戲安排一些內容發布。所以他們會盡力去實現這一點。但從歷史上看，它並沒有構成巨大的阻力。

It can create a little bit of headwind depending again on a particular country as particularly as you get closer to the finals. But that is something that just has to play out. I don't think it would be something that ultimately will be material in the whole scheme of things.

這可能會造成一些不利影響，具體情況取決於國家，尤其是在接近決賽時。但這事還需要時間發展。我不認為這件事最終會在整體格局中起到實質作用。

Robert Fishman, MoffettNathanson.

Robert Fishman，MoffettNathanson。

Hi, good morning. Two for you guys. Sean, you talked about these sustained structural share gains over the past few years and the success in the quarter. Do you see an opportunity to continue to expand your market share in the US?

您好，早安。給你們兩個。肖恩，你談到了過去幾年持續的結構性市場份額增長以及本季的成功。您認為在美國市場繼續擴大市場佔有率的機會在哪裡？

And also if you help us think about internationally, and what are the biggest drivers to grow share organic aside from obvious M&A? Away from your competition. And then for Sean or Melissa, can you just maybe discuss your strategy on premium large screen format and how you prioritize your own XD brand over the other formats? Especially I think there's news of your recent IMAX agreement in US and Latin America. Thank you.

另外，能否請您幫我們從國際角度思考一下，除了顯而易見的併購之外，推動市場佔有率自然成長的最大動力是什麼？遠離你的競爭對手。那麼，肖恩或梅麗莎，你們能否談談你們在高端大螢幕格式方面的策略，以及你們如何優先發展自己的 XD 品牌而不是其他格式？尤其是我認為，最近您與美國和拉丁美洲的 IMAX 達成的協議應該會引起關注。謝謝。

Sure. Thanks for the questions, Robert. Well, first starting with share, we've been thrilled with the results of our share over the last several years. We've been really pleased again this year that it's performed at levels even beyond our expectations. Partly due to all the initiatives that we have pursued to gain those structural benefits as well as just some further upside from the way content mix has played in our favor as well as just the overall release cadence of films that has kept us from hitting those max threshold capacity limits. So our focus obviously is on how do we continue to extend that further.

當然。謝謝你的提問，羅伯特。首先說說市場份額，過去幾年我們的市佔率表現令我們非常滿意。今年它的表現再次超出我們的預期，我們感到非常高興。部分原因是由於我們採取了各種措施來獲得這些結構性優勢，以及內容組合對我們有利帶來的進一步好處，還有電影的整體發行節奏，這些因素使我們沒有達到最大閾值容量限制。因此，我們的重點顯然是如何繼續進一步擴展這一領域。

Your question on how to do that, it boils down to a range of things. We continue to advance and hone the way we're programming our screens to extract the absolute maximum value out of each screen getting the right films on the appropriate screens to match demand. So we don't have any underutilized capacity or just hit limitations on given screens based on the demand of individual titles.

關於如何做到這一點，你的問題歸根結底取決於一系列因素。我們不斷改進和完善螢幕程式設計方式，以最大限度地發揮每個螢幕的價值，在合適的螢幕上播放合適的電影，以滿足需求。因此，我們不存在產能利用不足的情況，也不會因為個別影片的需求而導致特定螢幕數量受限。

Our continued marketing efforts to build audiences and attract people to our circuit, loyalty, all those things, pricing, I mean, that stuff adds up. And we continue to work on varied initiatives in all those areas to extend that further. And that's on really, I'm speaking mostly to just a same-store basis.

