Imax Corp (IMAX) 2019 Q4 法說會逐字稿

Good day, ladies and gentlemen, and welcome to the IMAX Fourth Quarter and Full Year 2019 Earnings Conference Call. (Operator Instructions)

女士們、先生們，美好的一天，歡迎參加 IMAX 2019 年第四季和全年收益電話會議。（操作員說明）

As a reminder, today's call is being recorded. At this time, I would like to hand the conference over to Ms. Heather Anthony. Please go ahead, Heather.

提醒一下，今天的通話正在錄音。現在，我想把會議交給希瑟·安東尼女士。請繼續，希瑟。

Thank you, Lisa. Good afternoon, everyone, and thank you for joining us on today's fourth quarter and full year 2019 earnings conference call. On the call today to review our financial results are Rich Gelfond, Chief Executive Officer; and Patrick McClymont, Chief Financial Officer. Megan Colligan, President IMAX Entertainment; and Rob Lister, Chief Legal Officer, are also joining us today.

謝謝你，麗莎。大家下午好，感謝您參加今天的 2019 年第四季和全年財報電話會議。今天，執行長 Rich Gelfond 出席了電話會議，審查我們的財務表現；和財務長派崔克·麥克萊蒙特。Megan Colligan，IMAX 娛樂公司總裁；首席法律官 Rob Lister 今天也加入我們。

Today's conference call is being webcast in its entirety on our website. A replay of the webcast will be made available shortly after this call.

今天的電話會議將在我們的網站上進行全程網路直播。這次電話會議後不久將提供網路廣播的重播。

In addition, the full text of our fourth quarter earnings press release and the slide presentation accompanying today's call have been posted on the Investor Relations section of our website.

此外，我們第四季度收益新聞稿的全文和今天電話會議附帶的幻燈片簡報已發佈在我們網站的投資者關係部分。

At the conclusion of this call, our historical excel model will be posted on the site as well. I'd like to remind you the following information regarding forward-looking statements. Our comments and answers to your questions on this call as well as the accompanying slide deck may include statements that are forward-looking and that they pertain to future results or outcomes. Actual future results or occurrences may differ materially from these forward-looking statements. Please refer to our SEC filings for a more detailed discussion of some of the factors that could affect our future results and outcomes.

在本次電話會議結束時，我們的歷史 Excel 模型也將發佈在網站上。我想提醒您以下有關前瞻性陳述的資訊。我們對您在本次電話會議上提出的問題的評論和回答以及隨附的幻燈片可能包括前瞻性的陳述，並且它們與未來的結果或成果有關。未來的實際結果或事件可能與這些前瞻性陳述有重大差異。請參閱我們向 SEC 提交的文件，以更詳細地討論可能影響我們未來業績和結果的一些因素。

During today's call, references may be made to certain non-GAAP financial measures as defined by Regulation G of the Securities and Exchange Commission. Discussion of management's use of these measures and the definition of these measures as well as reconciliations to non-GAAP financial measures, including adjusted net income, adjusted EPS and adjusted EBITDA, as defined by our credit facility, are contained in this afternoon's press release. With that, let me now turn the call over to Mr. Rich Gelfond. Rich?

在今天的電話會議中，可能會提及美國證券交易委員會 G 條例所定義的某些非 GAAP 財務指標。今天下午的新聞稿中包含了對管理層對這些指標的使用和這些指標的定義的討論，以及與非公認會計原則財務指標的調節，包括調整後的淨利潤、調整後的每股收益和調整後的EBITDA（由我們的信貸安排定義）。現在，讓我將電話轉給 Rich Gelfond 先生。富有的？

Thanks, Heather, and good afternoon, everyone. We're pleased to share our results for the fourth quarter and full year 2019, an extremely successful year in which we drove growth while maintaining cost discipline and posted several new company records. Thanks to disciplined focus and execution, we delivered on the initial guidance we shared with you this time last year and turned in a strong financial performance. These results demonstrate the strength of the IMAX brand and unique value we create across the global entertainment ecosystem.

謝謝希瑟，大家下午好。我們很高興分享 2019 年第四季和全年的業績，這是非常成功的一年，我們在保持成本紀律的同時推動了成長，並創下了多項新的公司記錄。憑藉嚴格的專注和執行力，我們實現了去年這個時候與您分享的初步指導，並取得了強勁的財務業績。這些結果證明了 IMAX 品牌的實力以及我們在全球娛樂生態系統中創造的獨特價值。

On Slide 4, we have the highlights for the full year, some of which include record annual revenue of $396 million, up 6% year-over-year; record adjusted EBITDA of $149 million, up 12%; a 15% increase in adjusted earnings per share; 7% in global box office for an all-time record of $1.108 billion; and 9% growth in our commercial theater network as we continue to diversify our global brand footprint.

在幻燈片 4 上，我們看到了全年的亮點，其中包括創紀錄的年收入 3.96 億美元，比去年同期成長 6%；調整後 EBITDA 創紀錄地達到 1.49 億美元，成長 12%；調整後每股收益增加 15%；全球票房成長 7%，創下 11.08 億美元的歷史紀錄；隨著我們繼續實現全球品牌足跡多元化，我們的商業劇院網路成長了 9%。

As we look ahead, we're focused on building on our strong position in several key ways: strengthening and diversifying our content portfolio; two, growing and diversifying our global theater network; three, evolving our technology to provide the best possible experience to audiences and the best possible tools to creators; and four, capitalizing on strong demand for the IMAX experience in new ways.

展望未來，我們將專注於在幾個關鍵方面鞏固我們的強勢地位：加強我們的內容組合併使其多樣化；第二，發展我們的全球劇院網絡並使其多樣化；第三，不斷發展我們的技術，為觀眾提供盡可能最好的體驗，為創作者提供盡可能最好的工具；第四，以新的方式利用對 IMAX 體驗的強勁需求。

Of course, we've clearly faced headwinds in China early this year due to the coronavirus. First, I want to say that our thoughts and prayers are with all those impacted by the outbreak in China and around the world. We continue to monitor the safety of our employees in China closely and are grateful that all are accounted for and healthy.

當然，今年年初，由於冠狀病毒的影響，我們在中國顯然遇到了阻力。首先，我想說，我們的思念和祈禱與中國和世界各地所有受疫情影響的人同在。我們將繼續密切監控中國員工的安全，並感謝所有員工都已妥善安置且身體健康。

In terms of the impact on our business, let me give you a brief update on what we know and provide some context. At this time, all theaters in the country remain closed. We support the decision of the government to do all they can to contain the virus.

就對我們業務的影響而言，讓我向您簡要介紹我們所了解的情況並提供一些背景資訊。目前，全國所有劇院均保持關閉。我們支持政府盡一切努力遏制病毒的決定。

On Slide 5, you could see that prior to the coronavirus-related closures, the IMAX China business was performing well and had strong momentum following a very successful 2019.

