Imax Corp (IMAX) 2024 Q3 法說會逐字稿

Good day, and thank you for standing by. Welcome to the Q3 2024 IMAX Corporation's earnings call. (Operator Instructions) Please be advised that today's conference is being recorded.

美好的一天，感謝您的支持。歡迎參加 IMAX Corporation 2024 年第三季的財報電話會議。（操作員指示）請注意，今天的會議正在錄製中。

I would now like to hand the call over to Jennifer Horsley, Head of Investor Relations for IMAX. Jennifer, you have the floor.

我現在想將電話轉給 IMAX 投資者關係主管 Jennifer Horsley。詹妮弗，請發言。

Good afternoon, and thank you for joining us for IMAX's third quarter 2024 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. 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.

下午好，感謝您參加 IMAX 2024 年第三季財報電話會議。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。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。

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. I would like to remind you of the following information regarding forward-looking statements.

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。我想提醒您注意以下有關前瞻性陳述的資訊。

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.

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 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、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。

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

現在，讓我將電話轉給理查德·格爾方德先生。富有的？

Thanks, Jennifer, and thanks, everyone, for joining today. IMAX is setting the table for what we believe to be a new sustained era of growth over the next several years. Moviegoing has rebounded after the Hollywood strikes ahead of a phenomenal slate in 2025 and 2026.

謝謝詹妮弗，謝謝大家今天的加入。IMAX 正在為我們認為未來幾年持續成長的新時代奠定基礎。好萊塢大片上映後，觀影人數反彈，預計 2025 年和 2026 年將迎來驚人的票房收入。

Exhibitor demand for IMAX is surging with system sales and installations significantly outpacing 2023. We expect 2025 to be our best year ever at the global box office with more than $1.2 billion in IMAX grosses worldwide.

影院對 IMAX 的需求激增，系統銷售量和安裝量大幅超過 2023 年。我們預計 2025 年將是我們有史以來全球票房最好的一年，全球 IMAX 票房收入將超過 12 億美元。

The fundamental measures of growth in our business, system installations, signings and the content pipeline are all strong and this came to the fore in the third quarter. We beat consensus estimates with adjusted EBITDA of $39 million at a 42% margin and EPS of $0.35, beating the Street by over 50%. We've already installed 100 systems worldwide year-to-date, including one of our best third quarters ever.

我們業務、系統安裝、簽約和內容管道成長的基本指標都很強勁，這在第三季表現得尤為突出。我們調整後的 EBITDA 為 3,900 萬美元，利潤率為 42%，每股收益為 0.35 美元，超出了市場普遍預期，高出華爾街 50% 以上。今年迄今為止，我們已在全球安裝了 100 個系統，其中第三季是我們有史以來最好的一個。

We are now tracking to hit the high end of our installation guidance, which we raised last quarter to between 130 and 150 systems this year. We signed agreements for 119 IMAX systems worldwide year-to-date, on track to deliver more than 129 we completed in 2023.

我們現在正在努力達到安裝指導的上限，我們在上個季度將安裝指導提高到今年的 130 到 150 個系統。今年迄今為止，我們在全球簽署了 119 個 IMAX 系統協議，預計在 2023 年交付超過 129 個 IMAX 系統。

We delivered one of our best third quarters ever at the global box office, driven by domestic box office that exceeded 2019 by 45%. These results are noteworthy given the tough comp versus Oppenheimer in 2023 Q3. Network expansion offset box office softness, further demonstrating our diversified revenue base and flexible asset-light business model.

在國內票房較 2019 年增長 45% 的推動下，我們第三季的票房創下了有史以來最好的成績之一。考慮到 2023 年第三季與奧本海默的激烈競爭，這些結果值得注意。網路擴張抵消了票房疲軟的影響，進一步展示了我們多元化的收入基礎和靈活的輕資產業務模式。

More than anything, we're focused on the future. The '25 and '26 slates look as strong as we've ever seen with releases from the biggest filmmakers and most successful franchises from Avatar to Avengers.

最重要的是，我們關注未來。'25 和 '26 的片單看起來與我們所見過的最強大的電影製作者和最成功的特許經營權（從《阿凡達》到《復仇者聯盟》）的版本一樣強大。

2025 alone boasts at least 14 film for IMAX releases worldwide, Hollywood and local language films shot with our cameras, specifically for our screens. We typically index much higher with these titles. And as reported, we're very excited to be working with our long-standing partners, Christopher Nolan and Emma Thomas on the release of their next film in July 2026.

光是 2025 年，就有至少 14 部 IMAX 電影在全球上映，其中包括好萊塢和當地語言的電影，都是用我們的相機拍攝的，特別是為我們的銀幕拍攝的。我們通常對這些標題的索引要高得多。據報道，我們非常高興能夠與我們的長期合作夥伴克里斯托弗·諾蘭和艾瑪·托馬斯合作，於 2026 年 7 月發行他們的下一部電影。

I'm pleased to share that Chris will be utilizing new IMAX technology in the making of a film, never before used equipment that our teams have been developing throughout this past year. As filmmakers and studios lean into our technology, moviegoers worldwide drive our global box office and market share and exhibitors install more of our systems to meet consumer demand.

我很高興地告訴大家，克里斯將在電影製作中使用新的 IMAX 技術，這是我們團隊在過去一年中開發的以前從未使用過的設備。隨著電影製作人和工作室傾向於我們的技術，世界各地的電影觀眾推動了我們的全球票房和市場份額，放映商安裝了更多我們的系統來滿足消費者的需求。

An influx of great content will only accelerate these trends, and we look forward to executing to deliver results for our business and our shareholders. Today, I'd like to offer updates on the opportunity we see ahead in our global network and our content slate.

優質內容的湧入只會加速這些趨勢，我們期待為我們的業務和股東帶來成果。今天，我想提供有關我們在全球網路和內容清單中看到的未來​​機會的最新資訊。

Then I'll hand it over to Natasha before we both take your questions. First, momentum continued to build in our global network with strong installations and sales activity in the third quarter. We completed 49 installations in the third quarter alone compared to 30 for the same period in 2023, and we made progress in priority markets around the world with signings in France, Australia and Saudi Arabia.

然後在我們回答你們的問題之前我會把它交給娜塔莎。首先，我們的全球網路持續保持強勁勢頭，第三季的安裝和銷售活動強勁。光是第三季我們就完成了 49 套安裝，而 2023 年同期為 30 套，並且我們在全球重點市場取得了進展，在法國、澳洲和沙烏地阿拉伯簽署了合約。

Our recent agreement with Muvi, Saudi Arabia's largest exhibitor, puts us in business with the four top exhibitors in the Kingdom. Saudi moviegoers continue to embrace a variety of IMAX content from Oppenheimer to Bad Boys 4 to Indian and Japanese titles.

我們最近與沙烏地阿拉伯最大的參展商 Muvi 簽訂了協議，使我們能夠與該王國的四家頂級參展商開展業務。沙烏地阿拉伯電影觀眾繼續喜愛各種 IMAX 內容，從《奧本海默》到《絕地戰警 4》，再到印度和日本電影。

And we are pursuing our first local language project in Saudi, which will make the IMAX platform even more attractive to local exhibitors. We see an opportunity to expand IMAX's Saudi footprint from the 10 currently in operation to at least 50 in the years ahead. Around the world, conversations with existing and new exhibition partners are robust.

我們正在沙烏地阿拉伯開展第一個本地語言項目，這將使 IMAX 平台對當地放映商更具吸引力。我們看到了未來幾年將 IMAX 在沙烏地阿拉伯的業務範圍從目前營運的 10 個擴大到至少 50 個的機會。在世界各地，與現有和新的展覽合作夥伴的對話非常活躍。

Already in the fourth quarter, we've completed agreements with partners in Australia, Japan, and Latin America. And in the wake of our landmark deal with Wanda Film, we're seeing encouraging signs of progress at the Chinese box office. China has lagged the rest of the world in 2024.

早在第四季度，我們就與澳洲、日本和拉丁美洲的合作夥伴簽署了協議。在我們與萬達電影達成里程碑式的協議之後，我們看到了中國票房令人鼓舞的進展跡象。到2024年，中國已經落後於世界其他國家。

But as we look ahead, we have reason for optimism. Next year's Hollywood slate is more consistent with the diversity of tentpoles and franchises that have historically resonated with Chinese audiences, as demonstrated by this weekend's, Venom: The Last Dance and Alien: Romulus, which delivered greater IMAX box office in China than it did in the US.

但展望未來，我們有理由感到樂觀。明年的好萊塢電影陣容將更加符合歷來與中國觀眾產生共鳴的主力片和系列電影的多樣性，本週末的《毒液：最後之舞》和《異形：羅慕路斯》就證明了這一點，它們在中國的IMAX 票房比去年更高。

There is still a market for distinctive Hollywood films there. Our local language slate next year looks promising, starting with Chinese New Year, which is set to feature big blockbuster titles initially slated for this year. And China is in the process of rolling out an economic stimulus package to bolster consumer confidence and the economy.

