Imax Corp (IMAX) 2023 Q2 法說會逐字稿

Thank you for standing by, and welcome to IMAX Corporation's Second Quarter 2023 Earnings Call. (Operator Instructions)

感謝您的耐心等待，歡迎參加 IMAX Corporation 的 2023 年第二季度財報電話會議。 （操作員說明）

I would now like to hand the call over to Jennifer Horsley, Head of Investor Relations. Please go ahead.

我現在想將電話轉交給投資者關係主管 Jennifer Horsley。請繼續。

Good afternoon, and thank you for joining us on IMAX' Second Quarter 2023 Earnings Conference Call. On the call today to review the financial results are: Rich Gelfond, Chief Executive Officer; and Natasha Fernandes, our Chief Financial Officer. Rob Lister, Chief Legal Officer, is also joining us today.

下午好，感謝您參加 IMAX 2023 年第二季度收益電話會議。今天參加電話審查財務業績的人員包括：首席執行官 Rich Gelfond；以及我們的首席財務官 Natasha Fernandes。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 the call. In addition, the full text of our earnings press release and the slide presentation have been posted on the Investor Relations section of our site. At the conclusion of this call, our historical Excel model will be posted on the website as well.

今天的電話會議將在我們的網站上進行全程網絡直播。電話會議後不久將提供網絡廣播的重播。此外，我們的收益新聞稿和幻燈片演示文稿的全文已發佈在我們網站的投資者關係部分。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。

I would like to remind you all of the following information regarding forward-looking statements. Today's call as well as the accompanying slide deck may include statements that are forward-looking and that pertain to future results or outcomes. These forward-looking statements are subject to risks and uncertainties that could cause our actual future results to not occur or occurrences to differ. Please refer to our SEC filings for a more detailed discussion of some of the factors that could affect our future results and outcomes. Any forward-looking statements that we make on this call are based on assumptions as of today, and we undertake no obligation to update these statements as a result of new information, future events or otherwise.

我想提醒您以下所有有關前瞻性陳述的信息。今天的電話會議以及隨附的幻燈片可能包括前瞻性陳述以及與未來結果或成果相關的陳述。這些前瞻性陳述存在風險和不確定性，可能導致我們未來的實際結果不會發生或發生的情況有所不同。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。我們在本次電話會議中做出的任何前瞻性陳述均基於截至目前的假設，我們不承擔因新信息、未來事件或其他原因而更新這些陳述的義務。

During today's call, references may be made to certain non-GAAP financial measures. Discussion of management's use of these measures and the definition of these measures as well as reconciliations to non-GAAP financial measures, are contained in this afternoon's press release and our earnings materials, which are available on the Investor Relations page of our website at imax.com.

在今天的電話會議中，可能會提到某些非公認會計準則財務指標。關於管理層對這些指標的使用、這些指標的定義以及與非公認會計準則財務指標的調節的討論，包含在今天下午的新聞稿和我們的收益材料中，這些材料可以在我們網站 imax 的投資者關係頁面上找到。 com.

With that, let me now turn the call over to Mr. Richard Gelfond.

現在，讓我將電話轉給理查德·格爾方德先生。

Thanks, Jennifer, and thanks, everyone, for joining us today. What a weekend and what a quarter! We're pleased to join you today on the heels of a historic few days at the global box office, a weekend where moviegoing, reasserted itself as an unparalleled cultural and commercial force. And IMAX demonstrated its ever strengthening position at the vanguard of cinema.

謝謝詹妮弗，謝謝大家今天加入我們。多麼美好的一個週末，多麼美好的一個季度啊！我們很高興今天能與大家見面，緊接著全球票房創下了歷史性的幾天，在這個週末，電影再次證明了自己作為無與倫比的文化和商業力量的地位。 IMAX 展現了其在電影先鋒領域不斷增強的地位。

The paradigm shift to IMAX has never been more apparent. IMAX obliterated expectations with a $35 million opening for Oppenheimer, delivering a staggering 20% of the film's global debut on only 740 screens. In China, we delivered more than 16% for local blockbuster, Creation of the Gods, on just 1% of total screens, our best-ever indexing for China film. And we scored 20% of the debut of Mission Impossible 7 in Japan on just 48 screens. All this combined to lift IMAX to a $46.4 million weekend, the fourth best in the history of IMAX. There is real heat around our brand and technology in the marketplace right now, and this is evident in our strong financial results for the second quarter.

向 IMAX 的範式轉變從未如此明顯。 IMAX 的《奧本海默》首映票房高達 3500 萬美元，超出預期，僅在 740 塊銀幕上上映，該片的全球首映票房就達到了 20%，令人震驚。在中國，我們的本土大片《封神榜》的票房收入僅佔總銀幕數的 1%，這是我們有史以來最好的中國電影索引。 《碟中諜 7》在日本的首映票房僅在 48 塊銀幕上獲得了 20% 的成績。所有這些加在一起，使 IMAX 週末票房達到 4,640 萬美元，在 IMAX 歷史上排名第四。目前市場上我們的品牌和技術確實很受歡迎，這一點從我們第二季度強勁的財務業績中就可以看出。

IMAX drove more than 30% year-over-year growth across revenue as well as adjusted EBITDA, net income and earnings per share, including nearly $33 million in adjusted EBITDA and adjusted EPS of $0.26 per share. We grew signings for new and upgraded IMAX systems with 84 worldwide year-to-date, far more than the 47 we achieved in all of '22. And we maintained our record-breaking share of the global box office from 2022, even as more non-IMAX and mid- and low-budget films returned to the theatrical market.

IMAX 推動收入、調整後 EBITDA、淨利潤和每股收益同比增長超過 30%，其中調整後 EBITDA 近 3300 萬美元，調整後每股收益 0.26 美元。今年迄今為止，我們在全球範圍內簽署了 84 個新的和升級的 IMAX 系統，遠遠超過了 22 年全年的 47 個。從 2022 年起，儘管更多非 IMAX 和中低預算電影重返院線市場，我們仍保持了創紀錄的全球票房份額。

As a result, we remain on track to deliver significant growth in system signings, installations, global box office and adjusted EBITDA for the full year. What's remarkable is we delivered despite a Q2 slate that yielded mixed results at the box office. This speaks to the differentiation of IMAX and the diversification of our business across box office and network sales as well as Hollywood and local language content. This potent mix makes IMAX a consistent winner in a dynamic global marketplace for entertainment.

因此，我們仍有望實現全年系統簽約、安裝、全球票房和調整後 EBITDA 的顯著增長。值得注意的是，儘管第二季度的票房成績好壞參半，但我們還是做到了。這體現了 IMAX 的差異化以及我們在票房和網絡銷售以及好萊塢和本地語言內容方面業務的多元化。這種強有力的組合使 IMAX 在充滿活力的全球娛樂市場中始終成為贏家。

Increasingly, it is clear the future of the movie business is IMAX. The shift to premium experiences in moviegoing that IMAX created is no longer just a post-COVID trend, it's the new normal, the way forward. IMAX is a strong global brand and a time when local language content is exploding as a future growth driver of the global box office. International markets continue to offer our biggest opportunity for network growth.

越來越明顯的是，IMAX 是電影業的未來。 IMAX 創造的向優質觀影體驗的轉變不再只是新冠疫情后的趨勢，而是新常態、前進的方向。 IMAX 是一個強大的全球品牌，在這個時代，本地語言內容正在爆炸性地成為全球票房的未來增長動力。國際市場繼續為我們的網絡增長提供最大的機會。

Finally, as studios hone their distribution strategies, across theatrical and streaming, our end-to-end technology is well positioned to deliver the highest possible quality across both. Additionally, we recently took a significant strategic step with our proposal to acquire full ownership of our IMAX China subsidiary. Our expansive footprint, strong market share, brand and industry relationships and our mix of Hollywood and local language films make us very optimistic about our business in China. Today, I'd like to provide updates on our box office and film slate with a focus on the shift to IMAX we're seeing in moviegoing, global momentum behind our brand with a focus on network sales activity and local language. And then I'll turn it over to Natasha to take you through our financial in detail before opening it up to questions.

最後，隨著電影公司在院線和流媒體領域磨練其發行策略，我們的端到端技術已做好準備，可以在這兩個領域提供盡可能高的質量。此外，我們最近採取了一項重大戰略步驟，提議收購 IMAX 中國子公司的全部所有權。我們廣闊的足跡、強大的市場份額、品牌和行業關係以及好萊塢和當地語言電影的結合使我們對我們在中國的業務非常樂觀。今天，我想提供有關我們票房和電影名單的最新信息，重點是我們在觀影中看到的向 IMAX 的轉變、我們品牌背後的全球動力，重點是網絡銷售活動和本地語言。然後我會將其交給 Natasha，讓您詳細了解我們的財務情況，然後再提出問題。

First, as we look at our global box office, the dominant trend continues to be our market share. Through June of this year, our share of global box office is 3.3%, and this month is on pace to be one of our best July as ever. In North America, for the first time ever, we've delivered more than 10% of the opening weekend box office for 6 consecutive releases of $50 million or more. The second quarter also saw IMAX continued to expand its impact in animation.

