Marcus Corp (MCS) 2024 Q2 法說會逐字稿

Good morning, everyone, and welcome to The Marcus Corporation second-quarter 2024 earnings conference call. My name is Lydia, and I will be your operator today. (Operator Instructions) As a reminder, this conference is being recorded.

大家早安，歡迎參加馬庫斯公司 2024 年第二季財報電話會議。我叫莉迪亞，今天我將成為你們的接線生。（操作員指示）謹此提醒，本次會議正在錄製中。

Joining us today are Greg Marcus, Chairman, President, and Chief Executive Officer; and Chad Paris, Chief Financial Officer, and Treasurer of The Marcus Corporation. At this time, I'd like to turn the program over to Mr. Paris for his opening remarks. Please go ahead, sir.

今天加入我們的有董事長、總裁兼執行長格雷格‧馬庫斯 (Greg Marcus)；查德‧帕里斯 (Chad Paris)，馬庫斯公司財務長兼財務主管。現在我想把節目交給帕里斯先生致開幕詞。請繼續，先生。

Thank you. Good morning, and welcome to our fiscal 2024 second-quarter conference call. 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.

謝謝。早上好，歡迎參加我們的 2024 財年第二季電話會議。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。

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.

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。

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 second 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.

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新聞稿中的前瞻性聲明標題下，該新聞稿宣布了我們的2024 財年第二季度業績以及風險因素我們的 2023 財政年度年度報告 10-K 表中的部分，您可以在 SEC 網站上存取該報告。

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.

我們也將在適用時在我們的網站 marcuscorp.com 上發布所有適用的 G 條例披露資訊。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 to 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 limitation. 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。您應該造訪我們的網站 marcuscorp.com，將其視為有關我們公司的重要資訊來源。我們也請您參閱我們在今天的收益新聞稿中提供的關於調整後 EBITDA 的使用的披露，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。

Okay. With that behind us, let's begin. This morning, I'll start by spending a few minutes sharing the results from our second quarter and discuss our balance sheet, liquidity, and recent financing transactions. I'll then turn the call over to Greg, who will focus his prepared remarks on where our businesses are today and what we are seeing ahead in the second half of the year. 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，我將首先花幾分鐘分享我們第二季的業績，並討論我們的資產負債表、流動性和最近的融資交易。然後我會將電話轉給格雷格，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下半年的展望上。然後我們將開始提問。

This morning, we reported a quarter that, as we expected, got off to a slow start but picked up momentum and significantly improved as we move further into the summer season. In theaters, the lingering effects of content supply challenges from the Hollywood strikes created a slower than normal start to the summer movie season in April and May.

今天早上，我們報告了一個季度的情況，正如我們預期的那樣，該季度開局緩慢，但隨著夏季的進一步推進，勢頭有所增強並顯著改善。在影院，好萊塢罷工帶來的內容供應挑戰的持續影響導致四月和五月的夏季電影季開局比正常情況要慢。

We then turned a corner in June with better content supply, and we saw audiences return for the big screen theatrical experience in big numbers. In hotels, we once again continued our trend of gains in group business and delivered a quarter with solid growth in revenue, occupancy, RevPAR, and earnings.

隨後，我們在六月迎來了轉機，內容供應有所改善，我們看到大量觀眾回歸大銀幕影院體驗。在飯店方面，我們再次延續集團業務​​的成長趨勢，本季營收、入住率、每間客房收入和收益均實現穩健成長。

I'll start with a few highlights from our consolidated results for the second quarter of fiscal 2024. We generated consolidated revenues of $176 million, a decrease of $31 million or 15% compared to the prior year quarter. With revenue growth in our hotels and resorts division offset by decrease in our theater division. We delivered $2.2 million of consolidated operating income and $22 million of adjusted EBITDA.

首先，我將介紹 2024 財年第二季綜合業績的一些亮點。我們的綜合收入為 1.76 億美元，比去年同期減少 3,100 萬美元，即 15%。酒店和度假村部門的收入成長被劇院部門的收入下降所抵消。我們實現了 220 萬美元的綜合營業收入和 2,200 萬美元的調整後 EBITDA。

Operating income was negatively impacted by a non-cash impairment charge of approximately $500,000 related to a lease theater location that we closed during the quarter and which is excluded from adjusted EBITDA. Below operating income, we incurred $13.9 million of debt conversion expense associated with the previously announced repurchase of $86.4 million of our convertible senior notes.

營業收入受到約 50 萬美元非現金減損費用的負面影響，該費用與我們在本季關閉的租賃影院地點相關，且不包括在調整後 EBITDA 中。我們因先前宣布的 8,640 萬美元可轉換優先票據回購而產生了 1,390 萬美元的債務轉換費用，低於營業收入。

I'll discuss our balance sheet and recent financing transactions further in a few minutes, but I'll briefly explain the non-recurring debt conversion expense now. The required accounting for the repurchase transaction results in this charge to earnings for the premium paid above the principal value of the repurchase convertible notes.

我將在幾分鐘內進一步討論我們的資產負債表和最近的融資交易，但我現在將簡要解釋非經常性債務轉換費用。回購交易所需的會計處理導致將高於回購可轉換票據本金價值的溢價計入收益。

Conversely, the benefit for the cash value we received from the related proportionate unwind of our cap call transaction, which economically offset the vast majority of the premium we paid to repurchase the convertible notes, is accounted for as a $12.9 million increase in equity that does not run through earnings from an accounting perspective. In other words, in terms of the economics of the transaction that was recognized in the second quarter, the net cash premium to repurchase the convertible notes was really $1 million.

相反，我們從上限認購交易的相關比例解除中獲得的現金價值收益，在經濟上抵消了我們為回購可轉換票據支付的絕大多數溢價，被計為股本增加 1,290 萬美元，這不從會計角度來衡量收益。換句話說，就第二季確認的交易的經濟性而言，回購可轉換票據的淨現金溢價實際上為100萬美元。

In addition to that unfavorable accounting treatment, our income tax expense for the quarter was negatively impacted by $1.1 million for the related non-cash tax impacts of the cap call unwind. In total, our net loss for the second quarter was negatively impacted by $15 million or $0.47 per share from the convertible debt repurchases and related transactions.

除了不利的會計處理之外，我們本季的所得稅費用還因上限取消的相關非現金稅收影響而受到 110 萬美元的負面影響。總的來說，我們第二季的淨虧損受到可轉換債務回購和相關交易造成的 1,500 萬美元或每股 0.47 美元的負面影響。

As we have reported in the release, on the overall convertible debt repurchases and cap call unwind transactions, from a cash perspective, we were able to retire $86.4 million of convertible notes for only $87.9 million. Excluding the impacts of the convertible debt repurchases, our net loss for the second quarter of fiscal 2024 was $5.2 million or $0.17 per share.

正如我們在新聞稿中所報導的那樣，就整體可轉換債務回購和上限贖回交易而言，從現金角度來看，我們僅以 8,790 萬美元的價格收回了 8,640 萬美元的可轉換票據。排除可轉換債務回購的影響，我們 2024 財年第二季的淨虧損為 520 萬美元，即每股 0.17 美元。

Turning to our segment results, I'll start this morning with our hotels and resorts division. Revenues were $74.5 million for the second quarter of fiscal 2024, an increase of 6.3% compared to the prior year. Total revenue before cost reimbursements increased over $3.4 million or 5.6% over the second quarter of last year.

談到我們的部門業績，我將從今天早上的酒店和度假村部門開始。2024 財年第二季營收為 7,450 萬美元，較上年成長 6.3%。成本補償前的總收入比去年第二季增加了 340 萬美元，即 5.6%。

RevPAR for our comparable owned hotels grew 6.5% during the second quarter compared to the prior year, growing at five of our seven owned hotels. The RevPAR increase resulted from an overall occupancy rate increase of 4.5 percentage points, with an average daily rate or ADR that was down just slightly, negative two-tenths of a percent over the prior year. Our average occupancy rate for our owned hotels was 72.7% during the second quarter of fiscal 2024.

第二季度我們自有可比飯店的每間可用客房收入 (RevPAR) 與去年同期相比成長了 6.5%，我們七家自有飯店中有五家實現了成長。RevPAR 的成長是由於整體入住率增加了 4.5 個百分點，而平均每日房價或 ADR 略有下降，比前一年下降了十分之二。2024 財年第二季度，我們自有飯店的平均入住率為 72.7%。

Our properties continue to perform well against both the competition in our markets and the industry as a whole. According to data received from Smith Travel Research, comparable competitive hotels in our markets experienced RevPAR growth of 4.6% for the second quarter of 2024 compared to the second quarter of fiscal '23, indicating that our hotels outperformed their competitive set by 1.9 percentage points.

我們的物業在市場和整個行業的競爭中繼續表現良好。根據Smith Travel Research 收到的數據，與2023 財年第二季度相比，我們市場上的同類競爭酒店在2024 年第二季度的RevPAR 增長了4.6%，這表明我們的酒店表現優於其競爭對手1.9 個百分點。

When comparing our RevPAR results to comparable upper upscale hotels throughout the United States, the upper upscale segment experienced an increase in RevPAR of 3% during our second quarter compared to the second quarter of fiscal '23, indicating that our hotels outperformed the industry by 3.5 percentage points.

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，與2023 財年第二季度相比，我們第二季度的高檔高檔酒店的每間可用客房收入(RevPAR ) 成長了3%，顯示我們的飯店表現優於產業3.5%百分點。

The trend of strong group business continued in the second quarter with group rooms increasing to 44.6% of our total room mix during the second quarter of 2024 compared to 40.1% in the prior year quarter. The slight decrease in ADR resulted from an increase in our group rooms as a percentage of our overall room revenue mix with growth in midweek group rooms sold, which generally increases occupancy at lower rates.