那裡仍然有特色好萊塢電影的市場。從農曆新年開始，我們明年的本地語言節目看起來很有希望，今年將推出最初定於今年上映的大片。中國正在推出經濟刺激計劃，以提振消費者信心和經濟。

We saw progress during the October national holiday where our daily box office returns and market share grew year over year despite a relatively soft slate. China also offers fertile testing ground as we open our aperture with new IMAX events and experiences.

我們在十月國慶假期期間看到了進展，儘管市場相對疲軟，但我們的每日票房回報和市場份額仍同比增長。隨著我們透過新的 IMAX 活動和體驗打開我們的大門，中國也提供了肥沃的試驗場。

We are live streaming the 2024 League of Legends World Championship, an online multiplayer battle video game, which is among the world's largest eSports across more than 70 IMAX locations in China. League of Legends is published by Tencent-owned Riot Games, and Tencent is also a major investor in Ruyi Holdings, our partners that own Wanda Film.

我們正在直播 2024 年英雄聯盟世界錦標賽，這是一款線上多人戰鬥電玩遊戲，是全球最大的電競比賽之一，在中國 70 多個 IMAX 場館進行直播。《英雄聯盟》由騰訊旗下的 Riot Games 發行，騰訊也是萬達電影的合作夥伴如意控股的主要投資者。

Our streaming and consumer technology division is testing a new proprietary technology with the potential to rapidly expand our connected live network without the considerable CapEx necessary to wire our locations. We successfully tested this technology with our sell-out presentation of the NBA Finals in Hong Kong and Taiwan earlier this year. And we see an opportunity to efficiently scale our global connected network and we'll continue to explore unique live events as we enter the new year.

我們的串流媒體和消費者技術部門正在測試一項新的專有技術，該技術有可能快速擴展我們的互聯即時網絡，而無需為我們的位置佈線所需的大量資本支出。今年早些時候，我們在香港和台灣舉辦的 NBA 總決賽場場爆滿，成功測試了這項技術。我們看到了有效擴展我們的全球互聯網的機會，進入新的一年我們將繼續探索獨特的現場活動。

We're seeing strong momentum across our content portfolio and pipeline. While many initially had 2024 as a recovery year, the global box office is showing encouraging signs of progress sooner than many anticipated. We delivered more than $83 million with Deadpool & Wolverine alone.

我們看到我們的內容組合和管道呈現出強勁的勢頭。儘管許多人最初將 2024 年視為復甦年，但全球票房顯示出令人鼓舞的進展跡象，比許多人預期的要早。光是《死侍》和《金鋼狼》就為我們帶來了超過 8,300 萬美元的收入。

That's more than a 50% better than any previous installment in the franchise and good for our 5th highest Marvel title of all time. Last weekend, Venom: The Last Dance, a film for IMAX release, delivered a strong international opening, led by China, resulting in one of our best-ever October debuts globally.

這比該系列之前的任何一部作品都要好 50% 以上，這對於我們漫威歷史上排名第五的作品來說是有利的。上週末，IMAX 上映的電影《猛毒：最後之舞》在中國領銜的國際首映中表現強勁，成為我們 10 月全球首映的最佳影片之一。

And we've strategically managed our network to accommodate a diverse, promising slate of tentpoles this Thanksgiving and through the holidays, including Gladiator II, Wicked, Moana 2 and Mufasa: The Lion King. It's a great on-ramp for what looks set to be a very special year ahead.

我們對網路進行了策略性管理，以在感恩節和整個假期期間容納多樣化、有前景的主力作品，包括《角鬥士II》、《魔法壞女巫》、《莫阿娜2》和《木法沙：獅子王》。對於未來看起來非常特別的一年來說，這是一個很好的入口。

Every IMAX release currently scheduled from May through September is filmed with IMAX cameras. That includes Mission Impossible 8, Marvel's Thunderbolts, F1 and Superman Legacy. The strong consistent slate concludes with Avatar 3, the follow-up to our highest grossing films of all time.

目前計劃從 5 月到 9 月上映的每部 IMAX 影片均採用 IMAX 攝影機拍攝。其中包括《不可能的任務 8》、《漫威雷電》、《F1》和《超人遺產》。《阿凡達 3》是我們有史以來票房最高的電影的續作，這也是我們一貫的一貫風格。

2026 kicks off with Avatar carryover and includes new installments of major franchises, including Avengers, Star Wars, The Batman, Super Mario Brothers and Toy Story, alongside our expanding portfolio of local language, documentaries and events. IMAX powers awe-inspiring experiences. We are opening our content aperture to deliver new experiences for our audiences and drive capacity utilization of our network.

2026 年以《阿凡達》續作拉開序幕，其中包括《復仇者聯盟》、《星際大戰》、《蝙蝠俠》、《超級瑪利歐兄弟》和《玩具總動員》等主要係列的新作品，以及我們不斷擴大的本地語言、紀錄片和活動組合。IMAX 帶來令人驚嘆的體驗。我們正在開放內容孔徑，為觀眾提供新的體驗並提高網路的容量利用率。

We've recently hired our first Chief Content Officer to coordinate our content portfolio across Hollywood, local language, docs, live and new events and experiences and fine-tune our strategy as our portfolio grows to more than 100 experiences per year. We've had successes this year with a more consistent pipeline of experiences beyond first-run theatrical releases, nearly quadruple the output of the previous year.

我們最近聘請了第一位首席內容長來協調我們在好萊塢、本地語言、文件、現場和新活動和體驗方面的內容組合，並隨著我們的組合每年增長到100 多種體驗而調整我們的策略。今年我們取得了成功，除了首映影院版本之外，我們還提供了更一致的體驗，幾乎是前一年產量的四倍。

That includes a balanced mix of music, including Queen Rock Montreal and our research concert hit in South Korea, IM Hero, which is now our highest grossing local language title of any kind in that market. Documentaries, both originals like Blue Angels and through distribution partnership with companies, including Netflix and Nat Geo as well as library content events, most notably our partnership with A24 to release one of their iconic films each month during an underutilized weekday.

其中包括平衡的音樂組合，包括《蒙特利爾皇后搖滾》和我們在韓國研究音樂會上的熱門歌曲《IM Hero》，該歌曲目前是我們在該市場上所有類型中收入最高的本地語言作品。紀錄片，包括Blue Angels 等原創紀錄片，以及透過與Netflix 和Nat Geo 等公司的發行合作夥伴關係以及圖書館內容活動，最引人注目的是我們與A24 的合作，每月在利用率不足的工作日發布一部他們的標誌性電影。

We also continue to push the envelope in experimentation with new experiences like the Paris Olympics opening ceremony and League of Legends. We remain in talks with NBCUniversal on additional sports and entertainment events as well as tonight's launch event of Amazon Prime's new concert film with hip-hop artist, Megan Thee Stallion, which builds on our successful launch of Prime's hit series Fallout earlier this year. To close, we are building momentum at the right time for our business with our system installations and sales activity ahead of expectations year-to-date and a 2024 slate that on balance has delivered.

我們也繼續挑戰極限，嘗試新體驗，例如巴黎奧運開幕式和英雄聯盟。我們仍在與NBCUniversal 就其他體育和娛樂活動以及今晚與嘻哈藝術家Megan Thee Stallion 合作的Amazon Prime 新音樂會電影的發布會進行談判，該電影以我們今年早些時候成功推出Prime 熱門劇集《輻射》為基礎。最後，我們正在適當的時間為我們的業務創造動力，我們的系統安裝和銷售活動超出了今年迄今為止的預期，並且總體上已經交付了 2024 年的計劃。

Consumers continue to prove that. When there are awe-inspiring events that fully capitalize on the IMAX experience, they will show up. And we have a fuller, more promising slate over the next two years and beyond than we've ever seen. We continue to believe we are entering a very exciting time for our business. And we look forward to continuing to deliver results in our business and for our shareholders.

消費者不斷證明這一點。當有充分利用 IMAX 體驗的令人驚嘆的活動時，它們就會出現。在未來兩年及以後的時間裡，我們將擁有比以往任何時候都更加全面、更有希望的名單。我們仍然相信我們的業務正在進入一個非常令人興奮的時代。我們期待繼續為我們的業務和股東帶來成果。

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

再次謝謝你。有了這個，我會把它交給娜塔莎。

Thanks, Rich, and good afternoon, everyone. Q3 demonstrated once again the resiliency in our business as we delivered strong results, while managing through some top-line headwinds, including the challenging compare to last year's record Oppenheimer performance. Adjusted EBITDA came in at $39 million and a margin of 42%, above our high-30% full-year guidance.

