Marcus Corp (MCS) 2025 Q1 法說會逐字稿

Good morning everyone and welcome to Marcus Corporation's first quarter earnings conference call. My name is Lydia and I'll be your operator today. (Operator Instructions)

大家早上好，歡迎參加 Marcus Corporation 第一季財報電話會議。我叫 Lydia，今天我將擔任您的接線生。（操作員指示）

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 Marcus Corporation.

提醒一下，本次會議正在錄製中。今天與我們一起參加活動的有 Marcus Corporation 董事長、總裁兼執行長 Greg Marcus 和財務長兼財務主管 Chad Paris。

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

現在，我想將節目交給帕里斯先生，請他致開幕詞。先生，請繼續。

Thank you, operator. Good morning everyone and welcome to our fiscal 2025 first 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.

謝謝您，接線生。大家早安，歡迎參加我們的 2025 財年第一季電話會議。首先我要聲明的是，我們計劃在今天的電話會議上做出一些前瞻性的陳述，所有這些陳述我們都希望符合《私人證券訴訟改革法案》所規定的免於承擔責任的安全港規定。

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使用諸如我們相信、預期、期望或類似含義的詞語來識別。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結果有重大差異。敬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 2025 first quarter results and in the risk factors section of our fiscal 2024 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.

在我們今天早上發布的宣布 2025 財年第一季業績的新聞稿中的前瞻性聲明標題下以及我們 2024 財年 10-K 表年度報告的風險因素部分中，列出了可能影響我們實現前瞻性聲明中所述預期的能力的風險和不確定性，您可以在美國證券交易委員會 (SEC) 的網站上查閱該報告。當適用時，我們也會在我們的網站 marcuscorp.com 上發布所有 G 規則揭露。

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.

本次電話會議中所做的前瞻性陳述僅截至本次電話會議之日有效，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 limitations. A reconciliation of adjusted EBITDA to the nearest GAAP measure is provided in today's release.

此外，我們定期發布新聞稿和其他有關我們公司發展的信息，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，它是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有關使用調整後的 EBITDA（用於評估我們的業績及其局限性的非 GAAP 指標）的披露。今天的新聞稿提供了調整後的 EBITDA 與最接近的 GAAP 指標的對帳。

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. 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. We'll then open up the call for questions.

好的，了解了這些之後，讓我們開始吧。今天上午，我將首先花幾分鐘與大家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，他將在他的準備好的演講中重點介紹我們目前的業務狀況以及我們對未來的展望。然後我們將開始提問。

Our first quarter is always a seasonally challenging quarter in both of our businesses, with typically a lighter movie slate coming out of Hollywood and slower leisure travel at our Midwestern hotels during the winter months. As we headed into the year, we expected several dynamics to influence our results, some positive and some negative, with a net result that would achieve growth in our first quarter.

對於我們兩個公司來說，第一季總是一個充滿季節性挑戰的季度，因為在冬季，好萊塢的電影上映數量通常較少，而我們中西部酒店的休閒旅遊活動也較少。進入新的一年，我們預計有幾個動態因素會影響我們的業績，有些是正面的，有些是負面的，但最終結果是我們在第一季將實現成長。

First, with our fiscal quarter transitioning to a traditional calendar quarter ending on March 31, we had four additional operating days in both of our businesses compared to the prior year quarter that favorably impacted our reported growth.

首先，隨著我們的財政季度過渡到 3 月 31 日結束的傳統日曆季度，與去年同期相比，我們兩項業務的營業日增加了四天，這對我們報告的成長產生了積極影響。

Two of these days were during the busy week in theaters between the Christmas and New Year's holidays, and the other two days were during the slower period at the end of March. I'll get to the numbers in a moment, but the favorable impact of the calendar change played out as expected, and the impact of the shift in future quarters will be significantly less meaningful. Further details on our fiscal calendar change can be found in today's earnings release.

其中兩天是聖誕節和新年假期之間影院上映最繁忙的一周，另外兩天是三月底影院上映較為清淡的時期。我馬上就會得到這些數字，但日曆變化的有利影響正如預期的那樣，並且未來幾個季度的變化的影響將明顯不那麼顯著。有關我們財政日曆變更的更多詳細信息，請參閱今天的收益報告。

Second, in theaters we expected an improved movie slate would drive attendance growth compared to last year's Hollywood strike-impacted slate. While the carryover of films from the holidays into the new year certainly was better than a year ago, it wasn't enough to offset several films that underperformed expectations, particularly when comparing against last year's strong performance of Dune 2. As we will cover shortly, things turned around in a big way in April with several positive surprises, but the first quarter box office came up short of our expectations.

其次，與去年受好萊塢罷工影響的電影片單相比，我們預期戲院上映電影數量的增加將推動上座率的成長。雖然假期電影在新年期間的票房表現肯定比去年要好，但這還不足以抵消幾部表現不如預期的電影的損失，尤其是與去年《沙丘 2》的強勁表現相比。正如我們稍後將要報道的那樣，四月份情況發生了重大轉變，出現了一些積極的驚喜，但第一季的票房未能達到我們的預期。

Finally, in the hotel division, we are navigating a major renovation at the Hilton Milwaukee with a significant number of guest rooms out of service during the quarter. While this project is intentionally being done during our seasonally slower months, and we have the unique ability to shift business to our two other hotels in the market, we knew this was going to be an operational challenge.

最後，在飯店部門，我們正在對密爾瓦基希爾頓酒店進行大規模翻修，本季將有大量客房停止使用。雖然這個項目有意在我們季節性較淡的月份進行，並且我們擁有將業務轉移到市場上的另外兩家酒店的獨特能力，但我們知道這將是一個營運挑戰。

Our team navigated this exceptionally well, and as you will hear today, our hotel division results were able to overcome this headwind and achieve revenue and rev par growth. I'll start with a few highlights from our consolidated results for the first quarter of fiscal 2025.

我們的團隊出色地應對了這項挑戰，正如您今天所聽到的，我們的飯店部門能夠克服這一不利因素，實現收入和平均銷售收​​入的成長。我先介紹我們 2025 財年第一季綜合業績的一些亮點。

Consolidated revenues of $148.8 million increased $10.2 million, or 7.4% compared to the prior year quarter, with revenue growth in both divisions. The four additional operating days due to the change in our fiscal quarter favorably impacted consolidated revenue by $9.2 million. Operating loss for the quarter was $20.4 million, a decline of $3.7 million compared to the prior year quarter.

合併收入為 1.488 億美元，比去年同期增加 1,020 萬美元，增幅為 7.4%，兩個部門的收入均有所增長。由於財政季度的變化而增加的四個營業日對合併收入產生了 920 萬美元的積極影響。本季營業虧損為 2,040 萬美元，較去年同期減少 370 萬美元。

I'll cover the divisional operational results in a moment, but at a consolidated level, the operating loss was negatively impacted by a $1.8 million increase in depreciation expense, primarily related to last year's hotel renovations placed in service, and a $1 million increase in non-cash stock-based compensation expense, and was favorably impacted by a $1.4 million gain on the disposition of property during the quarter.