我們持續進行行銷活動，以吸引觀眾、提升觀眾群、培養忠誠度，以及定價等等，我的意思是，這些因素加起來都會產生影響。我們將繼續在所有這些領域開展各種舉措，以進一步擴大這一成果。而且我主要指的是同一家店的情況。

How do we keep growing share within our existing theaters beyond the new theaters we may add to our circuit through new builds and or M&A as we've talked about before. So it boils down to a whole bunch of different actions that we're pursuing to extend that further, which is clearly the aim. Our hesitation to take up that kind of focus on, we've been delivering at least 100 basis points of structural gains since the pandemic. We're just waiting to see a bit of a more normalized box office environment to be able to evaluate that more thoroughly with regard to how much is structural versus how much are some of these other factors that are further boosting that

除了我們之前討論過的透過新建影院或併購方式增加的新影院之外，我們如何在現有影院中繼續擴大市場份額？所以歸根結底，我們正在採取一系列不同的行動來進一步擴大這個範圍，這顯然是我們的最終目標。儘管我們一直猶豫是否要將重點放在這方面，但自疫情爆發以來，我們已經實現了至少 100 個基點的結構性收益。我們正在等待票房環境更加正常化，以便更全面地評估其中有多少是結構性因素造成的，又有多少是其他因素進一步推動的。

. Premium amenities, I mean look premium amenities is something else that can play into share to a certain degree.

。高級配套設施，我的意思是，高級配套設施在某種程度上也會影響市場佔有率。

I would say our overall strategy hasn't changed. We're continuing to lean into enhanced offerings based on the demand that we continue to see from consumers and that's everything when I talk about enhanced offerings, everything from seating to the food and beverage we offer to our screens as well. We announced, and it's a comprehensive strategy,. I mean we announced earlier this year plans to increase our number of ScreenX auditoriums by 20 over the next couple of years.

我認為我們的整體策略沒有改變。我們將繼續根據消費者的需求，致力於提供更優質的產品和服務。我所說的更優質的產品和服務，涵蓋了從座位到我們提供的食物和飲料，再到我們的螢幕等方方面面。我們已經宣布了一項全面的策略。我的意思是，我們今年早些時候宣布了計劃，在未來幾年內將 ScreenX 影廳的數量增加 20 個。

We've also announced that we're going to be adding an additional 80 DBOX seats to an additional 80 auditoriums which already are close to 500 auditoriums across our circuit. We've been adding more XD screens. We plan to continue to do more of those.

我們還宣布，我們將在另外 80 個放映廳中增加 80 個 DBOX 座位，使我們的影院總數接近 500 個。我們一直在增加XD螢幕。我們計劃繼續進行更多此類活動。

And then yes, we also just last week announced plans to upgrade our 12 existing remaining IMAX auditorium in the US to their laser technology. And add four more screens throughout the US. We're also exploring opportunities in LatAm and we're going to be activating three seventy millimeter projectors. So it boils down to a theater by theater analysis, but we're pursuing a wide range of different opportunities throughout that.

是的，就在上週，我們也宣布了將美國現有的 12 個 IMAX 影廳升級為雷射技術的計劃。此外，還將在美國各地增設四個螢幕。我們也正在探索拉丁美洲的機會，並將啟用三台 70 毫米投影機。所以歸根結底，我們需要逐一劇院進行分析，但在此過程中，我們正在尋求各種不同的機會。

So no change in strategy just further leaning into what is an opportunity based on consumer demand.

所以策略沒有改變，只是進一步抓住了基於消費者需求的機會。

Eric Wold, Texas Capital.

埃里克·沃爾德，德克薩斯資本。

Just one question, I guess, heading into the holiday slate and then into next year, how much pricing power do you feel you have on ticket pricing in general and then on XD and the other premium offerings?

我想問一個問題，關於即將到來的假期檔期以及明年，您認為您在票價方面，尤其是在XD和其他高級產品方面，擁有多大的定價權？

Just trying to get a sense if you think in this environment you feel it's better to kind of raise pricing on kind of all boats or kind of keep baseline pricing somewhat more stable, and kind of mainly push up the higher end kind of premium offerings and kind of make that more of the consumer choice instead of kind of raising pricing across the board?

