Imax Corp (IMAX) 2025 Q2 法說會逐字稿

Good day and thank you for standing by. Welcome to the Q2 2025 IMAX Corporation earnings call. (Operator Instructions) Please be advised that today's conference is being recorded.

您好，感謝您的支持。歡迎參加 IMAX Corporation 2025 年第二季財報電話會議。（操作員指示）請注意，今天的會議正在錄音。

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

現在，我想將會議交給今天的第一位發言者，投資者關係主管珍妮佛霍斯利 (Jennifer Horsley)。請繼續。

Good morning and thank you for joining us for IMAX's second quarter 2025 earnings conference call. On the call today to review the financial results are Rich Gelfond, Chief Executive Officer; and Natasha Fernandez, our Chief Financial Officer. Rob Lister, Chief Legal Officer, is also joining us today.

早安，感謝您參加 IMAX 2025 年第二季財報電話會議。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 Fernandez。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. 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聲明以及與未來結果或成果相關的聲明。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 those statements as a result of new information, future events, or otherwise.

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 the reconciliation to non-GAAP financial measures are contained in this morning's press release and our earnings materials, which are available on the Investor Relations page of our website at imax.com.

在今天的電話會議中，可能會提到某些非公認會計準則財務指標。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，都包含在今天上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 thanks, everyone, for joining us as we review another outstanding quarter for IMAX. We delivered strong financial results in Q2, highlighted by installation growth of 50%, box office growth of over 40% and an adjusted EBITDA down margin of 43%.

謝謝詹妮弗，也謝謝大家與我們一起回顧 IMAX 的另一個出色季度。我們在第二季取得了強勁的財務業績，其中安裝量成長了 50%，票房成長了 40% 以上，調整後的 EBITDA 下降幅度為 43%。

We've opened a total of 57 new and upgraded IMAX locations year-to-date compared to 39 during the same period of 2024. Given the demand for IMAX systems, we're moving higher in our range for full year installations to between 150 and 160 systems worldwide. And we've now completed agreements for 124 new and upgraded IMAX systems worldwide year-to-date compared to 130 in all of 2024.

今年迄今為止，我們共開設了 57 家新的和升級的 IMAX 影院，而 2024 年同期為 39 家。鑑於對 IMAX 系統的需求，我們將全年安裝範圍提高到全球 150 至 160 個系統之間。今年迄今為止，我們已在全球範圍內完成了 124 個全新和升級 IMAX 系統的協議，而 2024 年全年則為 130 個。

Q2 was our highest grossing quarter ever at the domestic box office as we remain on track to achieve our guidance of $1.2 billion for the full year. This is a direct result of our strategy to increase our global market share, which has 3.6% of total box office. On less than 1% of screens, it's up 19% year over year in the second quarter and to ensure that IMAX is the platform of choice for filmmakers and studios who want to deliver the best experience for the greatest films from around the world.

第二季度是我們國內票房有史以來最高的一個季度，我們仍有望實現全年 12 億美元的目標。這是我們提高全球市佔率策略的直接結果，全球市佔率佔總票房的 3.6%。在不到 1% 的銀幕上，第二季度的票房同比增長了 19%，確保 IMAX 成為想要為來自世界各地的最優秀電影提供最佳體驗的電影製作人和工作室的首選平台。

Coming into the second quarter, we're focused on an unprecedented run of eight consecutive films for IMAX releases this summer. Films shot with our cameras featuring exclusive IMAX expanded aspect ratio designed every step of the way to be experienced on our screens. With all seven of these films to date, we've averaged about 15% of the North American box office on opening weekend on just 400 IMAX screens, soaring as high as 20% on Mission: Impossible - The Final Reckoning, Sinners, and F1. That's a feat we've only achieved 8 times in our entire history, and three of those milestones came in this second quarter.

進入第二季度，我們將重點放在今年夏天史無前例的八部 IMAX 連續上映電影。使用我們的攝影機拍攝的影片具有獨特的 IMAX 擴展寬高比，每個步驟都經過精心設計，以便在我們的螢幕上體驗。截至目前，這七部電影在僅 400 塊 IMAX 銀幕上首映週末平均佔據北美票房的 15% 左右，而《碟中諜 4：最終清算》、《十萬個罪人》和《F1》的票房則高達 20%。在我們的整個歷史上，我們只實現過 8 次這樣的壯舉，其中三次是在第二季度實現的。

And with Superman, our 16% opening weekend indexing marked our highest market share ever on a domestic debut over $100 million. It's becoming increasingly clear that we're raising the floor for our market share. 10% used to be the high end of what we delivered on major tentpole releases. Now, thanks to our Film for IMAX strategy, the higher level is business as usual.

憑藉《超人》的上映，我們的首映週末指數達到了 16%，創下了國內首映票房超過 1 億美元以來的最高市場份額。越來越明顯的是，我們正在提高市場份額的底線。 10％曾經是我們主要發行的熱門影片的最高份額。現在，由於我們的 IMAX 電影策略，更高層次的業務一切照常。

In May, a New York Times feature posed the question, quote, why is IMAX suddenly everywhere, unquote. And the preponderance of Film for IMAX releases this summer, along with our outside share of the global box office demonstrates the importance of IMAX across the global cinema business.

今年 5 月，《紐約時報》的一篇專題文章提出了一個問題：為什麼 IMAX 突然變得無所不在？今年夏天 IMAX 電影的上映數量佔比巨大，加上我們在全球票房中所佔的份額，證明了 IMAX 在全球電影業中的重要性。

More filmmakers are wielding our technology to create films designed to be experienced on our screens. Studios are competing more fiercely than ever to secure IMAX release windows and make IMAX a centerpiece of their marketing campaigns to [eventicize] their films.

越來越多的電影製作人正在利用我們的技術製作適合在螢幕上觀看的電影。各大電影公司之間的競爭比以往任何時候都更加激烈，以確保 IMAX 的上映窗口，並將 IMAX 作為其電影行銷活動的核心。

Audiences are responding, demonstrating a strong preference for seeing films in IMAX, and exhibitors are clamoring to get more IMAX systems into their networks and fully capitalize on the very IMAX friendly slate rolling out over the next several years.

觀眾的反應非常積極，表現出對觀看 IMAX 電影的強烈偏好，而影院也強烈要求將更多的 IMAX 系統納入其網絡，並充分利用未來幾年推出的非常適合 IMAX 的電影片單。

We're seeing that our strong system signings and installations this year, which is a powerful catalyst for our business. The more we grow our network, the more we grow sales and box office revenue. And we maintain a strong capital position. A recent renewal and expansion of our revolving credit facility demonstrates the continued confidence in our financial growth model. Simply put, this is a fantastic time to be in the IMAX business, and we have good reason to believe it will only get better.

我們看到今年我們的系統簽約和安裝量強勁，這對我們的業務來說是一個強大的催化劑。我們的網路越擴大，銷售和票房收入就越成長。我們保持強大的資本地位。我們最近更新並擴大了循環信貸額度，顯示我們對我們的財務成長模式持續充滿信心。簡而言之，現在是開展 IMAX 業務的絕佳時機，我們有充分的理由相信它只會變得更好。

Looking at our global network, installs came in at the high end of our projection with 36 systems in the core. The full year is set to yield several milestones, including our largest single year expansion ever in France with seven expected installations, five of which have already been completed. Our largest single year expansion in the Netherlands with four expected installations close to doubling our network in that country.

縱觀我們的全球網絡，安裝量達到了我們預測的高端，核心系統有 36 個。全年將出現多個里程碑，包括我們在法國有史以來最大的單年擴張，預計安裝 7 個，其中 5 個已經完成。這是我們在荷蘭最大的單年擴張，預計將有四個安裝點，使我們在該國的網路規模接近翻倍。

And our largest single year expansion ever in Japan with eight already installed and at least four to go, representing network growth of over 20% in that country from last year. A recent agreement with Regal will see us expand into our first new location in Manhattan in 15 years, as well as a new location in the iconic L.A. LIVE entertainment complex with an 80 feet screen and an IMAX 70-millimeter film projector.

這是我們在日本有史以來最大的單年擴建，目前已安裝了 8 個網絡，還有至少 4 個網絡即將安裝，這意味著該國的網絡比去年增長了 20% 以上。我們最近與 Regal 達成了一項協議，這將使我們擴展到 15 年來在曼哈頓的第一個新地點，以及標誌性的 L.A. LIVE 娛樂中心的新地點，該中心擁有 80 英尺的屏幕和 IMAX 70 毫米電影放映機。

With eight new domestic exhibition partners in 2024 and our record domestic box office in the second quarter, we remain keenly focused on growth in North America, one of our highest per screen markets in the world. We also recently completed another agreement with Wanda that will see IMAX systems replace existing premium format auditoriums in up to 27 locations, a sign of our dominant competitive position in China. And we continue to do brisk system sales in Australia, where recent agreements with EVT, Hoyts and Village will help satisfy strong consumer demand and high PSAs for the IMAX experience.