首先，當我們審視我們的全球票房時，主導趨勢仍然是我們的市場份額。截至今年 6 月，我們的全球票房份額為 3.3%，本月有望成為我們有史以來最好的 7 月之一。在北美，我們連續 6 部影片的票房達到或超過 5000 萬美元，首次達到了首周末票房的 10% 以上。第二季度IMAX在動畫領域的影響力也繼續擴大。

We reached our #1 and 2 biggest animated movies of all time with the Super Mario Bros. movie and Spider-Man: Across the Spider-Verse. Perhaps the best indicator of the power of IMAX was a significant attention devoted to our play times for Mission: Impossible - Dead Reckoning Part One and Oppenheimer and the competition for our screens in the broader summer marketplace, and IMAX is delivering with both excellent films. Our debut with Oppenheimer gave us our best indexing of any major release ever, global, domestic and international. It is the biggest IMAX debut in our long and wildly successful partnership with Christopher Nolan, and it helped turn the film into an unmistakable cultural event with IMAX selling out 4 a.m. shows and people traveling hours and sometimes flying across borders to see at an IMAX film.

我們憑藉《超級馬里奧兄弟》電影和《蜘蛛俠：穿越蜘蛛俠宇宙》分別躋身史上第一和第二大動畫電影。也許最能體現 IMAX 力量的指標是我們對《碟中諜4：航位推測第一部》和《奧本海默》的播放時間的極大關注，以及我們在更廣闊的夏季市場上的銀幕競爭，IMAX 正在推出這兩部優秀的電影。我們與奧本海默的首次亮相為我們提供了迄今為止所有主要版本（全球、國內和國際）的最佳索引。這是我們與克里斯托弗·諾蘭長期、非常成功的合作中規模最大的 IMAX 首映，它幫助這部電影成為了一場毫無疑問的文化活動，IMAX 凌晨 4 點的演出門票全部售完，人們需要花費數小時甚至跨越國界來觀看 IMAX 電影。

Mission: Impossible 7 delivered the highest grossing IMAX debut of the franchise and has earned more than $33 million globally for IMAX to date. The back half of the year has strong title as well, including film for IMAX releases Dune 2 and Aquaman and the Lost Kingdom, Apple's Napoleon from Ridley Scott and Killers of the Flower Moon from Martin Scorsese, both scheduled for exclusive theatrical release. While there is some concern about release dates shifting due to the labor strikes, we believe nearly all our second half slate has wrapped shooting. Additionally, given our surging indexing, we believe studios will be reluctant to move films on a slate and potentially sacrifice an already agreed to IMAX window.

《碟中諜7》是該系列 IMAX 首映票房收入最高的影片，迄今為止 IMAX 在全球的票房收入已超過 3,300 萬美元。下半年的片名也很強勁，包括 IMAX 電影《沙丘 2》和《海王與失落的王國》、雷德利·斯科特的蘋果《拿破崙》和馬丁·斯科塞斯的《花月殺手》，這兩部影片都計劃在院線獨家上映。儘管有人擔心上映日期會因工人罷工而發生變化，但我們相信幾乎所有下半年的拍攝工作都已完成。此外，鑑於我們的索引激增，我們相信製片廠將不願意將電影移至石板上，並可能犧牲已經同意的 IMAX 窗口。

Furthermore, our diversified programming strategy will help offset the impact of a shifting Hollywood slate. Local language films will continue to bolster our slate in the second half. We now expect to program more than 40 local language films worldwide in '23, up from the 30 to 40 we initially projected. We've had several solid wins in local language in recent months. IMAX delivered more than $10 million with the Chinese blockbuster Lost In The Stars, a mystery thriller, we opportunistically added to our slate within a matter of days in the quarter.

此外，我們的多元化節目策略將有助於抵消好萊塢陣容變化的影響。下半年，本土語言電影將繼續充實我們的陣容。現在，我們預計 23 年將在全球放映 40 多部本地語言電影，高於我們最初計劃的 30 部到 40 部。近幾個月來，我們在本地語言方面取得了幾項堅實的勝利。 IMAX 憑藉中國大片《迷失星辰》獲得了超過 1000 萬美元的票房收入，這是一部懸疑驚悚片，我們在本季度的幾天內就趁機將其添加到了我們的片單中。

As I mentioned earlier, we delivered $8.6 million this weekend with Creation Of the Gods 1: Kingdom of Storms, 16.6% indexing and our biggest summer debut ever for a Chinese film. And in Japan, IMAX was granted its first ever day-and-date release for a Studio Ghibli film, How Do You Live, the final film from the legendary Japanese Director, Hayao Miyazaki. How Do You Live delivered one of the biggest IMAX opening weekends of Japan of all time with IMAX earnings 16% of the film's debut box office on just 44 screens. To date, IMAX has delivered more than $2.8 million with the film. We expect it will have a long run in Japan and select markets worldwide throughout the rest of the year.

正如我之前提到的，本週末我們的《封神1：風暴王國》的票房收入為 860 萬美元，索引率為 16.6%，是中國電影有史以來最大的夏季首映票房。在日本，IMAX 首次獲得吉卜力工作室電影《你該如何生活》的許可，這是日本傳奇導演宮崎駿的最後一部電影。 《How Do You Live》創造了日本有史以來最大規模的 IMAX 首映週末之一，僅在 44 塊銀幕上，IMAX 收入就佔了該片首映票房的 16%。迄今為止，IMAX 已為該片帶來了超過 280 萬美元的票房收入。我們預計它將在今年剩餘時間內在日本和全球部分市場上長期運行。

Our performance across the unique mix of local language blockbusters continues to be a catalyst for network growth, and we see potential for Oppenheimer to drive further growth as we've seen with films like Avatar 2, where we vastly outperformed. As I said earlier, we now have 84 signings this year, compared to 47 for all of last year. We're seeing exhibitors bring more IMAX to their existing multiplexes globally to drive growth rather than adding more conventional screens, such as multinational exhibitor Kinopolis, which in May, signed a deal to double its IMAX footprint. We also more than doubled installations in Q2 over Q1 of '23 with 20 in the period. And that number reflects our continued focus on high-growth markets beyond North America and China. Year-to-date, we've grown our Rest of the World footprint by nearly 6%.

我們在本地語言大片的獨特組合中的表現繼續成為網絡增長的催化劑，我們看到了奧本海默推動進一步增長的潛力，就像我們在《阿凡達 2》等電影中看到的那樣，我們在這些電影中的表現遠遠超過了其他電影。正如我之前所說，今年我們簽下了 84 名球員，而去年全年則為 47 名。我們看到放映商在全球現有的影院中引入更多 IMAX 以推動增長，而不是增加更多傳統銀幕，例如跨國放映商 Kinopolis，該公司於 5 月份簽署了一項協議，將其 IMAX 覆蓋面積增加一倍。我們第二季度的安裝量也比 23 年第一季度增加了一倍多，同期安裝量為 20 個。這一數字反映了我們對北美和中國以外的高增長市場的持續關注。今年迄今為止，我們在世界其他地區的足跡已增長了近 6%。

While there continues to be discussion about China and the economy, we remain bullish. Like many of the world's most successful multinational category leaders, we built a robust business in China over decades, yielding hundreds of millions of dollars in revenue. This year, IMAX box office in China through mid-July is up more than 150% year-over-year versus exhibition, which is up almost 60%. Our market share in the first half has been remarkably strong, 4.6% of the overall box office on less than 1% of the screens. We program a healthy mix of local, Hollywood and international content, particularly Japanese anime.

儘管有關中國和經濟的討論仍在繼續，但我們仍然看好。與許多世界上最成功的跨國品類領導者一樣，我們幾十年來在中國建立了強大的業務，創造了數億美元的收入。今年，截至 7 月中旬，IMAX 在中國的票房較去年同期增長近 60%，同比增長超過 150%。上半年我們的市場份額非常強勁，在不到 1% 的銀幕上佔據了總票房的 4.6%。我們的節目健康地融合了本地、好萊塢和國際內容，尤其是日本動漫。

And while Hollywood blockbusters have shown softness in China, our average opening weekend indexing for Hollywood releases has sorted to 15% in China, again on 1% of the screens, up from 10.7% in 2019. As China emerges further from COVID and moviegoing recovers, we believe there is upside for Hollywood and local films in the market.

儘管好萊塢大片在中國表現疲軟，但我們在中國上映的好萊塢影片的平均首映週末指數已從 2019 年的 10.7% 上升至 15%，同樣是在 1% 的銀幕上。 ，我們相信好萊塢和本土電影在市場上有上升空間。

As we expand across the world, we are expanding across platforms. In the second quarter, we announced an agreement to sell worldwide rights to our forthcoming documentary, the Blue Angels to Amazon Studios, a first-of-its-kind deal that will see the film go to Prime Video following an exclusive run in the IMAX network. We continue to refine our go-to-market strategy with SSIMWAVE and we're seeing a positive response with streamings encouraged by our efforts to champion quality in that space. We remain focused on solutions for streamers that allow them to compress video images while preserving optimal quality and creating significant cost savings.

隨著我們在全球範圍內擴張，我們也在跨平台擴張。第二季度，我們宣布達成協議，將即將上映的紀錄片《藍色天使》的全球版權出售給亞馬遜影業，這是一項史無前例的交易，該片在 IMAX 獨家放映後將在 Prime Video 上播放網絡。我們繼續通過 SSIMWAVE 完善我們的入市策略，我們在流媒體領域看到了積極的反響，這得益於我們為提升該領域的質量所做的努力。我們仍然專注於流媒體解決方案，使他們能夠壓縮視頻圖像，同時保持最佳質量並顯著節省成本。

In conclusion, we believe our performance and broader market trends demonstrate a paradigm shift in cinema with IMAX getting increasing market share. And that for our remarkable indexing is clear evidence of a structural change in moviegoing. We're increasing numbers of consumers on a global basis, seek out IMAX, the future of the movie business is IMAX and it's a bright future. We created and continue to lead the shift to premium moviegoing that is most in demand among audiences, filmmakers and studios. We are the only global premium theatrical platform with unparalleled scale and a time when global markets and local content are the most promising drivers of future growth.