我只是想了解一下，在這種環境下，您認為提高所有船隻的價格更好，還是保持基本價格相對穩定，主要提高高端優質產品的價格，讓消費者更多地選擇購買高端產品，而不是全面提高價格更好？

I can take that one, Eric. So from a pricing standpoint, we do continue to identify opportunities to optimize pricing for both tickets as well as concession side of our business. And that's guided by robust data and analytics. Our pricing decisions, they continue to be driven by us closely monitoring elasticity of demand, which allows us to make informed decisions so that we can maximize attendance, box office, incidents, and then overall revenue. We are mindful of the current macro environment, and we are applying a disciplined data-driven approach as we evaluate those pricing actions.

艾瑞克，我可以接受這個挑戰。因此，從定價的角度來看，我們一直在尋找機會來優化門票和特許經營業務的定價。而這一切都以強大的數據和分析為指導。我們的定價決策仍然取決於我們對需求彈性的密切監控，這使我們能夠做出明智的決策，從而最大限度地提高上座率、票房、事件發生率以及整體收入。我們充分考慮了當前的宏觀環境，並在評估這些定價措施時採用了嚴謹的數據驅動方法。

But ultimately, we want our guests to perceive strong value from their overall experience, which we believe has contributed positively to our attendance recovery and how that's outpaced industry trends. And then also when you look at the strength of our concession per cap growth since the pandemic period. So we do continue to rely heavily on the data but we also do see further opportunity to capture benefits on both the ticket pricing side as well as concession per cap from our pricing strategies.

但歸根結底，我們希望我們的客人從他們的整體體驗中感受到強大的價值，我們相信這對我們的客流量恢復以及客流量超過行業趨勢做出了積極貢獻。此外，從疫情期間我們特許經營權人均成長的強勁勢頭來看，情況也是如此。因此，我們仍然非常依賴數據，但我們也看到了進一步的機會，可以透過我們的定價策略，在票價方面以及每人優惠方面獲得收益。

Chad Beynon, Macquarie.

Chad Beynon，麥格理集團。

Just one for me. Just wanted to ask about the approach towards the dividend. Obviously, great to see the increase announced here in the print today. Melissa, how are you thinking about I know you talked about your leverage currently at 2.4 and some of the initiatives from a growth and buyback standpoint. But how are you thinking about maybe consistently raising this dividend or viewing it against some type of a payout ratio? Thank you.

我只留一個。我想問一下關於分紅的方案。顯然，很高興看到今天報紙上宣布的漲價消息。梅麗莎，你覺得怎麼樣？我知道你談到了你目前的槓桿率為 2.4，以及從成長和回購角度來看的一些舉措。但是，您是如何考慮持續提高股息，或將其與某種派息率進行比較的呢？謝謝。

Yes. So, overarchingly, I mean, you think about broadly our capital returns to shareholders, those decisions are guided by a balanced framework. We're prioritizing maintaining financial strength as well as investing in accretive growth opportunities first and foremost followed by returning excess capital to shareholders.

是的。所以，總的來說，我的意思是，從宏觀角度考慮我們給股東的資本回報，這些決策都是在一個平衡的框架下做出的。我們優先考慮保持財務實力，並將投資於增值成長機會放在首位，其次才是將多餘的資本回饋給股東。

We'll evaluate payout decisions holistically based on a number of factors and that will include cash and overall liquidity, leverage, and strategic priorities at any given time, among other factors. But that ensures we can remain nimble and well-positioned to pursue value-creating opportunities as they arise.

我們將根據多種因素對派息決策進行全面評估，這些因素包括現金和整體流動性、槓桿率以及任何特定時期的策略重點等。但這確保了我們能夠保持靈活，並做好充分準備，在創造價值的機會出現時抓住它們。

As we think about kind of sizing of the dividend and then the share repurchase program, we're really looking at those together, right, as means that we can execute on our strategy to return more capital to shareholders over time.

