Marcus Corp (MCS) 2024 Q1 法說會逐字稿

Good morning, everyone, and welcome to The Marcus Corporation First Quarter Earnings Conference Call. My name is Lauren, and I will be your operator for today. (Operator Instructions) As a reminder, this conference is being recorded. Joining us today are Greg Marcus, Chairman, President and Chief Executive Officer; and Chad Paris, Chief Financial Officer and Treasurer of The Marcus Corporation.

大家早安，歡迎參加馬庫斯公司第一季財報電話會議。我叫勞倫，今天我將擔任您的接線生。 （操作員指示）謹此提醒，本次會議正在錄製中。今天加入我們的還有董事長、總裁兼執行長 Greg Marcus；查德‧帕里斯 (Chad Paris)，馬庫斯公司財務長兼財務主管。

At this time, I'd like to turn the program over to Mr. Paris for his opening remarks. Please go ahead, sir.

現在我想把節目交給帕里斯先生致開幕詞。請繼續，先生。

Thanks, Lauren. Good morning, and welcome to our fiscal 2024 first quarter conference call.

謝謝，勞倫。早上好，歡迎參加我們的 2024 財年第一季電話會議。

I need to begin by stating that we plan to make a number of forward-looking statements on our call today, all of which we intend to qualify for the safe harbors from liability established by the Private Securities Litigation Reform Act. Our forward-looking statements may generally be identified by our use of words such as we believe, anticipate, expect or words of similar import. Our forward-looking statements are subject to certain risks and uncertainties, which may cause our actual results to differ materially from those expected. Listeners are cautioned not to place undue reliance on our forward-looking statements. The risks and uncertainties, which could impact our ability to achieve our expectations identified in our forward-looking statements are included under the heading Forward-Looking Statements in the press release we issued this morning announcing our fiscal 2024 first quarter results and in the Risk Factors section of our fiscal 2023 annual report on Form 10-K, which you can access on the SEC's website. We will also post all Regulation G disclosures when applicable on our website at marcuscorp.com. The forward-looking statements made during this conference call are only made as of the date of this conference call, and we disclaim any obligation to publicly update such forward-looking statements to reflect subsequent events or circumstances.

首先，我需要指出，我們計劃在今天的電話會議上發表一些前瞻性聲明，所有這些聲明我們都打算有資格獲得《私人證券訴訟改革法案》規定的免責責任的安全港。我們的前瞻性陳述通常可以透過我們使用「我們相信」、「預期」、「期望」或類似含義的詞彙來識別。我們的前瞻性陳述受到某些風險和不確定性的影響，這可能導致我們的實際結果與預期有重大差異。請聽眾不要過度依賴我們的前瞻性陳述。可能影響我們實現前瞻性聲明中確定的預期的能力的風險和不確定性包含在我們今天上午發布的宣布2024 財年第一季度業績的新聞稿中的“前瞻性聲明”標題下以及“風險因素」中我們 2023 財政年度年度報告的 10-K 表格部分，您可以在 SEC 網站上存取該報告。我們也將在我們的網站 marcuscorp.com 上發布所有適用的 G 條例揭露資訊。本次電話會議期間所做的前瞻性陳述僅截至本次電話會議之日作出，我們不承擔公開更新此類前瞻性陳述以反映後續事件或情況的義務。

In addition, we routinely post news releases and other information regarding developments at our company that impact our investors, customers, vendors and other stakeholders. You should look at our website, marcuscorp.com, as an important source of information regarding our company. We also refer you to the disclosures we provided in today's earnings press release regarding the use of adjusted EBITDA, a non-GAAP measure used in evaluating our performance and its limitations. A reconciliation of adjusted EBITDA to the nearest GAAP measure is provided in today's release.

此外，我們還定期發布有關我們公司發展的新聞稿和其他信息，這些信息會影響我們的投資者、客戶、供應商和其他利益相關者。您應該查看我們的網站 marcuscorp.com，這是有關我們公司的重要資訊來源。我們還請您參閱我們在今天的收益新聞稿中提供的有關調整後 EBITDA 的使用的披露信息，這是一種用於評估我們業績及其局限性的非公認會計準則衡量標準。今天的新聞稿中提供了調整後 EBITDA 與最接近的 GAAP 衡量標準的調整表。

All right. With that behind us, let's begin. This morning, I'll start by spending a few minutes sharing the results from our first quarter with you and discuss our balance sheet and liquidity. And then I'll turn the call over to Greg, who will focus his prepared remarks on where our businesses are today and what we are seeing ahead. We'll then open up the call for questions.

好的。有了這些，我們就開始吧。今天早上，我將首先花幾分鐘與您分享我們第一季的業績，並討論我們的資產負債表和流動性。然後我將把電話轉給格雷格，他將把準備好的演講重點放在我們今天的業務狀況以及我們對未來的展望上。然後我們將開始提問。

This morning, we reported a quarter in which we expected to face significant headwinds. The first quarter is always a seasonally challenging quarter with slower leisure travel at our Midwestern hotels during the winter months and what is often a lighter movie slate coming out of Hollywood. In addition to the normal seasonality, this year, we knew we would face content supply challenges resulting from the prolonged movie production shutdown during last year's Hollywood strikes. With these challenges in mind, our teams were focused on closely managing our operations and the things that we can control.

今天早上，我們報告了一個季度，我們預計將面臨重大阻力。第一季始終是一個充滿季節性挑戰的季度，我們在冬季中西部飯店的休閒旅行速度較慢，而且好萊塢上映的電影通常也比較少。除了正常的季節性因素外，我們知道今年我們將面臨去年好萊塢罷工期間電影製作長期停工帶來的內容供應挑戰。考慮到這些挑戰，我們的團隊專注於密切管理我們的營運和我們可以控制的事情。

Our first quarter results were mixed in our 2 segments. Our hotel division delivered revenue, RevPAR and earnings growth on continued strength in our group business. While our theaters division was negatively impacted by the weaker film slate with significantly lower attendance, we managed expenses well on the lower revenues.

我們第一季的兩個部門的業績好壞參半。我們的酒店部門憑藉集團業務的持續強勁實現了收入、每間客房收入和盈利的增長。雖然我們的戲院部門受到電影陣容疲軟和上座率大幅下降的負面影響，但我們在收入較低的情況下很好地管理了費用。

I'll start with a few highlights from our consolidated results for the first quarter of fiscal 2024. Consolidated revenues of $138.5 million decreased $13.7 million or 9% compared to the prior year quarter, with revenue growth in our hotels and resorts division offset by the revenue decrease in our theater division. Operating loss for the quarter was $16.7 million, a decline of $7.7 million compared to the prior year quarter. Consolidated adjusted EBITDA for the fourth quarter was $2.3 million, a decrease of $7.2 million over the first quarter of fiscal 2023.

首先，我將介紹2024 財年第一季合併業績的一些亮點。的收入成長所抵消。該季度營運虧損為 1,670 萬美元，比去年同期減少 770 萬美元。第四季合併調整後 EBITDA 為 230 萬美元，比 2023 財年第一季減少 720 萬美元。

Turning to our segment results. I'll start this morning with our hotels and resorts division. Revenues were $57.2 million for the first quarter of fiscal 2024, an increase of 2.5% compared to the prior year. Total revenue before cost reimbursements at our 7 owned hotels increased over $1.7 million or 3.8% over the first quarter of fiscal 2023. RevPAR for our comparable owned hotels grew 2.1% during the first quarter compared to the prior year, which resulted from an overall occupancy rate increase of 2.9 percentage points, partially offset by a 3.4% decrease in our average daily rate, or ADR.

轉向我們的部門業績。今天早上我將從我們的酒店和度假村部門開始。 2024 財年第一季營收為 5,720 萬美元，較上年成長 2.5%。我們7 家自營酒店的成本報銷前總收入比2023 財年第一季增長了170 萬美元以上，即3.8%。比增長了2.1%，這是由於整體入住率的提高費率上漲 2.9 個百分點，部分被我們的平均每日費率 (ADR) 下降 3.4% 所抵消。

Our average fiscal 2024 first quarter occupancy rate for our owned hotels was 53.7%. The decrease in ADR resulted from an increase in our group rooms as a percentage of our overall room mix with growth in midweek group rooms sold, which generally increases occupancy at lower rates. Group rooms increased to 34.5% of our total room mix during the first quarter of fiscal 2024 compared to 28.9% in the prior year quarter. In addition, improved revenue management during slower weeks and midweek nights in the first quarter resulted in growing occupancy and RevPAR at lower daily rate offerings to optimize overall rooms revenue. Our success in growing group business and better revenue management was evident in our performance relative to our peers.

