Imax Corp (IMAX) 2025 Q3 法說會逐字稿

Good day, and thank you for standing by. Welcome to the third-quarter 2025 IMAX Corporation earnings call. (Operator Instructions) Please be advised that today's conference is being recorded. I would now like to hand the conference over to your first speaker today, Jennifer Horsley, Head of Investor Relations. Please go ahead.

您好，感謝您的支持。歡迎參加 IMAX 公司 2025 年第三季財報電話會議。（操作員指示）請注意，今天的會議正在錄音。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 third-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. 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.

早安，感謝您參加 IMAX 2025 年第三季財報電話會議。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。今天的電話會議將在我們的網站上進行完整網路直播。會議結束後不久將提供網路直播的重播。

In addition, the full text of our earnings press release and the slide presentation have been posted on the Investor Relations section of our site. Our historical Excel model is posted to the website as well. I would like to remind you of the following information regarding forward-looking statements. 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.

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。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陳述以及與未來結果或成果相關的陳述。

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. 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.

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。我們在本次電話會議上所做的任何前瞻性陳述均基於今天的假設，我們不承擔因新資訊、未來事件或其他原因更新這些陳述的義務。

During today's call, references may be made to certain non-GAAP financial measures. Discussion of management's use of these measures and the definition of these measures as well as a reconciliation to non-GAAP financial measures are contained in this morning's press release and our earnings materials, which are available on the Investor Relations page of our website at imax.com. With that, let me turn the call over to Mr. Richard Gelfond. Rich?

在今天的電話會議中，可能會提到某些非公認會計準則財務指標。關於管理層如何使用這些指標、這些指標的定義以及與非公認會計準則財務指標的對賬，已包含在今天早上的新聞稿和我們的盈利材料中，這些材料可在我們網站 imax.com 的投資者關係頁面上找到。現在，請允許我將電話會議轉給理查德·格爾方德先生。富有的？

Thanks, Jennifer, and thanks, everyone, for joining us as we review an exceptional quarter for IMAX. We delivered our highest third quarter revenue ever with $106.7 million and our best ever quarterly cash flow with $67.5 million. We drove growth of more than 30% across gross margin, net income, adjusted EBITDA and earnings per share. Our third quarter earnings exceeded those of our first and second quarters combined. The third quarter of 2025 was our highest grossing Q3 ever at the global box office with $368 million, up 50% year-over-year.

謝謝詹妮弗，也謝謝大家與我們一起回顧 IMAX 的一個非凡季度。我們第三季的營收達到了 1.067 億美元，創歷史新高，季現金流達到了 6,750 萬美元，創歷史新高。我們推動毛利率、淨收入、調整後 EBITDA 和每股盈餘成長超過 30%。我們第三季的收益超過了第一季和第二季的總收益。2025 年第三季是我們有史以來全球票房最高的第三季度，票房收入達 3.68 億美元，年增 50%。

Signings of new and upgraded IMAX systems surge passed our full year total for 2024 with 142 through September. and we are approaching 100 installations year-to-date. We now expect to hit the high end of our guidance of between 150 and 160 installations for the full year.

截至 9 月份，新 IMAX 和升級版 IMAX 系統的簽約數量已超過 2024 年全年總數，達到 142 套。今年迄今為止，我們的安裝量已接近 100 套。我們現在預計全年安裝量將達到 150 至 160 個之間的最高預期。

You've heard me say that IMAX has been moving into a new position that we've been steadily building something bigger. Throughout the year, we've delivered operating results that exceed expectations and transcend the broader marketplace.

你們已經聽我說過，IMAX 已經進入了一個新的階段，我們正在穩步打造更大的東西。全年我們的經營業績超乎預期，超越了更廣大的市場。

Early on, many thought our full year guidance of $1.2 billion in global box office would be difficult to achieve. We're now very well positioned to deliver on that guidance. Following our Q2 earnings call, our stock dipped with many noting that the Q3 Hollywood slate looks soft on paper, and we proceeded to deliver a record quarter.

早些時候，許多人認為我們設定的全年全球票房 12 億美元的目標很難實現。我們現在已做好充分準備來實現這項指導。在我們的第二季財報電話會議之後，我們的股價下跌，許多人指出，第三季好萊塢的業績在紙面上看起來很疲軟，但我們仍然創造了創紀錄的季度業績。

IMAX is quite simply a different company than it was just a few years ago. This quarter is the latest and maybe the clearest example yet on how far we've come. We're consistently delivering a diversified dynamic portfolio across Hollywood blockbusters, local language titles and alternative content, and we further separated ourselves from exhibition as a result.

與幾年前相比，IMAX 已經完全不同了。本季是我們取得進展的最新、或許也是最明顯的例子。我們始終如一地提供涵蓋好萊塢大片、本地語言影片和另類內容的多元化動態產品組合，並因此進一步將自己與展覽區分開來。

In Q3, domestic box office declined 11% year-over-year. IMAX was up 29% in North America. And globally, IMAX was up 50%. In prior years, when IMAX posted big results, you could usually point to a single defining title, Avatar, Top Gun, Oppenheimer. But now our performance is increasingly driven by the full breadth of our content strategy.

第三季度，國內票房較去年同期下降11%。IMAX 在北美的票房上漲了 29%。在全球範圍內，IMAX 的票房上漲了 50%。前幾年，當 IMAX 取得巨大成功時，你通常可以指出一部代表性的作品，《阿凡達》、《壯志凌雲》、《奧本海默》。但現在我們的業績越來越受到內容策略的全面推動。

In the third quarter, we had a big film for IMAX Hollywood hit in F1 for which we dramatically over-indexed. But we also had a powerhouse Japanese language release in Demon Slayer, Infinity Castle. We hosted successful music events from Print and -- the Grateful Dead. We flexed our muscles in horror, not historically a genre associated with IMAX with strong openings for -- the Conjuring and weapons. We even leveraged the IMAX experience to breathe new buy into legacy titles, most notably with our successful rerelease of Jaws.

第三季度，我們推出了一部 IMAX Hollywood 大片，在 F1 中大獲成功，我們對此進行了大幅超額投資。但我們也推出了一部強大的日文版《鬼滅之刃：無限城堡》。我們成功舉辦了 Print 和 Grateful Dead 樂團的音樂活動。我們在恐怖片方面展現了實力，從歷史上看，恐怖片並不是與 IMAX 相關的類型，也沒有像《厲陰宅》和武器那樣有強勁的開場。我們甚至利用 IMAX 的經驗為傳統影片注入新的吸引力，最引人注目的就是成功重新發行《大白鯊》。

IMAX is not just a premium format. We're a platform for event content that spans genres and the globe. And that diversified portfolio and the marketing prowess of the IMAX brand as a beacon of must-see theatricality make us much more valuable to our studio and exhibition partners than ever, which continues to drive strong installation and sales activity because audiences in 89 countries and territories around the world know that for all inspiring experiences, you must see it in IMAX.

IMAX 不僅僅是一種高端格式。我們是一個跨越類型和全球的活動內容平台。多樣化的產品組合以及 IMAX 品牌作為必看影院標誌的營銷實力，使我們對我們的工作室和展覽合作夥伴來說比以往任何時候都更有價值，這繼續推動強勁的安裝和銷售活動，因為全球 89 個國家和地區的觀眾都知道，所有鼓舞人心的體驗都必須在 IMAX 觀看。

The third quarter saw the conclusion of our record run of consecutive film for IMAX blockbusters through the summer, but it also demonstrated our ability to drive success beyond releases shot with our cameras. The halo effect of IMAX extends across a wider collection of films, events, and experiences than ever. F1 -- the movie was our highest grossing Hollywood release of the year with $97 million worldwide to date, more than 15% of the film's total box office on less than 1% of the screens.

第三季度，我們結束了整個夏季 IMAX 大片的連續拍攝，但這也證明了我們有能力推動攝影機拍攝的影片以外的成功。IMAX 的光環效應比以往延伸至更廣泛的電影、活動和體驗。F1——該電影是我們今年好萊塢票房最高的電影，迄今為止全球票房收入達 9,700 萬美元，佔該電影總票房的 15% 以上，但上映銀幕比例不到 1%。

Our success with F1 was powered by our deep collaboration with Apple on the film, the latest example of how IMAX has emerged as a premier partner for streaming platforms. We now have four blockbuster openings on the year, Sinners, Mission Impossible, F1 and Tron Ares, for which we generated at least 20% of the domestic opening at just over 400 North American screens.

我們在 F1 上的成功得益於我們與 Apple 在電影上的深入合作，這是 IMAX 成為串流平台首要合作夥伴的最新例證。我們今年有四部大片首映，分別是《十惡不赦》、《碟中諜》、《F1》和《創：戰神》，在北美 400 多家影院上映，這四部電影的首映票房至少佔國內首映票房的 20%。

That's a feat we've achieved less than a dozen times in our entire history, and four of those came in the last six months.