當我們考慮股息規模和股票回購計劃時，我們實際上是將這兩者結合起來考慮的，對吧，因為這是我們執行策略、隨著時間的推移向股東返還更多資本的手段。

So on the dividend front, the objective is to provide sustainable and growing dividend, while preserving flexibility and then the share buyback program allows us to lean in as there's excess cash to return. So really looking at those holistically and we'll be guided in a disciplined approach as you've seen us take historically.

因此，在股息方面，我們的目標是提供可持續成長的股息，同時保持靈活性，而股票回購計畫則使我們能夠在有多餘的現金需要返還時加大投入。所以，我們將從整體上看待這些問題，並採取我們過去一直採取的嚴謹方法。

Patrick Scholl, Barrington Research.

Patrick Scholl，巴林頓研究公司。

Just on the concessions, I was just wondering if you could discuss if there's anything in like the macro that you're seeing and having an impact on merchandise sales? And just any detail you could provide on the merchandise component on concessions and how that sort of maps out across either the film slate or the attendee base? Thank you.

關於特許經營權的問題，我想請您談談您觀察到的宏觀層面上的哪些因素對商品銷售產生了影響？您能否提供一些關於特許經營商品部分的細節，以及這些商品是如何與電影片單或觀眾群體相匹配的？謝謝。

Sure thing. Thanks for the question, Pat. Much like I would say our overall movie going as well as our food and beverage sales, from a macro standpoint in terms of any if you're referring to any macroeconomic influences on that.

當然可以。謝謝你的提問，帕特。就像我會說，從宏觀角度來看，我們的整體電影票房以及食品和飲料銷售額，都受到了宏觀經濟因素的影響。

Fortunately, we've continued to see consumption hold up very strong through some of the higher inflationary periods we've gone through recently, throughout concerns of recession. So we haven't seen any slowdown of that. The historic trend of consumers coming out to movies, maybe trading off on other things, but still coming to theaters when compelling contents in the marketplace and then indulging when they're there. That has continued to play out both domestically and internationally.

幸運的是，儘管近期通膨情況嚴峻，人們也擔憂經濟衰退，但我們看到消費仍保持強勁勢頭。所以我們沒有看到這種趨勢有所放緩。消費者一直以來都有這樣的歷史趨勢：他們或許會把精力放在其他事情上，但當市場上出現引人入勝的內容時，他們仍然會走進電影院，並在戲院盡情享受。這種情況在國內和國際上都持續發生。

Specific to merchandise as you were asking, merchandise has continued to show great signs of growth. In fact, if anything, consumers have been showing up for it. There have been more and more of these viral moments. The talent has been getting involved in using those as ways to help promote their films, as has the studio.

具體到您詢問的商品方面，商品銷售持續呈現強勁成長動能。事實上，消費者們也確實對此表示支持。這類病毒式傳播的事件越來越多。演員和製片公司都開始利用這些方式來宣傳他們的電影。

So we've continued to see nice growth year after year with merchandise and we believe there is further opportunity to come. So and similar to all of our concessions categories that has not shown any drag or any issue with regard any kind of macro level economic trends. So we're just really encouraged about further opportunity ahead.

因此，我們的商品銷售額逐年穩定成長，我們相信未來還有更大的發展空間。因此，與我們所有的優惠類別類似，這些優惠類別在任何宏觀經濟趨勢方面都沒有表現出任何拖累或任何問題。所以我們對未來的發展機會感到非常鼓舞。

Omar Mejias, Wells Fargo.

奧馬爾‧梅希亞斯，富國銀行。

Good morning and thanks for the question. Sean, one for me. There was a recent article in the press that talked about how David Ellis and the new Paramount leadership wants more theatrical content and how they're looking to build their slate from their current eight annual releases to 15 by '26 and eighteen by '28? This is clearly great news for the industry.

早安，謝謝你的提問。肖恩，給我來一個。最近有一篇媒體文章談到，大衛·艾利斯和派拉蒙的新領導層希望獲得更多院線內容，併計劃將目前的年度上映影片數量從 8 部增加到 2026 年的 15 部，到 2028 年的 18 部？這無疑對業界來說是個好消息。

So just wanted to get your thoughts on how your early conversations either with the new leadership of Paramount or other studio partners that are developing and just the potential increase to the volume of films to that will come to market in 2026 and beyond? Just curious early thoughts on that. Thank you.

