Imax Corp (IMAX) 2024 Q4 法說會逐字稿

Hello, everyone, and welcome to the IMAX Corporation fourth-quarter 2024 and full-year results conference call. (Operator Instructions) Please be advised that today's conference is being recorded.

大家好，歡迎參加 IMAX 公司 2024 年第四季及全年業績電話會議。（操作員指示）請注意，今天的會議正在錄音。

Now it's my pleasure to turn the call over to the Head of Investor Relations, Jennifer Horsley. Please go ahead.

現在我很高興將電話轉給投資人關係主管 Jennifer Horsley。請繼續。

Good afternoon, and thank you for joining us for IMAX's fourth-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.

下午好，感謝您參加 IMAX 2024 年第四季財報電話會議。今天參加電話會議回顧財務結果的有執行長 Rich Gelfond；以及我們的財務長 Natasha Fernandes。首席法律官 Rob Lister 今天也將加入我們。

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完整直播。通話結束後不久將提供網路直播的重播。此外，我們的收益新聞稿和幻燈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 模型也發佈到了網站上。

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含前瞻性的、與未來結果或成果相關的陳述。這些前瞻性陳述受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差異。

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.

請參閱我們的美國證券交易委員會 (SEC) 文件，以了解有關可能影響我們未來業績和成果的一些因素的更詳細討論。我們在本次電話會議上所做的任何前瞻性陳述均基於今天的假設，我們不承擔因新資訊、未來事件或其他原因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 a reconciliation to non-GAAP financial measures are contained in this afternoon's press release and 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。今天下午的新聞稿和收益資料中包含了管理層對這些指標的使用和定義的討論以及與非 GAAP 財務指標的調節，可在我們網站 imax.com 的投資者關係頁面上找到。

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

說完這些，請允許我將電話轉給理查德·格爾方德先生。富有的？

Thanks, Jennifer. Thank you, everyone, for joining us. And a special word of thanks, appreciation, and support to our many employees, partners, and friends across Los Angeles, who've shown such strength and determination in overcoming last month's devastating wildfires.

謝謝，珍妮佛。感謝大家加入我們。我們也要特別感謝、讚賞和支持洛杉磯的眾多員工、合作夥伴和朋友，他們在戰勝上個月毀滅性的山火中表現出了巨大的力量和決心。

As we enter 2025, IMAX has great momentum, and there's no better indicator than our record-breaking Chinese New Year slate, which is on a history-making run.

進入 2025 年，IMAX 發展勢頭強勁，沒有比我們創紀錄的農曆新年檔期更好的指標了，該檔期正在創造歷史。

The company advanced several key strategic priorities in 2024. We strengthened our filmmaker and studio relationships, building the biggest film for IMAX slate ever and securing prime placement in studio marketing. We expanded our global network, driving strong system signings and installs and growing our partnerships with Wanda and AMC. And we further diversified our content portfolio, programming a record number of local language films, relaunching IMAX documentaries and completing a watershed deal with Netflix for Greta Gerwig's Narnia.

該公司在 2024 年推進了幾項關鍵策略重點。我們加強了與電影製作人和製片廠的關係，打造了 IMAX 有史以來最大規模的電影，並確保了製片廠行銷的黃金位置。我們擴大了全球網絡，推動了強大的系統簽約和安裝，並加強了與萬達和AMC的合作夥伴關係。我們進一步豐富了內容組合，播放了創紀錄數量的本地語言電影，重新推出了 IMAX 紀錄片，並與 Netflix 完成了格蕾塔·葛韋格執導的《納尼亞》的分水嶺交易。

And by the way, we've already delivered 14 local language films in 2025 year-to-date and our biggest IMAX exclusive music opening ever with Becoming Led Zeppelin. The market is recognizing our progress and our leadership in delivering awe-inspiring experiences worldwide. And yet, the bigger opportunity is still right in front of us, given the remarkable slate over the next several years and potential for global network growth.

順便說一句，今年迄今，我們已經在 2025 年上映了 14 部本地語言電影，並且推出了有史以來規模最大的 IMAX 獨家音樂首映影片《成為齊柏林飛船》。市場認可了我們在全球範圍內提供令人驚嘆的體驗方面所取得的進步和領導地位。然而，考慮到未來幾年的出色表現和全球網路成長的潛力，更大的機會仍然擺在我們面前。

Demand for IMAX among studios is at an all-time high. They're pursuing IMAX release dates earlier than ever and giving us great visibility several years out. Many studios are also increasing their yearly output of IMAX-friendly tentpoles. We expect this paradigm shift to play heavily in our favor through the end of the decade.

電影公司對 IMAX 的需求達到了歷史最高水準。他們比以往更早地追求 IMAX 上映日期，並為我們提供了幾年後的良好前景。許多電影公司也正在增加 IMAX 大片的年度產量。我們預計，這種模式的轉變將在本世紀末對我們產生巨大有利的影響。

In the near term, we delivered solid results for the fourth quarter, including adjusted EBITDA up 48% to $37 million and adjusted EPS up 59% to $0.27 a share. For the full-year 2024, our one significant headwind was softness in the China box office, but we are witnessing a complete 180-degree turn in China this year with a Chinese New Year slate that has delivered a record of more than $120 million and counting and a strong slate of local blockbusters ahead. In fact, in less than two months, we've already surpassed our total local language box office in China for all of 2024.

近期，我們在第四季度取得了穩健的業績，其中調整後 EBITDA 上漲 48% 至 3,700 萬美元，調整後 EPS 上漲 59% 至每股 0.27 美元。就 2024 年全年而言，我們面臨的一個重大阻力是中國票房疲軟，但今年我們見證了中國電影市場的 180 度大轉變，農曆新年檔期的票房已創下超過 1.2 億美元的紀錄，並且還在繼續增長，未來還將推出一批強勁的本土大片。事實上，不到兩個月的時間，我們的票房就已經超過了 2024 年全年中國本土語言電影的票房總和。

The outstanding start at the box office in China favorably impacts our financial results, given our higher box office take with local Chinese language films, the incrementality in our model when releases vastly overperform and our concentration of joint venture systems in China. Worldwide, the table is set for what we believe will be a new sustained year of growth for IMAX over the next several years.

中國票房的出色開局對我們的財務業績產生了積極影響，這得益於我們本土華語電影的票房收入較高、上映影片表現優異時的增量模式以及我們在中國的合資體系的集中度。在全球範圍內，我們相信未來幾年將是 IMAX 新的持續成長之年。

Today, I'd like to discuss our content portfolio, our global network and technology, and then I'll turn it over to Natasha to review the financials. First, we expect 2025 to be our best year ever at the global box office, projecting more than $1.2 billion in IMAX grosses. We've dramatically expanded our content portfolio. We released a record 118 films, events and experiences worldwide in 2024, including a record 61 local language films from 8 different countries.

今天，我想討論我們的內容組合、我們的全球網路和技術，然後我會把這個交給娜塔莎來審查財務狀況。首先，我們預計 2025 年將成為全球票房有史以來最好的一年，IMAX 票房預計將超過 12 億美元。我們大大擴展了我們的內容組合。2024 年，我們在全球發布了創紀錄的 118 部電影、活動和體驗，其中包括來自 8 個不同國家的創紀錄的 61 部本地語言電影。

We were just shy of matching our highest grossing year ever at the domestic box office in 2024 despite a strike impacted slate and some high-profile studio misses. And we've become more fully integrated than ever into studio marketing campaigns, securing prime placement in everything from out-of-home to TV commercials. In fact, you could argue that IMAX had more spots in last week's record-setting Super Bowl than any company in the world.

儘管受到罷工影響以及一些備受矚目的製片廠失誤，但我們仍差一點就能達到 2024 年國內票房有史以來的最高票房水平。我們比以往更全面地融入工作室行銷活動中，確保在從戶外廣告到電視廣告等各個領域佔據首要位置。事實上，你可以說 IMAX 在上週創紀錄的超級盃比賽中擁有的廣告位比世界上任何一家公司都要多。

We're also wielding our increased bargaining power to optimize our programming as we did during the Thanksgiving holiday in playing Gladiator 2, Wicked and Moana 2. And we pushed hard to secure an IMAX exclusive rerelease of Interstellar, our highest grossing rerelease of all time with more than $28 million in box office to date. We've held our recent global market share gains, up from around 2.5% prepandemic to 3.1% globally on just over 1,700 screens worldwide and from 3% to 4.5% domestically on 400 screens.

我們也利用增強的議價能力來優化我們的節目安排，就像我們在感恩節假期播放《角鬥士 2》、《魔法壞女巫》和《海洋奇緣 2》一樣。我們極力爭取到《星際效應》的 IMAX 獨家重新發行，這是我們有史以來票房最高的重新發行影片，迄今為止票房已超過 2800 萬美元。我們維持了近期全球市場份額的成長，全球份額從疫情前的約 2.5% 上升至 1,700 多家銀幕的 3.1%，國內份額從 400 家銀幕的 3% 上升至 4.5%。

We've also been creative in expanding our roster of content partners. We agreed with Netflix to exclusively play Barbie Director, Greta Gerwig's Narnia, and IMAX, eventasizing this new franchise and securing a four-week window for a film that otherwise would have gone straight to streaming. Even Netflix, which has only sparingly released films theatrically, recognized the power of the IMAX network to create events around blockbuster entertainment.

我們也創造性地擴大了內容合作夥伴名單。我們與 Netflix 達成協議，在 IMAX 上獨家播放芭比導演、格蕾塔·葛韋格執導的《納尼亞傳奇》，以此推廣這個新系列，並確保電影有四周的放映時間，否則該電影將直接在串流媒體上映。即使是僅在影院上映少量影片的 Netflix 也認識到了 IMAX 網路圍繞大片娛樂打造活動的力量。

This is a first-of-its-kind partnership, and it speaks to our surging leverage in the marketplace that we're able to get this done and to our unique standing as a global platform for events. We negotiated directly with Apple for an IMAX release of F1 before the tech giant had even secured a studio partner.

