Imax Corp (IMAX) 2025 Q1 法說會逐字稿

Thank you for standing by, and welcome to IMAX first-quarter 2025 earnings conference call.

感謝您的支持，歡迎參加 IMAX 2025 年第一季財報電話會議。

(Operator Instructions) I would now like to hand the call over to Jennifer Horsley, Head of Investor Relations for IMAX. Please go ahead.

（操作員指示）現在，我想將電話交給 IMAX 投資者關係主管 Jennifer Horsley。請繼續。

Good afternoon and thank you for joining us to IMAX's first-quarter 2025 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 2025 年第一季財報電話會議。今天參加電話會議審查財務結果的有執行長 Rich Gelfond 和財務長 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 of available shortly after the call. In addition, the full text of our earnings press release and the slide presentation have been posted to the Investor Relations section of our site. Our historical Excel model is posted to the website as well.

今天的電話會議將在我們的網站上進行完整網路直播。通話結束後不久將提供網路直播的重播。此外，我們的收益新聞稿全文和幻燈片簡報已發佈到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. Please refer to our SEC filings for a more detailed discussion of some of the factors that could affect our future results and outcomes.

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、與未來結果或成果有關的陳述。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。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結果的一些因素的更詳細討論。

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. 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.

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而更新這些聲明的義務。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。有關管理層對這些指標的使用和定義的討論，以及與非公認會計準則財務指標的調節，都包含在今天下午的新聞稿和我們的收益材料中，這些材料可在我們網站 IMAX.com 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，請允許我將電話轉給理查德·格爾方德先生。富有的？

Thanks, Jennifer, and thank you, everyone, for joining today. IMAX got off to an excellent start in the first quarter. We banked nearly $300 million in global box office, our best first quarter ever. We've signed agreements for more than 100 new and upgraded systems year-to-date compared to 130 in all 2024.

謝謝詹妮弗，也謝謝大家今天的參加。IMAX 第一季開局良好。我們的全球票房收入接近 3 億美元，這是我們有史以來最好的第一季票房。今年迄今為止，我們已經簽署了 100 多個新系統和升級系統的協議，而 2024 年全年共簽署了 130 個協議。

And we kicked off a great summer slate with a run of eight consecutive film Primex releases. The fundamentals of our business have never been strong longer. In recent weeks. that fact has been obscured by noise around tariffs, China, and speculation about the potential impact on the Hollywood slate.

我們以 Primex 連續發行八部電影拉開了精彩夏季的序幕。我們的業務基礎從未如此強勁。最近幾週，這一事實因關稅、中國以及對好萊塢電影的潛在影響的猜測而變得模糊不清。

We've look deeply at this issue. We've talked to every studio and our industry partners throughout China, cultivator across our 30 years of doing business in the country. We're highly confident that the quote moderate reduction in Hollywood imports announced by China Film administration were largely target films with limited box office potential in the market for smaller budget kind of fair, not the kind of films that drive IMAX's business. So we're not letting the noise distract us from the opportunity ahead.

我們對這個問題進行了深入研究。我們與中國各地的每個工作室和行業合作夥伴進行了交談，這是我們在中國開展業務的 30 年來的不懈努力。我們非常有信心，中國電影局宣布的適度減少好萊塢進口影片數量，主要針對的是小成本市場中票房潛力有限的影片，而不是那些能夠推動 IMAX 業務的影片。所以我們不會讓噪音分散我們對未來機會的注意力。

We drove double digit growth in revenue and adjusted EBITDA in the first quarter and adjusted EBITDA margin of 43%. The Hollywood fleet is ramping up, building to the year-end crescendo of Avatar: Fire and Ash in December. We've already seen select footage and a very enthusiastic.

我們第一季的營收和調整後 EBITDA 實現了兩位數成長，調整後 EBITDA 利潤率達到 43%。好萊塢電影公司正在加緊籌備，為 12 月的《阿凡達：火與灰燼》的年底高潮做準備。我們已經看到了精選的鏡頭，而且非常熱情。

We've had many promising new locations set to open across high PSA markets in Asia and Australia, North America, the Middle East. And IMAX uniquely benefits from a very positive confluence of trends in global content. The rapid rise of big budget, high production value, local language blockbusters from around the world and to the continued resurgence of the Hollywood slate with releases from the biggest filmmakers and tempo franchises lined up through the end of the decade.

我們已計劃在亞洲、澳洲、北美和中東等高 PSA 市場開設許多前景看好的新店。而 IMAX 則獨特地受益於全球內容趨勢的正向融合。大預算、高製作價值、來自世界各地的本土語言大片迅速崛起，好萊塢電影持續復甦，各大電影製作公司紛紛推出大片，並推出節奏緊湊的系列電影，這些都持續到本世紀末。

We continue to rebuild our leverage in the industry to provide a diverse, dynamic, truly global programming slate. On the content side, first, 2025 is shaping up to be a watershed year for our growing, successful, local language strategy. Chinese New Year or exceeded our wildest expectations with 182 million in IMAX box office, triple our previous record. Like Top Gun: Maverick, Oppenheimer, and Dune: Part Two before it, Ne Zha 2 became synonymous with IMAX as we've earned more than 164 million to date with the film.

我們將繼續重建我們在行業中的優勢，以提供多樣化、動態、真正全球化的節目。在內容方面，首先，2025 年將成為我們不斷發展、成功的本地語言策略的分水嶺。中國新年 IMAX 票房達到 1.82 億美元，超出了我們最瘋狂的預期，是我們之前紀錄的三倍。就像之前的《壯志凌雲：獨行俠》《奧本海默》和《沙丘：第二部》一樣，《哪吒之魔童降世》成為了 IMAX 的代名詞，迄今為止該片已賺得超過 1.64 億美元的票房。

We index 7.5% with the film in China are less than 1% of the screens, about double our average with local animated releases. As a reminder, IMAX collects a higher fee in China with local language releases than it does with Hollywood releases. We see tremendous opportunities ahead with international films. It's quite possible that IMAX delivers its highest grossing local language films of all time in China, Japan, and India this year.

我們認為該片在中國的上映比例為 7.5%，不到 1%，約為本土動畫電影上映比例的兩倍。需要提醒的是，IMAX 在中國發行本地語言電影的收費比發行好萊塢電影的收費還要高。我們看到國際電影未來有巨大的機會。IMAX 今年很有可能在中國、日本和印度推出史上票房最高的本土語言電影。

In Japan, Demon Slayer: Infinity Castle, the sequel to the highest grossing Japanese film of all time arrives in July, followed by a global release in the fall. And in India, War 2 has the potential to join the ranks of India's biggest block busters when it comes out in August. These well-established markets are building bankable and often exportable franchises to rival Hollywood releases. We're tapping into fast-growing film industries in priority markets like Saudi Arabia, Vietnam, Indonesia, and Thailand, to expand our content portfolio and drive network growth.

在日本，史上票房最高的日本電影的續集《鬼滅之刃：無限城堡》將於 7 月上映，並於秋季在全球上映。在印度，《戰爭2》預計在8月上映時躋身印度最賣座大片之列。這些成熟的市場正在打造具有票房號召力、通常具有出口潛力的系列電影，以與好萊塢電影相媲美。我們正在進軍沙烏地阿拉伯、越南、印尼和泰國等優先市場快速成長的電影產業，以擴大我們的內容組合併推動網路成長。

In 2019, local language film accounted for 12% of our total global box office. In 2023, that figure rose to 21%. And in the first quarter of '25, it was a 68% of our box office. We've already delivered more local language box office this year than we did in all of 2024. And we remain very bullish on our Hollywood slate that features more IMAX DNA than ever.

2019年，本土語言電影占我們全球總票房的12%。到2023年，這一數字將上升至21%。在 2025 年第一季度，它佔了我們票房的 68%。我們今年的本地語言票房已經超過了 2024 年全年的票房。我們仍然非常看好我們的好萊塢影片，其 IMAX DNA 比以往任何時候都多。

Every Hollywood released schedule for now to August was filmed with IMAX cameras. Just this past weekend, we delivered 20% of the domestic opening of centers, which was shot in park for IMAX with IMAX 70 millimeter film. And on Monday, center continued its torrid pace in IMAX, dropping very little from Sunday day and delivering $2 million indicating a grade hold is likely for this week.