所以我想了解一下您對與派拉蒙新領導層或其他正在開發電影的製片公司合作夥伴的早期對話的看法，以及2026年及以後可能上市的電影數量增加的可能性？只是好奇一些初步的想法。謝謝。

Sure. Appreciate the question, Omar. I would say at a high level the conversations have been very positive and continue to encourage us with regard to volume recovering to pre-pandemic levels if not beyond. As you mentioned, our discussions with Paramount and what has been stated publicly have been positive in terms of their desire to expand the amount of volume that they're putting out. Obviously, there's been conversations Amazon has been public about growing to 15 or so films a year, while Apple is still, it's still not entirely clear kind of where they go.

當然。感謝你的提問，奧馬爾。我認為，從宏觀層面來看，這些對話非常積極，並且持續鼓舞著我們，讓我們相信銷售不僅會恢復到疫情前的水平，甚至還會超過疫情前的水平。正如您所提到的，我們與派拉蒙的討論以及他們公開表示的意願，都表明他們希望擴大影片的產量，這方面都是積極的。顯然，亞馬遜已經公開討論過將每年上映的電影數量增加到 15 部左右，而蘋果目前仍在討論，但其發展方向仍不完全清楚。

We know that they were extremely pleased with the results of F1 and Eddie Cue just recently talked about viewing very positively, the theatrical space and with intentions to put more films out that way. A24 has been growing their volume. Universal has been holding their volume, preventable levels like getting these encouraging signs from Disney from really from everywhere. And as we just talked about earlier, all the nontraditional programming continues to grow.

我們知道他們對 F1 的成績非常滿意，艾迪庫伊最近也對戲院放映空間給予了非常積極的評價，並表示打算透過這種方式發行更多電影。A24 的發行量一直在成長。環球影業一直保持著可控的銷售水平，就像迪士尼一樣，從各方面都傳來令人鼓舞的消息。正如我們剛才討論的那樣，所有非傳統節目都在持續增長。

So when you put all that together, we just we remain encouraged about just the overall volume of films getting back, because even this year for 2025, wide releases by the way we define it are looking to get back to about 100 or 20 or so films by the end of the year. That compares to about 130 on a pre-pandemic basis. We expect next year will be another notch further from that. Closer to the 130 could even get to the 130 based on how the slate ultimately plays out. So all those signs are positive.

所以綜合所有因素來看，我們仍然對電影總量的恢復感到鼓舞，因為即使是今年（2025年），按照我們定義的廣泛上映的電影數量，到年底也有望恢復到大約100部或20部左右。相比之下，疫情前這一數字約為 130。我們預計明年情況會比現在更糟。根據最終的比賽結果，他甚至有可能接近 130 分。所以所有這些跡像都是正面的。

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

謝謝。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，讓他做總結發言。

Thank you, Daryl, and thank you all for joining us this morning. We're thrilled with the results we're able to deliver in the third quarter and again, the advances we made with capital allocation in our balance sheet and we're looking forward to a strong close to the year and speaking with you again following our fourth quarter results. So hope you all have a great day and great quarter.

謝謝你，達裡爾，也謝謝各位今天早上收看我們的節目。我們對第三季的業績感到非常滿意，也對我們在資產負債表資本配置方面的進展感到高興。我們期待今年能有一個強勁的收官，並在第四季度業績公佈後再次與您交流。祝大家今天過得愉快，本季也一切順利。

Ladies and gentlemen, thank you for your participation. This does conclude today's teleconference. Please disconnect your lines at this time. Have a wonderful day.

女士們、先生們，感謝各位的參與。今天的電話會議到此結束。請立即斷開您的線路。祝您有美好的一天。