Imax Corp (IMAX) 2023 Q4 法說會逐字稿

Good day, and thank you for standing by. Welcome to IMAX Corporation's fourth-quarter and full-year 2023 earnings conference call. (Operator Instructions)

美好的一天，感謝您的支持。歡迎參加 IMAX Corporation 的第四季和 2023 年全年收益電話會議。（操作員說明）

Please be advised that today's conference is being recorded.

請注意，今天的會議正在錄製中。

I would now like to hand the conference over to your first speaker today, Jennifer Horsley, Head of Investor Relations and Senior Vice President. Please go ahead.

現在我想將會議交給今天的第一位發言人，投資者關係主管兼高級副總裁珍妮佛霍斯利 (Jennifer Horsley)。請繼續。

Good afternoon and thank you for joining us on today's full-year and fourth-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，感謝您參加今天的 2023 年全年和第四季度收益電話會議。今天，執行長 Rich Gelfond 出席了審查財務表現的電話會議；以及我們的財務長 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. Our historical Excel model is posted to the website as well.

今天的電話會議將在我們的網站上進行全程網路直播。電話會議後不久將提供網路廣播的重播。此外，我們的收益新聞稿和投影片簡報的全文已發佈在我們網站的投資者關係部分。我們的歷史 Excel 模型也發佈到網站上。

I would like to remind you 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.

我想提醒您注意以下有關前瞻性陳述的資訊。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。這些前瞻性陳述受到風險和不確定性的影響，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。

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.

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所做的任何前瞻性陳述均基於截至目前的假設。我們不承擔因新資訊、未來事件或其他原因而更新這些聲明的義務。

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 the reconciliation 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和這些指標的定義以及與非公認會計原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的投資者關係頁面上找到： imax.com。

With that, let me now turn the call over to Mr. Richard Gelfand. Rich?

現在，讓我將電話轉給理查德·蓋爾凡德先生。富有的？

Thanks, Jennifer, and thanks, everyone, for joining us today. IMAX powers awe-inspiring experiences for audiences around the world with a premium offering that invites people into exclusive and often impossible situations, worlds both real and imagined, alongside others who are equally immersed.

謝謝詹妮弗，謝謝大家今天加入我們。IMAX 透過優質產品為世界各地的觀眾提供令人驚嘆的體驗，邀請人們進入獨特且通常不可能的場景、真實和想像的世界，與其他同樣沉浸其中的人一起。

Our business capitalizes on the limitlessness of human imagination, our innate desire for shared experiences, and the unceasing human demand for awe. These are evergreen market opportunities that transcend what Hollywood movie is playing at your local multiplex on any given weekend, which is why IMAX remains among the most consistent winners in global media and entertainment and why we delivered such strong results in 2023.

我們的業務利用了人類無限的想像力、我們與生俱來的分享經驗的渴望以及人類對敬畏的不斷需求。這些都是常青的市場機會，超越了任何特定週末在當地影院放映的好萊塢電影，這就是為什麼IMAX 仍然是全球媒體和娛樂領域最穩定的贏家之一，也是我們在2023 年取得如此強勁業績的原因。

Adjusted EPS for the full year of $0.94, up from $0.06 in 2022. Growth of 25% or greater across revenue, gross margin, and adjusted EBITDA. Operating cash flow of $60 million, up from $17 million the prior year.

全年調整後每股收益為 0.94 美元，高於 2022 年的 0.06 美元。收入、毛利率和調整後 EBITDA 成長 25% 或更高。營運現金流為 6,000 萬美元，高於前一年的 1,700 萬美元。

We installed 128 IMAX systems worldwide at the high end of our guidance, and signed agreements for 129 new and upgraded systems. And we grew global box office to nearly $1.1 billion, our second highest grossing year in our history.

我們在全球範圍內安裝了 128 個 IMAX 系統，達到了我們指導的上限，並簽署了 129 個新系統和升級系統的協議。我們的全球票房成長至近 11 億美元，這是我們歷史上票房第二高的一年。

When you look at our results and growing demand for IMAX across the ecosystems, it's increasingly clear that IMAX is indeed the future of cinema. I'm in LA for the month, and this is a growing refrain among Hollywood filmmakers, studios, and producers -- all of whom want to capitalize on the shift to IMAX at the box office and who see increased market pressure on exhibition to meet growing consumer demand for premium experiences, a trend across all of out-of-home entertainment. Our global technology platform and asset-light model remain remarkably resilient.

當您查看我們的成果以及整個生態系統對 IMAX 不斷增長的需求時，您會越來越清楚地看到 IMAX 確實是電影的未來。我這個月在洛杉磯，這是好萊塢電影製片人、工作室和製片人越來越多的克制——他們所有人都希望利用票房向IMAX 的轉變，並且看到放映所面臨的市場壓力越來越大。我們的全球技術平台和輕資產模式仍具有顯著的彈性。

Our guidance was in line for the year, even with the fourth quarter heavily impacted by the labor strikes in Hollywood. Strike-related slate delays have impacted the current quarter as well. While we never like seeing our stock go down, this has created an opportunity for us to buy back more shares. We have repurchased more than $40 million in IMAX stock since October 23. We believe IMAX stock is very undervalued, given our growth outlook. And we expect to continue to use our strong balance sheet to be a buyer at depressed levels.

儘管第四季受到好萊塢勞工罷工的嚴重影響，但我們的指引與全年一致。與罷工相關的延遲也影響了本季。雖然我們從不喜歡看到我們的股票下跌，但這為我們創造了回購更多股票的機會。自 10 月 23 日以來，我們已回購了超過 4,000 萬美元的 IMAX 股票。考慮到我們的成長前景，我們認為 IMAX 股票被嚴重低估。我們預計將繼續利用我們強大的資產負債表在低迷時期成為買家。

Looking ahead, we expect to deliver another solid financial performance in 2024 including: growth in system installs to between 120 to 150 for the full year, similar results to 2023 for global box office; total adjusted EBITDA margin in the high 30% range. We expect 2025 to be a strong growth year, including at least high single-digit revenue growth, mid-single-digit percentage network growth, total adjusted EBITDA margin of approximately 40%.

展望未來，我們預計 2024 年將再次實現穩健的財務業績，包括：全年系統安裝量成長至 120 至 150 個，全球票房結果與 2023 年類似；調整後 EBITDA 總利潤率高達 30%。我們預計 2025 年將是強勁成長的一年，包括至少高個位數營收成長、中個位數百分比網路成長、調整後 EBITDA 利潤率總額約為 40%。

Our strategy for the year ahead is two-pronged: accelerate global sales activity and network growth by capitalizing on our expanding content, portfolio, and the proven returns IMAX technology delivers for our clients; and two, curated diversified global content portfolio. We expect to deliver more than 100 IMAX Experiences for the first time in our history by expanding further into local language, blockbusters, IMAX documentaries, and new and exclusive IMAX Experiences and events.

我們未來一年的策略是雙管齊下：利用我們不斷擴大的內容、產品組合以及 IMAX 技術為客戶提供的可靠回報，加速全球銷售活動和網路成長；第二，策劃多元化的全球內容組合。我們希望透過進一步擴展到本地語言、大片、IMAX 紀錄片以及全新的獨家 IMAX 體驗和活動，有史以來首次提供超過 100 種 IMAX 體驗。

Today, I'd like to discuss how we're advancing our strategy on both fronts while continuing to explore new further opportunities for growth. Then I'll turn it over to Natasha to detail our financial results before opening it up to your questions.

今天，我想討論我們如何在兩個方面推進我們的策略，同時繼續探索新的進一步成長機會。然後我會將其交給 Natasha，詳細介紹我們的財務業績，然後再回答您的問題。

Network growth. First, we recently conducted a new worldwide zoning analysis of our technology network for the first time since 2019 to measure our total addressable market, including how many IMAX locations can be sustained in each territory. As a result, IMAX is increasing its network zones to 3,619 globally from 3,318 previously. IMAX is a highly recognizable global brand in premium cinematic experiences.

網路成長。首先，我們最近自 2019 年以來首次對我們的技術網絡進行了新的全球分區分析，以衡量我們的總目標市場，包括每個地區可以維持多少個 IMAX 影院。因此，IMAX 將其全球網路區域從先前的 3,318 個增加到 3,619 個。IMAX 是優質電影體驗領域高度認可的全球品牌。

And yet, we still have significant room to grow with our core technology product. By our analysis, we are only at 47% global penetration with our current footprint of open locations. And we can sell or open approximately 1,900 additional IMAX systems worldwide, more than double the size of our network. As a reminder, we update this zoning analysis every few years, and we'll continue to do so.

然而，我們的核心技術產品仍有很大的成長空間。根據我們的分析，就我們目前的開放地點而言，我們的全球滲透率僅為 47%。我們可以在全球銷售或開設約 1,900 個額外的 IMAX 系統，是我們網路規模的兩倍以上。提醒一下，我們每隔幾年就會更新一次分區分析，並且我們將繼續這樣做。

Our sales activity in 2023 underscores the strong demand for IMAX technology even in a period of uncertainty coming out of the strikes. Our 129 signings for the year were delivered with 36 partners, including seven new clients across 26 territories worldwide.