從現在到八月，好萊塢上映的每一部電影都是用 IMAX 攝影機拍攝的。就在上週末，我們交付了國內上映影片的 20%，這些影片都是使用 IMAX 70 毫米膠片在 IMAX 公園拍攝的。週一，IMAX 影院繼續保持著火熱的勢頭，票房與週日相比幾乎沒有下降，仍達到 200 萬美元，這表明本週的票房可能保持不變。

Yet again, when an auteur filmmaker like Ryan Coogler leans into IMAX, audiences heed the call and turn out for the platform in a big way. This outperformance is consistent with what we’ve seen with the big IMAX 70-millimeter releases like Oppenheimer and Dune: Part Two.

然而，當像瑞恩庫格勒 (Ryan Coogler) 這樣的電影導演選擇 IMAX 時，觀眾們會響應號召，大規模地湧向該平台。這種優異表現與我們在 IMAX 70 毫米大片《奧本海默》和《沙丘：第二部》中看到的一致。

Sinners also delivered our biggest domestic opening weekend ever for a horror film. Over the next few months, buzz is building for our film for IMAX slate. Mission: Impossible - The Final Reckoning will make a splashy debut at Cannes in just a few weeks, followed by the London and New York premieres in IMAX.

《十萬個罪人》也創造了恐怖片史上最大的國內首映週末成績。在接下來的幾個月裡，我們的電影將在 IMAX 上映，這將引起熱議。《碟中諜 4：最終清算》將在幾週後於坎城隆重首映，隨後在倫敦和紐約的 IMAX 影院首映。

Inside are high on both Marvel’s Thunderbolts and Fantastic Four. The trailers for Superman have racked up hundreds of millions of views online. How to Train Your Dragon screened to acclaim at CinemaCon. And early IMAX exclusive F1 pre-sales are strong, and we have many IMAX exclusive elements and events throughout its promotional campaign.

裡面充滿了漫威的雷霆特工隊和神奇四俠的元素。《超人》預告片在網路上的觀看次數已達數億次。《馴龍高手》在 CinemaCon 上映並廣受好評。而且早期的IMAX獨家F1預售很強勁，而且我們在整個宣傳活動中都有很多IMAX獨家元素和活動。

This year concludes with Zootopia 2 and Avatar: Fire and Ash. The first two Avatar films earned more than $250 million apiece in IMAX. 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, Greta Gerwig’s Narnia, and the Dune sequel from Denis Villeneuve.

今年的壓軸大戲是《瘋狂動物城 2》和《阿凡達：火與灰燼》。前兩部《阿凡達》電影在 IMAX 上的票房均超過 2.5 億美元。 2026 年將以《阿凡達》續集拉開序幕，其中包括克里斯多福諾蘭的《奧德賽》，以及《復仇者聯盟》、《星際大戰》、《超級瑪利歐兄弟》、《玩具總動員》、葛莉塔葛韋格的《納尼亞》以及丹尼斯維倫紐瓦的《沙丘》續集。

And 2027 already boasts another Avengers and Star Wars, as well as Batman 2 and Frozen 3. Once viewed as a competitive threat, streaming services are leaning into IMAX in a big way. Whether it’s our exclusive window for Greta Gerwig’s Narnia for Netflix, the longest theatrical window Netflix has ever granted at 28 days or Apple prioritizing an IMAX release before securing the studio partner for F1 or Amazon purchasing our original documentary Blue Angels and committing tentpoles like Project Hail Mary and Mercy to the Film for IMAX program.

2027 年將上映《復仇者聯盟》和《星際大戰》，以及《蝙蝠俠 2》和《冰雪奇緣 3》。串流媒體服務曾被視為競爭威脅，但現在正大力向 IMAX 靠攏。無論是我們為 Netflix 獨家上映格蕾塔·葛韋格的《納尼亞》、Netflix 史上最長的 28 天上映窗口，還是蘋果在確保 F1 工作室合作夥伴之前優先考慮 IMAX 發行，還是亞馬遜購買我們的原創紀錄片《藍天使》並將《萬福瑪利亞與仁慈計劃》等重磅影片納入 IMAX 電影計劃。

And as we open our content aperture, we continue to drive incremental box office with our growing slate of events and experiences, including a record-breaking exclusive debut of Becoming Led Zeppelin and this weekend’s Pink Floyd live at Pompeii.

隨著我們開放內容領域，我們將繼續透過不斷增加的活動和體驗來推動票房成長，包括創紀錄的獨家首演《成為齊柏林飛船》和本週末在龐貝舉行的平克·弗洛伊德現場演出。

Our exclusive re-release of Studio Ghibli’s classic Princess Mononoke, which earned $4 million in its debut, the biggest IMAX domestic opening ever for local language film and our sold-out live sports test in France with the annual Le Classique football match.

我們獨家重新發行了吉卜力工作室的經典影片《幽靈公主》，該片首映票房收入達 400 萬美元，成為 IMAX 本土語言電影有史以來最大的國內首映票房，我們在法國通過一年一度的 Le Classique 足球賽進行了現場體育測試，門票全部售罄。

Global network and technology. Looking at our global network, our system signings and installations are a strong indicator of anticipation among exhibitors and the prevailing sentiment that IMAX will be the preferred choice for consumers worldwide as the slate rolls out.

全球網路和技術。縱觀我們的全球網絡，我們的系統簽約和安裝情況強烈表明了參展商的期待以及普遍的看法：隨著影片的推出，IMAX 將成為全球消費者的首選。

We installed 21 systems worldwide in the first quarter, our second best first quarter ever for installs, and we’ve signed agreements year-to-date for 101 new and upgraded IMAX systems worldwide. This includes a major agreement with AMC, which will add 12 new IMAX locations and upgrade virtually its entire IMAX footprint in the US to IMAX with laser. We also continue to expand our roster of partners in the US. This year alone, we’ll open at least 11 locations with regional partners that we’ve signed up in the past 12 months.

我們在第一季度在全球範圍內安裝了 21 個系統，這是我們有史以來安裝量第二好的第一季度，今年迄今為止，我們已經在全球範圍內簽署了 101 個全新和升級 IMAX 系統的協議。其中包括與 AMC 達成的一項重要協議，AMC 將新增 12 家 IMAX 影院，並將其在美國幾乎所有的 IMAX 影院升級為帶有雷射的 IMAX 影院。我們也將繼續擴大在美國的合作夥伴名單。光是今年，我們就將與過去 12 個月內簽約的地區合作夥伴一起開設至少 11 家門市。

Internationally, Japan continues to be a priority market for us. Year-to-date, IMAX has now signed agreements for 11 new and upgraded locations in Japan, including a rare location with two auditoriums in Tokyo. We also expanded across Western Europe with our fast-growing partners at Kinepolis in a multi-territory agreement spanning France, Belgium, Spain, the Netherlands, as well as the US and Canada.

在國際上，日本仍然是我們的重點市場。今年迄今為止，IMAX 已在日本簽署了 11 個新建和升級影院的協議，其中包括位於東京的一個罕見的擁有兩個影廳的影院。我們也與 Kinepolis 的快速發展合作夥伴一起，透過一項橫跨法國、比利時、西班牙、荷蘭以及美國和加拿大的多地區協議，將業務擴展到西歐。

To close, it is a very exciting time at IMAX. Our business has proven to be resilient and able to thrive in many different economic cycles. We have no doubt that will remain true. We have visibility to a more promising slate through the end of the decade than we’ve ever seen in the future and a strong trajectory for continued network growth. We look forward to seizing the opportunity to deliver results for all of our shareholders.

最後，這是 IMAX 非常令人興奮的時刻。事實證明，我們的業務具有韌性，並且能夠在許多不同的經濟週期中蓬勃發展。我們堅信這一點始終不會改變。我們對未來十年的前景有著比以往任何時候都更加樂觀的預期，並且網路將繼續保持強勁成長的軌跡。我們期待抓住機會為所有股東創造業績。

Thank you. With that, I’ll turn it over to Natasha.

謝謝。說完這些，我就把麥克風交給娜塔莎。

Thanks, Rich, and good afternoon, everyone. In the first quarter, IMAX exceeded its expectations across global box office, system signing, system installations and adjusted EBITDA. Our results in the quarter were driven by record box office and 40% year-over-year growth in IMAX system installations worldwide. And this outperformance again highlighted the operating leverage in our model with a total adjusted EBITDA margin of 42.7%. We are on track to achieve our guidance for the full year, including a record $1.2 billion in global box office.