在幻燈片 5 上，您可以看到，在冠狀病毒相關的關閉之前，IMAX 中國業務表現良好，並且在 2019 年非常成功之後勢頭強勁。

At the close of 2019, our commercial theater network in China stood at 702 locations, up 13% year-over-year. Our 2019 Greater China box office of $366 million was at an all-time high and grew by 9% year-over-year or 14% in constant currency, significantly outpacing the market growth of 5%, and 9 of the top 10 titles in China had an IMAX release in 2019, demonstrating our continued high hit rate, which is being driven by our flexible programming strategy.

截至2019年末，我們在中國的商業劇院網路共有702家，較去年同期成長13%。2019 年大中華區票房達3.66 億美元，創歷史新高，年增9%，以固定匯率計算成長14%，顯著高於市場5% 的增速，且在2019 年大中華區票房前10 部影片中佔據9 部。

Overall, we're encouraged by the long-term performance and trajectory of our business in China. And while the coronavirus is a serious short-term challenge, we see it as a rare, out-of-the-ordinary event that will ultimately pass. We are confident the business will rebound and resume delivering attractive growth and strong performance once conditions in China normalize.

整體而言，我們對中國業務的長期業績和發展軌跡感到鼓舞。雖然冠狀病毒是一個嚴峻的短期挑戰，但我們認為這是一個罕見的、不尋常的事件，最終會過去。我們相信，一旦中國情況正常化，該業務將反彈並恢復有吸引力的成長和強勁的業績。

While every situation is unique, we believe that consumers will be eager to get out of their homes and return to shopping malls and cinema complexes for out-of-home entertainment, driving a rebound in box office which is what occurred in Hong Kong post the SARS outbreak in 2003. Furthermore, at this time, we continue to expect that 4 of the postponed titles from our Chinese New Year slate will arrive in theaters sometime this year. While there are no guarantees, we expect that these releases will ultimately be rescheduled for multiple dates, giving them more room to breathe rather than competing head to head as they would have during the new year period.

雖然每種情況都是獨一無二的，但我們相信消費者將渴望走出家門，回到購物中心和電影院進行戶外娛樂，從而推動票房反彈，就像香港在疫情過後的情況一樣。此外，目前，我們仍然預計農曆新年片單中推遲上映的 4 部影片將在今年某個時候上映。雖然不能保證，但我們預計這些發布最終將被重新安排在多個日期，從而給它們更多的喘息空間，而不是像新年期間那樣進行正面競爭。

As a result, we believe they will be well positioned to capitalize on the strong audience demand we saw in presales and buzz heading into Chinese New Year.

因此，我們相信他們將能夠充分利用我們在預售和農曆新年到來之際看到的強勁觀眾需求。

Among those films is Detective Chinatown 3, one of the first Chinese local language releases to be filmed with IMAX cameras.

其中包括《唐人街探案 3》，它是第一批使用 IMAX 攝影機拍攝的中文本土語言影片之一。

Moving to 2020 more broadly. As we look at the 2020 slate, we are encouraged by our pipeline for a number of reasons. First, many key titles feature IMAX technology, which serve as a key differentiator. We made a strategic effort to inject more IMAX DNA into our slate, working with leading filmmakers to utilize our technology to bring the biggest blockbusters to life.

更廣泛地進入 2020 年。當我們回顧 2020 年的名單時，我們對我們的管道感到鼓舞，原因有很多。首先，許多主要影片都採用 IMAX 技術，這是一個關鍵的差異化因素。我們做出了策略性的努力，將更多 IMAX DNA 注入到我們的電影中，與領先的電影製作人合作，利用我們的技術將最大的大片變為現實。

As we said, historically, when filmmakers use our cameras, we tend to capture a greater share of box office. In 2020, we will set a new record for releases that are filmed in IMAX with at least 5 of the year's biggest films, including No Time To Die, the newest installment in the James Bond franchise, which will be released a few days early in our theaters, Wonder Woman 1984, Chris Nolan's latest sci-fi epic, Tenet, Paramount's Top Gun: Maverick and Detective Chinatown 3, which again, at this time, we anticipate will be released later this year. Top Gun will be certified as filmed in IMAX under a new strategic initiative through which we certify top of the line digital cameras to shoot in IMAX when paired with our proprietary post-production technology.

正如我們所說，從歷史上看，當電影製片人使用我們的相機時，我們往往會獲得更大的票房份額。2020 年，我們將創下至少 5 部年度大片在 IMAX 上拍攝的發行量新紀錄，其中包括詹姆斯龐德系列的最新作品《007：無暇赴死》，該片將於 2020 年提前幾天上映。我們的戲院包括《神力女超人1984》、克里斯諾蘭最新的科幻史詩《信條》、派拉蒙的《壯志凌雲：特立獨行》和《唐人街探案3》，我們預計該片將在今年晚些時候上映。根據一項新的策略計劃，《壯志凌雲》將獲得 IMAX 拍攝認證，透過該計劃，我們將認證頂級數位攝影機與我們專有的後製技術相結合，可在 IMAX 中拍攝。

Second, the 2020 pipeline looks to be broad and balanced across the board, full of films throughout the year that hold strong appeal with our audience. From Marvel's Black Window and Eternals to Fast 9, which has already begun advanced ticket sale for its May debut, to the sequel to the smash hit Venom to the highly anticipated adaptation of the sci-fi classic Doom.

其次，2020 年的上映影片看起來廣泛且均衡，全年都有對觀眾具有強大吸引力的電影。從漫威的《黑窗》和《永恆族》，到已經開始預售5 月首映門票的《玩命關頭9》，再到紅極一時的《猛毒》續集，再到備受期待的科幻經典《毀滅戰士》改編版。

We continue to drive global diversification of our content portfolio, an effort that has been very successful and is evident for our results in 2019. It's important to remember, IMAX is a global brand as you can see on Slide 7. In fact, our percentage of box office derived outside of North America reached 67% in 2019, up from 65% in 2018.

我們持續推動內容組合的全球多元化，這項努力非常成功，我們 2019 年的表現也顯而易見。重要的是要記住，IMAX 是一個全球品牌，正如您在幻燈片7 中看到的那樣。 。

On Slide 8, you can see that for the first time in 2019, our Greater China and rest of world markets outgrossed our domestic business. We set new yearly records in 2019 for local language box office, China box office and international box office outside of China.

在投影片 8 上，您可以看到，2019 年，我們的大中華區和世界其他市場的業務首次超過了我們的國內業務。2019年，我們創下了本地語言票房、中國票房和中國境外國際票房的新年度記錄。

In fact, we set new IMAX box office records in 27 countries worldwide. It is clear that our efforts to grow our network and capture the opportunity in international markets is bearing fruit. Furthermore, we're leveraging our brand, technology and relationships across the industry to bring new types of content and experiences to our screens. With the proliferation of streaming platforms and content, we're seeing that streaming services are looking to eventize their content with an out-of-home experience in an effort to break through the clutter. Partnering with streamers would also create a new content pipeline for IMAX and an opportunity to offer exclusive programming and drive utilization of the network. This continued diversification of content and global box office would help open new opportunities for us as we grow our theater network. We also continue to see a very strong reception from exhibitors and audiences around our state-of-the-art IMAX with Laser technology.