在我們的整個歷史上，我們實現過不到十幾次這樣的壯舉，其中四次是在過去六個月內實現的。

It's also been a watershed year for our local language strategy as evidenced most recently by Demon Slayer. The global anime phenomenon has earned more than $73 million to date in IMAX. It's our biggest Japanese film of all time. It delivered our biggest September opening ever in North America and astounding feat for a foreign film, and we indexed 19% of its domestic debut. We're optimistic the film will secure release in China, too, where recent Japanese anime titles, including First Slam Dunk and Suzume have played very well for us.

這也是我們本地語言策略的分水嶺之年，最近的《鬼滅之刃》就證明了這一點。這部風靡全球的動畫電影迄今已在 IMAX 上映，票房收入超過 7,300 萬美元。這是我們有史以來最賣座的日本電影。該片創下了北美 9 月首映票房紀錄，對於一部外國電影來說，這是一個驚人的成績，其國內首映票房佔比達到 19%。我們對這部電影在中國的上映也充滿信心，最近上映的日本動漫，包括《初代灌籃高手》和《鈴聲》，在中國都獲得了很好的迴響。

We've now generated more than $356 million in local language box office year-to-date, shattering our previous record of $243 million set for the full year 2023. And international films account for 36% of our global box office year-to-date, up from less than 20% last year.

今年迄今為止，我們的本地語言票房已超過 3.56 億美元，打破了 2023 年全年創下的 2.43 億美元的紀錄。今年迄今為止，國際電影佔全球票房的 36%，高於去年的不到 20%。

As we look ahead to the stretch run of the year, the slate is significantly stronger than last year's Stripe depleted offering. November includes two IMAX-friendly releases in Predator Badlands and -- the Running Man. We've used our leverage to program another strong Thanksgiving slate locking in Zootopia 2 and Wicked for Good early.

當我們展望今年的衝刺階段時，我們發現今年的產品線比去年 Stripe 耗盡時的產品線強大得多。11月有兩部IMAX題材的影片上映，分別是《鐵血戰士：荒野大鏢客》和《奔跑的人》。我們利用自身優勢，提前鎖定了感恩節檔期的兩部佳作，分別是《瘋狂動物城2》和《魔法壞女巫》。

This put us in a position to get tickets on sale before most of the market with both titles looking strong and tracking. And we continue to round out our slate across music, sports, gaming, and exclusive experiences. Building on our success with -- the Grateful Dead and Print in August, we have a concert event with Depesh Mode next week.

這使我們能夠在大多數市場之前開始銷售門票，而這兩部影片的票房表現強勁，並且受到廣泛關注。我們將繼續完善音樂、運動、遊戲和獨家體驗的業務。基於我們八月份與 Grateful Dead 和 Print 樂團合作的成功，下週我們將與 Depesh Mode 合作舉辦一場音樂會。

In December, we'll host the long-awaited rerelease of our seminal Stones at the Max, the beloved 1991 concert film, which IMAX made with the Rolling Stones and the only concert film shot entirely with IMAX film cameras. In our second year, we'll expand our offering of the League of Legends gaming tournament next weekend in China with up to 219 locations.

12 月，我們將在 Max 影院重新上映備受期待的開創性影片《滾石樂隊》，這是一部深受喜愛的 1991 年音樂會電影，由 IMAX 與滾石樂隊聯合製作，也是唯一一部完全使用 IMAX 膠片攝影機拍攝的音樂會電影。在我們舉辦的第二年，我們將於下週末在中國擴大英雄聯盟遊戲錦標賽的舉辦範圍，比賽地點將增加到 219 個。

And we partnered with Netflix on a buyout promotional event in support of Guillermo Del Toro's Frankenstein. Of course, the year concludes with Avatar Fire and Ash. Our teams have been working with Disney on the launch for a year to ensure that the brand association between IMAX and Avatar that has yielded record-breaking success for our companies continues.

我們還與 Netflix 合作舉辦了買斷促銷活動，以支持吉爾莫·德爾·托羅的《科學怪人》。當然，今年的結尾是《降世神通：火與灰》。我們的團隊已經與迪士尼合作了一年，以確保 IMAX 和《阿凡達》之間的品牌關聯能夠繼續下去，這種關聯已經為我們的公司帶來了破紀錄的成功。

With our network continuing to grow and our market share surging worldwide, we expect to deliver another strong performance with the franchise. With the carryover of Avatar, 2026 look strong right out of the gate, highlighted by Christopher Nolan, the Odyssey, Greta Gerwig's IMAX Exclusive Narnia and Star Wars: -- the Mandalorian and Grogu, Super Mario Galaxy Movie, Toy Story 5 and Dune Part 3, which will have an IMAX 70-millimeter run in select locations.

隨著我們的網路不斷擴大以及全球市場份額的飆升，我們期望特許經營能夠再次取得強勁表現。隨著《阿凡達》的延續，2026 年看起來前景一片光明，亮點包括克里斯多福諾蘭、《奧德賽》、葛瑞塔葛韋格的 IMAX 獨家《納尼亞》和《星際大戰：曼達洛人與格羅古》、《超級瑪利歐銀河電影》、《玩具總動員 5》和《沙丘 30 毫米》，其中一部 30 毫米沙丘地點。

Additionally, a very compelling 27 slate continues to take shape, including Joe Kosinski's Miami Vice, which will be filmed for IMAX, Star Wars: Starfighter directed by Sean Levy from Deadpool and Wolverine; Michael B. Jordan, the Thomas Crown Affair, Avengers Secret Wars and the Batman 2.

此外，27 部非常引人注目的電影片正在陸續成型，其中包括喬·科辛斯基執導的《邁阿密風雲》（將為 IMAX 拍攝）、由曾執導《死侍》和《金剛狼》的肖恩·利維執導的《星球大戰：星際戰鬥機》；邁克爾·B·喬丹執導的《天羅地網》、《復仇者聯盟：秘密戰爭》和《蝙蝠俠》。

Our team was in London last month, visiting the filmmakers and sets of many of these upcoming releases, including Narnia and Star Wars. And it's clear these are IMAX-sized productions leaning heavily into our technology and format. Our visibility into our Hollywood slate continues to grow even as we opportunistically program local language blockbusters and alternative content events and experiences throughout the year.

我們的團隊上個月在倫敦拜訪了許多即將上映的電影的製片人和片場，包括《納尼亞》和《星際大戰》。很明顯，這些都是 IMAX 尺寸的作品，很大程度上依賴我們的技術和格式。儘管我們全年都在抓緊時間推出本地語言大片和另類內容活動及體驗，但我們在好萊塢片單上的知名度仍在不斷提高。

Turning to our networks business, signings to date have already surpassed the number of signings we had for the full year 2024. We're having a lot of success in international markets we prioritize for growth. In Japan, we're pacing towards our single best year for network growth ever as we expect to end the year with 10 installations, representing a nearly 20% expansion of our footprint. And in Australia, we expect to install 6new systems for the full year, more than doubling our footprint to 10 locations nationwide. Year-to-date, we completed 60% of the installations we targeted for the full year 2025.

談到我們的網路業務，迄今為止的簽約數量已經超過了我們 2024 年全年的簽約數量。我們在優先考慮成長的國際市場上取得了巨大成功。在日本，我們正朝著網路成長最好的一年邁進，預計今年年底將安裝 10 個網絡，這意味著我們的覆蓋範圍將擴大近 20%。在澳大利亞，我們預計全年將安裝 6 個新系統，使我們的覆蓋範圍擴大一倍以上，達到全國 10 個地點。今年迄今，我們已完成 2025 年全年目標安裝量的 60%。

The level of activity in the sales pipeline is also strong. We just completed an agreement for two new locations in Singapore. We signed multiple agreements this year across two priority markets, France and Germany, and are in conversations for new locations in Italy and Spain. We're in discussions regarding new locations in the Middle East, and we continue to drive opportunity with new and existing partners alike across North America, including our recent agreement with Apple Cinemas and several potential new locations across the underpenetrated Southwest region.

銷售通路的活動水準也很強勁。我們剛完成了在新加坡設立兩個新地點的協議。我們今年在法國和德國兩個重點市場簽署了多項協議，並且正在商談在義大利和西班牙設立新地點。我們正在討論在中東地區開設新影院，並將繼續與北美各地的新舊合作夥伴共同尋找機會，包括我們最近與 Apple Cinemas 達成的協議以及在滲透率較低的西南地區開設幾家潛在的新影院。

Given our continued sales momentum and our backlog of 470 systems worldwide, we have clear runway for strong network growth in years to come. In sum, we delivered excellent financial results in the third quarter. As the year draws to a close, we look forward to hosting an Investor Day in December and sharing our strategy for how we grow our performance over the next several years. We continue to believe the best is yet to come.

鑑於我們持續的銷售動能和全球 470 個系統的積壓訂單，我們為未來幾年強勁的網路成長做好了準備。總而言之，我們在第三季取得了出色的財務表現。隨著一年即將結束，我們期待在 12 月舉辦投資者日，並分享我們在未來幾年如何提高業績的策略。我們始終相信最好的事情尚未到來。

As we look ahead to a year with no less than four massive tentpoles, the Odyssey, Narnia, Dune Part III and the Mandalorian and Grogu, for which IMAX is at the center of the filmmaking, marketing, and distribution. IMAX has never been better positioned creatively, commercially, or strategically. And we're focused on strengthening our position, executing with financial discipline, continuing to provide the most immersive entertainment experience on the planet, and delivering for our shareholders. Thanks. And now I'll turn it over to Natasha to walk through the financials.