我們 2023 年的銷售活動突顯了對 IMAX 技術的強勁需求，即使在罷工帶來的不確定時期。我們今年與 36 個合作夥伴簽署了 129 項合同，其中包括遍布全球 26 個地區的 7 個新客戶。

84% were for new IMAX locations. Of these 128 system installs we completed in '23, an IMAX record 61 were in international markets outside of North America and China, further diversifying our unique footprint.

84% 是針對新的 IMAX 地點。在我們於 2023 年完成的 128 個系統安裝中，有 61 個安裝在北美和中國以外的國際市場，創下了 IMAX 記錄，進一步豐富了我們獨特的足跡。

These installs were weighed toward our most productive markets as well. Overall installs were in territories delivering per-screen averages that were more than 20% higher than the average PSA across our full network.

這些安裝也被考慮到我們最俱生產力的市場。各地區的整體安裝量每螢幕平均安裝量比我們整個網路的平均 PSA 高出 20% 以上。

Turning now to content. We are focused on curating a diversified global content portfolio and creatively managing a slate to deliver more than 100 IMAX Experiences in a single year for the first time in our history.

現在轉向內容。我們專注於策劃多元化的全球內容組合，並創造性地管理內容，以在一年內提供超過 100 場 IMAX 體驗，這在我們歷史上尚屬首次。

We're appealing to a wider audience with awe-inspiring experiences drawn from across Hollywood, international film industries, documentaries, and events. This diversity continues to be a key differentiator for IMAX and the biggest reason why we are a growth platform worldwide.

我們透過來自好萊塢、國際電影業、紀錄片和活動的令人驚嘆的體驗來吸引更廣泛的觀眾。這種多樣性仍然是 IMAX 的關鍵差異化因素，也是我們成為全球成長平台的最大原因。

Despite a strike-impacted fourth quarter, IMAX global box office in 2023 increased 2% over its 2017 to '19 average. Compare that to a 21% decline for exhibitors worldwide based on estimates by Gower Street Analytics.

儘管第四季受到罷工影響，2023 年 IMAX 全球票房仍較 2017 年成長 2%，達到 19 年的平均水準。相比之下，根據 Gower Street Analytics 的估計，全球參展商數量下降了 21%。

We think of our portfolio in three product lines: first, blockbusters, both Hollywood and local language; second, IMAX documentaries; third, IMAX events, experiences that widen our aperture across genres including music, gaming, sports, and more as well as live and interactive formats.

我們認為我們的投資組合分為三個產品線：第一，大片，好萊塢和當地語言；第二，IMAX紀錄片；第三，IMAX 活動、擴大我們跨流派視野的體驗，包括音樂、遊戲、運動等以及現場和互動形式。

First, although the 2024 Hollywood slate has clearly been impacted by the strikes, we remain optimistic given the strong indexing we're driving on a title-by-title basis and a consistently high share of box office we capture in the post-pandemic world.

首先，儘管 2024 年好萊塢電影的票房顯然受到了罷工的影響，但考慮到我們逐部電影的強勁索引以及我們在大流行後世界中獲得的持續高票房份額，我們仍然保持樂觀。

This weekend's Dune Part 2 will offer an excellent example of the differentiating advantage of the IMAX platform. The film was shot entirely with IMAX cameras and will receive a limited run in IMAX 70-millimeter film, further feeding demand for the format in the wake of Oppenheimer.

本週末的《沙丘》第 2 部分將提供 IMAX 平台差異化優勢的絕佳範例。該影片完全使用 IMAX 攝影機拍攝，並將以 IMAX 70 毫米膠片限量放映，進一步滿足奧本海默之後對該格式的需求。

IMAX earned more than 22.5% of Dune Part 1 opening domestic weekend. Our IMAX exclusive preview screenings just a few days ago on Sunday approached sellout capacity throughout the United States. And our strong presales indicate that we will dramatically over-index. Presales exceed what we saw with Oppenheimer in the same window prelaunch.

IMAX 在《沙丘》第 1 部分的國內首周末票房收入超過 22.5%。就在幾天前的周日，我們的 IMAX 獨家預映場次在全美已接近售完。我們強勁的預售表明我們將大幅過度索引。預售量超過了我們在同一窗口預售中看到的奧本海默的預售量。

I've seen Dune Part 2, and this is a very special film. Make no mistake about it. This film has been much anticipated in the past, but it exceeded my expectations. Look no further than the Academy Awards to see our broadening impact.

我看過《沙丘第二部》，這是一部非常特別的電影。別搞錯了。這部電影本來就備受期待，但它卻超出了我的預期。只要看看奧斯卡金像獎就能看到我們不斷擴大的影響力。

IMAX releases scored more than 40 nominations, not just for Oppenheimer, but a variety of films across genres, from Killers of the Flower Moon to the Japanese anime hit, The Boy and The Heron. Across this year, the slate remains balanced with a consistent offering that will stand out in IMAX, including Godzilla vs. Kong, Furiosa, Deadpool and Wolverine, A Quiet Place Day 1, Joker 2, and Wicked.

IMAX 上映的影片獲得了 40 多項提名，不僅是奧本海默的提名，還有各種不同類型的電影，從《花月殺手》到日本熱門動畫《少年與蒼鷺》。今年，影片陣容保持平衡，IMAX 中的影片將脫穎而出，包括《哥吉拉大戰金剛》、《福瑞歐莎》、《死侍與金鋼狼》、《寂靜之地第一天》、《小丑2 》和《魔法壞女巫》。

And this year is just a precursor to a stacked 2025 slate, which includes Avatar 3; several entries from the retooled Marvel and DC franchises, including Fantastic 4 and Captain America, as well as Superman Legacy and the sequel to the Batman; and, of course, Mission Impossible 8.

今年只是 2025 年計畫的前奏，包括《阿凡達 3》；改編自漫威和 DC 系列的多部作品，包括《神奇四俠》和《美國隊長》，以及《超人遺產》和《蝙蝠俠》續集；當然還有《不可能的任務8》。

Our local language strategy also continues to be a powerful growth driver for IMAX. In 2023, we smashed our record for local language box office with $227 million in receipts from films across China, India, France, and Japan as well as Malaysia and Thailand. This year looks very promising as well, particularly in China, where we expect the summer season to be among our best ever.

我們的本地語言策略也持續成為 IMAX 的強大成長動力。2023 年，我們在中國、印度、法國、日本以及馬來西亞和泰國的電影收入達到 2.27 億美元，打破了本地語言票房紀錄。今年看起來也非常有希望，特別是在中國，我們預計夏季將是有史以來最好的一年。

Our relaunched IMAX documentaries unit continues to gain steam. And we'll see the release of the Blue Angels in partnership with Amazon Studios and JJ Abrams' Bad Robot this May. We're also in production with Adam McKay's Stormbound, a film that will put IMAX cameras and our fans inside the most powerful hurricanes on the planet. We will continue to grow documentaries as a source of global box office with downstream streaming revenue potential as well as a strong driver of our brand.

我們重新推出的 IMAX 紀錄片部門持續成長。今年 5 月，我們將看到與亞馬遜工作室和 JJ Abrams 的《壞機器人》合作的《藍色天使》。我們也正在製作 Adam McKay 的《Stormbound》，這部電影將讓 IMAX 攝影機和我們的粉絲置身於地球上最強大的颶風之中。我們將繼續發展紀錄片作為全球票房的來源，具有下游串流媒體收入潛力以及我們品牌的強大驅動力。

We're also building out our portfolio of events and experiences beyond feature and documentary films as a key strategic priority. This strategy has already yielded success in the first quarter, most notably with Queen Rock Montreal, a first-time IMAX remastering of a seminal 1981 performance, which has delivered the best opening weekend ever for an IMAX-exclusive event and has so far grossed about $5.4 million.

我們也將打造長片和紀錄片以外的活動和體驗組合作為關鍵的策略重點。這項策略已經在第一季取得了成功，最引人注目的是《蒙特婁皇后搖滾》，這是對1981 年開創性表演的首次IMAX 重製，為IMAX 獨家活動帶來了有史以來最好的首周末票房，迄今的票房收入約為540 萬美元。

We also held a one-night-only cinematic listening event for the new release from hip-hop legend, André 3000. The film, which recorded several sellouts and drove great utilization on an otherwise quiet Tuesday night in January, yielded a fee from the record label in addition to our standard box office tape.

我們也為嘻哈傳奇人物 André 3000 的新專輯舉辦了一場為期一晚的電影聆聽活動。這部電影在一月份一個安靜的周二晚上取得了多次票房成功並獲得了很高的利用率，除了我們的標準票房磁帶之外，還從唱片公司獲得了一筆費用。

Expanding our brand. We also continue to advance our streaming and consumer technology business, pushing further into new experiences beyond the cinema. IMAX was pleased to be among the launch partners for the Apple Vision Pro. Our goal is to test and define the IMAX Experience on this exciting new platform from user experience to content to monetization to new avenues for innovation across streaming and playback.