總之，我們相信我們的業績和更廣泛的市場趨勢表明，隨著 IMAX 市場份額的不斷增加，影院模式發生了轉變。我們出色的索引是電影觀看結構發生變化的明確證據。我們在全球範圍內越來越多的消費者開始尋找 IMAX，電影業的未來是 IMAX，這是一個光明的未來。我們創造並繼續引領觀眾、電影製作人和工作室最需要的優質觀影方式的轉變。我們是唯一一家規模無與倫比的全球優質影院平台，在全球市場和本地內容成為未來增長最有希望的驅動力的時代。

Finally, our strong brand and technology enable us to expand and create value across the ecosystem and capitalize on the interconnectivity between theatrical and in-home entertainment. We are confident in our ability to build on our momentum to deliver a strong second half to '23 and drive further global growth across the IMAX network.

最後，我們強大的品牌和技術使我們能夠在整個生態系統中擴展和創造價值，並利用劇院和家庭娛樂之間的互連性。我們相信我們有能力再接再厲，在 23 年下半年實現強勁增長，並進一步推動 IMAX 網絡的全球增長。

Thank you. And with that, I'll turn it over to Natasha.

謝謝。有了這個，我會把它交給娜塔莎。

Thanks, Rich, and good afternoon, everyone. As Rich shared, Q2 was an excellent quarter, which showcased the diversity and strength of our technology-centered business model. Our signing momentum continues and installations are ramping while box office grew through a diverse mix of content and without the benefit of any mega hits like Top Gun in the prior year quarter. In summary, our results included IMAX box office of $268 million, revenue growth of 32% over the prior year, adjusted EPS of $0.26, up from $0.07 in the prior year period, and adjusted EBITDA attributable of $33 million or 35% of attributable revenue.

謝謝里奇，大家下午好。正如 Rich 所分享的，第二季度是一個出色的季度，展示了我們以技術為中心的業務模式的多樣性和優勢。我們的簽約勢頭仍在繼續，安裝量也在不斷增加，而票房通過多樣化的內容組合而增長，並且沒有像上一季度《壯志凌雲》這樣的任何大熱門影片的好處。總而言之，我們的業績包括 IMAX 票房為 2.68 億美元，收入較上年增長 32%，調整後每股收益為 0.26 美元，高於上年同期的 0.07 美元，調整後 EBITDA 為 3300 萬美元，占應佔收入的 35% 。

As I noted last quarter, we are seeing this winning portfolio of Hollywood and local language content create for us lower volatility from Hollywood releases as we optimize the programming of the IMAX network to maximize box office. This, in turn, is driving greater demand by exhibition customers for IMAX systems creating a positive growth dynamic. And as Rich highlighted, Q3 is off to an incredible box office start with our biggest July opening weekend ever, global and domestic, led by Oppenheimer, as well as local language titles, Lost In The Stars, Creation Of The Gods Part 1 and How Do You Live, putting us on track to achieve our highest ever July box office.

正如我上個季度指出的那樣，我們看到好萊塢和本地語言內容的成功組合為我們降低了好萊塢發行的波動性，因為我們優化了 IMAX 網絡的節目以最大化票房。這反過來又推動了展覽客戶對 IMAX 系統的更大需求，創造了積極的增長動力。正如里奇所強調的那樣，第三季度的票房開局令人難以置信，由奧本海默領銜的全球和國內有史以來最大的 7 月首周末票房，以及本地語言電影《迷失在星空》、《眾神創造》第 1 部分和《如何》 《Do You Live》讓我們有望實現有史以來最高的 7 月份票房。

Now for a closer look at the second quarter. IMAX box office of $268 million was up 8% year-over-year and roughly in line with Q1 box office with very positive profit flow-through given the mix of titles. This included hit animated titles not historically the mainstay of IMAX such as Super Mario and Spider-Man: Across the Spider-Verse, coupled with good contribution from blockbusters, like Guardians of the Galaxy and Fast X. Add to that, a China box office that was fueled by a mix of local language and Hollywood titles. The performance in Greater China led to IMAX box office market share in Q2, up 5.2% on 1% of the screens, driven in part by an average indexing of 15% on Hollywood releases.

現在仔細看看第二季度。 IMAX 票房為 2.68 億美元，同比增長 8%，與第一季度票房大致持平，考慮到影片的組合，利潤流非常積極。其中包括《超級馬里奧》和《蜘蛛俠：穿越蜘蛛俠宇宙》等並非歷史上 IMAX 支柱的熱門動畫作品，以及《銀河護衛隊》和《速度與激情》等大片的良好貢獻。這是由當地語言和好萊塢電影的混合推動的。大中華區的表現使得第二季度 IMAX 票房市場份額在 1% 的銀幕上增長了 5.2%，部分原因是好萊塢上映影片的平均指數為 15%。

Total revenue in Q2 was $98 million, up 32% from $74 million in Q2 2022. At a 59% gross margin, we recognized gross profit of $58 million, which equates to growth of 31% year-over-year. This higher level of revenue and gross profit year-over-year was driven by improvement in both segments.

第二季度的總收入為 9800 萬美元，比 2022 年第二季度的 7400 萬美元增長 32%。在毛利率為 59% 的情況下，我們確認毛利潤為 5800 萬美元，相當於同比增長 31%。收入和毛利潤的同比增長是由兩個部門的改善推動的。

Content Solutions revenue of $31 million comprised 32% of total revenue and grew 6% year-over-year, driven by IMAX box office growth. Gross profit of $20 million or 64% of revenue grew 15% year-over-year, driven by the positive profit flow-through from stronger box office performance, along with lower film marketing expense given the mix of titles and recovery of China.

內容解決方案收入為 3100 萬美元，佔總收入的 32%，在 IMAX 票房增長的推動下，同比增長 6%。毛利潤為 2000 萬美元，佔收入的 64%，同比增長 15%，這得益於票房表現強勁帶來的正利潤流入，以及電影營銷費用的下降（考慮到電影的組合和中國的複蘇）。

Technology Products and Services revenue of $64 million comprised 65% of total revenue and grew 49% year-over-year. For this segment, gross profit of $36 million grew 42% year-over-year. This very strong result was driven by a higher level of IMAX system installations under sales or hybrid arrangements as well as system renewals and amendments.

技術產品和服務收入為 6400 萬美元，佔總收入的 65%，同比增長 49%。該部門的毛利潤為 3600 萬美元，同比增長 42%。這一強勁業績是由銷售或混合安排下更高水平的 IMAX 系統安裝以及系統更新和修改推動的。

In total, we had 20 installations in the quarter, 13 of which were sale or hybrid and 7 which were joint revenue-sharing leases. Of the installations, 14 were in international markets, reflecting the strong momentum we are seeing in those geographies. Signings momentum also continues with 46 coming in Q2 and which is more than 3x the 13 signings in Q2 of 2022.

本季度我們總共安裝了 20 個安裝項目，其中 13 個為銷售或混合安裝，7 個為聯合收益共享租賃。其中 14 個安裝在國際市場，反映出我們在這些地區看到的強勁勢頭。簽約勢頭也在持續，第二季度有 46 名簽約，是 2022 年第二季度 13 名簽約的 3 倍多。

The Rest of the World strength is evident in the 84 signings we've had so far this year. 68 of signings over 80% were new systems compared to 30 for all of 2022. 26 were with exhibition partners who are new to IMAX in the past year. 25% were in U.S. and Canada and 13% in Europe. Nearly half were in Japan and Southeast Asia, including the 7 Aon signings from January, which are all installed and off to a strong start. 3 signings were in China, all of which signed within the last month, and the vast majority were in high PSA countries.

世界其他地區的實力在我們今年迄今為止已簽下的 84 名球員中顯而易見。其中 68 個簽約項目是新系統，佔 80% 以上，而 2022 年全年簽約項目為 30 個。其中 26 個簽約項目是去年剛接觸 IMAX 的放映合作夥伴。 25% 在美國和加拿大，13% 在歐洲。近一半來自日本和東南亞，其中包括怡安自 1 月份以來簽約的 7 名球員，這些球員均已安裝完畢，並取得了良好的開局。 3筆簽約來自中國，全部是在上個月內簽約，並且絕大多數是在高PSA國家。

Turning to operating expenses. We are investing for long-term growth and to exploit our differentiation and strong brand. R&D expense of $2.8 million increased $1.4 million, reflecting our investments in new technology, including streaming optimization software for SSIMWAVE.

轉向運營費用。我們投資是為了長期增長，並利用我們的差異化和強大品牌。研發費用為 280 萬美元，增加了 140 萬美元，反映了我們對新技術的投資，包括 SSIMWAVE 的流媒體優化軟件。

SG&A excluding stock-based compensation of $32 million increased $2.6 million from Q2 2022, driven by the inclusion of SSIMWAVE expenses, which were not in the prior year given the acquisition closed at the end of Q3 2022. As a percentage of revenue, SG&A, excluding stock-based compensation was 33% versus 40% in Q2 '22, an improvement of approximately 700 basis points, reflecting the strong operating leverage in our business model, coupled with continued cost discipline efforts.

SG&A（不包括 3,200 萬美元的股票薪酬）較 2022 年第二季度增加了 260 萬美元，原因是納入了 SSIMWAVE 費用，鑑於收購於 2022 年第三季度末完成，上一年並未包含這些費用。SG&A 佔收入的百分比，不包括基於股票的薪酬為 33%，而 22 年第二季度為 40%，提高了約 700 個基點，反映了我們業務模式中強大的運營槓桿，以及持續的成本控制努力。

Adjusted EBITDA attributable to IMAX was $32.8 million, a growth of 29% over prior year of $25.4 million. The growth across our segments highlighted earlier and the strong incrementality and operating leverage in our business model drove this excellent result. From a margin perspective, adjusted EBITDA attributable to IMAX was in the mid-30s at 35.4%. And the strong performance flowed directly to the bottom line with adjusted EPS in Q2 of $0.26, which compares to $0.07 in the prior year period.