我稍後將介紹部門營運結果，但從合併層面來看，經營虧損受到折舊費用增加 180 萬美元的負面影響，這主要與去年投入使用的酒店裝修有關，以及非現金股票薪酬費用增加 100 萬美元，而本季度處置財產的 140 萬美元收益則對經營虧損產生了積極影響。

Consolidated adjusted EBITDA for the first quarter was a loss of $300,000, a decrease of $2.6 million over the first quarter of fiscal 2024. What we don't like to backtrack, we always stress that the road back is not a straight line, and if there was a quarter to face challenges, this was the one, as the overall impact of cash flow was small in the big picture of our expectations for the year.

第一季合併調整後 EBITDA 虧損 30 萬美元，較 2024 財年第一季減少 260 萬美元。我們不喜歡走回頭路，我們總是強調回歸之路不是直線，如果有一個季度面臨挑戰，那就是這個季度，因為在我們對今年的整體預期中，現金流的整體影響很小。

Turning to our segment results, I'll start this morning with our theater division. First quarter fiscal 2025 total revenue of $87.4 million increased 7.5% compared to the prior year first quarter. The four additional operating days, including two significant days between the December holidays, favorably impacted theater's revenue by $7.1 million, or 8.7%.

談到我們的分部業績，今天上午我將從劇院部門開始。2025 財年第一季總營收為 8,740 萬美元，較去年同期第一季成長 7.5%。額外的四個營業日（包括 12 月假期之間的兩個重要日子）對影院的收入產生了 710 萬美元（或 8.7%）的正面影響。

For our fiscal first quarter 2025, comparable theater admission revenue increased 1.3%, and comparable theater attendance increased 6.9% compared with our fiscal first quarter 2024. On a straight calendar quarter basis, first quarter 2025 comparable theater admission revenue decreased 14%, and comparable theater attendance decreased 8% compared to the prior year first calendar quarter.

2025 財年第一季度，與 2024 財年第一季相比，可比影院門票收入增長了 1.3%，可比影院上座率增長了 6.9%。以連續季度計算，2025 年第一季可比影院門票收入與去年同期相比下降了 14%，可比影院上座率下降了 8%。

When using our comparable fiscal days, according to data received from Comscore and compiled by us to evaluate our first quarter results, United States box office increased 3.1% during our fiscal 2025 first quarter compared to US box office receipts during our fiscal 2024 first quarter, indicating our performance trailed the industry by approximately 1.8 percentage points.

使用可比較財務日時，根據從 Comscore 收到並由我們彙編以評估我們第一季業績的數據，與 2024 財年第一季的美國票房收入相比，2025 財年第一季度的美國票房收入增長了 3.1%，表明我們的業績落後於行業約 1.8 個百分點。

On a straight calendar quarter basis, we were also 1.8 percentage points below the performance of the US box office. We attribute our lower box office performance primarily to the differences in our pricing strategies during the quarter compared to those of other major exhibitors, and we believe our 8% attendance decrease for the calendar quarter performed better than our peers in the industry.

以連續季度計算，我們的票房表現也比美國票房低 1.8 個百分點。我們將票房表現較差的主要原因歸咎於本季我們與其他主要戲院的定價策略不同，我們認為本季 8% 的觀眾人數下降比業內同業表現更好。

As you know, that attendance outperformance benefits us at the concession stand and anywhere else that attendance drives ancillary revenues such as pre-show advertising. We also believe that it drives more habitual movie going, which at this point on the road back is very important.

如你所知，超額的觀眾人數為我們在小賣部和其他任何地方帶來了好處，而觀眾人數的增加又帶來了演出前廣告等輔助收入。我們也相信，這會促使更多人養成看電影的習慣，這對目前的回歸至關重要。

Average admission price decreased 5.1% during the first quarter of fiscal 2025 compared to last year, which was primarily due to an unfavorable ticket mix with an increase in child attendance resulting from an increased number of family films compared to the first quarter last year, as well as the impact of our strategies to drive attendance through various value oriented promotions and programs that are designed to encourage repeat movie going that I just discussed.

2025 財年第一季度，平均票價與去年同期相比下降了 5.1%，這主要是由於票房組合不佳以及與去年第一季度相比家庭電影數量增加導致兒童觀眾人數增加，以及我們通過各種價值導向的促銷和旨在鼓勵重複看電影的計劃來提高觀眾人數的策略的影響，我剛才討論過。

Our average concession food and beverage revenues per person at our comparable theaters increased by 0.8% during the first quarter of fiscal 2025 compared to last year's first quarter, which was primarily due to inflationary pricing changes.

2025 財年第一季度，我們同類戲院的人均特許食品和飲料收入與去年第一季相比成長了 0.8%，這主要是由於通貨膨脹的價格變化。

During the first quarter of 2025, we faced two cost challenges compared to the first quarter last year. First, our top 10 films in the quarter represented approximately 66% of the box office in the first quarter of fiscal 2025 compared to 62% for the top 10 films in the first quarter last year. Six of the top 10 films in our first quarter this year were fourth quarter releases that carried over into the first quarter, including the holiday blockbuster films.

2025年第一季度，與去年第一季相比，我們面臨兩項成本挑戰。首先，本季我們的前 10 部電影約佔 2025 財年第一季票房的 66%，而去年第一季前 10 部電影的票房為 62%。我們今年第一季票房排名前十的電影中有六部是第四季上映並延續到第一季的電影，其中包括假日大片。

Our first quarter of 2025 also included five days during the week between the December holidays, which drove a higher proportion of our Q1 box office towards the holiday films. The higher film costs on these holiday blockbusters and a more concentrated film slate resulted in an approximately 2.4 percentage point increase in overall film costs as a percentage of admission revenues.

2025 年第一季還包括 12 月假期之間的一周內的五天，這使得我們第一季的票房中假日電影所佔比例更高。這些假日大片的電影成本較高，而且電影片單更加集中，導致整體電影成本佔門票收入的比例增加了約 2.4 個百分點。

In addition, our labor costs in the first quarter of 2025 were higher compared with the first quarter of 2024. As we shared on our first quarter call last year, operating hours and staffing levels were significantly reduced during the first quarter of 2024, particularly during January and February, due to a weaker film slate following the Hollywood strikes and a shorter carryover of holiday films. With an anticipated improvement in the film slate in the first quarter of fiscal 2025, we returned to more traditional operating hours and staffing levels, resulting in higher labor costs.

此外，我們 2025 年第一季的勞動成本與 2024 年第一季相比有所上升。正如我們在去年第一季電話會議上所分享的那樣，由於好萊塢罷工導致電影票房較弱以及假日電影的上映時間縮短，2024 年第一季（尤其是 1 月和 2 月）的營業時間和人員配備水平大幅減少。隨著 2025 財年第一季電影片單預計有所改善，我們恢復了更傳統的營業時間和人員配備水平，導致勞動力成本上升。

In addition, the lower-than-expected opening weekend performance from certain films during the first quarter of 2025 resulted in reduced labor efficiency on the lower-than-expected attendance. While we believe that we can tighten up that performance in the future, once again we also see the normalized operating hours as an investment in repeat moviegoing.