第二季團體業務持續保持強勁趨勢，2024 年第二季團體客房佔總客房總數的比例從去年同期的 40.1% 增至 44.6%。ADR 略有下降的原因是我們的團體客房佔整體客房收入比例的增加，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。

We also continued to benefit from improvements to our revenue management strategy at certain properties to drive higher midweek occupancy at lower daily rate offerings to optimize overall room revenue and RevPAR. Our success in growing group business and better revenue management drove our outperformance over our peers in the quarter.

我們也持續受益於某些飯店收入管理策略的改進，以較低的日費率提高周中入住率，從而優化整體客房收入和每間客房收入。我們在不斷成長的集團業務和更好的收入管理方面取得的成功推動我們在本季度的表現優於同業。

With the continued growth in group business and events, our banquet and catering operations grew with food and beverage revenues up 3.8% in the second quarter of fiscal 2024 compared to the prior year. Finally, hotels adjusted EBITDA grew to $11.4 million during the second quarter on the higher revenues.

隨著集團業務和活動的持續成長，我們的宴會和餐飲業務成長，2024 財年第二季餐飲收入較上年成長 3.8%。最後，由於收入增加，第二季飯店調整後 EBITDA 增至 1,140 萬美元。

Turning to theaters, our second quarter fiscal 2024 total revenue of $101.5 million decreased 25.9% compared to the prior year second quarter. Comparable theater admission revenue decreased 28.8% over the second quarter of '23, with comparable theater attendance decreasing 26.3%.

說到戲院，我們 2024 財年第二季的總營收為 1.015 億美元，與去年第二季相比下降了 25.9%。與 2023 年第二季相比，可比劇院入場收入下降了 28.8%，可比劇院上座率下降了 26.3%。

According to data received from Comscore and compiled by us to evaluate our fiscal 2024 second quarter results using our comparable fiscal weeks, United States box office receipts decreased 26.8% during our fiscal 2024 second quarter compared to US box office receipts during our fiscal 2023 second quarter, indicating our performance was approximately 2 percentage points below the industry.

根據從Comscore 收到並由我們使用可比會計週評估2024 財年第二季度業績而編制的數據，與2023 財年第二季度美國票房收入相比，2024 財年第二季度美國票房收入下降了26.8 % ，顯示我們的業績比產業低約 2 個百分點。

Looking by month, we underperformed in April and May and then significantly outperformed the nation in June. We believe that our lower box office performance during the second quarter was primarily attributable to an unfavorable film mix compared with the second quarter of fiscal 2023, which included 12 weeks of the Super Mario Bros movie, a film where we significantly outperformed our average market share in the prior year.

月度來看，4月、5月表現落後，6月明顯跑贏全國。我們認為，第二季票房表現較低的主要原因是與2023 財年第二季相比不利的電影組合，其中包括12 週的《超級瑪利歐兄弟》電影，我們在這部電影中的表現顯著超過了我們的平均市佔率在上一年。

While the second quarter this year also included the opening of a great blockbuster family film where we are also enjoying high market share Inside Out 2, with only two weeks of the films run falling in our second quarter, much of this outperformance will benefit our third quarter. In addition to the improvement in film mix in June, we believe several changes that we made to promotions during the quarter positively impacted our improvement performance in June, which Greg will discuss further.

While the second quarter this year also included the opening of a great blockbuster family film where we are also enjoying high market share Inside Out 2, with only two weeks of the films run falling in our second quarter, much of this outperformance will benefit our third四分之一.除了 6 月電影組合的改善之外，我們相信本季我們對促銷活動所做的幾項改變也對我們 6 月的業績改善產生了積極影響，格雷格將進一步討論這一點。

Our average admission price decreased by 3.1% during the second quarter of fiscal 2024 compared to last year. The decrease in our admission per caps was primarily due to the introduction of several promotions we introduced early in the summer to encourage movie-going and drive attendance. These changes include our new $7 everyday matinee promotion for seniors and children and changes to our value Tuesday promotion that reintroduced a free complementary size popcorn for MMR loyalty members, resulting in higher attendance on Tuesdays at a lower ticket price as compared to other days of the week.

2024 財年第二季度，我們的平均門票價格與去年相比下降了 3.1%。我們的人均入場人數減少主要是因為我們在夏初推出了多項促銷活動，以鼓勵觀影並提高上座率。這些變化包括我們為老年人和兒童推出的新的7 美元每日日場促銷活動，以及對週二超值促銷活動的更改，即為MMR 忠誠會員重新推出免費補充尺寸爆米花，從而導致周二的上座率比其他日期更低，票價也更高。

In addition, average admission price was negatively impacted by a decrease in the percentage of 3D and PLF ticket sales during the second quarter of 2024 compared to the second quarter last year, which was favorably impacted by high 3D ticket sales from Super Mario Bros and more films that played on PLF screens at higher attendance levels.

此外，與去年第二季相比，2024 年第二季3D 和PLF 門票銷售比例下降，平均門票價格受到負面影響，而《超級瑪利歐兄弟》等3D 門票銷售量較高，對平均票價產生了有利影響。

Our average concession food and beverage revenues per person increased by 2.3% during the second quarter of fiscal 2024 compared to last year's second quarter. The increase was primarily due to pricing changes implemented during 2023 and by an increase in the number of concession items purchased per customer.

與去年第二季相比，2024 財年第二季我們的人均特許餐飲收入成長了 2.3%。這一增長主要是由於 2023 年實施的定價變化以及每位客戶購買的優惠商品數量增加。

Our top 10 films in the quarter represented approximately 73% of the box office in the second quarter of fiscal 2024 compared to 80% for the top 10 films in the second quarter last year. The less concentrated film slate resulted in an approximately 2 percentage point decrease in overall film cost as a percentage of admission revenues.

我們本季排名前 10 的電影約佔 2024 財年第二季票房的 73%，而去年第二季排名前 10 的電影則佔 80%。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 2 個百分點。

On the lower revenues, Theater division adjusted EBITDA during the second quarter of fiscal 2024 was $15.1 million compared to $31.3 million in the prior year quarter. Shifting to cash flow and the balance sheet. Our cash flow from operations was $36 million in the second quarter of fiscal '24 compared to $55 million in the prior year quarter, with the decrease in cash flow from operations primarily due to the lower EBITDA.

由於收入較低，劇院部門在 2024 財年第二季調整後的 EBITDA 為 1,510 萬美元，而去年同期為 3,130 萬美元。轉向現金流和資產負債表。2024 財年第二季我們的營運現金流量為 3,600 萬美元，而去年同期為 5,500 萬美元，營運現金流減少主要是由於 EBITDA 較低。

Total capital expenditures during the second quarter of fiscal '24 were $19.8 million compared to $7 million in the second quarter of fiscal ‘23. A large portion of our capital expenditures during the second quarter were invested in the hotel business with guestroom renovations at The Pfister Hotel and meeting space and ballroom renovations at Grand Geneva Resort & Spa. The remaining balance of capital expenditures during the quarter were for maintenance projects in both businesses.

2024 財年第二季的總資本支出為 1,980 萬美元，而 2023 財年第二季的資本支出為 700 萬美元。第二季我們的資本支出大多投資於飯店業務，包括菲斯特飯店的客房翻修以及日內瓦大日內瓦度假村和水療中心的會議空間和宴會廳翻修。本季度資本支出的剩餘餘額用於兩項業務的維護項目。

Our capital investments and renovations projects have progressed as planned, and we continue to expect capital expenditures for fiscal 2024 of $60 million to $75 million, recognizing the timing of several of our planned projects are subject to change as we are still finalizing the scope and timing of various projects and the actual timing of these projects will impact our final capital expenditure number for the year. We will continue to update our capital expenditure estimates as the year progresses.

我們的資本投資和翻新項目已按計劃進展，我們仍然預計2024 財年的資本支出為6000 萬至7500 萬美元，因為我們仍在最終確定範圍和時間安排，因此我們的幾個計劃項目的時間安排可能會發生變化各種項目的數量以及這些項目的實際時間將影響我們今年的最終資本支出數字。隨著時間的推移，我們將繼續更新我們的資本支出估計。

We recently announced the completion of several refinancing transactions. First, as I mentioned earlier in the call, we entered into agreements to repurchase an aggregate $86.4 million of our convertible senior notes for cash consideration of $87.9 million, which is net of the cash we received from the proportionate unwind of the cap call transactions. We effected the repurchase over two tranches, the first $40 million tranche closed in the second quarter and the second $46.4 million tranche closed in July during our third quarter.

我們最近宣布完成幾筆再融資交易。首先，正如我之前在電話會議中提到的，我們簽訂了協議，以8790 萬美元的現金代價回購總計8640 萬美元的可轉換優先票據，這是我們從上限認購交易按比例解除中收到的現金的淨額。我們分兩批進行了回購，第一批 4,000 萬美元的回購於第二季完成，第二批 4,640 萬美元的回購於第三季的 7 月完成。

We believe the repurchase transactions significantly simplify our capital structure and eliminated potential future dilution at an attractive repurchase price. Following the repurchases, the remaining $13.5 million of convertible notes are a much smaller piece of our overall capital structure, and we expect to settle them with cash at or prior to their maturity in September 2025.