事實上，我們在全球 27 個國家創造了新的 IMAX 票房紀錄。顯然，我們發展網絡和抓住國際市場機會的努力正在取得成果。此外，我們正在利用我們的品牌、技術和整個行業的關係，為我們的螢幕帶來新類型的內容和體驗。隨著串流媒體平台和內容的激增，我們看到串流媒體服務正在尋求透過戶外體驗來活動其內容，以努力打破混亂。與串流媒體合作還將為 IMAX 創建新的內容管道，並提供提供獨家節目和提高網路利用率的機會。隨著我們戲院網路的發展，內容和全球票房的持續多元化將有助於為我們帶來新的機會。我們也繼續看到放映商和觀眾對我們採用雷射技術的最先進 IMAX 的強烈反響。

We installed nearly 100 laser systems for the full year, including a record number of system installations in the fourth quarter. We also have signed up clients in key strategic markets like India, Japan, China, Saudi Arabia and Indonesia.

我們全年安裝了近 100 套雷射系統，其中第四季度的系統安裝數量創歷史新高。我們也在印度、日本、中國、沙烏地阿拉伯和印尼等關鍵策略市場簽約了客戶。

Overall, we now have 1,529 commercial theaters worldwide. And while in that -- while that footprint gives us unique global scale, we still see significant room for growth.

總體而言，我們現在在全球擁有 1,529 家商業影院。儘管這一足跡為我們帶來了獨特的全球規模，但我們仍然看到了巨大的成長空間。

Turning to Slide 9. We recently updated the total addressable market for our network, an exercise to determine the growth potential for IMAX, territory by territory over a period of about 3 to 5 years in the future.

轉向幻燈片 9。

We do this analysis regularly as global markets evolve and grow, creating new opportunities for the company. The analysis use a set of key metrics including addressable audience, theatrical box office and content mix across territories. Including open-end backlog for new locations, our network stood at 1,963 theaters at year-end.

隨著全球市場的發展和成長，我們定期進行此類分析，為公司創造新的機會。該分析使用了一組關鍵指標，包括目標觀眾、戲院票房和跨地區的內容組合。包括新地點的開放式積壓，我們的網路截至年底共有 1,963 家影院。

However, through our analysis, we now believe our network has the potential to grow to more than 3,300 locations worldwide. This year, we plan to aggressively target high-growth emerging markets where we're most underpenetrated such as Japan, the Middle East, Southeast Asia and South America.

然而，透過我們的分析，我們現在相信我們的網路有潛力發展到全球 3,300 多個地點。今年，我們計劃積極瞄準日本、中東、東南亞和南美等我們滲透率最低的高成長新興市場。

We already have solid momentum in that effort, having recently signed an expansion of our relationship with Cinépolis, a key partner in emerging markets, that will see us expand our presence in markets, including Dubai and Peru.

我們在這方面已經擁有了堅實的動力，最近與新興市場的主要合作夥伴 Cinépolis 簽署了擴大合作關係的協議，這將使我們擴大在迪拜和秘魯等市場的影響力。

Importantly, building out our international footprint will put IMAX in an excellent position to capitalize on the highly anticipated content pipeline for 2021 as seen on Slide 10.

重要的是，擴大我們的國際影響力將使 IMAX 處於有利地位，能夠充分利用 2021 年備受期待的內容管道，如幻燈片 10 所示。

Major Hollywood films scheduled to be released in 2021 include 4 Marvel titles, including the latest installments of Spider-Man and Thor, the highly anticipated new Batman film, new entries from global blockbuster franchises, including Fast & Furious 10, Mission Impossible and Jurassic World, and of course, James Cameron's Avatar 2, the sequel to the highest grossing IMAX film of all time. We believe that the vast majority of the projected top 10 releases for 2021 have the potential to top $1 billion in global box office.

計畫於2021 年上映的主要好萊塢電影包括4 部漫威電影，包括最新版《蜘蛛人》和《雷神索爾》、備受期待的新蝙蝠俠電影、全球大片系列的新作品，包括《玩命關頭10 》、《不可能的任務》和《侏羅紀世界》當然，還有詹姆斯卡麥隆的《阿凡達 2》，這是有史以​​來票房最高的 IMAX 電影。我們相信，預計 2021 年排名前 10 名的影片中的絕大多數都有可能突破 10 億美元的全球票房。

Beyond the box office, we continue to create opportunities to expand our ecosystem and add new high-quality revenue streams.

除了票房之外，我們還繼續創造機會來擴展我們的生態系統並增加新的高品質收入來源。

Moving to Slide 12. We continue to grow our IMAX enhanced initiative through which we will partner with streaming platforms, studios and high-end device manufacturers to bring IMAX content into the home. The offering is now available on nascent streaming platforms in the U.S., Europe, China and Japan. We have premium partners across major in-home device categories from TVs to speakers to receivers, enabling consumers to create a complete home theater experience through IMAX.

轉到投影片 12。我們將繼續發展 IMAX 增強計劃，透過該計劃，我們將與串流媒體平台、工作室和高端設備製造商合作，將 IMAX 內容帶入家庭。該產品現已在美國、歐洲、中國和日本的新興串流媒體平台上提供。我們在從電視到揚聲器到接收器的主要家用設備類別中擁有優質合作夥伴，使消費者能夠透過 IMAX 創建完整的家庭劇院體驗。

Overall, IMAX Enhanced, today is available in 14 countries globally across 3 million devices, and our content portfolio continues to grow. For instance, last year, our release of Spider-Man: Far From Home on IMAX Enhanced, made it the first Marvel title ever to be available in IMAX exclusive expanded aspect ratio for the home.

總體而言，IMAX Enhanced 目前已在全球 14 個國家的 300 萬台裝置上推出，而且我們的內容組合仍在持續成長。例如，去年，我們在 IMAX 增強版上發行了《蜘蛛人：返校日》，使其成為第一部以 IMAX 獨家擴展寬高比為家庭提供的漫威電影。

As we capitalize on the in-home opportunities created by SVOD, we're also looking to capitalize on the out-of-home opportunity created by skyrocketing experience economy. IMAX is among the broadest out-of-home distribution platforms in the world. We believe this is an attractive opportunity as consumers led by millennials, increasingly value and choose to spend on out-of-home experiences over material goods.