2024 財年第一季我們自有飯店的平均入住率為 53.7%。 ADR 的下降是由於我們的團體客房佔整體客房組合的百分比增加，以及周中團體客房銷售量的增長，這通常會以較低的價格增加入住率。 2024 財年第一季，團體客房佔總客房總數的比例從去年同期的 28.9% 增至 34.5%。此外，第一季經濟放緩的幾周和周中夜間的收入管理得到改善，導致入住率和每間可用客房收入(RevPAR) 在較低的每日房價下不斷增長，從而優化了整體客房收入。我們在發展集團業務和改善收入管理方面所取得的成功，從相對於同業的業績中就可見一斑。

According to data received from Smith Travel Research, comparable competitive hotels in our markets experienced effectively flat RevPAR growth of 0.1% for the fiscal first quarter of 2024 compared to the first quarter of fiscal 2023, indicating that our hotels outperformed their competitive set by 2.3 percentage points. When comparing our RevPAR results to comparable upper upscale hotels throughout the United States, the upper upscale segment experienced an increase in RevPAR of 2.0% during our first quarter compared to the first quarter of fiscal 2023, indicating that our hotels performed in line with the industry nationally.

根據Smith Travel Research 收到的數據，與2023 財年第一季相比，我們市場上的同類競爭酒店的每間可用客房收入(RevPAR) 實際持平，增幅為0.1%，這表明我們的酒店表現優於競爭對手2.3 個百分點點。將我們的每間可用客房收入(RevPAR) 結果與美國各地的同類高檔高檔酒店進行比較時發現，與2023 財年第一季度相比，我們第一季度的高檔高檔酒店的每間可用客房收入( RevPAR) 成長了2.0%，這表明我們的酒店表現與行業水平一致全國範圍內。

With the continued growth in group business and events, our banquet and catering operations continue to grow, with food and beverage revenues up 6.4% in the first quarter of fiscal 2024 compared to the prior year. Finally, hotels adjusted EBITDA increased slightly in the first quarter of fiscal 2024, an improvement of approximately $400,000 compared to the prior year quarter.

隨著集團業務和活動的持續成長，我們的宴會和餐飲業務持續成長，2024財年第一季餐飲收入較上年增長6.4%。最後，飯店調整後 EBITDA 在 2024 財年第一季略有成長，與去年同期相比增加了約 40 萬美元。

Turning to theaters. Our first quarter fiscal 2024 total revenue of $81.3 million decreased 15.7% compared to the prior year first quarter. Comparable theater admission revenue decreased 13.8% over the first quarter of 2023, with comparable theater attendance decreasing 17.5%. Our first fiscal quarter began on December 29 and ended on March 28, and thus included 3 days between the holidays, but excluded the opening weekend of Godzilla x Kong: The New Empire at the end of March.

轉向劇院。我們 2024 財年第一季的總營收為 8,130 萬美元，比去年第一季下降 15.7%。與 2023 年第一季相比，可比劇院入場收入下降了 13.8%，可比劇院上座率下降了 17.5%。我們的第一個財政季度於 12 月 29 日開始，並於 3 月 28 日結束，因此包括假日之間的 3 天，但不包括 3 月底《哥吉拉 x 金剛：新帝國》的首映週末。

When comparing our results to other exhibitors or industry data sources such as Box Office Mojo for the first quarter, it's important to note that the domestic box office decrease first calendar quarter was approximately 3.3 percentage points better than the domestic box office decrease for the comparable weeks in our first fiscal quarter. When using our comparable fiscal weeks according to data received from Comscore and compiled by us to evaluate our fiscal 2024 first quarter results, U.S. box office receipts decreased 9% during our fiscal 2024 first quarter compared to U.S. box office receipts during our fiscal 2023 first quarter, indicating that our performance lagged the industry by approximately 4.8 percentage points.

將我們的結果與其他放映商或行業資料來源（例如第一季的Box Office Mojo）進行比較時，需要注意的是，第一季的國內票房降幅比可比周的國內票房降幅高出約3.3 個百分點在我們的第一個財政季度。根據從Comscore 收到並由我們編制的數據，使用可比財週來評估2024 財年第一季的業績時，與2023 財年第一季的美國票房收入相比，2024 財年第一季的美國票房收入下降了9% ，顯示我們的業績落後於產業約4.8個百分點。

We believe that our lower box office performance during the first quarter was primarily attributable to 2 factors: first, the biggest film of the quarter, Dune: Part Two, played exceptionally well on IMAX screens, resulting in IMAX screens taking market share from our UltraScreen and SuperScreen PLF formats in certain markets. While we believe the overall customer experience on our PLF screens with recliner seating, laser projection and Dolby Atmos sound is second to none, the market and promotion approach for this film negatively impacted our PLF market share this quarter.

我們認為，第一季票房表現較低主要歸因於兩個因素：首先，本季最大的電影《沙丘：第二部》在IMAX 螢幕上表現出色，導致IMAX 螢幕從我們的UltraScreen 手中搶走了市場佔有率以及某些市場的 SuperScreen PLF 格式。雖然我們相信配備躺椅、雷射投影和杜比全景聲的 PLF 螢幕的整體客戶體驗是首屈一指的，但這部電影的市場和促銷方式對我們本季度的 PLF 市場份額產生了負面影響。

We also believe the IMAX significant outperformance was unique to Dune and its distribution strategy as we saw a return to historical norms for PLF market share on Ghostbusters: Frozen Empire. In addition, we believe this dynamic was amplified in a quarter without many other big films playing on PLFs. And given our high penetration of PLFs across our circuit, we tend to outperform in periods when there is a greater supply of PLF content.

我們也認為，IMAX 的顯著優異表現是《沙丘》及其發行策略所獨有的，因為我們看到《捉鬼敢死隊：冰雪帝國》的 PLF 市場份額恢復到歷史正常水平。此外，我們認為，在沒有許多其他大片在 PLF 上播放的情況下，這一動態在一個季度內得到了放大。鑑於我們的 PLF 在整個電路中的滲透率很高，因此在 PLF 內容供應量較多的時期，我們往往會表現出色。

Second, the total box office in our top 7 markets underperformed the overall decrease in the national box office. We believe this is attributable to an unfavorable film mix that was light on family content and due to the stronger relative performance of Dune in markets where we do not have a presence.

其次，我們前七大市場的總票房表現落後於全國票房的整體降幅。我們認為，這是由於電影組合不適合家庭觀看，以及《沙丘》在我們沒有涉足的市場中表現相對強勁。

Our average admission price increased by 4.9% during the first quarter of fiscal '24 compared to last year. The increase in our admission per caps was primarily due to strategic pricing actions taken during fiscal 2023, which were partially offset by a decrease in the percentage of 3D ticket sales during the first quarter of '24 compared to the first quarter last year, which was favorably impacted by high 3D ticket sales from Avatar: The Way Of Water.

與去年相比，2024 財年第一季我們的平均門票價格上漲了 4.9%。我們的人均入場人數增加主要是由於 2023 財年採取的策略定價行動，但與去年第一季度相比，24 年第一季 3D 門票銷售百分比的下降部分抵消了這一影響。水之道》高額3D 門票銷售的有利影響。

Our average concession food and beverage revenues per person at our comparable theaters increased by 0.8% during the first quarter of fiscal 2024 compared to last year's first quarter. The increase was primarily due to inflationary pricing changes implemented during 2023 and was partially offset by a decrease in the number of concession items purchased per customer, which we believe is the result of fewer blockbuster films in the quarter, which tend to result in larger average purchase sizes as customers make a bigger event out of going to see the bigger films.

與去年第一季相比，2024 財年第一季我們可比影院的人均特許餐飲收入成長了 0.8%。這一增長主要是由於 2023 年實施的通貨膨脹定價變化，並被每位客戶購買的優惠商品數量減少所部分抵消，我們認為這是由於本季度大片減少的結果，這往往會導致平均收入增加當當客戶因觀看更大的電影而舉辦更大的活動時，會購買尺寸。

Our top 10 films in the quarter represented approximately 62% of the box office in the first quarter of fiscal 2024 compared to 71% for the top 10 films in the first quarter last year. The less concentrated film slate resulted in an approximately 3 percentage point decrease in overall film cost as a percentage of admission revenues. On the lower revenues, theater division adjusted EBITDA during the first quarter of fiscal 2024 was $6.2 million compared to $13.8 million in the prior year quarter. Given the soft film slate, we closely managed operating hours and labor throughout the quarter.