2024 年我們將擁有 8 個新的國內放映合作夥伴，第二季國內票房也創下紀錄，我們將繼續密切關注北美市場的成長，北美是我們在全球單塊銀幕佔有率最高的市場之一。我們最近也與萬達達成了另一項協議，IMAX 系統將在多達 27 個地點取代現有的高級格式影廳，這標誌著我們在中國佔據主導地位。我們在澳洲的系統銷售持續活躍，最近與 EVT、Hoyts 和 Village 達成的協議將有助於滿足消費者對 IMAX 體驗的強烈需求和高額 PSA。

The second quarter offered strong evidence of our ability to elevate box office hits and drive results through our diversified global slate. One of Hollywood's biggest hits in years, it's easy to forget the questions that surrounded Sinners in advance of its release. As longtime partners of Director, Ryan Coogler, we encouraged him to make IMAX a centerpiece of the marketing. IMAX drove 21% of the film's global box office during its two weeks IMAX run, even bringing it back weeks later for an encore run in IMAX film locations.

第二季有力地證明了我們有能力透過多元化的全球片單提升票房收入並推動業績。《罪人》是好萊塢近年來最賣座的電影之一，人們很容易忘記其上映前圍繞著它的那些疑問。作為導演瑞恩庫格勒的長期合作夥伴，我們鼓勵他將 IMAX 作為行銷的核心。該片在 IMAX 影院上映的兩週內佔據了該片全球票房的 21%，甚至在幾週後又在 IMAX 影院進行了加映。

Mission: Impossible - The Final Reckoning made similar use of IMAX from the production through the marketing and the launch of the film. The Final Reckoning includes more IMAX exclusive expanded aspect ratio than any Mission film. And premieres from Tokyo to London to New York, we're hosting on IMAX screens. We far outpaced our projections in delivering over $75 million in global box office, our best result ever of the Mission: Impossible franchise and a double-digit percentage of the film's overall gross across its entire run.

《不可能的任務 4：最終清算》從製作到行銷和發行都同樣使用了 IMAX。《最後的清算》比任何一部《使命》電影都包含更多的 IMAX 獨家擴展寬高比。從東京到倫敦再到紐約，我們的首映式均在 IMAX 螢幕上舉行。我們的全球票房收入超過 7500 萬美元，遠遠超出了我們的預期，這是《碟中諜》系列電影有史以來的最佳成績，並且在整個上映期間佔據了影片總票房的兩位數百分比。

The third quarter is already off to a great start. F1, the movie was designed from top to bottom for the IMAX experience, shot entirely in IMAX expanded aspect ratio by our long-term partner Joe Kosinski. And we exceeded our internal projections in delivering more than $80 million and counting a whopping 22% of the domestic box office and 18.5% of the global box office for the film.

第三季已經有了良好的開端。F1，這部電影從上到下都是為 IMAX 體驗而設計的，由我們的長期合作夥伴喬·科辛斯基完全以 IMAX 擴展寬高比拍攝。該片的票房收入超過了 8000 萬美元，超出了我們的內部預測，佔了國內票房的 22% 和全球票房的 18.5%。

Superman will conclude its IMAX run this week with well over $50 million in global box office and in local language, the Demon Slayer sequel delivered our biggest opening weekend ever in Japan this past weekend with $3 million and an incredible $48,000 per screen average. And in China, the much-anticipated Film for IMAX release Dongji Rescue opens next month. Our year-to-date local language box office stands at nearly $230 million just shy of the $244 million full year record we set in '23. At the current pace, we expect to set a new record within Q3.

本週，《超人》將在 IMAX 平台上線，全球票房收入超過 5,000 萬美元；而本土語言版《鬼滅之刃》的續集上週末在日本創下了首映週末票房最高紀錄，票房收入達 300 萬美元，平均每家影院票房高達 48,000 美元。在中國，備受期待的 IMAX 電影《東極救援》將於下個月上映。我們今年迄今的本地語言票房已接近 2.3 億美元，略低於 2023 年創下的 2.44 億美元全年票房紀錄。按照目前的速度，我們預計將在第三季創下新紀錄。

The second half slate looks promising. This weekend, Marvel's long-awaited Fantastic Four opens worldwide. The Rotten Tomato scores and pre-sales are pretty strong. Our Film for IMAX slate continues into the fall with Tron Ares and Mortal Kombat II. There are several IMAX friendly genre releases, including Predator: Badlands and The Running Man. Zootopia 2 is shaping up to be another big sequel for Disney animation and holds significant global appeal, particularly across our Asian markets.

下半年的比賽看起來充滿希望。本週末，漫威期待已久的《神奇四俠》將在全球上映。爛番茄評分和預售都相當強勁。我們的 IMAX 電影計畫將在今年秋天繼續放映，包括《創：戰神》和《真人快打 II》。有幾部影片適合IMAX放映，包括《鐵血戰士：荒原》和《奔跑的人》。 《瘋狂動物城2》有望成為迪士尼動畫的另一部重磅續集，在全球，尤其是在亞洲市場，都擁有巨大的吸引力。

And the year concludes with the second installment of Wicked. And finally with Avatar: Fire and Ash, which will be proceeded with an IMAX re-release of Avatar: The Way of Water in October. 2026 kicks off the year with the Avatar carryover and features Christopher Nolan's The Odyssey, as well as Avengers, Star Wars, The Mandalorian and Grogu, Super Mario Brothers movie sequel, Toy Story 5, Greta Gerwig's Narnia, and Dune: Part Three.

今年隨著《魔法壞女巫》第二部的上映而落幕。最後是《降世神通：火與灰燼》，該片將於 10 月在 IMAX 上映《降世神通：水之道》。 2026 年以《降世神通》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、曼達洛人與格羅古、超級瑪利歐兄弟電影續集、玩具總動員 5、葛莉塔葛韋格的《納尼亞》和《沙丘：第三部分》。

And a very compelling 27th slate continues to take shape, including Star Wars: Starfighter from Deadpool and Wolverine Director Shawn Levy, Avengers: Secret Wars, the Batman 2, and Spider-Man: Beyond the Spider-Verse. We continue to deepen our relationships with tech companies in the theatrical space as well. Our partnership with Apple has yielded excellent results today on F1, and we're re-releasing F1 on August 8.

另外，第 27 部非常引人注目的電影正在陸續上映，其中包括由《死侍》和《金鋼狼》導演肖恩李維執導的《星際大戰：星際戰機》、《復仇者聯盟：秘密之戰》、《蝙蝠俠 2》和《蜘蛛人：平行宇宙》。我們也持續深化與戲劇領域科技公司的關係。我們與 Apple 的合作在 F1 上取得了出色的成果，我們將於 8 月 8 日重新發布 F1。

Amazon will release its first ever Film for IMAX title next year with Ryan Gosling's Project Hail Mary, and we were very pleased by the announcement that Dune Director Denis Villeneuve, a long-term partner of the company who has called IMAX, quote, the future of cinema, unquote, has been tapped to direct the next James Bond movie for Amazon MGM. And we're working closely with Netflix on the rollout of next year's IMAX exclusive theatrical run of Narnia from Greta Gerwig. Furthermore, we continue to offer diversified content, including films for music fans, including concert documentaries for the Grateful Dead, Prince and the Rolling Stones.

亞馬遜將於明年推出首部 IMAX 電影，由瑞恩高斯林 (Ryan Gosling) 執導的《萬福瑪利亞計畫》。我們很高興地宣布，亞馬遜的長期合作夥伴、曾將 IMAX 稱為「電影的未來」的《沙丘》導演丹尼斯·維倫紐瓦 (Denis Villeneuve) 將被亞馬遜米高梅 (Amazon MGM) 選中執導下一部詹姆斯·龐德電影。我們正在與 Netflix 密切合作，推出由葛莉塔葛韋格執導的 IMAX 獨家戲院版《納尼亞》。此外，我們也將繼續提供多樣化的內容，包括音樂愛好者的電影，以及感恩而死樂團、王子樂團和滾石樂團的音樂會紀錄片。

To close, the fundamentals of our business are strong. The strength and impact of our brand across the entertainment landscape has reached new highs, and we have tremendous runway with a strong slate and network growth prospects ahead. And we're focused on building on our momentum to strengthen our strategic position, executing with financial discipline, continuing to provide the most immersive entertainment experience in the world, and delivering for our shareholders.

總而言之，我們的業務基礎強勁。我們的品牌在整個娛樂領域的實力和影響力已達到新的高度，我們擁有巨大的發展空間，擁有強大的片單和網路成長前景。我們專注於鞏固我們的策略地位，嚴格執行財務紀律，繼續提供世界上最身臨其境的娛樂體驗，並為我們的股東帶來回報。

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 morning, everyone. IMAX's second quarter demonstrated the strength of our model and the discipline of our execution. IMAX delivered another quarter of record-breaking results driven by a 41% year-over-year increase in global box office, strong installation growth of 50% and an adjusted EBITDA margin exceeding 42% for the second straight quarter.

謝謝，Rich，大家早安。IMAX 第二季度展現了我們模式的實力和執行的紀律。IMAX 本季再創佳績，全球票房較去年同期成長 41%，安裝量強勁成長 50%，調整後 EBITDA 利潤率連續第二季超過 42%。

These results are not just numbers. We believe they reflect the scalability of our platform, the momentum in our business and the growing demand for premium cinematic experiences. We believe we're not just outperforming the market, we're expanding it. We're attracting more audiences to choose a theatrical experience, capturing more value per screen, expanding our global footprint and delivering consistent returns, all while maintaining a sharp focus on capital efficiency and long-term shareholder value.