謝謝，Rich，大家下午好。第一季度，IMAX在全球票房、系統簽約、系統安裝和調整後EBITDA等方面均超乎預期。本季的業績得益於創紀錄的票房和全球 IMAX 系統安裝量年增 40%。這一優異表現再次凸顯了我們模型中的經營槓桿，總調整後 EBITDA 利潤率為 42.7%。我們預計將實現全年目標，包括創紀錄的 12 億美元全球票房。

Taking a closer look at our Q1 results, we delivered revenues of $87 million, up 10% from the prior year first quarter. Content Solutions revenues of $34 million grew year-over-year with gross margin of $24 million, up 7%, driven by our record Chinese New Year box office and our overall programming strategy, which featured a mix of content including Hollywood, local language, re-releases, concert films and sports. Our best-ever Q1 box office also led to a high Q1 global market share of 3.5% on less than 1% of screens globally and a record of 5.4% in China, both of which reflect IMAX’s outperformance in the quarter.

仔細觀察我們的第一季業績，我們的營收為 8,700 萬美元，比去年同期第一季成長 10%。內容解決方案營收年增 3,400 萬美元，毛利率達到 2,400 萬美元，成長 7%，這得益於我們創紀錄的農曆新年票房和我們的整體節目策略，該策略融合了好萊塢、本地語言、重新發行、音樂會電影和體育等多種內容。我們第一季票房創下歷史新高，也使得第一季全球市佔率高達 3.5%，而全球銀幕佔有率不到 1%，中國市場的佔有率更是達到了創紀錄的 5.4%，這兩項數據都反映了 IMAX 在本季度的出色表現。

Technology Products and Services revenues of $51 million was up 17% year-over-year, with gross margin of $29 million up 23%, driven in part by growth in global box office. The quarter also saw growth in installation, 21 versus 15 systems in the prior year, which included a higher mix of sales type arrangements.

科技產品和服務收入為 5,100 萬美元，年增 17%，毛利率為 2,900 萬美元，成長 23%，部分原因是全球票房的成長。本季安裝量也出現成長，從去年的 15 個系統增加到 21 個，其中包括更多種類的銷售類型安排。

The geographic mix of installations was evenly spread with seven systems in each of domestic, rest of the world, and China. Exhibitors globally are shifting into investment mode in advance of the strong upcoming IMAX slate.

安裝的地理分佈均勻，國內、世界其他地區和中國各有七個系統。為了迎接即將上映的 IMAX 大片，全球影院紛紛轉向投資模式。

Similarly, encouraging was the strength in Q1 signings, which at 95 systems was up 87 from the prior year and included signings in high per-screen average markets such as the US, Europe, and Japan. The strong Q1 signings lift the IMAX backlog to 516 systems, up 74 systems or 17% year-over-year, representing a solid pipeline for future global growth of the IMAX network.

同樣令人鼓舞的是第一季簽約的強勁勢頭，共計 95 個系統，比上年增加 87 個，其中包括美國、歐洲和日本等每塊螢幕平均成本較高的市場的簽約。第一季的強勁簽約使 IMAX 積壓訂單增至 516 個系統，比去年同期增加 74 個系統，增幅為 17%，這為 IMAX 網路未來的全球成長奠定了堅實的基礎。

The gross margin performance in Q1 of 61% increased 200 basis points year-over-year, reflecting high incremental profit flow-through from the stronger box office performance.

第一季的毛利率為 61%，較去年同期成長 200 個基點，反映出票房表現強勁帶來的高增量利潤流。

Operating expenditures defined as research and development and selling general and administrative expenses, excluding stock-based compensation, was $30 million and increased $950,000 year-over-year, driven primarily by timing of expenses. We continue to take proactive steps to enhance operational efficiency and reduce annual costs while optimizing IMAX’s organizational structure, including eliminating redundant roles and centralizing select functions, which positively impact both margin and OpEx.

營運支出定義為研發及銷售一般及管理費用（不含股票薪酬），為 3,000 萬美元，較上年同期增加 95 萬美元，主要受費用時間的影響。我們繼續採取積極措施提高營運效率並降低年度成本，同時優化 IMAX 的組織結構，包括消除冗餘角色和集中選擇功能，這對利潤率和營運支出都有正面影響。

Overall, first quarter total consolidated adjusted EBITDA of $37 million increased $5 million or 15% year-over-year, driven by the higher revenues and gross margin. This resulted in an adjusted EBITDA margin of 42.7%, up over 200 basis points year-over-year.

整體而言，第一季合併調整後 EBITDA 總額為 3,700 萬美元，較去年同期增加 500 萬美元，增幅為 15%，得益於收入和毛利率的提高。這使得調整後的 EBITDA 利潤率達到 42.7%，比去年同期成長超過 200 個基點。

First quarter adjusted EPS was $0.13, which includes a higher year-over-year deduction for non-controlling interest associated with a strong IMAX China result. The tax rate was 47% in the quarter, primarily reflective of the geographic mix of profits that led to a higher tax valuation allowance of $3.2 million or negative 6% impact year-over-year. For the full year, we expect the tax rate to be at a more normalized rate based on the historical trends and our geographic forecast of annualized profits.

第一季調整後每股收益為 0.13 美元，其中包括與 IMAX 中國強勁業績相關的非控制權益同比更高的扣除額。本季的稅率為 47%，主要反映了利潤的地理分佈，導致稅收估值準備金增加 320 萬美元，或年減 6%。根據歷史趨勢和我們對年度利潤的地理預測，我們預計全年稅率將更加正常化。

Turning to cash flow and the balance sheet, cash flow from operations provided $7 million in Q1, which is an $18 million improvement over the prior year period. A good start to the year given seasonally, Q1 is generally a lower cash flow quarter based on the timing of revenues and payments such as annual compensation payouts. Similar to total adjusted EBITDA, the dynamics of cash flow are quite positive as box office expands, leading to incrementality, particularly considering the cash flow characteristics of our joint revenue sharing contracts, where the capital expenditure is at the beginning of an average 10-year contract term.

談到現金流和資產負債表，第一季的營運現金流為 700 萬美元，比去年同期增加了 1,800 萬美元。從季節性角度來看，第一季是一年的一個良好開端，但根據收入和支付（例如年度薪資支付）的時間來看，第一季通常是現金流較低的一個季度。與總調整後 EBITDA 類似，隨著票房的擴大，現金流的動態相當積極，從而帶來增量，特別是考慮到我們的聯合收入分成合約的現金流特徵，其中資本支出處於平均 10 年合約期限的開始階段。

During Q1, we used our available capital to invest in the business, including $12 million spent on growth CapEx related to partnering with exhibitor customers to grow and upgrade the IMAX network through joint revenue sharing arrangements.

在第一季度，我們使用了可用資本來投資業務，其中包括花費 1,200 萬美元用於與參展商客戶合作，透過聯合收入分享安排來擴大和升級 IMAX 網路的成長資本支出。

Our capital position remains very strong with cash of $97 million. Debt excluding deferred financing costs is $282 million. 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. With our strong liquidity position and available facilities, we have the ability to be opportunistic as we assess the timing of when to address these notes. Our current available liquidity is over $400 million, which includes over $300 million in available borrowing capacity under the company’s various revolving facilities.

我們的資本狀況依然非常強勁，擁有 9,700 萬美元的現金。不包括遞延融資成本的債務為 2.82 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%，上限為每股 37 美元的轉換價格。憑藉我們強大的流動性狀況和可用設施，我們有能力在評估何時解決這些票據時抓住機會。我們目前可用的流動資金超過 4 億美元，其中包括公司各種循環信貸額度下超過 3 億美元的可用借款能力。

We are confident about our outlook for 2025 and beyond. While still early in the year, we are ahead of our expectations and we have started the second quarter off strong with good offers from Minecraft and Sinners, which leads into summer titles with larger potential, including five more film for IMAX titles in Q2 alone. The visibility into IMAX’s future slate has never been as good, including a standout 2026, and the significant runway to grow our network further is clear as IMAX location zones are less than 50% penetrated.

我們對 2025 年及以後的前景充滿信心。雖然今年還處於初期階段，但我們超出了預期，並且憑藉《我的世界》和《罪人》的良好表現，在第二季度取得了強勁開局，這為夏季影片帶來了更大的潛力，僅在第二季度就將有五部 IMAX 影片上映。IMAX 未來片單的可預見性從未如此好，包括出色的 2026 年，而且由於 IMAX 定位區域的滲透率不到 50%，進一步擴大我們網路的重要跑道顯而易見。

Longer term, we are confident in our future as the demand for IMAX increases and we achieve greater network scale, deepen our relationships with exhibitors, studios and filmmakers, and broaden our content aperture to distribute even more content across our global platform.

