Imax Corp (IMAX) 2022 Q1 法說會逐字稿

Good day, ladies and gentlemen, and welcome to the IMAX Corporation First Quarter 2022 Earnings Conference Call. Today's conference is being recorded.

女士們、先生們，美好的一天，歡迎參加 IMAX 公司 2022 年第一季財報電話會議。今天的會議正在錄製中。

At this time, I would like to turn the conference over to Heather Anthony of IMAX. Please go ahead, ma'am.

這次，我想把會議交給 IMAX 的希瑟安東尼 (Heather Anthony)。請繼續，女士。

Thank you, operator. Good afternoon, everyone, and thank you for joining us on today's first quarter conference call. On the call today to review the financial results are Rich Gelfond, our Chief Executive Officer; and Joe Sparacio, our Interim Chief Financial Officer. Megan Colligan, President of IMAX Entertainment; Natasha Fernandes, Chief Financial Officer; and Rob Lister, Chief Legal Officer, are also joining us today.

謝謝你，接線生。大家下午好，感謝您參加今天的第一季電話會議。今天，我們的執行長里奇·格爾方德 (Rich Gelfond) 出席了電話會議，審查了財務業績。以及我們的臨時財務長 Joe Sparacio。梅根·科利根 (Megan Colligan)，IMAX 娛樂公司總裁；娜塔莎‧費南德斯，財務長；首席法律官 Rob Lister 今天也加入我們。

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 fourth quarter earnings press release and the slide presentation have been posted on the Investor Relations section of our website. At the conclusion of this call, our historical Excel model will also be posted to the website.

今天的電話會議將在我們的網站上進行全程網路直播。電話會議後不久將提供網路廣播的重播。此外，我們第四季財報新聞稿和投影片簡報的全文已發佈在我們網站的投資者關係部分。在本次電話會議結束時，我們的歷史 Excel 模型也將發佈到網站上。

I'd like to remind you of the following information regarding forward-looking statements. Today's call as well as the accompanying slide presentation may include statements that are forward-looking in that they pertain to future results or outcomes. These forward-looking statements are subject to risks and uncertainties that could cause actual future results 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.

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演示可能包括與未來結果或結果相關的前瞻性陳述。這些前瞻性陳述存在風險和不確定性，可能導致未來實際結果或事件發生變化。請參閱我們向 SEC 提交的文件，以更詳細地討論可能影響我們未來業績和結果的一些因素。我們在本次電話會議中所做的任何前瞻性陳述均基於截至目前的假設，我們不承擔因新資訊、未來事件或其他原因而更新這些陳述的義務。

During today's call, references may be made to certain non-GAAP financial measures. Discussion of management's use of these measures and the definition of these measures as well as a reconciliation to non-GAAP financial measures, including adjusted net loss, adjusted EPS and adjusted EBITDA as defined by our credit facility, are contained in this afternoon's press release and in our earnings materials, which are available on the Investor Relations page on our website at imax.com.

在今天的電話會議中，可能會提到某些非公認會計準則財務指標。今天下午的新聞稿中包含了對管理層對這些指標的使用和這些指標的定義的討論，以及對非公認會計準則財務指標的調節，包括我們的信貸安排所定義的調整後淨虧損、調整後每股收益和調整後EBITDA。

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

現在，讓我將電話轉給里奇·格爾方德。富有的？

Thanks, Heather, and good afternoon, everyone. Thank you for joining us. We reported our first quarter results today on the eve of a remarkable blockbuster season set to kick off next week. For the quarter, we exceeded consensus estimates across nearly all key metrics, including total revenue, gross margin, adjusted EBITDA and global box office. And we drove strong double-digit growth in total revenue, gross margin and adjusted EBITDA over the first quarter of 2021. Our results demonstrate the solid financial momentum we've established over the last 6 quarters and our ability to consistently deliver improved results in a highly dynamic marketplace.

謝謝希瑟，大家下午好。感謝您加入我們。今天，在下週即將拉開序幕的非凡賽季前夕，我們公佈了第一季業績。本季度，我們幾乎所有關鍵指標都超出了共識預期，包括總收入、毛利率、調整後 EBITDA 和全球票房。 2021 年第一季度，我們在總收入、毛利率和調整後EBITDA 方面實現了兩位數的強勁增長。改進業績的能力。

Next week begins a formidable slate of long-awaited titles that stretches across the next 2 years and represents the most bankable franchises, filmmakers, and stars in the world. We're also seeing the pace of deal activity begin to pick up, including recently completed agreements in growth markets, such as Japan and Thailand, and we expect that to continue in the months ahead. And we continue to work with all our major partners to map out the rollout of new or refurbished theaters, including recently completed successful agreements with AMC, Cineworld, Regal, Pathe, PVR and CGV. As a result, we see a strong opportunity to build on our momentum and deliver value for our shareholders.

下週將推出一系列令人期待已久的影片，這些影片將在未來兩年內推出，代表著世界上最賺錢的特許經營權、電影製片人和明星。我們也看到交易活動的步伐開始加快，包括日本和泰國等成長市場最近完成的協議，我們預計這種情況將在未來幾個月繼續下去。我們將繼續與所有主要合作夥伴合作，規劃新影院或翻新影院的推出，包括最近與 AMC、Cineworld、Regal、Pathe、PVR 和 CGV 成功簽署的協議。因此，我們看到了一個鞏固我們的勢頭並為股東創造價值的絕佳機會。

As a premier global technology platform for entertainment and events, our focus for 2022 is to expand our business beyond blockbusters and deliver new, unique events and experiences to audiences globally, by putting our technology in the hands of new creative and platform partners, and becoming a destination for fandom of all kinds. But immersive blockbuster filmmaking will always be the straw that stirs the drink for IMAX and a blockbuster pipeline represents a significant opportunity to further drive box office revenue and capture market share and fuel the continued expansion of our business across live and interactive events and into the home.

作為全球首屈一指的娛樂和活動技術平台，我們2022 年的重點是將我們的業務擴展到大片之外，並透過將我們的技術交給新的創意和平台合作夥伴，並成為全球觀眾提供新的、獨特的活動和體驗。但身臨其境的大片製作永遠是IMAX 的搖錢樹，大片的製作代表著一個重要的機會，可以進一步推動票房收入、佔領市場份額，並推動我們的業務在現場和互動活動以及家庭領域的持續擴張。

As the slate takes off, it's notable that streaming services face intensifying competitive pressures and renewed questions around the economic model for the streaming business, which could provide a tailwind for theatrical releases. We've long held that as the virus is brought under control, and people felt increasingly safe, consumers would be drawn back to communal out-of-home entertainment experiences. We're seeing evidence of this across all aspects of life, from people returning to gyms, to concerts and sporting events, to airlines and hotels reporting record breaking trends.

隨著該項目的起飛，值得注意的是，串流媒體服務面臨著日益激烈的競爭壓力，以及圍繞串流媒體業務經濟模式的新問題，這可能為院線發行提供動力。我們長期以來一直認為，隨著病毒得到控制，人們感覺越來越安全，消費者將被吸引回到公共戶外娛樂體驗。我們在生活的各個方面都看到了這一點的證據，從人們重返健身房，到音樂會和體育賽事，再到航空公司和酒店報告的破紀錄趨勢。

And recent consumer trends reaffirm the irreplaceable value of a theatrical release. Our partners at the studios and streamers have told us unequivocally that a theatrical window is pivotal to their strategic plans going forward. And that content that benefits from a theatrical launch platform performs far better on streaming and entails greater value throughout the chain, most recently evidenced by the strong performance of Spider-Man: No Way Home and The Batman on digital platforms. This creates potential opportunities for IMAX from streaming services using the IMAX global network to launch tentpole IP to additional streamers adopting IMAX Enhanced technology as a competitive differentiator.

最近的消費趨勢再次證實了院線上映的不可替代的價值。我們的工作室和串流媒體合作夥伴明確告訴我們，戲院窗口對於他們未來的策略計畫至關重要。受益於院線發布平台的內容在串流媒體上的表現要好得多，並且在整個鏈條中帶來更大的價值，最近《蜘蛛人：無路可歸》和《蝙蝠俠》在數位平台上的強勁表現就證明了這一點。這為 IMAX 創造了潛在的機會，從使用 IMAX 全球網路推出主力 IP 的串流服務，到採用 IMAX 增強技術作為競爭優勢的其他串流媒體。

Today, I'd like to discuss our outlook for the '22 content slate and how it creates opportunities across our business, how we're meeting the growing demand for IMAX technology among filmmakers, creators, exhibitors and our fans, and of course, our results for the first quarter.

今天，我想討論一下我們對 '22 內容板塊的展望，以及它如何為我們的業務創造機會，我們如何滿足電影製作人、創作者、放映商和粉絲對 IMAX 技術不斷增長的需求，當然，我們第一季的業績。

The first quarter proved that there's strong pent-up demand for immersive, cinematic spectacles. Spider Man has grossed more than $110 million in IMAX today, ranking as our eighth biggest title of all time. The Batman exceeded expectations, generating more than $54 million in the IMAX network. The Batman's total North American box office performance was on par with any other top grossing Q1 title of the last decade.

第一季證明，對沉浸式電影奇觀的強烈需求被壓抑了。今天，《蜘蛛人》在 IMAX 的票房收入超過 1.1 億美元，名列我們有史以來第八大電影。 《蝙蝠俠》超出了預期，在 IMAX 網路上的票房收入超過 5,400 萬美元。 《蝙蝠俠》在北美的總票房表現與過去十年中任何其他第一季票房最高的電影持平。

And with our events live strategy, we demonstrated that older audiences are ready to return to theaters for the right experiences with our successful launch of The Beatles: Get Back with Disney+, which began as a limited one-week IMAX exclusive engagement, months after it was released on a Disney+ streaming platform and went on to gross $2.5 million in a few IMAX theaters.