在我們利用 SVOD 創造的家庭機會的同時，我們也希望利用快速發展的體驗經濟創造的戶外機會。IMAX 是世界上最廣泛的戶外發行平台之一。我們相信，這是一個有吸引力的機會，因為以千禧世代為首的消費者越來越重視並選擇在戶外體驗而非物質產品上花錢。

Market researcher firm, Euromonitor, estimates the experience economy will grow to $8 trillion by 2030. We are increasingly using our platform, which boasts more than 0.5 million seats across 81 countries and territories worldwide to explore unique experiences from esports to exclusive music events and beyond that leverage our scale, technology as well as the strength of our brand, our relationship with creators.

市場研究公司 Euromonitor 預計，到 2030 年，體驗經濟將成長至 8 兆美元。我們越來越多地使用我們的平台，在全球81 個國家和地區擁有超過50 萬個座位，探索從電子競技到獨家音樂活動的獨特體驗，除此之外，還利用我們的規模、科技以及我們品牌的實力、我們與創作者。

In conclusion, IMAX delivered very strong results in 2019 and our continued ability to deliver is a result of the unique privileged position we built in the ecosystem. Consumers seek out the IMAX experience for immersive blockbuster experiences. Studios value IMAX as a mark of a must-see film and a powerful partner in marketing and driving box office for their biggest releases. The world's best filmmakers and now creators more broadly are increasingly using our end-to-end technology to bring their creativity to life.

總之，IMAX 在 2019 年取得了非常強勁的業績，而我們持續取得業績的能力得益於我們在生態系統中建立的獨特特權地位。消費者尋求 IMAX 體驗以獲得身臨其境的大片體驗。電影公司將 IMAX 視為必看電影的標誌，也是其大型影片行銷和推動票房的強大合作夥伴。世界上最好的電影製作人和現在更廣泛的創作者越來越多地使用我們的端到端技術將他們的創造力變為現實。

Exhibitors rely on our theaters to provide a premium experience that drives ticket pricing, volume and differentiation. And finally, streaming services offer strong new opportunities for us to bring new event content to our theaters and bring the IMAX experience to home entertainment. With the global scale of our network, we believe that we are well positioned to capitalize at the change at hand in the entertainment industry. And we're confident in our ability over the long-term to continue to drive our overall financial performance.

參展商依靠我們的影院提供優質體驗，從而推動門票定價、銷售和差異化。最後，串流媒體服務為我們提供了強大的新機會，將新的活動內容帶到我們的影院，並將 IMAX 體驗帶入家庭娛樂。憑藉我們的全球網路規模，我們相信我們有能力利用娛樂產業的當前變化。我們對長期持續推動整體財務表現的能力充滿信心。

With that, I'll turn the call over to Patrick.

這樣，我就把電話轉給派崔克。

Thanks, Rich, and good afternoon, everyone. On the same call a year ago, I discussed 3 things that matter in assessing the quality of any business, growth, margins and returns. During 2019, IMAX continues to produce improving results across each of these metrics.

謝謝里奇，大家下午好。在一年前的同一個電話會議上，我討論了評估任何業務品質時最重要的三件事：成長、利潤率和回報。2019 年，IMAX 在各項指標上持續進步。

Let's start with growth. 2019 built off the progress we achieved in 2018. Total revenue increased 6% and box office increased by 7%, delivering on the initial guidance we provided early last year.

讓我們從成長開始。2019 年是我們在 2018 年取得進展的基礎上進行的。總收入成長 6%，票房成長 7%，實現了我們去年初提供的初步指引。

Next, margin. As many of you know, our adjusted EBITDA margin previously peaked in 2015 at 40.5%. More recently, we've delivered adjusted EBITDA margin expansion in 2017 and again in 2018. For 2019, we guided to adjusted EBITDA margins in line with 2015. And in fact, we surpassed that level at a new peak of 41.7%.

接下來，保證金。眾所周知，我們的調整後 EBITDA 利潤率曾在 2015 年達到高峰 40.5%。最近，我們在 2017 年和 2018 年實現了調整後的 EBITDA 利潤率擴張。2019 年，我們調整後的 EBITDA 利潤率與 2015 年保持一致。事實上，我們已經超越了這一水平，達到了 41.7% 的新峰值。

Finally, returns. We like to look at returns before the impact of the minority interest for the public shareholders in the China business. This allows us to assess the returns of the whole enterprise we are managing regardless of ownership structure. Once again, 2018 was the inflection point for our return profile as the top line grew, margins expanded and we controlled expenses. We continued our disciplined approach to capital allocation in 2019 as evidenced by our consolidated ROIC of 10.3%, in line with our guidance.

最後，返回。我們希望在考慮中國業務中公眾股東少數股東權益影響之前的回報。這使我們能夠評估我們所管理的整個企業的回報，無論所有權結構如何。2018 年再次成為我們回報狀況的轉捩點，因為收入成長、利潤率擴大並且我們控制了開支。2019 年，我們繼續採取嚴格的資本配置方法，綜合投資報酬率為 10.3%，符合我們的指導方針。

Overall, notwithstanding the current situation in China, our long-term growth, margin and return metrics are solidly on positive trend lines.

總體而言，儘管中國目前的情況如此，我們的長期成長、利潤率和回報指標仍處於積極的趨勢線上。

Turning to our financial results. Total revenue in the fourth quarter was $124 million, up 14% versus last year, resulting in $396 million for the year, an increase of 6%.

轉向我們的財務表現。第四季總營收為 1.24 億美元，比去年成長 14%，全年營收為 3.96 億美元，成長 6%。

Moving to our main business segments. For 2019, we saw the network business deliver a 4% increase in gross profit off of a 7% increase in revenue. Gross margin pressure was generally due to the increased contractual marketing expenses incurred during the second quarter. Our theater business delivered gross profit that was up slightly versus 2018. It's important to note that the first quarter of 2018 had unusually high installation margin, and 2019 reflects the early phase cost profile of our new laser product.

轉向我們的主要業務部門。2019 年，我們看到網路業務的毛利成長了 4%，營收成長了 7%。毛利率壓力主要是由於第二季合約行銷費用增加。我們的戲院業務毛利較 2018 年略有成長。值得注意的是，2018 年第一季的安裝利潤率異常高，2019 年反映了我們新雷射產品的早期成本狀況。

Importantly, we saw a sequential gross margin improvement in our STL theater system installs as the year progressed, ending with a fourth quarter margin of 53%, and our total theater business margin of 51.2% was up 410 basis points year-over-year.

重要的是，隨著時間的推移，我們看到 STL 影院系統安裝的毛利率連續改善，第四季度利潤率為 53%，影院業務總利潤率為 51.2%，同比增長 410 個基點。

Moving on to operating expenses, which we define as SG&A plus R&D, less stock compensation, were $108 million for the year, down 3% versus last year, which was better than our guidance, which called for flat OpEx.

接下來是營運支出，我們將其定義為 SG&A 加上研發，減去股票薪酬，全年為 1.08 億美元，比去年下降 3%，這比我們要求營運支出持平的指導要好。

In fact, 2019 marks the fourth consecutive year of OpEx in this range and the lowest level since 2015, which is particularly impressive when you consider that our commercial network has increased more than 60% over that same period. Please note that the sequential spike in SG&A from the third quarter of 2019 to Q4 was primarily due to the timing of marketing expenses that shifted later in the year as well as some executive transition costs.