這是首次此類合作夥伴關係，它表明我們在市場上不斷增強的影響力使我們能夠完成這一目標，也證明了我們作為全球活動平台的獨特地位。在蘋果尚未確定工作室合作夥伴之前，我們就直接與這家科技巨頭談判了以 IMAX 形式發行 F1 事宜。

We relaunched our doc strategy with the Blue Angels, one of the highest grossing documentaries of the year, and thanks to an innovative distribution deal with Amazon, one of our best-performing original films on Prime video. And we continue to deliver distinctive events from Queen Rock Montreal to the Paris Olympics opening ceremony to the League of Legends Championship in China, which delivered 90% occupancy on 161 IMAX screens at premium ticket prices.

我們重新啟動了我們的紀錄片策略，《藍天使》是今年票房最高的紀錄片之一，由於與亞馬遜達成的創新發行協議，《藍天使》也是 Prime Video 上表現最好的原創電影之一。我們將繼續舉辦精彩的活動，從蒙特利爾 Queen Rock 音樂節到巴黎奧運會開幕式，再到在中國舉辦的英雄聯盟錦標賽，這些活動在 161 塊 IMAX 屏幕上以高價取得了 90% 的上座率。

Looking ahead, there are three reasons why we're so bullish on the '25 box office. Our biggest and most promising film slate of film for IMAX ever; second, the strength and continuity of the overall slate; and three, what we see as a very likely rebound for moviegoing in China. Our first Hollywood film for IMAX title of the year, Captain America: Brave New World, delivered an $18 million opening worldwide for the company, including 10% of the domestic box office.

展望未來，我們如此看好‘25’票房的原因有三。我們迄今為止規模最大、最有前景的 IMAX 電影片；第二，整體陣容的強度和連續性；第三，我們認為中國的電影市場很有可能出現反彈。我們今年首部在 IMAX 上映的好萊塢電影《美國隊長：美麗新世界》在全球取得了 1,800 萬美元的首映票房，佔據了國內票房的 10%。

Almost every IMAX release scheduled from May through September is filmed with IMAX cameras. That includes Mission Impossible The Final Reckoning, Marvel's Thunderbolts and Fantastic Four, F1, and Superman. This year concludes with Avatar 3, the follow-up to our two biggest grossing films of all time, with each of which earn more than $250 million a piece in IMAX.

從五月到九月上映的幾乎所有 IMAX 影片都是使用 IMAX 攝影機拍攝的。其中包括《不可能的任務 3：最終清算》、《漫威雷霆特工》和《神奇四俠》、《F1》和《超人》。今年的壓軸大片是《阿凡達 3》，它是我們有史以來票房最高的兩部電影的續集，每部在 IMAX 的票房均超過 2.5 億美元。

2026 kicks off with the Avatar carryover and features Christopher Nolan's The Odyssey as well as Avengers, Star Wars, Super Mario Brothers, Toy Story and the next film from Dune's Denis Villeneuve. And 2027 already boasts another Avengers and Star Wars as well as Batman 2 and Frozen 3.

2026 年以《阿凡達》的續集拉開序幕，其中包括克里斯多福諾蘭的《奧德賽》、《復仇者聯盟》、《星際大戰》、《超級瑪利歐兄弟》、《玩具總動員》以及《沙丘》導演丹尼斯維倫紐瓦的下一部電影。2027 年已經上映了另一部《復仇者聯盟》和《星際大戰》，以及《蝙蝠俠 2》和《冰雪奇緣 3》。

With the current Chinese New Year slate, we set records across every key metrics, including our best ever box office market share and attendance. We're on our way to doubling our previous box office record for Chinese New Year titles with more than $120 million in so far versus $66 million in 2023, our previous record. And a phenomenon, Ne Zha 2 has earned more than $105 million to date and is our highest grossing local language film of all time and our biggest release ever in China, local language or Hollywood.

在目前的農曆新年檔期，我們在每個關鍵指標上都創下了紀錄，包括有史以來最好的票房市場份額和觀眾人數。目前，我們的中國新年檔電影票房已超過 1.2 億美元，預計將突破先前的紀錄（2023 年的 6,600 萬美元），翻倍。《哪吒 2》是一部現象級影片，截至目前已賺得超過 1.05 億美元票房，是我們史上票房最高的本土語言電影，也是我們在中國（無論是本土語言電影還是好萊塢）上映的最大票房電影。

Our recent NRG study found that 78% of Chinese prefer to watch movies in the theater, higher than in the United States, the UK, France, and Japan. We believe that supply, not demand, specifically the mix and genre of Chinese local language films in '24 helped drive the softness at the Chinese box office last year.

我們最近的NRG研究發現，78%的中國人更喜歡在戲院看電影，比例高於美國、英國、法國和日本。我們認為，供給而非需求，特別是2024年中國本土語言電影的組合和類型，是導致去年中國票房疲軟的原因之一。

The '24 Chinese slate was green lit immediately post-COVID when budgets were more conservative and speed to market was a priority. This yielded dramas and comedies that typically commanded lower box office. That tide is turning.

在預算更加保守且優先考慮產品上市速度的情況下，2024 年中國計劃立即獲得批准。這導致劇情片和喜劇片的票房通常較低。形勢正在轉變。

There are seven film for IMAX blockbusters currently in production by Chinese studios, at least three of which will be released in 2025. Alibaba, Maoyan and Wanda all have multiple big budget blockbusters in production, including this year's highly anticipated action adventure sequel, A Writer's Odyssey 2.

目前中國電影公司正在製作七部 IMAX 大片，其中至少三部將於 2025 年上映。阿里巴巴、貓眼和萬達均有多部大製作大片正在製作，包括今年備受期待的動作冒險續集《文學奇遇記2》。

When Chinese moviegoers see Hollywood films more than ever, they are choosing IMAX. Our average indexing on Hollywood titles in China has swelled to 15%, up from 9% five years ago. Distinctive films that are differentiated from local language, heavy on spectacle and light on language or cultural barriers play best. Creature features like Alien Romulus, Godzilla and Kong and Venom have all performed very well. We did even better with Alien Romulus in China than we did in the United States.

當中國電影觀眾比以前更頻繁地觀看好萊塢電影時，他們選擇了 IMAX。我們對中國好萊塢影片的平均指數已從五年前的 9% 上升至 15%。那些與當地語言有所區別、場面宏大、語言或文化障礙較少的特色電影最為受歡迎。異形：羅慕路斯、哥吉拉、金剛、猛毒等怪物電影都取得了不俗的成績。我們在中國製作的《羅慕路斯外星人》比在美國製作的還要好。

This bodes well for a 2025 slate that includes How to Train Your Dragon, Jurassic World and Avatar 3. We are optimistic about the year ahead in China. Underlying demand for moviegoing is there, local film production budgets are growing and the government is as supportive of the industry as it's ever been.

這對 2025 年的電影片單來說是一個好兆頭，其中包括《馴龍記》、《侏羅紀世界》和《阿凡達 3》。我們對中國未來一年的前景充滿樂觀。中國存在著觀影的潛在需求，本土電影製作預算正在成長，政府對電影產業的支持也一如既往。

Turning to our network and technology. We continue to expand and diversify our global footprint, which now spans 90 countries and territories. We renewed our partnership with Wanda as it transitioned to new ownership, securing and upgrading a significant portion of our best-performing locations in China.

轉向我們的網路和技術。我們不斷擴大和多樣化我們的全球足跡，目前已覆蓋 90 個國家和地區。在萬達易主之際，我們與其續簽了合作夥伴關係，對我們在中國的大部分錶現最佳的門市進行了保護和升級。

AMC announced a significant expansion of IMAX with Laser, potentially into more than two-thirds of its IMAX locations. And we entered agreements with five new exhibition partners across North America. Looking ahead, we're focused on markets where we generate high PSAs, but remain underpenetrated, including Southeast Asia and the Middle East, Australia, and select markets across Europe and South America. In all those places, we see a lot of opportunity.

AMC 宣布將大幅擴張 IMAX 雷射影院，覆蓋範圍可能覆蓋其三分之二以上的 IMAX 影院。我們也與北美五家新的展覽合作夥伴達成了協議。展望未來，我們將專注於產生高 PSA 但滲透率不足的市場，包括東南亞和中東、澳洲以及歐洲和南美洲的部分市場。在所有這些地方，我們都看到了很多機會。

Local language is a powerful sales tool. We've seen a correlation between our support of local film industries and our ability to drive network growth in these markets. In Japan, we programmed just local language film in 2019, but grew to 13 in 2024, and we've gone from 36 to 53 systems nationwide over that same period of time. We've already notched eight system signings in Japan in 2025 with many scheduled for installation this year. We've increased our rollout out of JV agreements to capitalize on the film slate over the next several years, especially in a place with really high PSAs.

當地語言是一種強大的銷售工具。我們發現，我們對當地電影產業的支持與我們推動這些市場網絡成長的能力之間存在關聯。在日本，我們在 2019 年僅安排了當地語言電影，但到 2024 年增長到了 13 種，在同一時期內，我們的全國系統從 36 個增加到了 53 個。我們已經在日本簽署了 2025 年的八個系統，其中許多系統計劃於今年安裝。我們已加大合資協議的推廣力度，以便在未來幾年充分利用電影市場，尤其是在公益廣告費用非常高的地方。

And we're expanding with smaller, well-run exhibitors. In recent months, we've seen success with Cinema West, Epic, Harkins and Paragon, all in the US. Our end-to-end technology remains a key differentiator. We increased our use of cloud-based digital media remastering to scale our local language business efficiently. We designed a new proprietary technology to quickly scale our live network while bringing transmission costs down dramatically.

而且我們正在擴大規模，吸收規模較小但管理良好的參展商。最近幾個月，我們看到 Cinema West、Epic、Harkins 和 Paragon 在美國取得了成功。我們的端到端技術仍然是一個關鍵的區別因素。我們增加了基於雲端的數位媒體重製的使用，以有效擴展我們的本地語言業務。我們設計了一種新的專有技術來快速擴展我們的即時網絡，同時大幅降低傳輸成本。

And we built the first of our next-generation film cameras, working with Chris Nolan to develop proprietary technology he's using in his current filming of the Odyssey, which comes out in '26. To close, we believe we're entering a very exciting time for IMAX. We continue to strengthen our brand, increase demand among consumers and make IMAX technology even more attractive to filmmakers and exhibitors.