展望未來，我們將迎來四部重磅大片：《奧德賽》、《納尼亞傳奇》、《沙丘3》和《曼達洛人與格羅古》，而 IMAX 正是這四部大片的電影製作、行銷和發行的核心。IMAX 在創意、商業和策略方面都處於前所未有的有利地位。我們專注於鞏固我們的地位，執行財務紀律，繼續提供地球上最身臨其境的娛樂體驗，並為我們的股東帶來回報。謝謝。現在我將把時間交給娜塔莎來介紹財務狀況。

Thanks, Rich, and good morning, everyone. IMAX's third quarter was one of the best in our history, showcasing our global scale, our agility in programming and diverse content portfolio and in turn, the profit, and cash incrementality in our business.

謝謝，Rich，大家早安。IMAX 第三季是我們歷史上最好的季度之一，展示了我們的全球規模、節目製作的靈活性和多樣化的內容組合，進而展示了我們業務的利潤和現金增量。

Third quarter IMAX box office of $368 million was 50% higher year-over-year and exceeded Street estimates by more than 25%. Signing for IMAX systems at the end of September was 142, already eclipsing full year 2024, and system installations are now tracking to the high end of our guidance range of 150 to 160 systems.

第三季 IMAX 票房為 3.68 億美元，年增 50%，超出華爾街預期 25% 以上。截至 9 月底，IMAX 系統的簽約數量已達 142 個，已超過 2024 年全年的簽約數量，目前系統安裝數量已達到我們指導範圍的高端，即 150 至 160 個系統。

From a profitability perspective, our operating leverage shine through in Q3 with an adjusted EBITDA margin of 48.6%, up a substantial 630 basis points year-over-year. and adjusted EPS of $0.47, up $0.12 year-over-year. Our profit incrementality flowed through, contributing to cash from operations of $67.5 million, which set a new quarterly record and was up more than 90% year-over-year.

從獲利能力角度來看，我們的經營槓桿在第三季表現出色，調整後的 EBITDA 利潤率為 48.6%，年比大幅成長 630 個基點，調整後的每股盈餘為 0.47 美元，比去年同期上漲 0.12 美元。我們的利潤增量持續增加，為經營活動貢獻了 6,750 萬美元的現金，創下了新的季度紀錄，年增超過 90%。

As I said on last quarter's call, these are not just numbers. They are a direct result of growing demand by filmmakers, studios, exhibitors, and consumers for the IMAX experience. Our Q3 global market share reflected that, increasing 49% year-over-year to 4.2%, marking a new IMAX high.

正如我在上個季度的電話會議上所說，這些不僅僅是數字。這是電影製作人、工作室、影院和消費者對 IMAX 體驗日益增長的需求的直接結果。我們的第三季全球市佔率反映了這一點，年成長 49%，達到 4.2%，創下了 IMAX 新高。

Our goal, though, is not to just outperform the market, but to expand it, drawing more consumers to theatrical, eventizing content while opening the aperture to bring audiences more of the entertainment they seek, whether Hollywood, local language, or alternative content. This works for us, but it helps our studio partners, it supports our theater customers, and it is responsive to consumer demand for the best possible experience. All of this has resulted in year-to-date performance that positions us to meet or beat every one of our full year guidance measures.

然而，我們的目標不僅是超越市場，而是擴大市場，吸引更多的消費者觀看戲劇和活動內容，同時打開管道，為觀眾帶來更多他們想要的娛樂內容，無論是好萊塢、本地語言還是另類內容。這對我們來說很有效，但它幫助我們的工作室合作夥伴，支持我們的戲院客戶，並回應消費者對最佳體驗的需求。所有這些都使我們今年迄今為止的業績能夠達到或超過全年的每項指導指標。

Taking a closer look at our Q3 results. Overall, we delivered revenues of $107 million, 17% growth over the prior year third quarter of $91.5 million and achieved gross margin in Q3 of $67 million, which grew 32% year-over-year. This resulted in a 63% margin, which is a 740 basis point improvement over the prior year period, reflecting high incremental profit flow-through from the stronger box office performance.

仔細看看我們的第三季業績。整體而言，我們的營收為 1.07 億美元，比去年同期的 9,150 萬美元成長 17%，第三季的毛利率為 6,700 萬美元，較去年同期成長 32%。這使得利潤率達到 63%，比去年同期提高了 740 個基點，反映了票房表現強勁帶來的高增量利潤流。

Looking at our results at the segment level, Content Solutions revenues of $45 million increased 49% year-over-year, driven by the significant growth in IMAX box office, which, as Rich described, was propelled by a diverse mix of content globally. I am especially pleased with the programming agility we demonstrated.

從細分市場來看，內容解決方案收入為 4500 萬美元，同比增長 49%，這得益於 IMAX 票房的大幅增長，正如 Rich 所描述的，這得益於全球內容的多樣化組合。我對我們所展示的程式設計敏捷性感到特別滿意。

We released four fewer Hollywood titles in the quarter than the prior year, and yet we were able to grow box office 50% by consistently capturing higher opening weekend market share and leaning more into local language while adeptly filling in with alternative content. Overall, this led to the third quarter global market share of 4.2% on less than 1% of screens, driven by a remarkable 6.1% share of domestic box office. And the setup for Q4 looks very positive with major titles in front of us, including Avatar Anchoring the year.

本季我們發行的好萊塢影片比前一年少了四部，但透過持續佔據更高的首映週末市場份額、更多地使用當地語言並巧妙地填充替代內容，我們成功實現了 50% 的票房增長。總體而言，這導致第三季全球市佔率為 4.2%，但銀幕比例不足 1%，而國內票房份額卻高達 6.1%。第四季的情況看起來非常樂觀，包括《阿凡達》在內的多部大片將奠定今年的基調。

Content Solutions gross profit of $32 million showed tremendous growth, up 94% or $15.5 million year-over-year, while gross margin reached a record 71%, up a substantial 1,600 basis points from the 55% gross margin in the prior year, spotlighting the significant incrementality that results from higher levels of box office. Technology products and services revenues of $60 million was up $2.4 million year-over-year with gross profit of $35 million, resulting in a 58% margin, up approximately 250 basis points year-over-year, driven by both growth in our global box office and maintenance revenues that more than offset a lower level of systems installed under sales arrangements.

內容解決方案毛利為 3,200 萬美元，年增 94%（1,550 萬美元），成長迅猛，而毛利率則達到創紀錄的 71%，比上年的 55% 毛利率大幅上升了 1600 個基點，凸顯了票房水準提高帶來的顯著增量。科技產品和服務收入為 6000 萬美元，比去年同期增長約 250 個基點，這得益於我們全球票房和維護收入的增長，這些收入足以抵消銷售安排下安裝的系統水平較低帶來的影響。

System installations in the quarter of 38 systems compared to 49 in the prior year reflected in part the more balanced timing we're seeing this year with a higher level of first half installations. As of today, we are at approximately 100 system installations. And as highlighted earlier, we now expect to be at the high end of our system installation guidance for this year.

本季系統安裝量為 38 個，而去年同期為 49 個，這在一定程度上反映了今年的時間安排更加平衡，上半年的安裝量更高。截至今天，我們已經安裝了大約 100 個系統。正如之前所強調的那樣，我們預計今年的系統安裝量將達到預期的高端。

And the momentum for signings continues with 19 signings in Q3 and 142 September year-to-date, already exceeding the 130 for full year 2024. The diversity of signings is especially encouraging. We have achieved near record signings in Japan of 11 systems, many of them are in new and exciting locations in underpenetrated areas in the country, and they're performing exceptionally well since opening.

簽約動能持續，第三季簽約 19 份，今年 9 月迄今簽約 142 份，已超過 2024 年全年的 130 份。簽約的多樣性尤其令人鼓舞。我們在日本已簽約 11 個系統，創下了歷史新高，其中許多系統都位於該國尚未普及的新興地區，自開業以來一直表現優異。

We've built momentum in Germany with the successful release of our first-ever German language film in Q3 that resulted in a very strong opening weekend, and we expect we'll have four new German locations open by the end of the year.

我們在德國建立了良好的發展勢頭，我們的首部德語電影在第三季度成功上映，首映週末票房表現十分強勁，我們預計到今年年底將在德國開設四個新影院。

We are very excited about the growth in Australia as well, where we have had signings with multiple customers and expect to exit the year with 10 open locations compared to two locations a year ago. And in the US, we expect to expand with new regional partners, including five signings with Apple Cinemas in the quarter with one in a highly desirable central area of Philadelphia.