這些結果不僅僅是數字。我們相信它們反映了我們平台的可擴展性、我們業務的發展勢頭以及對優質影院體驗日益增長的需求。我們相信，我們不僅超越了市場，而且還在擴大市場。我們正在吸引更多觀眾選擇影院體驗，在每個螢幕上獲取更多價值，擴大我們的全球影響力並提供持續的回報，同時高度關注資本效率和長期股東價值。

Our results through the first half place us on track to meet or beat guidance for the full year, including on box office, system installations now expected to be between 150 and 160 for the year, and adjusted EBITDA margin now expected to be in the low 40s.

我們上半年的業績使我們預計將達到或超過全年預期，包括票房、系統安裝量預計全年在 150 至 160 之間，調整後的 EBITDA 利潤率預計在 40% 出頭。

Taking a closer look at our Q2 results. Overall, we delivered revenues of $92 million compared to $89 million in the prior year second quarter, and achieved gross margin in Q2 of $54 million, which grew 22% year over year. This reflects a 58% margin or over 900 basis point improvement year-over-year, reflecting high incremental profit flow through from the stronger box office performance along with a more profitable mix of revenue.

仔細看看我們的第二季業績。整體而言，我們第二季的營收為 9,200 萬美元，而去年同期為 8,900 萬美元，毛利率達到 5,400 萬美元，年增 22%。這反映出利潤率較上年同期提高了 58% 或超過 900 個基點，反映了更強勁的票房表現以及更有利可圖的收入組合帶來的高增量利潤流。

Looking at our results at the segment level, Content Solutions revenues of $34 million reflected the significant growth in IMAX's box office of over 40%, while the prior year benefited from the downstream sale of the Blue Angels documentary to Amazon.

從細分市場的業績來看，內容解決方案部門的收入為 3,400 萬美元，這反映了 IMAX 票房超過 40% 的顯著增長，而前一年則受益於向亞馬遜出售《藍天使》紀錄片。

Content Solutions gross margin of $22 million increased $6 million at a 66% margin, up 2,000 basis points year-over-year, driven by strong and incremental margins coming from the higher box office. Overall, box office outperformed the industry, resulting in Q2 global market share of 3.6% on less than 1% of screens, driven by a remarkable 5.3% share of domestic box office and 6% share of China's box office.

內容解決方案毛利為 2,200 萬美元，增加 600 萬美元，利潤率為 66%，年增 2,000 個基點，這得益於票房收入增加帶來的強勁利潤增長。整體而言，票房表現優於產業，導致第二季全球市佔率為 3.6%，但上映銀幕比例不足 1%，其中國內票房份額達到 5.3%，中國票房份額達到 6%。

Technology Products & Services revenues of $56 million was up 9% year-over-year, with a gross margin of $30 million. up 17% year-over-year and at a 54% margin, up 360 basis points year-over-year, driven by growth in box office and system sales. The quarter saw strong growth in installations, 36 systems versus 24 in the prior year, which included a higher mix of sales type arrangements. Moreover, installations included eight systems that were signed earlier this year and already installed in the second quarter of 2025.

科技產品與服務收入為 5,600 萬美元，比去年同期成長 9%，毛利率為 3,000 萬美元。較去年同期成長 17%，利潤率為 54%，比去年同期成長 360 個基點，這得益於票房和系統銷售的成長。本季安裝量強勁成長，共 36 個系統，而上年同期為 24 個，銷售類型安排組合更為多樣化。此外，安裝的包括今年稍早簽署並已於 2025 年第二季安裝的 8 個系統。

This is a good indicator of the robust demand by exhibitors to install IMAX systems in advance of the exceptional IMAX slate in 2025 and beyond. For instance, in Japan, year-to-date, we have installed eight new systems, increasing our network there by 15% since the beginning of the year. And domestically our backlog of 131 systems is up 46% year-over-year.

這充分證明，在 2025 年及以後的 IMAX 電影上映之前，影院對於安裝 IMAX 系統的需求十分強烈。例如，今年迄今為止，我們在日本安裝了八個新系統，自年初以來，我們在日本的網路規模擴大了 15%。我們在國內積壓的 131 個系統比去年同期增加了 46%。

And the momentum for signings continues with 28 signings in Q2 and 124 year-to-date. We are only halfway through the year and are close to equaling the 130 systems signed in 2024. We are seeing good geographic diversity in signings, including higher per screen average countries such as Australia, France, the US and Japan. These signings are not only replenishing but growing our committed backlog, feeding the pipeline for future network expansion.

簽約動能持續，第二季已簽約 28 人，今年迄今已簽約 124 人。今年才剛過一半，就已接近 2024 年簽署的 130 個系統的水平。我們看到簽約電影的地域分佈非常廣泛，包括平均每塊銀幕數量較高的國家，例如澳洲、法國、美國和日本。這些簽約不僅補充了我們的訂單量，還增加了訂單量，為未來的網路擴展奠定了基礎。

Turning to operating expenditures, defined as research and development and selling, general and administrative expenses, excluding stock-based compensation was $30 million in the second quarter, which decreased $3 million year-over-year, reflecting our continued focus on gaining operational efficiencies and looking for better ways to use technology and scrutinizing work processes to find productivity opportunities.

談到營運支出（定義為研發和銷售、一般及行政費用，不包括股票薪酬），第二季度為 3000 萬美元，同比減少 300 萬美元，這反映了我們繼續專注於提高運營效率並尋找更好的方法來利用技術並審查工作流程以尋找生產力機會。

We continue to take proactive steps which led to year-to-date restructuring costs of over $840,000 to enhance operational efficiency and reduce annual costs while optimizing IMAX's organizational structure, including eliminating redundant roles, leveraging technology for efficiency and centralizing select functions which positively impacts both margin and OpEx.

我們繼續採取積極措施，導致年初至今的重組成本超過 84 萬美元，以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、利用技術提高效率和集中選擇功能，這對利潤率和營運支出都有積極影響。

Overall, our strong operational performance led to a second quarter total consolidated adjusted EBITDA of $39 million, which increased $8 million or 26% year-over-year, driven by the higher revenues and gross margin. This resulted in a strong adjusted EBITDA margin percentage of 42.6%, up 780 basis points year-over-year, and giving us a first half adjusted EBITDA margin of also 42.6%.

總體而言，我們強勁的營運業績使第二季合併調整後 EBITDA 總額達到 3,900 萬美元，年增 800 萬美元，增幅為 26%，這得益於營收和毛利率的提高。這使得調整後的 EBITDA 利潤率達到 42.6%，比去年同期高出 780 個基點，並且上半年調整後的 EBITDA 利潤率也達到 42.6%。

Second quarter adjusted EPS was $0.26, up $0.08 year-over-year, driven fully by strong profit growth as tax expense year-over-year was a headwind of $0.09, given the tax benefit recognized as a result of the internal asset reorganization in the second quarter of 2024.

第二季調整後每股收益為 0.26 美元，年增 0.08 美元，完全受強勁的利潤增長推動，因為考慮到 2024 年第二季度內部資產重組確認的稅收優惠，稅費同比下降 0.09 美元。

Turning to cash flow and the balance sheet. Cash flow from operations continues to build and is just over $30 million through the first half, which is up 25% from the prior year period. A very good first six months considering the cash flow has yet to capture collections on the larger box office titles this year. And cash expenses around compensation and events tends to be first half weighted.

轉向現金流和資產負債表。經營活動現金流持續增加，上半年已超過 3,000 萬美元，較去年同期成長 25%。考慮到今年的現金流尚未達到票房大片的水平，前六個月的表現非常好。而圍繞薪酬和事件的現金支出往往佔上半年的比重。

We expect cash flows to continue to grow and 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 arrangements where the capital expenditures at the beginning of an average 10-year contract term.

我們預計現金流將繼續增長，與調整後的 EBITDA 總額類似，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享安排的現金流特徵，即平均 10 年合約期限開始時的資本支出。

Turning to investing cash flows. We continue to prioritize the use of our available capital to invest in the business, including $15 million spent on growth CapEx in the first half related to partnering with exhibitor customers to grow and upgrade the IMAX network through joint revenue sharing arrangements.

轉向投資現金流。我們繼續優先使用可用資本來投資業務，包括上半年花費 1500 萬美元的成長資本支出，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。

This represents an attractive return on investment opportunity as numerous large partners including AMC, Wanda and Regal are ramping up investment in IMAX as they upgrade their complexes, including bringing IMAX in to replace other premium formats as they look to capture more of the market share gains IMAX is delivering through our Film for IMAX program.

這代表著一個頗具吸引力的投資回報機會，因為包括 AMC、萬達和 Regal 在內的眾多大型合作夥伴都在加大對 IMAX 的投資，升級他們的綜合體，包括引入 IMAX 來取代其他高端格式，因為他們希望透過我們的 IMAX 電影計劃獲得 IMAX 帶來的更多市場份額。

We are also making progress strengthening further our capital structure with a significant announcement last week of our amended and enlarged credit facility which we expanded from $300 million to $375 million with a term that extends into 2030 at an approved borrowing rate. This is a very positive development that not only increases our liquidity and strengthens our capital structure but also reflects the recognition of the momentum in our business, long-term trajectory and support from our banking partners.