我們相信回購交易大大簡化了我們的資本結構，並以有吸引力的回購價格消除了未來潛在的稀釋。回購完成後，剩餘的 1,350 萬美元可轉換票據在我們整體資本結構中所佔的比例要小得多，我們預計在 2025 年 9 月到期時或之前以現金結算。

Second, in July, we completed a private placement offering of $100 million of senior notes in two tranches, $60 million of 6.89% notes with final maturity in 2031 and $40 million of 7.02% notes with final maturity in 2034. The proceeds of this offering were used to fund the convertible notes repurchases and for general corporate purposes.

其次，7月，我們分兩批完成了1億美元優先票據的私募發行，其中6,000萬美元的6.89%票據最終於2031年到期，4,000萬美元的7.02%票據最終於2034年到期。此次發行的收益用於資助可轉換票據回購和一般公司用途。

This was our first return to the private placement debt market since the pandemic, and we were thrilled by the strong demand from new and existing debt investors for this oversubscribed debt offering. Through the completion of these financing transactions, we extended our weighted average debt maturity from 1.6 years to just over four years.

這是自大流行以來我們首次重返私募債券市場，新舊債務投資者對此次超額認購的債券發行的強勁需求令我們感到興奮。透過完成這些融資交易，我們將加權平均債務期限從 1.6 年延長至四年多一點。

We believe the successful execution of this financing, once again underscores the importance of our core philosophies of maintaining a strong balance sheet with manageable leverage, ample liquidity, and owning our real estate. Our balance sheet remains strong, and we ended the second quarter with $33 million in cash and over $208 million in total liquidity with a debt to capitalization ratio of 28% and net leverage of 1.9 times net debt to adjusted EBITDA. With that, I will now turn the call over to Greg.

我們相信，此次融資的成功執行，再次強調了我們的核心理念的重要性，即透過可控的槓桿、充足的流動性和擁有我們的房地產來維持強勁的資產負債表。我們的資產負債表依然強勁，第二季末我們擁有3,300 萬美元的現金和超過2.08 億美元的總流動資金，負債與資本比率為28%，淨槓桿率為調整後淨負債與調整後EBITDA 的1.9 倍。現在，我將把電話轉給格雷格。

Thanks, Chad. Good morning, everyone. Over the last few quarterly earnings calls, we've talked about our outlook for the year in terms of two storylines that we expected to play out over the short term. First, we expected two different trends in our divisions with hotels continuing to grow with steady occupancy growth and events in our markets that we would benefit from.

謝謝，查德。大家早安。在過去的幾個季度財報電話會議中，我們透過預計在短期內上演的兩個故事情節討論了今年的前景。首先，我們預計我們的部門將出現兩種不同的趨勢：飯店將繼續成長，入住率穩定成長，而我們將從中受益的市場活動。

While we expect the theaters to be impacted by product supply challenges, following last year's Hollywood strikes. Second, in Theaters, we expected the year to be a tale of two halves, with the most significant impact of the product supply shortages felt in the first half of the year with stronger product returning in the second half of the year, building momentum heading into 2025.

儘管我們預計繼去年好萊塢罷工之後，戲院將受到產品供應挑戰的影響。其次，在戲院方面，我們預計今年將分成兩半，上半年產品供應短缺的影響最為顯著，下半年產品回歸更為強勁，形成了前進的動力。

This has played out as expected. But when you peel back the onion, there are surprises, both positive and negative in the quarter. While the second quarter started out very slowly in our theater division in April and May, we really started to see an inflection point in June with films that drew large audiences and even broke box office records. And hotels have got off to a strong start that carried through to deliver a great quarter, which we expect to be followed by an even better third quarter given the events we have going on in our markets.

這正如預期的那樣發生了。但當你剝開洋蔥時，你會發現本季的驚喜有好有壞。雖然四月和五月我們影院部門的第二季開局非常緩慢，但我們確實開始在六月看到一個拐點，電影吸引了大量觀眾，甚至打破了票房記錄。酒店已經有了一個良好的開端，並持續交付了一個出色的季度，考慮到我們市場上發生的事件，我們預計第三季度將會更好。

While the quarterly comparisons to last year have been tough, they were not a surprise. We see improvement coming in the second half of the year and our long-term outlook for both businesses remains positive.

雖然與去年相比季度比較很艱難，但這並不令人意外。我們預計下半年將出現改善，並且我們對這兩項業務的長期前景仍然樂觀。

I'll start today with our Hotels and Resorts division. You've seen the segment numbers, and Chad shared some additional detail on the performance metrics, including our outperformance to the concepts and upper upscale hotels nationally.

我今天將從我們的酒店及度假村部門開始。您已經看到了細分市場的數字，查德分享了有關績效指標的一些其他詳細信息，包括我們在全國範圍內優於概念酒店和高檔酒店的績效。

Overall, the quarter was solid with several highlights. First, we continue to win group business that is filling in midweek occupancy and it helped grow our overall occupancy to nearly 73%. This is our highest occupancy level in the second quarter since the pandemic. And while it isn't quite all the way back to the typical second quarter pre-pandemic average of around 77%, we continue to get closer.

總體而言，本季表現穩健，有幾個亮點。首先，我們繼續贏得集團業務，填補了周中的入住率，這有助於將我們的整體入住率提高到近 73%。這是自大流行以來我們第二季的最高入住率。雖然還沒有完全回到第二季大流行前 77% 左右的典型平均水平，但我們仍在繼續接近。

Our average daily rates were effectively flat in the second quarter compared to the second quarter last year, and we held ADR despite the increase in group business, which is typically at lower rates. In addition, we continue to benefit from optimizing our revenue management strategy at select properties. We've been aggressive on daily rates during low demand periods to drive occupancy and maximize revenue with our available room night capacity.

與去年第二季相比，我們第二季的平均每日費率實際上持平，儘管集團業務有所增加，但我們仍持有美國存託憑證（ADR），而集團業務的費率通常較低。此外，我們繼續受益於優化精選物業的收入管理策略。在需求低迷時期，我們一直積極提高每日房價，以提高入住率並利用我們的可用間夜容量最大限度地提高收入。

The net result has been successful in growing our occupancy and overall RevPAR. Finally, we did continue to see some modest rate softening among leisure customers in the quarter at some of our properties, which was offset by rate growth in other segments.

最終結果成功地提高了我們的入住率和總可售房收入。最後，本季我們的一些飯店確實繼續看到休閒客戶的費率略有軟化，但這被其他細分市場的費率成長所抵消。

Our banquet and catering business continues to benefit the strength in our group business with food and beverage revenues growing 3.8% in the second quarter of 2024 compared to the second quarter last year. As we look ahead, group bookings remained strong with our group room revenue bookings for the remainder of fiscal 2024, our group pace in the year for the year, running approximately 11% ahead of where we were at this time last year, excluding the impact of the Republican National Convention in Milwaukee.

我們的宴會及餐飲業務持續受惠於集團業務的實力，2024 年第二季餐飲收入較去年第二季成長 3.8%。展望未來，團體預訂依然強勁，我們在 2024 財年剩餘時間內的團體客房預訂收入，即我們今年的團體增速，比去年同期高出約 11%（排除影響）共和黨全國代表大會在密爾瓦基舉行。

Looking further ahead, our group pace for fiscal 2025 is running over 36% ahead of where we were at this time last year. Banquet and catering pace for the remainder of fiscal 2024 and 2025 is similarly ahead of where we were at this time last year. Our newly renovated meeting space is in ballrooms at Grand Geneva Resort & Spa and at The Pfister have contributed to our success in winning groups and event bookings.

展望未來，我們 2025 財年的集團步伐比去年同期高出 36% 以上。2024 財年剩餘時間和 2025 財年的宴會和餐飲成長速度同樣領先去年同期。我們新裝修的會議空間位於大日內瓦度假村及水療中心和菲斯特的宴會廳，為我們贏得團體和活動預訂的成功做出了貢獻。

The guest room renovation of the historic building at The Pfister Hotel was completed on schedule with all rooms back in service and time for the RNC. We plan to complete the last phase of the hotel renovation with a refresh of the lobby and public space later this year. The investments we have made in our properties put us in a great position to win in our markets.

菲斯特酒店 (Pfister Hotel) 歷史建築的客房翻修工作已按計劃完成，所有客房均已恢復使用，並為 RNC 準時開放。我們計劃在今年稍後完成飯店裝修的最後階段，對大廳和公共空間進行翻新。我們對房地產的投資使我們處於贏得市場的有利地位。

As we all saw a few weeks ago, Milwaukee recently hosted the Republican National Convention and our three downtown hotels, The Pfister, Saint Kate, and Hilton Milwaukee City Center, all played a big role in welcoming an estimated 50,000 visitors to the city.

正如我們幾週前所看到的，密爾瓦基最近主辦了共和黨全國代表大會，我們的三家市中心酒店（The Pfister、Saint Kate 和Hilton Milwaukee City Center）都在歡迎約50,000 名遊客來到這座城市方面發揮了重要作用。

During the five nights of the event, we hosted convention attendees and many VIPs in the complete sellout of our over 1,250 rooms at these three hotels with 19 convention events in our ballrooms and meeting spaces. In terms of financial impact to our third quarter, the RNC generated over $3 million in incremental revenue for the division over our volumes during the same week last year.