我們對澳洲市場的成長也感到非常興奮，我們已經與多個客戶簽約，預計今年年底我們將開設 10 家門市，而一年前只有 2 家。在美國，我們預計將與新的區域合作夥伴進行擴展，包括本季與 Apple Cinemas 簽約的五家影院，其中一家位於費城備受青睞的中心區域。

Operating expenditures, defined as research and development and selling, general and administrative expenses, excluding stock-based compensation was $30 million in the third quarter which was consistent with the second quarter, however, increased year-over-year as the third quarter of 2024 benefited from adjustments to performance payouts related to our SCT business and from the timing of capitalization of film camera costs. We continue to focus on looking for ways to better use technology and scrutinizing work processes to find productivity opportunities across our business.

第三季的營運支出（定義為研發和銷售、一般及行政費用，不包括股票薪酬）為 3000 萬美元，與第二季度持平，但由於 2024 年第三季度受益於與我們的 SCT 業務相關的績效支出調整以及膠卷相機成本資本化的時機，運營支出同比增長。我們將繼續致力於尋找更好地利用技術的方法並仔細審查工作流程，以在整個業務中尋找提高生產力的機會。

Overall, our strong operational performance led to a third quarter total consolidated adjusted EBITDA of $52 million, which increased $13 million or 34% year-over-year, driven by higher revenues, which mostly flow through to gross margin. This resulted in an impressive, adjusted EBITDA margin of 48.6%, up approximately 630 basis points year-over-year and giving us a year-to-date adjusted EBITDA margin of approximately 45% relative to our full year guidance of low 40s percent.

總體而言，我們強勁的營運業績使第三季合併調整後 EBITDA 總額達到 5,200 萬美元，比去年同期增加 1,300 萬美元，增幅為 34%，這主要得益於收入的增加，而收入的大部分都轉化為毛利率。這使得調整後的 EBITDA 利潤率達到了令人印象深刻的 48.6%，比去年同期增長了約 630 個基點，並且使我們年初至今的調整後 EBITDA 利潤率達到約 45%，而我們全年的預期為 40% 出頭。

Third quarter adjusted EPS was $0.47, up $0.12 year-over-year, driven fully by strong profit growth as our Q3 tax rate of 19% was a headwind of $0.03 year-over-year. Our September year-to-date tax rate is 24%, which is consistent with a normalized effective tax rate and what we would expect for the full year.

第三季調整後每股收益為 0.47 美元，較去年同期成長 0.12 美元，完全得益於強勁的利潤成長，因為我們第三季的稅率為 19%，較去年同期下降了 0.03 美元。我們今年 9 月的稅率為 24%，這與正常化有效稅率以及我們對全年的預期一致。

Turning to cash flow and the balance sheet. Cash flow from operations of $67.5 million set a new quarterly record. This excellent result reflects the very positive incrementality in our model as well as the timing of collections of the larger first half box office titles. September year-to-date cash flow from operations was $98 million and has already exceeded by 40% 2024 full year operating cash flows of $71 million. Year-to-date free cash flow before growth CapEx is $87 million and equates to an adjusted EBITDA conversion of 68%, a very strong result through nine months.

轉向現金流和資產負債表。6750萬美元的經營現金流創下了新的季度紀錄。這一優異的成績反映了我們模型中非常積極的增量，以及上半年票房較大的影片的收視時機。截至目前，9 月份的經營現金流為 9,800 萬美元，已超過 2024 年全年 7,100 萬美元的營運現金流 40%。年初至今，扣除成長資本支出前的自由現金流為 8,700 萬美元，相當於調整後的 EBITDA 轉換率為 68%，這是九個月以來非常強勁的業績。

As previously communicated, we expected operating cash flows to show strength and growth this year. Similar to total adjusted EBITDA, the dynamics of cash flows 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.

正如之前所傳達的，我們預計今年的經營現金流將呈現強勁和成長。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。

Turning to investing cash flows. We continue to prioritize use of our available capital to invest in the business, including $24 million spent on growth CapEx year-to-date 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。我們繼續優先利用可用資本投資於業務，包括今年迄今用於與參展商客戶合作透過聯合收入分享安排擴大和升級 IMAX 網路的成長資本支出 2,400 萬美元。

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 and the exceptional slate ahead of us in 2026, 2027 and beyond.

這代表著一個極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，升級他們的影院設施，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 電影計劃和我們在 2026 年、2027 年及以後的市場份額獲得更多的市場份額。

Our capital position remains very strong with a Q3 ending cash balance of $143 million, an increase of $34 million from the second quarter. In our capital structure is $230 million of debt from our convertible senior notes due in April 2026 that bear an interest rate of 25% per annum with a capped call leading to a $37 per share conversion price.

我們的資本狀況依然強勁，第三季末現金餘額為 1.43 億美元，比第二季增加了 3,400 萬美元。我們的資本結構包括 2.3 億美元的債務，這些債務來自 2026 年 4 月到期的可轉換優先票據，年利率為 25%，上限贖回權導致轉換價格為每股 37 美元。

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 with our revolving credit facility or through new notes. Debt, excluding deferred financing costs, was $261 million, and our current available liquidity is approximately $544 million.

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，無論是使用我們的循環信貸額度還是透過新票據。不包括遞延融資成本的債務為 2.61 億美元，我們目前可用的流動資金約為 5.44 億美元。

In conclusion, the team continues to execute well. We are successfully capitalizing on our strengthening position in the theatrical ecosystem and the growing contribution we can make to the industry. We are deepening partnerships with studios and filmmakers, programming with agility, our global commercial network of over 1,750 locations, connecting with our fan base to bring more of the Hollywood, local language, and alternative content they're seeking out and partnering with existing and new exhibitors to bring the IMAX experience to more moviegoers. The model is working. The operating leverage we have discussed is coming to fruition.

總而言之，該團隊繼續表現良好。我們成功地利用了我們在戲劇生態系統中不斷加強的地位以及我們可以為該行業做出的日益增長的貢獻。我們正在深化與工作室和電影製作人的合作夥伴關係，靈活地進行節目編排，我們的全球商業網絡覆蓋超過 1,750 個地點，與我們的粉絲群建立聯繫，為他們帶來更多他們正在尋找的好萊塢、當地語言和替代內容，並與現有和新的參展商合作，為更多電影觀眾帶來 IMAX 體驗。該模型正在發揮作用。我們討論過的經營槓桿正在實現。

We are gaining market share and meeting or exceeding expectations across our guidance measures of IMAX box office, installations, and adjusted EBITDA margin. But to be clear, we are not resting on our laurels, and we are focused on delivering results through the end of the year and beyond.

我們的市佔率正在擴大，而 IMAX 票房、安裝量和調整後 EBITDA 利潤率等指導指標均達到或超過了預期。但需要明確的是，我們不會滿足於現狀，我們專注於在今年年底及以後取得成果。

As we look past 2025 into 2026, there is good visibility into IMAX's future system installations as well as the film slate. We have a backlog of nearly 500 systems and an addressable market less than 50% penetrated with potential for additional zones. We also have an increasingly clear view into the film lineup for 2026 and beyond, including significant mega title catalysts on the horizon.

當我們展望 2025 年和 2026 年時，我們可以清楚地看到 IMAX 未來的系統安裝和電影片單。我們積壓了近 500 個系統，目標市場滲透率不到 50%，還有更多區域的潛力。我們對 2026 年及以後的電影陣容也有了越來越清晰的認識，包括即將上映的重大巨片。

We believe IMAX has never been in as strong a position, and we have scheduled on December 4, our first Investor Day since 2017 to share the compelling opportunity we see in front of us, how we will execute to capture it and in turn, deliver strong shareholder returns. We'll dive deeper into what we see as the next era of IMAX, expanding our global content pipeline, accelerating network growth and advancing the IMAX technology that continues to redefine the cinematic experience.

我們相信 IMAX 的地位從未如此強大，我們計劃於 12 月 4 日舉辦自 2017 年以來的首個投資者日，分享我們面前的誘人機遇，以及我們將如何抓住機遇，進而為股東帶來豐厚的回報。我們將深入探索 IMAX 的下一個時代，擴大我們的全球內容管道，加速網路成長，並推動 IMAX 技術，繼續重新定義電影體驗。

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

說完這些，我將把電話轉給接線生進行問答。

(Operator Instructions) Eric Handler, ROTH Capital.

（操作員指示）Eric Handler，ROTH Capital。

I wonder if you could talk a little bit about your margin potential. I mean, 71% for Content Solutions off of a record box office. I'm curious, and you had 100% incremental margin off of that. So at what point does your box office-- where does the box office get to where all of a sudden you see just margins start spiking? And then as far as the costs are concerned, how stable are the costs in the Content Solutions business?

我想知道您是否可以談談您的利潤潛力。我的意思是，Content Solutions 的票房收入創下了 71% 的紀錄。我很好奇，你有 100% 的增量利潤。那麼，您的票房在什麼時候會突然達到利潤率開始飆升的水平？那麼就成本而言，內容解決方案業務的成本有多穩定？

And is that number going to have to grow as you continue expanding? Or is that something maybe with AI, you can keep flat or maybe even down?