從長遠來看，隨著 IMAX 需求的增加、我們實現更大的網絡規模、加深與影院、工作室和電影製作人的關係、並拓寬我們的內容範圍以在我們的全球平台上分發更多內容，我們對未來充滿信心。

We believe with the strength of the IMAX brand, our strong balance sheet and business model, that IMAX is well positioned to deliver sustainable growth, expanding margins and increasing cash flows in 2025 and beyond.

我們相信，憑藉 IMAX 品牌的實力、強大的資產負債表和商業模式，IMAX 完全有能力在 2025 年及以後實現可持續成長、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 Wold, Texas Capital Securities.

（操作員指示）埃里克·沃爾德，德州資本證券。

Thank you. Good afternoon, everybody. A couple of questions. I guess one question on China and one on kind of the made for IMAX outlook. Rich, you mentioned an expectation that any modest reduction in Hollywood film imports would be focused on the smaller budget films that would not really impact the IMAX slate. So I have to assume then that there has also not been any adverse shift in tone from Chinese exhibitors around kind of in-process signing discussions or the timing of planned installations.

謝謝。大家下午好。有幾個問題。我想問一個關於中國的問題，另一個關於 IMAX 前景的問題。里奇，你提到，預計好萊塢電影進口的適度減少將集中在小成本電影上，這不會對 IMAX 片單產生真正的影響。因此我不得不假設，中國參展商在正在進行的簽約談判或計劃安裝時間方面的態度並沒有發生任何不利的變化。

Hey, Eric. We’re coming off our best quarter in China ever, which we just reported today and that’s what affects theater owners and people making movies and things like that. So I would say, there’s not only not a reduction in activity in the market within China, there’s an increase. There’s more incoming calls. There’s more interest in movies. We were just a key member of the Beijing Film Festival this weekend where a panel talked about the future of film. And there was almost no one in the panel who didn’t talk about IMAX and how important it was because they’re looking, like coming off a Nezha and three -- a record by over 3 times of any film we’ve ever done. So the narrative in China is completely positive in a very material way.

嘿，艾瑞克。我們剛剛在中國取得了有史以來最好的一個季度業績，這影響到了戲院老闆、電影製作人等等。所以我想說，中國市場的活動不但沒有減少，反而增加了。有更多來電。人們對電影的興趣越來越濃厚。我們只是本週末北京電影節的一個重要成員，電影節的一個小組討論了電影的未來。小組中幾乎沒有人不談論 IMAX 及其重要性，因為他們看起來就像是出自《哪吒之魔童降世》——這是我們製作過的任何電影的三倍多的記錄。因此，中國的敘事從物質角度來看完全是正面的。

In terms of, the reduction of films, moderate reduction coming in, let’s just do a reality check. So Thunderbolts opens in a week and a half. That’s been approved. It’s getting in. Today they did Lilo & Stitch in China. There have been three other films submitted in the last couple weeks. We’ve talked to almost every Hollywood studio and they expect all their major films to get in discussions with the Chinese Government.

就電影數量的減少而言，適度減少，讓我們來看看現實情況。《雷霆特工隊》將在一周半後上映。這已被批准。它正在進來。今天他們在中國拍攝了《星際寶貝》。過去幾週內，又有三部電影提交了申請。我們幾乎與每一家好萊塢電影公司都進行了交談，他們希望他們所有的主打電影都能與中國政府進行討論。

So our relationships in China have told us that, the kind of reductions, if there are any, would be kind of the less financially broad ones than the kinds of films IMAX typically plays. So I think, I remain very confident about China in a lot of ways and I don’t think that the moderate film reduction will have a material impact on IMAX.

因此，我們在中國的關係告訴我們，如果有任何削減，那麼與 IMAX 通常播放的電影相比，其財務影響會更小。所以我認為，我在很多方面仍然對中國非常有信心，而且我認為適度的電影削減不會對 IMAX 產生實質影響。

No. That’s perfect. And then my follow-up on, you’ve got a Made for IMAX with now the big run of Made for IMAX films starting, I guess, the Sinners are moving through the summer. What is the primary gating factor to having a larger percentage of a film shot with IMAX cameras in the years ahead? Is it purely the number of IMAX cameras that are available to be used? Do you need any broader sign-off from a greater number of studios and producers? And then, kind of what is that right number, do you think, without potentially diluting the kind of the Made for IMAX cachet?

不。太完美了。然後我的後續問題是，您已經有了一部 IMAX 電影，現在 IMAX 電影大片已經開始上映，我想《十萬個罪人》正在暑假上映。未來幾年，使用 IMAX 攝影機拍攝更大比例的影片的主要限制因素是什麼？這只是可供使用的 IMAX 攝影機的數量嗎？您是否需要更多工作室和製作人的更廣泛的認可？那麼，您認為這個正確的數字是多少呢？這樣才不會削弱《IMAX 製作》的聲望嗎？

So Eric, I’d say it has more to do with slots than anything else. So for example, we have eight films in a row coming right now, so they just aren’t more films we could have done in this period of time. And plus, we really want to be discriminating about it. So I don’t think you should look at our success as how many we’re doing in a particular period of time, because I think it needs to be the right kind of film for us to do it.

所以埃里克，我想說的是，這更多是與老虎機有關，而不是其他任何事情。舉例來說，我們現在有八部連續上映的電影，所以這些電影並不是我們在這段時間內可以拍攝的更多電影。另外，我們確實想對此有所區分。所以我不認為你應該根據我們在特定時期內拍攝了多少部電影來判斷我們的成功，因為我認為我們必須拍攝適合自己的電影類型。

And as a matter of fact, in terms of the film camera, that’s a little bit different. There is a limiting factor there in the number of cameras on the digital side. There isn’t, but right now, as you know, then the Nolan’s are shooting Odyssey with a significant number of IMAX cameras, which we’re very excited about, obviously, for next summer.

事實上，就膠卷相機而言，情況有點不同。數位相機的數量有一個限制因素。沒有，但現在，正如你所知，諾蘭正在用大量 IMAX 攝影機拍攝《奧德賽》，顯然，我們對明年夏天的上映感到非常興奮。

But we can’t really shoot more than two simultaneously with the film cameras. And once they’re done shooting, then I think you’ll see us film some other IMAX made film cameras once that concludes somewhat later this year. But I’d say, that I don’t want you to think too much about supply of cameras. It’s much more an issue of the right slots and the right content.

但我們其實無法用底片相機同時拍攝兩部以上的照片。一旦拍攝完成，我想您就會在今年稍後看到我們用 IMAX 攝影機拍攝的其他一些影片。但我想說，我不希望你過度考慮相機的供應問題。這更多的是一個正確的位置和正確的內容的問題。

Perfect. Thank you.

完美的。謝謝。

Chad Beynon, Macquarie.

麥格理銀行的查德貝農 (Chad Beynon)。

Hi. Good afternoon. Thanks for taking my question. Rich, another one on China, but focusing on the positive outcome for the first quarter. I know, I guess, thinking about the last several quarters, it was your focus to zone in on Tier 1 and Tier 2 in terms of new distribution zones. But as we look at the first quarter outperformance in China, can you talk about where that strength came from, and if it did come from Tier 3 to five cities, if that might change kind of the outlook of the aperture of your zones in that market? Thank you.

你好。午安.感謝您回答我的問題。里奇 (Rich) 再次談到中國，但他關注的是第一季的正面成果。我知道，我想，考慮到過去幾個季度，您的重點是將新分銷區域集中在第 1 層和第 2 層。但是，當我們看中國第一季的優異表現時，您能否談談這種優勢來自哪裡？如果這種優勢確實來自三線到五線城市，這是否會改變貴公司在該市場區域範圍的前景？謝謝。

I don’t have that data at my fingertips, Chad. However, I believe it was uniform across all markets. And I think, there are a couple of factors for it, obviously, the movie itself was very special and that drove audiences as, you know, as I said, my prepared comments that our market share was up significantly, especially in the animation area. And the other thing was on the marketing side, we tried a very different marketing approach and we kind of joint ventured with a number of entities, including the studio that made Nezha and we did combined promotions.

我手頭上沒有這些數據，查德。然而，我相信它在所有市場都是一致的。我認為，這有幾個因素，顯然，電影本身非常特別，吸引了觀眾，正如我所說的，我的準備好的評論是，我們的市場份額顯著上升，特別是在動畫領域。另一件事是在行銷方面，我們嘗試了一種非常不同的行銷方式，我們與許多實體進行了合資，包括製作哪吒的工作室，我們進行了聯合推廣。

And then we’ve leaned much more into the right social media. So TikTok was a key component of where we placed our marketing. We’re trying to re-examine not only in China, but throughout the world. Historically, films are marketed on billboards and bus stations and it’s transitioned somewhat. But we found for this film in particular, that social marketing and that our investment in that was extremely successful and I think that had a lot to do with the result.