在活動的五個晚上，我們接待了會議與會者和許多 VIP，這三家酒店的 1,250 多間客房全部售罄，並在我們的宴會廳和會議空間舉辦了 19 場會議活動。就對我們第三季的財務影響而言，RNC 為該部門帶來了超過去年同期 300 萬美元的增量收入。

This was a milestone event for the city with national media coverage that highlighted our great hospitality and all the things that make this city great. While the event certainly will be a net positive to our third-quarter results, more importantly, we believe the event showcased the city's ability to successfully host large-scale conventions and events, with venues including Baird Center, the expanded convention center that opened earlier this summer and Fiserv Forum. We are optimistic the success of the RNC will have a long-term positive impact on event bookings and hospitality demand in the market in future years.

對於這座城市來說，這是一個里程碑式的活動，全國媒體都進行了報道，突出了我們的熱情好客以及讓這座城市變得偉大的所有因素。雖然這次活動肯定會對我們第三季的業績產生積極的影響，但更重要的是，我們相信這次活動展示了該市成功舉辦大型會議和活動的能力，其場館包括早些時候開業的擴建會議中心貝爾德中心今年夏天和費瑟夫論壇。我們樂觀地認為，RNC 的成功將對未來幾年市場的活動預訂和酒店需求產生長期積極影響。

Turning to Theatres, as I mentioned in my opening comments, we saw a significant difference in the performance of the division in April and May compared to June, both in terms of the overall box office in each month and in terms of our performance relative to the nation. The National Box Office had its biggest monthly decline of the year in April of approximately 38% and then sequentially improved each month as we had more and better films to play. And Marcus Theaters box office comparisons followed that national trend.

談到影院，正如我在開場白中提到的，我們看到該部門4 月和5 月的表現與6 月相比存在顯著差異，無論是每個月的整體票房還是我們相對於6 月的表現。4 月份，全國票房收入出現年內最大單月跌幅，約 38%，隨後隨著我們有更多更好的電影上映，每個月都在持續改善。馬庫斯劇院的票房比較遵循了全國趨勢。

Chad went through our results for the quarter, including our circuit underperformance, underperforming the change in the National Box Office by 2 percentage points in the second quarter compared to last year. However, as Chad mentioned, while we started the quarter slowly, we finished strong.

乍得審查了我們本季的業績，包括我們的影院表現不佳，與去年相比，第二季的全國票房變化落後了 2 個百分點。然而，正如查德所提到的，雖然我們在本季開始時進展緩慢，但我們最終表現強勁。

Looking by month, we underperformed in April and May and then significantly outperformed the nation in June by over 9 points for the month. There are several changes that occurred that we believe drove this positive trend that has now continued into July.

從月份來看，我們在4月和5月表現不佳，然後在6月顯著跑贏全國9個百分點以上。我們認為，發生的一些變化推動了這一積極趨勢，目前這種趨勢一直持續到 7 月。

First, I'll start with the changes that we made. On our last call, I noted with the softer film slate, we were refocusing on driving attendance to keep customers coming to the movies and making sure we had a compelling offering for everyone, particularly our value-oriented customers.

首先，我將從我們所做的更改開始。在我們上次的電話會議上，我注意到，隨著電影的上映，我們正在重新集中精力提高上座率，以吸引顧客前來觀看電影，並確保我們為每個人，特別是我們以價值為導向的客戶提供有吸引力的產品。

In May, we rolled out our everyday matinee promotion, which offers a $7 ticket for kids and seniors for any shows starting before 4:00 PM on a standard screen seven days a week. In addition, we continue to evolve our value Tuesday promotion, and we didn't make any further changes to emission prices on Tuesday.

5 月份，我們推出了日常日場促銷活動，為兒童和老年人提供 7 美元的門票，觀看每週 7 天下午 4:00 之前在標準螢幕上開始的任何演出。此外，我們繼續發展週二的價值促銷，並且週二我們沒有對排放價格做出任何進一步的改變。

In May, we reintroduced a free complementary size popcorn for all MMR members, replacing the prior Tuesday promotion of a 20% discount on all food and non-alcoholic drink for MMR members. These changes are designed to drive attendance and appeal to value-oriented customers on making sure that movie going remains the most affordable out-of-home entertainment option.

5 月，我們重新為所有 MMR 會員推出免費補充尺寸爆米花，取代了先前週二為 MMR 會員提供所有食品和非酒精飲料 20% 折扣的促銷活動。這些變化旨在提高觀眾數量並吸引以價值為導向的客戶，確保看電影仍然是最實惠的戶外娛樂選擇。

Based on the first two months of results, the changes appear to be contributing to our improved performance. Second, the mix of films shifted to genres that played well in our markets in May and June, including Inside Out 2, IF, and Bad Boys: Ride or Die, all of which outperformed our normal market share.

根據前兩個月的結果，這些變化似乎有助於我們提高績效。其次，電影組合轉向了5 月和6 月市場上表現良好的類型，包括《腦筋急轉彎2》、《IF》和《絕地戰警：乘勝追擊》，所有這些影片的表現都超過了我們正常的市場份額。

We expected that the increase in promotions would create a headwind to our admission per caps, which were down 3.1% in the second quarter and were also impacted by a challenging comparison with high 3D ticket sales for the Super Mario Bros movie last year. In terms of the quantity of wide release films in the second quarter, we had a similar number of titles with 28 wide releases in the second quarter of fiscal 2024 compared to 29 in the second quarter last year.

我們預計促銷活動的增加將對我們的人均入場門票數量產生不利影響，第二季度的人均入場門票數量下降了3.1%，並且與去年《超級瑪利歐兄弟》電影的3D 門票銷售量相比具有挑戰性，這也受到了影響。就第二季廣泛發行的電影數量而言，2024 財年第二季廣泛發行的影片數量為 28 部，而去年第二季為 29 部。

However, similar to what we saw in the first quarter, the second quarter slate this year was weaker overall, with lesser performances and fewer blockbusters with an average opening weekend US box office gross per wide release film that was 28% lower than the same average in the second quarter last year. Only Inside Out 2 opened to over $100 million in the second quarter this year compared to three films within opening over $100 million in the fourth fill, The Little Mermaid coming very close with a $95 million opening during the second quarter last year.

然而，與我們在第一季度看到的情況類似，今年第二季度的整體表現較弱，演出較少，大片較少，美國每部寬幅上映電影的平均首周末票房收入比同期平均水平低28%去年第二季。今年第二季度，只有《腦筋急轉彎2》的首映票房超過1 億美元，而第四部電影的首映票房超過1 億美元的電影有三部，去年第二季度《小美人魚》的首映票房為9500 萬美元，與此非常接近。

In June, we saw that once again, when quality product supply is there, audiences still want to come out to see films on the big street. Inside Out 2 delivered the second highest grossing opening weekend animated film of all time and has gone on to become the highest gross of animated film of all time, overtaking other Pixar blockbusters, including Incredibles 2 and Frozen II with the domestic box office that now stands at over $600 million during its 6-week run.

進入6月份，我們再次看到，在優質的產品供應充足的情況下，觀眾還是願意出來到大街上看電影。《腦筋急轉彎2》成為有史以來首周末票房第二高的動畫電影，並超越了《超人特攻隊2》和《冰雪奇緣2》等其他皮克斯大片，成為有史以來票房最高的動畫電影，其國內票房目前位居第一。

The momentum continued into July with the releases of Despicable Me 4, Twisters, and Deadpool & Wolverine, with last weekend's highest outrated opening of all time. Deadpool & Wolverine broke several records from Marcus leaders as well, becoming our highest ever grossing weekend summer film opening between May and August and our highest ever PLF grossing opening weekend summer film.

隨著《卑鄙的我 4》、《龍捲風》和《死侍與金鋼狼》的上映，這種勢頭持續到了 7 月，上週末的首映票房創下歷史最高紀錄。《死侍與金鋼狼》也打破了馬庫斯領導者的多項記錄，成為我們 5 月至 8 月期間有史以來票房最高的周末暑期電影，也是我們有史以來最高的 PLF 暑期首映票房電影。

As we look ahead to the rest of the year, we see a stronger second half. This fall, we are excited about Beetlejuice Beetlejuice, Joker, Folie a Deux, and Venom: The Last Dance, among others. For the holidays, we look forward to films such as Gladiator 2, Moana 2, Wicked, the Lord of the Rings: The War of the Rohirrim, Kraven the Hunter, Mufasa, and Sonic the Hedgehog 3.

當我們展望今年剩餘時間時，我們看到下半年會更加強勁。今年秋天，我們對《Beetlejuice Beetlejuice》、《Joker》、《Folia Deux》和《Venom: The Last Dance》等作品感到興奮。假期期間，我們期待《角鬥士2》、《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》等電影。

As we look further ahead to next year, the slate for 2025 is stacked with several very strong franchises, including Superman: Legacy, Captain America, Mission Impossible, Jurassic World, Karate Kid, The Fantastic Four, Snow White, Wicked 2, and Avatar 3, just to name a few. As we look at the product supply ramping back to and potentially exceeding 2023 levels in 2025 and further growth beyond, we remain very positive and optimistic about the long-term future for the industry and our theatre business.

當我們進一步展望明年時，2025 年的片單上將有幾部非常強大的系列電影，包括《超人：遺產》、《美國隊長》、《碟中諜》、《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、僅舉幾例。當我們看到產品供應量將在 2025 年恢復到並可能超過 2023 年的水平並進一步增長時，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 briefly talk about growth in features. While over the last few years, we have closed several underperforming theatre locations as we optimize our footprint, we continue to look at opportunities to grow this business in attractive locations and with a financial model that makes sense.