我們本季排名前 10 的電影約佔 2024 財年第一季票房的 62%，而去年第一季排名前 10 的電影則佔 71%。電影片材集中度降低導致整體電影成本佔入場收入的比例下降了約 3 個百分點。由於營收較低，影院部門在 2024 財年第一季調整後的 EBITDA 為 620 萬美元，而去年同期為 1,380 萬美元。鑑於軟膜板，我們在整個季度嚴格管理營運時間和勞動力。

Shifting to cash flow and the balance sheet. Our cash flow from operations was a use of cash of $15.1 million in the first quarter of fiscal 2024 compared to cash used by operations of $7.7 million in the prior year quarter, with the increase in cash used primarily due to the lower EBITDA. As a reminder, our cash flow from operations in the first quarter is historically impacted by seasonal changes in working capital resulting from the slowdown in our businesses following the peak holiday season and by the timing of various year-end accounts payable and compensation payments.

轉向現金流和資產負債表。 2024 財年第一季度，我們的營運現金流使用了 1,510 萬美元的現金，而去年同期營運使用的現金為 770 萬美元，現金使用的增加主要是由於 EBITDA 較低。提醒一下，我們第一季的營運現金流歷來受到假期旺季後業務放緩導致的營運資金季節性變化以及各種年末應付帳款和補償支付時間的影響。

Total capital expenditures during the first quarter of fiscal 2024 were $15.4 million compared to $8.9 million in the first quarter of fiscal '23. A large portion of our capital expenditures during the first quarter were invested in renovation projects in the hotel business at The Pfister Hotel and Grand Geneva Resort & Spa, with the balance going to maintenance projects in both businesses. Our capital investments and renovation projects have progressed as planned, and we continue to expect capital expenditures for fiscal 2024 of $60 million to $75 million, recognizing that the timing of several of our planned expenditures are still just estimates at this time.

2024 財年第一季的總資本支出為 1,540 萬美元，而 2023 財年第一季的資本支出為 890 萬美元。第一季我們的大部分資本支出投資於菲斯特酒店和日內瓦大日內瓦度假村及水療中心酒店業務的翻新項目，其餘部分用於這兩項業務的維護項目。我們的資本投資和改造項目已按計劃進展，我們仍然預計 2024 財年的資本支出為 6,000 萬至 7,500 萬美元，因為我們認識到目前多項計劃支出的時間仍只是估計。

We are still finalizing the scope and timing of various projects and the actual timing of these projects will impact our final capital expenditures number for the year. We will update our capital expenditure estimates as the year progresses. In addition to our capital expenditures, during the first quarter, we also invested approximately $4 million in a joint venture that acquired the Loews Minneapolis Hotel, a 251-room full-service luxury hotel that Greg will discuss further.

我們仍在最終確定各個項目的範圍和時間安排，這些項目的實際時間表將影響我們今年的最終資本支出數量。隨著時間的推移，我們將更新我們的資本支出估計。除了我們的資本支出之外，在第一季度，我們還向一家合資企業投資了約400 萬美元，該合資企業收購了明尼阿波利斯洛伊斯酒店(Loews Minneapolis Hotel)，這是一家擁有251 間客房的全方位服務豪華酒店，格雷格將進一步討論。

This investment and our ability to execute on this deal is a great example of the flexibility and strategic advantage that our strong balance sheet and liquidity provide, making us an attractive asset buyer to sellers in allowing us to move quickly when attractive investment opportunities become available. Our balance sheet remains strong, and we ended the first quarter with $17 million in cash and over $237 million in total liquidity with the debt to capitalization ratio of 27% and net leverage of 1.7x net debt to adjusted EBITDA.

這項投資以及我們執行這項交易的能力很好地證明了我們強大的資產負債表和流動性所提供的靈活性和戰略優勢，使我們成為對賣方有吸引力的資產買家，使我們能夠在有吸引力的投資機會出現時迅速採取行動。我們的資產負債表仍然強勁，第一季末我們擁有 1,700 萬美元的現金和超過 2.37 億美元的總流動資金，負債與資本比率為 27%，淨槓桿率為調整後 EBITDA 淨負債的 1.7 倍。

With that, I will now turn the call over to Greg.

現在，我將把電話轉給格雷格。

Thanks, Chad. Good morning, everyone.

謝謝，查德。大家，早安。

We entered the year with a mixed short-term outlook in our 2 businesses. In hotels, we saw a continuing trend of strong group bookings, an overall healthy economy with steady travel demand, significant events and demand drivers in our markets and several recently renovated properties in our portfolio with strong positioning in their markets. By contrast, in theaters, we know we would have to navigate a short-term content supply disruption resulting from the shutdown of movie production during the 2023 Hollywood strikes that would likely create challenges for several quarters.

進入新的一年，我們的兩項業務的短期前景好壞參半。在酒店方面，我們看到了強勁的團體預訂持續趨勢、整體健康的經濟和穩定的旅行需求、我們市場中的重大事件和需求驅動因素以及我們投資組合中最近翻新的幾家酒店在其市場中的強大定位。相較之下，在戲院，我們知道我們將不得不應對 2023 年好萊塢罷工期間電影製作停工導致的短期內容供應中斷，這可能會給幾季帶來挑戰。

As I shared on our last call, January and February got off to a slow start. And while I'm happy to share that March was better, it was still a tough quarter for the movies. We anticipated these short-term challenges in our industry, and we manage the business accordingly. While the comparisons to last year are certainly tough, the overall company first quarter results are actually slightly better than what we expected. We often get asked why we have these 2 different businesses. And this quarter, along with the last several years, have really illustrated the benefits of our diversified business model that can provide a counterbalance when we encounter periodic bumps in one of our businesses.

正如我在上次電話會議中分享的那樣，一月和二月開局緩慢。雖然我很高興地告訴大家，三月情況有所好轉，但對於電影來說，這仍然是一個艱難的季度。我們預見了產業中的這些短期挑戰，並相應地管理業務。雖然與去年相比確實很困難，但公司第一季的整體業績實際上略好於我們的預期。我們經常被問到為什麼我們有這兩種不同的業務。本季以及過去幾年確實說明了我們多元化業務模式的好處，當我們的一項業務遇到週期性波動時，這種模式可以提供平衡。

While the short-term expectations for our theater and hotel divisions are going to differ this year, our long-term outlook for both businesses remains positive and optimistic, and we expect growing momentum in the back half of the year. I'll start today with our hotel and resorts division. You've seen the segment numbers, and Chad shared some additional detail on the performance metrics, including our outperformance to the comp sets and our in-line performance with upper upscale hotels nationally. As we've discussed in past years, there is significant seasonality in our hotel business, given that most of our company-owned hotels are located in the Midwest. We often lose money in this division during the winter months. And in the first quarter of fiscal 2024, we were at breakeven EBITDA, an improvement over our prior year EBITDA loss.

雖然今年我們對劇院和酒店部門的短期預期將有所不同，但我們對這兩個業務的長期前景仍然積極樂觀，我們預計今年下半年將出現成長勢頭。今天我將從我們的酒店和度假村部門開始。您已經看到了細分數據，查德分享了有關績效指標的一些其他詳細信息，包括我們優於競爭對手的績效以及我們與全國高檔酒店的績效一致。正如我們過去幾年所討論的，鑑於我們公司擁有的大多數酒店都位於中西部，我們的酒店業務存在明顯的季節性。在冬季，我們常在這個部門虧錢。在 2024 財年第一季度，我們實現了 EBITDA 損益平衡，比上一年的 EBITDA 虧損有所改善。

There were a few notable trends in the quarter that I would like to highlight. I'll start with what we're seeing with average daily rates. Our average daily rates were down 3.4% in the first quarter compared to the first quarter last year, and the drivers of this are due to 3 factors: changes in our mix of business, changes in revenue management strategy and some market softening. I'll start with our mix of business. In the first quarter of 2024, group room revenue was over 34% of our overall mix of business compared with 29% of our mix last year. While group business is typically at lower rates and is dilutive to ADR, it allows us to grow midweek occupancy and is accretive to our overall RevPAR. In addition, the strength of our group business provides growth to our banquet and catering business, which grew 6.4% in the first quarter of 2024 compared to the first quarter last year.