IMAX 調整後 EBITDA 為 3,280 萬美元，比上年的 2,540 萬美元增長 29%。我們之前強調的各個部門的增長以及我們業務模式中強大的增量和運營槓桿推動了這一出色的業績。從利潤率角度來看，IMAX 調整後的 EBITDA 為 35.4%，處於 30 多歲左右。強勁的業績直接影響了淨利潤，第二季度調整後每股收益為 0.26 美元，而去年同期為 0.07 美元。

As we turn to our balance sheet and cash flows, operating cash flow through 6 months was $25.9 million, representing significant growth of $31 million from the use of cash of $5.3 million in the first half of 2022. This improvement reflects our higher profits year-over-year and the accelerating business recovery of our exhibition customers post-COVID, including year-to-date collections of $43 million in China. For context, on a consolidated basis, operating cash flow for the entire year of 2022 was $17 million.

當我們轉向資產負債表和現金流時，6 個月的運營現金流為 2590 萬美元，較 2022 年上半年的 530 萬美元現金使用量大幅增長 3100 萬美元。這一改善反映了我們去年的利潤更高。疫情過後，我們的展覽客戶的業務復甦加速，其中包括年初至今在中國的收款額達 4,300 萬美元。就背景而言，合併後的2022年全年運營現金流為1700萬美元。

Our capital position remained strong as we ended the quarter with $95 million in cash and $262 million of debt, excluding deferred financing costs. Of the $262 million of debt, $230 million reflects our convertible senior notes due in 2026 that bear an interest rate of 0.5% per annum with a capped call taking us to $37 per share.

我們的資本狀況依然強勁，截至本季度末，我們擁有 9500 萬美元的現金和 2.62 億美元的債務（不包括遞延融資成本）。在 2.62 億美元的債務中，2.3 億美元反映了我們於 2026 年到期的可轉換優先票據，年利率為 0.5%，贖回上限為每股 37 美元。

As of June 30, our available liquidity was $420 million, including cash and cash equivalents of $95 million and $325 million in available borrowing capacity under the company's various revolving facilities. Furthermore, during the quarter, our Board approved a 3-year extension to our share repurchase program through June 2026. As of the end of Q2, there was $191 million remaining available under our share repurchase authorization. Our strong liquidity position gives us ample resources to fund the $124 million to acquire full ownership of IMAX China as announced on July 12.

截至 6 月 30 日，我們的可用流動資金為 4.2 億美元，其中包括 9500 萬美元的現金和現金等價物以及公司各種循環貸款下的 3.25 億美元的可用借款能力。此外，在本季度，我們的董事會批准將我們的股票回購計劃延長 3 年至 2026 年 6 月。截至第二季度末，我們的股票回購授權剩餘 1.91 億美元。正如 7 月 12 日宣布的那樣，我們強大的流動性狀況使我們有充足的資源來資助 1.24 億美元收購 IMAX China 的全部所有權。

To conclude, our results through the second quarter displayed the strength of our business coming from the combination of our unique position in the entertainment industry and our high-margin asset-light technology-focused business model. And we continue to believe that the opportunities in front of us are even more significant when considering 3 factors: First, as Oppenheimer results underscore, there is strong demand specifically for IMAX as the most premium entertainment technology company with unmatched global scale. Second, the success we are having in programming a diverse array of content across our platform, which is supercharging our signings momentum in installations. And third, the emerging potential of our SSIMWAVE streaming technology backed by our strong brand. We look forward to reporting on our progress on all these fronts going forward.

總而言之，我們第二季度的業績顯示了我們在娛樂行業的獨特地位和以技術為中心的高利潤輕資產業務模式相結合的業務實力。我們仍然相信，考慮到以下三個因素，我們面前的機遇就更加重大：首先，正如奧本海默的結果所強調的那樣，IMAX 作為全球規模無與倫比的最優質娛樂技術公司，有著強烈的需求。其次，我們在整個平台上編寫了各種內容方面取得了成功，這增強了我們的安裝簽名勢頭。第三，我們強大品牌支持的 SSIMWAVE 流媒體技術的新興潛力。我們期待著報告我們在所有這些方面的進展。

With that, I will turn the call over to the operator for Q&A.

這樣，我會將電話轉給接線員進行問答。

(Operator Instructions) Our first question comes from the line of Eric Handler of ROTH MKM.

（操作員說明） 我們的第一個問題來自 ROTH MKM 的 Eric Handler。

Rich, I wonder if you could talk a little bit about your Chinese local language market share? I mean correct me if I'm wrong, pre-pandemic, I remember a good movie would do like -- a local language movie China would do like 3% to 5%, maybe 6%. But you seem to be consistently getting better from that and obviously, 16% from Creation of Gods way above average. Is there anything that you can point to in China? Are they just getting used to seeing their own biggest films in the IMAX format? Is there any marketing going on? Anything you could point to there.

Rich，不知您能否談談您的中文本地語言市場份額？我的意思是，如果我錯了，請糾正我，在大流行之前，我記得一部好電影會做這樣的事情——一部中國本土語言的電影會做3%到5%，也許6%。但你似乎一直在從中獲得進步，顯然，《創造諸神》中的 16% 遠高於平均水平。中國有什麼可以指出的嗎？他們是否只是習慣了以 IMAX 格式觀看自己的大片？是否有任何營銷活動？任何你可以指出的東西。

So Eric, I think about around the time of pre-pandemic a few years before that we made a strategic shift to doing local language films and IMAX. And I think before that, audiences were conditioned to seeing Hollywood films in IMAX, but they weren't conditioned to seeing Chinese language films in IMAX. And I think once we started that, people got used to it.

埃里克（Eric），我想到了幾年前的大流行前時期，我們做出了戰略轉變，轉向製作本地語言電影和 IMAX。我認為在此之前，觀眾習慣於在IMAX上看好萊塢電影，但他們不習慣在IMAX上看華語電影。我認為一旦我們開始這樣做，人們就習慣了。

So IMAX wasn't a place that was associated with Hollywood films, it was a place associated with films of all types. And you're right, I don't have the data in front of me. But my memory, and just to be clear, I could be wrong, but I think what used to do like 2.5%, 3% of the market on Chinese local language films. And most recently, it's been more in the 5% to 6% range. And that's part of a global trend. I mean one of the points we're trying to make on the call is there's been this paradigm shift, where IMAX was kind of ancillary to the movie. But I think what you're seeing now is IMAX is the future of cinema or like primary in the movie. And I think what it reflects is during the pandemic, people kind of got tired of sitting on their couches and especially in China, where it's smaller apartments and less room. And I think they've decided when they go out, they want something really special to go out to.

所以IMAX不是一個與好萊塢電影相關的地方，而是一個與所有類型的電影相關的地方。你是對的，我面前沒有數據。但我的記憶，需要澄清的是，我可能是錯的，但我認為過去中國本土語言電影的市場份額約為 2.5%、3%。最近，這個比例更多地在 5% 到 6% 的範圍內。這是全球趨勢的一部分。我的意思是，我們在電話會議中試圖表達的觀點之一是，這種範式轉變已經發生，IMAX 在某種程度上是電影的輔助。但我認為您現在看到的是 IMAX 是電影院的未來，或者說是電影的主要內容。我認為這反映了在大流行期間，人們有點厭倦了坐在沙發上，尤其是在中國，那裡的公寓更小，空間更小。我認為他們已經決定，當他們出去時，他們想要出去一些非常特別的東西。

And as you said, the market share for this weekend's film was kind of unprecedented. And in my introductory remarks, I talked about Japan and even the anime in Japan, which is homegrown and IMAX is really outgrowing. So I think it's all part of this bigger model where people are seeking out IMAX as a separate thing. And instead of just saying, "Oh, Oppenheimer, let's go see it at IMAX," they're saying, "Let's look at what's in the IMAX and let's go see that." And that's been our long-range plan for a while.

正如你所說，本週末電影的市場份額是前所未有的。在我的介紹性發言中，我談到了日本，甚至日本的動漫，它是本土的，而 IMAX 確實已經過時了。所以我認為這都是這個更大模式的一部分，人們正在將 IMAX 作為一個單獨的東西來尋找。他們不是只是說“哦，奧本海默，我們去 IMAX 看看”，而是說，“讓我們看看 IMAX 裡有什麼，然後我們就去看看。”這一直是我們的長期計劃。

Great. And then just as a follow-up. Last year, you did very well with local Indian content. And it looks like you've been getting some really good momentum in that market. Haven't heard as much this year. I have no clue what big blockbusters they have on their slate or how those are spaced out? But anything you could say about the Indian market.

偉大的。然後作為後續行動。去年，你們在印度本土內容方面做得非常好。看起來您在該市場上獲得了一些非常好的勢頭。今年還沒聽說過。我不知道他們的名單上有哪些大片或者這些大片是如何間隔的？但關於印度市場你可以說任何話。

Yes, I can -- first of all, I should say that Oppenheimer was the biggest opening in the history of India. So I mean I'm just talking about the business in general. In terms of local language, we do have some that we're going to show in the second half of the year. Overall, I think we have 20 to 30 international films in the second half of the year. But this is even a very major one, Eric, which I'm embarrassed to say, I don't remember the title of it, we could fish it out before this call ends. I'll come back to it. But there are several Indian ones. And as you know, strategically, we want to be more of them.