最後我想簡單談談功能的成長。雖然在過去幾年中，我們在優化足蹟的過程中關閉了幾個表現不佳的劇院地點，但我們仍在繼續尋找機會，在有吸引力的地點並採用有意義的財務模式來發展這項業務。

We recently announced the addition of a new theatre to our circuit, the shops at West End in St. Louis Park, a suburb of Minneapolis, Minnesota. This is our eighth location in Minnesota and our closest in Minneapolis. So that's a great example of what we think is possible and we work closely with landlords to reposition theatre, in this case, an attractive lifestyle center in a good market that we know.

我們最近宣佈在我們的巡迴演出中增加一個新劇院，即明尼蘇達州明尼阿波利斯郊區聖路易斯公園西區的商店。這是我們在明尼蘇達州的第八個地點，也是我們在明尼阿波利斯最近的地點。因此，這是我們認為可行的一個很好的例子，我們與房東密切合作，重新定位劇院，在這種情況下，我們知道，在一個好的市場中，一個有吸引力的生活方式中心。

We reopened a theatre as the Marcus West End Cinema in early July, bringing all of our great offerings and programs to customers on day 1, including our Magical Movie Rewards loyalty program, Marcus passport, value Tuesday and everyday matinee.

我們於7 月初重新開設了一家名為馬庫斯西區電影院(Marcus West End Cinema) 的劇院，在第一天就為顧客提供了我們所有的精彩產品和節目，包括我們的Magical Movie Rewards 忠誠度計劃、馬庫斯通行證、價值星期二和每日日場。

We look forward to making further improvements to the theatre with the landlord in the months to come. Finally, I would like to briefly comment on the financing transactions that Chad covered earlier. As you can tell, we've been busy the last several months developing and executing the financing plan to extend and simplify our capital structure.

我們期待在未來幾個月與房東一起進一步改進劇院。最後，我想簡單評論一下乍得之前報導的融資交易。如您所知，過去幾個月我們一直忙於制定和執行融資計劃，以擴大和簡化我們的資本結構。

And I would be remiss if I didn't congratulate Chad, I'm leading a complex refinancing that we believe will be a huge positive for our shareholders in the long term. We often get questions on capital allocation, our priorities and how we think about the mix of paying a dividend and share repurchases. One of the ways we've viewed repurchasing a substantial portion of our convertible debt was that we were indirectly buying back our equity by eliminating potential future dilution.

如果我不向乍得表示祝賀，那就是我的失職，我正在領導一項複雜的再融資，我們相信從長遠來看，這將為我們的股東帶來巨大的積極影響。我們經常收到有關資本配置、我們的優先事項以及我們如何考慮支付股息和股票回購的問題。我們認為回購大部分可轉換債務的方法之一是透過消除未來潛在的稀釋來間接回購我們的股權。

We are continually evaluating where we can best deploy capital with each investment decision, whether for growth, maintaining our assets, returning capital to shareholders through dividends or through our current share repurchase authorization of 2.4 million shares. In this regard, we are optimistic and opportunistic and will deploy capital where we see the best returns.

我們不斷評估每項投資決策中可以最好地配置資本的地方，無論是為了成長、維持我們的資產、透過股利或透過我們目前的 240 萬股股票回購授權向股東返還資本。在這方面，我們持樂觀和機會主義態度，並將資本部署在我們認為回報最好的地方。

I'd like to once again express my appreciation for our dedicated associates in the Marcus Corporation. Their outstanding work and commitment to serving our customers is responsible for our success, and we appreciate all they do every day. As we say so often, they are our most important assets. So on behalf of our Board of Directors and our entire executive team, thank you to all of our associates. And with that, at this time, Chad and I would be happy to open the call up for any questions you may have.

我想再次對馬庫斯公司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。正如我們經常說的，它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。因此，此時，查德和我很樂意為您解答任何問題。

(Operator Instructions) James Goss, Barrington Research.

（操作員說明）James Goss，Barrington Research。

All right. Thank you. One question or set of questions about the hotel sector. You talked about the benefits from the RNC. I'm wondering was there any displacement impact from that event with demand pushed rather summer timeframe that you might benefit from later on. And did this event help tighten the profile of Saint Kate, the Arts Hotel and provide potential justification for additional expansion of their concept?

好的。謝謝。有關酒店業的一個或一組問題。您談到了共和黨全國委員會的好處。我想知道該事件是否會產生任何位移影響，因為需求被推到了夏季時間範圍內，您以後可能會從中受益。這次活動是否有助於提升聖凱特藝術酒店的形象，並為進一步擴展其概念提供潛在的理由？

It’s a -- yes and no Jim. This conflict will happened with the RNC. Yes, it did move some business later in the summer. So like the Northwestern Mutual Annual conference was moved to accommodate it. So that was probably the biggest move.

這是——是的，也不是吉姆。這場衝突將與共和黨全國委員會發生。是的，它確實在夏天晚些時候轉移了一些業務。因此，西北互助協會年會被轉移以適應它。所以這可能是最大的舉動。

And so yes, I'm sure displacement business and I'm sure some people look at TV and said, wow, Milwaukee is cool, I should go there because it's true. But the other side of that is that there was -- by the way, this is all a net positive. But there was a little displacement on the front end because the convention center was pretty much out of business for a few weeks before the RNC came above because just the setup was such an extensive setup.

所以，是的，我確信位移業務，我確信有些人看著電視會說，哇，密爾瓦基很酷，我應該去那裡，因為這是真的。但另一方面是——順便說一句，這都是積極的。但前端有一點位移，因為會議中心在 RNC 到達上面之前的幾週內幾乎停止營業，因為只是設置是如此廣泛的設置。

So there were positives and negatives to it, but overall, we're really pleased with how it all turned out. As for Saint Kate, yeah, if you have to look at -- you read my mind, I'd like to have more of them. But we've got to get this one in a place -- and it's so hard to judge when you get a one-timer like the RNC.

所以它有積極的一面也有消極的一面，但總的來說，我們對這一切的結果感到非常滿意。至於聖凱特，是的，如果你必須看看——你讀懂了我的想法，我想要更多。但我們必須把這個放在一個地方——當你遇到像共和黨全國委員會這樣的一次性者時，很難做出判斷。

Again, we think the net positive it continues to build, and that concept continues to grow every year. And we're pleased with how it's coming along. So we do think about exactly what you're talking about.

同樣，我們認為它的淨積極作用仍在繼續增強，而且這一概念每年都在持續增長。我們對它的進展感到滿意。所以我們確實認真考慮了你所說的內容。

Okay. Thanks. And then the cinema side, I'm wondering at this stage is film flow importantly in numbers game or is it dependent primarily on the quality and/or demographic appeal of the film mix being released. Probably wondering about your read on consumer attitudes towards theatrical attendance at this stage. You're always pretty bullish (inaudible)

好的。謝謝。然後是電影方面，我想知道現階段電影流量在數位遊戲中是否重要，或者它主要取決於正在發行的電影組合的品質和/或人口吸引力。可能想知道您對現階段消費者對戲劇上座率的態度的了解。你總是很樂觀（聽不清楚）

I think you know my theory is that at the end of the day, it is the number of films released. However, it has to be what I would call a normal slate. If you release 110 films and not one of them is a tent pole, that's not what I would call a normal slate.

我想你知道我的理論是，歸根結底，是發行的電影數量。然而，它必須是我所說的普通石板。如果你發行了 110 部電影，其中沒有一部是支柱，那麼我所說的就不是正常的片子。

And so I think as we're thinking about the earlier part of the year where the number of films released seemed to be at a higher cadence, what they were releasing -- I'm glad they were putting movies out there but not tent pole. We talked about, what is a tent pole. If we hold the tent pole, lots of things can be inside of it? If you just had tent poles, well, you're not stocking your tent full. Or if you don't have tent poles, well, the ceiling is going to be a little lower so to speak.

所以我認為，當我們考慮今年早些時候發行的電影數量似乎有更高的節奏時，他們發行了什麼——我很高興他們把電影放在那裡，但不是帳篷桿。我們討論了，什麼是帳篷桿。如果我們握住帳篷桿，裡面可以裝很多東西嗎？如果您只有帳篷桿，那麼您的帳篷就不會裝滿。或者，如果你沒有帳篷桿，那麼天花板會稍微低一點。

And so at the end of the day assuming the proportion of number of tent pole and then smaller films and a varied slate of different kind of films, then I feel that the box office is still relatively predictable. But it needs to be -- because look, people who want to go to the movies. Look at what we are seeing right now. You could just think back a few years, no one is going to a family movie anymore. All of a sudden, we have the highest animated film of all time.

因此，歸根結底，假設帳篷桿數量的比例，然後是較小的電影和各種不同類型的電影，那麼我覺得票房仍然是相對可預測的。但這是必須的——因為看，那些想去看電影的人。看看我們現在所看到的。你可以回想幾年，沒有人再去看家庭電影了。突然之間，我們有了有史以來最高的動畫電影。

Marvel's done. Stick a fork in Marvel. And then we get Deadpool. I saw last night. It was so good. But you got to take enough swings, and you got to get people back in the habit. Right now, comedy's dead. Nobody's going to comedy. although everybody went to Deadpool which I promise you is a comedy.

漫威完蛋了在漫威中插上叉子。然後我們就有了死侍。我昨晚看到了。真是太好了。但你必須做出足夠的改變，並且必須讓人們重新養成習慣。現在，喜劇已經死了。沒有人會去演喜劇。儘管每個人都去了《死侍》，我向你保證這是一部喜劇。

People seems to be more fun to laugh in a roomful of people than the laugh by yourself on the sofa, ha ha. That's great. But you want a room full of people around you. And so I think they got to get back to that and build the audience. People have to get back in the habit of going.