此外，2025年第一季部分影片的首映週末票房表現低於預期，導致上座率低於預期導致勞動效率降低。雖然我們相信未來可以提高這一表現，但我們再次將正常營業時間視為對重複觀影的投資。

Being reliably open for customers when they can come is important, and as attendance rebuilds, it will allow us to build from a bigger attendance base. As a result of these two cost pressures, theater division adjusted even during the first quarter of fiscal 2025 was $3.7 million compared to $6.2 million in the prior year quarter.

在顧客可以光臨的時候可靠地開放服務非常重要，隨著客流量的恢復，這將使我們能夠從更大的客流量基礎開始建造。由於這兩大成本壓力，影院部門在 2025 財年第一季的調整後利潤為 370 萬美元，而去年同期為 620 萬美元。

Turning to our hotels and resorts division, revenues were $61.3 million for the first quarter of fiscal 2025, an increase of 7.2% compared to the prior year. Total revenue before cost reimbursements at our seven owned hotels increased over $4.3 million, or 8.9% over the first quarter of fiscal 2024. The four additional operating days due to the change in our fiscal quarter favorably impacted hotels revenue by $2.1 million.

談到我們的酒店和度假村部門，2025 財年第一季的營收為 6,130 萬美元，比上一年增長 7.2%。我們旗下七家飯店的成本補償前總收入比 2024 財年第一季增加了 430 多萬美元，增幅為 8.9%。由於財政季度的變化而增加的四個營業日對酒店收入產生了 210 萬美元的積極影響。

Rev par for our comparable owned hotels grew 1.1% during the first quarter compared to the prior year, which resulted from an overall occupancy rate decrease of 3.4 percentage points, offset by an 8% increase in our average daily rate, or ADR. Our average fiscal 2025 first quarter occupancy rate for our owned hotels was 50.3%.

與去年同期相比，我們同類型飯店的平價收入在第一季成長了 1.1%，這是由於整體入住率下降了 3.4 個百分點，但平均每日房價 (ADR) 上漲了 8% 所抵銷。我們自有飯店 2025 財年第一季的平均入住率為 50.3%。

Our occupancy rate decrease was negatively impacted by the Hilton Milwaukee renovation while guest rooms were out of service. While we were able to shift business to our two other hotels, the Pfister and St. Kate, to mitigate the impact of the renovation on the overall portfolio, on peak weekend nights there was some occupancy displacement from business turned away due to the reduced available rooms. We estimate that the renovation negatively impacted our rev par growth by nearly 4 percentage points during the first quarter.

密爾瓦基希爾頓酒店翻修工程以及客房停用對我們的入住率下降產生了負面影響。雖然我們能夠將業務轉移到另外兩家酒店，即菲斯特酒店和聖凱特酒店，以減輕裝修對整體投資組合的影響，但在周末高峰期，由於可用房間減少，一些酒店因業務中斷而導致入住率下降。我們估計，此次翻修對我們第一季的平均營收成長產生了負面影響，減少了近 4 個百分點。

According to data received from Smith Travel Research, comparable competitive hotels in our markets experienced rev par growth of 6.7% for the first quarter of 2025 compared to the first quarter of fiscal '24, indicating that our hotels underperformed the competitive set by 5.6 percentage points.

根據 Smith Travel Research 提供的數據，我們市場上可比競爭酒店的 2025 年第一季平均營收與 24 財年第一季相比增長了 6.7%，這表明我們的酒店表現比競爭對手低 5.6 個百分點。

Our lower performance relative to the competitive sets results primarily from group displacement at the Hilton Milwaukee while under renovation, which we believe unfavorably impacted rev par by nearly 4 percentage points, while favorably impacting competing hotels rev par growth by 1 percentage point. After adjusting for the impact of the Hilton Milwaukee renovation, we believe our hotels rev par growth was within less than 1 percentage point of the competitive set and attribute this slightly lower performance to new hotel room supply within one of our markets.

我們相對於競爭對手的業績較低，主要是因為密爾瓦基希爾頓酒店在裝修期間出現了團體流失，我們認為這對平均每間客房收入產生了近 4 個百分點的不利影響，同時對競爭酒店平均每間客房收入的增長產生了 1 個百分點的有利影響。在調整了密爾瓦基希爾頓酒店裝修的影響後，我們認為我們酒店的平價收入增長率與競爭對手的差距不到 1 個百分點，並將這一略低的業績歸因於我們其中一個市場內的新酒店客房供應。

When comparing our rev par results to comparable upper upscale hotels throughout the United States, the upper upscale segment experienced an increase in rev par of 2.8% during our first quarter compared to the first quarter of '24, indicating that our hotels underperformed the industry by 1.7 percentage points but outperformed the industry by 4 percentage -- 2 percentage points when adjusting for the estimated impact of the renovation.

將我們的平均營收結果與美國各地同類高檔酒店進行比較時發現，與 2024 年第一季度相比，高檔酒店板塊第一季的平均營收增長了 2.8%，這表明我們酒店的表現比行業平均水平低 1.7 個百分點，但比行業平均水平高出 4 個百分點——根據裝修後的預估影響為 2 個百分點。

With the continued growth in group business and events, our banquet and catering operations continue to grow with food and beverage revenues up 10% in the first quarter of fiscal 2025 compared to the prior year. Hotels' other revenues grew 11.4% primarily due to improved ski season at Grand Geneva Resort and Spa and from fees generated from an all-hotel group buyout at one of our condo hotel properties.

隨著團體業務和活動的持續成長，我們的宴會和餐飲業務持續成長，2025財年第一季的食品和飲料收入與前一年相比成長了10％。酒店的其他收入增長了 11.4%，這主要得益於大日內瓦度假村和水療中心的滑雪季節的改善，以及我們其中一家公寓式酒店物業的全酒店集團收購產生的費用。

Finally, hotels adjusted EBITDA increased $1 million in the first quarter of fiscal 2025 compared to the prior year quarter. Shifting to cash flow in the balance sheet, our cash flow from operations was a use of cash of $35.3 million in the first quarter of fiscal 2025 compared to cash used by operations of $15.1 million in the prior year quarter.

最後，2025 財年第一季飯店調整後的 EBITDA 與去年同期相比增加了 100 萬美元。轉向資產負債表中的現金流，我們的營運活動現金流在 2025 財年第一季為 3,530 萬美元，而去年同期的營運活動現金流為 1,510 萬美元。

With the increase in cash used primarily due to the timing of payments of accounts payable following a stronger holiday period and the lower EBITDA. As a reminder, our cash flow from operations in the first fiscal 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.

現金使用量的增加主要是因為假期期間業務量增加以及 EBITDA 下降導致應付帳款支付時間增加。提醒一下，我們第一財季的經營現金流歷來受到營運資本季節性變化的影響，這是由於假期高峰期之後業務放緩以及各種年終應付賬款和薪酬支付的時間所致。

Total capital expenditures during the first quarter of fiscal 2025 were $23 million compared to $15.4 million in the first quarter of 2024. A large portion of our capital expenditures during the first quarter were invested in the Hilton Milwaukee renovation with the balance going to maintenance projects in both businesses.