我想強調本季有一些值得注意的趨勢。我將從我們所看到的平均每日費率開始。與去年第一季相比，我們第一季的日均費率下降了 3.4%，其驅動因素有 3 個因素：業務組合的變化、收入管理策略的變化以及市場的疲軟。我將從我們的業務組合開始。 2024 年第一季度，團體客房收入占我們整體業務組合的 34% 以上，而去年這一比例為 29%。雖然集團業務的費率通常較低，並且會稀釋平均房價，但它使我們能夠提高周中的入住率，並增加我們的整體 RevPAR。此外，集團業務的實力為我們的宴會及餐飲業務提供了成長，2024年第一季較去年第一季成長6.4%。

Secondly, we continue to refine and optimize revenue management. During the first quarter at select hotels, we adjusted our strategy to sell rooms at lower daily rates during low demand periods to drive occupancy and maximize revenue with our available room night capacity. This approach was particularly effective during the winter months when demand is seasonally low, and we were more aggressive on rates this year than we were last year. The net result was successful in growing our occupancy and overall RevPAR.

二是持續細化優化收益管理。在第一季度，我們在部分飯店調整了策略，在需求低迷時期以較低的每日價格出售客房，以提高入住率並利用可用房晚容量實現收入最大化。這種方法在需求季節性較低的冬季尤其有效，而且我們今年的利率比去年更加激進。最終結果成功地提高了我們的入住率和總可售房收入。

Finally, we did see some general rate softening in the quarter at some of our properties. One quarter does not make a trend and the winter months are typically weak demand to begin with, but we do expect moderating ADR growth rates compared to last year, and we will continue to monitor the trend. RevPAR grew in 3 of our 7 owned hotels with average daily rate growth at 2 hotels and occupancy growth at 4 out of 7 hotels, resulting in overall RevPAR growth of 2.1%. Group business remains strong, and we're doing a great job capturing our share of group business. We have previously shared with you the strength in our group bookings over the last several quarters, and we're seeing that coming through the results.

最後，我們確實看到我們的一些物業在本季度出現了一些普遍的利率軟化。一個季度並沒有形成趨勢，冬季通常需求疲軟，但我們預計 ADR 成長率與去年相比將有所放緩，我們將繼續監測這一趨勢。在我們擁有的7 家酒店中，有3 家的每間可用客房收入有所增長，其中2 家酒店的日均房價有所增長，7 家酒店中有4 家的入住率有所增長，總體每間客房收入成長了2.1%。集團業務依然強勁，我們在獲取集團業務份額方面做得非常出色。我們之前曾與您分享過去幾季我們團體預訂的實力，我們也從結果中看到了這一點。

The bookings continue to look strong with our group room revenue bookings for the remainder of fiscal 2024, or group pace in the year, for the year, running approximately 23% ahead of where we were at this time last year. At approximately 11% of where we were at this time last year, excluding the impact of the upcoming Republican National Convention in Milwaukee this summer. Even more encouraging, our group pace for fiscal 2025 is running over 60% ahead of where we were at this time last year. Banquet and catering pace for the remainder of fiscal '24 and '25 is similarly ahead of where we were at this time last year.

我們的 2024 財年剩餘時間的團體客房預訂收入（即當年的團體客房預訂量）看起來仍然強勁，比去年同期高出約 23%。大約是去年同期水準的 11%，不包括今年夏天即將在密爾瓦基舉行的共和黨全國代表大會的影響。更令人鼓舞的是，我們 2025 財年的集團進度比去年同期快了 60% 以上。 24 財年和 25 財年剩餘時間的宴會和餐飲增速同樣領先去年同期。

Chad mentioned our investments in renovations in our owned hotels this quarter. One benefit of our seasonality and slower winter months is it gives us an opportunity to complete these projects with limited disruption to hotel operations. We continue to make great progress on our renovation projects with most of the updated ballrooms and meeting space at Grand Geneva now back in service and the guest room renovation of the historic tower at The Pfister Hotel on track for completion in June. The updated spacing rooms look great, and our team has done a fantastic job executing these large and complex projects.

乍得提到了本季我們對自有旅館進行翻修的投資。季節性和較慢的冬季月份的好處之一是，它使我們有機會在對酒店營運造成有限幹擾的情況下完成這些項目。我們的翻新項目繼續取得巨大進展，大日內瓦酒店的大部分更新後的宴會廳和會議空間現已恢復使用，菲斯特酒店歷史塔樓的客房翻新工程也預計於 6 月完成。更新後的間隔房間看起來很棒，我們的團隊在執行這些大型複雜專案方面做得非常出色。

As our hotel division heads into the busier spring and summer travel months, we are excited by what we see ahead. The investments we are making in our properties puts us in a great position to win in our markets. And of course, the Republican National Convention in July will be great for the entire city of Milwaukee and we're excited to showcase our wonderful community.

隨著我們的酒店部門進入更繁忙的春季和夏季旅行月份，我們對未來的前景感到興奮。我們對房地產的投資使我們處於贏得市場的有利地位。當然，七月的共和黨全國代表大會對於整個密爾瓦基市來說都是一件好事，我們很高興能夠展示我們精彩的社區。

Last quarter, I shared an update on our growth strategy in hotels and briefly commented on our pending acquisition of the Loews Minneapolis Hotel. Our joint venture closed on the hotel acquisition on March 1, and our team hit the ground running, taking over management of the hotel and executing our repositioning strategy for this property. The luxury lifestyle hotel was rebranded as The Lofton, a Tapestry Collection by Hilton Hotel. It was part of the Hilton reservation system on day 1 of our ownership and management. We will continue to make improvements at the hotel over the next year to create value and turn around what we believe is a property with great potential.

上個季度，我分享了我們酒店成長策略的最新情況，並簡要評論了我們即將收購的明尼阿波利斯洛斯酒店。我們的合資企業於 3 月 1 日完成了酒店收購，我們的團隊立即開始行動，接管酒店的管理並執行我們對該酒店的重新定位策略。這間豪華生活風格飯店更名為 The Lofton, a Tapestry Collection by Hilton Hotel。在我們擁有和管理的第一天，它就成為希爾頓預訂系統的一部分。我們將在明年繼續對酒店進行改進，以創造價值並扭轉我們認為具有巨大潛力的酒店。

Turning to theaters. Chad went over the numbers with you, including our continued increases in per person revenues. The beginning of the first quarter got off to a very different start than what we experienced last year when the industry benefited from strong holds on carryovers, Avatar: The Way of Water and Puss in Boots: The Last Wish. In fact, Avatar was the #1 movie for the first 5 weeks of our fiscal 2023. While there were a number of good films in theaters over the holidays to continue to play into the new year, we didn't have a single blockbuster like Avatar that held as long and performed as strong in January this year.

轉向劇院。查德與您一起回顧了這些數字，包括我們人均收入的持續成長。第一季初的開局與去年截然不同，去年該行業受益於《阿凡達：水之道》和《穿靴子的貓：最後的願望》的強勁保留。事實上，《阿凡達》是我們 2023 財年前 5 週排名第一的電影。在今年1 月維持了同樣長的時間，表現也同樣強勁。

In terms of the quantity of wide-release films in the first quarter, we had a similar number of titles with 24 wide releases in the first quarter of fiscal 2024 compared to 23 in the first quarter last year. However, the first quarter slate this year was weaker overall, with lesser performances and fewer blockbuster films with no films in the first quarter opening over $100 million. And with an average opening weekend U.S. box office gross per wide release film that was 25% lower than the same average in the first quarter last year.

就第一季廣泛發行的電影數量而言，2024 財年第一季廣泛發行的影片數量相似，為 24 部，而去年第一季為 23 部。然而，今年第一季整體表現較弱，演出較少，大片較少，首季首映票房過億的電影尚無。美國每部寬幅上映影片的首周末平均票房收入比去年第一季的平均票房收入低 25%。

We believe this was another side effect of last year's Hollywood strikes with bigger titles getting pushed out on the film slate as a result of the moving production shutdown. And smaller films getting wide releases that would have normally been limited releases if the product supply were stronger. There were a few bright spots in the quarter with Dune: Part Two exceeding industry expectations and delivering on its potential, and Bob Marley: One Love surprising with a strong opening and a great run.