擴大我們的品牌。我們也持續推動我們的串流媒體和消費科技業務，進一步推動影院以外的新體驗。IMAX 很高興成為 Apple Vision Pro 的發布合作夥伴之一。我們的目標是在這個令人興奮的新平台上測試和定義 IMAX 體驗，從用戶體驗到內容到貨幣化，再到跨串流媒體和播放的創新新途徑。

But the IMAX app also has provided an exciting new application of our enterprise software, StreamSmart, purpose-built to deliver the clearest picture for less money for streamers like Disney Plus. We continue to make steady progress, building out our streaming consumer technology business.

但 IMAX 應用程式也為我們的企業軟體 StreamSmart 提供了令人興奮的新應用程序，該應用程式專為為 Disney Plus 等串流媒體用戶以更少的資金提供最清晰的圖像而設計。我們繼續穩步前進，打造我們的串流消費科技業務。

While we don't want to steal a page from every other earnings call in the world, the technology we acquired by our acquisition of SSIMWAVE is AI-based. Through that acquisition, we have a team of 40 engineers specializing in machine learning and artificial intelligence. That team is working not only on streaming but broader applications across our business from image capture and optimization to improving our internal systems and processes.

雖然我們不想抄襲世界上所有其他財報電話會議的內容，但我們透過收購 SSIMWAVE 所獲得的技術是基於人工智慧的。透過此次收購，我們擁有了一支由 40 名工程師組成的團隊，專門從事機器學習和人工智慧領域。該團隊不僅致力於串流媒體，還致力於我們業務中更廣泛的應用程序，從圖像捕獲和優化到改進我們的內部系統和流程。

To conclude, 2023 was one of the best years on record for IMAX. Our technology continues to power awe-inspiring experiences that bring the entire range of human imagination to life. Consumers want the IMAX Experience. And we curate one of the most diverse portfolios of experiences from around the world.

總而言之，2023 年是 IMAX 有史以來最好的一年之一。我們的技術不斷為令人驚嘆的體驗提供動力，將人類的想像全部變為現實。消費者想要 IMAX 體驗。我們策劃了來自世界各地最多樣化的體驗組合之一。

Consumers are gravitating toward visceral, you-are-there documentaries, and we're using our technology to tell stories that immerse audiences in the impossible. Consumers want unforgettable communal experiences. And we continue to open our aperture and expand the definition of the IMAX Experience from using music to gaming to sports.

消費者傾向於觀看發自內心、身臨其境的紀錄片，而我們正在利用我們的技術來講述讓觀眾沉浸在不可能的故事中。消費者想要難忘的公共體驗。我們持續開拓視野，擴展 IMAX 體驗的定義，從使用音樂到遊戲再到運動。

Anyone who has watched the results of the award shows this year can't help but escape noticing the influence of film and IMAX for audiences around the world. And this week, again, filmed in IMAX, we open Dune 2, which we have high expectations for.

任何看過今年頒獎典禮結果的人都會不禁注意到電影和 IMAX 對世界各地觀眾的影響。本週，我們再次以 IMAX 方式拍攝《沙丘 2》，對此我們抱有很高的期望。

As a result, demand for our technology is strong worldwide. We have already established IMAX as a premier global platform, and we see an opportunity to double our footprint. It is a great time to be in the IMAX business. And we look forward to growing our momentum and delivering results for our shareholders.

因此，全球對我們技術的需求強勁。我們已經將 IMAX 打造成首屈一指的全球平台，並且看到了將我們的足跡擴大一倍的機會。現在是進入 IMAX 行業的好時機。我們期待著增強我們的動力並為我們的股東帶來成果。

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 mentioned, IMAX delivered a strong performance in full year 2023. We have a business that stands out in the entertainment industry, both for the experience it provides consumers and our financial model. Let's review our Q4 and year-end results, and then I'll expand on our expectations for 2024 and beyond.

謝謝里奇，大家下午好。正如 Rich 所提到的，IMAX 在 2023 年全年表現強勁。我們的業務在娛樂產業中脫穎而出，無論是為消費者提供的體驗還是我們的財務模式。讓我們回顧一下我們的第四季和年終業績，然後我將詳細闡述我們對 2024 年及以後的預期。

Our 2023 results underscore the strength of our model and demand for the IMAX experience. Full-year adjusted EPS grew significantly to $0.94 in 2023, up from $0.06 the year prior with $0.17 coming in Q4. Full-year gross margin of $214 million grew 37% year over year, and gross margin percent of 57% was up 500 basis points year over year. $44 million of that came in Q4 at a gross margin percent of 51%, which was up 100 basis points year over year as the impact of the lower box office was offset by cost discipline and lower marketing expense.

我們 2023 年的表現凸顯了我們模型的優勢以及對 IMAX 體驗的需求。2023 年全年調整後每股收益大幅成長至 0.94 美元，高於去年同期的 0.06 美元，第四季為 0.17 美元。全年毛利率為2.14億美元，年增37%，毛利率為57%，較去年同期成長500個基點。其中第四季營收為 4,400 萬美元，毛利率為 51%，較去年同期成長 100 個基點，原因是成本控制和行銷費用下降抵消了票房下降的影響。

Adjusted EBITDA attributable to IMAX grew 52% to $128 million for the year, including $23 million in Q4. Full-year adjusted EBITDA margin was 37%, up 650 basis points year over year, driven by strong revenue growth and operating leverage in our business.

IMAX 調整後 EBITDA 全年成長 52%，達到 1.28 億美元，其中第四季為 2,300 萬美元。在我們業務強勁的營收成長和營運槓桿的推動下，全年調整後 EBITDA 利潤率為 37%，較去年同期成長 650 個基點。

We grew total revenue 25% year over year in 2023 to $375 million driven by expansion of the IMAX network and our diversified content portfolio. We did this even with a 12% revenue decline in the fourth quarter due to the impact of the Hollywood strikes on the slate.

在 IMAX 網路擴張和多元化內容組合的推動下，我們的總收入在 2023 年年增 25%，達到 3.75 億美元。儘管由於好萊塢罷工事件的影響，第四季的收入下降了 12%，但我們還是做到了這一點。

Our portfolio approach to programming across Hollywood, local language, documentary, and event content allows us to optimize our mix across the year. We continue to post strong global market share, 3.2% of the world's box office in 2023 on less than 1% of the screens globally.

我們在好萊塢、本地語言、紀錄片和活動內容方面的組合方法使我們能夠全年優化我們的組合。我們繼續保持強勁的全球市場份額，到 2023 年，我們在全球不到 1% 的銀幕上佔據全球票房的 3.2%。

Our robust revenue growth in 2023 reflects strong performances from all of our segments led by content solutions up 24%; and technology products and services up 22%. We also doubled revenue in all other to $14 million for the full year driven by our growth in streaming and consumer technology.

我們 2023 年營收的強勁成長反映了我們以內容解決方案為首的所有細分市場的強勁表現，成長了 24%；技術產品和服務成長22%。在串流媒體和消費技術成長的推動下，我們全年其他所有收入也翻了一番，達到 1,400 萬美元。

Within operating expenses, we invest for long-term growth and to exploit our differentiation and iconic brand. R&D expense was $10 million for the full year, of which $2.7 million was in Q4 and increased $4.8 million for the full year over '22, reflecting our investments in new technology, including streaming optimization software, StreamSmart, along with continued investment in our core business.

在營運支出中，我們投資於長期成長並利用我們的差異化和標誌性品牌。全年研發費用為1000 萬美元，其中第四季度為270 萬美元，22 年全年增加了480 萬美元，反映了我們對新技術的投資，包括串流媒體優化軟體StreamSmart，以及對我們核心的持續投資商業。

SG&A, excluding stock-based compensation, was $122 million for the full year, of which $29 million was in Q4 and increased $2 million from full year 2022, which excludes one-time transaction costs and the inclusion of SSIMWAVE expenses, which were not in most of the prior year given the acquisition closed at the end of Q3 2022.

全年SG&A（不含股票薪酬）為1.22 億美元，其中第四季為2,900 萬美元，較2022 年全年增加200 萬美元，其中不包括一次性交易成本和SSIMWAVE 費用（這些費用未計入財務報表中）鑑於收購於 2022 年第三季末完成，上一年的大部分時間都實現了。

As a percentage of revenue, SG&A, excluding stock-based compensation, was 33% in 2023, lower than the 37% in 2022, an improvement of approximately 400 basis points reflecting the leverage in our business model coupled with the focus on cost discipline, including actions to gain cost efficiencies in areas of our business, including IMAX China. Our cost discipline efforts will continue in 2024.

2023 年，SG&A（不包括股票薪酬）佔收入的百分比為 33%，低於 2022 年的 37%，提高了約 400 個基點，反映了我們業務模式中的槓桿作用以及對成本紀律的關注，包括在我們的業務領域（包括IMAX 中國）提高成本效率的行動。我們的成本紀律工作將在 2024 年繼續進行。

System installations and signings remains a key driver for our long-term growth. In 2023, we completed 128 system installations, up approximately 40% over 2022. We closed the year strong with 69 installations in Q4, growth of 33% year over year.