事實上，2019 年是營運支出連續第四年處於這一範圍內，也是自 2015 年以來的最低水平，考慮到我們的商業網絡同期增長了 60% 以上，這一點尤其令人印象深刻。請注意，從 2019 年第三季到第四季度，SG&A 連續激增主要是由於行銷費用的時間安排在今年稍後發生了變化，以及一些高階主管過渡成本。

Net income for the quarter was $18.2 million or $0.29 per share, while adjusted net income was $21.5 million or $0.35 per share versus $0.26 last year for an increase of 35%. For the year, net income was $46.9 million or $0.76 per share, while adjusted net income was $64.8 million or $1.05 per share, up 15% versus last year.

本季淨利為 1,820 萬美元，即每股 0.29 美元，調整後淨利為 2,150 萬美元，即每股 0.35 美元，而去年同期淨利為 0.26 美元，成長 35%。今年淨利潤為 4,690 萬美元，即每股 0.76 美元，調整後淨利潤為 6,480 萬美元，即每股 1.05 美元，比去年增長 15%。

Adjusted EBITDA for the quarter was $47 million, up 29% versus last year, producing adjusted EBITDA margins of 41.7%, up 440 basis points versus last year. This resulted in full year 2019 adjusted EBITDA of $149 million, up 12% year-over-year and adjusted EBITDA margins of 41.7%, as I previously mentioned.

該季度調整後 EBITDA 為 4,700 萬美元，比去年增長 29%，調整後 EBITDA 利潤率為 41.7%，比去年增長 440 個基點。正如我之前提到的，2019 年全年調整後 EBITDA 為 1.49 億美元，年增 12%，調整後 EBITDA 利潤率為 41.7%。

As Rich mentioned on Slide 8, you can see the benefit of global diversification. Last year, large year-over-year gains in rest of the world and Greater China drove our 7% increase in gross box office.

正如 Rich 在幻燈片 8 中提到的那樣，您可以看到全球多元化的好處。去年，世界其他地區和大中華區的同比大幅增長推動我們的總票房增長了 7%。

Turning to our theater signings activity. Our sales team delivered 143 total signings for the full year, of which 104 were for new theaters. We installed 58 new IMAX systems in the fourth quarter and 98 -- 95 systems overall. For the year, we installed 186 systems, of which 129 were for new systems and 57 were for upgrades. It's worth noting -- it's worth highlighting that our rest of world network grew by 9% year-over-year, and with 417 commercial multiplexes in operation, is now larger than our domestic network.

轉向我們的劇場簽名活動。我們的銷售團隊全年共完成 143 筆簽約，其中 104 筆來自新影院。我們在第四季安裝了 58 個新 IMAX 系統，總共安裝了 98 - 95 個系統。今年，我們安裝了 186 套系統，其中 129 套為新系統，57 套為升級系統。值得注意的是，我們在世界其他地區的網路同比增長了 9%，並且經營著 417 個商業影院，目前比我們的國內網路還要大。

Our backlog has also shifted to 60% sale in hybrid, up from 52% last year as we continue to identify the most appropriate business model to deploy around the world on a theater-by-theater basis. We ended 2019, having generated $24 million of free cash flow, calculated as net cash from operating activities, less cash used in investing activities. As a reminder, in 2019, we spent approximately $22 million on share repurchases primarily of our IMAX China stock. As a result, our ownership of IMAX China is now 69.7% compared to 68.2% a year ago.

我們的積壓訂單也從去年的 52% 增加到 60%，因為我們繼續尋找最合適的商業模式，在全球各個劇院進行部署。2019 年底，我們產生了 2,400 萬美元的自由現金流，以經營活動產生的淨現金減去投資活動中使用的現金計算。需要提醒的是，2019 年，我們花了約 2,200 萬美元用於股票回購，主要是 IMAX 中國股票。因此，我們對 IMAX China 的持股比例目前為 69.7%，而一年前為 68.2%。

We also strategically invested in Maoyan, a leading movie ticket platform in China. And 2019 capital expenditures were $74.3 million, down from $80.1 million in 2018, our lowest level in 6 years.

我們也策略性投資了中國領先的電影票務平台貓眼。2019 年資本支出為 7,430 萬美元，低於 2018 年的 8,010 萬美元，為 6 年來的最低水準。

Looking ahead to 2020. Obviously, the situation in China makes it difficult to provide a box office outlook. What we can say is that outside of China, our quarter-to-date box office results are generally in line with our internal plans. While the near-term impact to IMAX is material, partially offsetting the impact is our network growth and positive trends in the rest of the world.

展望2020年。顯然，中國的情況使得很難提供票房前景。我們可以說的是，在中國以外的地區，我們的季度迄今票房結果總體上符合我們的內部計劃。雖然近期對 IMAX 的影響很大，但我們的網路成長和世界其他地區的正面趨勢部分抵消了影響。

Regarding installations, once again, given the situation in China, it is difficult to provide a projected range. That said, we are pleased with our momentum in new and emerging markets and expect our network outside of Greater China to grow by mid to high single digits, which is a slightly higher growth rate than 2019.

關於安裝量，考慮到中國的情況，很難提供預期的範圍。儘管如此，我們對新興市場的勢頭感到滿意，並預計我們在大中華區以外的網路將以中高個位數成長，這比 2019 年的成長率略高。

For the first quarter specifically, we expect a total of 10 installations broken down as follows: 5 new installations, presale and 2 JV, and 5 JV upgrades to IMAX with Laser.

具體來說，對於第一季度，我們預計總共有 10 個安裝項目，細分如下：5 個新安裝項目、預售項目和 2 個合資項目，以及 5 個升級到 IMAX with Laser 的合資項目。

Of the total 10 total installations, 5 are already complete. SG&A related stock-based compensation is expected to be around $22 million for the year. We also anticipate our full year effective tax rate to be approximately in line with 2019.

在總共 10 項安裝中，其中 5 項已經完成。今年與 SG&A 相關的股票薪酬預計約為 2,200 萬美元。我們也預計全年有效稅率與 2019 年大致一致。

To close, we are pleased with the positive momentum we have witnessed over the past couple of years. Our strategy and execution in 2019 position us to capitalize on the IMAX-centric 2020 slate, in what looks to be an extraordinary content play in 2021. With that, I'll turn the call over to Rich for his concluding thoughts before we open up the call to Q&A.

最後，我們對過去幾年所看到的正面動力感到高興。我們 2019 年的策略和執行使我們能夠利用以 IMAX 為中心的 2020 年計劃，在 2021 年看起來將是一場非凡的內容演出。這樣，在我們開始問答之前，我會將電話轉給 Rich，以徵求他的結論性想法。

No, let's just open up to questions.