然後我們更傾向於使用正確的社群媒體。因此，TikTok 是我們開展行銷的關鍵組成部分。我們不僅在中國，而且在全世界嘗試重新審視。從歷史上看，電影是透過廣告看板和公車站進行行銷的，現在這種情況已經有所轉變。但我們發現，對於這部電影來說，社會行銷和我們的投資非常成功，我認為這與結果有很大關係。

Okay. Great. Thank you. And then with respect to the signings announced in the quarter and around CinemaCon, has anything changed just in terms of the general terms or how you guys are thinking about JVs versus STLs? Not getting into specific contracts, but just given the weight of the signings in the first quarter, if anything changed generally in terms of how you’re talking to future partners? Thank you.

好的。偉大的。謝謝。那麼，就本季和 CinemaCon 期間宣布的簽約而言，在一般條款方面有什麼變化嗎？或者你們對合資企業和單一電影公司的看法有什麼改變嗎？不涉及具體合同，但考慮到第一季簽約的重要性，您與未來合作夥伴的溝通方式是否發生了整體變化？謝謝。

Thanks. No. Not at all. And as a matter of fact, our signings were quite diverse. As I said in my script, we have over 100 now. Just to put it in context, we had 130 for the year last year, but demand is very strong. And I think what’s fueling that is the film slate for this year in 2026 and how far out the backlog of films goes.

謝謝。不。一點也不。事實上，我們的簽約對象非常多元。正如我在腳本中所說，我們現在有 100 多個。具體來說，去年我們有 130 個，但需求非常強勁。我認為，推動這一趨勢的因素是 2026 年的電影計劃以及電影積壓的進度。

But in terms of our terms, no, and I’ll tell you, kind of something you’ll find interesting. So given the success of Nezha, we discussed whether we would want to sign a lot more theaters in China, because obviously the IMAX brand and market share is going in the right direction. And we said, no, we want to be as careful as we always were in terms of who the partner is and what the terms are and what the box office is. So we’re looking at in the same ROI calculus that we always have.

但就我們而言，不是的，我會告訴你，你會覺得有趣的事。因此，鑑於《哪吒之魔童降世》的成功，我們討論了是否願意在中國簽約更多影院，因為顯然 IMAX 品牌和市場份額正在朝著正確的方向發展。我們說，不，我們希望像往常一樣謹慎地選擇合作夥伴、條款和票房。因此，我們一直在使用相同的 ROI 計算方法。

Thanks, Rich.

謝謝，里奇。

David Karnovsky, JPMorgan.

摩根大通的戴維卡諾夫斯基。

Hey, thank you, Rich. Theatrical windows are a big topic with exhibitors and studios right now, and I know it’s much less of an issue for IMAX, given you typically carry movies for a week or two, but you have screened films recently with windows to PVOD. I think it’s short of 17 days or 24 days, and so I’m curious on your view of how you kind of see this issue, whether there’s risk now or maybe whether there’s any risk to consider down the line?

嘿，謝謝你，里奇。戲院窗口期是目前戲院和電影公司討論的一個大問題，我知道對 IMAX 來說這不是什麼大問題，因為你們通常會放映一到兩週的電影，但最近你們放映了一些透過 PVOD 窗口期上映的電影。我認為少於 17 天或 24 天，所以我很好奇您對這個問題的看法，現在是否有風險，或者是否有需要考慮的風險？

Yeah. So I don’t -- we don’t really pay attention to what the PVOD windows are because we don’t really view that as competitive. With IMAX, you are right that exhibitors are really focused on that issue, and as you know, at CinemaCon, that was a big subject.

是的。所以我並不——我們並不真正關注 PVOD 窗口是什麼，因為我們不認為這具有競爭力。對於 IMAX，您說得對，參展商確實非常關注這個問題，而且您知道，在 CinemaCon 上，這是一個大話題。

And I definitely understand windowing being important to exhibitors, but we had a very good quarter because we have global diversification. As you know, the North American exhibitors, it was a very challenging quarter.

我當然知道窗口對參展商來說很重要，但我們這個季度表現非常好，因為我們擁有全球多元化的經營模式。正如你們所知，對於北美參展商來說，這是一個非常具有挑戰性的季度。

Again, I know it’s going to be controversial, but I think they should really focus on the kind of content and getting more content, which we’re trying to do with foreign language films and alternative things and less on whether the window is 30 days or 45 days. I just don’t think that’s going to make a material difference to their business at the end of the day, and for us, it makes virtually no difference at all.

再說一次，我知道這會引起爭議，但我認為他們應該真正關注內容的種類和獲取更多的內容，我們正嘗試用外語電影和另類的東西來做這件事，而不是關注窗口期是 30 天還是 45 天。我只是不認為這最終會對他們的業務產生實質性的影響，而對我們來說，這實際上沒有任何影響。

We’re sympathetic to not trouncing on their theatrical release, but I think just way too much has been made of it and I don’t think that’s going to save the industry. I think more good content and more diversified content is much more important.

我們同情他們沒有在戲院上映時遭遇慘敗，但我認為這部電影已經被過度炒作了，我認為這並不能拯救這個行業。我認為更多優質內容和更多元的內容更為重要。

Okay. And then just two for Natasha. I guess first on the higher install year-over-year, how should we interpret this? You highlighted in the deck 40% growth but maintain the guide. Is it reasonable to assume the higher end at least is more achievable now? And then just on the Content Solutions gross margin, really outsized in the quarter. I’m assuming that had to do with China performance, but can you walk through the drivers here? Did any of that marketing shift that Rich mentioned a few minutes ago, does social play a role at all?

好的。然後娜塔莎就只剩下兩個了。我想首先，對於安裝量年增率的情況，我們該如何解釋呢？您在簡報中強調了 40% 的成長，但仍維持指引。現在至少可以合理地假設更高的目標更容易實現嗎？然後僅就內容解決方案的毛利率而言，本季的毛利率確實很高。我猜想這與中國市場的表現有關，但您能解釋一下其中的驅動因素嗎？幾分鐘前 Rich 提到的行銷轉變中，社交是否發揮了作用？

So our guidance for the year we reiterated is 145 to 160 for installations. It’s just simply a timing mix, David, as to exhibitors came to the table and wanted to install sooner than we had originally planned, which is a good thing. I mean, ahead of the slate that’s coming up, it is in everyone’s best interest to get installed, but it also comes down to timing of capital allocation from their end and what they’re able to do.

因此，我們重申今年的安裝量指導目標是 145 至 160 個。這只是一個簡單的時間安排，大衛，因為參展商來到我們這裡並希望比我們原計劃更早地安裝，這是一件好事。我的意思是，在即將到來的計劃之前，安裝符合每個人的最佳利益，但這也取決於他們資本配置的時機以及他們能夠做什麼。

And so, from a mixed perspective in timing, we still believe the back end of the year is going to be the heaviest period of time. Normally, we install 50% of our systems in the last quarter. And so, I would say, it’s the same sort of mix as last year with respect to timing.

因此，從時間的混合角度來看，我們仍然認為今年年底將是最繁忙的時期。通常，我們會在上個季度安裝 50% 的系統。所以，我想說，就時間安排而言，這與去年的組合相同。

And then mix of JV versus sales as well. We still reiterate the same guidance we gave where it would be heavier towards JV this year, which is good as we look towards capturing the incrementality on the box office, which leads into the answer for your second question with respect to the margin and the Content Solution.

然後是合資與銷售的混合。我們仍然重申我們給出的相同指導，即今年將更加側重於合資企業，這很好，因為我們希望獲得票房的增量，這引出了您關於利潤率和內容解決方案的第二個問題的答案。

That is a prime example of what we’ve been talking about on our prior calls with respect to incrementality. When you start to work through the ability of achieving these higher box office levels, it flows mostly to the bottom-line without additional costs.

這是我們在之前的電話會議上討論的關於增量的一個典型例子。當你開始努力實現這些更高的票房水平時，它主要流向底線而無需額外成本。

We do have a correlation slide in our investor presentation on the website. But if you look through that, when you start to see box office levels over $250 million, you can start to see a higher flow through incrementality of about 85% of every dollar is flowing right through from revenue to EBITDA and I think that’s where you’re starting to see that come through on that Content margin.