是的，我可以——首先，我應該說奧本海默是印度歷史上最大的空缺。所以我的意思是我只是在談論一般業務。在本地語言方面，我們確實有一些將在下半年展示。總的來說，我認為下半年我們有20到30部國際電影。但這甚至是一個非常重要的問題，埃里克，我很尷尬地說，我不記得它的標題，我們可以在這次通話結束之前把它找出來。我會回來討論這個問題。但也有好幾個印度人。如您所知，從戰略上講，我們希望成為更多這樣的人。

Our next question comes from the line of Steven Frankel of Rosenblatt Securities.

我們的下一個問題來自羅森布拉特證券公司的史蒂文·弗蘭克爾。

Can you talk a little bit about alternative content, given the potential risk of a protracted strike? What have you thought about the types of events you could do with IMAX Live and an alternative content that could really have some traction?

考慮到長期罷工的潛在風險，您能談談替代內容嗎？您對 IMAX Live 可以舉辦的活動類型以及真正具有吸引力的替代內容有什麼想法？

So we've spent a lot of time, obviously, Steve, assessing -- how long the strike is going to last. What kind of content could we play, what's out there? And pretty much for the rest of the year, no matter what happens, the content is finished or about to be finished. So none of this is really likely to be a 2023 issue.

顯然，史蒂夫，我們花了很多時間來評估罷工將持續多久。我們可以玩什麼樣的內容？那裡有什麼？幾乎在今年剩下的時間裡，無論發生什麼，內容都已經完成或即將完成。因此，這一切都不太可能成為 2023 年的問題。

In terms of 2024, if the strike last a long time, it likely wouldn't affect a lot of content in the first half of '24. It would more likely affect content in the second half of '24. And we have, as your question addresses. So we're looking at what local language films we could lock in early, particularly one light anime or Indian films that would be exportable to other places. We're looking at things like bring back.

就2024年而言，如果罷工持續很長時間，可能不會影響24年上半年的很多內容。它更有可能影響 24 年下半年的內容。正如您所提出的問題，我們已經做到了。因此，我們正在研究可以儘早鎖定哪些本地語言電影，特別是一部可以出口到其他地方的輕動漫或印度電影。我們正在考慮諸如帶回來之類的事情。

So obviously, not only Oppenheimer, it's going to be a great bring back after runs, but Mission: Impossible's run was truncated. I think that's something we can bring back and do very well on. Documentaries, as I mentioned in my prepared remarks, we have one coming out this October. And another one which we sold to Amazon is coming out in '24, that's Blue Angels, I'm really excited about, it's very much I can -- action kind of documentary. As you mentioned in your question, live and different events. And we've greenlit a number of events, and we're looking forward to putting that together.

顯然，不僅是奧本海默，這將是一次很棒的跑後回歸，而且《碟中諜》的跑動也被縮短了。我認為這是我們可以帶回來並做得很好的事情。正如我在準備好的發言中提到的，我們將在今年 10 月推出一部紀錄片。我們賣給亞馬遜的另一部影片將於 24 年上映，那就是《藍色天使》，我真的很興奮，這是我能做的——一部動作類紀錄片。正如您在問題中提到的，現場活動和不同的活動。我們已經批准了許多活動，我們期待著將它們整合在一起。

But to be clear, the strike is not likely to have a short-term impact. And it's only if it goes on a long time that it has an impact. And we'll do our best in the ways that I enumerate to you to make sure that we have as much content as possible. But I think if a strike last a long time, there are going to be content shortfalls, but I don't believe that's the most likely event.

但需要明確的是，罷工不太可能產生短期影響。而且只有持續很長時間才會產生影響。我們將按照我向您列舉的方式盡力確保我們擁有盡可能多的內容。但我認為，如果罷工持續很長時間，就會出現內容短缺，但我不認為這是最有可能發生的事件。

Our next question comes from the line of Omar Mejias of Wells Fargo.

我們的下一個問題來自富國銀行的奧馬爾·梅希亞斯。

Maybe first on signing. Talk about -- so you guys only have 19 screens domestically and 30 worldwide capable of playing 70-millimeter films. With the recent success of Oppenheimer, could this plug new wave of demand for IMAX systems or upgrades to North America and globally? Just wanted to get your thoughts on -- what are you hearing from exhibitors and studios on this type of format? And just overall, in general, could this be sort of like an Avatar effect, the Oppenheimer effect? And how are you guys thinking about the potential impact of it?

也許首先是簽約。說說吧——你們國內只有 19 個屏幕，全球只有 30 個屏幕可以播放 70 毫米電影。隨著奧本海默最近的成功，這是否會引發北美和全球對 IMAX 系統或升級的新一波需求？只是想了解一下您的想法 - 您從參展商和工作室那裡聽到了關於此類格式的什麼信息？總的來說，總的來說，這是否有點像阿凡達效應，奧本海默效應？你們如何看待它的潛在影響？

Yes. So Omar, we are analyzing that data. I'm looking at it. As you probably remember, we've already said that we're going to build several more film cameras. So that way, filmmakers will have the ability to do it. The projectors are all dated. It's not like a new generation, but we are exploring are there more of them that we could possibly refurbish and bring into service. Remember, it's hard to believe, given all the publicity around Oppenheimer, that it's only been there for 4 or 5 days. But we are thinking of other opportunities and building new 70-millimeter projectors. Are there opportunities in branding other 70-millimeter projects with IMAX. Certainly, we'll have an outreach to filmmakers because the numbers are so spectacular about them shooting with 70-millimeter film. So we're aggressively examining the possibility of how we can lever off this kind of amazing cultural event. And I think you will see us find different ways to do it going forward.

是的。奧馬爾，我們正在分析這些數據。我正在看它。您可能還記得，我們​​已經說過我們將製造更多的膠片相機。這樣，電影製片人就有能力做到這一點。投影儀都過時了。它不像新一代，但我們正在探索是否有更多的產品可以翻新並投入使用。請記住，考慮到奧本海默的所有宣傳，很難相信它只在那裡存在了四五天。但我們正在考慮其他機會並製造新的 70 毫米投影儀。是否有機會用 IMAX 來打造其他 70 毫米項目的品牌？當然，我們會聯繫電影製片人，因為他們使用 70 毫米膠片拍攝的數字非常驚人。因此，我們正在積極研究如何利用這種令人驚嘆的文化活動的可能性。我想你會看到我們找到不同的方法來實現這一目標。

That's very helpful. And maybe I think you alluded to this on your prepared remarks, but there was recent media reports talking about that Warner Bros. was strongly considering moving the release day for Dune. I just wanted to get your thoughts on what is your confidence that, that won't be the case? Or just your thoughts in general, what's the likelihood of this happening? And if so, what other options are you considering as -- for the replacement for the Dune. And just thinking around the back half of the year?

這非常有幫助。也許我認為你在準備好的講話中提到了這一點，但最近有媒體報導稱華納兄弟正在強烈考慮改變《沙丘》的發行日期。我只是想了解一下您的想法，您對情況不會如此有信心嗎？或者只是您的一般想法，發生這種情況的可能性有多大？如果是這樣，您正在考慮哪些其他選擇——替代沙丘。只是想想下半年嗎？

Right. Dune, specifically, I mean, there's another great movie coming out around the same time, which is The Marvels from Marvel, and we can't play it because we are committed to Dune. So if Dune moves we'll just go over to The Marvels and having a Marvel movie as a backup is not the worst position to be in, in the world. But in terms of Dune, my own opinion is that it's highly unlikely to move, and it's an educated opinion, meaning I spent a lot of time on the facts.

正確的。具體來說，我的意思是，《沙丘》大約在同一時間上映了另一部偉大的電影，那就是《漫威》，但我們無法播放它，因為我們致力於《沙丘》。因此，如果《沙丘》搬遷，我們就會轉向《漫威》，而擁有一部漫威電影作為後備並不是世界上最糟糕的情況。但就《沙丘》而言，我自己的觀點是它不太可能移動，而且這是一個有根據的觀點，這意味著我花了很多時間研究事實。

So Dune is already in the midst of a marketing campaign. There are trailers out. There's lots of materials out. They had a big presentation, a lot of the conferences. As a matter of fact, the -- Denis Villeneuve presented at the IMAX CEO Forum. So it's kind of out of the gate. So if you put it back in the gate, you've got to duplicate those expenses at some time in the future of putting it out of the gate. In addition, Dune has a very long run time in IMAX up to 5 or 6 weeks. And it just was fortuitous that there were no other conflicting projects. But if they were to move that to next year and some time, it's highly unlikely that they would have that amount of run time.

因此，《沙丘》已經在開展營銷活動。有拖車出來了。好多材料都出來了他們舉行了大型演講，參加了很多會議。事實上，丹尼斯·維倫紐瓦 (Denis Villeneuve) 在 IMAX CEO 論壇上發表了演講。所以這有點出乎意料。因此，如果你把它放回大門，你就必須在將來把它放回大門的某個時候重複這些費用。此外，《沙丘》在 IMAX 的放映時間也很長，長達 5、6 週。沒有其他衝突的項目只是偶然的。但如果他們把這個時間推遲到明年某個時候，他們就不太可能有那麼多的運行時間。

And just to remind you, IMAX was about 20% of the growth on Dune 1. And I know there's a lot of marketing plan on Dune 2. If they move Dune 2, there's a carrying cost, call it 10% or whatever it is. So how are they going to make up for that cost plus the other incremental costs. The IMAX release is a really important element to their release pattern. And as I said just a minute ago, I don't think it's replicable for them to have that kind of run time again.