透過我們的活動現場策略，我們成功推出了《披頭四：與Disney+ 一起回歸》，證明老年觀眾已經準備好返回影院享受正確的體驗，該節目一開始只是為期一周的IMAX 獨家參與，幾個月後該片在 Disney+ 串流平台上上映，並在幾家 IMAX 影院獲得了 250 萬美元的票房收入。

On the heels of this success comes a strong consistent flow of highly anticipated releases. And more than ever, these films include IMAX DNA, having been shot with our cameras or created to include IMAX exclusive expanded aspect ratio, where they leveraged the powerful IMAX platform in new and creative ways for launch, further demonstrating our ability to create global events.

繼這一成功之後，隨之而來的是一系列備受期待的發布。這些電影比以往任何時候都更包含IMAX DNA，它們是用我們的攝影機拍攝的，或者是在創建時包含IMAX 獨有的擴展長寬比，它們利用強大的IMAX 平台以新穎且富有創意的方式進行發布，進一步展示了我們創建全球活動的能力。

The slate includes next weekend's Doctor Strange sequel, which builds directly on Spider-Man: No Way Home and is driving strong pre-sales globally. Doctor Strange has a clean multi-week run on the IMAX network before the arrival of Top Gun: Maverick, yet another film for IMAX release. Paramount just hosted a first look screening of Top Gun at CinemaCon and the early reviews are absolutely phenomenal. In fact, the audience was saying at the end, "play it again." I've seen it and it's phenomenal, backed by a strong emotional story and some of the most stunning aerial photography ever committed to film.

其中包括下週末上映的《奇異博士》續集，該續集直接以《蜘蛛人：無路回家》為基礎，在全球範圍內推動了強勁的預售。在另一部 IMAX 電影《壯志凌雲：特立獨行》上映之前，《奇異博士》在 IMAX 網路上連續多周放映。派拉蒙剛剛在 CinemaCon 上舉辦了《壯志凌雲》的首映，早期的評論絕對是驚人的。事實上，觀眾在最後說的是「再玩一次」。我看過它，它是非凡的，有一個強烈的情感故事和一些有史以來最令人驚嘆的航空攝影的支持。

Following Top Gun is Jurassic World: Dominion, a franchise that has been very successful for IMAX over the years. We're also planning a live connected theater launch event for the film Pixar's Lightyear, which is very well received at CinemaCon, and makes pioneering use of IMAX technology for animation. The next installment of Thor which was shot with IMAX cameras, and Jordan Peel's Nope, which was shot with IMAX film cameras, will make never before seen use of our technology in his innovative storytelling.

繼《壯志凌雲》之後的是《侏羅紀世界：統治》，這是多年來 IMAX 非常成功的系列電影。我們還計劃為電影《皮克斯光年》舉辦現場聯網影院發布會，該片在 CinemaCon 上廣受好評，並開創性地將 IMAX 技術用於動畫。使用 IMAX 攝影機拍攝的下一部《雷神索爾》和喬丹皮爾的《不》（使用 IMAX 膠片攝影機拍攝）將在他的創新故事講述中前所未有地使用我們的技術。

On the heels of the summer follows a number of highly anticipated releases including Marvel's Black Panther sequel, and DC's Black Adam, and we continue to eagerly look forward to the December release of Avatar: The Way of Water, the first of 4 planned Avatar sequels, given our history with this franchise and its alignment with our brand. Disney provided an exclusive first look at the new film at CinemaCon yesterday and it looks incredible. The studio will also attach a theatrical exclusive teaser trailer to Doctor Strange. The original Avatar still stands as the highest grossing IMAX release of all time with more than $250 million in box office despite an initial footprint of less than 300 IMAX screens.

夏季過後，一系列備受期待的電影即將上映，包括漫威的《黑豹》續集和DC 的《黑亞當》，我們繼續熱切期待12 月上映的《阿凡達：水之道》，這是計劃中的4 部阿凡達續集中的第一部考慮到我們擁有該特許經營權的歷史及其與我們品牌的一致性。迪士尼昨天在 CinemaCon 上獨家首次展示了這部新電影，它看起來令人難以置信。工作室還將附上《奇異博士》的戲劇獨家預告片。儘管最初的 IMAX 銀幕數量不到 300 個，但原版《阿凡達》仍然是有史以來票房最高的 IMAX 電影，票房收入超過 2.5 億美元。

And that's just the Hollywood slate. We continue to grow and diversify our local language slate building on our record breaking local language box office of 2021. In fact, we programed 7 local language titles worldwide in Q1, our most ever in the first quarter. During the quarter, we saw strong box office performance from China's The Battle at Lake Changjin II to India's RRR to Japan's Jujutsu Kaisen. Local language blockbusters are delivering for IMAX fans not only in their home countries, but around the world.

這只是好萊塢的名單。在2021 年破紀錄的本地語言票房基礎上，我們繼續擴大和多樣化我們的本地語言片源。季度推出的最多的一部。本季度，從中國的《長津湖之戰 II》到印度的《RRR》再到日本的《柔術快戰》，我們都看到了強勁的票房表現。本地語言大片不僅為本國乃至全世界的 IMAX 粉絲帶來歡樂。

In particular, Japanese anime is helping to drive network leading PSAs in Japan. In fact, 8 of our top 15 theaters worldwide in 2021 were in Japan, and strong performances in the U.S. and other key markets. This summer's blockbuster slate provides an excellent opportunity to advance our IMAX 3.0 strategy and evolve our global platform for events and experiences out of home and in the home.

特別是，日本動漫正在幫助推動日本網路領先的公益廣告。事實上，2021 年全球排名前 15 的影院中有 8 個位於日本，並且在美國和其他主要市場表現強勁。今年夏天的重磅影片為推動我們的 IMAX 3.0 策略和發展我們的全球戶外活動和體驗平台提供了絕佳的機會。

We continue to test our connected network of theaters to create live and interactive events around our biggest releases. As I mentioned, we're planning a live interactive fan event around the release of Jurassic World: Dominion. And at this week CinemaCon, we shared a number of upcoming live events in our network, including performances from a diverse range of acts, including Pink Floyd legend Roger Waters, and a partnership with iHeartRADIO on December's iconic Jingle Ball concert.

我們繼續測試我們的互聯影院網絡，以圍繞我們最大的發行作品創建現場和互動活動。正如我所提到的，我們計劃圍繞《侏羅紀世界：統治》的發行舉辦一場現場互動粉絲活動。在本週的CinemaCon 上，我們在網絡中分享了一系列即將舉辦的現場活動，包括平克·弗洛伊德(Pink Floyd) 傳奇人物羅傑·沃特斯(Roger Waters) 等眾多藝人的表演，以及與iHeartRADIO 合作舉辦的12 月標誌性的Jingle Ball 音樂會。

The 2022 slate offers us significant opportunity to expand our IMAX Enhanced initiative as well. Our goal is to expand the footprint of Enhanced further across streaming platforms and high end devices. Given how much technology is featured throughout Disney slate for the year, we see a strong opportunity to expand our marquee IMAX Enhanced partnership with Disney+. We're also leveraging our blockbuster slate to reignite our IMAX documentary strategy.

2022 年的計畫也為我們提供了擴大 IMAX Enhanced 計畫的重要機會。我們的目標是進一步擴大增強版在串流平台和高階裝置上的覆蓋範圍。考慮到今年迪士尼片片中的技術含量，我們看到了擴大與 Disney+ 的合作夥伴關係的絕佳機會。我們也利用我們的大片陣容重新點燃我們的 IMAX 紀錄片策略。

Our newest project, the Blue Angels, shares DNA and strategic synergy with Top Gun from the ambitious way it will use our cameras to our collaboration with producer Glen Powell, one of the stars of Top Gun: Maverick. Blue Angels is also the first documentary project for our long standing partners at J.J. Abrams' Bad Robot, deepening our partnership with one of the most successful filmmakers in the world. We're excited about bringing a new generation of narrative-driven, modern IMAX documentaries to our network and see this as a viable business opportunity, whether it's expanded distribution beyond institutional theaters and into commercial locations or our strategic focus on distribution rights for IMAX docs across streaming services, where we believe there are strong licensing opportunities.

我們最新的項目《藍天使》與《壯志凌雲》有著相同的基因和戰略協同作用，從使用我們攝影機的雄心勃勃的方式到我們與製作人格倫·鮑威爾（《壯志凌雲：特立獨行》的明星之一）的合作。 《藍色天使》也是我們長期合作夥伴 J.J. 的第一個紀錄片計畫。艾布拉姆斯的《壞機器人》加深了我們與世界上最成功的電影製片人之一的合作關係。我們很高興將新一代敘事驅動的現代IMAX 紀錄片引入我們的網絡，並將其視為一個可行的商業機會，無論是將發行範圍擴大到機構影院之外並進入商業場所，還是我們對IMAX 紀錄片發行權的策略重點跨串流媒體服務，我們相信那裡有強大的授權機會。

The 2022 slate has proved positive that IMAX technology is in growing demand among the world's best content creators and global audiences. At least 10 blockbusters scheduled for 2022 will feature IMAX DNA. And we continue to evolve and grow the IMAX global platform to meet that demand. Denis Villeneuve swept the technical Oscar categories with Dune, a groundbreaking film created with IMAX digital cameras. Tom Cruise strapped digital cameras to F-18 Super Hornets to create aerial combat scenes, the likes of which the world has never seen for Top Gun: Maverick. And of course, James Cameron is poised to blow the collective minds of movie goers around the world with the new Avatar. We believe that the next several years are set to demonstrate that we are in a creative and technological renaissance for immersive big screen filmmaking and fierce competition for who could deliver experiences that fans have never seen before anywhere. IMAX technology is the key to this.