我們製造了第一台下一代底片相機，並與克里斯多福諾蘭合作開發專有技術，他正在使用這項技術拍攝將於 1926 年上映的電影《奧德賽》。最後，我們相信我們正在進入 IMAX 的一個非常令人興奮的時刻。我們將繼續加強我們的品牌，增加消費者的需求，並使 IMAX 技術對電影製作人和放映商更具吸引力。

More than ever, studios are driving moviegoers to IMAX in their marketing. When there are awe-inspiring events that fully capitalize on the IMAX experiences, audiences show up. And we have made a more promising slate through the end of the decade than we've ever seen in the few years going forward. We look forward to seizing this opportunity to deliver results for our shareholders.

與以往任何時候相比，電影公司都在透過行銷吸引電影觀眾到 IMAX 影院。當有令人驚嘆的活動充分利用 IMAX 體驗時，觀眾就會紛紛前來觀看。我們為本世紀末所製定的計劃比未來幾年更有希望。我們期待抓住這個機會為股東帶來績效。

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

謝謝。現在，我將把話題交給娜塔莎。

Thanks, Rich, and good afternoon, everyone. 2024 was a year of real progress financially and operationally at IMAX. We have strengthened our position by expanding our content portfolio and global network, while at the same time, driving efficiencies in our cost base and improvements in cash conversion. All of this sets the table for success in 2025 and beyond.

謝謝，Rich，大家下午好。 2024 年是 IMAX 在財務和營運方面取得真正進步的一年。我們透過擴展內容組合和全球網路來鞏固我們的地位，同時提高成本基礎效率和現金轉換率。所有這些都為2025年及以後的成功奠定了基礎。

IMAX delivered solid financial results for the full year 2024, including full-year revenues of $352 million, adjusted EBITDA of $139 million, resulting in an adjusted EBITDA margin of 39%, achieving the top end of our guidance for high-30%.

IMAX 2024 年全年財務表現穩健，全年營收 3.52 億美元，調整後 EBITDA 1.39 億美元，調整後 EBITDA 利潤率為 39%，達到我們預期的 30% 高點。

Operating cash flows of $71 million, a 21% improvement year-over-year; system installations of 146 systems at the high end of our guidance range, of which 57% were under joint revenue sharing arrangements that can provide us operating leverage as box office grows, and we do this from a position of financial strength and demand in the marketplace. We had signings for 130 systems, including 57 new locations with approximately 60% of new coming in rest of world growth markets. We achieved these results while dealing with headwinds from an uneven strike-impacted slate, softer box office in China and weak foreign currency as the US dollar strengthened.

經營現金流為 7,100 萬美元，年增 21%； 146 個系統的安裝處於我們指導範圍的高端，其中 57% 是採用聯合收入分成安排的，隨著票房的增長，這可以為我們提供經營槓桿，而且我們是根據財務實力和市場需求來做到這一點的。我們已簽約 130 個系統，其中包括 57 個新地點，其中約 60% 的新地點位於世界其他成長市場。我們在取得這些成績的同時，也克服了罷工影響、中國票房下滑以及美元走強導致外幣疲軟等不利因素。

In the fourth quarter, we saw solid growth year over year. We delivered revenues of $93 million, up 8% from the prior year. Content Solutions revenues of $26 million grew 34% year over year, highlighted by a record Thanksgiving weekend box office and strong results from the rerelease of Interstellar.

第四季度，我們實現了年比穩健成長。我們實現了 9,300 萬美元的收入，比上年增長 8%。內容解決方案收入為 2,600 萬美元，比去年同期增長 34%，其中感恩節週末票房創下紀錄，《星際效應》重新上映也取得了強勁成績。

Compared to our Q4 expectation, IMAX box office fell short, mostly due to the underperformance in China, which has now significantly turned around and a softer-than-expected Christmas holiday period. Technology Products and Services Q4 revenues of $64 million was up 2% year over year as growth in box office and maintenance revenue was offset by a lower mix of sales arrangement system installations.

與我們的第四季度預期相比，IMAX 票房有所下降，主要原因是中國市場表現不佳（目前已明顯改善），以及聖誕假期假期表現弱於預期。科技產品和服務第四季營收為 6,400 萬美元，年成長 2%，原因是票房和維護收入的成長被銷售安排系統安裝組合的降低所抵消。

Moving to profit. Q4 gross margin of 52% reflects a nominal increase over Q4 2023. We continue to see positive results across expense areas. SG&A, excluding stock-based compensation, was $27 million, a $2 million improvement year-over-year, driven by benefits from our ongoing expense management and reduction initiatives, along with lower compensation payouts.

轉向盈利。第四季毛利率為 52%，較 2023 年第四季有所成長。我們繼續看到各個支出領域都取得正面成果。銷售、一般及行政開支（不包括股票薪酬）為 2,700 萬美元，比去年同期增加 200 萬美元，這得益於我們持續的費用管理和削減舉措，以及較低的薪酬支出。

R&D was also lower year over year. In 2024, our team focused on the development and creation of new film cameras and other technologies for which costs have been capitalized.

研發支出較去年同期也有所下降。2024年，我們的團隊專注於開發和創造新的底片相機和其他已實現成本資本化的技術。

In addition, we continue to take proactive steps to enhance operational efficiency, reduce costs and optimize IMAX's organizational structure, including eliminating redundant roles and centralizing select functions. Over the fourth quarter, total consolidated adjusted EBITDA of $37 million increased $12 million year-over-year.

此外，我們繼續採取積極措施提高營運效率，降低成本並優化 IMAX 的組織結構，包括消除冗餘職位並集中部分職能。第四季度，合併調整後 EBITDA 總額為 3,700 萬美元，較去年同期增加 1,200 萬美元。

Lastly, adjusted EPS for Q4 was $0.27, an increase of $0.10 or 59% growth over the prior year. This result includes a Q4 tax rate of 18%. As a reminder, we took a number of actions in 2024 to improve our corporate structure and align operations geographically, including an internal asset sale, which we believe will result in a more effective tax rate in the future.

最後，第四季調整後的每股收益為 0.27 美元，較上年增加 0.10 美元，成長 59%。該結果包括第四季 18% 的稅率。提醒一下，我們在 2024 年採取了一系列措施來改善我們的公司結構並在地理上協調運營，包括內部資產出售，我們相信這將在未來帶來更有效的稅率。

Turning to full-year cash flow and balance sheet. Operating cash flow improved in 2024 to $71 million, up 21% from $59 million in 2023. Our improvements in working capital, particularly receivable collections led to a stronger adjusted EBITDA conversion rate, which is a priority of the team. We will continue to improve this further as IMAX box office grows and we maintain our focus on working capital. Our capital position remains very strong with cash of $101 million, up from $76 million at the end of 2023.

轉向全年現金流和資產負債表。2024 年營運現金流改善至 7,100 萬美元，較 2023 年的 5,900 萬美元成長 21%。我們的營運資本（尤其是應收帳款回收）的改善帶來了更強勁的調整後 EBITDA 轉換率，這是團隊的首要任務。隨著 IMAX 票房的成長以及我們對營運資金的持續關注，我們將繼續進一步改善這一點。我們的資本狀況依然強勁，現金從 2023 年底的 7,600 萬美元增至 1.01 億美元。

Debt, excluding deferred financing costs, was $269 million as of year-end 2024, which compared to $257 million at the end of 2023. As a reminder, $230 million of our debt comes from our convertible senior notes due in April 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 $418 million, which includes $317 million in available borrowing capacity under the company's various revolving facilities.

截至 2024 年底，債務（不含遞延融資成本）為 2.69 億美元，而 2023 年底為 2.57 億美元。提醒一下，我們的 2.3 億美元債務來自 2026 年 4 月到期的可轉換優先票據，該票據的年利率為 0.5%，上限贖回權導致每股 37 美元的轉換價格。我們目前可用的流動資金超過 4.18 億美元，其中包括公司各種循環信貸安排下的 3.17 億美元可用借貸能力。

In 2024, we used our available capital to invest in the business, having spent $41 million on CapEx with almost 60% of that or $24 million in growth CapEx, an increase of $6 million year over year. In 2024, we also deployed capital to deliver direct shareholder returns with $18 million in IMAX share repurchases, including IMAX China.

2024 年，我們利用可用資本投資於業務，資本支出為 4,100 萬美元，其中近 60% 即 2,400 萬美元為成長資本支出，年增 600 萬美元。2024 年，我們也部署了資本，透過 1,800 萬美元的 IMAX 股票回購（包括 IMAX 中國）為股東提供直接回報。

IMAX Corp repurchases had an average price of $13.99 and were weighted towards the first quarter of 2024 when we drew on our revolver for repurchases at a time when our share price was significantly pressured following the Hollywood strike.

IMAX Corp 的回購平均價格為 13.99 美元，且主要集中在 2024 年第一季度，當時好萊塢罷工導致我們的股價承受巨大壓力，我們動用了循環信貸進行回購。

Looking ahead, our full-year guidance for 2025 is based on our confidence of the positive trajectory for IMAX. With the portfolio of titles scheduled to release in 2025, we aim to achieve a record level of IMAX box office, over $1.2 billion, led by several geographic factors. Starting first with domestic. Box office attendance in IMAX fandom have been on the rise.

展望未來，我們對 2025 年的全年預期是基於我們對 IMAX 積極發展軌蹟的信心。透過計劃於 2025 年上映的影片組合，我們的目標是實現 IMAX 票房創紀錄的水平，超過 12 億美元，這主要得益於幾個地理因素。先從國內開始。IMAX 影迷的票房出席率一直在上升。

Even in a strike-impacted year that was weighted towards family animation titles, we nearly matched our domestic record box office from 2023. The domestic potential is even greater in 2025, where we have a record number of film for IMAX titles. This is significant as our opening weekend domestic market share is historically over 20% higher for film for IMAX titles.