謝謝里奇，大家下午好。第三季再次證明了我們業務的彈性，我們取得了強勁的業績，同時克服了一些頂線逆風，包括與去年創紀錄的奧本海默業績相比具有挑戰性。調整後 EBITDA 為 3,900 萬美元，利潤率為 42%，高於我們高達 30% 的全年指引。

System installations are accelerating and outpacing our normal seasonality with 49 systems in the quarter, an increase of 63% year over year. As a result, installations are now tracking to come in at the high end of our full year guidance range of 130 to 150 systems, as Rich highlighted.

系統安裝速度正在加快，並超過了我們正常的季節性，本季安裝了 49 個系統，較去年同期成長 63%。因此，正如 Rich 所強調的那樣，安裝量現在正處於我們全年指導範圍 130 至 150 個系統的高端。

At the same time, profitability and cash flows remained strong. We delivered EPS of $0.26, an increase of 18% year over year and operating cash flows of $35 million, an increase of 21% year over year. Overall, our results reflected our growing business momentum and management's continued focus on efficiencies and operating expense reductions.

與此同時，獲利能力和現金流仍然強勁。我們的每股收益為 0.26 美元，年增 18%，營運現金流為 3,500 萬美元，年增 21%。總體而言，我們的業績反映了我們不斷增長的業務勢頭以及管理層對效率和營運費用削減的持續關注。

Looking forward, the table is set for accelerating revenue and profitability from the combination of our growing network footprint and an improving Hollywood and local language box office slate. In addition to expecting over $1.2 billion in IMAX box office in 2025, we also expect our box office to continue this upward growth trajectory over the next several years given our strong position in the industry, the promising Hollywood box office slate that we either have scheduled or have visibility into as well as our expected network growth.

展望未來，我們不斷擴大的網路覆蓋範圍以及不斷改善的好萊塢和本地語言票房收入將加速收入和盈利能力的提高。除了預計2025 年IMAX 票房將超過12 億美元外，鑑於我們在行業中的強大地位，我們預計未來幾年我們的票房將繼續保持這種向上增長的軌跡，我們已經計劃了充滿希望的好萊塢票房名單或了解我們預期的網路成長。

The bottom-line picture improves further as the operating leverage that comes with higher box office and scale increases. And we look to increase utilization by bringing other content on to our platform and deploying more digital marketing initiatives, while also working to scale our streaming consumer and technology business.

隨著更高的票房和規模帶來的營運槓桿的增加，利潤狀況進一步改善。我們希望透過將其他內容引入我們的平台並部署更多數位行銷計劃來提高利用率，同時努力擴大我們的串流媒體消費者和技術業務。

As Rich indicated, we are entering a very exciting time for our business, and I would add, for our financial growth prospects. To recap our Q3 performance, results on most measures came in ahead of consensus expectations and reflect good execution by the team. We delivered revenue of $91.5 million.

正如里奇所指出的，我們的業務正在進入一個非常激動人心的時期，我想補充一下，對於我們的財務成長前景而言。回顧我們第三季的表現，大多數指標的結果都超出了共識預期，反映出團隊的良好執行力。我們實現了 9,150 萬美元的收入。

Within that, Content Solutions revenues of $30 million reflects our third highest Q3 box office of all time on various tentpole content. Both Deadpool & Wolverine and Alien: Romulus delivered the highest IMAX opening weekend box office in their respective franchise history.

其中，內容解決方案收入為 3000 萬美元，反映了我們在各種主打內容上第三季的票房歷史第三高。《死侍與金鋼狼》和《異形：羅慕路斯》均創造了各自系列史上最高的 IMAX 首周末票房。

And in China, while Hollywood film performance has been uneven, we have captured on average a 16% share of box office across Hollywood titles year-to-date, including Alien: Romulus and Godzilla x Kong, where both titles delivered more IMAX box office in China than in domestic or rest of world.

在中國，雖然好萊塢電影的表現參差不齊，但今年迄今為止，我們平均佔據了好萊塢影片16% 的票房份額，其中包括《異形：羅慕路斯》和《哥吉拉x 金剛》，這兩部電影都帶來了更多的IMAX 票房在中國比在國內或世界其他地方。

Year-over-year revenues from Content Solutions declined 32%, driven by the mix of content and the compare to the prior year that was powered by the record-setting box office from Oppenheimer. Turning to Technology Products and Services.

內容解決方案的收入年減了 32%，原因是內容組合以及奧本海默創紀錄票房推動的與前一年的比較。轉向技術產品和服務。

Revenue of $58 million grew 3%, driven by strong system installation growth that more than offset the lower box office-related rental revenues resulting from the global content mix. Overall, system installations and signings both provide insight to the strong demand we are experiencing in advance of the highly anticipated 2025 and 2026 box office slates, which we anticipate will drive our network growth further.

由於系統安裝強勁成長，營收成長了 5,800 萬美元，成長了 3%，這遠遠抵消了全球內容組合帶來的票房相關租賃收入的下降。總體而言，系統安裝和簽約都讓我們了解了在備受期待的 2025 年和 2026 年票房名單之前我們所經歷的強勁需求，我們預計這將進一步推動我們的網路成長。

During the quarter, we completed 49 system installations, up 63% over Q3 2023, which puts us at 88 installations year-to-date September, a growth of 49% year over year. As of today, we have completed over 100 system installations. Signings to date are up to 119 through yesterday, on track to exceed the 129 of full year 2023.

本季度，我們完成了 49 套系統安裝，比 2023 年第三季成長 63%，今年 9 月迄今安裝數量為 88 套，較去年同期成長 49%。截至今天，我們已經完成了100多個系統安裝。截至昨天，迄今為止的簽約數量已達 119 份，預計將超過 2023 年全年的 129 份。

Within new system signings, the mix continues to lead towards rest of world, comprising 67% of the Q3 year-to-date new system signings. Gross margin of 56% was below the prior year of 60% given the lower box office compared to the record-setting Oppenheimer fueled quarter of 2023. However, we had good results across expense areas that offset this headwind or challenging compare.

在新系統簽約量中，這種組合繼續領先世界其他地區，佔今年第三季迄今新系統簽約量的 67%。鑑於奧本海默推動的 2023 年季度票房收入較低，毛利率為 56%，低於上一年的 60%。然而，我們在費用領域取得了良好的業績，抵消了這種不利因素或具有挑戰性的比較。

SG&A, excluding stock-based compensation, was $26 million, a 16% improvement year over year, driven by benefits from our ongoing expense initiatives as well as timing of expenses and other certain adjustments. R&D was also better year over year, reflecting the capitalization of the investment into our new state-of-the-art film cameras, which have moved out of development upon achieving technical feasibility.

SG&A（不含股票薪酬）為 2,600 萬美元，年增 16%，這得益於我們持續的費用計劃以及費用時間安排和其他某些調整。研發也逐年好轉，反映出我們對新型最先進底片相機的投資資本化，這些相機在實現技術可行性後已進入開發階段。

In addition, bad debt provisions improved year over year, reflecting improvements in working capital, specifically collections from exhibition customers that also helped propel us to a good cash flow result. Overall, the third quarter total consolidated adjusted EBITDA of $39 million was at a strong 42% margin, particularly considering the mix of content in the quarter.

此外，壞帳撥備年比有所改善，反映出營運資金的改善，特別是來自展覽客戶的收款，這也有助於推動我們取得良好的現金流結果。總體而言，第三季綜合調整後 EBITDA 總額為 3,900 萬美元，利潤率高達 42%，特別是考慮到本季的內容組合。

Lastly, adjusted EPS for the quarter was $0.35, consistent with last year's same quarter record. Within that, Q3 adjusted tax rate was 13%, which is below our mid-20s statutory rate, driven by the jurisdictional mix of profits that led to a decrease in our valuation allowance. This result reflects the benefits of the actions we took last quarter, which has led in part to an improvement in our effective tax rate in 2024 relative to prior years.

最後，本季調整後每股收益為 0.35 美元，與去年同季的記錄一致。其中，第三季調整後稅率為 13%，低於我們 1920 年代中期的法定稅率，這是由於司法管轄區的利潤組合導致我們的估值準備金減少。這一結果反映了我們上季度採取的行動的好處，這在一定程度上導致我們 2024 年的有效稅率相對於前幾年有所提高。

Turning to cash flow and the balance sheet. We had strong operating cash flow in Q3 of $35 million, up 21% from the prior year, leading to $59 million through nine months, a growth of 9% year over year and already equaling 2023's full year operating cash flow.