我們網站上的投資者簡報中確實有一個相關性投影片。但如果你仔細觀察，你會發現當票房收入超過 2.5 億美元時，你會發現流經增量更高，大約每美元的 85% 都從收入直接流向 EBITDA，我認為這就是內容利潤率開始體現出來的地方。

Also coupled with that is Q1, it was heavily driven by Chinese New Year. And so local language content does cost us less from IMAX remastering perspective and also from a marketing perspective. Rich touched on it just now, but marketing through social media channels versus print is obviously less expensive as well. So that gave us the opportunity on the margin there too.

此外，第一季也受到中國新年的強烈推動。因此，從 IMAX 重製版和行銷的角度來看，本地語言內容確實花費更少。Rich 剛剛提到了這一點，但透過社群媒體管道進行行銷相對於印刷品進行行銷顯然成本也更低。所以這也給了我們邊緣機會。

Thanks.

謝謝。

Eric Handler, ROTH Capital.

漢德勒（Eric Handler），羅仕資本（ROTH Capital）。

Thank you very much. Good afternoon. Thanks for the question. Rich, I wonder if you could just give a little insight into how much runway do you have in terms of visibility for what movies are going to be shown in China in 2Q and maybe talk about some other areas for local language content around the world in 2Q?

非常感謝。午安.謝謝你的提問。Rich，我想知道您是否可以稍微透露一下，第二季度在中國上映的電影的知名度如何，以及您能否談談第二季度全球其他地區的本地語言內容？

Yeah. We have an awful lot of visibility, Eric, into China. As a matter of fact, earlier today, we had our IMAX China Board meeting, and we went through the slate for the rest of the year. And Natasha, jump in if you want to.

是的。艾瑞克，我們對中國的情況非常了解。事實上，今天早些時候，我們召開了 IMAX 中國董事會會議，討論了今年剩餘時間的清單。娜塔莎，如果你想的話，就跳進來吧。

But I think there were like six or seven local language movies that have already been announced for this year. A number with IMAX cameras, a number of them, we’ve been on set there, we’ve seen clips, we’ve interacted with the studios, and we feel pretty good about it.

但我認為今年已經宣布上映六、七部本地語言電影。其中許多都配備了 IMAX 攝影機，我們去過那裡的片場，看過片段，與工作室互動，我們對此感覺非常好。

And if you look for a trend, Eric, that’s gotten more favorable to us over time. It used to be a little bit more of a black box process, but the China film regulators have gotten better at kind of giving us approvals more in advance for what’s coming in the film slate and what the films are about. And the studios and the filmmakers have been much more willing to show us footage and put together marketing plans.

艾瑞克，如果你尋找一種趨勢，隨著時間的推移，這種趨勢對我們越來越有利。過去，這更像是一個黑盒子過程，但中國電影監管機構已經做得更好了，他們能夠提前批准我們上映的電影以及電影的主題。電影製片廠和電影製作人也更願意向我們展示影片並製定行銷計劃。

So again, I know some of the names. I don’t know these films well enough to talk about them, but I could say that our CEO of IMAX China is quite optimistic about the slate of local language films for this year.

所以我再次知道一些名字。我對這些電影不太了解，無法談論它們，但我可以說，我們的 IMAX 中國執行長對今年的本土語言電影名單非常樂觀。

Eric, if it’s helpful, we have added a slide in our deck as well, but there’s 10 local languages confirmed in China that we’ve put on that slide to be a little more helpful to everybody to see visibility into this year. As well, there’s the Hollywood slate as well that we expect to come through.

艾瑞克，如果有幫助的話，我們也在簡報中加入了一張投影片，但我們在投影片中放了 10 種已確認的中國當地語言，以便更有助於大家了解今年的情況。此外，我們也期待好萊塢的片單能夠順利完成。

Okay. And then just as a follow-up, I wonder if you could talk about Sinners a little bit. I mean, 20% market share is fantastic. I wonder if there’s a few things that maybe you could point to why, how that got to -- how Sinners got to 20% versus other movies that are low-to-mid double digits. What sort of worked really well there?

好的。然後作為後續問題，我想知道您是否可以稍微談談《罪人》。我的意思是，20% 的市佔率非常棒。我想知道您是否可以指出一些原因，為什麼《十萬個罪人》的票房達到了 20%，而其他電影的票房卻只有兩位數的中低票房。那裡哪些方面確實行之有效？

So I’d say a couple of things. Number one, it’s a really good movie and really well shot by an auteur filmmaker and it was close to 100% on Rotten Tomatoes. And as you know, IMAX delivers the best when it’s a really great filmmaker, it’s a really great film, and cinemaphiles really want to see it. So I think that was kind of, the film was the kind of film.

所以我想說幾件事。首先，這是一部非常好的電影，由一位電影作者導演精心拍攝，爛番茄評分接近 100%。如你所知，當電影製作人非常出色，電影品質非常高，影迷們非常想看的時候，IMAX 就能呈現最好的效果。所以我認為這就是一部這樣的電影。

But maybe even more importantly, equally or more, is that Ryan Coogler and Michael B. Jordan really leaned into it, Eric. And I don’t know if you saw the piece that Michael, no, that Ryan created where he went through all the film formats and how people should see it and why they should see it in IMAX. And he did a lot of -- he kind of followed some of the Chris Nolan playbook, which is to talk about why it was important to him to make it an IMAX film, why people should see it that way, what the benefits are.

但也許更重要的是，同樣甚至更重要的是，瑞恩·庫格勒和麥可·B·喬丹真的很傾向於此，艾瑞克。我不知道您是否看過邁克爾，不，是瑞恩創作的作品，他在其中介紹了所有的電影格式，以及人們應該如何觀看以及為什麼應該在 IMAX 上觀看。他做了很多——他有點像是遵循了克里斯多福諾蘭的一些劇本，也就是談論為什麼要把它拍成 IMAX 電影對他來說很重要，為什麼人們應該以這種方式觀看它，以及它有什麼好處。

And then throughout the opening weekend, he went to a number of IMAX theaters throughout North America and talked about it and showed up. And I understand Michael B. Jordan showed up at the BFI in London over the weekend. And when they did talk shows and they talked about the movie, like IMAX was an integral part of the movie. And we’ve always thought that was a key point, but this is like a clear demonstration of that.

然後在首映週末，他去了北美各地的多家 IMAX 影院，談論這部電影並在場。據我所知，邁克爾·B·喬丹週末出現在了倫敦的英國電影協會 (BFI)。當他們做脫口秀節目並談論電影時，就像 IMAX 是電影不可或缺的一部分一樣。我們一直認為這是一個關鍵點，但這清楚地證明了這一點。

And then, Eric, also besides the indexing, a really good thing has happened this week, which is usually for an IMAX release, a Monday is typically 10% of the weekend’s gross, but on Sinners this Monday was 20% of the weekend’s gross. And then Sinners on Tuesday was 20% of the weekend’s gross. Now, I’m not talking about the percentage of box office that also held at 20%, but I’m talking about the gross proceeds. So that it bodes very well for the run.

然後，艾瑞克，除了指數化之外，本週還發生了一件非常好的事情，通常對於 IMAX 上映的電影來說，週一的票房通常佔週末總票房的 10%，但《罪人》本週一的票房卻佔了周末總票房的 20%。週二上映的《十萬個罪人》佔據了週末票房的 20%。現在，我不是說票房收入佔比也維持在 20%，而是在談論總收入。所以這對競選來說是個好兆頭。

And one of the things we were hoping was that because the movie was so good and so well received by fans and critics, that it would broaden out and that IMAX was a tool for it to broaden out. And again, I’m not saying it’s going to do numbers like Oppenheimer or Dune, but it’s the same kind of effect we’re seeing in very similar numbers, where the IMAX film has enabled this broadening out effect.

我們希望的一件事是，因為這部電影如此優秀，受到影迷和評論家的一致好評，所以它能夠得到更廣泛的傳播，而 IMAX 正是它得以傳播的工具。再說一次，我並不是說它會取得像《奧本海默》或《沙丘》那樣的成績，但它確實具有我們在非常相似的成績中看到的相同效果，IMAX 電影實現了這種擴大效果。

Thanks, Rich. Appreciate it.