2025 財年第一季的總資本支出為 2,300 萬美元，而 2024 年第一季為 1,540 萬美元。我們第一季的大部分資本支出都投資於密爾瓦基希爾頓酒店的翻新工程，其餘部分則用於這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 2025 of $70 million to $85 million, recognizing that the timing of several of our planned expenditures are still just estimates at this time.

我們的資本投資和改造項目已按計劃進展，我們繼續預計 2025 財年的資本支出為 7,000 萬至 8,500 萬美元，同時認識到我們計劃的幾項支出的時間目前仍只是估計。

We are finalizing the scope and timing of various projects in the second half of the year and the actual timing of these projects will impact our final capital expenditure number for the year. We will update our capital expenditure estimates as the year progresses. Our balance sheet remains strong and we ended the first quarter with $12 million in cash and over $192 million in total liquidity with a debt-to-capitalization ratio of 31% and net leverage of 2 times.

我們正在確定下半年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字。我們將隨著時間的推移更新我們的資本支出估算。我們的資產負債表依然強勁，第一季末我們擁有 1,200 萬美元現金和超過 1.92 億美元的總流動資金，債務資本化比率為 31%，淨槓桿率為 2 倍。

Finally, as we announced in today's release, during the quarter we repurchased approximately 424,000 shares of our common stock for $7.1 million in cash. Our strong balance sheet and confidence in our businesses gives us the ability to continue investing in our businesses and pursuing growth while returning capital to shareholders through our quarterly dividend and opportunistic share repurchases. We will continue to allocate capital with a balanced approach that supports our strategic priorities while pursuing investments that provide the most attractive long-term returns to shareholders.

最後，正如我們在今天的新聞稿中宣布的那樣，在本季度，我們以 710 萬美元現金回購了約 424,000 股普通股。我們強勁的資產負債表和對業務的信心使我們能夠繼續投資於我們的業務並追求成長，同時透過季度股息和機會性股票回購向股東返還資本。我們將繼續以平衡的方式分配資本，支持我們的策略重點，同時追求為股東帶來最具吸引力的長期回報的投資。

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

說完這些，我現在將電話轉給格雷格。

Thanks, Chad. Good morning, everyone. As we entered 2025, our plan for the year projected growth in both of our businesses. In theaters, we expected a stronger movie slate to drive significant growth, while in hotels we expected a stable macroeconomic environment supporting slow but steady growth.

謝謝，乍得。大家早安。當我們進入 2025 年時，我們今年的計劃預計兩項業務都將實現成長。在戲院方面，我們預計更強勁的電影陣容將推動顯著成長，而在飯店方面，我們預計穩定的宏觀經濟環境將支持緩慢但穩定的成長。

While our outlook for the full year remains positive and optimistic, our path for the year looks a little different today than it did as we began the first quarter. In theaters, while the first quarter didn't play out as expected, in April we made up the lost ground versus last year and then some.

雖然我們對全年的展望依然積極樂觀，但今天我們的全年發展路徑與第一季初相比略有不同。在戲院方面，雖然第一季的票房表現不如預期，但 4 月我們彌補了去年同期的損失，甚至有所回升。

And the summer ahead looks strong. In hotels, the first quarter exceeded our expectations, and while bookings remain strong, economic uncertainty has elevated. It's periods like these when I'm glad that we have a diversified business model that can provide a counterbalance when conditions may change in one of our businesses. I'm excited for the seasonal ramp-up coming in the months ahead, and our teams are ready to execute. We're maintaining our focus on long-term value creation while managing the short-term dynamics.

即將到來的夏天看起來十分強勁。在飯店方面，第一季的業績超出了我們的預期，雖然預訂量依然強勁，但經濟不確定性有所上升。在這樣的時期，我很高興我們擁有多元化的商業模式，當我們的某個業務的情況改變時，它可以提供平衡。我對未來幾個月的季節性成長感到興奮，我們的團隊已經準備好執行。我們在管理短期動態的同時，也持續專注於長期價值創造。

I'll start with our theaters division. While the first quarter box office got off to a better start than last year with improved carryover of the holiday films, including family content that played well in our markets, the first quarter lacked big contributions from major tentpole films. And some films didn't attract the audiences that the industry had hoped. As I've said many times before, it's difficult to predict which individual films are going to work, and there are always going to be surprises, both positive and negative.

我先從劇院部門開始。雖然第一季的票房開局比去年同期有所好轉，假日電影的票房有所改善，其中包括在我們市場上表現良好的家庭電影，但第一季缺乏大型主打電影的巨大貢獻。有些電影並沒有像電影界所希望的那樣吸引觀眾。正如我之前多次說過的，很難預測哪些電影會成功，而且總是會有驚喜，有正面的，也有負面的。

With that said, one quarter does not make a year, and over time we continue to expect growth. To illustrate this point, through the first two months of 2025, the domestic box office was up 19% over last year. One month later, at the end of the first quarter, the domestic box office was down 12%. Now, after a very strong April, the industry is up nearly 16% through this last weekend, and we're building momentum heading into the busy summer moviegoing season. We remain focused on driving attendance through our programs that promote and incentivize repeat moviegoing, and continue to believe our strategy is showing early signs of positive results.

話雖如此，一個季度並不能代表一年，隨著時間的推移，我們將繼續期待成長。為了說明這一點，截至 2025 年頭兩個月，國內票房比去年同期成長了 19%。一個月後，第一季末，國內票房下跌12%。現在，經過 4 月的強勁表現，截至上週末，電影業已上漲近 16%，我們正在為繁忙的夏季電影季積累動力。我們仍然專注於透過推廣和激勵重複觀影的計劃來提高觀眾人數，並繼續相信我們的策略正在顯示出積極成果的早期跡象。

For the second quarter in a row, our comparable feeder attendance growth was better than most of our national peers, and this will continue to be an area of focus. While box office growth relative to the nation is one of several measures we look at to evaluate our performance, we're also focused on optimizing total revenue growth, including ancillary revenue, and the ultimate contribution that each incremental customer brings to the bottom line.

連續第二個季度，我們的可比支線乘客量成長優於大多數全國同行，這將繼續成為我們關注的領域。雖然相對於全國的票房成長是我們評估業績的幾個指標之一，但我們也專注於優化總收入成長，包括輔助收入，以及每個增量客戶為底線帶來的最終貢獻。

As I discussed last quarter, while these pricing strategies create a short-term headwind to our mission per caps, which were down in the first quarter as we expected, we believe that they are important drivers of long-term future attendance.

正如我上個季度所討論的那樣，雖然這些定價策略在短期內給我們的人均任務帶來了阻力（正如我們預期的那樣，第一季度的人均任務數量有所下降），但我們相信，它們是未來長期參與人數的重要驅動力。

In addition, we believe it is important to be thoughtful on pricing in a potentially slowing economy, and we will approach future pricing changes with this in mind. We continue to optimize our regular ticket prices in our markets to ensure we remain competitive and offer an attractive value to all types of customers, while capturing a premium during our peak demand periods. In addition to our focus on attendance, our team has also been executing several investment projects focused on increasing per capita revenues.