系統安裝和簽約仍然是我們長期成長的關鍵驅動力。2023 年，我們完成了 128 個系統安裝，比 2022 年成長約 40%。我們以強勁的表現結束了這一年，第四季安裝了 69 台，較去年同期成長 33%。

Installations were weighted to top markets with higher per-screen averages, approximately 20% above our network average. Examples include Japan, South Korea, and France as well as domestic. This robust installation growth resulted in 4% growth of the IMAX commercial network.

安裝量被分配到每個螢幕平均數較高的頂級市場，比我們的網路平均數高出約 20%。例子包括日本、韓國、法國以及國內。這種強勁的安裝成長導致 IMAX 商業網路成長了 4%。

We signed 129 systems for the full year, more than 2.5 times the prior year. And 55 systems were signed and installed in the same year, resulting in immediate network expansion. Asia Pacific was the biggest driver with 34 signings, nearly double our previous high. We delivered record signings in Thailand, Indonesia, and Malaysia, all markets where we've recently expanded into local language content to strengthen our position.

全年簽約系統129個，是上年的2.5倍多。同年簽署並安裝了 55 個系統，網路立即擴展。亞太地區是最大的推動者，共簽下 34 名球員，幾乎是之前最高紀錄的兩倍。我們在泰國、印尼和馬來西亞實現了創紀錄的簽約，我們最近在這些市場上拓展了本地語言內容，以鞏固我們的地位。

In Japan, we delivered 12 new signings, our best total in the market since 2015. We also saw strong growth in the Americas, highlighted by resurgent activity in Latin America, Mexico, and most notably, North America.

在日本，我們簽下了 12 名新援，這是自 2015 年以來市場上最好的簽約總數。我們也看到美洲的強勁成長，尤其是拉丁美洲、墨西哥，尤其是北美的活動復甦。

Our ability to drive expansion in even our most mature market, 26 signings in total and 3 new clients, demonstrates the demand for our technology. Our sales momentum continued in the fourth quarter with 35 signings, our best Q4 since 2015.

我們有能力在最成熟的市場推動擴張，總共簽 26 家，新增 3 家客戶，這顯示了對我們技術的需求。我們的銷售勢頭在第四季度繼續保持，簽約 35 名，這是我們自 2015 年以來最好的第四季度。

Overall, the robust growth in signings in 2023 is a positive leading indicator for future growth. And with installations and signings relatively equal for the year, we continue to have a substantial committed backlog entering into 2024 of 450 systems, of which 382 are new systems and 68 are upgrades. Our backlog, which historically installs within two to three years, along with the fact that our zones are only 47% penetrated globally, gives us confidence in our ability to expand the IMAX network for years to come.

總體而言，2023 年簽約量的強勁成長是未來成長的積極領先指標。由於今年的安裝量和簽約量相對持平，我們在 2024 年仍有大量承諾積壓的 450 個系統，其中 382 個是新系統，68 個是升級系統。我們的積壓訂單歷來在兩到三年內完成安裝，而且我們的戲院在全球的滲透率僅為 47%，這讓我們對未來幾年擴展 IMAX 網路的能力充滿信心。

Turning to cash flow and the balance sheet. Operating cash flow for the year was $59 million or $1.06 per share, representing significant growth versus the $17 million for 2022 or $0.30 per share. The tripling of our operating cash flow year over year is a result of our higher profits and improved cash conversion.

轉向現金流和資產負債表。全年營運現金流為 5,900 萬美元，即每股 1.06 美元，較 2022 年的 1,700 萬美元，即每股 0.30 美元顯著成長。我們的經營現金流量年增了兩倍，這是我們利潤增加和現金轉換改善的結果。

Free cash flow before growth CapEx, defined as investment in joint revenue sharing arrangements, improved by $39 million to $44 million versus $4.5 million in 2022. This is the cash flow measure that best reflects our efficiency and profitability.

成長資本支出前的自由現金流（定義為聯合收入共享安排的投資）從 2022 年的 450 萬美元增加了 3,900 萬美元，達到 4,400 萬美元。這是最能反映我們的效率和獲利能力的現金流量指標。

Our capital position remains very strong as we ended the year with $76 million in cash and $257 million of debt, excluding deferred financing costs. As a reminder, $230 million of our debt comes from our convertible senior notes due in 2026 that bear an interest rate of 0.5% per annum with a cap call leading to a $37 per share conversion price. Our current available liquidity is approximately $407 million, which includes $331 million in available borrowing capacity under the company's various revolving facilities.

我們的資本狀況仍然非常強勁，截至年底，我們擁有 7,600 萬美元的現金和 2.57 億美元的債務（不包括遞延融資成本）。提醒一下，我們的 2.3 億美元債務來自 2026 年到期的可轉換優先票據，年利率為 0.5%，上限為每股轉換價 37 美元。我們目前可用的流動資金約為 4.07 億美元，其中包括公司各種循環貸款下的 3.31 億美元可用借款能力。

From a capital allocation perspective, these last few months, we have been aggressive in repurchasing our shares as we believe they are significantly undervalued. In 2023, although we were in a blackout period for a significant portion of the year, we repurchased $26 million worth of shares with $24 million of that coming in Q4. To date, in 2024, we have repurchased an additional $16 million worth of our shares, and we have $151 million remaining available under our share repurchase authorization.

從資本配置的角度來看，過去幾個月，我們一直在積極回購我們的股票，因為我們認為它們的價值被嚴重低估。2023 年，儘管我們在一年中的大部分時間都處於禁售期，但我們還是回購了價值 2,600 萬美元的股票，其中 2,400 萬美元將在第四季度回購。迄今為止，到 2024 年，我們已經額外回購了價值 1,600 萬美元的股票，根據股票回購授權，我們還有 1.51 億美元可用。

On the back of a strong 2023 and the signings and installations momentum we carried into the year, we look forward to continued growth and progress in 2024. Our guidance for the year includes: a higher level of system installations compared to 2023 in the range of 120 to 150 systems, which is wider to reflect China's reopening and continued recovery; box office at a similar level to 2023 driven by growth in local language and event box office; total consolidated adjusted EBITDA margin we expect to be consistent with 2023 and in the high 30s percent. This guidance is at the consolidated level as opposed to the attributable level.

憑藉 2023 年的強勁表現以及今年的簽約和安裝勢頭，我們期待 2024 年繼續成長和進步。我們對今年的指導包括：與 2023 年相比，系統安裝水準更高，達到 120 至 150 個系統，範圍更廣，以反映中國的重新開放和持續復甦；受當地語言和賽事票房成長的推動，票房將與 2023 年持平；我們預計綜合調整後 EBITDA 利潤率總額將與 2023 年保持一致，在 30% 左右。此指導意見是綜合層面的，而不是歸屬層面的。

In 2024, we will focus our discussions at the total adjusted EBITDA level to reflect the results of our fully consolidated business, consistent to how we discuss revenue, gross profit, and most other financial metrics. We believe this is more in line with peer reporting and simplifies modeling for the street.

2024 年，我們將重點討論調整後 EBITDA 總額，以反映我們完全合併的業務結果，這與我們討論收入、毛利和大多數其他財務指標的方式一致。我們相信這更符合同行報告並簡化了街道建模。

For context, in 2023, our total consolidated adjusted EBITDA was $144 million at a 38.4% margin versus the attributable adjusted EBITDA of $128 million at a 36.7% margin. While we are not formally guiding to 2025, we believe it is important to provide investors a normalized view of our business and financial model absent strike or COVID impact.

就背景而言，2023 年，我們的綜合調整後 EBITDA 總額為 1.44 億美元，利潤率為 38.4%，而權益調整後 EBITDA 為 1.28 億美元，利潤率為 36.7%。雖然我們沒有正式指導 2025 年，但我們認為，在沒有罷工或新冠疫情影響的情況下，為投資者提供對我們業務和財務模式的正常看法非常重要。

Looking to 2025, we expect revenue growth of at least high-single digits, driven by accelerating IMAX box office and mid-single-digit network growth, which will result in steady adjusted EBITDA margin expansion. We target total consolidated adjusted EBITDA margin to be approximately 40% by 2025 driven by the strong incrementality in our model as we scale.

展望 2025 年，我們預計，在 IMAX 票房加速和中個位數網路成長的推動下，營收將至少實現高個位數成長，這將導致調整後的 EBITDA 利潤率穩步擴張。我們的目標是，到 2025 年，我們的合併調整後 EBITDA 利潤率總額將達到約 40%，這得益於我們的模型在規模擴張過程中的強勁增量。

To conclude, 2023 was a year of robust growth for IMAX with strong financial results driven by accelerated signings and installations and a number of box office milestones. We see significant potential to build on our momentum in 2024 and beyond. With consumers, genres of films come and go, we transcend genre, which makes IMAX the preferred platform for a growing array of awe-inspiring experiences.