我們認為這是去年好萊塢罷工的另一個副作用，由於生產停工，更大的電影被排除在電影名單上。如果產品供應強勁，較小的電影將廣泛發行，而這些電影通常會受到限制。本季有一些亮點，《沙丘：第二部分》超越了業界預期並發揮了其潛力，而《鮑伯馬利：一個愛》則以強勁的開局和出色的表現令人驚訝。

Chad shared some of the market share dynamics that we believe impacted our market share on Dune with the film significantly outperforming on IMAX screens nationally, which only represents 3 of our 125 premium large-format screens. As Chad discussed, the IMAX performance on this film does appear to be unique to Dune and its distribution strategy as we saw a return to a more typical PLF market share with Ghostbusters: Frozen Empire. Chad also noted that our PLF strategy particularly benefits us when there are multiple significant films in the market at the same time.

Chad 分享了我們認為影響我們在《沙丘》市場份額的一些市場份額動態，該電影在全國IMAX 銀幕上的表現顯著優於IMAX 銀幕，而IMAX 銀幕僅占我們125 個優質大尺寸銀幕中的3個。正如 Chad 所討論的，這部電影的 IMAX 表現確實是《沙丘》及其發行策略所獨有的，因為我們看到《捉鬼敢死隊：冰雪帝國》回歸了更典型的 PLF 市場份額。 Chad 也指出，當市場上同時有多部重要電影時，我們的 PLF 策略特別有利於我們。

Our admission per caps were up 4.9% in the first quarter, and we were able to overcome the headwind from the high percentage of 3D tickets on Avatar last year. However, as we look forward, we expect our admission per cap growth rate to flatten as we have passed the 1-year anniversary of the pricing changes to our Value Tuesday promotion that we made in March last year. We will continue to review our regular non-Tuesday ticket prices in our markets to ensure we remain competitive and offer attractive value to all types of customers. This will be increasingly important as we work to incentivize customers to maintain the habit of moviegoing during periods of product gaps in the release calendar.

第一季我們的人均入場門票量增加了 4.9%，我們克服了去年阿凡達 3D 門票高比例帶來的阻力。然而，展望未來，我們預計人均入場成長率將趨於平緩，因為我們已經過了去年 3 月推出的「超值星期二」促銷價格調整一周年紀念日。我們將繼續審查市場上的常規非週二票價，以確保我們保持競爭力並為所有類型的客戶提供有吸引力的價值。這將變得越來越重要，因為我們致力於激勵客戶在發布日曆的產品間隙期間保持看電影的習慣。

In April, we were with our theater team at CinemaCon, and there were a few things I took away from this year's conference, first and most importantly, our studio partners. Film directors and talent all continue to reaffirm the importance of theatrical exhibition to the overall filmed entertainment ecosystem and our role in elevating their content. Second, we got a closer look at the film slate for the rest of the year and into 2025. And as we move past the supply chain issues from the strikes, there is a lot to be excited about with several great titles this summer and later this year that look really good, and we expect a strong -- a much stronger slate for 2025.

四月，我們和劇場團隊一起參加了 CinemaCon，我從今年的會議中學到了一些東西，首先也是最重要的是，我們的工作室合作夥伴。電影導演和人才都繼續重申戲院放映對整個電影娛樂生態系統的重要性以及我們在提升其內容方面的作用。其次，我們仔細研究了今年剩餘時間和 2025 年的電影上映計劃。 ，我們預計2025 年會更加強勁。

The summer movie season kicks off tomorrow with the opening of The Fall Guy and is followed by a number of big titles, including Kingdom of the Planet of the Apes, Furiosa: A Mad Max Saga, Inside Out 2, Horizon: An American Saga, A Quiet Place: Day One, Despicable Me 4, Twisters and Deadpool & Wolverine. This fall, we are excited about Beetlejuice, Joker: Folie a Deux, Saw XI and Venom: The Last Dance. For the holidays, we look forward to Gladiator II, Moana 2, Wicked, The Lord of the Rings: The War of the Rohirrim, Kraven the Hunter, Mufasa and Sonic the Hedgehog 3.

夏季電影季將於明天拉開序幕，《替罪羔羊》將上映，隨後還有多部大片上映，包括《猩球崛起》、《瘋狂麥斯傳奇》、《腦筋急轉彎2》、《地平線：美國傳奇》、 《安靜的地方》：《第一天》、《神偷奶爸 4》、《龍捲風》和《死侍與金鋼狼》。今年秋天，我們對 Beetlejuice、Joker: Folie a Deux、Saw XI 和 Venom: The Last Dance 感到興奮。假期期間，我們期待《角鬥士II》、《莫阿娜2》、《邪惡女巫》、《魔戒：洛希爾人之戰》、《獵人克萊文》、《木法沙》和《刺猬索尼克3》。

We continue to project 95 to 100 wide release films for 2024. As we look to next year, 2025, we'll feature several strong franchises, including Superman, Fast & Furious, Captain America, Mission: Impossible, Jurassic World, Karate Kid, The Fantastic Four, Snow White, Wicked 2 and Avatar 3, just to name a few. We've always taken a long-term view of managing our businesses. And as we look at the product supply ramping back up to and potentially exceeding 2023 levels in 2025, we remain very positive and optimistic about the long-term future for the industry and our theater business.

我們將繼續計畫在2024 年上映95 到100 部大片。諜報》、《侏羅紀世界》、《空手道小子》、神奇四俠、白雪公主、邪惡女巫 2 和阿凡達 3 等等。我們始終以長遠的眼光來管理我們的業務。當我們看到產品供應在 2025 年回升至並可能超過 2023 年的水平時，我們對該行業和劇院業務的長期未來仍然非常積極和樂觀。

Finally, I'd like to once again express my appreciation for our dedicated associates of The Marcus Corporation. Their outstanding work and commitment to serving our customers is responsible for our success, and we appreciate all that they do every day. They are our most important asset. So on behalf of our Board of Directors and our entire executive team, thank you to all of our associates.

最後，我想再次對 Marcus Corporation 的敬業員工表示感謝。他們的出色工作和對服務客戶的承諾是我們成功的原因，我們感謝他們每天所做的一切。他們是我們最重要的資產。因此，我代表我們的董事會和整個執行團隊，感謝我們所有的員工。

And with that, at this time, Chad and I would be happy to open up the call for any questions you may have.

因此，此時，查德和我很樂意撥打電話詢問您可能有的任何問題。

(Operator Instructions) Our first question comes from Eric Wold from B. Riley Securities.

（操作員指示）我們的第一個問題來自 B. Riley Securities 的 Eric Wold。

A few questions kind of based on some of the comments you made in your pre -- your opening remarks. I guess, one, other than the -- for the theater segment, other than the spending patterns around tickets and mostly concessions that are kind of influenced directly by the film slate. Can you talk about anything you're seeing from your theater customers in terms of their willingness to spend or changing their spending patterns? Any shifts in ticket price, any movements around upgrade, days of the week they visit, basket size (inaudible), anything that would kind of give you more or less confidence in kind of the health of the consumer as you kind of enter hopefully a strengthened film slate in the coming quarters?

有幾個問題是基於您在開場白中所做的一些評論。我想，除了戲劇部分之外，除了圍繞門票的消費模式和主要受電影片單直接影響的優惠之外。您能談談您從戲院客戶看到的消費意願或消費模式改變方面的情況嗎？票價的任何變化、升級方面的任何變動、他們一周中的哪幾天來訪、購物籃大小（聽不清楚），以及任何能讓您或多或少對消費者的健康狀況有信心的事情，因為您希望進入未來幾季的電影陣容會加強嗎？

Yes. It's -- look, it's hard to actually tell -- like, for example, do we know what days of the week they shift into, we don't know necessarily. We're not seeing a lot of -- it's hard to see where they've necessarily shifted from one or the other. We can see a little in our data from our loyalty stuff to see where people are moving. But look, I think the bigger thing that we want to be thoughtful about as we look forward and that is that the movie business tends to be a really -- if there is going to be weakness, and I think the jury is out. But if there's going to be weakness, the movie business tends to benefit from that in that, [they all saying,] 6 out of the last 8 recessions, the movie business got better. And that's -- because we become the most attractively priced out-of-home entertainment option for people. And so for us, we then make sure that our pricing is appropriate to capture that customer who may be feeling some economic stress and being smart about how we do that. But we don't have any -- it's still a little early.