提醒一下，IMAX 大約佔《沙丘 1》增長的 20%。而且我知道《沙丘 2》有很多營銷計劃。如果他們轉移《沙丘 2》，就會產生持有成本，可以稱之為 10% 或其他什麼。 。那麼他們將如何彌補該成本加上其他增量成本。 IMAX 發行對於他們的發行模式來說是一個非常重要的元素。正如我剛才所說，我認為他們無法再次擁有這種運行時間。

So when I look at it from their point of view, from a dollars and cents numbers perspective, it just doesn't make any sense to me that they would move it because -- and again, the only reason they would move it is they'd say, the actors strike is going on, and they want to get a premier and put it on the Tonight Show or whatever they put the actors, but with no disrespect to Timothée Chalamet, are you going to be able to make up for losing the 6-week IMAX release? Are you going to be made up the cost of capital of carrying it for a year? Are you going to move it to an uncertain year when you have no idea what's going to be put against you when they have virtually no competition right now in the marketplace. It doesn't really make any sense.

因此，當我從他們的角度來看，從美元和美分數字的角度來看，他們移動它對我來說沒有任何意義，因為——再說一遍，他們移動它的唯一原因是他們會說，演員罷工正在進行中，他們想獲得首映並將其放在《今夜秀》或任何他們安排演員的節目中，但無意冒犯蒂莫西·柴勒梅德，你能做嗎準備失去為期 6 週的 IMAX 上映嗎？您是否需要承擔一年的資金成本？您是否打算將其轉移到不確定的一年，因為您不知道會遇到什麼困難，而他們現在在市場上幾乎沒有競爭。這確實沒有任何意義。

And -- when you look at the other movies, I think that's one of the most compelling not to move. But you could go through all of them and the same logic kind of applies. I think I've talked to the distributor that -- to Warner Bros. They don't know where that article can go in the press. And I don't -- they've certainly told me that, that article is not true. So all I can do is give you my logical perspective on it, but I feel quite strongly that it's not going to move.

而且——當你看其他電影時，我認為這是最引人注目的電影之一。但你可以經歷所有這些，並且同樣的邏輯也適用。我想我已經和發行商談過——華納兄弟。他們不知道這篇文章可以在媒體上發表。我不知道——他們肯定告訴我，那篇文章不是真的。所以我所能做的就是給你我對它的邏輯看法，但我強烈地感覺到它不會發生變化。

Operator, before I go on, I have a major Indian titles in Q3 to the last question. Jawan and Salaar. And one reason we have fewer Indian titles in Q1 and Q2 was because the Hollywood schedule, there wasn't really room to play them. And big Japanese titles in Q4 are Godzilla Minus One, the Spy x Family and The Boy and The Heron, which is the Miyazaki film, which will play for a very long period of time. You can go back to the next question.

接線員，在我繼續之前，我在第三季度到最後一個問題有一個主要的印度遊戲。賈萬和薩拉爾。我們在第一季度和第二季度的印度影片較少的一個原因是因為好萊塢的時間表，沒有真正的空間來播放它們。第四季度的日本大片有《哥斯拉減一》、《間諜家族》和《男孩與蒼鷺》，這是宮崎駿的電影，將播放很長一段時間。你可以回到下一個問題。

Our next question comes from the line of Michael Hickey of The Benchmark Company.

我們的下一個問題來自 Benchmark Company 的 Michael Hickey。

Rich, Natasha, Rob, Jennifer, congratulations, guys, on a great quarter. Rich, obviously, phenomenal success here with Oppenheimer. I love it that the IMAX brand has never been so hot. And I think that obviously gives you a lot of leverage to build the business and you've been running it now almost 30 years. So you have an incredible perspective. I'm just curious how you think about sort of the next 3 to 5 years here? Obviously, we've always got near-term turbulence, labor strikes. Some films are great, some films are not, some agents are great, some agents not. But just curious how you think sort of medium to longer term, how excited you are today and the growth of your business, given your perspective? And I guess, how material maybe some of these new avenues of revenue like SSIMWAVE can be for you guys?

里奇、娜塔莎、羅布、詹妮弗，恭喜你們，你們度過了一個偉大的季度。顯然，奧本海默在這裡取得了巨大的成功。我喜歡 IMAX 品牌從未如此火爆。我認為這顯然為您提供了很大的優勢來發展業務，而且您已經經營該業務近 30 年了。所以你有一個令人難以置信的視角。我只是好奇你如何看待未來 3 到 5 年的情況？顯然，我們總是會遇到近期的動盪和勞工罷工。有些電影很棒，有些電影則不然，有些特工很棒，有些特工則不然。但只是好奇你對中長期的看法如何，考慮到你的觀點，你今天有多興奮以及你的業務的增長？我想，像 SSIMWAVE 這樣的新收入途徑對你們來說可能有多重要？

Well, I would say this week, I've never found IMAX a happier place. And it's not just because Oppenheimer did so well in the Hollywood headlines. But Oppenheimer, you kind of got to get into the math. So I'm not going to tell you what our ultimate was for the movie, meaning what our projection was. But I will tell you that where that movie ends up is very far in excess of where our projections were coming into it.

好吧，這週我想說，IMAX 是我從未發現過的最快樂的地方。這不僅僅是因為奧本海默在好萊塢頭條新聞中表現出色。但是奧本海默，你必須了解數學。所以我不會告訴你這部電影的最終目標是什麼，即我們的投影是什麼。但我會告訴你，這部電影的結局遠遠超出了我們的預測。

So not only is it the positioning of what it means for our brand and doing like 1/3 of the box office in the United States, 1/5 of it in the world and 8/10 on 1% of the screens. I mean just illuminate on those numbers for a second. But the strategic side, what it could do to signings and kind of the Avatar effect again. But what it means for our financial position? For the third quarter where we just had our best July -- well, July is not over. We've already had our best July and the film theaters are sold out pretty much everywhere for the next 3 weeks and our presales are fantastic. So at every level, in the short run, I'll say, it's been hard to feel better about IMAX than I feel right now.

因此，這不僅是對我們品牌意義的定位，也是我們在美國票房的 1/3、全球票房的 1/5、以及 1% 的銀幕上的 8/10 的表現。我的意思是先簡單說明一下這些數字。但從戰略角度來看，它對簽約和阿凡達效應又會產生什麼影響。但這對我們的財務狀況意味著什麼？對於第三季度，我們剛剛度過了最好的七月——好吧，七月還沒有結束。我們已經度過了最好的七月，在接下來的三週內，幾乎所有地方的電影院都售空了，我們的預售非常棒。因此，從短期來看，在各個層面上，我對 ​​IMAX 的感覺很難比現在更好了。

When you go out and you look at our 5-year plan, it shows very favorable growth patterns. And it's driven by our increased market share, which in North America is up like 50% from where it was pre-pandemic. And as you know, we've guided to pre-pandemic levels. And then you look at the growing network, we have 85-ish signings this year already. At 80% of the new science are new theaters, which means they're not upgrades, they're places where we're going to get royalties, not only from the exhibitors, but from the studios as well.

當你出去看看我們的五年計劃時，你會發現它顯示出非常有利的增長模式。這是由我們不斷增加的市場份額推動的，在北美，我們的市場份額比大流行前增加了約 50%。如您所知，我們已將其指導至大流行前的水平。然後你看看不斷增長的網絡，今年我們已經簽下了 85 名左右的球員。 80% 的新科學都是新劇院，這意味著它們不是升級版，而是我們不僅從放映商那裡，而且還從工作室那裡獲得版稅的地方。

So model out that growth paradigm. And then you add business like SSIMWAVE and Enhanced and Live, and we're tremendously optimistic about them, particularly SSIMWAVE, where we think we're really on to a product that streamers who is on the mode of saving costs can save costs on a very advantageous basis. So our 5-year plan is very optimistic. And I -- as I said, without overstating the point, it's hard to have been at IMAX at a more optimistic time than right now.

因此，要對這種增長模式進行建模。然後你添加像 SSIMWAVE 和增強型和直播這樣的業務，我們對它們非常樂觀，特別是 SSIMWAVE，我們認為我們真的正在開發一款產品，讓處於節省成本模式的主播可以節省成本非常有利的基礎。所以我們的5年計劃是非常樂觀的。而我——正如我所說，毫不誇張地說，很難比現在更樂觀地進入 IMAX 了。

Rich, can you get more -- I know when you look at sort of your penetration globally, there's big buckets of opportunity. And I know you've -- Rest of the World has been significant for you guys, what's happening in Japan and India. China has also been a significant market of growth. But curious just on the domestic, how you look at the opportunity? I know you signed a deal in Canada that was incremental. But just it seems like certainly certain urban areas that you could have more screens. I know there's some zoning restrictions and so forth. I'm just curious if there's any flexibility there you think in the future, so you can get more screens with the same operator in the specific zone. And if you think now that IMAX is hot, I mean does it make any sense at all, in highly populated areas to have 2 screens for complex.