轉向現金流和資產負債表。第三季度，我們的營運現金流強勁，達 3,500 萬美元，比上年增長 21%，九個月內營運現金流達到 5,900 萬美元，年增 9%，已等於 2023 年全年營運現金流。

I am pleased to see the continued progress and growth in our cash flows. The higher year-over-year operating cash flow reflects an improvement in working capital, including an increase in collections. Our capital position remains very strong at $105 million in cash and $280 million of debt, excluding deferred financing costs.

我很高興看到我們現金流的持續進步和成長。營業現金流量較去年增加反映了營運資本的改善，包括收款金額的增加。我們的資本狀況仍然非常強勁，現金為 1.05 億美元，債務為 2.8 億美元，不包括遞延融資成本。

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 capped call leading to a $37 per share conversion price. Our current available liquidity is over $410 million, which includes $309 million in available borrowing capacity under the company's various revolving facilities.

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%，贖回上限為每股 37 美元。我們目前可用的流動資金超過 4.1 億美元，其中包括公司各種循環貸款下的 3.09 億美元可用借款能力。

While we are building up our cash and liquidity position, we are also using our available capital to invest in the business, having spent $30 million on CapEx year-to-date with $22 million of that in growth CapEx. This will continue in Q4, our historically highest growth CapEx period given the higher weighting of system installations to the end of the year. We view this positively as it will strengthen our ability to achieve higher levels of box office, and in turn, revenue incrementality, particularly as we head into the next several years with good visibility into what is expected to be strong content slates.

在我們建立現金和流動性部位的同時，我們也利用可用資本來投資業務，今年迄今已在資本支出上花費了 3,000 萬美元，其中 2,200 萬美元用於成長資本支出。鑑於到年底系統安裝的權重較高，這種情況將在第四季度繼續，這是我們歷史上資本支出成長最高的時期。我們對此持積極態度，因為它將增強我們實現更高水平票房的能力，進而提高收入增量，特別是當我們進入未來幾年時，我們對預計將出現的強大內容有很好的了解。

And we continue to focus on more direct shareholder returns, having done $18 million in IMAX share repurchases year-to-date, including IMAX China. Repurchases were weighted toward the first quarter when our share price was significantly pressured following the Hollywood strikes.

我們繼續關注更直接的股東回報，今年迄今已完成 1,800 萬美元的 IMAX 股票回購，其中包括 IMAX 中國。回購是在第一季進行的，當時我們的股價在好萊塢罷工後受到了巨大壓力。

To conclude, our moat has never been as wide or deep. Our global scale is unmatched and growing. Our relationships with studios and filmmakers have never been stronger and the very content available for distribution on our platform has never been greater and is expanding and our technology solution for exhibitors is unequaled.

總而言之，我們的護城河從未如此寬廣。我們的全球規模無與倫比，而且還在持續成長中。我們與電影製片廠和電影製作人的關係從未如此牢固，我們平台上可供分發的內容也從未如此豐富且不斷擴大，我們為放映商提供的技術解決方案是無與倫比的。

Our accelerating signings and installation growth, driven by the demand for the IMAX experience by consumers, reflects our position of strength as we enter this extremely promising box office period. At the same time, we continue to see opportunity in new revenue streams to contribute to our growth and drive greater capacity utilization of our global network, especially when you consider that 1 point of utilization can drive $75 million to $100 million in additional box office.

在消費者對 IMAX 體驗的需求的推動下，我們的簽約量和安裝量不斷增長，這反映了我們在進入這個極具前景的票房時期時的實力地位。同時，我們繼續在新的收入來源中看到機會，為我們的成長做出貢獻，並提高我們全球網路的容量利用率，特別是當您考慮到1 個利用率點可以帶來7500 萬至1 億美元的額外票房時。

Given the strength of our business model, the tailwinds in the market and our focus on executing on the opportunities before us, we continue to believe IMAX is poised to deliver strong growth, expanding margins and increased cash flow for years to come.

考慮到我們業務模式的優勢、市場的順勢以及我們對抓住眼前機會的專注，我們仍然相信 IMAX 將在未來幾年實現強勁增長、擴大利潤率和增加現金流。

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生進行問答。

(Operator Instructions) Eric Handler, ROTH Capital.

（操作員指令）Eric Handler，ROTH Capital。

Rich, look, it's no surprise at least to theater operators that the content cycle looks really good for the next two years. But even with that being known, as we get closer to next year, are you starting to hear -- are you starting to get more phone calls from these theater operators that they'd like to maybe accelerate the installation pace for your systems?

里奇，你看，至少對於戲院營運商來說，未來兩年的內容週期看起來非常好，這並不奇怪。但即使知道這一點，隨著明年的臨近，您是否開始聽到——您是否開始接到這些劇院運營商的更多電話，他們希望加快您系統的安裝速度？

Well, I mean, Eric, I think you could look at the empirical data, where this last quarter, we had significantly more installs than a year ago and even our guidance on the call today, where we guided to the upper end of the range. So I wouldn't get the phone calls, but I certainly read the data.

好吧，我的意思是，埃里克，我認為你可以看看實證數據，上個季度，我們的安裝量比一年前明顯增加，甚至我們今天電話會議的指導，我們指導到範圍的上限。所以我不會接到電話，但我肯定會讀取資料。

And the data shows that that's true. And on the other hand, as you saw, our signings are likely to run higher than last year. So also, there seems to be an increased pick-up in signings. So I think just based on the results we reported today, that's true.

數據顯示這是真的。另一方面，正如你所看到的，我們的簽約數量可能會高於去年。同樣，簽約數量似乎也在增加。所以我認為根據我們今天報告的結果，這是真的。

Okay. And then I'm sure you saw in the news earlier this week, a comment, I think it was Bloomberg had it that you're talking to Netflix about maybe doing exclusive with the Narnia movie that's being made there. Wonder if is there anything you could say with regards to that movie or just maybe how your conversations are going these days with streamers and what they're trying to do?

好的。然後我確信您在本週早些時候的新聞中看到了一條評論，我認為是彭博社報道的，您正在與 Netflix 討論可能與正在製作的納尼亞電影進行獨家合作。想知道您對那部電影有什麼想說的嗎？

I must have missed that story, Eric. Sorry, I didn't see it. In fact, as you know, directors, filmmakers, studios are all leaning into the IMAX experience in another level than we've seen before. And as you know as well, we've tried different models in the past, whether it's early release or exclusive content or all kinds of things. So I won't comment on that specific story in any way, but I would say that you know we're always innovating and always looking for new approaches to emphasizing content.

我一定錯過了那個故事，艾瑞克。抱歉，我沒看到。事實上，如你所知，導演、電影製作人、工作室都在比我們以前看到的另一個層面上更傾向於 IMAX 體驗。如您所知，我們過去嘗試過不同的模式，無論是早期發布還是獨家內容或各種各樣的東西。所以我不會以任何方式評論這個具體的故事，但我想說你知道我們一直在創新，一直在尋找新的方法來強調內容。

Chad Beynon, Macquarie.

查德貝農，麥格理。

Nice results. You've noted the healthy number of films for '25 with IMAX DNA and obviously your global box office outlook. Can you talk a little bit more about the spacing of '25 given that IMAX DNA have a slightly longer run time? And then also related, how does the slate look in China in '25? Anything worthwhile to note there?

不錯的結果。您已經注意到 25 年具有 IMAX DNA 的電影數量相當可觀，當然還有您的全球票房前景。鑑於 IMAX DNA 的放映時間稍長，您能多談談 '25 的間隔嗎？還有一個相關的問題是，25 年中國的板岩狀況如何？有什麼值得注意的地方嗎？

Sure. So you're quite right, it's a little bit of an embarrassment of riches. Between May and September, the end of September, we don't have any slots available. Every single slot is filled. And for the year, it's as tight as I've ever seen it in terms of available times.

當然。所以你說得很對，這有點富有的尷尬。從五月到九月，也就是九月底，我們沒有任何空位。每個插槽都被填滿。今年的可用時間是我所見過的最緊張的。

That's a high-class problem. As you mentioned, a lot of the films were made with IMAX cameras, with IMAX DNA. As a matter of fact, next year, 14 of our films, we shot with IMAX cameras and a number internationally too, not just domestically.

這是一個高級問題。正如你所提到的，很多電影都是用 IMAX 攝影機拍攝的，帶有 IMAX DNA。事實上，明年我們有 14 部電影是用 IMAX 攝影機拍攝的，還有一些國際影片，而不僅僅是國內的。

Also, when you look at '26, to the extent a number have been announced already, it's incredibly encouraging. And I think if you wanted to look at a trend that I've seen develop in the last six months or a year, it's that people are discussing movies way farther out than they did years ago.

另外，當你看看 26 年時，就已經公佈的數字而言，這是非常令人鼓舞的。我認為，如果你想看看我在過去六個月或一年中看到的趨勢，那就是人們對電影的討論比幾年前更遙遠。

So as a matter of fact, for '27 and even '28, we've been approached about a lot of high-profile films. I think studios and filmmakers are understanding that its IMAX release is like beachfront property, if you want to reserve a place, you've really got to do it very early. And we talk a lot about our theater backlog and what that means about future earnings.