2022 年的計畫已經證明，世界上最好的內容創作者和全球觀眾對 IMAX 技術的需求不斷增長。預計 2022 年至少有 10 部大片將採用 IMAX DNA。我們不斷發展壯大 IMAX 全球平台來滿足這項需求。丹尼斯·維倫紐瓦憑藉 IMAX 數位攝影機拍攝的開創性電影《沙丘》橫掃奧斯卡技術類獎項。湯姆克魯斯(Tom Cruise) 在F-18 超級大黃蜂(F-18 Super Hornets) 上安裝了數位相機來拍攝空戰場景，這是世界上從未在《壯志凌雲：特立獨行》(Top Gun: Maverick) 中看過的空戰場景。當然，詹姆斯·卡麥隆準備透過新的《阿凡達》震撼全世界影迷的集體思想。我們相信，未來幾年將證明我們正處於沉浸式大銀幕電影製作的創意和技術復興之中，以及誰能夠提供粉絲從未在任何地方見過的體驗的激烈競爭。 IMAX 技術是實現這一點的關鍵。

As a result we are building and developing a new fleet of state-of-the-art IMAX film cameras, working in partnership with filmmakers like Chris Nolan, Jordan Peele and cinematographer Hoyte van Hoytema. We're currently mapping out specs for the new cameras, and we plan to put them into production later this year for use in 2023. The use of our cameras and the way that it infuses IMAX DNA and exclusive elements into films is a strong driver of our box office and positions us to continue to take market share.

因此，我們正在與 Chris Nolan、Jordan Peele 和電影攝影師 Hoyte van Hoytema 等電影製作人合作，打造和開發一批新的最先進的 IMAX 膠片攝影機。我們目前正在製定新攝影機的規格，併計劃在今年晚些時候將其投入生產，並在 2023 年使用。的票房並使我們能夠繼續佔據市場份額。

Last weekend, we hosted more than 2 dozen exhibition CEOs from around the world at our annual CEO forum for a 3-day program, where we give them access to leaders from across the studios and streamers as well as talented creators from across Hollywood and the International filmmaking community. And there was a consensus among attendees that blockbuster content will be even more important part of the ecosystem moving forward, and that the need for studios and streamers to create global launch events around blockbuster releases will benefit theatrical and in particular IMAX.

上週末，我們在為期3 天的年度首席執行官論壇上接待了來自世界各地的20 多位展覽首席執行官，我們讓他們有機會接觸來自各個工作室和主播的領導者以及來自好萊塢和美國各地的才華橫溢的創作者。與會者一致認為，大片內容將成為未來生態系統中更重要的一部分，工作室和串流媒體圍繞大片發行舉辦全球發布活動的需求將有利於影院，尤其是 IMAX。

Returning to our results for the quarter, the first quarter was light as projected on new releases globally. Despite this, IMAX drove solid financial results in the quarter, exceeding nearly all consensus estimates and driving year-over-year improvement across several key metrics. Total revenue, gross margin, and adjusted EBITDA, all showed strong double-digit growth over the first quarter of 2021.

回到我們本季的業績，第一季全球新發布的產品數量較少。儘管如此，IMAX 在本季度取得了穩健的財務業績，幾乎超出了所有共識預期，並推動了幾個關鍵指標的同比改善。總營收、毛利率和調整後 EBITDA 均較 2021 年第一季呈現兩位數強勁成長。

And importantly, we continued to drive strong market share gains, capturing a record 4.7% of the domestic box office in the first quarter, compared to our 4.4% of our full year's share for 2021, and the 3% market share we captured in the first quarter of our record breaking year 2019. We continue to demonstrate confidence in our strategy and the results by being opportunistic with share repurchases, which accelerated under our plan in the current quarter for a total of approximately 1.3 million shares repurchased year-to-date.

重要的是，我們繼續推動市場份額的強勁增長，第一季國內票房份額達到創紀錄的 4.7%，而 2021 年全年份額為 4.4%，2021 年全年市場份額為 3%。紀錄的2019 年第一季。

In China, box office was also a bit softer than anticipated due to rolling closures of certain markets, given the resurgence of COVID. We've implemented cost reductions in the market where appropriate. And we are cautiously optimistic around the continued reopening of impacted markets in China. In fact, 65% of our theaters are now open in China, up from 52% as of March 31st. Our 27 theaters in Shenzhen have nearly all reopened and theaters in Nanshan, Xian, Qingdao and Hong Kong have also reopened in the past 10 days. We're also encouraged that an increasing number of Hollywood titles are securing releases in China, including The Batman, Fantastic Beasts, Ambulance and Jurassic World.

在中國，由於新冠疫情捲土重來，部分市場輪流關閉，票房也略低於預期。我們已在適當的情況下在市場上實施了成本削減。我們對中國受影響市場的持續重新開放持謹慎樂觀態度。事實上，我們 65% 的戲院現已在中國開業，高於 3 月 31 日的 52%。我們在深圳的27家劇院幾乎全部重新開放，南山、西安、青島和香港的劇院也在過去10天重新開放。我們也感到鼓舞的是，越來越多的好萊塢影片正在中國上映，包括《蝙蝠俠》、《神奇動物在哪裡》、《救護車》和《侏羅紀世界》。

In conclusion, IMAX is poised to accelerate its momentum at the box office and the evolution of its business with a strong film slate launching next week. And we will continue to drive our current momentum in new theater signings as well. We are the premier global platform for blockbuster content. And in my 28 years with the company, this is one of the best blockbusters slates I've ever seen. It provides an excellent opportunity to accelerate our financial momentum, and further our transformation into premier global technology platform for entertainment and events.

總而言之，IMAX 準備透過下週推出的強勁電影陣容來加速其票房勢頭和業務發展。我們也將繼續推動新影院簽約的當前勢頭。我們是全球首屈一指的熱門內容平台。在我為公司工作的 28 年裡，這是我見過的最好的大片之一。它提供了一個絕佳的機會來加速我們的財務發展勢頭，並進一步將我們轉型為全球首屈一指的娛樂和活動技術平台。

Thanks again to all of you for joining us today. I want to conclude by thanking Joe Sparacio for his excellent work in serving as our Interim CFO, and welcome Natasha Fernandes, whom we announced last week as our new CFO. Natasha is a phenomenal homegrown talent, more than 15 years of experience here at IMAX. She knows our business inside out, and I'm confident, will grow our strong financial position, while fueling new business opportunities under her leadership.

再次感謝大家今天加入我們。最後，我要感謝喬·斯帕拉西奧(Joe Sparacio) 在擔任我們的臨時首席財務官期間所做的出色工作，並歡迎娜塔莎·費爾南德斯(Natasha Fernandes)，我們上周宣布她擔任我們的新任財務長。 Natasha 是一位傑出的本土人才，在 IMAX 擁有超過 15 年的經驗。她對我們的業務瞭如指掌，我相信，在她的領導下，她將增強我們強大的財務狀況，同時推動新的商機。

With that, I'll turn it over to Joe.

有了這個，我會把它交給喬。

Thanks, Rich, and good afternoon everyone. We are pleased to report our first quarter results which demonstrated once again that IMAX is the place to experience the biggest, most compelling content. As we look ahead to the remainder of '22 and into '23, we couldn't be more excited about what's on deck.

謝謝里奇，大家下午好。我們很高興地報告第一季的業績，這再次證明 IMAX 是體驗最大、最引人注目的內容的地方。當我們展望 22 年剩下的時間和 23 年時，我們對即將發生的事情感到非常興奮。

Let's talk about the results in detail. IMAX, again, demonstrated a differentiated financial model as an asset-light business with low fixed costs, minimal ongoing CapEx requirements and high incremental margins. First quarter of 2022 total revenue was $60 million, an increase of 55% compared to the $38.8 million in the first quarter of 2021. Gross margins increased 84% to $31.8 million from $17.3 million last year. First quarter adjusted EBITDA increased substantially to $14.8 million versus adjusted EBITDA of $2.8 million in the year-ago period.

我們來詳細談談結果。 IMAX 再次展示了作為輕資產業務的差異化財務模式，具有較低的固定成本、最低的持續資本支出要求和較高的增量利潤。 2022 年第一季總營收為 6,000 萬美元，較 2021 年第一季的 3,880 萬美元成長 55%。第一季調整後 EBITDA 大幅增加至 1,480 萬美元，而去年同期調整後 EBITDA 為 280 萬美元。

As noted in our press release, we recorded a net non-cash provision of $6.9 million or $0.12 per share, driven by the uncertainty of collecting receivables in Russia. This provision which covers substantially all of our receivable exposure in the market was taken as an exercise of caution, given the ongoing conflict in the Ukraine. It should be noted that there are no joint venture sharing arrangements in the Russian market and the receivables primarily relate to the remaining terms of the existing long-term sale STL agreements, which average 7 years. It is difficult to predict how events will develop in the next few months, let alone the longer term future.

正如我們在新聞稿中指出的，由於在俄羅斯收取應收帳款的不確定性，我們記錄了 690 萬美元或每股 0.12 美元的淨非現金撥備。鑑於烏克蘭持續不斷的衝突，這項條款涵蓋了我們在市場上幾乎所有的應收帳款風險，被視為一種謹慎的做法。值得注意的是，俄羅斯市場沒有合資企業共享安排，應收帳款主要與現有長期銷售STL協議的剩餘期限（平均7年）有關。很難預測未來幾個月事態將如何發展，更不用說更長遠的未來了。

This has resulted in an adjusted net loss of $0.14 per share, significantly reduced from a loss of $0.25 per share in last year's first quarter. Excluding this noncash provision, adjusted EPS would have been a loss of $0.02 per share. By way of reference over the past 5 years, Russia has represented, on average, approximately 3% of our annual box office.