是的。這是——看，實際上很難說——例如，我們是否知道它們變成一周中的哪幾天，我們不一定知道。我們沒有看到很多——很難看出它們與其中一個有什麼必然的轉變。我們可以從忠​​誠度數據中看到一些數據，以了解人們的去向。但是，我認為，在展望未來時，我們需要考慮的更重要的事情是，電影業往往會出現真正的弱點，而且我認為目前還沒有定論。但如果出現疲軟，電影業往往會從中受益，[他們都說]過去 8 次經濟衰退中有 6 次，電影業變得更好。那是因為我們成為人們價格最具吸引力的戶外娛樂選擇。因此，對我們來說，我們會確保我們的定價適合吸引那些可能感受到一些經濟壓力的客戶，並且我們要明智地做到這一點。但我們還沒有——現在還為時過早。

Got it. Okay. And then, Chad, you talked about, the theater segment -- sticking with the theater segment still, you talked about some of the market share loss around Dune 2, given the strength of IMAX and what IMAX did to kind of really promote and market that film as shot with IMAX cameras and the best way you could see it and all that. Knowing that IMAX's goal over the coming years, and they've got an increased slate of films shot with IMAX cameras that will be coming out later this year and into next year, even if we get a more robust film slate overall that can be playing in your PLF and you've got more versatility there, is there a risk of sustained share shift if that becomes an increasing part of IMAX's strategy and the studio strategy to use IMAX in that way?

知道了。好的。然後，查德，您談到了影院細分市場- 仍然堅持影院細分市場，您談到了《沙丘2》周圍的一些市場份額損失，考慮到IMAX 的實力以及IMAX 在真正的推廣和營銷方面所做的努力那部電影是用 IMAX 攝影機拍攝的，以及你能以最好的方式觀看它等等。知道 IMAX 未來幾年的目標，他們已經增加了用 IMAX 攝影機拍攝的電影數量，這些電影將在今年晚些時候和明年上映，即使我們總體上得到了更強大的可以播放的電影列表在你的PLF中，你在那裡擁有更多的多功能性，如果這成為IMAX 戰略和工作室以這種方式使用IMAX 的戰略的一個日益重要的部分，是否存在持續份額轉移的風險？

Yes. I mean, this -- Dune was a pretty unique movie, Eric, in the magnitude of the shift that we saw. And when we look back at films that were similar last year, we didn't see that shift. And then when we look at the other films that would be a good fit for PLFs in the first quarter, which -- that's a limited sample size, we didn't see it at all. In fact, we saw it go back to historical norms. So as I said in my prepared remarks, it really gets amplified when we don't have a lot of PLF content. And we -- as you know, we have such a high penetration of PLFs across our circuit that we do really well when there's more than one big film to show in any given quarter, and we just didn't have that this quarter. So we'll continue to monitor the dynamics here. But they've -- I would just say they've had that strategy with other films last year. Oppenheimer was one that I would point out. And even with Ghostbusters, it was -- it had similar -- shown an IMAX-type promotion, and we didn't see it there. So we'll continue to monitor it, but we feel pretty good about how our PLFs are set up in the customer experience.

是的。我的意思是，從我們所看到的轉變的幅度來看，艾瑞克，《沙丘》是一部非常獨特的電影。當我們回顧去年類似的電影時，我們並沒有看到這種轉變。然後，當我們在第一季查看其他適合 PLF 的電影時，樣本量有限，我們根本沒有看到。事實上，我們看到它回到了歷史常態。正如我在準備好的演講中所說，當我們沒有大量 PLF 內容時，它確實會被放大。如你所知，我們的 PLF 滲透率如此之高，以至於當任何特定季度都有不止一部大片要上映時，我們都會表現得非常好，而本季度我們卻沒有這樣的電影。所以我們將繼續關注這裡的動態。但他們——我只想說他們去年在其他電影中也採取了同樣的策略。奧本海默是我要指出的一位。即使是《捉鬼敢死隊》，它也有類似的 IMAX 類型的宣傳，但我們在那裡沒有看到它。因此，我們將繼續監控它，但我們對 PLF 在客戶體驗中的設定方式感到非常滿意。

Helpful. And then last question for me. I guess more of a corporate philosophical question. I mean, the stock price is at kind of the lowest level it's been in 10 years, excluding the pandemic hit. I guess, given the optimism you guys have, and I think we all have on the box office recovery path post this strike-impacted year along with your ability to kind of continue to grow the hotel segment. When do buybacks become a better use of cash flow? I know there is some uncertainty around CapEx needs with the hotel segment and one of your properties there. But just thinking about when does that become a better use of capital than maybe something else given what we could see in the coming years from both of your segments?

有幫助。然後是我的最後一個問題。我想更多的是一個企業哲學問題。我的意思是，排除大流行的影響，股價處於 10 年來的最低水準。我想，考慮到你們的樂觀態度，我認為在受罷工影響的一年後，我們都走上了票房復甦之路，而且你們有能力繼續發展酒店業務。回購什麼時候才能更好地利用現金流？我知道酒店部門和您在那裡的一處房產的資本支出需求存在一些不確定性。但考慮到我們在未來幾年從你們的兩個細分市場中可以看到的情況，想想什麼時候這會成為比其他方式更好的資本利用方式呢？

Yes. I guess I'll start with, I think you're right. We certainly have strong conviction and optimism long term on both of these businesses. But we are weighing several things on capital allocation. The $60 million to $75 million of CapEx this year is certainly significant and a big ramp-up in the hotel business, and we've got some other reinvestments to consider as we head into next year also in the hotel business. But it creates a unique opportunity down here at the share price, and we want to clean up the capital structure. So there's a few different ways that you can look at share repurchases, and we've got to convert that is coming due next year that we're going to want to deal with over the course of the next 1.5 years. So those are all the things that we're thinking through, but we do have an open authorization on share repurchases and opportunistically that's always an option for us.

是的。我想我會開始，我認為你是對的。我們當然對這兩項業務長期抱持堅定的信念和樂觀態度。但我們正在權衡資本配置的幾​​個問題。今年 6000 萬至 7500 萬美元的資本支出無疑是重要的，並且是酒店業務的大幅增長，當我們進入明年的酒店業務時，我們還需要考慮其他一些再投資。但這在股價方面創造了一個獨特的機會，我們希望清理資本結構。因此，您可以透過幾種不同的方式來看待股票回購，我們必須對明年到期的股票進行轉換，我們希望在未來 1.5 年內處理這些問題。這些都是我們正在考慮的事情，但我們確實擁有股票回購的公開授權，而機會主義地這始終是我們的一個選擇。

Our next question comes from Jim Goss from Barrington Research.

我們的下一個問題來自 Barrington Research 的 Jim Goss。

All right. One question on the hotel side with this conversion and purchase in Minneapolis to the Tapestry Collection. I'm not so familiar with that particular brand. I think you mentioned it was a luxury lifestyle hotel. I wonder if you could talk about that in terms of the pricing level and the incremental benefit you think you're going to be able to get out of that particular property?

好的。酒店方面的一個問題是，在明尼阿波利斯將其轉換併購買為 Tapestry Collection。我對那個特定品牌不太熟悉。我想你有提到這是一家豪華生活風格酒店。我想知道您是否可以從定價水平以及您認為能夠從該特定財產中獲得的增量收益方面談談這一點？

Well, the Tapestry Collection hotel is -- Tapestry Collection, it's Hilton. The goal is to get into the -- on the Hilton reservation system and on the Hilton loyalty program. So that's -- and that's one of their, what they call, soft brand. So it's not -- doesn't have the Hilton -- it's not called the Hilton, but it's Tapestry by Hilton, so it's pretty close. And again, it gets the benefits of being in their system. And we don't discuss specific hotel projections and increases, but trust that we expect that by moving to a stronger system, we expect that, that will drive increased performance.

嗯，Tapestry Collection 酒店是——Tapestry Collection，它是希爾頓。目標是進入希爾頓預訂系統和希爾頓忠誠度計劃。這就是他們所謂的軟品牌之一。所以它不是——沒有希爾頓——它不叫希爾頓，但它是希爾頓Tapestry，所以它非常接近。再次，它獲得了進入他們系統的好處。我們不會討論特定的酒店預測和成長，但相信我們期望透過轉向更強大的系統，我們期望這將推動業績的提高。

Okay. And One follow-up on the -- to Eric's question about Dune. I was wondering if you feel that particular movie had more of an urban focus. And to the extent that most of the competition you would have with IMAX would be in a smaller subsector of your markets where that would be a conflict. Do you think that's part of the issue, too, that it's just the nature of the film itself relative to your markets?