不，我們只是提出問題。

(Operator Instructions) We'll take our first question today from Eric Handler, MKM Partners.

（操作員說明）今天我們將回答 MKM Partners 的 Eric Handler 提出的第一個問題。

Rich, 2 questions for you. First, it's great to see you guys updating your addressable market. You said it was 3 to 5 years out. So I'm just curious, what was the prior baseline that we're using for North America, China and the rest of the world just so we're competitive. I believe your prior guidance was for 10 years. So like I said, this is 3 to 5 years?

里奇，問你2個問題。首先，很高興看到你們更新你們的目標市場。你說的是3到5年後。所以我很好奇，我們之前為北美、中國和世界其他地區使用的基線是什麼，這樣我們才有競爭力。我相信你之前的指導已經有10年了。就像我說的，這是3到5年？

No, no, no. It's always 3 to 5 years. Eric, the reason is, because the economies change, the -- so it's the same basis as the last one was prepared. While you ask your second question, is that the number?

不，不，不。總是3到5年。艾瑞克，原因是，因為經濟發生了變化，所以它與上一個準備的基礎相同。當你問第二個問題時，這是數字嗎？

It was a about 2,850.

大約是 2,850。

It's about 2,850, perfect. Great. And then secondly, with IMAX Enhanced, obviously, you have some interesting data points to share here. Is there -- have we reached some inflection point with this new business that maybe we start seeing revenue ramping a little bit more aggressively in the coming quarters? Or is this still a very nascent, don't put a lot in there in that line item business?

約2,850，完美。偉大的。其次，對於 IMAX Enhanced，顯然您有一些有趣的數據點可以在這裡分享。我們是否已經在這項新業務上達到了某個轉折點，也許我們開始看到未來幾季的收入會更積極成長？或者這仍然是一個非常新生的業務，不要在該訂單項業務中投入很多？

I would say, after this year, it's still a nascent, don't put a lot in there line item basis. But we've been making some strategic progress. And again, if we follow through on these things, we'll let you know. But I think, we are close to a tipping point where it could be a business that contributes in the years going forward but not this year.

我想說，今年之後，它仍然處於新生階段，不要在訂單項基礎上投入太多。但我們一直在取得一些戰略進展。再說一次，如果我們跟進這些事情，我們會通知您。但我認為，我們已經接近一個轉折點，該業務可能會在未來幾年做出貢獻，但今年不會。

Next up is Alexia Quadrani, JPMorgan.

接下來是摩根大通的 Alexia Quadrani。

Just first on the coronavirus. Has it impacted, do you think, the movie going sort of behavior or experience or just traffic in general in Asia ex China, sort of looking at your other markets outside of China within Asia? And then as sort of a second question, sort of staying on this topic. I guess how should we think about the piracy risk or maybe more minimal interest in going to a Hollywood film that has a delayed release in China sort of later in the year well after it was already released here in the U.S.?

首先是冠狀病毒。您認為，這是否影響了電影在亞洲（中國除外）的行為、體驗或整體流量，看看您在亞洲以外的中國以外的其他市場？然後作為第二個問題，繼續討論這個主題。我想我們應該如何考慮盜版風險，或者對於一部在美國上映後又推遲到今年晚些時候在中國上映的好萊塢電影的興趣？

So your first question, Alexia. We haven't really seen an impact outside of China. And in fact, as we said in our scripted comments, the rest of the world and the domestic market separately are very close to what our budget was at the beginning of the year. So there hasn't been really a noticeable impact. The second thing would be the piracy risk. It's hard to gauge. As we looked at after SARS happened in Hong Kong, the first half of the year was extremely weak, but the second half of the year was really very strong, and that's really the only measurement we have to go by. I think you are -- your point is well taken. That impacts some films clearly won't be able to be day and date because they're not being released right now.

所以你的第一個問題，亞歷克西亞。我們還沒有真正看到中國以外的影響。事實上，正如我們在腳本評論中所說，世界其他地區和國內市場分別非常接近我們年初的預算。所以並沒有真正產生明顯的影響。第二件事是盜版風險。很難衡量。正如我們在香港發生非典之後所看到的那樣，上半年非常疲軟，但下半年確實非常強勁，這確實是我們必須遵循的唯一衡量標準。我認為你的觀點得到了很好的理解。這會影響到一些電影顯然無法上映，因為它們現在還沒有上映。

But I think you're condensing a year's worth of movies into however many months it is that it's open. So I think you'll have a lot more Hollywood movies in a shorter period than it would have been but for this. So when you blend it all out, it may affect some movies. But I would expect there would probably be shorter play times, because there are so many more movies out there in that period of time, but it's premature to quantify it.

但我認為你把一年的電影壓縮到了上映的幾個月。所以我認為在更短的時間內你會看到比沒有這部電影更多的好萊塢電影。所以當你把它們全部混合起來時，可能會影響一些電影。但我預計播放時間可能會更短，因為在那段時間裡有更多的電影，但現在量化它還為時過早。

Our next question will come from Eric Wold, B. Riley.

我們的下一個問題將來自 Eric Wold、B. Riley。

Two questions, if I may. I guess first off, Rich, on the increase in TAM from 2,850 to 3,300 plus, maybe kind of dive into that a little bit deeper and kind of maybe talk to where those markets or screen opportunities came from. When you're in small markets that clearly couldn't support a screen, but now it can because of reduced cost of entry, with a market now developing in terms of overall movie going demand, maybe where that demand came from?

如果可以的話，有兩個問題。Rich，我想首先，關於 TAM 從 2,850 增加到 3,300 以上，也許可以更深入地研究一下，並談談這些市場或螢幕機會的來源。當你身處的小市場顯然無法支援螢幕，但現在由於進入成本降低而可以支援螢幕時，而且市場現在在整體電影播放需求方面正在發展，也許這種需求來自哪裡？

Yes, I think the main markets, Eric, are the Middle East and specifically Saudi, which obviously didn't exist before last year as a market, Southeast Asia, India, Japan, maybe a little bit South America. Again, just to remind you of the methodology, we do a bottoms-up approach every couple of years, and it's done in combination with our field managers as well as our central sales staff, and we look at what's happened to the number of theaters in that country, the addressable market, ticket prices. We zone it out, things like that, but that's kind of our best guess.

是的，艾瑞克，我認為主要市場是中東，特別是沙烏地阿拉伯，在去年之前，這個市場顯然不存在，還有東南亞、印度、日本，也許還有一點南美洲。再次提醒您，我們每隔幾年就會採用一種自下而上的方法，這是與我們的現場經理以及中央銷售人員一起完成的，我們會研究影院數量的變化在那個國家，潛在市場，票價。我們把它排除在外，諸如此類，但這是我們最好的猜測。

Okay. And then Patrick, on the -- when you think about China and kind of delayed release of the titles in that market, I guess, both for China-only local language titles as well as maybe Hollywood ones being released in that market, how is the timing or delayed releases or even cancellations, so to speak, if there are, impact DMR cost recognition?