此外，我們認為在可能放緩的經濟中認真考慮定價非常重要，我們將在考慮未來的定價變化時考慮到這一點。我們將繼續優化我們市場上的常規票價，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，同時在高峰需求期間獲得溢價。除了關注出席人數之外，我們的團隊也一直在執行幾個旨在增加人均收入的投資項目。

First, we recently completed the conversion of three new ScreenX auditoriums at theaters in Illinois, Minnesota, and Ohio, adding to our initial test location in Wisconsin. Customers have enjoyed the immersive experience of the 270-degree panoramic screen that extends the projection to the side walls for select scenes, and we are excited to expand this premium large format offering to additional locations.The new ScreenX auditorium was premiered on May 1 in time for the weekend opening of the Thunderbolts and enjoyed large crowds and strong customer demand.

首先，我們最近完成了伊利諾伊州、明尼蘇達州和俄亥俄州劇院三個新 ScreenX 影廳的改造，增加了我們在威斯康辛州的初始測試地點。顧客們已經享受到了 270 度全景螢幕帶來的沉浸式體驗，該螢幕將投影延伸至側壁以觀看特定場景，我們很高興將這種優質的大格式服務擴展到更多地點。新的 ScreenX 影廳於 5 月 1 日首次亮相，正好趕上 Thunderbolts 週末的開幕，吸引了大批觀眾，客戶需求旺盛。

Second, we are currently under construction to add concession stands to three of our dine-in movie tavern locations in New York, Pennsylvania, and Kentucky. These locations previously only offered customers concessions, food and beverage ordering through our mobile app or at the bar for delivery to your seat.

其次，我們目前正在籌劃在紐約、賓州和肯塔基州的三家堂食電影酒吧中增設小賣部。這些地點以前只為顧客提供優惠，透過我們的行動應用程式或在酒吧訂購食品和飲料，然後送到您的座位上。

By adding walk-up concession stands where customers can order all food and concession items, as well as pickup for mobile concession orders and self-serve soda, we expect to capture higher per capita concession sales while streamlining labor from our service delivery model at these locations. We piloted concession stands at three other movie tavern locations, and we expect these three additional locations to operate with a new model by the middle of the summer.

透過增加步行特許攤位，顧客可以在那裡訂購所有食品和特許商品，以及接受行動特許訂單和自助汽水，我們期望獲得更高的人均特許銷售額，同時簡化這些地點的服務交付模式中的勞動力。我們在另外三家電影院試行了小賣部，預計這三家店將在夏季中旬採用新模式營運。

In April, we were with our theater team at CinemaCon, and once again, our studio partners, film directors, and talent all continued to reaffirm the importance of theatrical exhibition and our role in elevating their content. Not only do we continue to see an increasing supply in the pipelines in the major studios, but it was truly exciting to see the serious commitment to theatrical exhibition from Amazon MGM with a film slate that has continued to grow over the next few years.

四月份，我們與影院團隊一起參加了 CinemaCon，我們的工作室合作夥伴、電影導演和人才再次重申了影院放映的重要性以及我們在提升影片內容方面的作用。我們不僅看到各大電影公司的電影供應量不斷增加，而且看到亞馬遜米高梅對影院放映的認真承諾以及未來幾年持續增長的電影片單，也確實令人興奮。

While there is an important ongoing industry discussion regarding the appropriate length of the exclusive theatrical window, there is wide acknowledgment that theatrical exhibition plays a critical role to the overall movie and media ecosystem.

雖然業界正在就獨家影院上映窗口的適當長度進行重要的討論，但人們普遍承認影院上映對整個電影和媒體生態系統發揮著至關重要的作用。

Second, we got a closer look at the film slate for the rest of the year and into 2026, and we remain very optimistic about the coming attractions. As I alluded to earlier, April was a great positive surprise in several ways.

其次，我們仔細研究了今年剩餘時間和 2026 年的電影計劃，我們對即將上映的電影仍然非常樂觀。正如我之前提到的，四月在許多方面都帶來了巨大的驚喜。

Of course, everyone is thrilled with the record-breaking Minecraft movie, but the month was much more than that, with The Amateur, The King of Kings, and Sinners all exceeding pre-opening industry projections and holding very strong in the following weeks. In addition, the 20 anniversary re-release of Star Wars Episode 3 - Revenge of the Sith, with a $25 million weekend contribution to the box office, is a great example of just how much audiences prefer to see movies on the big screen.

當然，每個人都為破紀錄的《我的世界》電影而興奮，但這個月的成績遠不止於此，《業餘愛好者》、《萬王之王》和《罪人》都超出了上映前的行業預測，並在接下來的幾周保持了強勁的勢頭。此外，《星際大戰前傳3：西斯大帝的復仇》在上映20週年之際重新上映，週末票房收入達2500萬美元，這充分錶明了觀眾對大銀幕電影的喜愛。

The summer movie season kicked off last weekend with the opening of The Thunderbolts, which continued the string of strong openings that began in April, and will be followed by a number of big titles, including Mission Impossible - The Final Reckoning, F1, Jurassic World Rebirth, Superman, and The Fantastic Four.

上週末，隨著《霹靂特工隊》的上映，夏季電影季拉開序幕，該片延續了自四月份以來的強勁開畫勢頭，隨後還將上映多部大片，包括《碟中諜 4：終局之戰》、《F1》、《侏羅紀世界：重生》、《超人》和《神奇四俠》。

The summer will also be full of widely appealing family features, such as Lilo and Stitch, How to Train Your Dragon, Elio, Smurfs, and The Bad Guys 2. The Fallen Holiday film slate is also exciting, with Tron: Ares, Wicked: Or Good, Zootopia 2, and Avatar Fire and Ash, just to name a few. There are many more great films coming, noted in today's earnings release.

今年夏天也將上映許多廣受歡迎的家庭電影，例如《星際寶貝》、《馴龍高手》、《艾利歐》、《藍色小精靈》和《壞傢伙們2》。《墮落假期》的電影清單也令人興奮，包括《創：戰紀》、《魔法壞女巫：正義曙光》、《瘋狂動物城 2》和《阿凡達：火與灰燼》等等。今天的收益報告中指出，還有更多精彩的電影即將上映。

Looking even further ahead, the 2026 film slate also looks strong, with major franchises including Avengers: Doomsday, Spider-Man 4, Super Mario Bros. Movie 2, Moana, Jumanji 3, Toy Story 5, Mega Minions, and The Mandalorian in growth of just to name a few. In summary, we remain positive and optimistic about the road ahead, and the long-term future for the industry and our theater business.

展望未來，2026 年的電影名單看起來也很強勁，主要係列電影包括《復仇者聯盟：末日》、《蜘蛛人 4》、《超級瑪利歐兄弟》。電影 2、海洋奇緣、勇敢者遊戲 3、玩具總動員 5、超級小小兵以及曼達洛人都在不斷成長，僅舉幾例。總而言之，我們對未來的道路以及行業和劇院業務的長期前景保持積極和樂觀的態度。

Moving to our Hotels and Resorts division, you've seen the segment numbers and Chad shared some additional detail on the performance metrics, including our continued Rev Par growth and strong average daily rate growth. 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.