我們還在進一步加強資本結構方面取得了進展，上週我們宣布了一項重要舉措，修改並擴大了信貸額度，將信貸額度從 3 億美元擴大到 3.75 億美元，期限以批准的借款利率延長至 2030 年。這是一個非常積極的發展，不僅增加了我們的流動性，加強了我們的資本結構，也反映了對我們業務勢頭、長期發展軌跡和銀行合作夥伴支持的認可。

Included in our capital structure is $230 million of debt from our convertible senior notes due in April 2026 that bear an interest rate of 0.5% per annum for the cap 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 and the nature of the instrument, whether that be our revolver or through new notes. Our capital position remains very strong with cash at $109 million. Debt excluding deferred financing costs was $280 million, and our current available liquidity is approximately $490 million.

我們的資本結構包括 2.3 億美元的可轉換優先票據債務，該票據將於 2026 年 4 月到期，年利率為 0.5%，因此轉換價格為每股 37 美元。憑藉我們強大的流動性狀況和可用設施，我們有能力抓住機會評估何時處理這些票據以及工具的性質，無論是我們的循環信貸還是透過新票據。我們的資本狀況依然非常強勁，現金達 1.09 億美元。不包括遞延融資成本的債務為 2.8 億美元，我們目前可用的流動資金約為 4.9 億美元。

In conclusion, our team is executing well and our first half of the year exceeded our expectations on all of our guidance measures, IMAX's box office, installations and adjusted EBITDA margins. We are focused on execution. And the second half has started off strong with July box office facing to one of our highest July's on record, driven by the mix of Hollywood and local language blockbusters, including the standout performance of F1 and Superman run, as well as the record Japan opening of Demon Slayer this past weekend and several larger budget local language titles in China and other countries along with our first German and Brazil titles later in this year.

總而言之，我們的團隊表現良好，今年上半年我們的所有指導指標、IMAX 的票房、安裝量和調整後的 EBITDA 利潤率均超出了我們的預期。我們專注於執行。下半年開局強勁，7 月份票房有望創下歷史新高，這得益於好萊塢和本土語言大片的共同推動，包括表現出色的《F1》和《超人快跑》，以及上週末在日本創下首映記錄的《鬼滅之刃》和中國和其他國家的幾部大製作本土語言電影，以及今年晚些時候我們的首部德國和巴西電影。

And looking beyond 2025, there is good visibility into IMAX's future installations as we have a significant and replenishing backlog with the clear path to years of network growth as IMAX location zones are less than 50% penetrated globally, with potential for even more zones to be added to our addressable market. Similarly, the demand to secure an IMAX release window continues to grow, resulting in filmmakers and studios building deeper and earlier partnerships. This is affording us a clear view into IMAX's film slate for 2026 and beyond.

展望 2025 年以後，IMAX 未來的安裝情況具有良好的可預見性，因為我們擁有大量且不斷補充的積壓訂單，並且由於 IMAX 定位區域在全球範圍內的滲透率不到 50%，因此未來數年網絡增長的道路清晰，而且有可能將更多區域添加到我們的目標市場中。同樣，確保 IMAX 上映窗口的需求持續增長，導致電影製作人和工作室建立更深層、更早的合作關係。這讓我們可以清楚地了解 IMAX 2026 年及以後的電影計劃。

In short, the model is working. Filmakers and studios are partnering with IMAX to deliver the best movie experience. Consumers are noticing and choosing IMAX. Exhibitors are looking to meet that demand by adding more IMAX systems to their circuits. And it's translating to growth and expanding margins, profits, and cash flows for IMAX. That in turn will generate greater shareholder returns now and into the future.

簡而言之，該模型正在發揮作用。電影製作人和工作室正在與 IMAX 合作，以提供最佳的電影體驗。消費者正在關注並選擇IMAX。影院營運商希望透過增加更多的 IMAX 系統來滿足這項需求。這也轉化為 IMAX 的成長和利潤、利潤和現金流的擴大。這反過來會為現在和將來的股東帶來更大的回報。

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) Omar Mejias, Wells Fargo.

（操作員指示）奧馬爾·梅希亞斯，富國銀行。

Maybe first, Rich, given the strong demand for IMAX slots from studios and filmmakers, do you see a future where almost all films you play across your circuit are filmed for IMAX films? Just curious on how you see the evolution of the number of films for IMAX movies across your network.

首先，Rich，鑑於電影公司和電影製作人對 IMAX 影院時段的強烈需求，您是否認為未來您所在院線播放的幾乎所有電影都是 IMAX 電影？我只是好奇您如何看待整個網路上 IMAX 電影數量的變化。

I don't think it'll evolve to that point, Omar. We want to make Film for IMAX something really special, including, the right kind of content, the right visual, the right sound. So there are certain movies -- well, they might be really good movies, they just don't demand that kind of treatment. And as you know, when it's a Film for IMAX, it gets a two-week minimum run. And I just don't think that all the movies will be suitable for a two-week run as you know, the slots are what's really valuable like the IMAX playtime. And it's a little bit of a trade-off. When you do Film for IMAX, you get higher indexing, you get the right property, but you're agreeing to two weeks before you've seen the movie.

奧馬爾，我認為事情不會發展到那個地步。我們希望將 IMAX 電影打造成真正特別的作品，包括合適的內容、合適的視覺效果和合適的聲音。所以有些電影——嗯，它們可能真的是好電影，只是不需要那樣的待遇。眾所周知，如果是 IMAX 電影，其上映時間至少為兩週。我只是不認為所有的電影都適合上映兩週，正如你所知，像 IMAX 播放時間這樣的時段才是真正有價值的。這有點像是權衡。當你為 IMAX 拍攝電影時，你會獲得更高的指數，你會獲得正確的財產，但你同意在觀看電影前兩週就完成。

However, obviously, as this quarter shows, the results were so strong, the indexing was so strong. So just to give you a sense, in 2026, we already have nine Film for IMAX titles. And for 2027, we already have at least, eight. So it is something we're going to lean into for the right content, but we won't make it ubiquitous.

然而，顯然，正如本季所顯示的那樣，業績非常強勁，指數非常強勁。給大家一個大概的印象，到 2026 年，我們已經有 9 部 IMAX 電影了。而到 2027 年，我們已經有至少八個了。因此，我們會傾向於使用正確的內容，但我們不會讓它無所不在。

No, that's very helpful. And maybe switching to some recent media reports that have been stating that US theater chains are under talks about jointly marketing their PLF screens to better compete with the growing influence of IMAX. Do you view this as a competitive threat to your business or more of an opportunity to partner with US exhibitors and potentially work together and grow the pie? Just curious on your thoughts on that.

不，這非常有幫助。或許可以轉到最近的一些媒體報道，這些報道指出，美國連鎖影院正在商談聯合營銷其 PLF 屏幕，以更好地與 IMAX 日益增長的影響力競爭。您是否認為這對您的業務構成了競爭威脅，還是更是與美國參展商合作並可能共同努力擴大市場份額的機會？只是好奇你對此的想法。

Yeah, so Omar, we've indexed an average of 15% on our FFI films this year on opening weekend and more than 20% on three of them. That's a real aha moment for exhibitors who haven't been in the IMAX business before, and they're kind of scurrying to come up with a strategy. A lot of people have tried to create competitors to IMAX over the years, but the fact is that our brand and relationships with filmmakers are unmatched and our technology is superior and audiences know it.

是的，奧馬爾，今年我們的 FFI 電影在首映週末的票房平均為 15%，其中三部電影的票房超過 20%。對於之前沒有涉足過 IMAX 業務的影院來說，這真是一個頓悟的時刻，他們正在忙著制定策略。多年來，很多人都試圖與 IMAX 競爭，但事實是，我們的品牌和與電影製作人的關係是無與倫比的，我們的技術更勝一籌，觀眾也知道這一點。

Two of the three exhibitors, mentioned in the story you're referring to, have told us that they're not part of any discussions. We just signed a renewal for 40 locations with Regal and are opening new locations with them in LA and New York City. And if you missed the boat, it's getting a little late, and I think these are kind of pathetic attempts to try and take a stand that is highly unlikely to work.

您在報道中提到的三家參展商中有兩家告訴我們，他們沒有參與任何討論。我們剛剛與 Regal 續簽了 40 家門市的協議，並將與他們一起在洛杉磯和紐約市開設新店。如果你錯過了機會，那就太晚了，我認為這些都是可悲的嘗試，試圖採取一種不太可能奏效的立場。

Chad Beynon, Macquarie.

麥格理銀行的查德貝農 (Chad Beynon)。

And nice results. I wanted to piggyback on the back of that last question maybe from a slightly different angle. Rich, I recall from an Investor Day several years ago, you laid out the IMAX difference in terms of the economics and the benefits of your partners that would earn your PSAs versus the PSAs they would earn on a non-IMAX screen. And I think the math was pretty compelling then. It seems like the results are diverging even further given the indexing and some of the results that you're talking about.

並且取得了不錯的成果。我想從稍微不同的角度來回答最後一個問題。里奇，我記得幾年前的一次投資者日上，你詳細闡述了 IMAX 在經濟效益和合作夥伴利益方面的差異，透過 IMAX 獲得公益廣告 (PSA) 和在非 IMAX 銀幕上獲得公益廣告 (PSA)。我認為當時的數學非常引人注目。從索引和您談到的一些結果來看，結果似乎差距更大。

So my question is, in the future, could there be opportunities to improve pricing similar to what we see in the hotel industry as they've increased royalty rates, showing their partners that it helps to be with the brand that has bigger scale and and marketing benefits? Thank you.