總而言之，2023 年是 IMAX 強勁成長的一年，在簽約和安裝加速以及多個票房里程碑的推動下，財務業績強勁。我們認為 2024 年及以後我們的發展動能具有巨大潛力。對於消費者來說，電影類型來來去去，我們超越了類型，這使得 IMAX 成為越來越多令人驚嘆的體驗的首選平台。

Demand for the IMAX Experience among audiences worldwide is high. Studios, exhibitors, filmmakers, and artists recognize the value of our premium technology platform and our unrivaled global scale. This fuels new system sales and our expansion into streaming and consumer technology. And as we grow our scale, our asset-light, highly incremental business model is delivering expanding margins, bottom-line profit growth, and robust cash flow generation.

全球觀眾對 IMAX 體驗的需求很高。工作室、放映商、電影製片人和藝術家認識到我們優質技術平台的價值和無與倫比的全球規模。這推動了新系統的銷售以及我們向串流媒體和消費技術領域的擴張。隨著我們規模的擴大，我們的輕資產、高度增量的業務模式正在帶來不斷擴大的利潤、底線利潤的成長和強勁的現金流產生。

Thank you. And with that, I will turn the call over to the operator for Q&A.

謝謝。然後，我會將電話轉給接線生進行問答。

(Operator Instructions)

（操作員說明）

Eric Handler, Roth MKM.

埃里克·漢德勒，羅斯·MKM。

Good afternoon. Thanks for the question. Rich, I wonder if you could -- if you're able to dissect the global box office view for this year. Obviously always very difficult to project. But I'm just curious how you're thinking about Hollywood versus local language content and maybe alternative content as well.

午安.謝謝你的提問。里奇，我想知道你是否能夠剖析今年的全球票房狀況。顯然，投影總是非常困難。但我只是好奇你如何看待好萊塢與本地語言內容以及替代內容。

So, Eric, during the first two months of this year, when kind of the hangover from the strike existed, I think there wasn't a lot of visibility. And I think there was, frankly, a lot of external negativism.

所以，埃里克，在今年的前兩個月，當罷工的後遺症存在時，我認為沒有太多的能見度。坦白說，我認為存在著許多外部負面情緒。

But as we're like right at the starting gate now of the year turning around, I feel very good about it. I mean, as I go through these, I'm not going to mention everything, just a number of things. But as I mentioned in the remarks, Dune Part 2 was better than I thought, and I had high expectations for it. I liked it better than Dune 1. I think it's a great story. Visually, it's spectacular.

但當我們現在站在今年的起點時，我對此感覺非常好。我的意思是，當我經歷這些時，我不會提及所有事情，而只是提及一些事情。但正如我在評論中提到的，《沙丘2》比我想像的要好，我對它抱有很高的期望。比起《沙丘 1》，我更喜歡它。我認為這是一個很棒的故事。從視覺上看，非常壯觀。

After seeing it, I don't understand how you can't see it in IMAX. It's like a made-for-IMAX kind of movie, and I'm not alone in thinking that. And just this past Monday -- Sunday, sorry, we had an IMAX-only screening one show a day throughout our North American network. And it was virtually sold out with very little publicity going around it. The presales are better than they were for Oppenheimer at the same time. So I'm extremely optimistic about that.

看完之後我不懂為什麼在IMAX上看不到。這就像一部為 IMAX 製作的電影，而且我並不是唯一一個這麼想的人。就在剛剛過去的周一至週日，抱歉，我們的北美網絡每天僅放映一場 IMAX 節目。而且它實際上已經售罄，而且幾乎沒有進行任何宣傳。預售比奧本海默同時期的預售好。所以我對此非常樂觀。

And I think the narrative that prevailed during the first two months of this year were, are people coming back to the movies? And I can tell you, the answer is yes, and IMAX is very little question about that.

我認為今年前兩個月流行的說法是，人們會回歸電影嗎？我可以告訴你，答案是肯定的，IMAX 對此毫無疑問。

Then you go throughout the year, I have not seen it, but I've talked to some people who have seen Godzilla Kong and I feel very good about that. And again, you don't have to be a genius to think Kong, Godzilla, IMAX, global. I think there's going to be -- I think that will perform very well.

然後你全年都去，我還沒看過，但我和一些看過《金剛》的人談過，我對此感覺很好。再說一次，你不必是天才就能認為《金剛》、《哥吉拉》、《IMAX》是全球性的。我認為將會有——我認為會表現得非常好。

Deadpool was the most watched trailer as you know, and there's a lot of positive sentiment going on around that movie. The Joker with Lady Gaga is highly anticipated. Wicked later in the year. Furiosa, I think, has also gotten a lot of positive buzz. I just feel much better than I felt a few months ago now that these projects are coming into focus and people are looking at them.

如你所知，《死侍》是觀看次數最多的預告片，圍繞著這部電影有很多正面的情緒。《小丑》與 Lady Gaga 的合作備受期待。今年晚些時候就很邪惡了。我認為，Furiosa 也獲得了很多正面的關注。現在我感覺比幾個月前好多了，因為這些項目正在成為焦點並且人們正在關注它們。

And I'm just giving you the top of the trees. There's a lot of other things, Gladiator 2. A lot of other things.

我只是給你樹頂。還有很多其他的事情，《角鬥士 2》。還有很多其他的事情。

So that's on the Hollywood side. On the foreign language side, we just had a few releases. Most of our releases are scheduled for later in the year. But particularly in China, the China summer is looking very strong and movies like Ninja 2 and a number of other movies which have very strong fan bases are coming up, and I think we're going to have a big summer in China. We're working on filling it out with India, Korea, and a couple of new territories. And I think we'll have more movies than we had last year.

這就是好萊塢方面的情況。在外語方面，我們剛剛發布了一些版本。我們的大部分版本都計劃在今年稍後發布。但特別是在中國，中國的暑假看起來非常強勁，像《忍者2》和其他一些擁有強大粉絲基礎的電影即將上映，我認為我們將在中國度過一個盛夏。我們正在努力填補印度、韓國和幾個新地區的空白。我認為我們將會有比去年更多的電影。

And we've recently internally coined the term, docubuster, which is like a documentary blockbuster. And we have Blue Angels coming out with Amazon in May. And I've seen kind of a final cut of it. And I think it's spectacular. It was shot by the crew that shot Top Gun Maverick and Glenn Powell's involved JJ Abrams' Bad Robot. And we have two or three other docs in production, including one about being in the middle of storms, which fits right off the IMAX narrative with Adam McKay and a number of other things.

我們最近在內部創造了「docubuster」這個術語，它就像一部紀錄片大片。我們將在五月與亞馬遜合作推出 Blue Angels。我已經看到了它的最終剪輯。我認為這非常壯觀。它是由拍攝《壯志凌雲》和格倫鮑威爾的劇組拍攝的，其中涉及 J·J·艾布拉姆斯的《壞機器人》。我們還有兩到三部其他紀錄片正在製作中，其中一部是關於暴風雨中的故事，這與 Adam McKay 的 IMAX 敘事和其他一些內容非常吻合。

And then alternative content, as I mentioned, Queen killed it. I think it was our number-one ever like original rerelease. It's a 40-year-old movie, and we did about $5.5 million. And I think there's still some more runs to go for it. And as we mentioned, André 3000. I think there's a number other of original kind of alternative content that we're coming up with.

然後是替代內容，正如我所提到的，女王殺死了它。我認為這是我們有史以來排名第一的原版重新發行版。這是一部有 40 年歷史的電影，我們的投資額約為 550 萬美元。我認為還有更多的路要走。正如我們所提到的，安德烈 3000。我認為我們正在想出許多其他原創的替代內容。

And Taylor Swift opened in China in January, and that did pretty good numbers. So overall, I mean, I think '25 is a dream year, but I think '24 is going to be a much stronger the year than people anticipated.

泰勒絲 (Taylor Swift) 一月份在中國開業，取得了不錯的成績。總的來說，我的意思是，我認為 25 年是夢想之年，但我認為 24 年將比人們預期的更強大。

Thank you.

謝謝。

Eric Wold, B. Riley Securities.

沃爾德 (Eric Wold)，B. 萊利證券。

Thank you. Good afternoon, everybody. Rich, I'd love to kind of get -- or I guess anyone will chime in. Let's take your thoughts as you go from the 1,800 or so screens globally now to the potential TAM of 3,600, would you expect kind of the global share of IMAX box office kind of double-ish in line with that growth in systems? Would it essentially get stronger than a doubling, given that you're going in more productive PSA markets? Just trying to get a sense of what you think the linearity of margin and profitability looks like as you kind of move toward that TAM in the coming years.

謝謝。大家下午好。Rich，我很想得到──或者我想任何人都會插話。讓我們考慮一下您的想法，當您從目前全球 1,800 塊左右的銀幕增加到潛在的 3,600 塊 TAM 時，您是否預計 IMAX 票房的全球份額會隨著系統的增長而翻一番？考慮到您將進入生產力更高的 PSA 市場，它實際上會比翻倍更強嗎？只是想了解一下，當您在未來幾年朝著 TAM 邁進時，您認為利潤率和盈利能力的線性是什麼樣子。

It's a complex question, Eric, and a good one. I think if you look at '23, our signings, which were quite good during the year, 80% of them were new theaters. The territories we did them in, many of them were in high PSA areas like Japan and North America. A bunch of them opened up in Mexico with Cinemex, and they've performed extremely well. The ones that have opened in Japan, those are also very good.