即使是在受到罷工影響、家庭動畫片占主導地位的一年，我們的國內票房也幾乎追平了 2023 年的紀錄。2025 年，國內市場潛力將更大，IMAX 電影數量將創下歷史新高。這具有重要意義，因為從歷史上看，IMAX 影片的首映週末國內市場份額高出 20% 以上。

Secondly, within Greater China, there is a significant opportunity for growth considering 2024's box office was $200 million or approximately $100 million lower than 2023 and more than $150 million lower than the record 2019. As Rich described, the 2025 Chinese New Year slate has smashed through all records, positioning us to surpass our best ever Q1 box office in China of $106 million in Q1 2019.

其次，考慮到 2024 年的票房為 2 億美元，比 2023 年低約 1 億美元，比創紀錄的 2019 年低 1.5 億多美元，大中華區存在巨大的成長機會。正如里奇所描述的，2025 年農曆新年檔期打破了所有記錄，使我們有望超越 2019 年第一季在中國創下的 1.06 億美元的歷史第一季票房紀錄。

Third, in rest of world, we continue to expand our local language partnerships. For example, we will have our first Arabic and Vietnamese titles coming in 2025, and the rest-of-world IMAX continues to grow, up over 5% in 2024 and 25% larger than 2019, with many of these new locations coming in high per screen average regions. This momentum is reflected in our 2025 year-to-date global box office of $200 million, including China booking fee or $187 million excluding this fee.

第三，在世界其他地區，我們繼續擴大當地語言合作關係。例如，我們將於 2025 年上映首部阿拉伯語和越南語影片，而世界其他地區的 IMAX 影院將繼續增長，到 2024 年將增長 5% 以上，比 2019 年增長 25%，其中許多新影院都位於每塊銀幕平均票房較高的地區。這一勢頭反映在我們 2025 年迄今的 2 億美元全球票房上，其中包括中國票房費用，或不包括該費用的 1.87 億美元。

As per industry practice, box office figures in China are reported, including customer booking fees. For consistency, we are starting this year to report box office, including and excluding China booking fees to ensure comparability and market share accuracy.

按照行業慣例，報告的中國票房數據包括客戶預訂費用。為了保持一致性，我們今年開始報告票房，包括和不包括中國票房費用，以確保可比性和市場份額的準確性。

Important to note, our box office guidance of over $1.2 billion applies to both including and excluding China booking fees. The last factor driving our confidence in 2025's box office target is the next Avatar film anchoring the end of the year. As a reminder, the first two avatars are number 1 and number 2 on IMAX's all-time box office list. This is a proven way to close 2025 and to start off 2026, a year that could easily outpace 2025.

值得注意的是，我們超過 12 億美元的票房預期既包括中國預訂費，也包括中國預訂費。推動我們對 2025 年票房目標充滿信心的最後一個因素是下一部將在年底上映的《阿凡達》電影。提醒一下，前兩部《阿凡達》在 IMAX 歷史票房榜上分別排名第一和第二。這是結束 2025 年和開啟 2026 年的有效方式，而 2026 年很可能會輕鬆超越 2025 年。

Avatar is also a good exhibitor incentive, which we coined the Avatar effect, for new system signings and installation. As an example, in advance of the last Avatar, we had 40 systems installed in the month prior to its release, which leads me to our system installation guidance. We expect 145 to 160 system installations in 2025, which compares to 146 systems in 2024 and 128 systems in 2023 skewed towards joint revenue sharing arrangements, which will benefit our operating leverage, particularly in the domestic market.

對於新系統簽約和安裝來說，阿凡達也是一種很好的參展商激勵措施，我們稱之為「阿凡達效應」。舉個例子，在上一部《阿凡達》上映前的一個月，我們已經安裝了 40 個系統，這讓我了解到了我們的系統安裝指導。我們預計 2025 年將安裝 145 至 160 個系統，而 2024 年將安裝 146 個系統，2023 年將安裝 128 個系統，偏向聯合收入分享安排，這將有利於我們的經營槓桿，尤其是在國內市場。

Lastly, on guidance, we expect adjusted EBITDA margin to be 40% at a minimum in 2025. As has been shown in the past, there is significant operating leverage in IMAX's business as we grow our network in box office, given many costs are relatively fixed and as we continue to reduce this fixed cost base that we carry.

最後，根據指導，我們預計調整後的 EBITDA 利潤率在 2025 年至少達到 40%。正如過去所顯示的那樣，隨著我們票房網絡的擴大，IMAX 業務具有顯著的經營槓桿，因為許多成本相對固定，而且我們將繼續降低固定成本基礎。

Finally, we look to continue efforts to be a more efficient company and reduce costs. We will do this as part of our ongoing plan to be disciplined and focus on driving financial performance. Longer term, we are very optimistic on how IMAX's increasing scale and growing importance in the industry can translate to higher financial growth.

最後，我們希望繼續努力成為更有效率的公司並降低成本。我們將將此作為我們持續計劃的一部分，以嚴守紀律並專注於提高財務績效。從長遠來看，我們對 IMAX 不斷擴大的規模和在行業中日益增長的重要性如何轉化為更高的財務成長非常樂觀。

The visibility into the film slate through the end of the decade has never been as good with an abundance of mega franchise titles. The combined visibility into the future IMAX slate, along with a significant runway to grow our network further as IMAX location zones are less than 50% penetrated, gives us confidence in our longer-term growth and margin expansion.

由於大型系列電影的大量湧現，本世紀末的電影名單的可見度從未如此之高。結合對未來 IMAX 片單的可預見性，以及由於 IMAX 定位區域滲透率不到 50% 而進一步擴展我們網絡的重要跑道，我們對我們的長期增長和利潤率擴張充滿信心。

To conclude, IMAX's global scale is unmatched and still growing. Our value as a launch platform for awe-inspiring experiences is proven. We continue to innovate and develop new technologies and products such as our latest film cameras and other technologies. Our relationships with studios and filmmakers as well as exhibitors have never been stronger.

總而言之，IMAX 的全球規模無與倫比，並且仍在成長。我們作為令人驚嘆的體驗發布平台的價值已經得到證實。我們不斷創新和開發新技術和新產品，例如我們的最新膠卷相機和其他技術。我們與電影工作室、電影製作人以及影院的關係從未如此牢固。

All of this, along with the strength of our balance sheet and business model, tailwinds in the market and our focus on executing on the opportunities before us, give us confidence. We believe IMAX is positioned to deliver strong growth, expanding margins and increasing cash flows in 2025 and beyond.

所有這些，加上我們強勁的資產負債表和商業模式、市場的順風以及我們對抓住眼前機會的關注，都給了我們信心。我們相信 IMAX 將在 2025 年及以後實現強勁成長、擴大利潤率並增加現金流。

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

說完這些，我將把電話轉給接線生進行問答。

(Operator Instructions) Eric Handler, ROTH Capital.

（操作員指示）Eric Handler，ROTH Capital。

Wondered, Rich, if you could give a little insight into with your screen count growth this year, how do you think that plays out in terms of North America versus China versus the rest of the world in terms of installations?

想知道，Rich，您是否可以稍微介紹一下今年的螢幕數量增長情況，您認為就北美、中國和世界其他地區的安裝量而言，情況會如何？

Eric, I don't have the chart in front of me of where our count is growing. But remember, we guided to 145 to 160 installs. So I just don't know the territories, but that's not going to make a material impact on box office in any one region.

艾瑞克，我面前沒有顯示我們的數量增長情況的圖表。但請記住，我們指導安裝的數量為 145 至 160。所以我只是不了解地區，但這不會對任何一個地區的票房產生實質影響。

I think what you could do is basically look at where our historical, over the last few years, installs have been and extrapolate out. But I don't think it's going to really change the mix dramatically.

我認為您可以做的基本上就是查看過去幾年的安裝歷史記錄並進行推斷。但我不認為這會真正徹底改變這種狀況。

Okay. And maybe just put it another way, like you talked about focus on the highest revenue-generating markets. At this point, as you look at where a lot of your discussions are going, which of those markets do you see as being the most opportunistic right now?

好的。或者也可以換一種說法，就像您談到關注收入最高的市場一樣。此時，當您回顧目前討論的重點時，您認為哪個市場目前最具機會？

Yes. I mean I think Japan is extremely strong. And we've had, I don't know, around eight signings already this year, and we have a number of other discussions going on, which is very positive for us. Also, there's a lot of activity going on in Western Europe. In North America, last year, we had signings with eight different new exhibitors.

是的。我的意思是我認為日本非常強大。今年我們已經簽約了大概 8 份合同，而且還在進行一些其他的討論，這對我們來說非常積極。此外，西歐也有很多活動。去年，我們在北美與八家不同的新參展商簽約。

So they have been largely in high revenue markets. But also, Eric, it's kind of a nuanced point, which you'll get, but the extremely high numbers coming out of China for Chinese New Year. Remember that those theaters, it's local language. So that's a 12.5% take rate out of China on the film side.

因此他們主要集中在高收入市場。但是艾瑞克，這是一個微妙的觀點，你會明白的，但中國農曆新年的銷售數字非常高。請記住，那些劇院是當地語言。因此，中國電影的票房收入為12.5%。

And remember, it's a very heavy JV area and a lot of the box office is from the higher-tier cities. So our total take from JVs is actually higher in China than it is from JVs in other parts of the world. So I think you'll see that number. But both the film side and the JV side pop a fair amount certainly in the first quarter.

請記住，這是一個合資電影佔比很大的地區，許多票房都來自一二線城市。因此，我們從中國合資企業獲得的總收入實際上高於從世界其他地區的合資企業獲得的收入。所以我想你會看到這個數字。但在第一季度，無論是電影方面還是合資方面，都取得了相當大的成長。

That's helpful. And then one last quick one for Natasha. Natasha, you mentioned the convert. You still have 14 months to go before it matures.