所以我的問題是，在未來，是否有機會提高定價，類似於我們在酒店業看到的那樣，因為他們提高了特許權使用費率，向他們的合作夥伴表明與規模更大、營銷優勢更大的品牌合作是有幫助的？謝謝。

Thanks, Chad. I would say it definitely gives IMAX a stronger hand in our negotiations with the content providers, whether it's studio or live content. But I think we're going to use that carefully. So you could see in the corner that the three of the biggest movies Sinners, F1 and Mission: Impossible, the studios really leaned in to the IMAX of it all. And we have Fantastic Four opening this weekend and Disney has really leaned in to that.

謝謝，乍得。我想說，這無疑讓 IMAX 在與內容提供者的談判中佔據了更有利的地位，無論是攝影棚內容還是現場內容。但我認為我們會謹慎使用它。所以你可以在角落看到，三部最賣座的電影《十萬個罪人》、《F1》和《碟中諜》，電影公司真的都傾向於採用 IMAX 格式。本週末《神奇四俠》將上映，迪士尼也非常重視這部電影。

And I think It's more beneficial for our overall results to get them to lean in more. And when people ask to do a Film for IMAX release where they want extra time in IMAX, we really use our negotiating style to look for things like IMAX premieres, IMAX tagging, the filmmakers getting more involved in the shoutouts, which has really been happening. And I think it's a dangerous game to get into, kind of, different pricing for different movies. I think you send signals that audiences will get that studios want to give -- don't want to give.

我認為讓他們更傾向於我們的整體結果更有利。當人們要求拍攝 IMAX 發行的電影並希望在 IMAX 上增加時間時，我們確實會使用我們的談判風格來尋找諸如 IMAX 首映、IMAX 標記、電影製作人更多地參與宣傳等內容，這些確實已經發生了。我認為對不同的電影制定不同的定價是危險的。我認為你發出的信號是，觀眾會得到製片廠想要給予而又不想給予的東西。

And I think overall, we think it's a fair result for both the studios and us. And you probably know that the entertainment business is one very driven by precedent. And I think, we're happy with where the rate is now and we'll use whatever extra negotiating power we might have to try and make the experience better marketed and more accessible for people.

我認為總體而言，這對工作室和我們來說都是一個公平的結果。你可能知道，娛樂產業是一個受先例驅動的產業。我認為，我們對現在的價格感到滿意，我們會利用一切可能的額外談判優勢，努力讓這種體驗得到更好的推廣，讓更多人能夠享受。

Okay. And then a quick housekeeping for Natasha, you mentioned the tax impact from this quarter that was related to something last year. Is there anything else in the back half of the year or should we assume kind of a normal tax rate as that flows into free cash flow for the back half of the year?

好的。然後為娜塔莎做一個簡單的介紹，您提到了本季的稅收影響與去年的一些事情有關。下半年還有其他事情嗎？或者我們應該假設某種正常的稅率，因為這會流入下半年的自由現金流？

Yeah, Chad, I mean, our internal asset reorganization that we did last year, that's essentially what you're seeing come through this year. Q1 had a higher tax rate. Q2 has come down significantly. And we're aiming towards just simply having an effective tax rate for the entire year as we said before. And so that's our goal as opposed to where we've been historically.

是的，查德，我的意思是，我們去年進行的內部資產重組，基本上就是你今年看到的成果。Q1的稅率較高。Q2 大幅下降。正如我們之前所說，我們的目標是實現全年有效稅率。這就是我們的目標，與我們過去所處的位置不同。

Eric Handler, Roth Capital.

漢德勒（Eric Handler），羅斯資本（Roth Capital）。

Rich, big picture question for you. As you think about your ultimate product mix between Hollywood movies, local language, alternative content, like where are you with alternative content? And like the number of events that you're doing a year, how are you seeing like the average revenue prevent scale higher? Just the opportunities there with those and where would you like to see the local language percentage be for overall box office as well?

向您提出內容豐富、宏觀的問題。當您考慮好萊塢電影、本地語言、替代內容之間的最終產品組合時，您的替代內容處於什麼位置？就您每年舉辦的活動數量而言，您如何看待平均收入阻止規模擴大的情況？有了這些機會，您希望看到當地語言電影在整體票房中所佔的比例是多少嗎？

Yeah, so far, Eric, this year, our percentage of local language content is around 40%, which is much higher than historically. It's been closer to around 20% in the prior couple of years, but obviously Ne Zha II distorted that to the upside a little bit. But if you think about that, look at like the North American exhibitors, for example, it's close to zero, their percentage for local language content.

是的，艾瑞克，到目前為止，今年我們的本地語言內容比例約為 40%，比歷史上高得多。在前幾年，這一比例接近 20% 左右，但《哪吒之魔童降世》顯然將其稍微扭曲了。但如果你仔細想想，看看北美參展商，例如，他們的本地語言內容比例接近零。

And I think one of the superpowers of IMAX is our ability to get these films from all over the world. And your timing is good for the question because Demon Slayer just opened in Japan and we set an all-time record for Japan, and we're actually releasing Demon Slayer in 40 other countries. And the last Demon Slayer did $30 million and this one is a broader release pattern than the last one. So local language is a really important part of our diversity of content and in a way, you see how Netflix has used it really intelligently to grow their network, and I think we're going to continue to lean in in a big way.

我認為 IMAX 的超能力之一就是我們能夠從世界各地獲得這些電影。您提出這個問題的時機很好，因為《鬼滅之刃》剛剛在日本上映，我們創下了日本票房紀錄，而且我們實際上正在其他 40 個國家上映《鬼滅之刃》。上一部《鬼滅之刃》的票房收入為 3000 萬美元，而這部影片的發行範圍比上一部更廣泛。因此，當地語言是我們內容多樣性的一個非常重要的組成部分，從某種程度上來說，你可以看到 Netflix 如何非常聰明地利用它來擴大他們的網絡，我認為我們將繼續大力投入。

Alternative content, while important, is less of a game changer and there are a few reasons for that. One is, it generally has a shorter play time and it also could conflict with studio offerings. So for example, again back to this coming weekend with Fantastic Four opening, if we had a live event or a different kind of alternative content, the studios are obviously going to want to play what they've contracted to get. So it's more of a filler than it is kind of a something that's going to carry the programming.

替代內容雖然很重要，但卻無法改變遊戲規則，原因有幾個。一是，它的播放時間通常較短，而且可能與工作室提供的內容發生衝突。舉例來說，回到即將到來的這個週末《神奇四俠》的上映，如果我們有一個現場活動或其他類型的替代內容，那麼電影公司顯然會想要播放他們簽約的內容。因此，它更多的是一種填充物，而不是一種承載程式設計的東西。

With that said, I think we have something like seven music events coming up in the next few months. So we have the Dead and Company coming up in the next few weeks. We have a Prince Concert we just announced, I believe we haven't announced it, but we'll likely we release the Rolling Stones movie later in the year. There's just a lot of high quality content and there's a lot of interest in the music community to have more of it. So I think it's good. Last year, we did League of Legends in China. I think, you'll see us do some other gaming things around the world now.

話雖如此，我認為在接下來的幾個月裡我們將舉辦七場音樂活動。因此，我們將在接下來的幾週內推出《死者與同伴》。我們剛剛宣布了一場王子音樂會，我相信我們還沒有宣布過，但我們可能會在今年晚些時候發布滾石樂隊的電影。有很多高品質的內容，音樂界對更多這樣的內容也很感興趣。所以我認為這很好。去年，我們在中國推出了《英雄聯盟》。我想，您現在會看到我們在世界各地做一些其他的遊戲。

And I think we're still in somewhat of a test phase. So we look at what the ROI is on each event, we are leaning into it for the right events, but I just don't think it'll have the same financial impact that either the Hollywood slate does do or the local language slate.

我認為我們仍處於測試階段。因此，我們會關注每個活動的投資報酬率，並傾向於選擇合適的活動，但我認為它不會像好萊塢電影節或當地語言電影節那樣產生相同的財務影響。

That's helpful. And also, since you mentioned Demon Slayer, I mean, you've had good success with several anime movies in the past, but it seems a bit sporadic. I have no idea how big the global market is for anime annually. But given the success you have, have you started talking with some of the anime companies about collaborations in the future and maybe increasing the amount of anime that you're seeing on the screens.

這很有幫助。另外，既然你提到了《鬼滅之刃》，我的意思是，你過去拍攝的幾部動畫電影都取得了不錯的成功，但似乎有點零散。我不知道每年全球動漫市場有多大。但鑑於你們所取得的成功，你們是否已經開始與一些動漫公司談論未來的合作，並可能增加你們在螢幕上看到的動漫數量。

Well, Eric, in going through the past, you didn't mention Ne Zha II, which did $160 million in IMAX and was an animated film as well. So you're right, we have had a lot of success, particularly with anime on a global basis. So it originates in Japan or most of it does, and then we've been successful not only in Japan but in the US and China and a number of other markets with it.