這導致調整後每股淨虧損為 0.14 美元，較去年第一季每股虧損 0.25 美元大幅減少。排除此非現金準備金，調整後每股盈餘將虧損 0.02 美元。作為過去 5 年的參考，俄羅斯平均占我們年度票房的 3% 左右。

IMAX Technology revenue increased 59% to $32.2 million in the first quarter from $20.3 million in Q1 of 2021. As Rich mentioned, this increase was largely due to the strength of blockbuster titles, such as The Batman, Spider-Man: No Way Home, and the Chinese New Year title, The Battle at Lake Changjin II. Gross box office for the quarter was $173.2 million, a 57% increase from the first quarter of 2021. Q1 gross margin for this business was $19.8 million, a 95% increase from gross profit of $10.1 million last year. Our margin rate of 61.3% was 1,140 basis points increase compared to the 49.9% in the first quarter of 2021, once again illustrating the operating leverage inherent in the business model.

IMAX Technology 營收從2021 年第一季的2,030 萬美元成長了59%，達到3,220 萬美元。蜘蛛人：無路回家》、以及賀歲片名《長津湖之戰II》。該季度總票房為 1.732 億美元，較 2021 年第一季增長 57%。 該業務第一季毛利率為 1,980 萬美元，較去年毛利 1,010 萬美元增長 95%。我們的利潤率為 61.3%，較 2021 年第一季的 49.9% 增加了 1,140 個基點，再次說明了業務模式固有的營運槓桿。

IMAX Technology Sales and Maintenance revenue for the first quarter increased 48% to $25.2 million compared to $17 million in last year's first quarter. During the quarter, we installed 14 IMAX systems, 4 which were some new sales or STLs. In comparison, we installed 12 IMAX systems in Q1 of last year, including 2 new sales or STLs. Gross margins for this business increased to $12.2 million compared to $7.1 million, which was driven by substantially higher maintenance revenue and an increase in the number of new sale STLs installations versus the year-ago period.

第一季 IMAX 技術銷售和維護收入成長了 48%，達到 2,520 萬美元，而去年第一季為 1,700 萬美元。本季度，我們安裝了 14 個 IMAX 系統，其中 4 個是一些新銷售或 STL。相較之下，我們去年第一季安裝了 12 個 IMAX 系統，其中包括 2 個新銷售或 STL。該業務的毛利率從 710 萬美元增加到 1,220 萬美元，這是由於與去年同期相比，維護收入大幅增加以及新銷售 STL 安裝數量的增加。

As mentioned on our February call, we continue to expect installation activity to increase over 2021 levels with seasonality similar to previous years, meaning increased activity in the second half. Please note that there are no installs in Russia targeted for 2022.

正如我們在 2 月的電話會議中提到的，我們仍然預計安裝活動將超過 2021 年的水平，且季節性與前幾年類似，這意味著下半年的活動將會增加。請注意，2022 年俄羅斯沒有安裝目標。

Q1 SG&A, excluding stock-based compensation, was $24.5 million in the quarter, relatively consistent with 2019 levels and higher than 2021 levels of $20.3 million. The year-over-year increase was primarily driven by the expense associated with full staffing complements as compared to a reduced workforce last year. We expect full year SG&A, excluding stock-based compensation, to be consistent with 2019 levels with modest growth.

第一季的 SG&A（不含股票薪酬）為 2,450 萬美元，與 2019 年的水準相對一致，高於 2021 年 2,030 萬美元的水準。年比成長主要是由於與去年勞動力減少相比，與全面人員配備相關的費用所致。我們預計全年 SG&A（不包括股票薪酬）將與 2019 年水準保持一致，並略有成長。

Capitalizing on what we viewed as an undervalued stock price, we repurchased 380,000 IMAX shares at an average price of $16.45 for a total of $6.3 million during the quarter. Subsequent to Q1 through yesterday, under our 10b5-1 plan, the company has repurchased 869,000 shares at an average price of $16.42 for a total of $14.3 million. IMAX China repurchased 1.5 million shares at an average price of $1.26 per share for a total of $1.8 million. We intend to continue to be optimistic in repurchasing shares when we view our stock price as disconnected from the underlying fundamentals of the business.

利用我們認為被低估的股價，我們在本季以平均價格 16.45 美元回購了 38 萬股 IMAX 股票，總金額為 630 萬美元。從第一季到昨天，根據我們的 10b5-1 計劃，該公司以平均價格 16.42 美元回購了 869,000 股股票，總金額為 1,430 萬美元。 IMAX中國以每股1.26美元的均價回購了150萬股股票，總金額為180萬美元。當我們認為我們的股價與業務的基本面脫節時，我們打算繼續對回購股票持樂觀態度。

We ended the quarter with $162.3 million in cash and $234 million of debt, excluding deferred financing fees. In March, we amended and extended our revolving credit facilities on substantially similar terms. The new facility doubles the amount allowed to be invested in share buybacks in comparison to 2021 levels. The new maturity date is March 2027. When combined with the $300 million available under our credit facility and $26.3 million available under our IMAX China working capital loan, we have $488.6 million of available liquidity. In the first quarter, we spent $5.9 million on capital expenditures including $4.6 million invested in equipment for joint revenue sharing agreements.

本季末，我們的現金為 1.623 億美元，債務為 2.34 億美元，不包括遞延融資費用。三月份，我們以基本相似的條款修改並延長了我們的循環信貸額度。與 2021 年的水準相比，新設施將允許用於股票回購的投資金額增加了一倍。新的到期日為 2027 年 3 月。第一季度，我們花費了 590 萬美元的資本支出，其中包括 460 萬美元投資於聯合收入共享協議的設備。

This quarter further demonstrated that fans seek out IMAX to experience the content they are passionate about. With the exceptional 2022 and 2023 slates ahead of us and the vision we have for expanding IMAX into new forms of content and into the home, I am incredibly optimistic about the business.

本季進一步表明，粉絲們尋求 IMAX 來體驗他們熱衷的內容。面對 2022 年和 2023 年的特殊情況，以及我們將 IMAX 擴展到新形式的內容和家庭的願景，我對這項業務非常樂觀。

I've enjoyed helping the IMAX team over the past year as Interim CFO and believe the table is set for continued growth and expansion. I'm delighted to hand the reins over to Natasha Fernandes, our new CFO. I've had the pleasure of working with Natasha for almost 10 years. More recently, Natasha distinguished herself in spearheading a number of forward-thinking successful moves to strengthen the company's balance sheet and provide maximum flexibility in navigating the pandemic. Her deep understanding of IMAX, passion for the business and diligence will serve the business well during this exciting time. I look forward to seeing all of the good things to come.

在過去的一年裡，我很高興能作為臨時財務長幫助 IMAX 團隊，並相信我們已經做好了持續成長和擴張的準備。我很高興將領導權移交給我們新任財務長娜塔莎·費爾南德斯 (Natasha Fernandes)。我很高興與 Natasha 一起工作了近 10 年。最近，娜塔莎（Natasha）率先採取了一系列具有前瞻性的成功舉措，以加強公司的資產負債表並為應對這一流行病提供最大的靈活性，從而脫穎而出。她對 IMAX 的深刻理解、對業務的熱情和勤奮將在這個激動人心的時刻為業務提供良好服務。我期待著看到所有美好的事情即將到來。

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

這樣，我會將電話轉回接線生進行問答。

(Operator Instructions) We'll take our first question from Eric Wold with B. Riley Securities.

（操作員說明）我們將回答 B. Riley Securities 的 Eric Wold 提出的第一個問題。

First off, Rich, and maybe you can talk a little bit about China and kind of what you're seeing there in terms of the reopening of the theaters so far since the end of March. Maybe give us a sense of your thoughts on how quickly we could see visitation levels ramp back up once those reopen with what the slate looks like. And then, given what you have seen with China recently in terms of limited Hollywood approvals for the country, when do you expect China to get back to kind of green lighting more towards the upper limit of what is allowed in each year?

首先，Rich，也許你可以談談中國，以及自 3 月底以來劇院重新開放以來你所看到的情況。也許讓我們了解一下您的想法，一旦這些網站按照石板的樣子重新開放，我們能多快看到訪問量回升。然後，考慮到您最近在中國看到的好萊塢對中國的批准有限的情況，您預計中國什麼時候才能恢復到每年允許的上限？

So obviously, Eric, it's hard to be precise and exactly how quickly they'll reopen. But as I said in my remarks, it went from around 50% at the end of March to around 65% now. And I noted a number of cities that have recently reopened. Our team in IMAX China and again, let's be clear, they're not epidemiologists, but they think that Shanghai is going to open in the next couple of weeks, pretty much so. I asked a lot of people. So there's no one uniform answer. But if you remember, even in the U.S., omicron came through pretty quickly and then it moved on. So I don't think this is going to be a long-term issue there.

顯然，埃里克，很難準確地確定他們將多快重新開放。但正如我在演講中所說，它從3月底的50%左右上升到現在的65%左右。我注意到一些最近重新開放的城市。我們在 IMAX 中國的團隊再次強調，他們不是流行病學家，但他們認為上海將在未來幾週內開業，幾乎如此。我問了很多人。所以沒有一個統一的答案。但如果你還記得的話，即使在美國，omicron 很快就會流行起來，然後又繼續發展。所以我認為這不會成為長期問題。

In terms of audience's reactions, we do have a few data points. We have -- the first data point is when the pandemic lifted off in China in, I guess, 2020, and people returned really quickly there. And judging by -- and other times they'd shut, they returned quickly. So that would be my best guess. And in fact, in the last -- each of the last 2 years, I believe that the highest grossing films in the world during those years were Chinese blockbusters. And by the way, as an aside, they were each shot with IMAX cameras. So I feel pretty good about that.