Rich，你能得到更多嗎？我知道，當你看看你在全球的滲透率時，就會發現有很多機會。我知道世界其他地區對你們來說意義重大，比如日本和印度發生的事情。中國也是一個重要的增長市場。但好奇就國內而言，您如何看待這個機會？我知道您在加拿大簽署了一項增量協議。但似乎某些城市地區確實可以擁有更多的屏幕。我知道有一些分區限制等等。我只是好奇您認為未來是否有任何靈活性，這樣您就可以在特定區域使用同一操作員獲得更多屏幕。如果您認為現在 IMAX 很熱門，我的意思是，在人口稠密的地區擁有 2 個銀幕進行綜合放映是否有意義。

So I'll start by saying, we're pretty ambivalent about whether it's the U.S. or overseas, the theaters generally do the same, except if it's in Japan, where our PSAs per screen averages are double North America. And just as an anecdote, I mentioned it briefly on the call, but I'll dig a little deeper, we signed a 7-theater deal with Aon early this year. All 7 are open and all 7 are on track to do between $1 million and $2 million PSA a year, which is the U.S. PSA is $900,000. So I mean, there's enormous leverage in global growth. That's why I don't necessarily say, "Oh, what am I you going to do in North America because it's worth twice as much to me if I do it in Japan." But in North America, we still were much more penetrated than other places in the world. But we still could do a lot more. And I'm trying to remember someone in the room will tell me. But I think something like 25% approximately of our signings and -- are in North America over this year.

所以我首先要說的是，我們對無論是在美國還是在海外都非常矛盾，影院通常都會這樣做，除了在日本，我們每塊銀幕的平均公益廣告是北美的兩倍。就像一件軼事一樣，我在電話會議上簡短地提到了這一點，但我會更深入地挖掘一下，今年年初我們與怡安簽署了一份 7 家影院的協議。所有 7 個都已開放，並且所有 7 個都有望每年實現 100 萬至 200 萬美元的 PSA，即美國的 PSA 為 90 萬美元。所以我的意思是，全球增長具有巨大的槓桿作用。這就是為什麼我不一定會說：“哦，我要在北美做什麼，因為如果我在日本做，對我來說價值是兩倍。”但在北美，我們的滲透率仍然比世界其他地方要高得多。但我們仍然可以做更多的事情。我努力記住房間裡有人會告訴我。但我認為今年我們大約 25% 的簽約是在北美。

So I think -- we did a 5-theater deal with a company called EVO. And they could do a lot more once an 8-theater deals for EVO. And they could do a lot more. I don't want to get ahead of myself or promise this, but we're starting to look at areas of exclusivity where we could even deal. So if AMC owns a particular market, we can't put additional theaters in that market because it's analogous to like a franchise kind of thing. But we're starting to think about could we put additional marked theaters in exclusivity zones to drive North American box office even higher, and we are in some early conversations about things like that.

所以我認為——我們與一家名為 EVO 的公司達成了 5 家影院的協議。一旦與 EVO 達成 8 家影院協議，他們還可以做更多的事情。他們還可以做更多的事情。我不想超前或做出這樣的承諾，但我們正在開始尋找我們甚至可以交易的排他性領域。因此，如果 AMC 擁有某個特定市場，我們就不能在該市場上開設更多影院，因為這類似於特許經營權之類的事情。但我們開始考慮是否可以在獨家區域設立更多的標記影院，以推動北美票房更高，我們正在就此類問題進行一些早期對話。

Natasha, a quick one for you. I realize -- I don't know if you touched on the guidance. I'm sorry if you did. I'm guessing you don't want to change a global box office estimate given how much stress we have on potential shifts in slate given the strikes. But curious on installations. It looks like you're tracking really well there. I just -- can you update your -- are you reiterating your guidance? Are you sort of in the high end? Do you think there's any sort of thing color-wise you could add, it would be great.

娜塔莎，快點給你。我意識到——我不知道你是否提到了指導。如果你這麼做了，我很抱歉。我猜你不想改變全球票房估計，因為我們對罷工造成的潛在變化承受著多大的壓力。但對安裝感到好奇。看起來你在那裡追踪得很好。我只是——你能更新你的——你重申你的指導嗎？你屬於高端嗎？你認為有什麼顏色方面的東西可以添加嗎，那就太好了。

Yes. I think we feel really good about our guidance. We haven't -- obviously haven't come out and changed it. We feel that we're at $541 million at box office. We're halfway there to the level that we guided to. And with respect to installations, it's been exactly as we talked about on our call a few quarters ago, where we think it will be back-end loaded, very similar to our historic years. And we had a really good quarter with a 20 installations and we're getting there. We had a great quarter from an attractive products and services segment as well with really strong margins and performance there. And I just think our guidance is exactly where it looks to me. Same with EBITDA as well. We closed out the quarter at 35% attributable EBITDA margin, too. And so we're just -- we're tracking exactly what we guided since the beginning of the year.

是的。我認為我們對我們的指導感覺非常好。我們還沒有——顯然還沒有出來改變它。我們認為票房收入為 5.41 億美元。我們已達到我們指導的水平的一半。至於安裝，正如我們在幾個季度前的電話會議上所討論的那樣，我們認為它將是後端加載的，與我們的歷史年份非常相似。我們度過了一個非常好的季度，安裝了 20 台，我們正在實現這一目標。我們在一個有吸引力的產品和服務領域度過了一個出色的季度，並且該領域的利潤率和業績也非常強勁。我只是認為我們的指導正是我所期望的。 EBITDA 也一樣。本季度末，我們的應佔 EBITDA 利潤率也為 35%。所以我們只是——我們正在準確跟踪我們自年初以來的指導方針。

Our next question comes from the line of Chad Beynon of Macquarie.

我們的下一個問題來自麥格理的查德·貝農 (Chad Beynon)。

Rich, I know in the past, we were always focused on kind of the ramping period for new installations. And when you mentioned some of these PSAs close to $1 million that kind of jogged my memory. So with the increased local language product and just the strength overall, has there been any change in terms of the ramp period? And I guess what I'm getting at, I'm assuming maybe some of these locations are ramping a little faster. Obviously, every region is different. But I just wondered if you could opine on that.

Rich，我知道過去我們總是關注新安裝的爬坡期。當你提到其中一些接近 100 萬美元的公益廣告時，這喚起了我的記憶。那麼，隨著本地語言產品的增加以及整體實力的增強，斜坡期是否有任何變化？我想我的意思是，我假設其中一些地點的增長速度會更快一些。顯然，每個地區都是不同的。但我只是想知道你是否可以對此發表意見。

Yes. So as I said, in Japan, we signed a 7-theater deal on within 6 months opened all 7. I don't ever remember seeing that before. We used to say that it was 2 to 3 years to work through our backlog, I would say we haven't done that calculation, so I don't know. But I would say of our signings this year, the number that are turning into installs this year feels to me a little higher than it's been in the past. But I can't give you a thought (inaudible) clients.

是的。正如我所說，在日本，我們簽署了一份 7 個劇院的協議，在 6 個月內開放所有 7 個劇院。我不記得以前見過這樣的事情。我們過去常說，處理完我們的積壓工作需要 2 到 3 年的時間，我想說我們還沒有進行過這樣的計算，所以我不知道。但我想說的是，就我們今年的簽約而言，今年轉化為安裝的數量對我來說比過去要高一些。但我不能給你一個想法（聽不清）客戶。

Okay. Great. And then on IMAX Enhanced, I guess, for 4 or 5 months out from holiday shopping season, should we expect to see more home consumer products kind of out there in the stores? I know you've kind of hinted at some of this with some bigger companies working with you guys. I know it's not a huge initiative, but certainly that would something that would continue to help the brand and help the P&L.

好的。偉大的。然後，我想，在 IMAX Enhanced 上，在假日購物季結束後的 4 到 5 個月裡，我們是否應該期待在商店裡看到更多的家庭消費品？我知道您已經向與你們合作的一些大公司暗示過其中的一些內容。我知道這不是一個巨大的舉措，但肯定會繼續幫助品牌和損益表。

There are active discussions going on, but the results are binary. You either sign them or you don't. So I can't predict until it's signed, whether we're going to sign or not, but there are some interesting discussions going on. And if we sign them, I'm hopeful there'll be additional ones that you can't predict.

目前正在進行積極的討論，但結果是二元的。你要么簽署，要么不簽署。因此，在簽署之前我無法預測我們是否會簽署，但正在進行一些有趣的討論。如果我們簽署了這些協議，我希望還會有更多你無法預測的協議。

Our next question comes from the line of James Goss of Barrington Research.

我們的下一個問題來自巴靈頓研究中心的詹姆斯·戈斯。

Earlier on, as you rolled out China, Rich, there was a big difference in the PSAs as you moved into the "smaller markets," which are still relatively large. I'm wondering if that variance has continued as you've gotten people more used to seeing local language product in IMAX if that gap has narrowed somewhat?

早些時候，當你推出中國時，Rich，當你進入“較小的市場”時，PSA 出現了很大的差異，這些市場仍然相對較大。我想知道，隨著人們更習慣在 IMAX 中觀看本地語言產品，這種差異是否會繼續存在，如果這種差距有所縮小的話？

Jim, it's still a recovery here in China. Because remember, I know it seems like a long time ago, but in December, they still had quarantines and shutdowns. So I think it's really too early to detect a trend. It's just coming back to a normal state, not even there yet. So I think it's too early to tell.

吉姆，中國仍處於復蘇期。因為請記住，我知道這似乎是很久以前的事了，但在 12 月，他們仍然進行了隔離和關閉。所以我認為現在發現趨勢還為時過早。它只是恢復到正常狀態，甚至還沒有達到。所以我認為現在說還為時過早。

Okay. Another thing is I'm wondering if there's anything contractual in your film release windows, either in your favor or the other favor? Or is it just a point of honor. With Dune, for example, if you have a 5- or 6-week window, and you do have Marvel as an opportunity. Does that give you some ability to consider negotiating with sharing that window?