好的。然後派崔克，當你想到中國以及該市場上的影片發行延遲時，我想，無論是僅在中國發行的本地語言影片，還是在該市場發行的好萊塢影片，情況如何？發布甚至取消（如果有的話）會影響DMR 成本確認嗎？

Well, for the local language titles, we've done the work for the Hollywood titles. And so we've already had those expenditures, but we won't actually amortize that until they get released. And so we just push it out until deeper into the year, once those get scheduled. And for Hollywood, it will be -- Hollywood titles that we're releasing around the world, we'll continue to amortize those as they're released. But we'll push some of the amortization deeper into the year, once they get released in China.

嗯，對於本地語言影片，我們已經完成了好萊塢影片的工作。因此，我們已經有了這些支出，但在它們發布之前我們實際上不會攤銷。因此，一旦這些安排完成，我們就把它推遲到今年晚些時候。對於好萊塢來說，我們將在世界各地發行好萊塢電影，我們將在它們發行時繼續攤提這些電影。但一旦它們在中國發布，我們將把部分攤銷推遲到今年。

So I guess the question was, assuming it is cancelled, not released theatrically, these expenses, when do they eventually hit you?

所以我想問題是，假設它被取消，而不是在戲院上映，這些費用最終什麼時候會降臨在你身上？

Well, if something were truly canceled, and we haven't yet spent anything on the DMR, then it just -- it would come out of our numbers. If something gets canceled that we've already done the work on, than once it becomes canceled, we'd have to just run that through the P&L. But keep in mind that the way it works is, the DMR work is done here. China pays us for that. And so as those things unfold, there'd be an impact on the China P&L and a small impact on the core P&L as well.

好吧，如果某件事真的被取消了，而且我們還沒有在 DMR 上花任何錢，那麼它就會從我們的數字中得出。如果我們已經完成工作的某件事被取消，那麼一旦它被取消，我們就必須在損益表中處理。但請記住，它的工作方式是，DMR 工作是在這裡完成的。中國為此付錢給我們。因此，隨著這些事情的展開，將對中國損益表產生影響，並對核心損益表也產生輕微影響。

Up next, we'll hear from Vasily Karasyov, Cannonball Research.

接下來，我們將聽取 Cannonball Research 的 Vasily Karasyov 的演講。

A couple of questions. First, wanted to ask you to talk a little more about the drivers of the strength in international ex China box office in 2019, which was, in dollar terms, I think, is the largest driver of year-on-year increase? What you're seeing by territory in terms of PSAs because I think there was a concern that as you expand, PSAs will drop. And so wondering if you could give us some color on that? And the second question I'll ask right away. How -- is it different for you now to be dealing with 5 Hollywood studios, major Hollywood studios than with 6? Just curious how it changed your business, the acquisition of Fox by Disney?

有幾個問題。首先，想請您多談談2019年國際（中國除外）票房強勁的驅動因素，我認為，以美元計算，這是同比增長的最大驅動因素？您所看到的按地區劃分的 PSA 是因為我認為人們擔心隨著業務的擴展，PSA 會下降。所以想知道能否給我們一些解釋？我馬上問第二個問題。對您來說，現在與 5 家好萊塢製片廠（主要的好萊塢製片廠）打交道與與 6 家好萊塢製片廠打交道有何不同？只是好奇迪士尼收購福克斯如何改變了您的業務？

So your first question, International ex China. I think it's driven by a lot of theater growth in high-performance markets. So our Japan market will become much more penetrated, and we have extremely successful theaters there, and we're growing those fairly rapidly. The Middle East would be another area I would identify growing. India is another market that's been growing well. Europe. So I think the expansion of our network particularly in higher ticket price markets, Germany would be another one, has really driven that. The second part was your PSAs. I don't have that by region off hand. But I can tell you that last year worldwide IMAX' PSAs were up 2%.

所以你的第一個問題，國際（除中國）。我認為這是由高性能市場的大量劇院成長所推動的。因此，我們的日本市場將變得更加滲透，我們在那裡擁有非常成功的劇院，我們正在快速成長這些劇院。中東將是我認為成長的另一個地區。印度是另一個成長良好的市場。歐洲。因此，我認為我們網路的擴張，特別是在票價較高的市場（德國將是另一個市場）的擴張，確實推動了這一趨勢。第二部分是你的公益廣告。我手頭上沒有按地區劃分的資料。但我可以告訴你，去年全球 IMAX 的 PSA 上漲了 2%。

Right. And then the 6 versus 5 major studios?

正確的。然後是 6 對 5 個主要工作室？

We haven't really seen an impact at present. We have a wonderful relationship with Disney. And I would say, as Fox has gotten integrated, we've released a number of the Fox movies through Disney, and I don't really think there's been a change.

目前我們還沒有真正看到影響。我們與迪士尼有著良好的關係。我想說，隨著福斯的整合，我們透過迪士尼發行了一些福斯電影，我並不認為有什麼改變。

Up Next, we'll hear from Mike Hickey, The Benchmark Company.

接下來，我們將聽取 The Benchmark Company 的 Mike Hickey 的演講。

Congrats on the quarter, guys. It looks like the coronavirus is driving an impact on your stock. Just curious, your thoughts on your buyback moving forward? If you think you'd be more aggressive, if you'd be buying in the quarter? Any part of that would be helpful?

夥計們，恭喜這個季度。看來冠狀病毒正在對您的股票產生影響。只是好奇，您對未來的回購有何看法？如果您認為自己會更加激進，是否會在本季購買？其中任何部分會有幫助嗎？

We have a buyback authorization in place. We've said before that we'll be opportunistic and we will be. And that's about all I can say right now.

我們有回購授權。我們之前說過，我們會投機取巧，我們也會這樣做。這就是我現在能說的全部。

Okay. Good. Are you hearing anything, I guess, encouraging from China in terms of, when you think theaters can start opening up again, if it's going to be all at once? Or rollout? Or any positive signs coming from the region?

好的。好的。我想，當您認為劇院可以重新開放（如果會一次全部開放）時，您是否從中國聽到了任何令人鼓舞的消息？還是推出？或者該地區有任何積極跡象嗎？

I mean it's very hard to predict when the theaters will open up, because there are a lot of issues. It's not just the slowdown of the infection, but there's also getting infrastructure back and what government policies are. And certainly, we're not smart enough to predict that. There have been, over the last couple of days, some small positive signs such as number of cures has exceeded the number of new infections and things like that. And I think if you focus on some of the Tier 1 cities, clearly, it hasn't been close to as dull as it has been in Wuhan and the surrounding province.