前往我們的飯店和度假村部門，您已經看到了細分數據，Chad 分享了一些有關績效指標的更多細節，包括我們持續的 Rev Par 成長和強勁的平均每日房價成長。正如我們過去幾年所討論的那樣，由於我們公司旗下的大多數酒店都位於中西部，因此我們的酒店業務具有明顯的季節性。

We often lose money in this division during the winter months, and in the first quarter of fiscal 2025, we achieved $1 million of positive adjusted EBITDA, which benefited from the four extra days in the quarter and improved winter weather that helped the ski season at Grand Geneva.

在冬季，這個部門經常虧損，而在 2025 財年第一季度，我們實現了 100 萬美元的正調整後 EBITDA，這得益於該季度額外的四天以及冬季天氣的改善，這有助於 Grand Geneva 的滑雪季節。

There were a few notable items in the quarter I would like to highlight. We were able to drive higher rates this quarter due to our continued focus on optimizing revenue management. With stronger weekend demand due to the improved ski season at Grand Geneva, we were able to drive significantly higher transient rates. In addition, we were able to create some rate compression in the Milwaukee market with the reduced available room count due to the Hilton renovation.

我想強調本季的一些值得注意的事項。由於我們持續注重優化收入管理，本季我們能夠提高利率。由於 Grand Geneva 滑雪季節的延長，週末需求更加強勁，我們能夠大幅提高臨時費率。此外，由於希爾頓酒店翻新工程導致可用客房數量減少，我們得以在密爾瓦基市場實現一定程度的價格壓縮。

While this helped us with ADR, the renovation negatively impacted occupancy and Rev Par during the quarter as Chad described. Rev Par grew at four of our seven owned hotels, with average daily rate growth at five hotels and occupancy growth at two out of seven hotels, resulting in overall Rev Par growth of 1.1%.

雖然這有助於我們提高平均房價，但正如 Chad 所描述的，此次翻新對本季度的入住率和平均每間客房收入產生了負面影響。我們旗下七家酒店中有四家的每間客房收入 (Rev Par) 實現增長，五家酒店的每日平均房價實現增長，七家酒店中有兩家酒店的入住率實現增長，導致整體每間客房收入 (Rev Par) 增長 1.1%。

Milwaukee hosted the opening weekend first and second rounds of the men's NCAA basketball tournament, and our properties hosted four of the eight teams playing at Fiserv Forum. While we don't get this event every year, it's a great event for the market to host in March during one of our seasonally slower months, and the proximity of our hotels to the arena make them an attractive option for the teams and fans.

密爾瓦基主辦了 NCAA 男子籃球錦標賽開幕週末的第一輪和第二輪比賽，我們的酒店接待了在 Fiserv Forum 比賽的八支球隊中的四支。雖然我們不是每年都舉辦這個活動，但對於市場來說，在三月（我們季節性較淡的月份之一）舉辦這個活動是一個很棒的活動，而且我們的酒店靠近競技場，這使其成為球隊和球迷的一個有吸引力的選擇。

Group business during the quarter was generally stable, and our team is doing a great job capturing our share of the group business. The bookings continue to look solid, with our group room revenue bookings for fiscal 2025 or group pace in the year for the year running just slightly ahead of where we were at this time last year, even when including the RNC group business in the prior year. That was the Republican National Convention.

本季集團業務整體穩定，我們的團隊在奪取集團業務份額方面做得很好。預訂情況持續保持穩健，即使包括上一年的 RNC 團體業務，我們 2025 財年的團體客房收入預訂量或全年團體預訂速度也略高於去年同期的水平。那是共和黨全國代表大會。

Even more encouraging, group room pace for 2026 is up 20% ahead of where we were at this time last year for the next year out. Banquet and catering pace for the remainder of fiscal 2025 is similarly ahead of where we were at this time last year.

更令人鼓舞的是，2026 年的團體客房數量將比去年同期增加 20%。2025 財年剩餘時間的宴會和餐飲業步伐同樣快於去年同期。

Finally, a quick project update on the Hilton Milwaukee renovation. The project continues to progress as planned, and as of today, we've completed and returned to service approximately 65% of the 554 guest rooms we will be renovating. We are on track to have the remaining rooms back in service by June 30, with the meeting space and ballroom renovations continuing later into the summer.

最後，簡單介紹一下密爾瓦基希爾頓酒店翻新工程的最新進展。該項目繼續按計劃進行，截至今天，我們已完成並將要翻新的 554 間客房中的約 65% 並恢復服務。我們計劃在 6 月 30 日之前讓剩餘的房間恢復使用，會議空間和宴會廳的翻新工程將在夏季晚些時候繼續進行。

The newly renovated rooms look fantastic, and when we are done with the project, our historic hotel will feel like new and will be a great complement to the city's newly expanded convention center. As our hotel division heads into the busier spring and summer travel months, we believe the investments we are making in our properties puts us in a great position to win in our markets.

新裝修的房間看起來棒極了，當我們完成這個項目後，我們歷史悠久的酒店將煥然一新，並將成為該市新擴建的會議中心的絕佳補充。隨著我們的酒店部門進入更加繁忙的春季和夏季旅遊月份，我們相信，我們在酒店方面的投資將使我們在市場中佔據有利地位。

While we've not yet seen any meaningful change in demand or significant cancellations of group business at our portfolio hotels, it's important to acknowledge the increased level of economic uncertainty compared to just a few short months ago.

雖然我們尚未看到我們投資組合酒店的需求發生任何有意義的變化或團體業務的大規模取消，但必須承認，與短短幾個月前相比，經濟不確定性有所增加。

Our portfolio of upper upscale Midwest hotels, and primarily drive-to destinations, has historically experienced less volatility than coastal fly-to markets. With that said, if we begin to see softness, we are prepared to react and adjust quickly.

我們的中西部高檔飯店組合以及主要的自駕目的地歷來比沿海飛行市場波動較小。話雖如此，如果我們開始看到疲軟跡象，我們就準備好迅速做出反應和調整。

Finally, we've discussed several of the investments we are making in both businesses, and it is planned that this is going to be a significant year for capital expenditures as we reinvest in our assets for future growth and long-term returns.

最後，我們討論了對這兩項業務進行的幾項投資，並計劃今年成為資本支出的重要一年，因為我們將對資產進行再投資，以實現未來的成長和長期回報。

In addition, as Chad discussed, we also have allocated capital this quarter to return to shareholders through opportunistic share repurchases. We have confidence in our businesses and a strong balance sheet that allows us to move quickly when we see good opportunities, and this is one example of us executing when we see great value in our stock.

此外，正如查德所討論的，我們本季也分配了資本，透過機會性股票回購返還給股東。我們對我們的業務充滿信心，並且擁有強大的資產負債表，這使得我們在看到良好機會時能夠迅速採取行動，這就是我們在看到股票具有巨大價值時採取行動的一個例子。

Over the last four quarters, we've now returned over $25 million, or approximately $0.78 per share to shareholders, between our quarterly dividend and share repurchases. We will continue to balance investing in our businesses for future growth and returning capital to you, our shareholders.