人們在滿屋​​子的人中笑似乎比自己在沙發上笑更有趣，哈哈。那太棒了。但你想要一個房間裡擠滿了你周圍的人。所以我認為他們必須回到這一點並建立觀眾。人們必須重新養成外出的習慣。

Okay. One last one alternative content gained a little more traction when there's less content available. And I'm wondering if in the aftermath as alternative content begins to subside from lack of need, what elements do you feel will have a more lasting impact? And will it be confined to certain days of the week or anything else of that nature?

好的。當可用內容較少時，最後一種替代內容會獲得更多關注。我想知道，隨著替代內容因缺乏需求而開始消退，您認為哪些元素會產生更持久的影響？是否會僅限於一周中的某些日子或其他類似性質的時間？

I think that alternative content will continue to be important to what we do. I've always said I don't think that it's going to become the biggest part of our business, but those last customers are very profitable. Those are high-margin customers. And I think that that will be -- we'll need to be strategic and figure out it.

我認為替代內容對我們的工作仍然很重要。我一直說我不認為它會成為我們業務的最大部分，但最後的客戶利潤非常豐厚。這些都是高利潤客戶。我認為這將是——我們需要具有策略性並找出答案。

The key is for us to know the audiences. To know who that is and to effectively be able to market to them. Because that's ultimately the challenge of alternative content is to be able to market to an audience. You're not releasing something nationally and playing 500,000 runs or something which is what a national run is of something over a month.

關鍵是我們要了解觀眾。了解那是誰並且能夠有效地向他們推銷。因為替代內容的最終挑戰是能夠向觀眾行銷。你不會在全國範圍內發布一些東西並進行 500,000 次運行，或者是全國運行一個多月的東西。

You can't throw as much marketing in it. So you have to be very efficient. And so our loyalty program which continues to grow. And not just ours because it needs all the industries. I think all the industries loyalty programs continue to grow as we get better at marketing and finding those audiences.

你不能在其中投入那麼多的行銷。所以你必須非常有效率。我們的忠誠度計劃也在不斷發展。不僅僅是我們的，因為它需要所有行業。我認為，隨著我們在行銷和尋找受眾方面做得更好，所有行業的忠誠度計劃都會繼續增長。

For example, I'll give you an example, our Indian film, Bollywood content we're getting better at it. And it's growing. Our St. Louis market has been very strong, Wehrenberg, when we bought them had a very good. They invested the time and built that audience. And we're growing that.

例如，我給你舉個例子，我們的印度電影、寶萊塢內容我們正在變得更好。而且它正在成長。我們的聖路易斯市場一直非常強勁，Wehrenberg，當我們購買它們時表現得非常好。他們投入了時間並建立了觀眾。我們正在發展這一點。

Now, again, it's not huge dollar amounts, but over time, it grows and it can be meaningful. And whether it's that or concert films or whatever we might be doing, it's something we have to pay attention to because as I said those last dollars are the most profitable.

現在，這並不是巨額金額，但隨著時間的推移，它會不斷增長並變得有意義。無論是音樂會電影還是我們可能做的任何事情，這都是我們必須關注的事情，因為正如我所說，最後的錢是最賺錢的。

Okay. Understood. Thanks for your thoughts. Appreciate it.

好的。明白了。謝謝你的想法。欣賞它。

Mike Hickey, The Benchmark Company

麥克希基 (Mike Hickey)，基準公司

Hi, Greg, Chad. Good morning, guys. Great job, congratulations on your financing transaction. It's awesome to see that converting (inaudible). The first topic on the hotel side, really strong growth, at least versus expectations maybe for the first half here.

嗨，格雷格，查德。早安，夥計們。幹得好，恭喜您完成融資交易。很高興看到轉換（聽不清楚）。酒店方面的第一個主題是真正強勁的成長，至少與上半年的預期相比。

And I get the group data looks good, but your confidence here that you can continue to grow the hotel second half of '24 and '25. And I guess the backdrop here somewhat Greg is that I think prior quarter you expressed maybe a little softness in leisure. So curious update there and then your confidence for growth?

我得到的集團數據看起來不錯，但你們有信心在 24 年和 25 年下半年繼續發展飯店。我想格雷格的背景是，我認為上一季您在休閒方面可能表現出了一點軟弱。如此好奇的更新，那麼您對成長的信心是什麼？

Yes, Mike, I'll start. As we mentioned in the prepared remarks, we did see some continued softness in leisure. I wouldn't say that it was meaningfully accelerating or different than what we mentioned in the first quarter. But as you know, that's been a really hot segment of the business coming out of the pandemic. And so it's normalizing, which I think generally we thought and the industry thought was going to happen.

是的，麥克，我要開始了。正如我們在準備好的發言中提到的，我們確實看到休閒方面持續疲軟。我不會說它正在有意義地加速或與我們在第一季提到的不同。但如您所知，這是疫情爆發後非常熱門的業務領域。所以它正在正常化，我認為我們和業界普遍認為這將會發生。

What is happening, though is offsetting it as we're seeing other segments of the business that have more than offset it. And that's primarily happening in occupancy. This quarter it even managed to offset the softness at leisure rates to hold rate flat. And so we like the fact that our mix of business gives us the ability and opportunities to win in other segments to offset softness in certain sectors or parts of the business when it happens. And we were able to do that this quarter.

不過，正在發生的事情正在抵消它，因為我們看到業務的其他部門已經遠遠抵消了它。這主要發生在入住率方面。本季度，它甚至成功抵消了休閒利率的疲軟，使利率保持不變。因此，我們喜歡這樣一個事實：我們的業務組合使我們有能力和機會在其他細分市場中獲勝，以抵消某些行業或部分業務的疲軟。我們本季做到了這一點。

And as we go into the second half of the year, we talked about the bookings and what the forward book looks like for group business, which looks strong for the balance of the year. Good growth, both this year and next year that we think will continue to help us offset any softness that we see in leisure. But I would say it's more sort of a continuation of what we saw, but we're managing it.

當我們進入下半年時，我們討論了預訂情況以及集團業務的遠期預訂情況，該業務在今年剩餘時間看起來很強勁。我們認為今年和明年的良好成長將繼續幫助我們抵消休閒領域的疲軟。但我想說，這更像是我們所看到的情況的延續，但我們正在管理它。

All right. And then you called out a history. You put some $20 million in capital on that. Just curious, maybe the renovations that you did there and how you think that will impact RevPAR or utilization ADR I guess specifically if you want or how that asset should grow after the money you put in?

好的。然後你說出了一段歷史。你為此投入了大約 2000 萬美元的資金。只是好奇，也許您在那裡進行的翻修以及您認為這將如何影響 RevPAR 或利用率 ADR 我想具體來說，如果您願意，或者在您投入資金後該資產應如何增長？

Yeah. I don't think we look at specific. We don't talk about specific assets like that. It's a mixture of stuff. When you do something like that, part of it is just you have to do it because if you think in the business and keep your assets up.

是的。我認為我們不看具體的。我們不談論這樣的特定資產。它是各種東西的混合物。當你做這樣的事情時，部分原因是你必須這樣做，因為如果你思考業務並保持你的資產。

But it is so beautiful, and the F&B market is still competitive, and the banquets market. So now people come in to see how great the asset is. I think there's obviously going to be a benefit to it. It's a little tough to quantify. But that is the cost of being in business over time.

但實在是太美了，餐飲市場還是競爭激烈，宴會市場也是。所以現在人們進來看看這個資產有多棒。我認為這顯然是有好處的。量化有點困難。但這是長期經營的成本。

Yeah. I mean where we see it, Mike, is really in the bookings on the group side of the business and particularly renovated ballrooms. We're seeing that now, not just at The Pfister but at Grand Geneva as well. Event planners like fresh space. And that's where after you make an investment like this, you'll start to win some of that over other alternative venues.

是的。我的意思是，麥克，我們真正看到的是團體業務的預訂，特別是翻新的宴會廳。我們現在不僅在菲斯特酒店，而且在日內瓦大酒店都看到了這一點。活動策劃者喜歡新鮮的空間。這就是當你進行這樣的投資後，你將開始比其他替代場所贏得一些投資。

And I do think that's related to what we're seeing in some of the group bookings. The other piece that Greg said is maintenance capital in nature but also preserving. In the case of the Pfister, premium positioning in the market in a premium rate and maintaining the asset. So a little bit of defense there on maintaining a leadership position in the market.

我確實認為這與我們在一些團體預訂中看到的情況有關。格雷格說的另一件事是維護資本本質上也是保護。就菲斯特而言，溢價定位於市場溢價並維持資產。因此，對於保持市場領導地位有一點防禦。

Nice. Thank you. Topic two with the Theatre. It's nice to see you guys be opportunistic with the show place transaction. Curious what sort of opportunity you guys see in the market for similar deals as you look to expand your network now?

好的。謝謝。主題二與劇院。很高興看到你們在表演場地交易中投機取巧。想知道當你們現在尋求擴展網路時，你們在市場上看到了類似交易的什麼樣的機會嗎？

I wish I could tell you they were lining up, and there were a bunch of deals that we were able to do. But we keep looking. My theory is that when things stabilize out more stuff will break free. And this is the example that.

我希望我能告訴你他們正在排隊，而且我們能夠達成很多交易。但我們一直在尋找。我的理論是，當事情穩定下來時，更多的東西就會掙脫束縛。這就是這個例子。

This is how the company was built originally. And we're about to be 90, 80 years ago, my grandfather built the company by finding landlords the needed help. That said, we can work together to do something. My grandfather bought the skill of running the operation to the landlord that had the real estate, and they became partners. And that's the kind of deals we would like to do.