就觀眾的反應而言，我們確實有一些數據點。我們有——我猜是 2020 年，第一個數據點是疫情在中國爆發的時候，人們很快就回到了那裡。從他們關閉的其他時間來看，他們很快就回來了。所以這將是我最好的猜測。事實上，在過去的每一年，我相信那些年全世界票房最高的電影都是中國大片。順便說一句，它們都是用 IMAX 攝影機拍攝的。所以我對此感覺很好。

In terms of movies getting in, there's been a lot more getting in this year than it was last year for a variety of reasons. As I mentioned in my remarks, it hasn't been dated yet but Jurassic World got in, which is historically a film that does very well in China. Given Jim Cameron's relationship with China, and how well that movie did, I'd be shocked if it didn't get in. And those are 2 of the biggest films of the year. So again, while it's very hard to pinpoint their trajectory, I do think, throughout the year, you're going to see a fairly rapid return to normalcy.

就進入的電影而言，由於各種原因，今年的進入電影數量比去年多得多。正如我在演講中提到的，它的日期還沒有確定，但《侏羅紀世界》已經加入了，這部電影歷史上在中國賣得很好。考慮到吉姆·卡麥隆與中國的關係，以及這部電影的票房表現，如果它沒有上映，我會感到震驚。所以，雖然很難確定他們的軌跡，但我確實認為，在這一整年裡，你會看到相當快的恢復正常狀態。

The other thing I wanted to just remind listeners, which you know well, is that IMAX is an asset-light business model. And for other businesses, it takes a long time financially to ramp up after some kind of return of people in large numbers. With IMAX, it happens extremely quickly as you see through our financial results, specifically on the fourth quarter of 2021, how quickly it fell to the bottom line. So we're still in the middle of the situation which you can't pin down. But speaking a lot to our team on the ground in China, I think their expectation is that it's going to turn faster than most people think.

我想提醒聽眾的另一件事是，你們都知道，IMAX 是一種輕資產的商業模式。對於其他企業來說，在大量人員回流後，需要很長時間才能實現財務成長。對於 IMAX，當你看到我們的財務表現時，這種情況發生得非常快，特別是 2021 年第四季度，它下降到盈虧底線的速度有多快。所以我們仍然處於你無法確定的情況之中。但透過與我們在中國的團隊進行了多次交流，我認為他們的期望是，事情的轉變將比大多數人想像的更快。

Perfect. And then just one quick additional question. I guess on the nontheatrical business, in the live events and concerts, what are your updated thoughts now you've kind of been working on this a little bit in terms of how fast you can get up to scale on that with whatever you think the maximum number of theaters are globally with the necessary technology? And then what would be, in your mind, the maximum number of events we could see under that model without impacting traditional theatrical runways?

完美的。然後還有一個簡單的附加問題。我想在非戲劇業務上，在現場活動和音樂會中，你現在有什麼最新的想法，你已經在這方面做了一些工作，無論你認為什麼，你能以多快的速度達到規模。擁有必要技術的戲院數量是多少？那麼，在您看來，在這種模式下，在不影響傳統劇院跑道的情況下，我們可以看到的最大活動數量是多少？

Well, in terms of scale, we've been working really hard with our partner at Verizon as well in international territories with the local telcos. And I don't want to give specific numbers because there's lots of variables like building permits and things like that. But I do think you're going to see us scale up fairly rapidly towards the end of this year and then going forward after that. And we put a lot of resource into making that happen and on a global basis. And in terms of the number of events in a year, I think we could see a period of time when you compare all the events, which includes launches of films with Q&A and cast and directors around it, music events, the other kinds of events, sports events, things we haven't talked about yet. I think it's kind of easy to see a time where we could do at least 25 a year.

就規模而言，我們一直在與 Verizon 的合作夥伴以及國際地區的當地電信公司進行非常努力的合作。我不想給出具體數字，因為有很多變量，例如建築許可證之類的。但我確實認為你會看到我們在今年年底前相當迅速地擴大規模，然後再繼續前進。我們投入了大量資源來在全球範圍內實現這一目標。就一年中的事件數量而言，我認為當您比較所有事件時，我們可以看到一段時間，其中包括帶有問答、演員和導演的電影發行、音樂事件以及其他類型的事件，體育賽事，我們還沒有談到的事情。我認為很容易看到我們每年至少可以做 25 次的時間。

We take our next question from Eric Handler with MKM Partners.

我們接受 MKM Partners 的 Eric Handler 提出的下一個問題。

Rich, it does seem like you're having some good success on a relative basis with your local language titles that you released recently in India, Japan. I wonder how many non-China local language titles you have queued up for 2022 at this point.

Rich，相對而言，您最近在印度和日本發行的本地語言遊戲似乎取得了一些不錯的成功。我想知道您現在已經在排隊等候 2022 年的非中國本地語言遊戲了。

So I'm going to turn it over to Megan in a moment. But as I mentioned in the remarks, we did 2 in India already, both of which performed pretty well. We did one in France called -- based on the fire at Notre Dame directed by Jean-Jacques Annaud where we had very good indexing for a national release on a small footprint. And as I said, we had 7 in the quarter. Megan, this year, what other countries and how many do you think?

所以我一會兒就把它交給梅根。但正如我在評論中提到的，我們已經在印度做了兩次，兩次都表現得很好。我們在法國做了一個名為——基於讓-雅克·阿諾（Jean-Jacques Annaud）導演的巴黎聖母院火災，我們在全國範圍內發布了非常好的索引，佔用空間很小。正如我所說，本季我們有 7 個。梅根，今年你認為還有哪些國家、多少個？

Yes. We still have a couple left in China, but that's the lion's share of local language for this year. But this is an ongoing program. This is -- we have a 5-picture deal with Toho in Japan, and those pictures are still to come. And that is something that we are continuing to work on, and we will continue to be investing in as it's proven to be incredibly successful.

是的。我們在中國還剩下一些，但這是今年本地語言的大部分。但這是一個正在進行的計劃。這是——我們與日本東寶公司簽訂了 5 部影片的協議，這些影片仍在製作中。這是我們正在繼續努力的事情，我們將繼續投資，因為事實證明它非常成功。

Okay. And then, Rich, I know it's...

好的。然後，里奇，我知道這是......

Eric, sorry to interrupt, but someone just gave me a note that there are 2 to 3 more in India schedule for this year.

艾瑞克（Eric），很抱歉打擾，但有人剛剛給我留言說今年印度還有 2 到 3 個賽程表。

Great. I was going to say, I know it's barely been 24 hours, but given the very positive reaction to what was shown yesterday at CinemaCon with Avatar 2, I wonder is that starting to generate some more conversations about exhibitors trying to move more quickly to get installs in place.

偉大的。我想說，我知道還不到24 小時，但考慮到昨天在CinemaCon 上放映的《阿凡達2》得到了非常積極的反應，我想知道是否會開始產生更多關於放映商試圖更快地採取行動以獲取更多資訊的討論。

So Eric, I've been back and I left L.A. -- I left Las Vegas yesterday to get here in L.A. to do the earnings, so I wasn't really in the middle of talking to exhibitors. But to me, the mood among exhibitors was actually quite good. And as I mentioned earlier in the call, there does seem to be increased activity and momentum around signings. As you know, for Avatar 1, a lot of people pulled installs forward. It's too soon to comment on that. But just the slate is so killer.

艾瑞克，我回來了，我離開了洛杉磯——我昨天離開拉斯維加斯來到洛杉磯做財報，所以我並沒有真正在和參展商交談。但對我來說，參展商的氣氛其實還不錯。正如我之前在電話會議中提到的，圍繞簽約的活動和勢頭似乎確實有所增加。如你所知，對於《阿凡達 1》，很多人都提前安裝了。現在對此發表評論還為時過早。但光是石板就具有殺傷力。

Again, I want to say this again, I said it before, but we have Doctor Strange with the Avatar trailer opening in a week, then you go to Top Gun, which as I said, I've seen, it's crazy good. And that's just going to be -- that's going to be part of the discussion now that it's been seen. And Colin Trevorrow, who spoke in our CEO forum a lot about Jurassic World, I think, is also going to be on a par with previous Jurassic World blockbusters, maybe better.

再說一次，我想再說一遍，我之前說過，但一周後我們將推出《奇異博士》和《阿凡達》預告片，然後你可以去看《壯志凌雲》，正如我所說，我已經看過了，它非常棒。既然已經看到了，這將成為討論的一部分。特雷沃羅(Colin Trevorrow) 在我們的執行長論壇上發表了很多有關《侏羅紀世界》的言論，我認為他也將與之前的《侏羅紀世界》大片持平，甚至更好。

So I don't think it's going to be a matter of people sitting around and saying, what's the date Avatar is going to come back. But we're just coming off a first quarter that was light on films. And I think it's kind of the Murderers' Row of a lineup for the rest of the year going into Avatar. So I can't predict it now, but certainly, there's never a better incentive than this film slate to get people to think about that.

所以我認為這不會是人們坐在一起說「阿凡達什麼時候回來」的問題。但我們剛結束了電影較少的第一季。我認為這有點像《阿凡達》今年餘下時間裡的殺人犯的陣容。所以我現在無法預測，但可以肯定的是，沒有比這部電影更好的動機來讓人們思考這一點了。

We take our next question from Chad Beynon with Macquarie.

我們接受麥格理查德·貝農 (Chad Beynon) 提出的下一個問題。

Best of luck, Joe, and congrats, Natasha. Was wondering if you could talk a little bit more about some of these market share numbers that you have in your slide deck. I understand that the quantity of product is not where it will be in a couple quarters here as some of the more mid-range movies come out. But I was wondering just based on what's going on with the consumer, particularly in the U.S., do you expect that as we come out of this, your market share, particularly in the U.S., could be higher? It seems like the U.S. consumer, particularly with [theater], has really moved more towards the luxury and premium end.