隨著你們繼續擴張，這個數字還會成長嗎？或者說，也許有了人工智慧，你就可以保持平穩甚至下降？

Eric, thanks for the question. We're still pleased with the operating margin in the quarter. The 71% is a high for us. And we've talked about this many times about the incrementality in our model. And I think Q3 was the perfect opportunity to display exactly what we referenced when we talk about over levels of $250 million in quarter of box office and how the incrementality flows through at essentially an 85% rate.

艾瑞克，謝謝你的提問。我們仍然對本季的營業利潤率感到滿意。71% 對我們來說是一個很高的數字。我們已經多次討論過我們模型中的增量問題。我認為第三季是一個絕佳的機會，可以準確地展示我們提到的本季票房超過 2.5 億美元以及增量如何以 85% 的速度流動。

And it could be higher. It just depends on what our costs are for -- that we choose to do for marketing and some of the discretionary costs that we have.

並且可能更高。這只取決於我們的成本用途——我們選擇用於行銷的成本以及我們擁有的一些可自由支配的成本。

But there is a lot of opportunity to continue to grow our margins and especially as you hit the even higher levels of box office, which is obviously a record year that we're trending to this year with the $1.2 billion. And from a cost basis, when you look at it, we actually don't have a significant increase in costs expected just because our -- the basis of our costs are pretty stable. We remaster and we find efficiencies and leverage -- operating leverage in that because as you distribute to more countries, it doesn't cost us any more money. We're already doing versioning and marketing in all of those countries. And on the SG&A side, we've been able to keep everything relatively flat with small amounts for inflation each year.

但我們仍有許多機會繼續提高利潤率，尤其是當票房達到更高的水平時，今年的票房顯然創下了 12 億美元的紀錄。從成本基礎來看，我們實際上預計成本不會大幅增加，因為我們的成本基礎相當穩定。我們重新製作並找到了效率和槓桿——其中的營運槓桿，因為當你分銷到更多國家時，我們不會花更多的錢。我們已經在所有這些國家開展版本管理和行銷。在銷售、一般和行政費用方面，我們能夠保持各項費用相對平穩，每年僅產生少量通貨膨脹。

And I think we've done a really good job on that front as well. And so overall, our goal is to continue to show increases in our margins and allow the flow-through to happen all the way down to cash.

我認為我們在這方面也做得很好。因此，整體而言，我們的目標是繼續提高利潤率，並讓利潤流轉至現金。

Great. And then, Rich, as a quick follow-up. exhibitors can see that your market share is growing quite nicely. I'm just curious, as theaters see more film for IMAX movies coming, you have the halo effect raising the market share for non-FFI movies. How are -- is the volume of request for proposals just skyrocketing at this point?

偉大的。然後，Rich，作為一個快速的後續問題，參展商可以看到你們的市場份額正在穩步增長。我只是好奇，隨著戲院上映的 IMAX 電影越來越多，光環效應會提高非 FFI 電影的市佔率。目前提案請求的數量是如何急遽上升的？

Or maybe you could talk about that dynamic a little bit.

或者也許您可以稍微談論一下這種動態。

Yes. I mean, as you know, we already beat last year in signings with a quarter to go. So we've actually delivered more signings. But yes, there are a lot of activity going on around the world. And I think it's not just looking backwards, Eric, what FFI was, but it's looking forward to '26 and also '27 and '28.

是的。我的意思是，正如你所知，在距離結束僅剩四分之一的時間裡，我們的簽約數量就已經超過了去年。所以我們實際上簽下了更多的球員。但確實，世界各地正在發生很多活動。艾瑞克，我認為這不僅是回顧 FFI 的歷史，也是展望 26 年、27 年和 28 年。

We've never really had a backlog of films going that far forward. And I think if you're an exhibitor and you're looking at your return on investment and you look at the number of films that IMAX has coming out in the next few years. And I would even add to that, even FFI films, I don't remember the exact number. But I think for '26, we have double digits of FFI films already ready to come out and we're doing FFI films in '27 and '28. So I think the way you asked the question kind of answers itself.

我們從來沒有遇到過這麼多的電影積壓。我認為，如果你是一家影院，你正在考慮投資回報，並且關注未來幾年 IMAX 上映的電影數量。我甚至想補充一點，即使是 FFI 電影，我也不記得具體的數量。但我認為，對於 26 年來說，我們已經有兩位數的 FFI 電影準備上映，並且我們將在 27 年和 28 年製作 FFI 電影。所以我認為你提問的方式本身就是一種答案。

The fact we've done so well at '26, '27 and '28 are filling in in advance, have driven a lot of activity in the market.

事實上，我們在 26、27 和 28 年的出色表現已經提前填補了市場空缺，推動了市場的活躍。

Eric Wold, Texas Capital Securities.

埃里克·沃爾德，德州資本證券公司。

I guess kind of following up a little bit on the last question on kind of on the exhibitor kind of demand side, think about from the other way, I guess as you think about the limited amount of real estate for content that you have each year and understanding that, for example, '26 is mostly spoken for with content already under contract. I guess what is the best opportunity to really drive from your end or work with the exhibitors to drive greater box office revenues on that content?

我想稍微跟進一下最後一個問題，關於參展商的需求方面，從另一個角度思考，我想當你考慮到每年用於內容的房地產數量有限時，你就會明白，例如，'26 年的內容大部分已經簽訂了合約。我想，從您的角度來看，與影院合作以提高該內容的票房收入的最佳機會是什麼？

For example, where can you further leverage marketing to drive attendance and drive people into the theaters on that content? And I know you can't necessarily push price from your end, but why aren't we seeing more ticket price leverage for IMAX films from the exhibitors given the clear demand from moviegoers, especially given the limited runs that most of your films have in their theaters. Why aren't they taking price even more so on IMAX films?

例如，您可以在哪裡進一步利用行銷來提高上座率並吸引人們進入戲院觀看該內容？我知道你們不一定能從自身角度提高價格，但考慮到電影觀眾的明顯需求，尤其是考慮到你們大多數電影在影院的放映數量有限，為什麼我們沒有看到影院對 IMAX 電影的票價有更大的影響力呢？為什麼他們對 IMAX 電影的定價不更高？

Eric, first of all, just to put it in context, when you said there are a limited number of slots, I just want to remind you that this year, we'll have 140 pieces of content. So it's not like we can't program more things or multiple things at the same time. In slower times of the year, we could have two or three films sharing screen time, and we've been doing that. So there is room to fit more content.

艾瑞克，首先，為了方便說明，當您說名額有限時，我只是想提醒您，今年我們將有 140 條內容。所以這並不意味著我們不能同時編寫更多或多個程式。在一年中較為清閒的時候，我們可能會有兩三部電影同時放映，我們也一直這樣做。因此有空間容納更多內容。

And in terms of price, as you saw with the Odyssey, we put some film tickets on sale a year in advance and the ones we put on sale sold out. So that's usually a sign that underprice elasticity, you can raise the price. As you correctly said, that's a decision the exhibitors have to make, but not us, but particularly in a year that's heavy in film like '26 with Odyssey and Dune and other things that will be coming out. I wouldn't be surprised to see exhibitors press it a little bit, particularly in the film area. And then finally, obviously, the name of the game is capacity utilization, which is related to market share.

至於價格，正如您在奧德賽中看到的，我們提前一年發售了一些電影票，而且我們發售的電影票已經售罄。所以這通常表示價格彈性不足，你可以提高價格。正如您所說，這是放映商必須做出的決定，而不是我們，尤其是在 26 年這樣的電影大年，有《奧德賽》和《沙丘》以及其他即將上映的作品。如果看到參展商稍微施壓，尤其是在電影領域，我不會感到驚訝。最後，顯然，遊戲的名稱是產能利用率，這與市場份額有關。

And this year, as our market share has grown so nicely, capacity utilization has gone up. But still, capacity utilization is relatively low as it is in a lot of entertainment businesses. And I think there's an opportunity in that area as well.

今年，由於我們的市佔率大幅成長，產能利用率也隨之上升。但與許多娛樂產業一樣，產能利用率仍然相對較低。我認為該領域也存在機會。

Drew Crum, B. Riley Securities.

德魯·克魯姆 (Drew Crum)，B. Riley 證券。

So I had a couple of questions on 2026. I guess you're likely to address this at your Investor Day, but any preliminary thoughts on 1Q and your ability to grow box office as you lap a tough comp from Neha 2? And then separately, I noticed in your press release and your prepared comments, you highlighted four massive tentpoles. Absent from that was the Avengers, which I think historically has enjoyed success on IMAX screens. Just curious if there's anything to read into that omission.

所以我對 2026 年有幾個問題。我想您可能會在投資者日上談到這一點，但是對於第一季以及在與 Neha 2 進行激烈競爭的情況下增加票房的能力，您有什麼初步想法嗎？另外，我注意到，在您的新聞稿和準備好的評論中，您強調了四個重要的支柱。《復仇者聯盟》沒有上映，但我認為，從歷史上看，它在 IMAX 螢幕上取得了成功。只是好奇是否有任何內容可以解讀這項遺漏。

No, dating though, typically a year in advance moves around. So it's very hard to pinpoint exactly what the movies are going to be and what dates they are. So I think we're just trying to be conservative in what the slate is looking like. And I think the point we made was that we have four or five movies next year, which include in the first quarter, the carryover of Avatar, it includes Mandalorian, it includes Odyssey, it includes Narnia and it includes Zoom.