嗯，艾瑞克，回顧過去，你沒有提到《哪吒之魔童降世》，這部電影在 IMAX 上獲得了 1.6 億美元的票房，而且也是一部動畫電影。你說得對，我們取得了很大的成功，尤其是在全球範圍內的動漫方面。所以它起源於日本，或者大部分起源於日本，然後我們不僅在日本取得了成功，而且在美國、中國和其他一些市場也取得了成功。

So we do a pretty good track record. But again, we've done pretty well even with some Hollywood movies, the Illumination ones, we've done very well with Despicable Me, movies like that. And we've done really well with some Pixar Disney movies and others.

因此我們的業績記錄相當不錯。不過，我們甚至在一些好萊塢電影中也表現得相當不錯，像是《照明娛樂》系列電影、《神偷奶爸》等電影。我們在皮克斯迪士尼電影和其他一些電影方面都取得了很好的成績。

So I think, we're leaning into the right kind of animation. When we look at a movie, we don't say, oh, that's an animated one, let's go for that. I think, it depends on the kind of content. And we have pretty good relationships with the animated studios globally, and we've always valued it and for the right movies, we'll continue to lean into it.

所以我認為，我們傾向於正確的動畫類型。當我們看一部電影時，我們不會說，哦，那是一部動畫片，我們去看吧。我認為這取決於內容的種類。我們與全球的動畫工作室都保持著良好的關係，我們一直非常重視這一點，對於合適的電影，我們會繼續依靠它。

(Operator Instructions) Eric Wold, Texas Capital Securities.

（操作員指示）埃里克·沃爾德，德州資本證券。

Hey, Rich, a quick question for you. I know it's been -- at least, there was at CinemaCon and some a little bit since then of some call for lower pricing by some of the studios on tickets and we've had to move by AMC recently to kind of add to the discount Tuesdays and move to -- with the 50% off on Wednesdays. Just kind of get your thoughts on what you think that could do kind of for IMAX going forward. I think it's early.

嘿，Rich，我想問你一個簡單的問題。我知道，至少在 CinemaCon 以及其他一些電影公司呼籲降低票價之後，我們最近不得不響應 AMC 的要求，在周二增加折扣，並在周三提供五折優惠。只是想問您認為這會對 IMAX 未來的發展產生什麼影響。我認為還早。

I know they're 50% of this window fact at the start of this month or on July 9, but you think moving to lower pricing if that becomes kind of more the norm mid-week across the board, not just with AMC but with more of your exhibit partners. Does that give more of an incentive to maybe that cohort of movie goers that may have been more -- not willing to pay up for IMAX previously and now need more incentive to try out IMAX given that the baseline price is cheaper and maybe the adding on IMAX may be more agreeable to them? And maybe you can kind of tap into a moviegoer base that you may not have been able to before and that could be maybe a little tailwind towards your market share potential moviegoer awareness longer term.

我知道他們在本月初或 7 月 9 日的窗口期已經達到了 50%，但您認為如果這在周中成為一種普遍現象，那麼是否會降低票價，不僅僅是 AMC，還有更多的放映合作夥伴。這是否會為那些之前不願意為 IMAX 付費的電影觀眾群帶來更多激勵，而現在他們需要更多動力去嘗試 IMAX，因為基準價格更便宜，而且增加 IMAX 可能更能讓他們接受？也許您可以利用以前無法利用的電影觀眾群體，這可能會對您的市場份額產生一點推動作用，從長遠來看，這可能會提高您的潛在電影觀眾意識。

So Eric, I think, the IMAX consumer over the years has shown that it's willing to pay a premium price for a premium experience. And you look at this year right now, I mean, I know we reported the quarter, but our business has been extremely strong since then. And we're around $700 million now, and it's not even the end of July yet. So I think our pricing formula is working pretty well for us.

所以埃里克，我認為，多年來，IMAX 消費者已經表明他們願意為優質體驗支付高價。看看現在的今年，我知道我們報告了季度報告，但自那時起我們的業務一直非常強勁。現在我們的資金已經達到約 7 億美元，而現在還不到 7 月底。所以我認為我們的定價公式對我們來說非常有效。

And especially another example I would give you is that as you know, the Odyssey tickets went on sale the for certain of the film theaters. And this is for a movie that's opening a year from now and especially film is something that the exhibitors don't really like to discount and it virtually sold out within 24 hours. In some cases, much shorter time than that, minutes.

我想給你舉的另一個特別的例子是，如你所知，《奧德賽》的門票在某些電影院開始發售。這是一部一年後上映的電影，尤其是電影，放映商不喜歡打折，所以它幾乎在 24 小時內就銷售一空。在某些情況下，時間會比這短得多，幾分鐘。

So I just don't think that the premise that lower prices or I'll rephrase it, I don't think the price we charge is keeping people away. I think people recognize it's a premium experience and they're willing to pay for it. And you look at analogies such as sports ticketing or concert ticketing or other kinds of entertainment. And I think the trends go the other way.

所以我並不認為降低價格的前提，或者我換個說法，我不認為我們收取的價格會讓人望而卻步。我認為人們認識到這是一種優質體驗並且他們願意為此付費。您可以看看類似體育賽事門票、音樂會門票或其他娛樂活動門票的類比。但我認為趨勢卻恰恰相反。

I think, I understand why the exhibitors do it, they have a huge capacity and in fact, in certain cities probably overbuilt, and I think they're competing with other exhibitors for traffic in those markets and that's what's driving rethinking the discount days. But IMAX has exclusivity zones, we have IMAX film and we have filmmakers leaning in extra costs and making an IMAX film, and I just don't think discounting is likely to change the dynamic.

我認為，我理解參展商這樣做的原因，他們擁有巨大的容量，事實上，在某些城市可能已經過度建設，我認為他們正在與其他參展商競爭這些市場的流量，這就是促使他們重新考慮折扣日的原因。但 IMAX 有獨家區域，我們有 IMAX 電影，我們有電影製作人願意承擔額外成本來製作 IMAX 電影，我只是不認為折扣可能會改變這種動態。

Stephen Frankel, Rosenblatt Securities.

羅森布拉特證券公司的史蒂芬‧弗蘭克爾 (Stephen Frankel)。

Let me go back quickly to the alternative content discussion. You had wired a group of theaters for live events. Maybe give us an update on how many are able to do that today? And do you have plans to grow that network any further?

讓我快速回到替代內容討論。您已經為一組劇院連接了線路以播放現場活動。也許可以告訴我們今天有多少人能夠做到這一點？您有進一步擴大該網絡的計劃嗎？

So we wired, I don't remember exactly the number, it's around 200 theaters, I think, a little bit more because that was the way to distribute alternative content. Since we acquired SSIMWAVE using their technology, we came up with an alternative way to deliver alternative content and that way is by streaming. And it's a much more cost effective way than wiring it. You don't have the upfront cost of having, to put all that -- put the special cabling in. And in fact, for the event we did in China around the League of Legends, that was a completely streamed event, and we did over 150 theaters. And we were able to put that together really quickly and that one virtually sold out at a higher price.

所以我們發了電報，我不記得具體數字了，我想大概有 200 家影院，可能還要多一點，因為那是分發替代內容的方式。自從我們利用他們的技術收購了 SSIMWAVE 後，我們想出了另一種提供替代內容的方式，那就是透過串流媒體。這是一種比佈線更經濟有效的方式。您無需預先支付安裝所有特殊電纜的費用。事實上，我們在中國舉辦的英雄聯盟活動是一場全程直播的活動，我們在超過 150 家影院進行了直播。我們很快就把這些產品組裝起來，而且這些產品實際上以更高的價格銷售一空。

So it's a long way of saying, I think, we are going to do it for more theaters, but I don't think we'll have to put up the capital like we did at the beginning because we were able to find a more cost effective way of doing it. And I think you'll see the base expanding, but not with a large cost associated with it.

所以，我想說的是，我們會在更多的影院上映，但我認為我們不必像一開始那樣投入資金，因為我們能夠找到一種更具成本效益的方式來做到這一點。我認為你會看到基礎不斷擴大，但不會伴隨巨大的成本。

Mike Hickey, Benchmark Company.

麥克·希基（Mike Hickey），Benchmark 公司。

And congrats on a strong Q2, Rich. Just two from us, film visibility, Rich, is I think probably the best it's ever been for you. Just curious as we sort of get into the second half of '25, your confidence level that you can grow your GVO in 2026. I have a quick follow up.

恭喜 Rich 在第二季取得了出色的成績。就我們兩個而言，Rich，我認為電影知名度可能是您有史以來最好的。只是好奇，當我們進入 25 年下半年時，您對 2026 年實現 GVO 增長的信心程度如何。我有一個快速的跟進。

Yeah, Mike, I mean, I have an incredible amount of confidence in that because our '26 slate is almost all filled up and just some of the high points, we have the Avatar carryover in early 206 and got a number of other good films there including Project Hail Mary from Amazon MGM. In the second quarter, we've got Super Mario Brothers 2, we've got The new Star Wars, Mandalorian, we've got Toy Story 5, Supergirl in the third quarter.

是的，麥克，我的意思是，我對此非常有信心，因為我們 26 年的計劃幾乎都已排滿，而且只是一些亮點，我們在 206 年初有《阿凡達》的延續，並且還有許多其他好電影，包括亞馬遜米高梅的《萬福瑪利亞計劃》。第二季度，我們有《超級瑪利歐兄弟 2》，有《星際大戰》、《曼達洛人》，第三季我們有《玩具總動員 5》和《女超人》。

Obviously the most anticipated one is The Odyssey from Chris Nolan. We've got Moana back to Eric's question. We've got Minons 3. In the fourth quarter, we have Narnia, we have Avengers, we have Dune Part 3. So this far in advance, it's unusual to have a virtually all locked in and then for '27, I think I said this earlier, we not only have a number of films locked in, but we have at least that are IMAX -- Film for IMAX films and that.