事實上，27 年甚至 28 年，我們接到了許多備受矚目的電影的邀請。我認為電影公司和電影製片人都明白，IMAX 上映就像海濱地產，如果你想預訂一個位置，你真的必須很早就預訂。我們談論了很多關於劇院積壓的問題以及這對未來收益的影響。

We don't talk as much about our film backlog and what that means for future earnings. But I think as you look out into the future and you talk about discounting future cash flows to the extent there's more certainty in terms of our theater backlog and our film backlog, you should imply a lower discount rate and that's a very good thing for our business, so I think that's one reason that we're so optimistic.

我們沒有過多談論我們的電影積壓以及這對未來收入意味著什麼。但我認為，當你展望未來並談論對未來現金流進行貼現時，我們的影院積壓和電影積壓的確定性更大，你應該暗示較低的貼現率，這對我們來說是一件非常好的事情。

And in China, we've just heard about a number of films that have been approved to get in. As a matter of fact, right before this call, Natasha was mentioning some of them to me. So I'm going to turn it over to her to see if she has some of those names.

在中國，我們剛剛聽說有一些電影已獲準進入。事實上，就在這通電話之前，娜塔莎向我提到了其中的一些。所以我要把它交給她，看看她是否有其中一些名字。

Chad, yes, so we actually, in addition to the Hollywood, when you think about the strength of the Hollywood slate and those getting in, which this year, most of them got into China. On top of that, Creation of the Gods II has been approved for Chinese New Year as well A Writer's Odyssey, which is filmed for IMAX into the summer section of the year.

查德，是的，所以我們實際上，除了好萊塢之外，當你想到好萊塢的實力和那些進入的人時，今年，他們中的大多數人進入了中國。除此之外，《封神2》和《作家奧德賽》已獲准在農曆新年上映，該片將在今年暑期在IMAX 上拍攝。

And so -- and there's a few more also that have been announced. So I think that, that's good visibility. I mean, it's pretty early for Chinese New Year titles to get announced. And I think that gives us the -- essentially the confidence that China will provide a more balanced genre slate next year.

等等——還有更多的內容已經宣布。所以我認為，這是很好的可見性。我的意思是，現在宣布農曆新年的頭銜還為時過早。我認為這讓我們有信心——中國明年將提供更平衡的類型片。

Great. And then thinking about higher box office revenues in '25, Natasha, I know you've given some margin targets for the overall business. I think in the high-30s, year-to-date, you're at 39.2%. Can you just help us think about the operating leverage in the Content Solutions business if -- or both businesses for that matter, if the box office delivers as expected for '25?

偉大的。然後考慮 25 年更高的票房收入，Natasha，我知道您已經為整體業務設定了一些利潤目標。我認為，今年迄今為止，30 多歲的人的比例是 39.2%。您能否幫助我們考慮內容解決方案業務的營運槓桿，或者如果票房達到 25 年的預期，或者這兩家業務的營運槓桿？

Sure, Chad. I mean, you're very familiar with our model. So you know that when we start to hit very high levels of box office anywhere 250 plus, then you start to experience incrementality into our model. And so that box office, not only are we receiving payment from the studios, but then obviously from exhibitors as well for the performance of our locations. And so that creates the incrementality in the model.

當然，查德。我的意思是，您對我們的模型非常熟悉。所以你知道，當我們開始在任何地方達到 250 以上的高水準票房時，你就會開始體驗到我們模型的增量。因此，票房收入不僅來自製片廠，而且顯然還來自放映商以及我們外景地的表演。這樣就創建了模型的增量。

And then you couple that with the mix of our installations that we do throughout the year, which -- as we mentioned in our prepared remarks, our installations are tracking stronger this year and we're guiding towards the higher end of the range.

然後，將其與我們全年進行的安裝相結合，正如我們在準備好的評論中提到的那樣，我們的安裝今年表現強勁，並且我們正在引導該範圍的高端。

And so more -- a larger system footprint also will give us that higher box office performance as well. And I think you couple that together with the way that we've been managing the business from an operational perspective and that's where you start to think about how the EBITDA margins can continue to grow and exceed over the 40% mark.

更重要的是，更大的系統佔用空間也將為我們帶來更高的票房表現。我認為你將其與我們從營運角度管理業務的方式結合起來，這就是你開始思考 EBITDA 利潤率如何繼續增長並超過 40% 大關的地方。

David Karnovsky, JPMorgan.

大衛卡諾夫斯基，摩根大通。

Rich, I wanted to see if you could expand a bit on the recent performance of IMAX in China and maybe just the exhibition there generally. It looks like your numbers and maybe the wider industry was down over 40% in the recent quarter over the summer. Is this economic? Is this film quality? Are there other factors, I don't know what are you hearing from your staff on the ground there.

Rich，我想知道您是否可以詳細介紹 IMAX 最近在中國的表現，也許只是那裡的展覽的整體情況。看起來你的數字，也許整個行業在今年夏天的最近一個季度下降了 40% 以上。這經濟嗎？這片子品質好嗎？是否還有其他因素，我不知道你從當地工作人員那裡聽到了什麼。

Yes. I think we think it's a combination of things, David. So obviously, the economy overall has been pretty weak this year in China. And you noticed recently the new government measures that have taken effect, monetary policy, policy towards the real estate sector, fiscal policy. And again, it's hard enough to predict a company, let alone a country.

是的。我認為我們認為這是多種因素的結合，大衛。顯然，今年中國經濟整體相當疲軟。您注意到最近已經生效的新政府措施，貨幣政策，房地產政策，財政政策。再說一遍，預測一家公司已經夠困難的了，更不用說預測一個國家了。

But it looks like some of these things certainly are designed to focus on the consumer. As you know, box office and the movie business is very important to the Chinese government because almost all of the 80,000 screens or a lot of them anchor big real estate developments. And I think one of the focuses of the government is to get people to go to malls and to do shopping and help the domestic economy.

但看起來其中一些東西肯定是為了關註消費者而設計的。如你所知，票房和電影業務對中國政府非常重要，因為幾乎所有 80,000 個銀幕或其中許多銀幕都是大型房地產開發項目的支柱。我認為政府的重點之一是讓人們去購物中心購物並幫助國內經濟。

So clearly, that was one part of it. As I think Natasha said before, that the kinds of films being released and how close they were or weren't to the IMAX genre played a role, I still think there's a little bit of a COVID hangover because a lot of the films were released in '23, but less films were released in '24.

很明顯，這是其中的一部分。正如娜塔莎之前所說，上映的電影類型以及它們與 IMAX 類型的接近程度發揮了作用，我仍然認為有一點新冠后遺症，因為很多電影都上映了23 年上映的電影較少，但24 年上映的電影較少。

On the bright side, a lot of films that you wouldn't have expected to get into China like Deadpool and like Joker, which I just don't fit the typically more conservative profile have gotten in. So I think that's a signal that the government wants more films in, and it's part of their overall policy.

好的一面是，很多你沒想到會進入中國的電影，像是《死侍》和《小丑》，我只是不符合典型的保守派形象，但它們已經進入了中國。所以我認為這是一個信號，表明政府希望引進更多電影，這是他們總體政策的一部分。

And as Natasha just said a minute ago, they've dated a lot of local language films for next year, which they don't typically do that far out. So predicting movies like predicting stocks, it's not a very exact science. But when we -- and we're just in the process of going through our budget. But when we look at next year compared to this year, we think it will be significantly better than this year.

正如娜塔莎一分鐘前所說，他們已經為明年的許多本地語言電影約會，但他們通常不會這樣做那麼遠。所以預測電影就像預測股票一樣，不是一門非常精確的科學。但是當我們——我們剛剛完成預算的時候。但當我們把明年與今年相比時，我們認為會比今年好得多。

Right. And then, Natasha, the SG&A, as noted, down 16% in the quarter. I think you called out some timing benefits. I don't know if you can quantify those so we can get a sense of more of the underlying rate. And then just any guidance for how to think about that R&D line going forward? I wouldn't expect it to be negative on a go-forward basis.

正確的。然後，如前所述，Natasha 的 SG&A 在本季度下降了 16%。我認為您提出了一些時機優勢。我不知道你是否可以量化這些，以便我們能夠更多地了解基本利率。然後有關於如何思考未來研發線的指導嗎？我不認為它會在未來的基礎上出現負面影響。

David, yes, so the R&D, I'll address that first. You're correct. It wouldn't be negative on a go-forward basis. We've done -- we typically do have R&D expense on each quarter. So for your run rates, as you think about them, I would be looking at an expense.