好的。埃里克關於沙丘的問題的一個後續。我想知道你是否覺得那部電影更專注於城市。在某種程度上，您與 IMAX 的大部分競爭將發生在您的市場中較小的子領域，這將是一個衝突。您是否認為這也是問題的一部分，這只是電影本身相對於您的市場的性質？

Yes. Absolutely. We believe -- and we believe, generally, we've had some -- one of the things contributing this quarter was just a film mix stuff. When you get to the smaller films, they don't play as well in the Midwest. And Dune is not a smaller film. But again, that one had more -- when you get more urban focus, that's not where we shine. And so it's -- you're right, we were facing headwinds from that. And we even saw -- we have an IMAX in a pretty isolated market and its performance was not as robust as some of the other ones. So we have some insight into what's going on with IMAX because we do have a few of them. But it performed really well on IMAX, but it was -- that was one time one analyst wrote something about a tax treatment we got. Asked the question, is it an aberration or a revelation? I'm not sure it's a revelation.

是的。絕對地。我們相信——而且我們相信，總的來說，我們已經有了一些——本季做出貢獻的事情之一就是電影混合的東西。當你看小電影時，它們在中西部的表現並不好。 《沙丘》並不是一部規模較小的電影。但同樣，那一個還有更多——當你更多地關注城市時，這不是我們的亮點。所以，你是對的，我們正面臨這樣的阻力。我們甚至看到——我們在一個相當孤立的市場上擁有一台 IMAX，它的性能並不像其他一些產品那麼強勁。所以我們對 IMAX 的情況有一些了解，因為我們確實有一些 IMAX。但它在 IMAX 上的表現確實很好，但那是——有一次一位分析師寫了一些關於我們得到的稅收待遇的文章。問這個問題，這是一種畸變還是一種啟示？我不確定這是否是一個啟示。

Okay. Also, I wanted to ask about the impact of the footprint optimization you've executed over recent years, along with the rest of the industry. I think you've been a little more aggressive than some. And I wonder what sort of headwind do you think that might characterize or you might be able to quantify in terms of the revenues you've been able to generate out of the theaters. Has that been significant, do you think? Maybe this is a Chad question.

好的。另外，我想問你們以及行業其他公司近年來執行的足跡優化的影響。我認為你比某些人更具攻擊性。我想知道你認為這可能是什麼樣的逆風，或者你可以根據你從戲院產生的收入來量化。您認為這很重要嗎？也許這是乍得的問題。

Yes. No, I'll take that one, Jim. The -- so just to clarify, when we talk about our growth rates and our comparisons year-over-year, those are same-store numbers. And so I'll start with that. Then generally, in the locations that we've closed, we often have other theaters in the market. And what we're really doing is consolidating customers into other capacity in the market. Now is there -- are there some customers who may not come anymore because the theater that we closed was really close to them and they have to drive another 5 miles to get to our next closest theater. Yes, there's some -- there may be some level of that. But our general view is that our recapture of displaced customers is quite good. So that all goes into our analysis as we think about pruning the portfolio and looking underperforming locations. And our conclusion on the bottom line is that it's accretive to earnings and a bit of a headwind, perhaps top line revenue, but we try to recapture as many of those customers as we can.

是的。不，我要那個，吉姆。 - 所以只是為了澄清，當我們談論我們的成長率和同比比較時，這些是同店數字。我就從這個開始吧。一般來說，在我們關閉的地點，市場上通常還有其他劇院。我們真正所做的是將客戶整合到市場上的其他產能中。現在，是否有一些顧客可能不再來了，因為我們關閉的劇院離他們非常近，他們必須再開車 5 英里才能到達我們下一個最近的劇院。是的，有一些——可能在某種程度上是這樣。但我們的整體看法是，我們重新奪回離失所的客戶的情況相當好。因此，當我們考慮修剪投資組合併尋找表現不佳的地點時，所有這些都將納入我們的分析中。我們對底線的結論是，它會增加收入，但會帶來一些阻力，也許是頂線收入，但我們會盡力重新吸引盡可能多的客戶。

And generally -- remember, the stuff that we're closing, not exactly robust numbers, that there's not a lot to -- generally, not a lot to capture, to be honest.

一般來說，請記住，我們正在關閉的東西並不是完全可靠的數字，沒有太多可以捕獲的東西，老實說，一般來說，沒有太多可以捕獲的東西。

Okay. And one last one. A number of the companies in your sector have been talking more about alternative content. And I'm just wondering in terms of your particular markets, if there are any particular types of content that you might put on, say, during the week, in particular, that might resonate best with your particular customers.

好的。還有最後一張。您所在行業的許多公司一直在談論更多替代內容。我只是想知道，就您的特定市場而言，您是否可能會特別在一周內發布任何特定類型的內容，這些內容可能最能與您的特定客戶產生共鳴。

Again, Midwest, the faith-based stuff works better with our customers. Some of the retro stuff is, like, we did a Harry Potter series that really performed nicely on our -- with our new passport, to be honest. And we talked about that in a prior call. So it really -- it depends, but that tends to be what does perform better for us. But we've had some -- we're playing more stuff. We're throwing a lot of spaghetti at the wall right now to find out what sticks and stuff will stick and some stuff is sticking.

再說一遍，中西部，基於信仰的東西更適合我們的客戶。一些復古的東西，例如，我們製作了一個哈利波特系列，老實說，用我們的新護照確實表現得很好。我們在之前的電話會議中討論過這一點。所以這確實是——這取決於情況，但這往往對我們來說表現更好。但我們已經有了一些——我們正在玩更多的東西。我們現在正在往牆上扔很多意大利麵條，看看哪些東西會黏住，哪些東西會黏住。

(Operator Instructions) Our next question comes from Mike Hickey from The Benchmark Company.

（操作員說明）我們的下一個問題來自 The Benchmark Company 的 Mike Hickey。

Greg, you mentioned maybe some softening on the hotel side tying in to weakness in ADR. You said it wasn't too early to be a trend here. And I get the seasonality piece, but obviously, you're probably adjusting for that. But could you just sort of give us a little bit more insight into what piece of that market is softening and what implications it could have and adjustments you would make if it does become more of a trend?

格雷格，您提到酒店方面的一些疲軟可能與 ADR 的疲軟有關。你說現在成為這裡的趨勢還不算太早。我得到了季節性部分，但顯然，你可能正在對此進行調整。但您能否讓我們更深入地了解該市場的哪些部分正在疲軟，它可能產生什麼影響，以及如果它確實成為一種趨勢，您將做出哪些調整？

Well, let me be careful. One of the things -- I think that we may have not been -- I mean, I'm not have been as clear. When I say we were -- our -- when we change some strategy, I would potentially say, at least my revenue management people would say to me that maybe we got a little too aggressive with some things last year that we sort of -- we re-strategized and changed our approach on a few places. That's not really reacting to the market so much as who's reacting to what we had done last year and looked back and said, gee, in a low demand period, we probably weren't -- we probably were too aggressive so we altered our strategy and it paid off.

好吧，讓我小心一點。其中一件事——我認為我們可能沒有——我的意思是，我沒有那麼清楚。當我說我們——我們的——當我們改變一些策略時，我可能會說，至少我的收入管理人員會對我說，也許我們去年在某些事情上有點過於激進了——我們在一些地方重新制定了策略並改變了我們的方法。這並不是對市場的真正反應，而是誰對我們去年所做的事情做出的反應，然後回頭說，哎呀，在需求低迷的時期，我們可能沒有——我們可能太激進了，所以我們改變了我們的策略它得到了回報。

The -- and the other thing, as we said in the call -- as we said in the remarks, part of it is a mix issue. If we're going to see a move from transient -- leisure transient to more of a group mix, we are going to sacrifice a little bit of rate, but we're going to also pick up ancillary revenue banquets and catering things like that. So those are trades that we're making that are really strategic, not so much saying that we're seeing a weakness in the customer. But look, if there's a weakness in the customer, we're going to react to what's going on in the market. We're going to watch what's happening. I think historically, we've looked back over time and cutting rates generally does not solve the problem because it doesn't generate more demand, it's just share shift.