祝你好運，喬，恭喜娜塔莎。想知道您是否可以多談談幻燈片中的一些市場份額數字。據我所知，隨著一些中檔電影的上映，產品的數量不會在幾個季度內達到預期的水平。但我想知道，根據消費者的情況，特別是在美國，您是否認為當我們走出困境時，您的市場份額，特別是在美國，可能會更高？看來美國消費者，尤其是[劇院]消費者，確實已經更多地轉向奢侈品和高端產品。

Yes. You've seen some of that with the Batman when it came out. And the fact that things have come out in a sparse way means that everybody is playing the same movie. There are lots of screens, much more than they would have been previously. So I do think as these competitive movies coming out in the marketplace, and there are smaller movies coming out. Just as a matter of math, you should see the trend you described, the move to premium in general in IMAX specifically, I do think that will continue.

是的。當蝙蝠俠上映時，你已經看到了其中的一些內容。事實上，事情以稀疏的方式出現意味著每個人都在播放同一部電影。有很多螢幕，比以前多得多。所以我確實認為，隨著這些有競爭力的電影出現在市場上，並且會有一些較小的電影出現。就像數學問題一樣，您應該看到您所描述的趨勢，特別是 IMAX 整體上向優質化的趨勢，我確實認為這種趨勢將會持續下去。

And again, while we were at CineCon 2 days ago, we were reminded Danny Villeneuve talked about the success of Dune. And I want to remind everyone, we did 25% of the box office in Dune on less than 1% of the screens. So there are incredibly positive trends for -- Batman was a very big screen film introduced on lots of screens, and we did 12% the opening weekend. So yes, when you see some of the films I just referred to, Dr. Strange filmed with IMAX cameras, Top Gun filmed with IMAX cameras, many of the -- Nope filmed with IMAX cameras. Typically, we over-index over market share when our cameras are being used. And this year, it's 10x. So take the global trend plus our DNA in the movies, and I feel good about that.

兩天前，當我們參加 CineCon 時，我們再次想起丹尼·維倫紐夫談到了《沙丘》的成功。我想提醒大家，我們在不到 1% 的銀幕上完成了《沙丘》25% 的票房。因此，蝙蝠俠是一部在許多銀幕上放映的大銀幕電影，呈現出令人難以置信的積極趨勢，我們首映週末的收視率為 12%。所以，是的，當你看到我剛才提到的一些電影時，《奇異博士》是用IMAX 攝影機拍攝的，《壯志凌雲》是用IMAX 攝影機拍攝的，很多——不，都是用IMAX 攝影機拍攝的。通常，當我們的相機被使用時，我們會過度評價市場佔有率。今年，這個數字增加了 10 倍。因此，將全球趨勢與我們在電影中的DNA結合起來，我對此感覺很好。

And then just wanted to ask about the back-half loaded comment, expectations for new installs. I feel like you guys have talked about this for years and makes sense in a normal year, but just given the slate, why wouldn't some of your exhibiting partners want to install your projectors ahead of that? Is this more of a product of where China is in the recovery? Or is it, again, just kind of the normal seasonality?

然後只是想詢問後半部分加載的評論，以及對新安裝的期望。我覺得你們已經討論這個問題很多年了，在正常的年份裡也是有道理的，但只要給出了名單，為什麼你們的一些參展合作夥伴不想提前安裝你們的投影機呢？這更多的是中國經濟復甦的產物嗎？或者這只是正常的季節性？

Well, there is normal seasonality. But hopefully, when we estimate for calls like this, we look at historic patterns in past years, and that's the pattern. So I'm not going to predict that the pattern changes. I hope the pattern changes. But again, particularly this year, there's just so much going on all year. I think also we on -- well, you guys on the outside as analysts think about it one way. But you've got to remember in the real world, the first quarter was a pretty limited film slate. And I just don't think the day that Top Gun opens, they're going to say, let's accelerate installs. And then the final point would be that some of these are new buildings, and some of these have refurbished seats in them and some of them, there are construction issues. It's not a theoretical thing. So it's not like the cavalry is waiting in the lobby and there are good results on a movie and they say, let's go in there, guys, and let's accelerate it. Hopefully, that happens, but I just think it's a hard one to predict.

嗯，有正常的季節性。但希望當我們估計這樣的電話時，我們會看看過去幾年的歷史模式，這就是模式。所以我不會預測模式會改變。我希望模式能夠改變。但再說一遍，尤其是今年，全年都會發生很多事情。我認為我們——嗯，作為分析師的局外人也以一種方式思考這個問題。但你必須記住，在現實世界中，第一季的電影數量相當有限。我只是不認為《壯志凌雲》上映的那一天，他們會說，讓我們加快安裝速度。最後一點是，其中一些是新建築，其中一些有翻新的座椅，還有一些有施工問題。這不是一個理論上的事情。因此，這不像騎兵在大廳裡等待，電影取得了良好的效果，他們說，讓我們進去吧，夥計們，讓我們加快速度。希望這種情況會發生，但我認為這是很難預測的。

Moving forward to Steven Cahall with Wells Fargo.

接下來是富國銀行的史蒂文·卡霍爾。

Yes. First, I was just wondering if you could dig a bit deeper into the way you've talked about the install guidance for the year. And I would guess at this early stage, some of the challenges are just that the lockdowns in China have persisted a little longer as well as maybe some rollover into eastern parts of Europe from the events there. But then the films are performing really well in all the ways that you've talked about. So since you gave the last install guidance, do you feel better about it? Is there any narrowing that we can think of to try to figure out while they might land? That's the first one.

是的。首先，我只是想知道您是否可以更深入地了解您談論今年安裝指南的方式。我猜想，在這個早期階段，一些挑戰只是中國的封鎖持續了更長的時間，以及那裡發生的事件可能會轉移到東歐地區。但這些電影在你談到的所有方面都表現得非常好。那麼自從您提供了上次安裝指導後，您感覺好一點了嗎？我們是否可以想出任何縮小範圍來試圖弄清楚它們何時可能著陸？這是第一個。

And then my second question is just on share repurchases. I think your valuation multiple is like back to pandemic levels. So I'm just curious how aggressively you're looking at getting into the market since you have such a strong balance sheet?

我的第二個問題是關於股票回購。我認為你的估值倍數就像回到了大流行水平。所以我只是好奇，既然你們擁有如此強勁的資產負債表，你們打算如何積極地考慮進入市場？

So on install, we haven't given specific guidance. We've said we expect to increase installs over 2021 levels but not reach 2019 levels. And I think what I know now would indicate that that's still accurate. And I don't think there's been enough movement in the first quarter for us to have a different point of view on that. I think we stick by that point of view, and we'll have more color as the year unfolds.

所以在安裝上，我們還沒有給具體的指導。我們說過，我們預計安裝量將超過 2021 年的水平，但不會達到 2019 年的水平。我認為我現在所知道的情況表明這仍然是準確的。我認為第一季沒有足夠的變化讓我們對此有不同的看法。我認為我們會堅持這個觀點，隨著這一年的展開，我們將會有更多的色彩。

The other thing I would say is just when Heather came into her new role, she reminded me of something. If we do USD 50,000 in extra PSA that equals 10 installs -- STL installs in the year. So internally anyway, we obviously focus on what our projected results are for the year and how we think we're going to deliver. And I keep saying I think this is going to be a really strong year, but whether that comes through PSAs or through installs or specifically where it is, it's just too early in the year to further narrow that down.

我要說的另一件事是，當希瑟擔任新角色時，她讓我想起了一件事。如果我們額外投入 50,000 美元，相當於當年安裝 10 次 STL。因此，無論如何，在內部，我們顯然專注於今年的預期結果以及我們認為如何實現。我一直說，我認為這將是非常強勁的一年，但無論是透過公益廣告還是透過安裝，或者俱體是在哪裡，現在進一步縮小範圍還為時過早。

The second question about repurchases. So before we went into the blackout period, and this year it was a fairly large blackout period because the fourth quarter was reported late in the year. This is the shortest time. We put in place a 10b5-1 plan that put in certain purchases at prescribed levels. And during this window -- the blackout window, especially over the last several weeks, I think we've been as aggressive as we can be in share repurchases. And every day, I look at the stock price, and I at one level feel disappointed that what we delivered in the fourth quarter and where we are in the industry and where we are in the recovery, is it reflected? And I'd lie if I said it didn't disappoint me. On the other hand, the other side of me says, let's gobble up whatever we can as quickly as we can, and we've been doing that, Steve.

第二個問題，關於回購。因此，在我們進入封鎖期之前，今年這是一個相當大的封鎖期，因為第四季的報告是在今年稍後的。這是最短的時間。我們制定了 10b5-1 計劃，按規定水平進行某些採購。在這個窗口期——停電窗口期，特別是在過去幾周里，我認為我們在股票回購方面一直盡可能積極。每天，我都會查看股價，在某種程度上，我對我們在第四季度交付的成果、我們在行業中所處的位置以及我們在復甦中的位置感到失望，這是否得到了反映？如果我說它沒有讓我失望，那我就是說謊。另一方面，我的另一面說，讓我們盡快吞噬一切，我們一直在這樣做，史蒂夫。

We'll take our next question from David Karnovsky with JPMorgan.

我們將回答摩根大通的大衛卡諾夫斯基 (David Karnovsky) 提出的下一個問題。

Rich, you touched upon it a bit in your prepared remarks that you did just come from CinemaCon and your CEO forum. So feel like I have to ask for any additional thoughts you have on how studios are looking at theatrical. It does seem like with streaming growth slowing that the pendulum is swinging back a bit in favor of film windows. So any view into the conversations you've been having would be appreciated.