這就是公司最初成立的方式。我們即將 90、80 年前，我的祖父透過為房東尋找所需的幫助而建立了這家公司。也就是說，我們可以共同努力做一些事情。我的祖父向擁有房地產的房東購買了經營業務的技能，他們成為了合夥人。這就是我們想要做的交易。

And we're out talking to people as you can see because this deal got done. So we are out talking to people about trying to do these things. And I know our team is out looking and talking to people but I can't tell you. There's a long list of them right this second. But we'll just keep working at it.

正如你所看到的，我們正在與人們交談，因為這筆交易已經完成。因此，我們正在與人們討論嘗試做這些事情。我知道我們的團隊正在尋找並與人們交談，但我不能告訴你。此刻有一個很長的名單。但我們會繼續努力。

Would you guys start to think, now you sort of completed the financing piece obviously. That took a lot of time? But now that's sort of cleaned up for you, would you start to consider more traditional M&A in the theatre space is more important on the list of capital allocation opportunities?

你們會開始思考嗎，現在你們顯然已經完成融資部分了。那花了很多時間？但現在這對你來說已經清理乾淨了，你會開始考慮影院領域更傳統的併購在資本配置機會清單上更重要嗎？

Mike, I think it's changed. The M&A model in the theatre business is fundamentally different than it was pre-pandemic and that buying a circuit of theatres generally can be difficult because in the portfolio of locations, many of them are not cash flow positive. And so you really need to think about paying cash for a circuit and what you're getting. And you have to look location by location.

麥克，我想情況已經改變了。劇院業務的併購模式與大流行前根本不同，購買劇院線通常可能很困難，因為在劇院組合中，許多劇院的現金流不為正。因此，您確實需要考慮為電路支付現金以及您將獲得什麼。而且你必須逐個地點尋找。

What we're seeing in terms of opportunities are more individual deals. And so it's a lot of hard work to do individual locations but that's where the financial returns are going to make sense. And it's singles and doubles, not purchases of 20 locations in a circuit at a time. And that's I think where we're at until stabilization somewhere quite a bit north of where we are today, resets and helps everybody understand what the rent levels need to look like in a lease circuit.

我們看到的機會是更多的個人交易。因此，製作各個地點需要付出很多努力，但這才是財務回報有意義的地方。而且是單打和雙打，而不是一次購買賽道中的 20 個地點。我認為這就是我們所處的位置，直到在比今天更北的地方穩定下來，重置並幫助每個人了解租賃循環中的租金水平需要是什麼樣子。

Last question, gentlemen staying on the theatre side within the promotional piece it looks like, Greg you're having success there. Do you think that is sort of -- any indication of consumer that's, I hate to say trading down but sort of seeking value here, Greg? Or do you think that is maybe a factor of just not the best slate and they just need some extra motivation to get into the theatre.

最後一個問題，先生們，在宣傳片中留在劇院一側的先生們，格雷格，你們在那裡取得了成功。格雷格，你認為這是否是某種消費者的跡象，我不想說是在降價購買，而是在尋求價值？或者你認為這可能是不是最好的名單的一個因素，他們只是需要一些額外的動力才能進入劇院。

And then I guess the follow-on would be now that the slate is looking great for the foreseeable future and sort of like the build-out of that promotional sort of be contra productive versus getting people in prime times with full ticket prices.

然後我想接下來的事情是，在可預見的未來，該片子看起來很棒，有點像促銷活動的建立，與讓人們在黃金時段以全價購買相比，會產生相反的效果。

No. Look, there's a few things that are going on. I think the dynamics are such that -- and let's break it like in a couple of different parts like so one of the ideas of the return to free popcorn. Do I think that's indicative of a weaker consumer? No. I think that free is a powerful word.

不。看，有一些事情正在發生。我認為動態是這樣的——讓我們把它分成幾個不同的部分，例如回歸免費爆米花的想法之一。我認為這是否表示消費者疲軟？不。我認為免費是一個強而有力的字。

It wasn't because we did it was very interesting. We did a substitution. We've made the change. And by the way, we tested this. We didn't just do this radically but without trying to test it. Obviously, our test and manage will ultimately happen.

並不是因為我們這樣做很有趣。我們做了替換。我們已經做出了改變。順便說一句，我們對此進行了測試。我們不僅從根本上做到了這一點，而且沒有嘗試對其進行測試。顯然，我們的測試和管理最終將會發生。

But the idea of moving to -- when you give free popcorn and if you don't want popcorn,9 then what value are we giving to someone on a value Tuesday. So we suppose what we give you 20% across the concession stand, that's going to be a value potentially to more people. That was the theory. And as we tested it, it seemed to play out okay.

但轉向的想法是——當你免費提供爆米花，而你不想要爆米花時，9 那麼我們在周二的價值中給予某人甚麼價值。因此，我們假設我們在特許攤位上給您 20% 的折扣，這對更多人來說可能是一種價值。這就是理論。當我們測試它時，它似乎運作良好。

But then when we rolled it out, it didn't match our expectations. And so we went back to free popcorn and we changed what the offer was. It really seemed to be hard to exactly quantify which piece of all that is. But it's something that we thought, okay, well, you make a mistake, and you go back and you change in. And that seems to be a more powerful driver for Tuesdays.

但當我們推出它時，它並沒有達到我們的期望。所以我們又回到了免費爆米花，並改變了優惠內容。似乎很難準確量化其中的哪一部分。但我們認為，好吧，好吧，你犯了一個錯誤，然後你回去換衣服。這似乎是周二更強大的推動力。

Now when I say Tuesdays, let me bring up to your next point, which is, we worried about things being counterproductive. And the answer to that is no because one of the things we think about and this is maybe the overlap of hotels, overlapping with theatrical and that is the right price for the right customer at the right time. Not like we just cut a discount across the board all day and all night.

現在，當我說星期二時，讓我談談你的下一點，那就是，我們擔心事情會適得其反。答案是否定的，因為我們考慮的事情之一可能是酒店的重疊，與劇院的重疊，這就是在正確的時間為正確的客戶提供正確的價格。不像我們整天整夜全線削減折扣。

Let’s call it our 7, 7,7. $7 matinee seven days a week for seniors and kids that ends at 4 PM. Might you displace a little bit of business, yeah, but in the aggregate, the idea of keeping it affordable for families, which again is, we know the consumer is weakening a little bit.

我們稱之為「7, 7,7」。老年人和兒童每週 7 天觀看 7 美元的日場演出，下午 4 點結束。也許你會取代一點生意，是的，但總的來說，讓家庭負擔得起的想法，這又是，我們知道消費者正在一點點減弱。

Again, so how do we appeal to that family that maybe -- how do we keep this affordable entertainment? Well, let's face it. The studios have gone, and they've put out a lot of product into that fire hose what the consumer perceives as virtually free in their streaming programs.

再說一遍，那麼我們如何吸引那個家庭——我們如何保持這種負擔得起的娛樂？好吧，讓我們面對現實吧。工作室已經消失了，他們在消防水帶中投入了許多產品，消費者認為這些產品在他們的串流節目中幾乎是免費的。

And so how does that not impact us? That has to impact upstream. And they have to know that. And so we have to be able to be competitive so the family can make the decision to get off the sofa and invest their time and go to a theater, which we know in the studios and we all know is a much better financial result for everyone. And not just financial across the life of their content.

那這怎麼會不影響我們呢？這必然會影響上游。他們必須知道這一點。因此，我們必須具有競爭力，這樣家人才能決定離開沙發，投入時間去劇院，我們在工作室裡知道，我們都知道這對每個人來說都是更好的財務結果。不只是內容整個生命週期的財務問題。

We all want people to be invested in the content. We want people to go -- the reason to go to theatrical is, I've talked about before, you sit on your sofa, it's very passive. You flick your remote, and you can stop it and start it, and not watch it if you didn't like it in the first few minutes. You have no investment.

我們都希望人們對內容進行投資。我們希望人們去——去看戲的原因是，我之前談過，你坐在沙發上，這是非常被動的。你輕彈遙控器，你可以停止它並啟動它，如果你在最初幾分鐘不喜歡它，你可以不看它。你沒有投資。

But when you go to a movie theater, you've made an investment of your time. And you will like something more. You will tell more people about it. You'll want to watch it again when it comes out in the ancillary markets. That's window selling to the same person over and over again.

但當你去電影院時，你已經投資了你的時間。而且你會喜歡更多的東西。你會把這件事告訴更多的人。當它在輔助市場上出現時，您會想再次觀看它。這就是一次又一次向同一個人銷售的窗口。

But you got to have a price where you can make all those sales and that's where we are. I've talked about this before. I've told people this. I've probably talked about it on these calls. 20 years from now, the number of kids who will say to someone, I remember my parents took me to my first movie. They took me in the living room, and we turned on the TV and I watched Inside Out 2. That number will be zero, I promise you.

但你必須有一個可以實現所有這些銷售的價格，這就是我們的處境。我以前談過這個。我已經告訴過人們這一點。我可能在這些電話中談論過它。 20年後，有多少孩子會對某人說，我記得我的父母帶我去看了我的第一部電影。他們把我帶到客廳，我們打開電視，我看了《腦筋急轉彎 2》。我向你保證，這個數字將為零。

But there will be so many kids who say, I remember my parents took me to my first movie. We went to the movie theater, my dad held my hand. He bought me popcorn and I thought the characters were real, Inside Out 2 was my first movie. And they'll talk about it for the rest of their lives.