不，不過約會通常要提前一年左右。因此很難準確地確定將要上映的電影以及上映日期。所以我認為我們只是試圖對名單保持保守的態度。我認為我們提出的觀點是，明年我們將有四、五部電影上映，其中包括第一季的《阿凡達》、《曼達洛人》、《奧德賽》、《納尼亞》和《變焦》。

So actually, the question you asked, we had a Board meeting yesterday about the comp of next year. But I just named you five movies that I think will exceed whatever their comp was this year. So as you know, we're a diversified portfolio. And you can always in any year, say, well, you have this really good film. How are you going to replace it? And the answer is you look at the whole slate and you look at how it's going to come together. And we'll, at our Investor Day, talk about guidance for '26.

所以實際上，您問的問題是，我們昨天召開了董事會會議，討論明年的薪酬問題。但我剛才列舉了五部我認為會超越今年同類電影的電影。如您所知，我們的投資組合是多元化的。無論哪一年，你都可以說，好吧，你拍了一部非常好的電影。你要如何替換它？答案是，你要看整個計劃，看看它將如何組合在一起。我們將在投資者日討論 26 年的指導。

But suffice it to say that looking at it very early, we think it will be stronger than '25.

但可以說，從早期來看，我們認為它會比 25 年更強大。

Omar Maj, Wells Fargo.

奧馬爾‧馬吉，富國銀行。

Maybe just more broadly, you recently announced the first IMAX Investor Day since 2017. And I'm just curious, why is now a good time to get together and share what's ahead for IMAX? Just if you could share what you're most excited about for IMAX in the years to come, that would be great.

也許更廣泛地說，您最近宣布了自 2017 年以來的第一個 IMAX 投資者日。我只是好奇，為什麼現在是聚在一起分享 IMAX 前景的好時機？如果您能分享您對未來幾年 IMAX 最期待的事情，那就太好了。

I mean, Omar, not to be kind of an a hole about it, but I think we have a lot to talk about in terms of how '25 performed and how '26 will perform. Then it kind of close off my answer to Eric Handler's question. I mean there's never been a film backlog the way there is now. And even like I said to the last question, I think we'll provide a lot of context around some of those movies in which we've seen a lot of them, and we know a lot about them. And I think just putting titles on a slide is different than giving a context.

奧馬爾，我的意思是，我不想對此太苛刻，但我認為，關於 25 年的表現以及 26 年的表現，我們有很多事情要談。那麼這就結束了我對 Eric Handler 問題的回答。我的意思是，從來沒有出現過像現在這樣的電影積壓情況。就像我回答最後一個問題時所說的那樣，我認為我們會提供一些我們看過很多並且對它們了解很多的電影的背景資訊。我認為在投影片上添加標題與提供背景資訊是不同的。

But I think if IMAX is in a one year or a one trick pony, I mean, we think we have sustained growth going for years ahead and I think we thought it was really important. I mean, we believe we have a new level set for IMAX. So as you probably know, films that we used to do 10% of the box office, blockbusters, we're now doing 15% of the box office. Again, a question that was just asked about the activity on the theater side and signings, what's going on.

但我認為，如果 IMAX 只在一年內取得成功或只是曇花一現，那麼我們認為未來幾年我們仍將保持持續成長，我認為這非常重要。我的意思是，我們相信我們已經為 IMAX 設定了一個新的水平。您可能知道，以前我們的電影佔票房的 10%，現在我們的大片佔票房的 15%。再次，剛才問到的關於劇場方面的活動和簽約的問題，發生了什麼事。

We just think it's the right time to put the story together and put numbers to it. And obviously, our stock has had a nice little run. But from our point of view, we think it's the beginning of the run. And I think we have a lot of data to support that.

我們只是認為現在是把故事整合起來並加上數字的正確時機。顯然，我們的股票近期表現不錯。但從我們的角度來看，我們認為這只是運行的開始。我認為我們有大量數據支持這一點。

And then I'd say one other thing would be since '17, we have a lot of new talent in management that a lot of investors have never met. And I think it's just a good idea. I know Natasha and Jen and I have met a lot of investors, but we have a pretty deep bench, and we think it's a good time to let the investors talk to that bench and get their color on things.

然後我想說的另一件事是，自 2017 年以來，我們在管理方面湧現了許多投資者從未見過的新人才。我認為這是個好主意。我知道娜塔莎、詹和我見過很多投資者，但我們的團隊實力雄厚，我們認為現在是讓投資者與團隊交談並了解他們的看法的好時機。

Great. And maybe just a quick follow-up on the global opportunity set. You obviously have momentum in the business and a great 4Q slate ahead that ends with Avatar Fire and Ice. What countries or regions do you think IMAX has the biggest opportunity to drive incremental installations and grow the network? And any color on that would be helpful.

偉大的。也許只是對全球機遇集進行快速跟進。顯然，你們的業務勢頭強勁，第四季度的計劃也十分出色，最終以《阿凡達：火與冰》收官。您認為哪些國家 IMAX 最有機會推動增量安裝和擴大網路？任何顏色都會有幫助。

So the reason that's a hard one to answer is because of my last answer, which is that there's been kind of this reset in what the box office could look like. And when you start to put in numbers in that reset, the ROIs look differently and our ability to invest in JVs and make a better return look differently. So I think we're really assessing how to generate more growth around the world. So if you look historically, this year, Japan has been very strong. Western Europe has been very strong.

所以這個問題很難回答，是因為我上一個問題的答案，那就是票房狀況已經重新設定了。當你開始在重置中輸入數字時，投資回報率看起來會有所不同，我們投資合資企業並獲得更好回報的能力也會有所不同。所以我認為我們真正在評估如何在世界範圍內創造更多的成長。所以，如果你回顧歷史，今年日本的表現非常強勁。西歐一直非常強大。

Even North America has been very strong, and we announced a couple of deals there. And I think there's more to come in North America. But I don't want to be constrained so much by the past, and that's the kind of thing we'll go into more detail on Investor Day because I think the performance and the numbers open up different opportunities.

甚至北美市場也表現強勁，我們在那裡宣布了幾筆交易。我認為北美還會有更多這樣的事發生。但我不想受到太多過去的束縛，我們將在投資者日更詳細地討論這個問題，因為我認為業績和數據會帶來不同的機會。

(Operator Instructions) David Joyce, Seaport Research Partners.

（操作員指示）David Joyce，Seaport Research Partners。

In thinking about your programming strategy, how do you weigh the pros and cons along with the various economic impacts of running concert films or rerunning a recent release like Formula 1 or an old one like Jaws Grand is the 50 anniversary versus showing a new theatrical release like Jurassic World that you were not able to show earlier in the summer?

在考慮您的節目安排策略時，您如何權衡播放音樂會電影或重播最近上映的電影（如一級方程式賽車）或老電影（如《大白鯊》）的利弊以及對經濟的影響，以及播放您在夏季早些時候未能上映的新影院電影（如《侏羅紀世界》）的利弊以及對經濟的影響？

Yes. Well, just to get the facts straight, Jurassic World came out the same week as F1 did, and we had committed to F1 already. So I mean that's the first rule is that when we commit to something, we sign a legal contract and we can't change that, although we could try and fill it in from show to show. But for the core part of your question, not every week has films that are going to break out. So we try and use alternative content or local language films more in the slower periods or bring back as you asked about.

是的。好吧，說實話，《侏羅紀世界》和《F1》是同一周上映的，而且我們已經承諾出演《F1》了。所以我的意思是第一條規則是，當我們承諾某件事時，我們會簽署一份合法合同，我們不能改變它，儘管我們可以嘗試在每場演出中填寫它。但對於你問題的核心部分，並不是每週都會有爆款電影。因此，我們嘗試在票房較慢的時期更多地使用替代內容或當地語言的電影，或者像您問的那樣重新推出。

So we look at our calendar for this year and next year. And for example, we know that on July 17, Odyssey is coming out. So obviously, we're not going to bring back a film or show a concert film on that weekend. But on other weekends, there's just no big releases coming. So we know that way in advance, and we'll make plans for how to fill in the schedule.

因此，我們查看今年和明年的日曆。例如，我們知道《奧德賽》將於 7 月 17 日上映。所以很明顯，我們不會在那個週末恢復放映電影或放映音樂會電影。但其他週末，就沒有重大影片上映。所以我們提前知道了這一點，並且會制定計劃來填補時間表。

And one thing, another context to put it in is we recently hired someone who has experience doing programming on the exhibitor side, and they're working with our distribution team to try and maximize the box-by-box programming with our Chief Content Officer, Jonathan Fisher. And if you look at the third quarter, that's the perfect example where we plugged in a lot of things and we mix and match.