Rich，您在 CinemaCon 和 CEO 論壇上準備好的發言中提到了這一點。因此，我覺得我必須詢問您對工作室如何看待戲劇的任何其他想法。隨著串流媒體成長放緩，鐘擺似乎確實有點偏向電影視窗。因此，如果您能對您所進行的對話有任何看法，我們將不勝感激。

Yes, I think for blockbuster films of the types of things that IMAX shows, it's all theatrical for the studios. I don't think you will see a hybrid model or a streaming model for any blockbuster film for 2022 or probably beyond. I didn't hear one person mention that. And besides in those places, over the last few weeks, Megan and I had meetings with virtually all of the studios in L.A. at high levels of those studios. And I think that the studios realize that that's a model that didn't really work. And that part of what I said during my script was forget about the whole financial model, just look at the streaming model. They said that releases that had a theatrical window and then went to streaming did better on streaming. And that's been -- 2 or 3 studios told me that empirically. So I just don't see how in light of that data, they go back to their experience, which didn't work in 2021.

是的，我認為對於 IMAX 放映的這類大片，電影廠來說都是戲劇化的。我認為 2022 年或以後的任何大片都不會採用混合模式或串流模式。我沒有聽到有人提到這一點。除了在這些地方之外，在過去的幾周里，梅根和我與洛杉磯幾乎所有工作室的高層舉行了會議。我認為工作室意識到這種模式並沒有真正發揮作用。我在劇本中所說的部分內容是忘記整個財務模型，只看看串流媒體模型。他們表示，先在院線上映然後進入串流媒體播放的影片在串流媒體上表現得更好。兩三個工作室憑經驗告訴我這一點。所以我只是不明白他們如何根據這些數據回到他們的經驗，這在 2021 年不起作用。

The other thing I would say is, and I mentioned this briefly in my remarks, we also meet a lot with the streamers. And I think given the demographic changes and the growth in subscribers and retention and all those things, I would not be surprised -- as a matter of fact, I would predict that some of the streamers start to go to theatrical windows for some of their bigger films. So I think there was kind of this existential threat hanging over the movie business for a long time that given their chance they're going to move it to streaming. Well, they had their chance during an existential threat to the whole business, and I call it the biggest stress test you ever could have designed and it didn't work. So I just think that's an experiment that's over.

我要說的另一件事是，我在發言中簡要地提到了這一點，我們也與主播會面很多。我認為考慮到人口結構的變化以及訂戶和保留率的增長以及所有這些因素，我不會感到驚訝 - 事實上，我預測一些串流媒體開始進入影院窗口觀看他們的一些節目更大的電影。因此，我認為這種生存威脅長期以來一直籠罩著電影產業，因此他們有機會將其轉移到串流媒體上。好吧，他們在整個企業面臨生存威脅期間都有機會，我稱之為你可以設計的最大的壓力測試，但它沒有起作用。所以我只是認為這是一個已經結束的實驗。

We take our next question from Mike Hickey with Benchmark Company.

我們回答 Benchmark Company 的 Mike Hickey 提出的下一個問題。

Rich, Joe, Heather, Natasha, Megan, congrats on the quarter, guys. Just first one, Rich, on Avatar 2. Just curious, again, your initial thoughts here maybe after you saw the demo. I think it didn't include dialog. So it seems to be very tech-heavy. And of course, Avatar was -- it unleashed 3D on us when it first came out. So just curious if it met or exceeded your expectations and what it could mean moving forward in terms of maybe greater 3D adoption here in domestic markets again?

里奇、喬、希瑟、娜塔莎、梅根，恭喜這個季度，夥伴們。 Rich，這只是關於《阿凡達 2》的第一個。我認為它不包括對話。所以看起來技術含量很高。當然，《阿凡達》剛問世時就為我們帶來了 3D 體驗。所以只是好奇它是否達到或超出了您的預期，以及這對於國內市場再次更大程度地採用 3D 而言意味著什麼？

And then the technology, if that creates barriers to some of your competitor screens, meaning if you want to see it in the most premium format, you have a select number of screens. I'm assuming that would be you and then going down from there. So that's my first question.

然後是技術，如果這對你的一些競爭對手的螢幕造成了障礙，這意味著如果你想以最優質的格式觀看它，你有一定數量的螢幕。我假設那是你，然後從那裡往下走。這是我的第一個問題。

So on the first question, it was a teaser trailer. So they deliberately did it without dialog and with music. And you call it they were demonstrating their technology, I thought they were demonstrating their images. The images are amazing. They're spectacular. Technology has evolved in the 13 years since the last one came out. And while that was fresh and innovative, I thought this was spectacular in a similar way and really happy to say it.

所以關於第一個問題，這是一個預告片。所以他們故意在沒有對話的情況下用音樂來做到這一點。你稱之為他們在展示他們的技術，我認為他們在展示他們的圖像。這些圖像太棒了。他們很壯觀。自從上一產品問世以來，科技已經發展了 13 年。雖然這是新鮮和創新的，但我認為這以類似的方式很壯觀，並且很高興地說出來。

In terms of 3D versus 2D, the early kind of discussion around it is that it will probably be released in both 2D and 3D. And I think we have to assess what we're going to do in different countries and in different theaters, and different showtimes. But the reason it's a good question is not only Avatar, but I believe that Dr. Strange is going to be released in 3D in some theaters. And remember, there are 4 more Avatars to come. So I do believe it can partially lead to a 3D renaissance. I don't think it will go back to where they made everything in 3D and converted it. But this kind of quality and this kind of look, I think, will increase demand. And we do have a massive competitive advantage there because we were such a market leader, and we have a technology advantage there.

就 3D 與 2D 而言，早期的討論是它可能會同時以 2D 和 3D 形式發布。我認為我們必須評估我們將在不同國家、不同劇院、不同放映時間做什麼。但這是一個好問題的原因不僅在於《阿凡達》，而且我相信《奇異博士》將在一些戲院以 3D 形式上映。請記住，還有 4 個化身即將到來。所以我確實相信它可以部分導致 3D 復興。我不認為它會回到他們以 3D 方式製作所有內容並進行轉換的狀態。但我認為這種品質和這種外觀將會增加需求。我們在那裡確實擁有巨大的競爭優勢，因為我們是市場領導者，而且我們在那裡擁有技術優勢。

And I didn't intend to talk about what I'm going to say, but I will, which is that we have so much hope for Avatar 2 that we've created an internal taskforce that crosses over technology, distribution, manufacturing, maintenance, marketing, all kinds of areas to figure out a way as a company we can capitalize on it and we will. Because the last one -- the good news is we got caught off-guard, and as you know, we have less than 300 theaters and do USD 250 million. I could tell you one thing, if there's an opportunity here, we're going to be ahead of the curve on that. And I think 3D might be a part of that.

我本來不想談論我要說的話，但我會的，那就是我們對《阿凡達 2》抱有很大的希望，以至於我們創建了一個跨技術、發行、製造、維護的內部工作組、營銷、各種領域來找出一種方法，作為一家公司，我們可以利用它，我們會的。因為最後一個——好消息是我們措手不及，正如你所知，我們只有不到 300 家影院，營業額為 2.5 億美元。我可以告訴你一件事，如果這裡有機會，我們將在這方面走在前面。我認為 3D 可能是其中的一部分。

Nice. The last question on China, Hollywood films going to China. Is it just your asset world that you've secured distribution to China at this point or maybe there's others? Curious on that. And then what is -- is there a rule of thumb, Rich, in terms of a timeline where you get visibility in front of the film's release or is it pretty variable?

好的。最後一個關於中國的問題，好萊塢電影走向中國。目前您已確保分配給中國的只是您的資產世界，還是還有其他資產？對此感到好奇。那麼，里奇，在電影上映前可以看到的時間線方面，是否有一個經驗法則，或者它是否非常可變？

So in terms of China, I've heard that a number of films that were in the queue have passed censorship, but that doesn't mean that they've yet been approved to come into the country. So there are lots of films going in. There are films that are past censorship. But I think actually, they've taken a little bit of a breath just because of what's going on with the theater closures. So they don't want to say, yes, they approved Jurassic World before the COVID restrictions flowed through. So I think they're waiting to see where it goes from that. But every indication is that they will continue to let in a normal amount of Hollywood films rather than 2021, which was a victim of a lot of factors, including the pandemic.

所以就中國而言，我聽說有一些正在排隊的電影已經通過了審查，但這並不意味著它們還沒有被批准進入中國。所以有很多電影正在上映。但我認為實際上，他們只是因為劇院關閉而鬆了一口氣。所以他們不想說，是的，他們在新冠疫情限制生效之前就批准了《侏羅紀世界》。所以我認為他們正在等著看事情的發展。但一切跡像都表明，他們將繼續放映正常數量的好萊塢電影，而不是 2021 年，2021 年是包括疫情在內的多種因素的受害者。

And the second part of your -- how long does it take? So if I was better at predicting the stock market, I probably would be long retired by now. But if you ask my predictions, I do think when people see the numbers coming out of the release is that start in like a week, and they see people coming back and then they focus on the slate right after that. I would think it would be fairly rapid, and that's happened before when there have been closures and reopenings and gaps in the slate.

你的第二部分——需要多長時間？因此，如果我更擅長預測股市，我現在可能早就退休了。但如果你問我的預測，我確實認為當人們看到發布後的數字時，他們會看到人們回來，然後他們會立即關注石板。我認為這會相當快，以前也曾發生過這種情況，當時有關閉、重新開放和空白的情況。

Moving forward to Mike Ng with Goldman Sachs.

接下來是高盛的 Mike Ng。

I was just wondering if you could expand a little bit more on the trends you're seeing in indexing. It seems like this blockbusterization of movies should certainly help that. What are you seeing relative to pre-pandemic levels and any color on domestic versus international?

我只是想知道您是否可以進一步擴展您在索引中看到的趨勢。看來電影的大片肯定會對此有所幫助。相對於疫情前的水平，您有何看法？

And then as a follow-up, could you just remind us what that Avatar historical indexing looked like? And obviously, things are very different now, but do you have an outlook for this time around?