謝謝，里奇。非常感謝。

David Joyce, Seaport Research Partners

大衛喬伊斯，海港研究夥伴

Thank you. I wanted to ask about the health of the consumer. Just wondering if you’ve had conversations, anecdotally, with the theater owners related to how well Minecraft and Sinners have done. And while Captain America overall was soft, I think he still did fine there. Just wondering if the theater owners that also have regular screens have any comments about, people skewing more to the IMAX showtimes. You did talk about having higher share, of course, so that kind of answers the question. But I’m just wondering, are they also, like, asking for more IMAX showtimes? Are they trying to fit more in? I’m just wondering if you had any more anecdotes about the consumer? Thanks.

謝謝。我想詢問一下消費者的健康狀況。只是想知道您是否曾與劇院老闆談論過《Minecraft》和《Sinners》的票房表現。儘管美國隊長總體上比較軟弱，但我認為他在這方面表現還是不錯的。我只是想知道擁有普通銀幕的影院老闆是否對人們更傾向於 IMAX 放映時間有何評論。當然，您確實談到了更高的份額，所以這回答了這個問題。但我只是想知道，他們是否也要求增加 IMAX 放映時間？他們是否試圖適應更多？我只是想知道您是否還有更多有關消費者的軼事？謝謝。

Yeah. I mean, David, as you said, you answered the question that, I mean, again, go to Nezha. I mean, this is in China where the consumers are not as prosperous as they are here. And it’s something we traditionally index in the 3%-ish range. And we did 7.5%. And at the end of the run, we were at 13%. So I think that’s kind of a test lab for consumers. It’s an affordable luxury. So although, obviously, there are challenges as there always are.

是的。我的意思是，大衛，正如你所說，你回答了這個問題，我的意思是，再一次去找哪吒。我的意思是，這是在中國，這裡的消費者並不像這裡那麼富裕。我們傳統上將其指數化在 3% 左右的範圍內。我們達到了 7.5%。在運行結束時，我們的成功率達到了 13%。所以我認為這對消費者來說就像是個測試實驗室。這是一種可以承受的奢侈品。儘管，顯然，挑戰總是存在的。

But going to an IMAX movie is kind of a special thing. And since I’ve been here, there are probably three or four recessionary periods and every year on the box office is up during those periods that I’ve been here than it was before. So if it’s something more expensive like vacation, travel, restaurant, I could see it having much more of an impact. But in a way, because this is something special and it doesn’t cost that much more, I haven’t really seen an effect from that and I haven’t heard about it from our colleagues.

但去看 IMAX 電影卻是一件很特別的事。自從我來到這裡，大概經歷了三到四次經濟衰退期，而我來這裡的這些時期，每年的票房都比以前有所上漲。因此，如果是一些更昂貴的事情，例如度假、旅行、餐廳，我認為它的影響會更大。但從某種程度上來說，因為這是一件特殊的事情，而且成本並不算高，所以我還沒有真正看到它的效果，也沒有從我們的同事那裡聽說過。

All right. Thank you.

好的。謝謝。

Omar Mejias, Wells Fargo

梅希亞斯（Omar Mejias），富國銀行

Thank you for taking my question. Rich, maybe sticking with China. In the US, historically, the box office has been resilient during recessionary periods as moviegoing remains an affordable form of entertainment. Can you provide any color on how the Chinese box office performs during recessionary periods and if you have any concerns that a potential economic slowdown could pressure consumers in China and limit attendance? Thanks.

感謝您回答我的問題。里奇，也許會繼續留在中國。從歷史上看，在美國，電影票房在經濟衰退時期一直保持強勁，因為看電影仍然是一種負擔得起的娛樂方式。您能否介紹一下經濟衰退時期中國電影票房的表現？您是否擔心潛在的經濟放緩會給中國消費者帶來壓力並限制電影上座率？謝謝。

Well, my first comment, Omar, is during the first quarter, it was a pretty slow economic period in China and we set records by multiples. So we have some fairly recent data that we can draw on. But I just don’t think it’s going to be different in China. Remember, we’re in 90 countries. So I don’t think the Chinese behavior is different than other countries. And I think for a good product and well marketed, that the market will be there. And it’s too early to say, obviously, but we haven’t seen any evidence of that.

嗯，奧馬爾，我的第一個評論是，在第一季度，中國經濟處於相當緩慢的時期，我們創下了多項紀錄。因此，我們有一些相當新的數據可供參考。但我不認為中國的情況會有所不同。請記住，我們的業務遍及 90 個國家。所以我不認為中國的行為與其他國家有什麼不同。我認為，只要產品好、行銷得當，就會有市場。顯然，現在說還為時過早，但我們還沒有看到任何證據。

Thank you.

謝謝。

And I think the other thing to consider, Omar, is government support during recessionary periods as well. Like Chinese New Year, there was government support through there and we saw some last year and they’ve announced at the Beijing Festival as well that there’ll be continued support. So I think even from that perspective, that there is always support during these recessionary periods.

奧馬爾，我認為另一個需要考慮的事情是經濟衰退時期的政府支持。就像中國新年一樣，政府也提供了支持，我們去年看到了一些支持，他們也在北京節日上宣布將繼續提供支持。所以我認為即使從這個角度來看，在經濟衰退時期也總是會有支持。

And when you think about it, the most discretionary part of moviegoing is concessions. And so they still want to go out and experience something. But there’s an opportunity to, if you really need to save money, you’re not spending as much on concessions, but you’re going to enjoy the experience.

仔細想想，看電影最自由的部分就是優惠。所以他們仍然想出去體驗一些東西。但如果你真的需要省錢，你就有機會在優惠上花費不多，但你會享受這種體驗。

And IMAX does not make any of its money from concessions.

IMAX 並沒有從特許經營中賺到任何錢。

Very good. Very clear. Thank you, guys. Appreciate it. Very helpful.

非常好。非常清楚。謝謝你們。非常感謝。非常有幫助。

Steven Frankel, Rosenblatt Securities.

羅森布拉特證券公司的史蒂文‧弗蘭克爾 (Steven Frankel)。

Thanks. Rich, given the step-up in the number of film for IMAX titles and traditionally these were very labor-intensive DMR processes, what are you doing to make sure that featuring more film for IMAX doesn’t cause some incremental pressure on gross margin?

謝謝。Rich，鑑於 IMAX 影片數量的不斷增加，以及傳統上這些 DMR 流程都是勞動密集型的，您將採取什麼措施來確保 IMAX 影片數量的增加不會對毛利率造成額外的壓力？

Yeah. So first of all, DMR conversion is not labor-intensive, and we’ve made a lot of progress over the years of automating it. Obviously, there’s some quality control aspects where you have to check it and make sure it’s right. Second of all, for a lot of our foreign language titles, especially those in Asia, India, China, we outsource and we partner with local firms there that help with the DMR process and that was facilitated by us putting DMR in the cloud.

是的。首先，DMR 轉換不需要大量勞動力，而且我們在多年來的自動化過程中已經取得了很大進展。顯然，有一些品質控制方面需要您檢查並確保其正確無誤。其次，對於我們的許多外語作品，特別是亞洲、印度和中國的外語作品，我們會進行外包，並與當地公司合作，以協助完成 DMR 流程，而我們將 DMR 放入雲端，則為這一過程提供了便利。

So our margins have gotten better on the DMR side over the years and we continue to look at that aspect of our business. So that’s a priority for us, continuing to evolve the process and continuing to make it more automated. So I don’t really see margins being squeezed. Do you want to add anything, Natasha?

因此，這些年來，我們在 DMR 方面的利潤率一直在提高，我們將繼續專注於業務的這一方面。因此，這對我們來說是一個優先事項，繼續改進流程並使其更加自動化。所以我並不認為利潤空間受到擠壓。娜塔莎，你還有什麼要補充的嗎？

I think the only thing, Steve, is the two-week windows and I think what I’m hearing from your question is that if you keep doing film for IMAX and they’re back-to-back, you’re going to lose the opportunity for incrementality of playing it longer. But I don’t see that as something necessarily hindering us in that the first weekend and the second weekend are usually your biggest box office recoupment periods.

史蒂夫，我認為唯一的問題是兩週的窗口期，我認為我從你的問題中聽到的是，如果你繼續為 IMAX 拍攝電影並且它們連續上映，你將失去更長時間播放的機會。但我不認為這必然會阻礙我們，因為第一個週末和第二個週末通常是票房回本期最長的時期。

And then we have the ability to find time in other spots during the year to bring titles back or to slot things in. I mean, you can go back to Maverick, which was a couple years ago, but we brought it back 4 times to 5 times throughout a year. And we’ve done that with other titles. We brought back re-releases. So whenever we see something that plays really well across the IMAX network, we look for opportunities to bring it back.