這很有幫助。最後再給娜塔莎說一句。娜塔莎，你提到了皈依者。距離到期還有 14 個月。

But any thoughts on how you're thinking about that as it matures, what you might do in terms of do you just let it convert? Do you roll it over? Do you put more permanent financing in place?

但是，隨著它的成熟，您對此有何看法，您會怎麼做，是否讓它進行轉換？你把它翻過來嗎？您是否提供了更多永久性融資？

Eric, yes, we're in a strong financial position, and we have various options, as you know, and we're currently working through the plans. I mean the notes are sitting at 0.5%. With the capped call, it brings us up to the $37 conversion price. So it's still a really good piece of paper that we could sit on and really pick out what our best options are for us as well, we have the revolver available to us as well. So I think we are working through what that could look like in the future for us.

埃里克，是的，我們的財務狀況良好，而且如你所知，我們有多種選擇，我們目前正在製定計劃。我的意思是這些票據的利率為 0.5%。透過封頂看漲期權，我們的轉換價格上升到了 37 美元。所以，它仍然是一張非常好的紙，我們可以坐下來，真正挑選出對我們來說最好的選擇，我們也有可用的左輪手槍。所以我認為我們正在研究未來對我們來說會是什麼樣子。

Michael Hickey, The Benchmark Company.

麥可希基 (Michael Hickey)，The Benchmark Company。

Congratulations on the quarter and your year. Rich, I guess just on the Netflix deal, pretty incredible. Just curious if you could kind of expand on this partnership with Netflix for Narnia. You can take that anywhere you want, Rich, but I am kind of curious on the construction of that deal, how it came together and how repeatable it is, you think, in the future for maybe other exclusive IMAX windows with streamers or traditional studios?

恭喜這個季度和這一年。里奇，我想，僅就 Netflix 的交易而言，就相當不可思議了。我只是好奇您是否可以進一步談談與 Netflix 在《納尼亞》方面的合作。你可以把它帶到任何你想要的地方，Rich，但我對這筆交易的構造感到很好奇，它是如何達成的，以及它在未來是否會在其他帶有流媒體或傳統工作室的獨家 IMAX 窗口上重複使用，你認為呢？

So thanks, Mike. That deal took a pretty long time to put together because IMAX was uniquely positioned to do that deal because, again, given our relationship and our knowledge of studios, talent, exhibitors, obviously there's a lot of different constituencies with different agendas that go in there. So we really had to construct something that would work for the exhibitors, that would work for Greta, that would work for Netflix, that would work for a lot of people, the right amount of windows, the right amount of play time.

所以謝謝你，麥克。這筆交易花了很長時間才達成，因為 IMAX 在達成這筆交易方面具有獨特的優勢，因為鑑於我們的關係以及我們對工作室、人才、參展商的了解，顯然有很多不同的選區帶著不同的議程參與其中。因此，我們確實必須建立一些適合參展商、適合 Greta、適合 Netflix、適合許多人的東西，提供適當數量的視窗和適當數量的播放時間。

Even though we've disclosed a little about it, it's a fairly complex deal to have met all of the various constituencies. So in terms of is it a template, I don't think every deal, every Netflix movie is going to be appropriate for an IMAX kind of global eventizing.

儘管我們已披露了一些信息，但這是一項相當複雜的交易，需要滿足各個選區的要求。因此，就它是否是一個模板而言，我認為並非每筆交易、每部 Netflix 電影都適合 IMAX 類型的全球活動。

I think it's only going to be certain kinds of movies. And I think in certain ways this was a really great movie because I think there are like eight movies planned, something like that. And I think what IMAX does best is really launch franchises and launch events and whether that's the League of Legends or whether that's the Olympics or whether it's Superman coming up this year or Mission Impossible. This is the kind of movie that's very conducive to an IMAX release. And as you know, it's exclusive in IMAX and it's global.

我認為這只是某些類型的電影。我認為從某種程度上來說這是一部非常棒的電影，因為我認為計劃拍攝的電影有八部左右。我認為 IMAX 最擅長的是推出系列電影和舉辦發表會，無論是《英雄聯盟》還是奧運會，或是今年即將上映的《超人》或《碟中諜》。這類電影非常適合在 IMAX 上映。如你所知，這是 IMAX 的獨家影片，也是全球性的。

So I think the IMAX theaters that play it will do very well. And I think it will create event status around Netflix and its content that our exhibitors otherwise wouldn't have had. I've talked to Netflix about this. And I think in general, they're as excited as we are to do it. But we're not in a rush to do another one tomorrow. I mean, I think the factors have to come into place that work for everyone.

因此我認為放映該片的 IMAX 影院將會表現得很好。我認為這將為 Netflix 及其內容創造活動地位，這是我們的參展商以前不可能擁有的。我已與 Netflix 討論過此事。我認為總體而言他們和我們一樣對此感到興奮。但我們並不急著明天再做一次。我的意思是，我認為必須有對每個人都有利的因素。

On the other hand, I think if this works, it's going to be extremely tempting for the talent, it's going to be tempting for IMAX, and it's certainly going to be tempting for Netflix. But I think the other thing I want to add, it's not as unique as you think in a different form. So we're doing the Formula 1 movie this year with Apple and Warner Bros. And the director and producer, Joe Kosinski and Jerry Bruckheimer, really wanted to lean into IMAX early on and approached us maybe a year ago.

另一方面，我認為，如果這項舉措奏效，那麼對於人才來說將極具誘惑力，對於 IMAX 來說也將極具誘惑力，對於 Netflix 來說無疑也將極具誘惑力。但我想補充的是，它並不像你想像的那麼獨特。因此，我們今年將與蘋果和華納兄弟合作拍攝這部一級方程式賽車電影。導演兼製片人喬·科辛斯基和傑瑞·布魯克海默很早就非常希望採用 IMAX，並大約在一年前與我們接洽。

And that was the same principle. How do I create an event around the movie. And with Amazon this year, we did our Blue Angels doc, and that was how to create an event around our movie. And I think given our track record in launching these kind of events, there will be more projects like this. I think it will be successful at the end of the day. And I think it's a good template for not just Netflix, but doing business with others.

這是同樣的原則。如何圍繞電影創建活動。今年我們與亞馬遜合作製作了《藍天使》紀錄片，這就是如何圍繞我們的電影打造一場活動。我認為，鑑於我們舉辦此類活動的往績，還會有更多類似的項目。我認為最終它會成功。我認為這不僅適用於 Netflix，也適用於與其他公司開展業務往來。

Nice. The second question from us on the Chinese New Year. I think we knew it was going to be pretty strong. I think it blew away probably everyone's expectations, probably including yours. Just sort of curious how much you think this was slate driven, which is pretty obvious.

好的。我們的第二個問題是關於中國新年的。我想我們知道它會非常強大。我認為它可能超出了所有人的預期，可能包括你的預期。只是有點好奇您認為這在多大程度上是由石板驅動的，這是非常明顯的。

And maybe less obvious, how much do you think of sort of this being a market recovery, which I think is also somewhat important when you think about the durability of the growth from the China region. And then a follow-up on that, Rich, sorry to hammer you with all the [Hickeys] and I'll stop.

也許不太明顯的是，您認為這在多大程度上是市場復甦？然後是後續問題，Rich，很抱歉用所有 [Hickeys] 來打擊你，我就此打住。

Obviously, the Chinese New Year has been remarkably strong. You end with Avatar. Do you feel like you have enough sort of consistent drumbeat of content in between those two catalysts to sort of give you confidence for the remainder of the year?

顯然，中國新年的氣氛格外濃厚。您以《阿凡達》結束。您是否覺得在這兩種催化劑之間，您擁有足夠一致的鼓點內容，可以讓您對今年剩餘的時間充滿信心？

So to start at the beginning, I mean, last year, as you can see in our financial results, the Chinese market was somewhat disappointing. And that was more a coming out of COVID content what was in the pipeline, which was thin coming out of COVID.

所以從一開始，我的意思是，去年，正如你在我們的財務表現中看到的那樣，中國市場有點令人失望。這更多的是關於新冠疫​​情爆發後正在籌備中的內容，而新冠疫情爆發後這些內容很少。

And even the movies that they were, were the wrong kinds of movies to do well in IMAX. And despite that, we pivoted pretty nicely and did things like rereleasing Harry Potter movies and doing League of Legends. So we managed to do the best we could under those circumstances.

甚至這些電影都不適合在 IMAX 上放映。儘管如此，我們還是做出了很好的轉型，例如重新發行《哈利波特》電影和製作《英雄聯盟》。因此，在那種情況下，我們盡力做到最好。

So a little of it, I think, was kind of pent-up demand. But I think most of it was really the mix of movies that came out. And is just perfect for IMAX. And our team actually chose five movies, saw them all. We did marketing partnerships on some of them, including Ne Zha 2.

因此，我認為，其中有一部分是被壓抑的需求。但我認為，其中大部分其實都是已上映的電影的混合體。並且非常適合 IMAX。我們的團隊實際上選擇了五部電影並全部觀看了。我們與其中一些公司建立了行銷合作關係，其中包括《哪吒2》。

And I don't underestimate the power of that. And our market share right now over the last couple of weeks for this movie is around 6% of the Chinese market. And historically, for animation, we've been 2% to 3%. So some of it was the movie, but don't underestimate the power of the brand and the power of the things we've been doing over there. And I mean, you can never have predicted these kinds of numbers.

我不會低估它的力量。過去幾週，這部電影的市佔率目前約為中國市場的 6%。從歷史上看，動畫的比例一直是 2% 到 3%。所以其中一部分是電影，但不要低估品牌的力量和我們在那裡所做的事情的力量。我的意思是，你永遠不可能預測到這些數字。

So to give you some examples, we already have done more dollars in local language box office in China in the middle of February than we did for the whole year last year. And our overall box office is over $130 million so far. Remember, in China for the year, it was a little shy of $200 million. So this is really one that's kind of off the charts. Now we do feel very good about the gap between now and Avatar.