作為後續行動，您能否提醒我們阿凡達歷史索引是什麼樣的？顯然，現在情況已經非常不同了，但是你對這一次有什麼展望嗎？

So on your first question about indexing, I think it's been very positive everywhere in the world, but I can't compare international to domestic. But I can tell you that on Fantastic Beasts, we are vastly over-indexed internationally. I think actually our indexing in North America was higher, too. But I think it's somewhat content dependent on a country-by-country basis. But the trend is very clear. So for example, in China, we've been overindexing for local language films and Hollywood films in a fairly material way ever since China opened up. In North America, as I said, the Batman did around 12% opening weekend. And usually, that's the kind of film, because it opens so broadly, that we probably would have been more like 9% or 10%. Fantastic Beasts we're around 10%. So pretty much consistently, Michael, we've been indexing -- over-indexing quite well, and it's a trend that I think will continue.

關於你關於索引的第一個問題，我認為世界各地的情況都非常積極，但我無法將國際與國內進行比較。但我可以告訴你，在《神奇動物在哪裡》中，我們在國際上的索引嚴重過高。我認為實際上我們在北美的索引也更高。但我認為這在某種程度上取決於各國的內容。但趨勢非常明顯。例如，在中國，自從中國開放以來，我們一直以相當物質的方式過度索引本地語言電影和好萊塢電影。正如我所說，在北美，《蝙蝠俠》首周末的票房收入約為 12%。通常，這就是那種電影，因為它的開放範圍如此之廣，我們可能會更喜歡 9% 或 10%。 《神奇動物在哪裡》我們大約是 10%。邁克爾，我們一直在索引——過度索引，我認為這種趨勢將會持續下去。

Just going -- I don't remember it was 13 years ago. I have a pretty good memory, but not that good. But we did about USD 250 million. I think Avatar overall did USD 2.8 billion, so roughly around 10%. But at the time, we were at 300 theaters and now we're around close to 1,800 theaters. Now obviously, some of those theaters are going to cannibalize themselves. It's not a completely -- you can't just do math and say it's going to do that. But given what our indexing was the last time around with a lot less theaters, I'm hopeful that we'll have strong indexing.

就這樣──我不記得那是13年前的事了。我的記憶力很好，但也不是那麼好。但我們做了大約2.5億美元。我認為阿凡達總體收入為 28 億美元，約佔 10% 左右。但當時我們有 300 家影院，現在我們的戲院數量接近 1,800 家。現在顯然，其中一些劇院將進行自我蠶食。這不完全是——你不能只做數學並說它會做到這一點。但考慮到我們上次索引的戲院數量要少得多，我希望我們會有強大的索引。

We take our next question from James Goss with Barrington Research.

我們從巴靈頓研究公司的詹姆斯·戈斯那裡回答我們的下一個問題。

I was thinking that most of the local language film is really good for the market in which it's produced. But I'm wondering if the Japanese anime seems like something that could be different and more portable to other markets. Is that the sort of thing that could be used in the United States or Europe or other areas?

我認為大多數本土語言電影都非常適合其製作的市場。但我想知道日本動漫是否看起來可能有所不同並且更容易移植到其他市場。這種東西可以在美國、歐洲或其他地區使用嗎？

Yes. It's a growing trend that's been happening over the course of the last several years. There's an export business that happens, particularly with Korean films, Japanese films, and Indian content where there's a really [rapid] market outside of those countries for those countries' films. And so you'll see when there's a big hit in Korea, for instance, it will play very nicely in both China and Japan. And you'll see with anime, it plays very well in markets all over the world when it's a big hit, particularly and it's a known base. Bollywood titles export extremely well, both in Europe, Canada, and the U.S.

是的。這是過去幾年不斷增長的趨勢。存在出口業務，特別是韓國電影、日本電影和印度內容，這些國家的電影在這些國家之外有一個非常[快速]的市場。所以你會看到，例如，當韓國大受歡迎時，它在中國和日本也會很受歡迎。你會看到動漫，當它大受歡迎時，它在世界各地的市場上表現得非常好，特別是它是一個眾所周知的基礎。寶萊塢影片在歐洲、加拿大和美國的出口都非常好。

So it's -- I think it's a bit of a reflection of globalization of content that's come from streaming and a increased awareness of content. It's also there's expat communities that live all over the world and that you're finding those communities where they live and you're supporting them with the content that they most want to see and giving them experience out of the home. And so there's definitely a marketplace for that, and I think it's something that we at IMAX are really interested in exploring to an increase in screens.

所以我認為這在某種程度上反映了來自串流媒體的內容全球化和內容意識的增強。還有居住在世界各地的外籍社區，您可以找到他們居住的社區，並透過他們最想看到的內容來支持他們，並為他們提供戶外體驗。因此，這肯定有一個市場，我認為這是我們 IMAX 真正有興趣探索增加銀幕數量的事情。

Do any of them reach a level where they might be better than the third or fourth week of even some of the blockbusters who might have a downdraft for the first week or 2?

它們中的任何一個都達到了可能比第三週或第四週更好的水平，甚至比一些可能在第一周或第二週出現下滑的大片更好嗎？

Yes. There's a lot of popularity -- anime has a lot of popularity. Anime and it's growing steadily in the United States for sure. I just take one example of the genres. And the one other question I'd have is the narrative-driven opportunity you brought up with the Blue Angels -- is that something also that could either be used on, say, IMAX screens during the middle of the week or on other screens in theaters can it go beyond what it might have started at?

是的。很受歡迎——動漫很受歡迎。動漫在美國無疑正在穩定成長。我僅舉一個類型的例子。我要問的另一個問題是你在《藍天使》中提出的敘事驅動的機會——這也可以在一周中的 IMAX 屏幕上使用，也可以在其他屏幕上使用。嗎？

Yes, Jim, that's what we intend to do. And I think it will eventually go on the streaming world. And whereas streaming at some point, seem like an existential threat, I think that provides an opportunity for us, not only in the areas that I discussed, but in the areas of being able to finance content off the money that's available there. And I think documentary is a kind of a new supercharged category, which people like in a cluttered market like docs, IMAX docs mean something really special. So yes, I do think that's an opportunity.

是的，吉姆，這就是我們打算做的。我認為它最終會出現在串流媒體世界中。儘管串流媒體在某種程度上似乎是一種生存威脅，但我認為這為我們提供了機會，不僅在我討論的領域，而且在能夠利用現有資金為內容提供資金的領域。我認為紀錄片是一種新的增壓類別，人們喜歡在像紀錄片這樣混亂的市場中，IMAX 紀錄片意味著一些非常特別的東西。所以是的，我確實認為這是一個機會。

It appears there are no further questions at this time. I'd like to turn the call back to IMAX for any additional closing remarks.

目前似乎沒有其他問題了。我想將電話轉回 IMAX，詢問更多的結束語。

Thank you, operator, and thanks, everybody, for joining us. So I really do think we're on the verge of a breakout at IMAX for a number of reasons. First of all, as I've said multiple times, the slate -- like I've been talking about Top Gun for a while and the buzz was there, but not to the extent it was today after it was shown at CinemaCon. And I think that's going to be true for a lot of things. And it's not just going to -- now people saying, "Oh, well, Spider-Man was a one-off or the Batman was a one-off. I think that's going to be a new narrative on a regular basis, and it's going to start very soon.

謝謝運營商，也謝謝大家加入我們。因此，我確實認為，出於多種原因，我們正處於 IMAX 突破的邊緣。首先，正如我多次說過的，板岩——就像我已經談論《壯志凌雲》一段時間了，人們的議論也在那裡，但還沒有達到今天在 CinemaCon 上放映後的程度。我認為對於很多事情都是如此。這不僅僅是——現在人們會說，「哦，好吧，蜘蛛人是一次性的，或者蝙蝠俠是一次性的。我認為這將成為一種定期的新敘述，而且它很快就要開始了。

Number 2, the theatrical experience just came through the biggest challenge it's ever faced, the dual threat of pandemic and streaming going day and date. And I think that's -- the streaming part has been proven not to work. People need a theatrical window. And whether it's a studio or eventually a streamer, there's going to be windows around lots of things. And I think that's going to be apparent soon.

第二，戲院體驗剛剛經歷了有史以來面臨的最大挑戰，即流行病和日復一日的串流媒體的雙重威脅。我認為串流媒體部分已被證明不起作用。人們需要一個戲劇視窗。無論是工作室還是最終的串流媒體，都會有很多東西的窗口。我認為這一點很快就會顯現出來。

Third thing was the market share, which we just talked about, where IMAX has increased market share on a global basis. And by the way, some of that, I think, is coming out of the pandemic. People are saying, I really want something special when I'm leaving the home. And I think you're seeing that in a lot of other premium experiences. And then finally, we're putting our money where our mouth is. So if the rest of the world doesn't believe our story, we do. And we're aggressively buying back our stock at these prices. So everybody could wait and see, but I'm putting my money on the fact that this is going to turn pretty rapidly. So thank you all for joining, and thank you for your interest in IMAX, and we'll talk to you soon.

第三件事是市場份額，我們剛才談到了，IMAX 在全球範圍內增加了市場份額。順便說一句，我認為其中一些是由於大流行而產生的。人們說，當我離開家時，我真的想要一些特別的東西。我認為您在許多其他優質體驗中也看到了這一點。最後，我們說到做到。因此，如果世界其他地方不相信我們的故事，我們就相信。我們正在以這些價格積極回購我們的股票。所以每個人都可以拭目以待，但我把錢押在這樣一個事實上：情況很快就會轉變。感謝大家的加入，也感謝您對 IMAX 的興趣，我們很快就會與您聯繫。

This concludes today's call. Thank you for your participation. You may now disconnect.

今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線。