還有一件事，另一個背景是，我們最近聘請了一位在參展商方面有節目製作經驗的人，他們正在與我們的分銷團隊合作，嘗試與我們的首席內容官喬納森·費舍爾一起最大限度地提高逐台節目製作的效果。如果你看一下第三季度，你會發現這是一個完美的例子，我們插入了很多東西，然後進行混合搭配。

So just one example because it comes to my mind is the weekend with weapons open, we played weapons a lot, but not everywhere, and it did really well. But Formula 1 still had a lot of gas in the tank and to use a bad analogy. But that's now close to $100 million.

舉一個例子，因為我想到的是開放武器的周末，我們玩了很多武器，但不是在所有地方，而且效果非常好。但一級方程式賽車的油箱裡仍然有很多油，打個不好的比方。但現在這數字已接近 1 億美元。

So we're able to mix and match a little bit more and particularly in the periods where there's no obvious winner. And Q3 was the perfect example of that. That's what really drove the outstanding box office.

因此，我們可以進行更多的混合搭配，特別是在沒有明顯贏家的時期。Q3 就是一個完美的例子。這才是票房出色的真正原因。

And is there a margin differential? Like is there marketing on some sorts of content that tilts the scale for you one way or the other?

是否存在利潤差異？例如，某些類型的內容是否會以某種方式對你產生影響？

Not really because, for example, we brought back Jaws, but we timed it to the 50 anniversary of Jaws. So we didn't have to put up a lot of the marketing. The studio put it up in connection with the 50 anniversary. This weekend, we're playing on the Springsteen concert. And what we did was that was timed to the theatrical release of the Springsteen movie.

並不是因為，例如，我們重新推出了《大白鯊》，而是我們將其時間安排在了《大白鯊》上映 50 週年紀念日。所以我們不需要投入太多的行銷力。工作室將此片放映是為了慶祝 50 週年。這個週末，我們將參加史汀音樂會。我們所做的就是配合史汀電影的上映。

So it comes with a lot of marketing. So as we try and figure out what slots to put them in, one of our considerations is not having to put up significant incremental costs.

因此它需要大量的營銷。因此，當我們嘗試弄清楚將它們放置在哪個位置時，我們的考慮之一就是不必投入大量的增量成本。

David Karnovsky, JPMorgan.

摩根大通的戴維卡諾夫斯基。

Maybe just two quick ones for Natasha. The full year guide implies a little bit lighter of margin in Q4. Just wanted to understand the puts and takes there in terms of install mix, box office or whether there's any kind of marketing consideration for Avatar. And then just similarly for working capital, how should we think about the balance of the year given those big titles sitting in the final weeks?

也許只需為娜塔莎 (Natasha) 做兩件事。全年指引暗示第四季的利潤率會略有下降。只是想了解安裝組合、票房方面的利弊，或者是否有針對《阿凡達》的任何行銷考慮。然後，對於營運資金來說，同樣地，考慮到這些大片正處於最後幾週，我們應該如何考慮今年的餘額？

Sure. David, I'm not sure I heard the first part of your question, but I think the second part was about SG&A and then box office, correct?

當然。大衛，我不確定我是否聽到了你問題的第一部分，但我認為第二部分是關於銷售、一般和行政費用以及票房，對嗎？

No. The question was basically about margin in Q4, the guide implying that being down a little bit from what you've done year-to-date. Just wanted to understand the puts and takes there and then the outlook for working capital given Avatar is sitting late in the year.

不。問題基本上是關於第四季度的利潤率，指南暗示利潤率與今年迄今為止的水平相比略有下降。只是想了解當時的情況，以及考慮到《阿凡達》上映時間已到年底，營運資本的前景。

Yes. So our guidance for EBITDA margin was updated to low 40s in last quarter. Year-to-date, we're at just under 45% at 44.9%. And the first half was at about 43%. So I think the individual quarters, obviously, we see they drive different margins.

是的。因此，我們對上個季度 EBITDA 的利潤率預期已更新至 40% 以下。今年迄今為止，我們的比率略低於 45%，為 44.9%。上半年約為43%。因此我認為，顯然，我們看到各個季度的利潤率有所不同。

But we have said this before that Q4's margin, we expect that we'll have incremental dollars for Avatar marketing, which we will spend in Q4, but the Avatar box office will come in not only in Q4, but then we'll get it in Q1 as well. So you'll have lower cost in Q1 with respect to marketing on Avatar.

但我們之前已經說過，第四季度的利潤率，我們預計將在《阿凡達》行銷上增加資金，這些資金將在第四季度投入，但《阿凡達》的票房收入不僅會在第四季度實現，還會在第一季實現。因此，第一季針對《阿凡達》的行銷成本將會降低。

And then -- from a cost perspective, we'll hold a few more events versus Q3, for instance. We obviously attend several conferences along with our Investor Day that we're planning in Q4. But other than that, there would be nothing that significantly hinders the margin from continuing along its pace towards our guidance of low 40s percent.

然後 - 從成本角度來看，與第三季相比，我們將舉辦更多活動。我們顯然會參加幾場會議以及我們計劃在第四季度舉行的投資者日活動。但除此之外，沒有任何因素會顯著阻礙利潤率繼續以我們預期的速度達到 40% 以下。

Working capital?

營運資金？

And on working capital, I mean, from a cash flow perspective, this was a record quarter for us. And as we look at cash flow, and we've talked about this before, but when you look at cash flow on an annual basis, that's essentially what we're aiming towards continuing to grow that conversion rate and hitting at above 50% and continuing to grow that on an annual basis is essentially where we keep moving, and I'm sure we will work towards updating and providing more insights and guidance into our cash flows in the future as well at Investor Day.

就營運資金而言，我的意思是，從現金流的角度來看，這對我們來說是一個創紀錄的季度。當我們查看現金流時，我們之前已經討論過這個問題，但是當您查看年度現金流時，這基本上就是我們的目標，即繼續提高轉換率並達到 50% 以上，並且繼續以年度為基礎增長基本上是我們不斷努力的方向，我相信我們將在未來的投資者日上努力更新並提供更多關於我們現金流的見解和指導。

(Operator Instructions)

（操作員指示）

Mike Hickey, The Benchmark Company.

麥克·希基（Mike Hickey），基準公司。

Rich, Natasha, Jennifer, congratulations guys on a great Q3. First question from us, just looking at your market share here year-to-date, slide 11 in your deck, 3.8%, definitely setting a record. It looks like domestic 5.2%; China, 5.3% and rest of world, 2.4%. So I guess the question, Rich, is how you're thinking about rest of world market share gains relative to your forward growth targets. It seems like rest of world could be a great unlock opportunity for you.

Rich、Natasha、Jennifer，恭喜你們在第三季取得了出色的成績。我們的第一個問題是，僅看一下今年迄今為止的市場份額，您的簡報中的第 11 張幻燈片顯示為 3.8%，這絕對創下了紀錄。其中，國內為 5.2%；中國為 5.3%；世界其他地區為 2.4%。所以我想問題是，Rich，你如何看待世界其他地區市場份額相對於你的未來成長目標的成長。看起來世界其他地方可能對你來說是一個很好的解鎖機會。

Or is there something structural holding you back from achieving sort of the market share that you're seeing in the US and China? And then I have a follow-up.

或者是否存在某種結構性因素阻礙您獲得在美國和中國所看到的市場份額？然後我有一個後續問題。

The only thing holding us back, Mike, is more theaters. So obviously, in growth markets like Vietnam and Indonesia and places like that, we have much less penetration in India. So you have lots of screens, big populations and not as high a percentage of IMAX theaters. So obviously, we'll target those, which ties to an earlier question and try and build up the theaters. But there's nothing endemic about those markets, just there's not as many IMAX theaters.

麥克，唯一阻礙我們前進的就是更多的劇院。因此，顯然，在越南、印尼等成長型市場，我們在印度的滲透率要低得多。因此，銀幕數量眾多，觀眾人數眾多，但 IMAX 影院的比例卻不高。因此，顯然，我們將針對這些與先前的問題相關的問題，並嘗試建立劇院。但這些市場並沒有地方性問題，只是 IMAX 影院數量不多。

And by the way, it a little bit goes the other way because as we double down on local language films like we've had local language in Malaysia, in Indonesia, in Saudi Arabia, as we step up our local language, that will obviously increase our market share in those territories. So there's nothing broken. It's just an opportunity that we need to fill in more.

順便說一句，情況也正好相反，因為我們加倍投入本地語言電影，就像我們在馬來西亞、印尼、沙烏地阿拉伯都有本地語言電影一樣，隨著我們加強本地語言，這顯然會增加我們在這些地區的市場份額。所以沒有什麼損壞。這只是一個我們需要進一步填補的機會。

And then last question, I promise I'm not being a wise guy here, Rich, just on your installation growth potential for '26. Curious your thoughts there just given the extreme success you guys have had in 2025, which might be slightly a pull forward or not. But just curious your confidence here on '26 and the signings have been very strong.