舉幾個例子，2 月中旬我們在中國本土語言電影的票房收入就已經超過了去年全年的票房收入。到目前為止，我們的總票房已經超過1.3億美元。請記住，今年在中國，該數字略低於 2 億美元。所以這確實是一種超乎預期的事情。現在我們確實對現在和《阿凡達》之間的差距感到非常滿意。

And actually, I didn't have a chance to announce it at the beginning, but Daniel Manwaring, who's our CEO of IMAX China, happens to be in LA with me right now. So he's in a better position to comment about the intermediate slate. So Daniel, please answer that.

實際上，我一開始沒有機會宣布這個消息，但我們 IMAX 中國執行長 Daniel Manwaring 現在恰好和我一起在洛杉磯。因此他更適合對中期名單發表評論。那麼丹尼爾，請回答這個問題。

Sure. I think the biggest difference looking forward is, first off, I want to say, I think this film, Ne Zha 2, has really long legs. So we're going to be programming this for a while. Looking ahead though, the level of transparency in the Chinese local language slate is very different this year than it was last year. And to Rich's point, I think exhibitors, producers, studios have a lot more confidence in this year.

當然。我認為展望未來最大的不同是，首先，我想說，我認為這部電影《哪吒2》真的很有前景。因此我們將花一段時間來對此進行程式設計。不過展望未來，今年中國本地語言電影候選名單的透明度與去年有很大不同。正如里奇所說，我認為參展商、製片人和工作室對今年更有信心。

And therefore, we're seeing bigger budget films. So this year we're going to be releasing the most number of film for IMAX Chinese titles in the company's history. These are big budget movies with the country top filmmakers and really the best of the best.

因此，我們看到了預算更高的電影。因此，今年我們將發行公司史上最多的 IMAX 中國電影。這些都是大製作的電影，由國內頂尖電影製作人出演，確實是最棒的電影。

Looking even further into the Hollywood slate, I think there's also a much better-looking slate compared to 2024 with films like Zootopia 2, obviously Avatar 3, Mission Impossible and Formula 1. So I think good films are still going to really continue to work well in China even beyond the Chinese New Year. And this slate feels much more transparent and a lot healthier than it did last year.

進一步看好萊塢的電影，我認為與 2024 年相比，今年的上映影片要好得多，例如《瘋狂動物城 2》，當然還有《阿凡達 3》、《碟中諜》和《一級方程式賽車》。因此我認為，即使過了農曆新年，好電影在中國仍然會繼續暢銷。與去年相比，今年的石板感覺更透明，也更健康。

Steven Frankel, Rosenblatt Securities.

羅森布拉特證券 (Rosenblatt Securities) 的史蒂文·弗蘭克爾 (Steven Frankel)。

Congratulations, Rich. This China performance, which is a turnaround, but it also sounds like you're seeing things that maybe give you longer-term confidence in increased market share there given the way the production values are increasing, do you think that leads to the potential for more screens than you initially thought? Or are we really talking about driving up PSAs because you had a period of PSA compression in China?

恭喜你，里奇。在中國，影片的成績可謂是好轉，但聽起來您也看到了一些可能讓您對中國市場份額增長有更長期信心的事情，考慮到影片的產值正在增長，您是否認為這會帶來比您最初想像的更多的銀幕潛力？或者我們真的在談論提高 PSA 價格，因為你們在中國經歷了一段 PSA 壓縮時期？

So that's a good question and something we've been talking about. So you've heard us before talk about the Avatar effect or the Oppenheimer effect, which is when there's a really big film and it really drives up box office, there are ancillary benefits. You sign more theaters, you install more theaters, other studios copy the distribution pattern, studios up their marketing budgets.

這是一個好問題，也是我們一直在討論的事情。您可能之前聽過我們談論“阿凡達效應”或“奧本海默效應”，即當一部大熱的電影上映並且真正推動票房上漲時，還會帶來附帶效益。你簽約更多的影院，你安裝更多的影院，其他工作室重新發行模式，工作室增加他們的行銷預算。

And we've been debating internally what the extent of the Ne Zha effect will be. And I think from my point of view, there's just no question there will be some kind of effect. I mean, at the most basic level, remember, the Chinese exhibitors are coming out of a fairly stressful period of time financially. And the movie overall is over $1.6 billion. So they're flushed with cash that they weren't.

我們內部也在爭論哪吒效應會達到什麼程度。我認為從我的角度來看，毫無疑問會產生某種影響。我的意思是，從最基本的層面來說，請記住，中國參展商剛剛走出了一段財務上相當緊張的時期。整部電影的票房總額超過16億美元。因此，他們擁有原本並不多的現金。

So obviously, they can make strategic decisions. And I think some of them will be investing in IMAX in different ways. And again, I think the market share gains, which I just spoke about are another factor. So my sense will be is that it will have an impact on our overall business there.

因此顯然，他們可以做出戰略決策。我認為其中一些人會以不同的方式投資 IMAX。而且我認為，我剛才談到的市場佔有率的成長是另一個因素。所以我的感覺是這會對我們在那裡的整體業務產生影響。

I know your follow-up question will be how much? The answer is we don't know. It's way too soon. But I think that combined with what Daniel talked about, which is a really good slate going forward, plus the pent-up demand, I feel fairly confident.

我知道你的後續問題是多少？答案是我們不知道。太快了。但我認為，結合丹尼爾所說的，這是一個非常好的未來前景，再加上被壓抑的需求，我感到相當有信心。

On the signing side, that's a more complicated one because as you may remember, we made the strategic decision not to do that many joint ventures outside of Tier 1 and Tier 2 cities. So I'm quite sure it will drive up the demand, but I'm not sure it's going to change our sort of underwriting standards. So we'll have to see what that impact is going forward.

在簽約方面，這是一個更複雜的問題，因為你可能還記得，我們​​做出了策略決策，不在一線和二線城市以外建立那麼多合資企業。因此，我非常肯定它會增加需求，但我不確定它是否會改變我們的承保標準。因此我們必須觀察其未來的影響。

And then to switch gears, the last couple of years we talked a lot about live events because the Hollywood slate was lacking. Now it looks like you're entering in a multi-year run where you're cut for and it's over with big tentpoles. What does that imply for that live event strategy? How do you work and do both?

然後換個話題，過去幾年我們談了很多關於現場活動的事情，因為好萊塢的報導不夠多。現在看起來你正進入一個多年的旅程，而你的旅程已經隨著大片而結束。這對於現場活動策略意味著什麼？您如何工作並同時做到這兩點？

Well, at a couple of levels, I think our live event strategy fits in perfectly. First of all, it brings new audiences to IMAX. So for the League of Legends, where we had 90% plus capacity in 161 theaters in China, 80% of the people had never been in an IMAX theater. And I think that's not a coincidence about our market share gains there going forward. And this year we did Led Zeppelin, which did $3 million domestically in its opening weekend, which made it number 7 of any film in the country.

嗯，從幾個層面來說，我認為我們的現場活動策略非常契合。首先，它為IMAX帶來了新的觀眾群。因此，對於《英雄聯盟》來說，雖然我們在中國 161 家影院的上座率超過 90％，但 80％ 的觀眾從未去過 IMAX 影院。我認為我們未來市場份額的成長並非巧合。今年我們拍攝了《齊柏林飛船》，該片在首映週末獲得了 300 萬美元的國內票房，成為美國上映電影中排名第七的電影。

I can make a bad joke, which I shouldn't, but I will. But those results probably qualify us in this environment to put it in for an Academy Award in terms of commercial success. And what I mean by that is $3 million is a pretty decent opening for an event kind of movie like that. And also our clients, the exhibitors, our partners, they really like it because it brings new people into the theater. And remember from earlier calls, we're very focused on capacity utilization.

我可以開一個不好笑的玩笑，雖然我不應該這樣做，但我會這麼做。但就商業成功而言，這些結果可能使我們在這種環境下有資格獲得奧斯卡獎。我的意思是，對於這樣的大片來說，300 萬美元的首映票房已經相當不錯了。而且我們的客戶、參展商、合作夥伴也非常喜歡它，因為它為劇院帶來了新人。記得從之前的電話會議中我們說過，我們非常關注產能利用率。

And while these films sell out on weekends on Tuesday nights when we run a lot of these things, or Wednesdays, they're not filled. So that's all incremental revenue for us and for the exhibitors. So yes, we have to be a little bit more careful and make sure how to program them. But for last year, I'm trying to remember, and Natasha could correct me, but I think we did something like 55 events that were not movies over the course of the year.

雖然這些電影的票在周末（我們放映許多此類電影的周二晚上）或週三都銷售一空，但票房並不爆滿。所以這對我們和參展商來說都是增量收入。所以是的，我們必須更加小心，並確保如何對它們進行編程。但對於去年，我努力回憶，娜塔莎可以糾正我，但我認為我們在一年內做了大約 55 場與電影無關的活動。

Am I right at that? Or it's some big number. I don't remember. But we will have the ability to still program those.

我說得對嗎？或者它是一個很大的數字。我不記得了。但我們仍然有能力對這些進行程式設計。

David Joyce, Seaport Research Partners.

大衛‧喬伊斯（David Joyce），海港研究夥伴。

I was wondering if your 40%-plus adjusted EBITDA margin guide would come more from gross margin or from SG&A? And similarly, trying to dig down on the moving pieces there, how much would be coming from your business operating leverage with the box office growth versus from cost-cutting efforts?

我想知道您 40% 以上的調整後 EBITDA 利潤率指南是來自毛利率還是來自銷售、一般及行政費用？同樣，試圖深入研究其中的動向，您的業務營運槓桿與票房成長以及成本削減措施之間的差距有多大？

David, there would be a mix in it. We are going to continue to work on our operational efficiencies, and we've done a really good job between starting in '23, again in '24, making a lot of effort with changing our corporate structure and doing the internal asset sale to also looking at roles and really optimizing our employee base to remove redundancies to think through how can we become more efficient along with even looking at just normal operating costs.