在過去四個季度中，我們透過季度股利和股票回購向股東返還了超過 2,500 萬美元，約合每股 0.78 美元。我們將繼續在投資業務以實現未來成長和向股東返還資本之間取得平衡。

Before we open the call for questions, I want to once again thank all the people that work so hard every single day making our ordinary days extraordinary for our guests. We talk a lot about the investments that we make in our businesses, but we can never lose sight of the fact that our people are our most important asset, and they proved that once again this quarter.

在我們開始提問之前，我想再次感謝所有每天辛勤工作的人們，他們讓我們的客人度過了一個特別的平凡日子。我們經常談論我們在業務上所做的投資，但我們永遠不會忽視這樣一個事實：我們的員工是我們最重要的資產，他們在本季度再次證明了這一點。

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

此時，查德和我很樂意接聽電話，回答你們可能提出的任何問題。

(Operator Instructions) Eric Wold, Texas Capital Securities.

（操作員指示）埃里克·沃爾德，德州資本證券。

Thank you. Good morning, guys. A couple questions. First off, Chad, you mentioned that concessions per patron were up less than 1% -- 0.8%, on inflationary pricing changes. I guess would that indicate that either incidence and or basket size declined, and if so, do you read that as more slate-driven or a shift in kind of consumer spending levels over the year?

謝謝。大家早安。幾個問題。首先，查德，您提到由於通貨膨脹的價格變化，每位顧客的折扣上漲不到 1% - 0.8%。我想這是否表明發病率或購物籃規模下降了？如果是這樣，您是否認為這更多的是由政策驅動的，還是一年來消費者支出水準的轉變？

Yeah, Eric, the change in F&B per caps really was almost entirely pricing, and we just did less of it this year than we have the last few years with higher levels of inflation. On an incidence and on a basket size, not a lot of change this quarter. Really nothing worth mentioning, so it's pretty similar to what we saw a year ago.

是的，艾瑞克，人均餐飲價格的變化實際上幾乎完全是定價的變化，只是今年我們在這方面的調整比過去幾年要少，因為通貨膨脹率較高。就發病率和籃子規模而言，本季沒有太大變化。真的沒有什麼值得一提的，所以它與我們一年前看到的非常相似。

Okay. And just in general, what are your views on your ability to take price if you need to, if certain inputs start getting pressured on the cost side?

好的。總的來說，如果某些投入在成本方面開始受到壓力，您認為自己在必要時有能力接受價格嗎？

Yeah, I mean, we've done a lot of price in the last three years, and candidly, our customers have been willing to do it on an experience out of the home and have spent, and we haven't seen negative impacts from it. That being said, in a softening environment, a macroeconomic environment, we're going to be thoughtful about it, but our experience in the last couple of years has been we've been able to manage through it and pass it through as needed.

是的，我的意思是，我們在過去三年中做了很多價格調整，坦白說，我們的客戶願意在戶外體驗並花錢，我們還沒有看到它帶來的負面影響。話雖如此，在疲軟的宏觀經濟環境中，我們會對此深思熟慮，但過去幾年的經驗是，我們能夠應對這個問題，並根據需要解決問題。

Got it. And just a follow-up question, kind of similar on the hotels and resorts side, I guess as you get towards the end of the Hilton Milwaukee renovation later this year, do you view that as providing an opportunity to take price at that location or view it more as ability to hold price in some kind of a renovation that needed to happen to be more competitive, I guess?

知道了。這只是個後續問題，酒店和度假村方面的情況類似，我想隨著今年晚些時候密爾沃基希爾頓酒店的裝修工程接近尾聲，您是否認為這為該地點提供了一個降價的機會，或者更多地將其視為在需要進行某種裝修以提高競爭力的過程中保持價格的能力？

And then just a kind of larger picture, how competitive do you view that market becoming once the convention center demand continues to ramp?

然後從更大的角度來看，一旦會議中心的需求持續增加，您認為該市場的競爭力會有多大？

I think you actually, your last point is what really highlights it. I think it's a little bit of both. I think that we had to do the renovation. I mean, it was time. So a piece of the work is just keeping you in place. But, part of it was an investment knowing what was coming with the convention center. And we're seeing the initial results out of what's going on in the convention center look good. We're seeing bookings happen.

我認為你的最後一點才是真正突出這一點的。我認為兩者都有一點。我認為我們必須進行翻新。我的意思是，是時候了。因此，工作的一部分就是讓你留在原地。但是，其中一部分是了解會議中心的未來發展的投資。我們看到會議中心的初步成果看起來不錯。我們看到預訂正在發生。

And we should be a beneficiary of that. We will be the first choice hotel. I mean, we'll have the newest, nicest hotel connected to the convention center. So that should benefit us.

我們應該成為其中的受益者。我們將是您的首選酒店。我的意思是，我們將擁有與會議中心相連的最新、最好的酒店。這對我們有好處。

The other thing I'd add, Eric, is as you know, we've done several major renovations at our properties over the last three years now between Grand Geneva and Pfister and now Hilton Milwaukee. And what we tend to see once we complete them is that you win the group business when you're redoing the meeting spaces and the banquet and ballroom spaces. And so because you're the newest venue in the market.

艾瑞克，我想補充的另一件事是，如你所知，過去三年來，我們對 Grand Geneva 和 Pfister 以及現在的 Hilton Milwaukee 酒店進行了幾次重大翻修。一旦我們完成這些工作，我們就會發現，當您重新設計會議空間、宴會廳和舞廳空間時，您就會贏得團體業務。因為你們是市場上最新的場所。

And so I would expect that we should be able to win on group business at Hilton Milwaukee, certainly more than we have in the last several years just because the product is going to be fresh and there's a premium related to that.

因此，我希望我們能夠在密爾瓦基希爾頓酒店贏得團體業務，肯定比過去幾年取得更大的成功，因為產品將會很新鮮，並且還有相關的溢價。

Thank you both.

謝謝你們兩位。

Patrick Sholl, Barrington Research.

巴林頓研究公司的 Patrick Sholl。

Hi, good morning. Just a question on ticket pricing. I'm curious if you could also provide any detail on the impact of the Marcus Movie Club subscription product and the impact that's had as consumers have taken that up.

嗨，早安。我只是想問一下票價。我很好奇您是否可以提供有關 Marcus Movie Club 訂閱產品的影響以及消費者接受產品後產生的影響的詳細資訊。

We're pleased with the initial results. It is still just such early days as we've talked about before, Pat. And the impact right now is very minimal. But we're pleased with the uptake and it's moving in that direction. It's heading toward where we think it should get to. And we won't see -- if you want to drive comparisons because our program is like one of our peers.