然後，我們就有能力在一年中的其他時間找到時間重新推出遊戲或插入新內容。我的意思是，你可以回到幾年前的 Maverick，但我們在一年內將它帶回了 4 到 5 次。我們也在其他作品中做到了這一點。我們重新發布了版本。因此，每當我們看到 IMAX 網路播放效果非常好的作品時，我們就會尋找機會將其重新推出。

Perfect. That’s what I was looking for. Thank you.

完美的。這正是我所尋找的。謝謝。

Patrick Sholl, Barrington Research.

巴林頓研究公司的 Patrick Sholl。

Hi. Thanks for taking the question. I was just wondering if you could drill in a little bit more on, like, the available dating slots for the film to IMAX and just managing, like, international distribution. That also kind of conflicts with expanding the film for IMAX lineup in international markets.

你好。感謝您回答這個問題。我只是想知道您是否可以更詳細地介紹一下該電影在 IMAX 上的可用檔期以及國際發行的管理。這也與擴大 IMAX 在國際市場的影片陣容有某種衝突。

Well, we do local language films, as you know. Like in other countries, we use IMAX cameras. But you have to look at the slate and look at what the competition is from Hollywood and kind of see where you have open shows and open times and ways to do it. But we’ve been able to balance it. I think that’s what you were asking or I’m missing the point of your question.

嗯，如你所知，我們製作的是當地語言的電影。與其他國家一樣，我們使用 IMAX 攝影機。但你必須看看名單，看看好萊塢的競爭情況，看看哪裡有開放的演出、開放的時間和方式。但我們已經能夠平衡它。我想這就是您要問的，或者我沒有理解您問題的重點。

That was mostly it. Thank you.

基本上就是這樣。謝謝。

By the way, operator, we have time for a few more questions, if there are any.

順便說一下，接線員，如果有的話，我們還有時間回答幾個問題。

Mike Hickey, The Benchmark Company.

麥克希基（Mike Hickey），The Benchmark Company。

Hey, Rich, Natasha, Jennifer. Great first quarter, guys. Congratulations. Thanks for squeezing us in, Rich. Appreciate that. Obviously, Rich, very unique environment here. We’re all sort of operating through and we definitely appreciate your confidence. Very nice to hear in terms of film product getting into China. I guess, how do you think about the risk that Hollywood film studios could delay films until they’re 100% confident that the films would be approved for distribution in China? I guess, are you seeing a mirroring in confidence, I guess, from the Hollywood studios in terms of getting film product in?

嘿，里奇、娜塔莎、珍妮佛。夥計們，第一季太棒了。恭喜。謝謝你抽出時間給我們，Rich。非常感謝。顯然，Rich，這裡的環境非常獨特。我們一直在努力運作，非常感謝您的信任。很高興聽到有關電影產品進入中國的消息。我想，您如何看待好萊塢電影製片廠可能會推遲電影上映，直到他們 100% 確信這些電影會獲准在中國發行的風險？我想，您是否看到了好萊塢電影公司在引進電影產品的信心反映？

And then the second question, Rich, do Chinese consumers view IMAX as an American brand, and if so, do you expect to encounter any pushback or brand sensitivity as a result? Obviously, I realize you guys crossed the first quarter and have significant market share, but I’m just wondering as this sort of character continues, if there could be some pushback on the brand or not? Thanks guys.

那麼第二個問題，Rich，中國消費者是否將 IMAX 視為美國品牌？如果是，您預期會因此遭遇任何阻力或品牌敏感度嗎？顯然，我知道你們已經度過了第一季並擁有了相當大的市場份額，但我只是想知道，隨著這種特徵的持續，該品牌是否會受到一些阻力？謝謝大家。

So Mike, because we’re buddies, I’m going to be exceptionally blunt, which is, I think, I answered the question about films getting into China for different times and maybe I wasn’t clear the Thunderbolts is opening in a week. There are five other films that have been submitted.

所以麥克，因為我們是好朋友，所以我會特別直率地回答，也就是說，我認為，我回答了關於電影在不同時期進入中國的問題，也許我沒有說清楚《雷霆特工隊》將在一周後上映。另外還有五部電影提交參賽。

We’ve been told by the studios that they’ve been told by the Chinese that the films have been getting in and we’ve been told that by the Chinese and we’re talking to studios about the release patterns of those. So I’m not very concerned about that. Could there be small films that don’t get in? There could be, but I don’t think it’s going to have a material impact on our business.

電影公司告訴我們，中國人告訴他們這些電影已經進入中國市場，我們也聽到了中國人的這個消息，我們正在與電影公司討論這些電影的發行模式。所以我對此並不太擔心。有沒有小電影無法入圍？可能會有，但我認為這不會對我們的業務產生實質影響。

Number two, historically, 25% of our profit comes from China. And this year we’ve already had a first quarter that blew away any expectation we had from the year. So if China suffered from small films, it’s virtually, it’s a very little concern to me. And I don’t know, Operator, maybe I don’t know how many more questions we could have. So I can answer more about China.

第二，從歷史上看，我們25%的利潤來自中國。今年第一季的業績已經遠遠超出了我們對今年全年的所有預期。所以，如果中國受到小電影的影響，實際上，我並不擔心。接線員，我不知道，也許我不知道我們還有多少問題。所以我可以回答更多有關中國的問題。

But the second part, Mike, was the consumer and the brand. So IMAX brand in China is. Remember, we have 800 theaters. It’s like a local prestige brand and in our brand surveys, people value it more in China than they do anywhere else in the world.

但第二部分，麥克，是消費者和品牌。IMAX在中國的品牌也是如此。請記住，我們有 800 家影院。它就像一個本地知名品牌，在我們的品牌調查中，中國人對它的評價比世界任何其他地方的人都高。

And I probably -- this is probably a minor point, but I’m actually a Canadian company for those of you who don’t know that. So I don’t know what the Canadian backlash is in China, but Mike, next time you’ll buy me a drink to apologize for too many micromanaging of the China question.

我可能——這可能是一個小問題，但對於那些不知道的人來說，我實際上是一家加拿大公司。所以我不知道加拿大在中國的強烈反應是什麼，但麥克，下次你請我喝一杯，為我對中國問題過多的微觀管理道歉。

All right, Rich. Appreciate it.

好的，里奇。非常感謝。

I’m not even being ambiguous or covering myself. I just couldn’t be clearer about it.

我甚至沒有含糊其辭或掩飾自己。我對此再清楚不過了。

Thanks, Rich.

謝謝，里奇。

Thank you. I would now like to turn the conference back to Rich Gelfond for closing remarks. Sir?

謝謝。現在我想請 Rich Gelfond 致閉幕詞。先生？

So thank you very much, Operator, and thank you all for joining. I mean, the pivot time for IMAX is right now. I mean, we’ve talked about now for a pretty long time, we’ve got eight film prime X movies in a row coming out, two of them that we started with Minecraft and Sinners on both beat our budget. So the Minecraft has and Sinners is on a path to beat our budget after that. We have Mission, Train Your Dragon, Formula One, Superman, Fantastic Four, I mean, there’s never been a period of time where that kind of line up film for IMAX has existed in front of us.

非常感謝，操作員，也感謝大家的加入。我的意思是，現在正是 IMAX 的關鍵時刻。我的意思是，我們已經討論了很長時間了，我們已經連續推出了八部 Prime X 電影，其中兩部是我們開始製作的《Minecraft》和《Sinners》，這兩部都超出了我們的預算。因此，Minecraft 和 Sinners 的銷量都將超出我們的預算。我們有《碟中諜》、《馴龍記》、《一級方程式賽車》、《超人》、《神奇四俠》，我的意思是，從來沒有一個時期有這樣的 IMAX 陣容電影擺在我們面前。

And this is this is it. We’ve talked about it for a long time. Now, it’s the time to happen and it’s all happening in the aftermath where I have to say, we partly got lucky in the first quarter. I mean, we had a Chinese film, which beat our previous record by over 3 times and we have that in the back. So I just feel very good about our business and very confident about the course we’re on, and now it’s our turn to execute and we believe we will. And I thank you all for joining and for your questions.

這就是它了。我們已經談論這個很久了。現在，是時候發生了，一切都在事後發生，我不得不說，我們在第一季在某種程度上是幸運的。我的意思是，我們有一部中國電影，比我們之前的記錄高出三倍多，我們已經記錄在案了。因此，我對我們的業務感到非常滿意，對我們所走的道路也非常有信心，現在輪到我們執行了，我們相信我們會做到的。我感謝大家的參與和提問。

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

今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線。