艾瑞克，這是一個複雜的問題，也是一個很好的問題。我想如果你看看23年我們的簽約，這一年的簽約情況相當不錯，其中80%是新戲院。我們進行這些活動的地區，其中許多位於日本和北美等高 PSA 地區。他們中的一些人在墨西哥與Cinemex 合作，並且表現得非常好。在日本開的那些也都很好。

So the short-term indication is pretty good. I think when we increase the numbers, it did not increase proportionally in China the way they did in the rest of the world. And China is a pretty screened market. So I don't think you'll see -- like if we forecast a doubling, I don't think China is going to double. The growth in that market is slower.

所以短期的跡象還是不錯的。我認為，當我們增加數字時，中國的數字並沒有像世界其他地區那樣按比例增加。中國是一個經過嚴格篩選的市場。所以我認為你不會看到——就像我們預測翻倍一樣，我認為中國不會翻倍。該市場的成長速度較慢。

So I think the growth in the more traditionally established markets will be better than it will be in kind of the developing markets. Again, though, I hesitate to have a conclusion because there's so many variables going on, Eric. Obviously, there's all this new kind of content we're putting in.

因此，我認為傳統成熟市場的成長將優於發展中市場。不過，我再次猶豫是否要得出結論，因為存在太多變數，艾瑞克。顯然，我們正在放入所有這些新的內容。

This is not the call to get into detail, but changes in the macro world like in foreign language film, the cost of versioning, the cost of special effects because of AI, and other things. I think it's very hard to put the calculation that way. But I do think that the growth in our theater network should be in territories that are at least as good as where our network lies today.

這不是要求深入細節，而是宏觀世界的變化，例如外語電影、版本控製成本、人工智慧帶來的特效成本等等。我認為這樣計算是非常困難的。但我確實認為，我們的劇院網絡的增長應該至少與我們今天的網絡所在的地區一樣好。

That's helpful. Thanks.

這很有幫助。謝謝。

Omar Mejias, Wells Fargo.

奧馬爾‧梅希亞斯，富國銀行。

Thanks for the question, guys. Rich, maybe if you can explain a little bit -- I know you talked about China. You guys expect a very strong summer in China. We saw recovery last year versus 2022 when things were shut down. What inning is the recovery in China? And how do you feel about the opportunity there to grow in '24 and into '25? Maybe just give us like a state of the union address on how you feel about the China prospects going forward. Thanks.

謝謝你們的提問，夥伴們。Rich，也許你能解釋一下——我知道你談到了中國。你們期待中國度過一個非常充實的夏天。與 2022 年停工時相比，我們去年看到了復甦。中國復甦第三局？您對 24 世紀和 25 世紀的成長機會有何看法？也許您可以向我們發表國情咨文，談談您對中國未來前景的看法。謝謝。

Yeah. Sure. Sure, Omar. Happy to do that. So it will be a surprise to many people, but the movie industry in China, in general, did pretty well in '23. And our box office was around $300 million, which is up significantly than anytime during the pandemic.

是的。當然。當然，奧馬爾。很高興這樣做。所以這會讓很多人感到驚訝，但總的來說，中國的電影業在23年表現得相當不錯。我們的票房約為 3 億美元，比疫情期間的任何時候都大幅成長。

And as you said, it really didn't open until January, and it wasn't fully open throughout the year. So have a pretty positive outlook over the next couple of years. The macro trends appear good and movies are still an economically affordable luxury. And IMAX particularly is, even at a premium price point, has done very well. Our indexing is very strong.

而且正如你所說，它確實是到一月份才開放的，而且全年都沒有完全開放。因此，未來幾年的前景非常樂觀。宏觀趨勢看起來不錯，電影仍然是一種經濟實惠的奢侈品。尤其是 IMAX，即使價格較高，也表現出色。我們的索引非常強大。

So I think with China, the question is, just how quickly does it continue to approach normal and what does the backlog slate look like, both for domestic films and for Hollywood imported films and other imported films.

因此，我認為對於中國來說，問題是，無論是國產電影還是好萊塢進口電影和其他進口電影，它以多快的速度恢復正常，以及積壓情況如何。

It's part of my nature, Omar. And I believe, and Natasha could jump in, but I believe we budgeted China this year to be better than it was in 2023. So looking into the future, we feel pretty good about it. But there are still a few variables that have to sort themselves out.

這是我本性的一部分，奧馬爾。我相信，娜塔莎也可以介入，但我相信我們今年對中國的預算比 2023 年更好。所以展望未來，我們感覺非常好。但仍有一些變數需要自行解決。

Appreciate it. Thank you, guys.

欣賞它。謝謝你們，夥計們。

Steven Frankel, Rosenblatt Securities.

史蒂文‧弗蘭克爾，羅森布拉特證券公司。

Good afternoon, Rich. So you caught me a little off guard with the Latin America progress. That was a territory that always seems like it would be good for IMAX. And there were a bunch of reasons why it never scaled up. So maybe give us some insight into what's changed and how meaningful of a territory can that be for you.

下午好，里奇。所以你對拉丁美洲的進展讓我有點措手不及。這似乎總是對 IMAX 有利的領域。有很多原因導致它從未擴大規模。因此，也許請讓我們了解一下發生了什麼變化以及這對您來說有何意義。

So to be clear, I don't think much has changed yet, Steve. I think we're looking prospectively what might change. And one of the biggest obstacles to us in South America has been very high tariffs. So whatever you charge in North America is approximately double because of the tariffs in the territory.

需要明確的是，我認為還沒有太大變化，史蒂夫。我認為我們正在前瞻性地尋找可能發生的變化。我們在南美面臨的最大障礙之一是非常高的關稅。因此，由於該地區的關稅，您在北美收取的費用約為兩倍。

And we made some progress. But to be clear, mostly from a modeling internal point of view on ways that we could do things differently to mitigate some of those tariff costs. And I think that's given us some hope and expectation of better business there. The other thing I would say, if you look at the per-screen averages in LatAm, they've been really quite good. I mean, much better than one would anticipate from the outside.

我們取得了一些進展。但需要明確的是，主要是從內部建模的角度來看，我們可以採取不同的方式來減輕部分關稅成本。我認為這給了我們一些希望和期望，讓我們能夠在那裡開展更好的業務。我想說的另一件事是，如果你看看拉丁美洲的每個螢幕平均值，它們真的相當不錯。我的意思是，比外界預期的好得多。

And I'd say the third thing is maybe from a relationship point of view, we made progress with certain of our pre-existing relationships over there. So I think if you put those three things together, it makes us more optimistic. But I don't want you to think that that's a done deal, and we're predicting a breakout in LatAm this year. I think it's trending in the right direction.

我想說的第三件事可能是從關係的角度來看，我們在某些​​先前存在的關係上取得了進展。所以我認為如果你把這三件事放在一起，會讓我們更樂觀。但我不希望你認為這已經是板上釘釘的事了，我們預計今年拉丁美洲將會突破。我認為它正在朝著正確的方向發展。

Okay. And then one more China question. It was a bit of an anomaly this year that your box office results for the Lunar New Year weren't very exciting. Was that just a function of what movies were available during that window? Or was there something else that that went on during that holiday period?

好的。然後還有一個中國問題。今年有點反常的是，你們的農曆新年票房成績並不是很令人興奮。這只是該視窗期間可用影片的函數嗎？或者在那個假期期間還發生了其他事情嗎？

Yes. When you say not very exciting, I mean, our best year ever was last year when we did 33 and we did 28 this year. So I don't think it's necessarily a trend. It's kind of in the range of rounding errors. But last year we had Wandering Earth 2, which is the biggest local language movie of all time in China and sci-fi and very much in our sweet spot.

是的。當你說不是很令人興奮時，我的意思是，我們有史以來最好的一年是去年，當時我們做了 33 個，今年我們做了 28 個。所以我認為這不一定是一種趨勢。它在舍入誤差範圍內。但去年我們推出了《流浪地球2》，這是中國有史以來最大的本土語言電影和科幻電影，非常適合我們。

And this year, it was more a mixture of genres. So I think I would say we performed sort of like a typical Chinese New Year without the boost from that film.

今年，它更多的是各種流派的混合。所以我想我會說我們的表現有點像典型的中國新年，沒有那部電影的推動。

And also, I would aspect, like I said, about the summer, Steve, a lot of the movies that we would have liked to have seen in Chinese New Year are coming out this summer. So I think it will make up for a lot of that over the summer.

而且，就像我說的，關於這個夏天，史蒂夫，我們希望在農曆新年時看到的許多電影都將在今年夏天上映。所以我認為這將在夏天彌補很多。

That's very helpful. Thank you.

這非常有幫助。謝謝。

Mike Hickey, The Benchmark Company.