大衛，是的，所以研發，我會先解決這個問題。你是對的。從長遠來看，這不會是負面的。我們已經做到了——我們通常每個季度都會有研發費用。因此，對於您的運行率，當您考慮它們時，我會考慮一項費用。

And essentially, we just did our annual assessment of technical feasibility on our film camera project and we achieved the milestones needed. And that's what -- that's why you saw the credit in the quarter. When you're looking at SG&A, we actually had year over year, we had -- last year, we had over $3 million of the transaction costs related to the privatization. And so China privatization. So that's really what you're seeing in most of the variance year over year.

本質上，我們剛剛對膠卷相機專案的技術可行性進行了年度評估，並且實現了所需的里程碑。這就是你在本季看到信用的原因。當你看 SG&A 時，我們實際上年復一年，去年我們有超過 300 萬美元的與私有化相關的交易成本。中國的私有化也是如此。因此，這確實是您在每年的大部分差異中看到的情況。

So when you're thinking through a run rate. I mean our historical run rate is pretty predictive of the future. I wouldn't be thinking of it in any different manner. But I think we've gotten some real wins on the operational efficiency side and then timing of expenditures, there's still another quarter to go in the year.

因此，當您考慮運行率時。我的意思是我們的歷史運行率可以很好地預測未來。我不會以任何不同的方式思考它。但我認為我們在營運效率和支出時間方面取得了一些真正的勝利，今年還有一個季度。

And so timing of expenditures, sometimes we delay some of our expenditures on consultants or fees or marketing and see where we're landing for the year because we have the opportunity to make decisions that will help us strengthen our financials as we look year over year.

因此，在支出的時間安排上，有時我們會推遲一些在顧問、費用或行銷方面的支出，看看我們今年的目標，因為我們有機會做出決定，幫助我們在逐年審視時加強我們的財務狀況。

Omar Mejias, Wells Fargo.

奧馬爾‧梅希亞斯，富國銀行。

Rich, maybe first, I noticed you guys kept the 2024 IMAX box office unchanged flat year over year despite 3Q being impacted by China weakness and 4Q off to a slow start with Joker and Venom. Are you guys still confident in achieving this guidance? And if there's any films are you excited in 4Q that could potentially offset the slower start?

Rich，也許首先，我注意到你們保持了 2024 年 IMAX 票房同比持平，儘管第三季度受到中國疲軟的影響，第四季度《小丑》和《猛毒》開局緩慢。你們對實現這項指導仍有信心嗎？如果有什麼電影讓您對第四季度感到興奮，這可能會抵消開局較慢的影響？

Yes. I mean this is the third time I've said it, it's the movie business, pretty hard to predict where things are going to come out. But when you look at the year going forward, we are incredibly excited about the Thanksgiving period around that. We've got Gladiator and Wicked and Moana 2, and Wicked came out of the box really strong with pre-sales, which is not surprising. There's a wide following for that IP.

是的。我的意思是，這是我第三次這麼說，這是電影業，很難預測事情會發生什麼。但當你展望未來的一年時，我們對感恩節感到非常興奮。我們已經推出了《角鬥士》、《邪惡女巫》和《莫阿娜 2》，而《邪惡女巫》開箱後的預售非常強勁，這並不奇怪。該IP擁有廣泛的追隨者。

As you know, the show has played for a decade and it's the property people had circled on their calendar and came out and bought a lot of tickets. And then Gladiator has taken a little while to catch up, but actually, it's really come on strong recently. And it stars Denzel Washington, and it's big. The early buzz on it is extremely good. It's -- the subject matter is very conducive to IMAX, and we're leaning in pretty hard on that as is Paramount.

如你所知，該節目已經播放了十年，人們在日曆上圈出了它，並出來買了很多票。然後《角鬥士》花了一段時間才迎頭趕上，但實際上，它最近確實表現強勁。該片由丹佐華盛頓主演，規模宏大。早期的口碑非常好。這個主題非常有利於 IMAX，我們和派拉蒙一樣非常重視這一點。

So the studio that's leaning into the IMAX of it all. And then Moana, some people think that's going to be one of the highest grossing movies of the year. So we have the ability around Thanksgiving and our programming to some extent, with which movies are working and which aren't. You only commit typically for the first week or maybe two weeks. So I think that flexibility gives us a very good feeling about what's going on around the Thanksgiving time.

因此，工作室正在全力打造 IMAX 電影。然後是《莫阿娜》，有些人認為這將是今年票房最高的電影之一。因此，我們在某種程度上有能力圍繞感恩節和我們的節目製作哪些電影可以播放，哪些電影不能播放。您通常只承諾第一週或可能兩週。所以我認為這種靈活性讓我們對感恩節前後發生的事情有很好的感覺。

All the time, there are movies that don't work. But this time, out of that group, I'm quite confident that, that period is going to be very strong for us. And then at the end of the year, you have Mufasa and we have precedent for that. So we can see what the Lion King did. And typically in IMAX, there are pretty good numbers coming out of that.

一直以來，都有一些電影不起作用。但這一次，在那個小組中，我非常有信心，那個時期對我們來說將會非常強大。然後到了年底，木法沙就出現了，我們有這方面的先例。所以我們可以看看獅子王做了什麼。通常在 IMAX 中，都會產生相當不錯的數字。

So with that said, you're just not sure where it's going to end up, but we feel pretty good about our slate for the rest of the year.

話雖如此，你只是不確定它最終會在哪裡，但我們對今年剩餘時間的情況感到非常滿意。

That's very helpful. And Natasha, you mentioned improvements in capacity utilization across your system. Can you elaborate some of the internal initiatives that you guys have put in place to drive utilization higher? What's the opportunity set from a percentage standpoint at IMAX over the next few years?

這非常有幫助。Natasha，您提到了整個系統容量利用率的改進。您能否詳細說明一下你們為提高利用率而採取的一些內部措施？從百分比的角度來看，IMAX 未來幾年的機會是什麼？

Sure, Omar. So we've been talking about alternative content for quite some time and we've actually made a lot of traction this year over prior years. And the team has been put together in a way that they are synergistically working among the organization and within the organization, which I think earlier this year, we talked about the fact that we made some restructurings and team changes in order to create that efficiency in the organization.

當然，奧馬爾。因此，我們已經討論替代內容相當長一段時間了，實際上今年我們比前幾年取得了很大的吸引力。團隊的組建方式是，他們在組織之間和組織內部協同工作，我認為今年早些時候，我們談到了這樣一個事實：我們進行了一些重組和團隊變革，以便在該組織。

And so that team has been working really hard on not only you saw The Blue Angels stock earlier this year, but then we've done lots of alternative content between the concert films and moving into sports. This week, we're doing League of Legends as well, which is new and in China.

因此，該團隊一直在非常努力地工作，不僅您今年早些時候看到了藍天使的股票，而且我們還在音樂會電影和進入體育領域之間製作了許多替代內容。本週，我們也將推出《英雄聯盟》，這是在中國推出的新遊戲。

And actually, China is in the finals against the Korean team. And so I think we're looking at about the ability to do about 150 locations. And so thinking about what are all those opportunities and when you pull them together, coupled with different models.

事實上，中國隊在決賽對上的是韓國隊。所以我認為我們正在考慮開設大約 150 個地點的能力。因此，請思考所有這些機會是什麼，以及何時將它們結合在一起，並結合不同的模型。

So not everything will be straight box office, getting the ability to say, okay, do you do flat fee deals as well and other types of models to make sure, in the end, regardless of where box office is, you're still strengthening your financials and giving yourself other opportunities to create returns. And so using those initiatives, I think that that's where we'll continue to spend time.

因此，並不是所有的事情都會直接票房，有能力說，好吧，你也做固定費用交易和其他類型的模式，以確保最終，無論票房在哪裡，你仍然在加強您的財務狀況並為自己提供其他創造回報的機會。因此，我認為，利用這些舉措，我們將繼續在這方面投入時間。

And then, of course, you would have heard in Richard's remarks as well that we've hired a Chief Content Officer. And that vision is essentially to set the strategy for how do we create opportunity for ourselves on the content side and really make an impact on that side. Rich?

當然，您也會從理查德的言論中聽說我們已經聘請了一位首席內容長。這個願景本質上是為我們如何在內容方面為自己創造機會並真正在這方面產生影響力製定策略。富有的？

Omar, I'd also like to add, we're out in L.A. now that it's hard for me to see people who don't say, wow, what about the Sphere, wow, what about Cosm? Isn't amazing all this alternative content coming out? But as you know, these things are really high CapEx experiences. And I think they're really good, and I think there's a future for them.