正如我們在電話中所說的那樣，還有另一件事，正如我們在評論中所說，其中一部分是一個混合問題。如果我們要看到從短暫的休閒短暫轉變為更多的團體混合，我們將犧牲一點價格，但我們也會獲得輔助收入宴會和餐飲之類的東西。因此，我們正在進行的這些交易確實具有戰略意義，並不是說我們看到了客戶的弱點。但是你看，如果客戶有弱點，我們就會對市場上發生的事情做出反應。我們將觀察發生了什麼事。我認為，從歷史上看，我們回顧過去，降息通常並不能解決問題，因為它不會產生更多需求，而只是份額轉移。

So --and one of the things that the industry seemed to be very good about through the pandemic was they didn't just cut rates. And so -- because it ended up being a zero-sum game. And my hope would be if there is a softening, it's not then the response is, well, let's all just cut rates and to try and -- because it won't be -- it won't drive demand. But we'll have to look at what's (inaudible) to the market.

因此，該行業在大流行期間似乎非常擅長的事情之一是他們不只是降息。所以——因為這最終成為一場零和遊戲。我的希望是，如果經濟出現疲軟，那麼我們的反應就是，好吧，讓我們都降息並嘗試——因為它不會——它不會推動需求。但我們必須看看市場的情況（聽不清楚）。

Yes. So it sounds like the -- I mean, it's a weird quarter, like you said, I mean, a winter in Milwaukee is not maybe the best leisure travel. But that said, is it the leisure piece that was sort of holding and then group was picking up? Or is it just leisure was down a bit in the quarter? Is that sort of the takeaway?

是的。所以這聽起來像是——我的意思是，這是一個奇怪的季度，就像你說的，我的意思是，密爾瓦基的冬天可能不是最好的休閒旅行。但話雖如此，這是否是休閒產品一直被持有，然後群體又開始撿起？或只是本季休閒活動有所下降？這是外帶嗎？

Mike, I would say, certainly, leisure was down in our overall mix because just of how much more group we were driving into the middle of the week. In terms of demand side, leisure was holding, but if you think about the last couple of years, we've had really strong rate growth, particularly being driven by leisure customers. And those growth rates are sequentially coming down as we kind of normalize here. So I -- our expectation for the year was low single-digit kind of overall RevPAR growth. And it's probably going to come more from a little bit of occupancy than -- this year than it is going to be the ADR that's driving it as it has the last couple of years. But yes, leisure is the pocket that is probably not going to be as strong as it was, not saying that it's weak.

麥克，我想說，當然，休閒在我們的整體組合中有所下降，因為我們在周中開車的人數較多。在需求方面，休閒消費保持穩定，但如果你想想過去幾年，我們的成長率非常強勁，尤其是在休閒客戶的推動下。隨著我們在這裡實現正常化，這些成長率正在依次下降。因此，我們對今年的整體 RevPAR 成長的預期是低個位數。今年的成長可能更多地來自於一點點的入住率，而不是像過去幾年那樣由 ADR 推動。但是，是的，休閒是一個可能不會像以前那麼強大的口袋，並不是說它很弱。

Okay. And then on your gross profit within your concession business, looks like sort of you and your peers that are showing some pressure there, there looks like you're down nearly 6 percentage points in your concession gross profit in the quarter. So just curious if you could sort of dig in there. And if what that means, I guess, is a trend moving forward. And I guess you look at your hotel, food and beverage, and it looks like your margin there is actually holding up really well year-over-year. I think maybe it expanded. So it looks like it's sort of just on your theater concession side where you're feeling some pressure. Just curious with that. Why? And what sort of trend we should extrapolate, if any, from that?

好的。然後，就您的特許經營業務的毛利而言，您和您的同行似乎表現出了一些壓力，該季度您的特許經營毛利潤似乎下降了近 6 個百分點。所以只是好奇你是否可以在那裡挖掘。我想，如果這意味著一種向前發展的趨勢。我想你看看你的酒店、食物和飲料，看起來你的利潤率實際上逐年保持得很好。我想也許它擴大了。所以看起來好像只是在你的劇院特許經營方面，你感受到了一些壓力。只是對此感到好奇。為什麼？如果有的話，我們應該從中推論出什麼樣的趨勢？

You should not extrapolate a trend from that. The -- in the theater -- the way we report the theater concessions numbers, we did make some immaterial changes on how we classify some of those expenses in other areas of the P&L and just line them up better with how we think they should be reported. And again, immaterial, but that's really all that's driving the change. It's not an underlying change in the profitability of our concessions business.

您不應該從中推斷趨勢。在劇院中，我們報告劇院特許權數字的方式，我們確實對如何在損益表的其他領域對其中一些費用進行分類進行了一些無關緊要的改變，並將它們更好地與我們認為應該如何排列。報道稱。再說一遍，這並不重要，但這確實是推動改變的全部因素。這並不是我們特許業務盈利能力的根本變化。

And by the way, on the hotel side...

順便說一句，在飯店那邊......

Okay. I mean...

好的。我是說...

On the hotel side, you get a [mixed FYI]. That's the benefit of a mix shift, too, because the leisure customer is eating in our outlets. The -- when you get to more of a group mix, you're getting more in the banquets and catering business, which is just a more profitable food and beverage operation.

在酒店方面，您將獲得[混合僅供參考]。這也是混合轉變的好處，因為休閒顧客在我們的餐廳用餐。當你的團體組合越來越多時，你會在宴會和餐飲業務中獲得更多的收益，而這只是一種更有利可圖的食品和飲料業務。

Yes. All right. Just to confirm, the -- your gross profit margin in concessions in 1Q is 57%. That's down from 63% prior year, and your average margin prior year was 61.5%. So should we model that closer to the 57% moving forward given the category shift here? Or is that going to go back up to above 60%?

是的。好的。只是為了確認一下，第一季的優惠毛利率是 57%。這比去年的 63% 有所下降，而去年的平均利潤率為 61.5%。那麼，考慮到這裡的類別轉變，我們是否應該將其建模為更接近 57% 的未來發展趨勢？還是會回到 60% 以上？

You can model it at the 57% because that's where it will continue to come through going forward. But there is an offset in other operating expenses that will run rate at a lower number.

您可以在 57% 處對其進行建模，因為這將是未來繼續發生的情況。但其他營運費用有所抵消，這些費用將以較低的價格運行。

Okay. But it should be about the net neutral then you're saying? Or is there a [discretionary] pressure on...

好的。但你說這應該是關於網路中立的？或是否有[自由裁量權]壓力......

Exactly. Net neutral on [total profitability].

確切地。 [總獲利能力] 為淨中性。

Okay. Last question, just on your convertible note, you have some time to deal with that, but just curious the scenarios you're thinking through. And how you think about managing the potential dilution from that note?

好的。最後一個問題，就您的可轉換票據而言，您有一些時間來處理這個問題，但只是對您正在考慮的場景感到好奇。您如何看待管理該票據的潛在稀釋？

Yes. So you're right. We do have some time, 1.5 years until we really have to move on this. Although, on dilution, I don't think people should be really worried about it because we've got a cap call transaction -- a derivative over the convert that mitigates the dilution below [17.75], I think is where it is currently. That number changes a little bit as we pay dividends. But at the current share price, investors should not be expecting dilution from that. And I think we'll continue to look at what's the right time to take it out, Mike, but it will -- high-level thinking on it is it will be cash rather than shares in terms of how we settle this.

是的。所以你是對的。我們確實還有 1.5 年的時間，直到我們真正必須採取行動。不過，在稀釋方面，我認為人們不應該真正擔心它，因為我們有上限認購交易——一種基於轉換的衍生品，可以減輕低於[17.75]的稀釋，我認為這就是目前的情況。當我們支付股息時，這個數字會發生一些變化。但以目前的股價來看，投資人不應預期會因此而被稀釋。我認為我們將繼續考慮什麼是取出它的正確時機，邁克，但它將 - 高層的思考是，就我們如何解決這個問題而言，它將是現金而不是股票。

Thank you. At this time, it appears there are no other questions. So I'd like to turn the call back to Mr. Paris for any additional or closing remarks.

謝謝。此時，似乎沒有其他問題了。因此，我想將電話轉回給帕里斯先生，請他發表補充或結束語。

Great. Thanks, Lauren. We'd like to thank everybody for joining us again today, and we look forward to talking to you once again in early August when we release our second quarter results. Until then, thank you, and have a great day.

偉大的。謝謝，勞倫。我們要感謝大家今天再次加入我們，我們期待在八月初發布第二季業績時再次與您交談。在此之前，謝謝您，祝您有美好的一天。

That concludes today's call. You may disconnect your line at any time.

今天的電話會議到此結束。您可以隨時斷開線路。