大衛，這裡面肯定有混合。我們將繼續致力於提高營運效率，從2023年到2024年，我們做得非常好，我們付出了很多努力來改變公司結構，進行內部資產出售，同時還研究角色並真正優化我們的員工基礎，消除冗餘，思考如何提高效率，甚至只考慮正常的營運成本。

And I think there's just the opportunity to continue to do that as we rightfully should. But then there's also the operating leverage that will definitely come from our top line revenue growth. I mean with $1.2 billion plus of box office in our guide, that automatically creates the operating leverage in our model.

我認為，我們有機會繼續這樣做，這也是我們理所當然的。但是，我們的營業收入成長也肯定會帶來營業槓桿。我的意思是，我們的指南中有12億美元以上的票房，這會自動在我們的模型中產生營業槓桿。

And I know, David, like you haven't been around for a long time. But a few years ago, that operating leverage kicked in, in high gear, and you can see it nicely, like I think when you think back to Oppenheimer, a 47%-plus EBITDA margin quarter. There is lots of opportunities when you start to think through how can these revenue dollars fall right to the bottom line, especially as we continue to even think through operating our cost model from a margin perspective and looking through efficiencies in the way we work, especially as we remaster films and work through even marketing and other components as you think about digital versus print and other opportunities.

我知道，大衛，你已經很久沒有出現在我身邊了。但幾年前，經營槓桿開始發揮作用，並且發展迅速，你可以清楚地看到這一點，就像我想當你回想起奧本海默時，其當季 EBITDA 利潤率超過了 47%。當你開始思考如何將這些收入直接計入利潤時，你會發現有很多機會，特別是當我們繼續從利潤角度思考我們的成本模型的運作，並審視我們工作方式的效率時，特別是當我們重新製作電影並處理營銷和其他組成部分時，你會考慮數位化、印刷化和其他機會。

And if you could explain if you have any screen relationships in your network that are expiring this year that could be up for renewal? And could there be any opportunities to reprice anything there? Or should we just really expect stable rev share matrix from here?

您能否解釋一下，您的網絡中是否有任何銀幕關係今年即將到期，可以進行續約？那裡是否有機會重新定價？或者我們真的應該期待從這裡獲得穩定的收入份額矩陣？

I don't know the number exactly what it is. Do you, Natasha?

我不知道這個數字到底是多少。你會嗎，娜塔莎？

So we have -- it's disclosed in the 10-K as well, David. But I believe part of it is we do see these renewals every year. We don't actually wait till the end of the term normally to start those negotiations and discussions.

所以我們有 - 它也在 10-K 中披露，David。但我相信部分原因是我們每年都會看到這些更新。實際上，我們通常不會等到任期結束才開始這些談判和討論。

We always think that we always work towards the last couple of years in the term and work with exhibitors to figure out how do we get the newest technology in there mostly because newer technology will then bring more consumers again and create a refresh of the box as well and therefore increase the PSA of that location too. So we are in a constant renewal and upgrade cycle along with expanding our footprint each year, which is why our install guidance is a mix between new and upgrades.

我們始終認為，我們始終致力於在展會的最後幾年與參展商合作，研究如何將最新的技術引入其中，主要是因為新技術將再次帶來更多的消費者，並帶來市場更新，從而增加該地點的 PSA。因此，我們每年都處於不斷更新和升級的周期中，同時擴大我們的足跡，這就是為什麼我們的安裝指導是新的和升級的混合。

And David, I would add to that, that remember, these installs are in existing boxes. So if it's a strongly performing box, if that client doesn't want to renew, we just go to the theater across the street or down the block because we know what the box office is. So it's just an IRR calculation. And if it's a terrible performing theater, then it's not the end of the world if they don't renew. But historically, as you know, our renewal rates are very, very high.

戴維，我想補充一點，請記住，這些安裝都是在現有的盒子裡。因此，如果票房表現強勁，而客戶又不想續約，我們就去街對面或街區下方的劇院，因為我們知道那裡的票房情況。所以這只是一個 IRR 計算。如果這是一個表演糟糕的劇院，那麼他們不續約也並不是什麼世界末日。但從歷史上看，如你所知，我們的續約率非常非常高。

Omar Mejias, Wells Fargo.

富國銀行的奧馬爾‧梅希亞斯。

Rich, the demand for IMAX is clearly at an all-time high, which not only shifts the negotiating leverage you guys have with studios, but it's also very evident on the long-term visibility for the business. Can you maybe talk about how this strengthen your hand when talking with studios? And more importantly, how could this drive better economics?

里奇，對 IMAX 的需求顯然達到了歷史最高水平，這不僅改變了你們與電影製片廠的談判籌碼，而且對業務的長期可見性也非常明顯。您能否談談這如何增強您與工作室交談的能力？更重要的是，這如何推動經濟？

So, Omar, the splits have been pretty consistent between the studios and IMAX over the last decades. And we're in this to play a long-term game. So where we focus our resources, not in saying well, we have leverage, how can we squeeze somebody or how could they squeeze us. But where it works best, I'd say, is in the marketing we get in some of the ancillary areas.

奧馬爾，過去幾十年來，電影公司和 IMAX 之間的分成一直相當一致。我們參與這場博弈是為了長期目標。因此，我們將資源集中在哪裡，而不是說我們有影響力，我們如何壓榨別人或他們如何壓榨我們。但我想說，它最有效的地方是在一些輔助領域的行銷。

So for example, if you observe the marketing Disney just did for Captain America, and they've started for -- Fantastic 4 and Thunderbolts and some of the other marketing that Warner Bros. and Universal have done the IMAX is a lot more prominent. So again, if you saw some of the TV spots for -- around Captain America, the IMAX was really big, at the top, and it managed to drive pretty good indexing for us.

舉個例子，如果你觀察迪士尼剛剛為《美國隊長》做的營銷，並且他們已經開始為《神奇四俠》和《雷霆特工隊》做營銷，以及華納兄弟和環球影業做的其他一些營銷，你會發現 IMAX 更為突出。所以，如果你看過《美國隊長》的一些電視廣告，你會發現 IMAX 確實很​​棒，位於頂部，並且成功為我們帶來了相當不錯的指數。

By the same token, in terms of flexibility around dates, we had three different Thanksgiving movies with three different studios. And because of the value of the IMAX proposition, we were able to negotiate a way where we could play all three of them. So I think where we use whatever additional leverage we have would be in the area of trying to build a bigger audience and get a higher percentage of capacity.

同樣，在日期的靈活性方面，我們與三個不同的製片廠合作製作了三部不同的感恩節電影。而由於 IMAX 提案的價值，我們得以協商一致，將這三部影片同時播放。因此，我認為，我們可以利用任何額外的優勢來嘗試吸引更多的觀眾，並獲得更高的容量百分比。

There are smaller issues like local language versioning and paying for trailers and this and that, which the studios have been more flexible on as well. But we have a great relationship with virtually every studio, and we're not going to mess that up by playing around with the splits.

還有一些較小的問題，例如本地語言版本和預告片付費等等，電影公司對這些問題也採取了更靈活的態度。但我們幾乎與每個工作室都保持著良好的關係，我們不會透過玩弄分割來破壞這種關係。

No, that's super helpful. And Natasha, maybe one for you. With expectations for continued top line growth, can you describe what the opportunity for gross profit and adjusted EBITDA margins to continue to grow even faster, given your asset-light model and the operating leverage in your business, how should we think about just the margin progression of the business beyond '25?

不，這非常有幫助。娜塔莎，也許有一個適合你。在預計營收將持續成長的情況下，您能否描述毛利和調整後 EBITDA 利潤率持續更快成長的機會，考慮到您的輕資產模式和業務中的營運槓桿，我們應該如何看待 25 年以後業務的利潤率成長？

Omar, I think you continue to look at our model, even the historical patterns and think through the fact of that we keep our costs relatively flat. And so as you continue to grow that box office, it's really going to fall straight to the bottom line.

奧馬爾，我認為你會繼續關注我們的模型，甚至是歷史模式，並思考我們保持成本相對穩定的事實。因此，隨著票房的不斷增長，它實際上會直接影響到利潤。

And along with our SG&A savings and as well being thoughtful about our R&D spend and how we're doing that and whether we capitalize as well, there's lots of opportunities even coming down to even the tax rate. And we've been working very, very hard on improving that tax rate as well. And I think that's part of the whole P&L structure that we've been able to improve on over the past year.

除了節省銷售、一般及行政開支以及深思熟慮地考慮我們的研發開支、我們如何進行研發開支以及我們是否也將其資本化之外，還存在許多機會，甚至可以降低稅率。我們也一直在非常努力地提高稅率。我認為這是我們在過去一年中能夠改進的整個損益結構的一部分。

So I think as it comes down to modeling, Omar, you'd continue to work through your modeling of increasing your box office and our costs remaining relatively flat with a little bit of our normal spend with bigger titles, you'll think about a little bit of marketing. But really that all helps towards growing our bottom line.

因此，我認為，當談到建模時，奧馬爾，你將繼續努力透過建模來增加票房，而我們的成本保持相對平穩，在更大的片名上花費一點正常的開支，你會考慮一點行銷。但實際上這一切都有助於提高我們的獲利。

David Karnovsky, JPMorgan.

摩根大通的戴維‧卡諾夫斯基 (David Karnovsky)。

Maybe just for Richard or Daniel, I wanted to follow up on China. We did see some reports in the press about subsidies and incentives during the New Year period. Is that something you observed? And could we see government support even continue just given the kind of really strong traction in the box office in the region? Or should we just think about the momentum mainly as slate driven?

也許只是為了理查德或丹尼爾，我想跟進中國的情況。我們確實在媒體上看到一些關於新年期間補貼和獎勵的報導。這是你觀察到的嗎？鑑於該地區票房的強勁成長勢頭，政府是否會繼續提供支持？或者我們應該認為動量主要由石板驅動？

And then Natasha, just one on working capital, improved year-over-year. Just any view on how to think about that in '25?

然後是娜塔莎，僅營運資金一項，年比有所改善。對於如何在 25 年思考這個問題，您有什麼看法嗎？

Daniel, why don't you take the first question?