奧馬爾，我還想補充一點，我們現在在洛杉磯，我很難看到人們不說，哇，球體怎麼樣，哇，Cosm 怎麼樣？所有這些另類內容的出現是不是很令人驚訝？但如您所知，這些都是非常高的資本支出體驗。我認為他們真的很棒，我認為他們有未來。

But IMAX has 1,800 theaters sitting throughout the world and not only do we show movies, but we show all inspiring experiences and alternative content at a much lower capital cost and entry point. So I think over time, you'll see us really benefit in terms of utilization from that diversification and content.

但 IMAX 在全球擁有 1,800 家影院，我們不僅放映電影，而且以低得多的資本成本和切入點展示所有鼓舞人心的體驗和另類內容。因此，我認為隨著時間的推移，您會發現我們在利用多樣化和內容方面真正受益。

Very helpful, guys. Thank you very much.

非常有幫助，夥計們。非常感謝。

David Joyce, Seaport Research Partners.

大衛喬伊斯，海港研究夥伴。

Thank you. The system sales revenue was up (technical difficulty) in the quarter, but system rentals were down. Do you still have basically an agnostic view as to when a strategy employ or one of them quicker in the event that the theaters are looking to accelerate their being on the IMAX network?

謝謝。本季系統銷售收入上升（技術難度），但係統租金下降。如果戲院希望加速在 IMAX 網路上的發展，對於何時採用某種策略或更快地採用其中一種策略，您是否仍然持基本上不可知的觀點？

David, I think a mix between the systems is still our strategy. However, as you look at the slate in the next few years, I mean, is there an opportunity to install more JVs and therefore, get a higher return on the rental side, that is an opportunity before us.

大衛，我認為系統之間的混合仍然是我們的策略。然而，當你審視未來幾年的計劃時，我的意思是，是否有機會建立更多的合資企業，從而在租賃方面獲得更高的回報，這是我們面前的一個機會。

And also when you're thinking about different countries and the operators that exist in those countries and their balance sheets, I mean, as you know, our balance sheet is very strong, and we have the ability to put up the capital for that higher return. And I think that's where we have some opportunity before us. And yes, you're going to have ebbs and flows like this quarter where the rentals revenue was lower because box office was lower.

而且，當您考慮不同的國家以及這些國家/地區的運營商及其資產負債表時，我的意思是，正如您所知，我們的資產負債表非常強勁，我們有能力為更高的目標提供資本返回。我認為這就是我們面前的一些機會。是的，你會遇到像本季這樣的潮起潮落，因為票房較低，租金收入較低。

But then you have other quarters like last year's Oppenheimer, first quarter this year was Dune. Of course, we have Avatar next year and the film for IMAX slate next year. And so I really think you got to look at it in the full portfolio approach of an annual view and look at how strong the rentals revenue can perform for us and really give us that outperformance and incrementality in the model.

但還有其他季度，例如去年的奧本海默，今年第一季是沙丘。當然，明年我們還有《阿凡達》，明年還會有 IMAX 電影。因此，我真的認為你必須以年度觀點的完整投資組合方法來看待它，看看租金收入能為我們帶來多強勁的表現，並真正為我們帶來模型中的優異表現和增量。

Patrick Sholl, Barrington Research.

派崔克‧肖爾，巴靈頓研究中心。

I just had a question on like new screen installations. I was wondering if there's any like lag between a new screen install and getting to like a ramp-up in box office. I was wondering if there's like any differences across countries.

我只是有一個關於新螢幕安裝的問題。我想知道在新螢幕安裝和票房上升之間是否存在任何類似的滯後。我想知道不同國家之間是否存在差異。

There actually is some -- we've done some research into how quickly things ramp up because obviously, when you first open, there's some opening publicity around it. And there is a seasoning period for theaters between when they open and when they hit their point.

實際上有一些——我們已經對事情發展的速度進行了一些研究，因為顯然，當你第一次開業時，周圍會有一些開業宣傳。劇院從開業到達到目的之間有一個磨合期。

But they're widely differentiated in parts of the world and even within territories, what the particular locations are. So we have it and we look at it. But frankly, there are no meaningful trends that I can give you other than to say that when things open, it takes a little while until they hit their peak performance.

但在世界各地，甚至在不同地區，它們的具體位置也有很大差異。所以我們已經有了它並且正在研究它。但坦白說，除了說當事情開放時，需要一段時間才能達到最佳表現之外，我無法向您提供任何有意義的趨勢。

Okay. Have you noticed that time frame shortening after the pandemic or --

好的。您是否注意到大流行後或--

We haven't really done research in that direction. So I can't say. But I could certainly say when people open around a major movie at a time like that, so many people see it that it really accelerates the word of mouth and shortens it. So I'm hoping as we're in the fourth quarter and next year, all the promising content that, that period will get shorter, but I haven't studied it empirically.

我們還沒有真正在這個方向上進行過研究。所以我不能說。但我可以肯定地說，當人們在這樣的時候打開一部主要電影時，很多人都看到它，這確實加速了口碑傳播並縮短了時間。因此，我希望在第四季和明年，所有有希望的內容，這個時期都會變得更短，但我還沒有進行實證研究。

Stephen Laszczyk, Goldman Sachs.

史蒂芬·拉斯奇克，高盛。

Two, if I could. First, on local language, maybe for Rich. Could you update us on the medium-term outlook for the local language film supply? What are you hearing from some of your key partners out in some of those key international markets in terms of their production plans? Where do you see film supply today in some of those markets and where do you think it can get to over the next few years?

兩個，如果可以的話。首先，關於當地語言，也許是為了里奇。您能否向我們介紹一下本地語言電影供應的中期前景？您從一些主要國際市場的一些主要合作夥伴那裡聽到了哪些生產計劃？您認為目前其中一些市場的膠卷供應情況如何？

And then second, maybe on CapEx for Natasha. I think growth CapEx came in around $12 million in the quarter. I think you mentioned the install calendar being a little back-end weighted with 4Q. Any more context you could add on 4Q growth CapEx and then perhaps anything on '25 as we think about you executing against the installation pipeline next year?

其次，也許是娜塔莎的資本支出。我認為本季的成長資本支出約為 1200 萬美元。我想你提到安裝日曆有點後端加權第四季。您可以添加更多關於第四季度增長資本支出的背景信息，然後也許是關於 25 年的任何內容，因為我們認為您明年將針對安裝管道執行任務？

Stephen, as you know, last year was around -- local language was around 20% of our total box office. This year, it's marginally lower, but in the same ballpark. And my guess is the reason it's a little bit lower is because the Chinese box office was some more challenged this year.

史蒂芬，如您所知，去年，本地語言約占我們總票房的 20%。今年，這一數字略有下降，但大致相同。我的猜測是，它有點低的原因是因為今年中國票房面臨更多挑戰。

And again, as we go into next year, where we expect a more robust Chinese box office, I would think it would settle around that 20% level or higher. There's a lot of activity going on with studios and filmmakers from around the world.

再說一次，當我們進入明年時，我們預計中國票房將更加強勁，我認為它將穩定在 20% 或更高的水平附近。來自世界各地的工作室和電影製作人正在進行許多活動。

And we continue to have new countries opening up. So I think I might have mentioned it in my speech, but we had this film called I Am a Hero in Korea, concert film, which was -- just did exceptionally well. And I think when you have those new territories and the new one-offs, they really boost the amount of inquiries that comes in. In France now, we're working on actually an original production that's likely to be released only in IMAX and then elsewhere. So I really don't feel better or worse for it.

我們不斷有新的國家開放。所以我想我可能在演講中提到過這一點，但我們有一部名為《我是韓國英雄》的音樂會電影，它表現得非常好。我認為，當你擁有這些新的領域和新的一次性產品時，它們確實會增加詢問的數量。現在在法國，我們實際上正在製作一部原創作品，可能只會在 IMAX 上上映，然後在其他地方上映。所以我真的並沒有因此感覺更好或更糟。

I think it will continue its trend. So in '19 -- '19, I'm guessing, but I think it was less than half what it was as a percentage, Stephen, as it was in '23. And I think that trend will continue.

我認為它將繼續其趨勢。所以在 19 年——我猜是 19 年，但我認為這個百分比還不到 23 年的一半，史蒂芬。我認為這種趨勢將會持續下去。

Stephen, on the CapEx side, year-to-date, we're about $20 million for growth CapEx. And I think if you looked at historical pre-pandemic years, we range somewhere between $30 million to $40 million historically.

史蒂芬，在資本支出方面，今年迄今，我們的成長資本支出約為 2,000 萬美元。我認為，如果你看看大流行前的歷史，我們的歷史價值範圍在 3000 萬至 4000 萬美元之間。

And I think that's where the opportunity is that we do have the strong balance sheet that I talked about earlier and the ability to get higher returns as well, especially when you look at the slate as it stands right now. And so we do have the ability to do that. The other part is we -- as we look out towards next year, if you look at historical patterns of installations, we generally have a historical mix of about 50-50.