顯然最受期待的是克里斯諾蘭的《奧德賽》。我們讓莫阿娜回到埃里克的問題上。我們有 Minons 3。在第四季度，我們有《納尼亞》、《復仇者聯盟》、《沙丘第三部》。所以提前這麼久，幾乎全部鎖定是很不尋常的，然後對於 27 年，我想我之前說過，我們不僅鎖定了一些電影，而且至少有 IMAX 電影——用於 IMAX 電影的電影等等。

So I would say, there hasn't been a point in history where we've had this much locked in one and two years in advance. Obviously, we have our theater backlog as well. And as we talked about in our remarks, signings and installs are going very well. So I think that all of those things give us confidence about '26 and beyond.

所以我想說，歷史上從來沒有出現過我們提前一兩年鎖定這麼多資金的情況。顯然，我們也有劇院積壓工作。正如我們在演講中談到的，簽約和安裝工作進展順利。所以我認為這一切都讓我們對 26 年及以後充滿信心。

Then that's a good sort of segue to installations. It looks like you raised your installation guidance for '25. Obviously, your signings have been spectacular. Also nice to see some installation growth from the US, which is obviously your strongest market. Do you think this momentum here, Rich, in installations can continue into '26? Or are you sort of maybe pulling forward some demand here from the exhibitor, partners, just given the strength of '25, certainly the buzz of Avatar 3 and as you just highlighted an exceptional '26 film slate?

那麼這是一個很好的安裝過渡。看起來您提高了 '25 的安裝指導。顯然，您的簽約非常出色。很高興看到美國的安裝量有所成長，這顯然是您最強大的市場。里奇，您認為這種安裝動能持續到 26 年嗎？或者您是否想提前吸引影院和合作夥伴的一些需求，考慮到 25 年的強勁表現，當然還有《阿凡達 3》的熱度，以及您剛才強調的 26 年出色的電影計劃？

I think both in a way, Mike. So I think, yes, some people are installing earlier because they see the backend of the year, which obviously, Avatar stands out but also Zootopia is there which especially internationally has a strong following. And then, Wicked, Predator, Running Man, there's a lot of things still to come. But by the same token, we've almost equaled all the signings we had for the whole year last year. So while some are being pulled forward, the backlog is being replenished with the new theaters coming online. And the pace we're on is certainly very strong. So I think it's both. I think it's new ones coming in to the queue as ones as well as ones moving forward.

我認為從某種程度上來說兩者都是，麥克。所以我認為，是的，有些人提前安裝是因為他們看到了年底的銷售情況，其中顯然《阿凡達》脫穎而出，但《瘋狂動物城》也在其中，尤其是在國際上擁有大量追隨者。然後，還有《魔法壞女巫》、《鐵血戰士》、《奔跑吧兄弟》，還有很多事情要做。但同樣，我們的簽約數也幾乎與去年全年持平。因此，雖然有些戲院的檔期被提前，但隨著新戲院的上線，積壓的檔期正在補充。我們的步伐確實非常強勁。所以我認為兩者皆有。我認為，有新人進入隊列，也有人向前邁進。

Drew Crum, B. Riley Securities.

德魯·克魯姆 (Drew Crum)，B. Riley 證券。

So you made a subtle upgrade to your adjusted EBITDA guidance for the year. You're sitting at just under 43% year-to-date. Can you discuss what the puts and takes are for margins in the second half and the drivers for achieving or perhaps exceeding that low 40%s threshold?

因此，您對今年的調整後 EBITDA 指引進行了細微的升級。今年迄今為止，您的比例略低於 43%。您能否討論下半年利潤率的利弊，以及實現或超過 40% 低門檻的驅動因素？

Sure, Drew. When we look at adjusted EBITDA, I mean, for the first two quarters we've been very consistent at our 42.6%, but there's puts and takes that go into each quarter and whether that be the incrementality we get from the box office of the positive and then our decision-making on how much to spend on marketing or a nature of mixed between local language content and Hollywood content and the remastering costs that occur.

當然，德魯。當我們查看調整後的 EBITDA 時，我的意思是，前兩個季度我們的 EBITDA 一直非常穩定地保持在 42.6%，但每個季度都有投入和產出，無論是從票房中獲得的增量，還是我們決定在營銷上花費多少錢，還是混合本地語言內容和好萊塢內容以及發生的重新製作成本。

And so Q1 for instance was heavy on local language which costs us less and leads to a significant EBITDA, margin whereas you come to other quarters like we'll have Avatar in Q4 and so there's an opportunities as we've done before where we would want to spend more on marketing for Avatar as it's such a huge film and not only is it a 2025 impact, but it has a '26 impact. And so all of that comes with the decisions to simply make on ebbing and flowing your marketing and how much content you push into each quarter.

例如，第一季我們主要依靠本地語言，這降低了我們的成本，並帶來了可觀的 EBITDA 利潤率，而到了其他季度，比如我們將在第四季度推出《阿凡達》，因此就像我們以前做過的那樣，我們希望在《阿凡達》的營銷上投入更多資金，因為這是一部重量級電影，它會對 2025 年產生影響，還會對 2026 年產生影響。因此，所有這些都與行銷的起伏和每季推送多少內容的決策有關。

David Karnovsky, JPMorgan.

摩根大通的戴維卡諾夫斯基。

All right. Thanks, Rich. I maybe I'll just go back and ask one more about kind of the press report last week on the PLF. I suppose one of the takeaways from that report was that there's this undercurrent of tension between Exhibitors and IMAX specifically around studios marketing towards the IMAX performance or even your decision to play the Narnia film next Thanksgiving. I just want to give you a chance to respond. Is that a fair assessment? And how would you gauge your relationship with the domestic exhibitor community currently?

好的。謝謝，里奇。我可能只會回去再問一次有關上週 PLF 的新聞報道的問題。我認為該報告的一個要點是，影院經營者和 IMAX 之間存在著潛在的緊張關係，特別是在電影公司針對 IMAX 放映的營銷，甚至是在明年感恩節放映《納尼亞》電影的決定上。我只是想給你一個回應的機會。這是一個公平的評價嗎？您目前如何評價與國內參展商群的關係？

I think, it's excellent. Our biggest client, AMC, just signed a deal with us for additional theaters, including a bunch of new ones and they're leaning in. And I talked to Aaron after that story ran to get his perspective. And he basically felt that it was remote that any consortium was going to be put together in any way, and he certainly said he had zero interest in that. We also spoke with a number of the other big exhibitors that were, in North America, and they reassured us that they're either in the IMAX business or want to be in the IMAX business. Regal just signed a big deal for us, 30 or 40 theaters.

我認為，這非常棒。我們最大的客戶 AMC 剛剛與我們簽署了一項協議，將開設更多影院，其中包括一些新影院，他們正在積極籌備。報道發表後，我與亞倫進行了交談，以了解他的看法。他基本上認為，以任何方式組成任何財團的可能性都很小，他明確表示他對此毫無興趣。我們還與北美其他一些大型影院營運商進行了交談，他們向我們保證，他們要么正在從事 IMAX 業務，要么希望從事 IMAX 業務。Regal 剛剛與我們簽了一項大合同，涉及 30 到 40 家影院。

So I think it's really good. I mean, how could it not be good? I mean, first of all, look at AMC's market share, as everybody reports this week. And their market share is going to be excellent because they're in the IMAX business and I think look at the box office that we brought in for our partners.

所以我認為這真的很好。我的意思是，這怎麼可能不好呢？我的意思是，首先，看看 AMC 的市場份額，正如本周大家所報道的那樣。他們的市場份額將會非常出色，因為他們從事 IMAX 業務，而且我認為看看我們為合作夥伴帶來的票房。

So I think what the story did was it found people who aren't in the IMAX business. And obviously, if you were losing market share and losing money, you would be disgruntled. So if I were them, I'd get into the IMAX business rather than make-up stories to try and convince investors they're going to compete with IMAX little one. And I don't mean to pick on anybody, but there's an exhibitor in Europe called The View that's actually been in two restructurings in the last three years and missed the PLF boom, and they're launching their own PLF which they announced in the trades is going to be a threat to IMAX.

所以我認為這個故事的作用是找到那些不從事 IMAX 業務的人。顯然，如果你失去市場份額並虧損，你就會感到不滿。所以如果我是他們，我會進入 IMAX 業務，而不是編造故事來試圖說服投資者他們將與 IMAX 小公司競爭。我無意針對任何人，但歐洲有一家名為 The View 的影院，在過去三年中經歷了兩次重組，錯過了 PLF 熱潮，他們正在推出自己的 PLF，並在交易中宣布這將對 IMAX 構成威脅。

So I mean, good luck with that. I mean, people have been trying this. IMAX has been in business for 55 years and we have technology, we have relationships, we have lots of competitive advantages. And it's almost like with no disrespect to Coke, if I came out and they said I'm going to start a new soda brand and I'm going to band together with others and we're going to compete with Coke. I mean, the good news is if you're Coke, it doesn't work that way. And if you're IMAX, it doesn't work that way.