丹尼爾，為什麼不回答第一個問題？

Sure. Yes, those incentives really came out in the very beginning, I'd say, on day 1 and day 2 and were quite minimal as we look back at what the box office has become now. So I don't think the market is anticipating any more support specifically driven towards the film box office because there was ticket subsidies that came in early on.

當然。是的，這些激勵措施確實在一開始就出現了，我想說，在第一天和第二天，而當我們回顧現在的票房情況時，這些激勵措施相當有限。因此，我認為市場不會預期會有更多專門針對電影票房的支持，因為早期已經有了票房補貼。

However, we have seen a lot of support from the Chinese government, particularly last year and also going into the New Year, and we may or may not see continued support on that. But with regards specific to your question of ticket subsidies, I don't think it had a very large effect on the total box office right now only in the sense that the market itself has really been driving as word of mouth. But we do expect some support later on.

然而，我們看到中國政府給予了大力支持，特別是去年以及新年伊始，我們可能會也可能不會看到政府繼續給予支持。但具體到你提到的門票補貼問題，我認為它目前對總票房沒有太大的影響，只是市場本身確實透過口碑推動了票房。但我們確實期待稍後能得到一些支持。

Just to clarify, Daniel, I think when you mean support from the Chinese government, you mean letting films into the country?

丹尼爾，我只是想澄清一下，我認為你所說的中國政府的支持是指讓電影進入中國嗎？

Yes, let me clarify that. I was specifically referring to ticket subsidies. But when we're talking about overall support from the film bureau, I think we've seen a tremendous amount of support. And I think we'll continue to see that support through the rest of the year, whether it's regarding import of Hollywood content or other foreign content. So that we don't expect to change.

是的，讓我澄清一下。我具體指的是門票補貼。但當我們談到電影局的整體支持時，我認為我們看到了巨大的支持。我認為，在今年剩餘時間裡，我們將繼續看到這種支持，無論是進口好萊塢內容還是其他外國內容。所以我們並不期望會改變。

David, on your question about capital allocation and working capital, I mean, our cash flows continue to strengthen, and we are looking more similar to pre-COVID cash conversions. I mean we finished the year -- a full year of operating cash flow of $71 million, which is 21% higher than 2023. And I believe that we're going to continue to increase our cash conversion because as you think about the increase in the box office and the operating leverage, it will continue to flow not only to our bottom line, but straight through to EBITDA and cash conversion.

戴維，關於你關於資本配置和營運資本的問題，我的意思是，我們的現金流繼續加強，而且我們看起來更類似於 COVID 之前的現金轉換。我的意思是，我們今年的全年營運現金流為 7,100 萬美元，比 2023 年高出 21%。我相信我們將繼續增加我們的現金轉換率，因為當你想到票房和經營槓桿的成長時，它不僅會繼續流向我們的底線，而且會直接流向我們的 EBITDA 和現金轉換率。

And on the capital allocation side, I mean, we accelerated repurchases at the end of '23 and the beginning of '24 when the stock was hit from the strikes, and we borrowed on our revolver to do so. And we believe it was a great decision. I mean we purchased over $60 million in early '24 at a price of $13.99. And over the past few years, we've purchased over 19% of outstanding stock.

在資本配置方面，我的意思是，當股票受到罷工的打擊時，我們在 23 年底和 24 年初加速了回購，並且我們借用了循環信貸來進行回購。我們相信這是一個正確的決定。我的意思是我們在 24 年初以 13.99 美元的價格購買了價值超過 6000 萬美元的股票。在過去幾年中，我們已購買了超過 19% 的流通股。

So it's been a really good use of our balance sheet. And as we continue to look at capital allocation, we're going to continue to focus on our strategy for the converts, our strategy for investing and growing our network as well as investing in films and picking really good content to push out in order to achieve our -- the numbers we've put out as our targets.

所以這對我們的資產負債表來說是一個非常好的利用。在我們繼續關注資本配置的同時，我們將繼續專注於我們的轉換策略、投資和發展網絡的策略，以及投資電影和挑選真正好的內容來推出，以實現我們設定的目標。

Stephen Laszczyk, Goldman Sachs.

高盛的史蒂芬‧拉什奇克 (Stephen Laszczyk)。

Maybe like just a quick follow-up on capital investment. On the installs, Natasha, any more detail you could offer just on the mix of systems installs for '25, the 140 to 160, particularly around sales type and JRSA. I think you mentioned maybe skewed a little bit more towards JRSA, but wasn't sure to what degree? And then maybe related to that, curious if you have any updated thoughts on CapEx for 2025.

或許只是資本投資的快速跟進。關於安裝，娜塔莎，您能否提供有關 '25 年系統安裝組合（140 到 160）的更多詳細信息，特別是銷售類型和 JRSA。我認為您提到可能更偏向 JRSA，但不確定程度如何？然後可能與此相關，好奇您對 2025 年的資本支出是否有任何最新的想法。

Stephen, so we have really good track record from our installation guidance, and we have really good visibility into the future. And so even from where we sit right now, the $145 million to the $160 million, we feel really strong that that's a good range for us. But the split is -- I think we put it in our materials, our split is about 60% JVs, 40% sales. And so that's where we expect to put our capital as well as you think about capital allocation and investment.

史蒂芬，我們的安裝指導有著非常好的記錄，而且我們對未來也有很好的預見性。因此，即使從我們目前的情況來看，1.45 億美元到 1.6 億美元，我們也堅信這對我們來說是一個很好的範圍。但分成比例是——我想我們把它寫在了材料裡，我們的分成比例大約是 60% 合資，40% 銷售。因此，這就是我們期望投入資本的地方，也是您考慮資本配置和投資的地方。

If you think about 60% JVs on the midpoint between that 145 to 160, that's where you'll get your capital number from. Somewhere up towards $35 million to $40 million is probably where that works out to be on your JV CapEx. And that's pretty much most of our CapEx that we would spend in a year. And it's a good use of our funds this year, especially when you think about the slate that's coming up and our ability to capitalize on the returns that we could get from growing a footprint that gives us a higher return off of incremental box office. And so that's where we see a really good opportunity for us.

如果您考慮 145 到 160 之間的中間點上的 60% 合資企業，那麼您的資本數字就是從這裡獲得的。您的合資企業資本支出可能高達 3500 萬至 4000 萬美元。這幾乎就是我們一年中花費的大部分資本支出。這是對我們今年資金的良好利用，特別是當你考慮到即將上映的電影以及我們利用擴張足跡所能獲得的回報的能力時，這將為我們帶來更高的增量票房回報。所以，我們看到了對我們來說一個非常好的機會。

Got it. And maybe just to clarify, was that $35 million to $40 million JV specific or all in CapEx, including maintenance?

知道了。也許只是為了澄清一下，這 3500 萬到 4000 萬美元是專門用於合資的，還是全部是資本支出，包括維護費用？

JV specific. Our maintenance has been relatively stable, Stephen, over the past several years.

合資企業具體情況。史蒂芬，過去幾年裡，我們的維護工作相對穩定。

And this concludes our Q&A session for today. I will turn it back to Richard Gelfond for his final comments.

今天的問答環節到此結束。我將把這個主題交還給理查德·格爾方德 (Richard Gelfond)，請他發表最後的評論。

Thank you, operator, and thank you, everyone, for joining us. We didn't say it this directly, but I think there was -- this call comes at a very ironic time because when we look back at 2024, we actually killed it in a lot of ways, strategically, obviously the domestic box office was close to the best box office we've ever had in our history. Even though '24 was somewhat affected by the strike, the rest of the world box office was strong.

謝謝接線員，也謝謝大家的加入我們。我們沒有直接這麼說，但我認為——這個決定來得非常諷刺，因為當我們回顧 2024 年時，我們實際上在很多方面都殺死了它，從戰略上講，顯然國內票房接近我們歷史上最好的票房。儘管《24小時》在某種程度上受到罷工的影響，但世界其他地區的票房表現強勁。

We're at the high end of guidance in terms of installs. We had a very strong year for signings. The one blemish for the year was the China box office underperformed. And we obviously were aware of that and put in place a lot of different things. We cut costs over there. And there's no better way to prove something out than to deliver the numbers. And clearly, I know there were cynics out there, should I believe IMAX that it was like a onetime thing related to content?

就安裝量而言，我們處於指導值的高端。今年我們的簽約成果十分亮眼。今年唯一的遺憾是中國票房表現不佳。我們顯然意識到了這一點，並採取了許多不同的措施。我們在那裡削減了成本。沒有比用數字來證明更好的方法了。顯然，我知道有人持懷疑態度，我是否應該相信 IMAX 只是與內容相關的一次性事件？

Or was it endemic and was it a hole in the IMAX story. But sitting here today, obviously the start of this year was incredible at every level in China. Frankly, we have to rethink what our box office is going to be for the year on the upside after those results, and we're in the process of doing that.

或者它是地方性的，是 IMAX 故事中的一個漏洞。但今天坐在這裡，顯然今年中國各個層面的開局都是令人難以置信的。坦白說，在取得這些成績之後，我們必須重新考慮今年的票房收入將會是多少，而我們正在這樣做。

And I'm saying there's really no better way to start a year than to address the only concerns that came out of the prior year, and we did that. So I think -- and if you go back to the first quarter, I mean, it's, again, six weeks into the year.

我想說，開始新的一年最好的方法就是解決去年出現的問題，而我們做到了。所以我認為 - 如果你回到第一季度，我的意思是，現在又過了六週。

We reupped some studio deals on advantageous terms. We had the groundbreaking Netflix deal. We had the amazing records in China going on. Captain America opened strong. And it's only towards the end of February. So I think where we sit today, we're feeling pretty good. Thank you, everybody.

我們以優惠的條件重新簽訂了一些工作室協議。我們與 Netflix 達成了開創性的協議。我們在中國創造了令人驚嘆的紀錄。美國隊長開局強勢。現在才剛到二月底。因此我認為，就我們今天的狀況而言，我們感覺非常好。謝謝大家。

And thank you all for participating in today's conference. You may now disconnect.

感謝大家參加今天的會議。您現在可以斷開連線。