我的意思是很難預測劇院何時開放，因為存在著許多問題。這不僅是感染速度的放緩，還有基礎設施的恢復以及政府政策的恢復。當然，我們還不夠聰明，無法預測這一點。在過去的幾天裡，出現了一些小小的正面跡象，例如治癒人數超過了新感染人數等。我認為，如果你關註一些一線城市，顯然，它並沒有像武漢和周邊省份那樣沉悶。

If the closures extend further, do you have concerns that you may see some of the slate migrate to streaming like we saw with Lost in Russia.

如果關閉時間進一步延長，您是否擔心您可能會看到一些節目遷移到串流媒體，就像我們在《俄羅斯迷失》中看到的那樣。

I'm sorry, it got garbled at the end.

抱歉，最後弄錯了。

Streaming, from the (inaudible) streaming.

串流媒體，來自（聽不清楚）串流媒體。

Not -- yes, I got it. Not really. I mean there was 1 film that went to streaming during Chinese New Year, but that was a unique situation where a particular service had a relationship with a director and the movie had some financial issues where it needed to recoup in a period of time, and that has not been very well received by the Chinese exhibition or studio community. So I don't think we'll see that.

不——是的，我明白了。並不真地。我的意思是，有一部電影在農曆新年期間上線，但這是一種獨特的情況，特定服務與導演有關係，並且該電影存在一些財務問題，需要在一段時間內收回成本，並且這並沒有受到中國展覽或工作室界的好評。所以我認為我們不會看到這一點。

(Operator Instructions) We'll go next to Jim Goss, Barrington Research.

（操作員指示）我們將前往 Barrington Research 的 Jim Goss。

You have a number of motivations in terms of various markets in which you can expand your franchise, that you've been outlining. Does this situation in China make you veer towards some of these other potential growth markets, just to sort of balance out the risk? Or does the bottoms-up approach and growth in China, do you expect will return? Keep your efforts in that area as it has been?

正如您已經概述的那樣，您在各種市場上有許多可以擴大您的特許經營權的動機。中國的這種情況是否會讓您轉向其他一些潛在的成長市場，只是為了平衡風險？或者您預期中國自下而上的方法和成長是否會回歸？繼續在該領域努力嗎？

Hey, Jim, in China, we created $1 billion business in terms of value. And it's -- there's been a black swan event that's happened. I don't regret doing that. And we'll be doing business in China for a very long time. And I don't think a black swan event is going to change that, and we'll explore all opportunities through our -- globally. But despite this obvious short-term setback, we remain, long-term, as excited about China as we've ever been.

嘿，吉姆，我們在中國創造了價值 10 億美元的業務。確實發生了黑天鵝事件。我不後悔這樣做。我們將在中國開展很長一段時間的業務。我認為黑天鵝事件不會改變這一點，我們將在全球範圍內探索所有機會。儘管短期內出現了明顯的挫折，但從長遠來看，我們仍然對中國一如既往地感到興奮。

Okay. Fair enough. And to the extent that this silver lining might have developed and that some of these movies that were going to be focused on Chinese New Year are going to spread over the rest of the year, I'm thinking back to the greater usage of the entire calendar domestically for Hollywood, do you think you might want to push that issue more in future years, just to take advantage of more of a calendar than you have been? And how much can you influence that process?

好的。很公平。在某種程度上，這一一線希望可能已經發展起來，而且其中一些原本聚焦於農曆新年的電影將在今年剩餘時間上映，我正在回想起整個春節的更多使用對於好萊塢國內的日曆，您是否認為您可能希望在未來幾年更多地推動這個問題，只是為了比以往更多地利用日曆？你能在多大程度上影響這個過程？

So we certainly, in general, can influence release dates, but I think the Hollywood studios have a fair line in the sand about not sharing screens, and I don't think we have the ability to influence that policy. In China, even before this, they've been open to screen sharing in multiple titles. And as a matter of fact, we were going to play multiple titles during the new year period. So I don't think this sad event has affected that one way or the other.

因此，總的來說，我們當然可以影響上映日期，但我認為好萊塢電影公司在不共享螢幕方面有公平的界限，而且我認為我們沒有能力影響該政策。在中國，甚至在此之前，他們就已經開放了多款遊戲的螢幕分享。事實上，我們將在新年期間玩多個遊戲。所以我不認為這悲傷的事件會以某種方式產生影響。

Okay. Last question. You noted the new growth levers, streaming partnerships. Is there any conflict with the exhibitor stance in terms of when those issues that might require some adjustments or negotiations or do you think that can be finessed?

好的。最後一個問題。您注意到了新的成長槓桿，即串流媒體合作夥伴關係。是否與參展商的立場有衝突，哪些問題可能需要調整或談判，或者您認為可以巧妙處理？

I don't think it's going to be an issue, Jim. We played a short-form piece called Anima, a concert film shot by Paul Thomas Anderson. And it was released by Netflix very close to when it was released and the exhibitors didn't have an issue with that. I think their issue is -- we're doing around traditional movies. So I don't think that will be an issue.

我不認為這會成為問題，吉姆。我們播放了一部名為《Anima》的短片，這是保羅·托馬斯·安德森拍攝的音樂會電影。Netflix 的發佈時間非常接近它的發佈時間，放映商對此沒有任何問題。我認為他們的問題是——我們正在圍繞傳統電影做事。所以我認為這不會成為問題。

And everyone, at this time, there are no further questions. I'd like to hand things back to Mr. Gelfond for any additional or closing remarks.

而大家，這時候，也沒有再問什麼了。我想將事情交還給格爾方德先生，讓他發表補充或結束語。

Yes. Thank you very much, operator, and thank you, everyone, for joining our call. Obviously, 2019 was a very strong year for us. As Patrick said in his script, we outlined for you all on what we hope to accomplish financially, and we met virtually all of those goals. During the year, we expected to use that momentum into this year, but unfortunately, the sad events in China around the coronavirus have made it a tough start. But when we look at the film slate this year, we look at the film slate next year, we look at the growth we've delivered and our expanded view of the markets we can penetrate once we get past this period, we think we'll resume the kinds of things we demonstrated in 2019. So thank you all for joining our call.

是的。非常感謝您，接線生，也感謝大家加入我們的通話。顯然，2019 年對我們來說是非常強勁的一年。正如派崔克在他的劇本中所說，我們為大家概述了我們希望在財務上實現的目標，並且我們幾乎實現了所有這些目標。在這一年中，我們預計將利用這一勢頭進入今年，但不幸的是，中國發生的圍繞冠狀病毒的悲傷事件使其成為一個艱難的開端。但是，當我們審視今年的電影名單時，我們審視明年的電影名單，我們審視我們所實現的增長以及我們對一旦度過這一時期就可以滲透的市場的擴大視野，我們認為我們將繼續我們在2019 年展示的事。感謝大家加入我們的電話會議。

Ladies and gentlemen, that does conclude today's conference. We would like to thank you all for your participation. You may now disconnect.

女士們、先生們，今天的會議到此結束。我們衷心感謝大家的參與。您現在可以斷開連線。