但會有很多孩子說，我記得我的父母帶我去看了我的第一部電影。我們去了電影院，爸爸握著我的手。他給我買了爆米花，我認為這些角色是真的，《腦筋急轉彎 2》是我的第一部電影。他們將在餘生中談論這件事。

And they'll be excited to go to Disney theme parks and experience the characters there and all of the flow through benefits that you don't get just sitting on the couch. That doesn't mean sitting on the couch is bad, it just means it's not the same. Maybe more than you wanted in an answer but yeah.

他們會很高興去迪士尼主題樂園，體驗那裡的角色，以及所有你坐在沙發上無法獲得的好處。這並不意味著坐在沙發上不好，只是意味著它不一樣。也許比你想要的答案更多，但是是的。

Eric Wold, B. Riley Securities.

沃爾德 (Eric Wold)，B. 萊利證券。

Thanks, guys, for getting me in. So a couple of follow-ups on some ones that have been out there. On the pricing question, so I guess on the midweek value pricing and discount Tuesday, I get your rationale, Greg. They just went through -- why you guys made those changes.

謝謝你們讓我進來。因此，對一些已經存在的問題進行了一些後續行動。關於定價問題，我想在周二的周中價值定價和折扣上，我明白你的理由，格雷格。他們剛剛經歷了──為什麼你們要做出這些改變。

Should we make the assumption that those changes are viewed as more permanent changes to the pricing model and kind of promotional model or something that's more of a short term move with the slate and kind of where wallets are right now?

我們是否應該假設這些變化被視為對定價模式和促銷模式的更持久的變化，或者更多的是針對目前錢包狀況的短期舉措？

Well, we've announced that it's for the summer. But obviously we'd seriously be considering it to bring it back on a more proper basis. I think the most interesting thing, though, is actually how it looks like. The pricing, what we charge is less -- the $6 or $7 depending on if you're in the car rewards program or not, versus $5 seems to be less impactful than free popcorn, which is really very interesting.

好吧，我們已經宣布這是夏季的。但顯然我們會認真考慮它，以便在更適當的基礎上恢復它。不過，我認為最有趣的是它實際上是什麼樣子。我們收取的定價較低——6 美元或 7 美元取決於您是否參加汽車獎勵計劃，而 5 美元似乎比免費爆米花的影響要小，這確實非常有趣。

But again, at $5 for 10 years, I define anyone to tell me they don't want to raise for 10 years, especially in an inflationary environment. I think that was very understandable. It's still $6 is an incredible value for that.

但同樣，在 10 年 5 美元的情況下，我定義任何人告訴我他們不想在 10 年內籌集資金，尤其是在通貨膨脹環境下。我認為這是非常可以理解的。6 美元仍然是一個令人難以置信的價值。

Got it. And then on the acquisition question around the theaters space. Yeah, how far outside of the mid west home based would you be willing to look for the right opportunity that comes along? And how do you view the benefits of clustering in the region?

知道了。然後是圍繞劇院空間的收購問題。是的，您願意在中西部家鄉之外多遠的地方尋找合適的機會？您如何看待該地區集群化的好處？

.I know you talked about that, obviously the -- Chad mentioned the acquisition kind of environment, a lot different than was -- you're kind of looking at 1Ds and 2Ds and these to come up. So I mean, if there's a single theater in a faraway place, does that make sense? Or you really need to think with your customer base and loyalty, you really want to -- and maybe kind management have more of a clustering. Or can you make it work with one?

。我知道你談到了這一點，顯然 - 查德提到了收購類型的環境，與以前有很大不同 - 你有點著眼於 1D 和 2D 以及這些即將出現的情況。所以我的意思是，如果在很遠的地方只有一個劇院，這有意義嗎？或者你真的需要考慮你的客戶群和忠誠度，你真的想——也許善良的管理有更多的集群。或者你可以讓它與一個一起工作嗎？

Look, you could absolutely make it work with one. I mean it's not as good as having a bunch of them because you can get your -- it's not like the old days. The old days, when you had to have an Ad in the newspaper -- we're talking real old days here. You wanted to have a bunch of them in the market because you're -- just, because your ad looked so much larger.

瞧，你絕對可以讓它與一個人一起工作。我的意思是，這不如擁有一堆這樣的好，因為你可以得到你的——這不像過去那樣。過去，當你必須在報紙上刊登廣告時——我們現在談論的是真正的過去。您希望在市場上投放大量此類廣告，因為您—只是因為您的廣告看起來大得多。

When you ran all of my money now, you get people to your website and it's different in that regard. But still, I do think that there's some marketing benefits to being able to have multiple feeders in the market, whether you -- more for, the ad hoc campaign. $7 Matinee, seniors seven days a week for seniors and kids. Being able to market that so much more efficiently is certainly helpful.

當你現在用了我所有的錢時，你會吸引人們造訪你的網站，這在這方面是不同的。但我仍然認為，能夠在市場上擁有多個饋線會帶來一些行銷好處，無論您是否 - 更多的是特別活動。$7 Matinee，老年人每週 7 天，適合老年人和兒童。能夠更有效地進行行銷肯定是有幫助的。

Again, not the same as the days of old. And the more times people know your name and hear about you and get your programs are out there, the better off you are. But overall, we can really manage them anywhere.

再說了，和以前不一樣了。人們知道你的名字、聽到你、了解你的節目的次數越多，你的生活就越好。但總的來說，我們確實可以在任何地方管理它們。

The only thing I'd add to that Eric, is we certainly the bulk of our locations and the things that really move the needle in terms of customer preferences, those locations are in the Midwest. But we do have single locations in certain markets as far west as Aurora, Colorado, as far east as Philadelphia, where we have a few of them in that market, but a couple of them in that market. But we have done it before. We certainly can do single locations in a given market, particularly if it's a great theater.

我要向艾瑞克補充的唯一一點是，我們的大部分地點和那些真正改變客戶偏好的地方，這些地點都在中西部。但我們確實在某些市場上有單一地點，西至科羅拉多州奧羅拉，東至費城，我們在該市場有一些，但在該市場有幾個。但我們以前已經做到了。我們當然可以在特定市場中製作單一地點，特別是如果它是一個很棒的劇院。

Yeah, and I mean certainly people have seen my tax all over the country.

是的，我的意思是，全國各地的人們肯定都看到了我的稅收。

So I imagine then that's not limiting your inbounds from a landlord maybe somewhere in a different state because of where you are. You're still getting those calls.

所以我想這並不會因為你所在的地方而限制你從房東那裡進入，可能是在不同州的某個地方。您仍然會接到這些電話。

Yes, absolutely.

是的，絕對是。

And then last question on the hotel side, you spoke about the strong group pace that you're seeing in 2025. Is there any way to note or think about how much of that may be driven by the convention center expansion versus just normal group business improvements that you may just be experiencing your hotel? What I'm trying to get a sense of, is that just an improvement of the baseline? I don't say just, but is that improvement of the baseline to your hotel business prior to the tailwinds of the convention center expansion really kicking in?

關於飯店方面的最後一個問題，您談到了 2025 年強勁的團隊步伐。有沒有什麼方法可以記錄或思考其中有多少可能是由會議中心擴建推動的，而不是您可能剛剛經歷的酒店的正常集團業務改進？我想了解的是，這只是基線的改進嗎？我並不是說只是，但在會議中心擴建的順風車之前，您的飯店業務基準的改善真的開始了嗎？

Well, it is a little of both. Look, it's the business coming back, it's the convention center getting stronger. There's certain probably a bunch of people who say, well, I'm not booking your convention center until I see it done. But a bunch of people were excited about it. And I give credit to Peggy Williams, our local convention visitors bureau. They've been out marketing hard. And the business flow is better.

嗯，兩者兼而有之。瞧，生意回來了，會議中心變得更強大了。肯定有很多人會說，好吧，在我看到你們的會議中心完成之前我不會預訂你們的會議中心。但很多人對此感到興奮。我要感謝我們當地的會議遊客局 Peggy Williams。他們一直在努力行銷。而且業務流程也比較好。

Yeah, to add, Eric is '25, a little bit of both. They are starting to book in some events further out on the calendar of '27 that I think they would, quickly say Milwaukee would not have gotten were not for the expanded convention center. But next year, even near in as Greg said, because some of this is they want -- event planners want to see it, next year. It's just a, a little bit of both.

是的，補充一下，埃里克今年 25 歲，兩者都有一點。他們開始預訂 27 年日曆上更遠的一些活動，我認為他們很快就會說，如果沒有擴大的會議中心，密爾瓦基就不會參加這些活動。但明年，甚至像格雷格所說的那樣，因為其中一些是他們想要的——活動策劃者希望明年看到它。這只是兩者兼而有之。

Perfect. Thank you both.

完美的。謝謝你們倆。

Thank you. We have no further questions at this time. So I'd like to turn the call back to Mr. Paris for any additional or closing comments.

謝謝。目前我們沒有進一步的問題。因此，我想將電話轉回給帕里斯先生，以徵求任何補充或結束意見。

Great. Thank you. Well, we'd like to thank everybody for joining us today. We look forward to talking to you once again in early November when we release the third-quarter results. Until then, thank you, and have a great day.

偉大的。謝謝。好吧，我們要感謝大家今天加入我們。我們期待在 11 月初發布第三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。

This completes today's call. Thank you for joining. You may now disconnect your lines.

今天的通話到此結束。感謝您的加入。現在您可以斷開線路。