所以我的意思是祝你好運。我的意思是，人們一直在嘗試這樣做。IMAX 已經營業 55 年了，我們擁有科技、關係和許多競爭優勢。這幾乎就像是對可口可樂沒有不敬的意思，如果我站出來，他們說我要創立一個新的汽水品牌，我要和其他人聯合起來，我們要與可口可樂競爭。我的意思是，好消息是，如果你是可口可樂，事情就不會這樣運作。如果你是 IMAX，情況就不是這樣了。

Patrick Scholl, Barrington Research.

巴林頓研究公司的 Patrick Scholl。

Just another question on like the backlogs and signings of with the Regal agreement that you announced in May, you mentioned the 700 millimeter film projector. I'm just wondering how many of those are in the backlog? And like how those types of screens have performed for the with the Film for IMAX initiative? And just what other like puts and takes might go into that growth of that?

還有一個問題，關於您在 5 月宣布的 Regal 協議的積壓和簽署情況，您提到了 700 毫米電影放映機。我只是想知道其中有多少是積壓的？那麼這些類型的螢幕對於 IMAX 電影計畫的表現如何呢？還有哪些類似的投入和收益可能會促進這種成長？

So the film theaters have done extremely well when there's IMAX film releases. So this year, for Sinners, I mean, the numbers were incredibly strong because Ryan Coogler filmed with IMAX cameras and Warner Brothers put out film prints and they were extremely high capacity. And remember, we did over 20% in each of the two weekends on that initial weekends that we played it. And obviously, Oppenheimer last year, we all know, how that movie performed very good. And I mentioned the pre-sales on pre-ticket sales for Odyssey.

因此，當 IMAX 電影上映時，電影院的業績非常好。所以今年，對於《十萬個為什麼》來說，票房表現非常強勁，因為瑞恩·庫格勒使用 IMAX 攝影機拍攝，華納兄弟推出了電影拷貝，而且票房表現非常出色。請記住，在我們播放該劇的最初兩個週末，我們的票房都超過了 20%。顯然，我們都知道，奧本海默去年的那部電影表現非常出色。我還提到了《奧德賽》的預售情況。

So we're always looking for -- now, we don't produce new film projectors because it's an older technology. And even though it brings in a lot of audiences, there are costs associated with it. However, we've been scouring the globe. And I do think for Odyssey, we'll have more film theaters than we had for the last film released Sinners or Nolan's last movie, Oppenheimer. So we're trying to address that issue, but there's a limited supply and the economics are terrific around it.

所以我們一直在尋找——現在，我們不生產新的電影放映機，因為它是一項較舊的技術。儘管它吸引了大量觀眾，但也存在相關成本。然而，我們一直在搜尋全球。我確實認為，《奧德賽》的上映戲院數量將比上一部上映的電影《罪人》或諾蘭的上一部電影《奧本海默》的上映戲院數量還要多。因此，我們正在努力解決這個問題，但供應有限，而且經濟效益非常好。

Stephen Laszczyk, GS.

Stephen Laszczyk，GS。

I just have one for Natasha on cash flow. Could you update us just around your latest thinking for cash flow conversion this year maybe relative to EBITDA. Appreciate there's been some timing dynamics on the first half of the year that you called out in your prepared remarks. Just be curious how you think about that trending and the second half? And then as you look ahead on cash conversion, just be curious how you're thinking about cash generation as the business hits stride in '26 and beyond?

我只想向娜塔莎詢問有關現金流的問題。您能否向我們介紹您對今年現金流轉換的最新想法，例如與 EBITDA 相關。感謝您在準備好的發言中提到了上半年的一些時間動態。只是好奇您對該趨勢和後半部分有何看法？然後，當您展望現金轉換時，您是否好奇當業務在 26 年及以後步入正軌時，您如何看待現金產生？

Hi, Steve, and cash flow continues to strengthen. I mean, we're looking -- as we look at the targets, we're looking more similar right now to pre-COVID cash conversion levels. Our first half operating cash flow was $30 million. It's up 25% year-over-year. Our free cash flow continues to improve as well. We're historically at around 50% and we're trending towards that as well.

你好，史蒂夫，現金流繼續增強。我的意思是，當我們審視目標時，我們發現目前的目標與疫情之前的現金轉換水準更為相似。我們上半年的營運現金流為3000萬美元。較去年同期成長25%。我們的自由現金流也持續改善。我們的歷史比例大約是 50%，而且我們也正朝著這個方向發展。

And if you start to think about just the operating leverage in our model, that's what starts to push through straight down to cash. And we've talked about this before, but exceeding box office levels over $250 million in each quarter, essentially every dollar beyond that flows right through down to EBITDA into cash at about an 85% conversion rate. And so that's what will continue to generate the cash flow.

如果你開始考慮我們模型中的經營槓桿，這就是直接推動現金流的因素。我們之前也討論過這個問題，但每季的票房收入超過 2.5 億美元，基本上超出這個數字的每一美元都會直接流入 EBITDA 並轉化為現金，轉換率約為 85%。這就是將繼續產生現金流的原因。

And even as we start to think about it, we already know Q3 will be a strong cash flow because China's cash flows come in a little later on their film content because they just generally have a cycle where films have to close and then you get paid your cash. And so imagine the Ne Zha II that still fits out there and the cash will come in in Q3. So even with our strong first half cash flow, we already know Q3 is going to be strong with the Ne Zha II receipts coming in then.

甚至當我們開始考慮這個問題時，我們就已經知道第三季度的現金流將強勁，因為中國的電影現金流來得稍晚一些，因為他們通常有一個週期，電影必須結束，然後你才能得到現金。想像《哪吒之魔童降世》仍然在那裡，現金將在第三季到達。因此，即使我們上半年的現金流強勁，我們已經知道，隨著《哪吒之魔童降世》的票房收入，第三季的業績將會強勁。

David Joyce, Seaport Research Partners.

大衛‧喬伊斯（David Joyce），海港研究夥伴。

It's great to see the operating leverage really showing through, but I had a question on -- trying to understand the puts and takes of the take rates. Filmer mastering and distribution was up year-over-year, but system rentals take rate compressed by 40 basis points. Would you explain that, please?

很高興看到經營槓桿真正顯現出來，但我有一個問題——試圖了解盈利率的利弊。電影製作母版製作和發行同比增長，但係統租賃費率壓縮了 40 個基點。你能解釋一下嗎？

There's always different puts and takes, David. Sometimes you can have upgrades of theaters and so when you're upgrading a theater, you'll have to write off the old asset and put in the new theater, but you know that the incrementality will come within the very early stages of the 10 year term on that location as you upgrade to new techno technology, so it's a very good investment. It all comes down to the mix in relation to whether we're putting in sales deals or JD deals as well. And so that kind of ebbs and flows your margin take rate.

總是有不同的付出和收穫，大衛。有時您可以對影院進行升級，因此當您升級影院時，您必須註銷舊資產並投入新影院，但您知道，隨著您升級到新技術，增量將在該位置 10 年期限的早期階段實現，所以這是一項非常好的投資。這一切都取決於我們是否參與銷售交易或京東交易的組合。因此，保證金收取率就會有起伏。

But overall the operating leverage as you can see from the content solutions, we've done really well and that $1.2 billion guide that we're working towards this year is flowing through. You can see it in content solutions 66% margin with a very strong return and our overall gross margin of over 58% flowing right through to the EBITDA margin of 43%. It's been a great quarter and a great first half of the year, and we expect good things from the rest of the year as well.

但總體而言，正如您從內容解決方案中看到的那樣，我們的營運槓桿做得非常好，我們今年努力實現的 12 億美元目標正在順利實現。您可以看到內容解決方案的利潤率為 66%，回報率非常高，我們的整體毛利率超過 58%，直接影響到 43% 的 EBITDA 利潤率。這是一個出色的季度，也是今年上半年的出色表現，我們期待今年剩餘時間也能取得良好的表現。

And this concludes the question-and-answer session. I would now like to turn it back to Rich Gelfond for closing remarks.

問答環節到此結束。現在我想請 Rich Gelfond 作最後發言。

Thanks everyone for joining us. I want to leave the call with a few final thoughts. IMAX has reached a new inflection point in our business and is poised to achieve new levels of success. Filmmakers and studios want to release their best films in IMAX. Consumers overwhelmingly prefer to see those films in IMAX and as a result, theater operators want to be in the IMAX business.

感謝大家的參與。在結束通話時，我想最後談幾點想法。IMAX 的業務已到達一個新的轉折點，並有望取得新的成功。電影製作人和工作室希望在 IMAX 上發行他們最好的電影。絕大多數消費者更喜歡在 IMAX 上觀看這些電影，因此影院營運商也希望涉足 IMAX 業務。

All of this is creating a virtuous cycle that leads to growing revenue driven by higher box office, more systems signed, and more installations. This means more value generated for consumers, our partners and for you, our shareholders. This simply has never been a better time to be in the IMAX business. Thank you, all.

所有這些都形成了一個良性循環，票房收入增加、簽約系統增加、安裝量增加，從而帶動收入成長。這意味著為消費者、我們的合作夥伴以及您（我們的股東）創造更多價值。現在對於 IMAX 業務來說無疑是最好的時機。謝謝大家。

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

感謝大家參加今天的會議。該計劃確實就此結束。您現在可以斷開連線。