麥克·希基，基準公司。

Rich, Natasha, Jennifer, congrats, guys, on a great 2023. Thanks for taking our questions. Just curious, I guess to start on -- Rich, you mentioned the '25 slate, and it does look pretty amazing, especially when you look at the amount of sort of fanboy blockbusters that do so great with at least domestically in China, other regions.

Rich、Natasha、Jennifer，恭喜你們，2023 年過得愉快。感謝您回答我們的問題。只是好奇，我想先從——里奇，你提到了 25 年的石板，它看起來確實相當驚人，特別是當你看到大量粉絲大片，至少在中國國內、其他國家都表現出色。

So just curious if that slate is having any influence on your current signings or installations or if you think it will. I mean, it seems like historically before, big films, you would see a little spike. And imagine now we've got a full year of great films. So we'd see a corresponding spike in signings. And just curious your view there.

所以只是好奇這個石板是否會對你目前的簽約或安裝產生任何影響，或者你是否認為會產生影響。我的意思是，從歷史上看，在大電影中，你會看到一點高峰。想像一下，現在我們有一整年的精彩電影。因此，我們會看到簽約數量相應激增。只是好奇你的看法。

And then on the installations, 120 to 150, just curious, Natasha, the sort of mix there between sales, JV, hybrid, it's somewhere to what you had in '23. And if we should expect the quarterly phasing of those installations in '24 similar to '23. Thanks, guys.

然後在安裝方面，120 到 150，只是好奇，Natasha，銷售、合資企業、混合動力之間的那種混合，這與 23 年的情況類似。如果我們預計 24 年這些安裝將按季度分階段進行，與 23 年類似。謝謝，夥計們。

Well, certainly, our sales team, when they go out there will prominently play the '24 slate and the '25 slate. And I think the extent to which we've locked in movies so far in advance is much greater than it's historically been. So I would hope and think that that would help drive installs and signings this year.

嗯，當然，我們的銷售團隊在外出時會突出播放 '24 石板和 '25 石板。我認為到目前為止，我們提前鎖定電影的程度比歷史上要大得多。因此，我希望並認為這將有助於推動今年的安裝和簽約。

And a number of the films for '25, it's not just films in the summer. There are some films earlier in the year that were pretty good. So we just had our internal sales meeting, and certainly, that will be our approach, and that would be our hope and expectation. And I guess, historically, that's been true. But it's so early in the year. I think we're going to have to wait a little bit to see whether that plays out that way.

還有很多 25 年的電影，不只是暑假檔的電影。今年早些時候有一些電影相當不錯。所以我們剛剛召開了內部銷售會議，當然，這將是我們的方法，這將是我們的希望和期望。我想，從歷史上看，確實如此。但今年還早呢。我認為我們需要稍等一下，看看情況是否會這樣。

And I'll turn it over to Natasha for your other question.

我會將其轉交給娜塔莎回答你的其他問題。

Hi, Mike. Yes, on the sales cadence -- on the installation cadence for the 120 to 150 systems, we think the cadence for installations will be similar to last year. Q4 heavily weighted, very similar. It's our standard historical type of model and as well, similar mix to last year between JVs and sales deals as well.

嗨，麥克。是的，就銷售節奏而言——就 120 至 150 個系統的安裝節奏而言，我們認為安裝節奏將與去年相似。Q4 權重很大，非常相似。這是我們標準的歷史模型類型，也與去年合資企業和銷售交易之間的組合類似。

Thanks, guys. Good luck.

謝謝，夥計們。祝你好運。

Stephen Laszczyk, Goldman Sachs.

史蒂芬·拉斯奇克，高盛。

Great. Thanks for the question. On capital allocation, maybe for Natasha, on the back of the ramp in the repurchases over the last two quarters, I was hoping you could comment just a little bit on the pace of forward buybacks going forward, how reoccurring could we expect this to be? How sensitive might it be to share repurchases or the share price, excuse me? And then maybe perhaps more broadly, how you're thinking about balancing capital returns with maintaining balance sheet optionality for any potential future M&A? Thank you.

偉大的。謝謝你的提問。關於資本配置，也許對娜塔莎來說，在過去兩個季度回購增加的背景下，我希望您能對未來遠期回購的步伐發表一點評論，我們預計這種情況會如何重複發生？請問，股票回購或股價有多敏感？然後也許更廣泛地說，您如何考慮平衡資本回報與維持未來任何潛在併購的資產負債表選擇性？謝謝。

Hi, Stephen. Yeah. We've done a great amount of share repurchases over the past year and particularly in the last quarter and into this year, I mean, we've already repurchased over $16 million in this -- just year to date so far. And as we've always said, with our capital allocation, when there's an opportunity for us to repurchase, obviously, with -- in conjunction with our Board and buyback committees, we will be in the market repurchasing at the right levels.

嗨，史蒂芬。是的。我們在過去的一年裡進行了大量的股票回購，特別是在上個季度和今年，我的意思是，我們已經回購了超過 1600 萬美元的股票——僅今年到目前為止。正如我們一直所說的，透過我們的資本配置，當我們有機會回購時，顯然，與我們的董事會和回購委員會一起，我們將在市場上以正確的水平進行回購。

And we have a healthy liquidity position, as you know, and a strong balance sheet to be able to support that. And so we have lots of opportunity. And as we're starting to look at our model and you would have heard it in my prepared remarks, we're thinking about how do we start to allocate from a free cash flow, excluding growth CapEx. Because really, we want to continue to grow the network, and as Rich mentioned, particularly in the regions where there are high-performing screens. And so a JV model in those regions, that will give us greater return.

如您所知，我們擁有健康的流動性狀況和強大的資產負債表來支持這一點。所以我們有很多機會。當我們開始審視我們的模型時，您可能在我準備好的演講中聽到了這一點，我們正在考慮如何開始從自由現金流中進行分配，不包括成長資本支出。因為實際上，我們希望繼續發展網絡，正如 Rich 提到的那樣，特別是在擁有高效能螢幕的地區。因此，在這些地區建立合資模式，將為我們帶來更大的回報。

And so we are being thoughtful about the way that we are allocating capital with respect to JVs. But our free cash flow, excluding gross CapEx, is around 30%. And really, when you think about the targets of that back in average of 2018, 2019, we were closer to 50%. So that would be where we'd continue to move toward and see the opportunity growing over time.

因此，我們正在考慮為合資企業分配資本的方式。但我們的自由現金流（不包括總資本支出）約為 30%。事實上，當你考慮 2018 年和 2019 年的平均目標時，我們接近 50%。因此，這將是我們繼續前進的方向，並看到機會隨著時間的推移而增長。

Great. Thank you for that color.

偉大的。謝謝你的那個顏色。

Jim Goss, Barrington Research.

吉姆‧戈斯，巴靈頓研究中心。

All right. Thank you. I'd like to pursue a little more of the subject Eric Wold raised with a 47% penetration in the nearly 2,000 more screens that you could add. I'm wondering what the limiting factors you would think would be in terms of accelerating that penetration.

好的。謝謝。我想進一步探討 Eric Wold 提出的主題，在您可以添加的近 2,000 個螢幕中，滲透率為 47%。我想知道您認為加速滲透的限制因素是什麼。

Would it be management, infrastructure, market development considerations, or even capital? Though you could shift to more joint venture options because that would be a good driver of equity values.

是管理、基礎建設、市場開發考慮，還是資本？不過你可以轉向更多的合資企業選擇，因為這將是股權價值的良好驅動力。

So, Jim, as you know, our signings level between '22 and '23 virtually tripled. So that's a pretty good sign of consumer demand there. I'm in LA for about a month right now. And I've been meeting with leading filmmakers and studios and whatnot. And a lot of the feedback I've gotten is in a world after Oppenheimer.

所以，吉姆，如你所知，我們在 22 至 23 年間的簽約水平幾乎增加了兩倍。所以這是消費者需求的一個很好的跡象。我現在在洛杉磯待了大約一個月。我一直在與領先的電影製片人和工作室等會面。我得到的許多回饋都是在奧本海默之後的世界發生的。

And as I mentioned in my remarks, films that IMAX was involved with got 40 nominations. And then we're going into a world in the next week, the next few days with Dune, which was 100% filmed in IMAX. And the feedback I'm getting is if you want to launch a blockbuster, you need IMAX to be part of it.

正如我在演講中提到的，IMAX 參與的電影獲得了 40 項提名。然後我們將在下週、接下來的幾天進入一個 100% 用 IMAX 拍攝的《沙丘》的世界。我得到的回饋是，如果你想推出一部大片，你需要 IMAX 參與其中。

And this is not just from low-level filmmakers. This is from senior studio executives. The groundwork has really been laid where IMAX needs to be part of these releases. And I think if you look at the sales in '23, I think exhibition, our partners there is really starting to understand that.