最後一個問題，我保證我不是自作聰明，Rich，我只是問一下你 26 年的安裝成長潛力。鑑於你們在 2025 年取得的巨大成功，我很好奇你們的想法，這可能會稍微向前邁進，也可能不會。但我只是好奇你對 26 年的信心以及簽約情況非常強勁。

So let me be clear. There's no pull forward there. It's a result, the reason at the high end is we had really good signings here, and we have such a good slate and good slate ahead of us in '26 that I feel very good about where we are this year. Obviously, we raised the range of our guidance.

所以讓我說清楚。那裡沒有向前的拉力。這是一個結果，之所以能取得如此高的成績，是因為我們在這裡簽下了非常好的球員，而且我們在 26 年有非常好的成績，我對我們今年的成績感到非常滿意。顯然，我們提高了指導範圍。

And for next year, Mike, if you look at the correlation between film slate, film for IMAX and the large movies, it should be a positive year. Again, however, we're in the middle of our budgeting process. And hopefully, by Investor Day, we'll be able to give you more concrete guidance.

麥克，對於明年，如果你看一下電影片單、IMAX 電影和大型電影之間的相關性，那麼這應該是積極的一年。然而，我們正處於預算編制過程的中間階段。希望在投資者日到來之前，我們能夠為您提供更具體的指導。

Pat Scholl, Barrington Research.

巴林頓研究公司的帕特‧肖爾 (Pat Scholl)。

I just had a question on alternative content. I mean you laid out your visibility for the broader Hollywood sleep. Can you maybe just talk about the visibility that you have into the alternative content to sort of even out those box office periods?

我只是想問關於替代內容的問題。我的意思是，你向更廣泛的好萊塢觀眾展示了你的知名度。您能否談談您對替代內容的了解程度，以平衡票房週期？

We have some visibility, but a lot of it arises in a couple of months before it comes out. And we're doing -- I think it was in my script, I don't recall, but we're doing the League of Legends in China, which came about. It got finalized, I don't know, two weeks ago, and we're doing over 220 theaters for the finals and then we're doing the semis in the quarters. So it's both. Some things will be -- like we have a music, two music projects, one in February and one in May, which we're in the middle of documenting right now.

我們有一定的預見性，但許多預見性都是在發布前的幾個月內出現的。我們正在做——我想這是我的劇本裡寫的，我不記得了，但我們正在中國做英雄聯盟，這件事就這樣發生了。我不知道，兩週前它就完成了，我們將在超過 220 家影院進行決賽，然後在四分之一決賽中進行半決賽。所以兩者都有。有些事情會是這樣的——比如我們有一個音樂項目，兩個音樂項目，一個在二月，一個在五月，我們現在正在記錄中。

But on the other hand, there will be other projects that will come up more or last minute and some of the live events where Directors speak around those -- their movies, that tends to come together a little bit later. On the sporting things, I think, come a little bit later. The music -- especially the music docs, they come more in advance because the studios know when they're being released. So it's a combination of the type of content.

但另一方面，還會有其他項目在最後一刻出現，還有一些現場活動，導演會圍繞這些活動發表演講——他們的電影，這些活動往往會在稍後完成。至於體育方面的事情，我認為要晚一點再談。音樂——尤其是音樂文檔，它們會提前發布，因為工作室知道它們何時發布。所以它是內容類型的組合。

Steven Frankel, Rosenblatt.

史蒂文·弗蘭克爾，羅森布拉特。

Rich, you guys have pointed out that local language has consistently been over 50% of the box office mix in China over the last couple of years. Do you think that's a permanent change that your penetration into Tier 3 and Tier 2 markets means more local language? And can you do things to kind of accelerate that local language growth in China going forward if you think maybe Hollywood has peaked as part of the mix there?

里奇，你們指出，在過去幾年裡，本土語言電影在中國票房中所佔比例一直超過 50%。您是否認為，滲透到三線和二線市場意味著更多的本地語言，這是一個永久性的變化？如果您認為好萊塢在中國的融合可能已經達到頂峰，那麼您能否採取措施加速中國本土語言的發展？

Yes. I mean I wouldn't get pinned down to an exact percentage, Steven. But I do think that local language is permanently going to be a bigger part of the box office than it was before. And I think you put your finger on one of the answers, which is because of two or three and four markets and our increased penetration there. And I also think, and this is important, that we've done a better job of penetrating the local markets there.

是的。我的意思是，我不會被限制在一個確切的百分比上，史蒂文。但我確實認為，當地語言在票房中所佔的比重將永遠比以前更大。我認為你已經找到了答案之一，這是因為我們在兩個、三個或四個市場中的滲透率有所提高。我還認為，這一點很重要，我們在滲透當地市場方面做得更好。

So our CEO there, Daniel Manwaring, is extremely connected in the film industry there, and our team has done a very good job, and the results speak for themselves. With that said, I wouldn't give up on Hollywood box office.

因此，我們在那裡的執行長 Daniel Manwaring 與那裡的電影業有著極其密切的關係，我們的團隊做得非常出色，結果不言而喻。話雖如此，我不會放棄好萊塢票房。

So for example, Avatar traditionally does very well in China. It's getting in the same day as it got in the US. So I would expect to see strong results there. Zootopia at Disneyland in Shanghai, there's a separate part of it called Zootopia Land. So it's a very big franchise over there, looking into '26.

例如，《阿凡達》在中國一直表現得非常出色。它和抵達美國是同一天到達的。因此我期望看到強勁的成果。上海迪士尼樂園的瘋狂動物城裡，有個單獨的部分叫做瘋狂動物城樂園。所以，這是那裡的一個非常大的特許經營權，展望 26 年。

The Nolan movies do very well. And obviously, the Odyssey is a very high profile one. Dune has done well there in the past. So again, that's why I'm not sure about particular numbers and percentages, but I do feel like local language will continue to be strong, but don't give up on Hollywood quite yet. I mean -- and you should just be reminded in that context that our take rate on local language is higher than our take rate on Hollywood films in China, and that's because of the theatrical split.

諾蘭的電影非常成功。顯然，奧德賽是一款非常引人注目的車型。Dune 過去在那裡表現得很好。所以，這就是為什麼我不確定具體的數字和百分比，但我確實覺得當地語言將繼續保持強勁，但不要放棄好萊塢。我的意思是——你應該記住，我們在中國本土語言電影的上映率高於好萊塢電影的上映率，這是因為戲院的分割。

It's not an IMAX anomaly. It's just Hollywood films get a lower split than local language. So financially, that's a pretty good thing for us to keep in mind.

這並不是 IMAX 的異常現象。只是好萊塢電影的分成比例比本土電影還要低。因此從財務角度來看，這對我們來說是一件非常好的事情。

This concludes the question-and-answer session. I'd 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 做最後發言。

Yes. Thank you very much, operator, and thank you all for joining us today. I met some pre-pandemic was on a tremendous growth curve. And as you know, '19 was our best year ever at that point. And then unfortunately, not just for IMAX, but a lot of the world, the pandemic slowed it down.

是的。非常感謝，接線生，也感謝大家今天加入我們。我遇到的一些公司在疫情前就處於巨大的成長曲線上。如你所知，19 年是我們當時最好的一年。不幸的是，疫情不僅減緩了 IMAX 的放映速度，也減緩了世界上許多地方的放映速度。

And we've been using the time since the pandemic to build up a lot of different pillars for future growth, and they include things like local language content, different ways of looking at marketing, alternative content, not just local language in one country, but across many countries, rationalizing our cost structure.

自從疫情爆發以來，我們一直在利用這段時間為未來的成長建立許多不同的支柱，其中包括本地語言內容、不同的行銷視角、替代內容，不僅僅是一個國家的本地語言，而是跨多個國家的本地語言，從而合理化我們的成本結構。

And I think in 2025, I mean, we saw good years in '23 and '24, but all that really came together. And we kind of broke out. And I think if you want to find a quarter that epitomizes that more than anything else, it's the third quarter we just finished.

我認為在 2025 年，我的意思是，我們在 23 年和 24 年看到了好年景，但所有這一切實際上都融合在一起了。我們就這樣爆發了。我認為，如果你想找到一個最能體現這一點的季度，那就是我們剛結束的第三季度。

And I said this during my remarks, but I think you can't summarize it any better than to say the North American box office was down 11% in the third quarter and the IMAX box office globally was up 50% in the third quarter. So if that doesn't show how we've separated ourselves from people in different businesses that some people confuse, I think this quarter painted a very clear picture.

我在發言中也說過這一點，但我認為最好的概括就是北美票房在第三季度下降了 11%，而全球 IMAX 票房在第三季度增長了 50%。因此，如果這還不能表明我們如何與某些人混淆的不同行業的人們區分開來，我認為本季度描繪了一幅非常清晰的圖景。

And as you could tell from Vikash and my tone on the call, when you look at the slate and you look at a number of other factors, I think we're very optimistic that we can maintain kind of that momentum going forward. So thank you all very much, and we'll talk to you -- hopefully see many of you at Investor Day.

正如您可以從 Vikash 和我在電話中的語氣中聽出的那樣，當您查看名單並考慮許多其他因素時，我認為我們非常樂觀地認為我們可以保持這種前進的勢頭。非常感謝大家，我們會和你們交談——希望在投資者日見到你們。

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。