好的。另一件事是我想知道你們的電影發行窗口中是否有任何合同，無論是對你們有利還是對對方有利？或者只是為了榮譽。以《沙丘》為例，如果你有 5 或 6 週的時間窗口，那麼 Marvel 確實是一個機會。這是否讓您有能力考慮與共享該窗口進行談判？

Yes. I mean, of course, we -- typically, we committed on not going to go into the specifics, but to a 2-week window in the film for IMAX program. So we could play the minimum or we could offer more time. So if your question is do we have flexibility, we do. So if they want to move the movie, there would be consequences to them of doing it. As I said, they would lose the long window. So in my mind, it will very hard to replicate that in future years.

是的。我的意思是，當然，我們——通常情況下，我們承諾不會透露具體細節，但會在 IMAX 項目中提供為期兩週的電影窗口期。所以我們可以玩最少的時間，也可以提供更多的時間。因此，如果您的問題是我們有靈活性，我們有。因此，如果他們想轉移這部電影，他們就會承擔後果。正如我所說，他們將失去長窗。所以在我看來，未來幾年很難復制這一點。

But you would have the same flexibility. So can you force the issue as well? Does that work that way? Or is it a matter of creating this honor system so that you do spread things out over the course of the year?

但你也會有同樣的靈活性。那麼你也可以強制解決這個問題嗎？這樣行得通嗎？或者是創建這個榮譽系統以便你將事情分散到一年中？

Jim, as you probably read in the media with Top Gun with -- not Top Gun, with Mission: Impossible 7 and with Oppenheimer we make commitments. And when we commit to somebody, we stick with it. And I would say, thanks to the quality of Oppenheimer, its brand association with IMAX. And by the way, I love Mission. I thought it's a great movie, being a company of principal and standing by our commitments pays off for us. So we don't really play games like that.

吉姆，正如您可能在媒體上讀到的那樣，《壯志凌雲》——不是《壯志凌雲》，而是《碟中諜 7》和《奧本海默》，我們做出了承諾。當我們對某人作出承諾時，我們就會堅持下去。我想說，這要歸功於奧本海默的品質，以及它與 IMAX 的品牌關聯。順便說一句，我喜歡使命。我認為這是一部很棒的電影，作為一家主要的公司並恪守我們的承諾為我們帶來了回報。所以我們真的不玩那樣的遊戲。

Okay. Understood. Lastly, you've touched a little bit on the rollout in terms of number of sites. And I wonder if given how you do feel IMAX' hot rate now, if there's any consideration towards in general, accelerating that rollout in terms of numbers, so it maintains some same sort of percentage? I know it's not itemized in terms of certain dollars or earned sites or percents. But do you think an acceleration is warranted given the number of markets you have and the reception to your format?

好的。明白了。最後，您對站點數量方面的部署進行了一些介紹。我想知道，鑑於您現在對 IMAX 熱度的感受，是否有任何考慮總體上加快推出數量，從而保持某種相同的百分比？我知道它沒有按某些美元或賺取的網站或百分比逐項列出。但考慮到您擁有的市場數量以及您的格式的接受度，您認為加速是有道理的嗎？

Jim, this is Natasha. We have our guidance out there for 110 to 130 for the year. Of course, there will be ebbs and flows of the timing of the rollout. But that's -- because that depends on many factors. It depends on timing of our exhibition customers and whether their cash flow exists at the time to do a rollout, the timing of other types of factors as well. And so -- of course, if we have the opportunity to roll to install theaters sooner, we will. But right now and based on our cadence of historical year, we'll continue to reiterate that it will be Q4 loaded.

吉姆，這是娜塔莎。我們今年的指導值為 110 至 130。當然，推出的時間會有起伏。但這是——因為這取決於很多因素。這取決於我們的展覽客戶的時間安排以及他們當時是否有現金流來進行展示，以及其他類型因素的時間安排。因此，當然，如果我們有機會盡快安裝劇院，我們就會這麼做。但現在，根據我們歷史性一年的節奏，我們將繼續重申它將在第四季度加載。

Also -- this may sound obnoxious, and I don't want me this way, but I want to put it in a perspective. People should take out a pen and look at the Oppenheimer numbers and look at the predictions and whether buy the more installs or less or 10 is going to really make a difference in IMAX' a year. I just think when you look at the big picture, pun intended with IMAX, the signings, the installs, I mean, the way that we're firing on all cylinders I think looking at this year from where we sit now, whether it's a few more installs, I don't think is part of an important investment (inaudible).

另外——這可能聽起來很令人討厭，我不想這樣，但我想從一個角度來看。人們應該拿出筆來看看奧本海默的數據並看看預測，看看是否購買更多的安裝量、更少的安裝量或 10 個安裝量真的會對 IMAX 一年產生影響。我只是認為，當你看大局時，IMAX 的雙關語、簽約、安裝，我的意思是，我們全力以赴的方式，我認為從我們現在所處的位置來看今年，無論是更多安裝，我不認為這是重要投資的一部分（聽不清）。

Okay. No, I meant actually not just this year, but in a broader sense.

好的。不，我的意思實際上不僅僅是今年，而是更廣泛的意義上。

Well, in the future, Jim, if you're asking about future years, I think there was an Avatar effect. You see it this year. I think it's still continuing. And I think when you look at the -- we didn't really break this out, but some individual IMAX theaters are going to do $1 million Oppenheimer. Many of them have been to $200,000, $300,000. So if you model from the theater side, what it means to them and their IRRs, if they're logical, it should lead to what you're asking about.

好吧，在未來，吉姆，如果你問的是未來幾年，我認為存在阿凡達效應。今年你就看到了。我認為它仍在繼續。我認為，當你看到時，我們並沒有真正透露這一點，但一些單獨的 IMAX 影院將在奧本海默影院放映 100 萬美元。他們中的許多人已經達到了20萬、30萬美元。因此，如果你從劇院方面進行建模，這對他們和他們的 IRR 意味著什麼，如果它們合乎邏輯，它應該會導致你所問的問題。

Our final question comes from the line of David Karnovsky of JPMorgan.

我們的最後一個問題來自摩根大通的大衛·卡諾夫斯基。

Rich, I thought it was interesting to see Napoleon on the calendar for IMAX. Maybe I don't know if you can give any background to this. I think it's your first content deal with Apple and what potential do you kind of see for more releases here. Have they given you any indication of their slate?

Rich，我覺得在 IMAX 日曆上看到拿破崙很有趣。也許我不知道你是否可以提供任何背景信息。我認為這是您與蘋果的第一個內容交易，您認為在這裡發布更多內容有什麼潛力。他們有向你透露過他們的名單嗎？

Well, not only on Flower, the Scorsese movie, but the Napoleon, which is Ridley Scott, it's also another Apple movie, which is interesting, David, because there are 2 different studios that's distributing them. One is Paramount and the other Sony. So -- yes, we are discussing other projects with Apple, and Apple is committed to a theatrical exclusive window. And I think they see us part of -- on this one specific one in mind that we haven't agreed to, but we have a verbal understanding the next couple of years, it's not in the near term. So I do think we'll get more and more content from Apple and probably Amazon as well because they're committed to a theatrical window.

嗯，不僅是斯科塞斯的電影《花花》，還有雷德利·斯科特的《拿破崙》，這也是另一部蘋果電影，這很有趣，大衛，因為有 2 個不同的工作室在發行它們。一個是派拉蒙，另一個是索尼。所以——是的，我們正在與蘋果討論其他項目，而蘋果致力於影院獨家窗口。我認為他們認為我們是其中的一部分——在這一具體問題上，我們尚未達成一致，但我們在未來幾年內達成了口頭諒解，但這不是短期內的。因此，我確實認為我們將從蘋果（可能還有亞馬遜）獲得越來越多的內容，因為他們致力於影院窗口。

I would now like to turn the conference back to Richard Gelfond for closing remarks.

現在我想請理查德·格爾方德 (Richard Gelfond) 致閉幕詞。

Thanks so much, operator, and thank you all for joining us today. So we just announced on this call a very attractive, successful second quarter, which followed a very successful, attractive first quarter. And now we're in the first month of our third quarter, and we just had our best July ever in terms of box office. As we look into August and the presales and the potential for Oppenheimer, and then we look at the other movies coming on down the slate, I think IMAX has moved in a way from people considering a story stock to elements of being a value stock. And I think people should probably, as I said before, take out a pen and put numbers to some of these things. And look at we've been shrinking our capitalization. Our shares outstanding have gone down. Our EBITDA has gone up. And people -- I don't think it has to be believing the story, I think it's a matter of taking out pen and doing some math. And I really don't remember being in a more attractive position at IMAX in a very long time.

非常感謝操作員，也感謝大家今天加入我們。因此，我們剛剛在這次電話會議上宣布了一個非常有吸引力、成功的第二季度，緊接著是一個非常成功、有吸引力的第一季度。現在我們正處於第三季度的第一個月，就票房而言，我們剛剛度過了有史以來最好的七月。當我們研究 8 月份、預售和《奧本海默》的潛力，然後我們看看即將上映的其他電影時，我認為 IMAX 在某種程度上已經從人們考慮故事股票轉變為考慮價值股票的要素。我認為，正如我之前所說，人們或許應該拿出筆，為其中一些事情填上數字。看看我們一直在縮減資本。我們的流通股已經下降。我們的 EBITDA 有所上升。人們——我認為不必相信這個故事，我認為這只是拿出筆做一些數學計算的問題。我真的不記得在很長一段時間內在 IMAX 中處於更有吸引力的位置了。

So thank you all for joining us. And I hope to update you with more good news on the next call.

感謝大家加入我們。我希望在下次電話會議上向您通報更多好消息。

This concludes today's conference call. Thank you for participating. You may now disconnect.

今天的電話會議到此結束。感謝您的參與。您現在可以斷開連接。