這不僅僅來自低水平的電影製作人。這是來自工作室高級管理人員的。IMAX 需要成為這些發行的一部分的基礎已經真正奠定。我認為如果你看看 23 年的銷售情況，我認為展覽，我們的合作夥伴確實開始理解這一點。

And I think you'll see the indexing, and you'll see the box office on Dune, and you'll see it on Deadpool, which also has IMAX DNA on it. And as that continues, I would expect it to drive significant sales growth. And I think we'll start to see that.

我想你會看到索引，你會看到《沙丘》的票房，你會看到《死侍》的票房，它也帶有 IMAX DNA。隨著這種情況的繼續，我預計它將推動銷售的顯著成長。我想我們將會開始看到這一點。

Remember, it's disappointing to all of us that within five minutes of something happening, the world doesn't change, but it takes a little longer than that. And I just can't go to a meeting in this town without people understanding what that means.

請記住，令我們所有人感到失望的是，事情發生後五分鐘內，世界並沒有改變，但需要的時間比這要長一點。如果人們不理解這意味著什麼，我就無法去這個鎮上參加會議。

So I think you'll see if there are no internal constraints, as you know, Jim, we can install as many as we need to, as much as -- as long as we have sufficient lead time, we could manufacture whatever we need to. We could design whatever we need to. And I think we're well positioned to have a good signings pace.

所以我想你會看到是否沒有內部限制，正如你所知，吉姆，我們可以安裝盡可能多的設備，只要我們有足夠的交貨時間，我們就可以製造我們需要的任何東西。我們可以設計任何我們需要的東西。我認為我們已經做好了充分準備，可以實現良好的簽約速度。

Great. Thanks very much.

偉大的。非常感謝。

Chad Beynon, Macquarie.

查德貝農，麥格理。

Hey, good afternoon. This is Aaron on for Chad. Thanks for taking our question. So, you mentioned the recent Queen concert film, which obviously builds upon a great success from Taylor Swift last year.

嘿，下午好。這是亞倫代表查德發言。感謝您提出我們的問題。所以，你提到了最近的女王演唱會電影，這顯然是建立在泰勒絲去年取得巨大成功的基礎上的。

As you do more of these events, are there any learnings or takeaways that you can roll forward? And any more color just on how you're approaching building the pipeline for more events like this?

當您進行更多此類活動時，是否有任何可以藉鏡的經驗教訓或收穫？還有更多有關您如何為更多此類活動建立管道的資訊嗎？

Yeah. I think there are a number of learnings. Remember, the Taylor Swift concert was extremely successful, but it was not just released in IMAX. It was released more broadly.

是的。我認為有很多值得學習的地方。請記住，泰勒絲的演唱會非常成功，但它不僅僅在 IMAX 上上映。它被更廣泛地發布。

But I think if you look at our indexing and you look at our results in China, the more you lean into the IMAX visuals and the IMAX sound system and the specialness of the IMAX Experience, I think you'll drive higher numbers in IMAX. And we're going to do that.

但我認為，如果你看看我們的索引以及我們在中國的結果，你越傾向於 IMAX 視覺效果、IMAX 音響系統以及 IMAX 體驗的特殊性，我認為你會在 IMAX 中獲得更高的數字。我們將會這麼做。

And I think also, you have to look at this on a global basis. So for example, Taylor Swift is a very big name in China, but there are much bigger names in China that you've never heard of. And we did a concert film in France a few years ago with a band named Indochine, which was an extremely big success.

我還認為，你必須在全球範圍內看待這個問題。舉例來說，泰勒絲（Taylor Swift）在中國是一個非常大的名字，但在中國還有很多你從未聽過的更大的名字。幾年前，我們在法國與一支名叫印度支那的樂團合作拍攝了一部音樂會電影，並取得了巨大的成功。

As a matter of fact, the Queen concert we did in conjunction with Pathe in France. And it did really well in France and really well in Japan. So some of the lessons are Taylor Swift is somewhat unique, but there is talent in different parts of the world. And it's not a really high production cost where you can really find golden nuggets and do really good business in those markets.

事實上，我們和Pathe在法國合作舉辦了Queen音樂會。它在法國和日本的表現都非常好。所以一些教訓是泰勒·斯威夫特有些獨特，但世界不同地區都有才華。而且它的生產成本並不是很高，你可以真正找到金塊並在這些市場上做很好的生意。

And the other part of your question in terms of a pipeline, it won't surprise you. There is a pretty good pipeline because people who saw the Taylor Swift results and saw that Talking Heads results, which is another one we did, and saw the Queen results, I mean, they're approaching us and they're interested. And as I said, as long as you manage your costs and you use social media and use the group to help promote it, I think there's a pretty good business there.

你的問題的另一部分是關於管道的，它不會讓你感到驚訝。有一個非常好的管道，因為人們看到了泰勒·斯威夫特的結果，看到了Talking Heads的結果，這是我們做的另一張結果，看到了女王的結果，我的意思是，他們正在接近我們並且他們很感興趣。正如我所說，只要你管理成本，使用社交媒體並利用團體來幫助推廣，我認為那裡的生意相當不錯。

Great. That's awesome color. And then just on SSIMWAVE, I think last quarter, you talked about merging SSIMWAVE with the IMAX Enhanced licensing business. So now that you have a couple more months under your belt, can you just talk about how you're planning to use this new brand? And what your vision is for what this could look like in a few years' time? Thank you.

偉大的。那顏色真棒。然後就 SSIMWAVE，我想上個季度，您談到了將 SSIMWAVE 與 IMAX 增強型授權業務合併。現在您還有幾個月的時間，可以談談您打算如何使用這個新品牌嗎？您對幾年後的情況有何願景？謝謝。

Well, I mean, I remain incredibly excited about our consumer streaming technology. It's a way not only to save money for the streamers, but it's also a way to monitor quality and improve quality. We've been making strides not only in streaming content to the consumer but also sports streaming content to the streamers and to the broadcast network. So I think the TAM keeps getting larger.

嗯，我的意思是，我對我們的消費者串流技術仍然非常興奮。這不僅是為主播省錢的一種方式，也是監控品質和提高品質的一種方式。我們不僅在向消費者提供串流內容方面取得了長足進步，而且還在向串流媒體和廣播網路提供體育串流內容方面取得了長足的進步。所以我認為 TAM 不斷變大。

There, I think one of the things we learned is that maybe the sales cycle is longer than we expected at the beginning. Because in these organizations, it's not like oh, well, we've been waiting for you to invent a product like this. You have to figure out where it fits in and how you sell to the financial staff, where the savings are.

在那裡，我認為我們學到的一件事是，銷售週期可能比我們一開始預期的要長。因為在這些組織中，我們並不是一直在等你發明這樣的產品。你必須弄清楚它適合什麼地方，如何向財務人員推銷，節省的錢在哪裡。

But I think we've done a very good job of building the infrastructure on both the sales side and the marketing side and the plug-and-play side. And it's not going to be tomorrow, but I feel good about our prospects for the remainder of the year.

但我認為我們在銷售方面、行銷方面以及即插即用的基礎設施建設方面都做得非常好。雖然不會是明天，但我對今年剩餘時間的前景感到樂觀。

Got it. Thank you very much. Good luck.

知道了。非常感謝。祝你好運。

Thank you. I'm currently showing no further questions at this time. I'll turn the call back over to Mr. Richard Gelfond for closing comments.

謝謝。我目前沒有提出任何進一步的問題。我會將電話轉回給理查德·蓋爾方德 (Richard Gelfond) 先生以供結束評論。

Okay. Thank you very much, operator. I mean, I think in 2023, the financial results were -- speak for themselves. They're extremely good. If you look at our multiples both on adjusted EPS and adjusted EBITDA and where we're trading, from my point of view, they're surprisingly low, especially given the strong balance sheet and the asset-light model.

好的。非常感謝您，接線生。我的意思是，我認為 2023 年的財務表現是——不言而喻的。他們非常好。如果你看看我們的調整後每股收益和調整後息稅折舊攤銷前利潤以及我們的交易地點，從我的角度來看，它們出人意料地低，特別是考慮到強勁的資產負債表和輕資產模式。

Unlike other companies, there are zero existential risks around IMAX and there's a lot of wind at our backs. And if you look at our nonfinancial accomplishments, which include, thanks to Oppenheimer and Avatar and other things, introducing the importance of IMAX into the bloodstream of the future of cinema, I mean, I think we are a lot of what the future of cinema is.

與其他公司不同，IMAX 的生存風險為零，而且我們的背後有許多風。如果你看看我們的非財務成就，其中包括，感謝奧本海默和阿凡達等，將IMAX 的重要性引入電影未來的血液中，我的意思是，我認為我們在很大程度上決定了電影的未來是。

And I think that as long as we keep doing what we're doing, which we're going to continue doing, very soon in a fairly material way, we'll be rewarded. And thank you for those of you who have been around for the ride and we look forward to our next call.

我認為，只要我們繼續做我們正在做的事情，我們將繼續做的事情，很快就以相當物質的方式，我們就會得到回報。感謝那些一直在身邊的人，我們期待下一次的通話。

Thank you. This concludes today's conference call. Thank you for your participation. You may now disconnect. Everyone, have a wonderful day.

謝謝。今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線。祝大家有美好的一天。