我認為這就是機會所在，我們確實擁有我之前談到的強大的資產負債表，並且也有能力獲得更高的回報，特別是當你看看現在的情況時。所以我們確實有能力做到這一點。另一部分是我們——當我們展望明年時，如果你看看歷史上的安裝模式，我們通常有大約 50-50 個歷史組合。

We've stayed pretty strong to that. But there are years that could weigh more heavily to JV CapEx. It really depends on who we're rolling out with from an exhibitor side, which locations or countries, geographic places in the world. And the ability to look at where do we want to spend our dollars. And I know we've had this conversation before, but it's about what's -- where is the place you want to spend your dollar?

我們對此一直保持著很強的態度。但有些年份可能會對合資企業資本支出造成更大的壓力。這實際上取決於我們從參展商方面與誰一起推出，以及世界上的哪些地點或國家、地理位置。以及了解我們想把錢花在哪裡的能力。我知道我們之前有過這樣的談話，但它是關於什麼——你想把錢花在哪裡？

Is it in a region that can give you a higher per screen average or lower? And what do you focus on? And so our teams, and we've talked about our theater team, they do a biweekly call. They really think through and plan it out as much as they can to be able to say what's going to give us the most return and try and work with exhibitors to push those forward. And I think that's where we've delivered and we continue to, and I'm confident we'll continue.

它所在的區域是否可以為您提供更高或更低的每螢幕平均值？你關注什麼？所以我們的團隊，我們已經談到了我們的劇院團隊，他們每兩週進行一次電話會議。他們確實盡可能多地思考和計劃，能夠說出什麼會給我們帶來最大的回報，並嘗試與參展商合作推動這些進展。我認為這就是我們已經實現的目標，我們將繼續這樣做，我相信我們會繼續這樣做。

Mike Hickey, The Benchmark Company.

麥克·希基，基準公司。

Rich, Natasha, Jennifer, great quarter. Just Natasha or Rich, just a clarification on your '25 guide. I think it's pretty much exactly the same, but you threw in the $1.2 billion, Natasha. Was that your original assumption when you guided revenue growth to be high single digit in 2025? Or has that changed?

里奇、娜塔莎、珍妮佛，很棒的季度。娜塔莎或里奇，只是對您的 '25 指南進行澄清。我認為這幾乎是一樣的，但你投入了 12 億美元，娜塔莎。這是您在 2025 年指導收入成長達到高個位數時的最初假設嗎？或者情況已經改變了？

Mike, we actually didn't give out a guide for next year's box office. When we did the look-through guidance earlier this year, we just commented on high single digits for revenue growth. And so that revenue growth was based on a holistic view of our entire P&L.

麥克，我們實際上沒有給出明年的票房指南。當我們今年早些時候進行概覽指導時，我們只是評論了高個位數的收入成長。因此，收入成長是基於對我們整個損益表的整體看法。

And I think that -- that's where we look at the different levers. And right now, we feel confident in giving out the $1.2 billion. And I'm sure that at a later date, we'll come back with other guidance metrics as we do each year.

我認為這就是我們研究不同槓桿的地方。現在，我們有信心捐贈 12 億美元。我確信，稍後我們會像每年一樣提供其他指導指標。

Okay, great. I guess the next question, Rich, more superhero fatigue. I don't know how many times you've probably heard that, but it popped up here again recently. And I know Avengers and other superhero fanboy film experiences have been important and will be important when you think about growth in '26 and '27. So how are you thinking about that genre, I guess, in particular? And what offsets you have if it is weaker than it has been historically?

好的，太好了。我猜下一個問題是，里奇，更多的是超級英雄的疲勞。我不知道你可能聽過多少次了，但最近它又出現在這裡。我知道《復仇者聯盟》和其他超級英雄粉絲的電影經驗一直很重要，而且當你考慮到 26 和 27 年的成長時，它也會很重要。那麼我想，您特別是如何看待這種類型的呢？如果它弱於歷史水平，你有什麼抵消措施？

I mean when you look at our schedule for the next two years, what's been announced so far, you have Dune 3, you have the new Christopher Nolan movie, you have Formula 1. None of those involve superheroes, except for the directors who are all superheroes.

我的意思是，當你看看我們未來兩年的日程安排時，到目前為止已經宣布的內容，你有《沙丘 3》，你有新的克里斯多福諾蘭電影，你有一級方程式賽車。除了導演都是超級英雄之外，這些都不涉及超級英雄。

But I just think we -- you have our alternative content, local language. I don't think we're overemphasizing superheroes. And I think the death of the superhero and fatigue was -- has already been proven wrong.

但我只是認為我們——你們有我們的替代內容，當地語言。我不認為我們過度強調超級英雄。我認為超級英雄的死亡和疲勞已經被證明是錯誤的。

You look at Deadpool and how well that did. I think what caused the previous superhero fatigue was probably streaming, which contributed so much content, not along with the movies that were coming out at that time, the market was flooded with content.

你看看《死侍》，看看它的表現有多好。我想，造成之前超級英雄疲勞的原因可能是串流媒體，它貢獻了這麼多內容，而不是隨著當時電影的上映，市場上充斥著內容。

But I think the slate is really well balanced going forward. And I've spent a lot of time with our studio partners and our filmmakers and going into our forecast going forward and our optimism is I think these films are going to perform extremely well. There's always one or two that don't work because it's the movie business and not everything works.

但我認為未來的發展非常平衡。我花了很多時間與我們的工作室合作夥伴和電影製作人一起討論我們的未來預測，我們樂觀地認為這些電影將會表現得非常好。總有那麼一兩個不起作用，因為這是電影業，並不是所有的東西都能運作。

But I don't believe there's superhero fatigue right now. I mean, as a matter of fact, let's go into Thanksgiving, where I'm incredibly optimistic where you have Wicked and Moana and you have Gladiator and none of those are superheroes. And unless Mufasa flies or something, I don't think he's a superhero either. So I just don't think that's -- I don't think it's a real issue.

但我不認為現在有超級英雄疲勞。我的意思是，事實上，讓我們進入感恩節，我非常樂觀，那裡有邪惡女巫和莫阿娜，還有角鬥士，但這些都不是超級英雄。除非木法沙會飛什麼的，我也不認為他是超級英雄。所以我認為這不是一個真正的問題。

Rich, real quick, you mentioned Christopher Nolan is going to get some new tech. Are those the new cameras that are now going out into the field or is that something else? I think we're going to have to wait until he wants to talk about it.

里奇，很快，你提到克里斯多福諾蘭將獲得一些新技術。這些是現在即將投入使用的新相機還是其他什麼？我認為我們必須等到他想談論這件事。

This concludes the question and answer session. I would now like to turn it over to Rich Gelfond for closing remarks.

問答環節到此結束。現在我想請里奇·格爾方德（Rich Gelfond）發表結束語。

I don't have a lot to say other than I think the quarter really demonstrated something we talk about all the time, which is revenue diversification. We're diversified around the world in sources of revenue. So China didn't have a great third quarter, but North America had a really good third quarter.

我沒什麼好說的，只是我認為這個季度確實證明了我們一直在談論的事情，那就是收入多元化。我們在全球範圍內實現收入來源多元化。因此，中國的第三季表現不佳，但北美的第三季表現非常出色。

I think we talk about diversification in terms of different kinds of content coming in. So some things that performed very well or in the mix or League of Legends, the Olympics, all kinds of different music, content, our documentary Blue Angels was very successful for us this year. So I think that's another diversification.

我認為我們談論的是多元化，即不同類型的內容的出現。因此，一些表現非常好的事情，或是英雄聯盟、奧運、各種不同的音樂、內容的混合，我們的紀錄片《藍色天使》今年對我們來說非常成功。所以我認為這是另一種多元化。

And I think throughout that, our brand continues to gain resonance and our market share generally keeps going up and our indexing does very well. So I feel really good about it. As I've said too many times, '25 and '26 look really strong. So I think this quarter and it's the spotlight on diversification also, I'd say installs, high number of installs.

我認為，在整個過程中，我們的品牌繼續獲得共鳴，我們的市場份額總體上不斷上升，我們的索引做得非常好。所以我對此感覺非常好。正如我多次說過的那樣，'25 和 '26 看起來真的很強大。所以我認為這個季度的焦點也是多元化，我想說的是安裝量，大量的安裝量。

There's lots of ways we're diversified. So I think the more people understand about our company and the revenue sources, the more people will understand our growth story. Anyway, thank you.

我們有很多多元化的方式。因此，我認為越多的人了解我們的公司和收入來源，就會有越多的人了解我們的成長故事。不管怎樣，謝謝你。

Thank you for your participation in today's conference. This does conclude the program. You may now disconnect.

感謝您參加今天的會議。這確實結束了該程式。您現在可以斷開連線。