我們對初步結果感到滿意。正如我們之前談到的，現在還處於早期階段，帕特。目前的影響非常小。但我們對這一進展感到滿意，並且它正在朝著這個方向發展。它正朝著我們認為它應該到達的地方前進。我們不會看到——如果你想進行比較，因為我們的計劃就像我們的同行之一。

It is, we may not see the level of penetration that they've seen because our Tuesday program is so strong. And so we're able to cover a chunk of the discount customer on Tuesday. But people like the program and we like the value it's providing and we like the direction we're going.

是的，由於我們的周二計劃非常強大，我們可能看不到他們所看到的滲透水平。因此，我們能夠在周二滿足大部分折扣客戶的需求。但是人們喜歡這個項目，我們喜歡它提供的價值，我們也喜歡我們前進的方向。

Okay. And on the hotel side, with the group pace coming in, it sounds like so far up year-over-year just on a reported basis from what you're talking. Could you talk about like if that's like driven by specific markets, if that's like, as you've talked about the convention center in Milwaukee, if that's the main driver or if it's more broad based in terms of your Midwest markets?

好的。就酒店方面而言，隨著集團步伐的加快，從您所說的情況來看，報告顯示酒店業務同比增長了不少。您能否談談這是否是由特定市場驅動的，是否像您談到的密爾瓦基會議中心一樣，這是主要驅動力，還是就中西部市場而言具有更廣泛的基礎？

Pat, I would say it really gets to one of my earlier comments is in the properties that we recently renovated and refreshed, in the years that follow, you tend to win on group business. And so we are doing really well at Grand Geneva. Pfister has done well. And then even at some of our assets that aren't most recently renovated, St. Kate has done a nice job of capturing business.

帕特，我想說，這確實與我之前的評論相符，那就是在我們最近翻新和更新的房產中，在接下來的幾年裡，你往往會在團體業務中獲勝。所以我們在 Grand Geneva 做得非常好。菲斯特做得很好。即使我們的一些資產最近沒有翻新，St. Kate 也很好地吸引了業務。

So it's a number of our key properties. I wouldn't say it's across all markets. Each market sort of has its own dynamics. And some of that is driven by events that are happening in the market more than specific assets. But, we're seeing it in several different places across the portfolio.

所以這是我們的一些關鍵屬性。我不會說它適用於所有市場。每個市場都有其自身的動態。其中一些是由市場上發生的事件而不是特定資產所驅動的。但我們在投資組合的幾個不同地方都看到了它。

Okay, thank you.

好的，謝謝。

(Operator Instructions) Mike Hickey, Benchmark Company.

（操作員指示）Benchmark Company 的 Mike Hickey。

Hey, Greg. Hey, Chad. Nice quarter, guys. Obviously tough, tough conditions. Thanks for taking our questions. I guess on Q2, it looks like the whole slate here is sort of rocking. Minecraft Center is obviously very strong in April. Thunderbolts kicked off the summer slate. Greg also, I think, exceeded most people's expectations.

嘿，格雷格。嘿，查德。大家，這個季度過得真不錯。顯然，條件非常艱苦。感謝您回答我們的問題。我想在第二季度，看起來這裡的整個情況都有些動搖。Minecraft Center 在四月顯然非常強勁。雷霆隊拉開了夏季賽的序幕。我認為格雷格也超出了大多數人的預期。

Just curious, in your view, what's driving the strength here and how durable do you think it is? And why should we sort of expect the momentum to continue? I think, Greg, you called out '26 is also looking good. So just curious all the pieces to that outlook.

只是好奇，在您看來，是什麼推動了這種力量，您認為這種力量能持續多久？我們為什麼應該期待這種勢頭持續下去？格雷格，我認為你說的‘26’看起來也不錯。所以我只是對這個觀點的所有內容感到好奇。

Look, I think it's a couple of things. First of all, all those subjective qualities have been very good. And not just tentpole films. I really enjoyed the amateur. I thought it was really good. You had a weekend -- was it two weekends ago?

瞧，我認為這有幾件事。首先，所有這些主觀品質都非常好。並且不僅限於大製作電影。我真的很喜歡業餘愛好。我認為這真的很好。你度過了一個週末——是兩個週末前嗎？

You have four films all about $20 million. You know, that we haven't seen in a long time. And that shows something broad-based. That's healthy for the market because that means you're attracting different demos. You're getting more people back to the movies. That's really good.

您有四部電影，總投資都在 2,000 萬美元左右。你知道，我們已經很久沒見過面了。這表明存在廣泛的基礎。這對市場來說是件好事，因為這意味著你吸引了不同的受眾。你正在吸引更多人重返電影院。那真的很好。

And then you had my favorite thing. Everyone always says to me at some point, what are you most looking forward to? And I always say, I don't know. I'm looking forward to the surprise. Sinners was the surprise this quarter so far.

然後你就得到我最喜歡的東西了。每個人總會在某個時刻問我，你最期待什麼？我總是說，我不知道。我期待著驚喜。到目前為止，《罪人》是本季最令人驚訝的作品。

And I'm looking forward to more. But, I mean, people -- look at it. Ryan Cooler, you know it's going to be a good, you feel like it should be a good movie with Michael B. Jordan. But it was great. And I went and saw it and thoroughly enjoyed it. And it was a surprise. And so we never know what's coming our way. Surprises work both directions sometimes, as we saw in the first quarter. But overall, seeing that breadth of product was very heartening.

我期待著更多。但是，我的意思是，人們——看看它。瑞恩庫勒，你知道這會是一部好電影，你覺得這應該是一部由麥可B喬丹主演的好電影。但它很棒。我去看了它並且非常喜歡它。這真是個驚喜。所以我們永遠不知道接下來會發生什麼事。有時驚喜是雙向的，正如我們在第一季看到的那樣。但總的來說，看到如此廣泛的產品令人非常振奮。

You're obviously being very opportunistic on your pricing. And you see that in the headwinds on your ATP here. Greg, is that sort of your normal playbook when you sort of, you and your family have managed a business over the many decades? Is this sort of normal for you to be sort of opportunistic on price reductions led by promotions to sort of offset the recessionary impact on your consumers?

您的定價顯然非常投機。您可以在這裡看到 ATP 面臨的逆風。格雷格，這是你和家人幾十年來經營企業時慣常的做法嗎？您是否會採取機會主義的促銷降價策略來抵消經濟衰退對消費者的影響，這是否很正常？

You know, I think really what it is -- it was something that we picked up probably, over probably the last 10 years. It was a real focus on the importance of attendance, and how that really -- you know, box office, obviously you don't take people to the bank, you take the money to the bank.

你知道，我認為它實際上是——它是我們在過去 10 年裡可能學到的東西。它真正關注的是觀眾出席率的重要性，以及這如何真正實現——你知道，票房，顯然你不是把人帶到銀行，而是把錢帶到銀行。

And so we ultimately look at what the box office is. But not just the box office, because I could charge the most in the whole business and drive, four people to the door, but then only those four are buying concessions and being subjected to advertising and all the different ancillary ways we make money.

因此，我們最終要看的是票房狀況。但不僅僅是票房，因為我可以在整個行業中收取最高的費用並吸引四個人到門口，但只有這四個人會購買特許權並受到廣告和所有不同的輔助賺錢方式的影響。

So, and then just the health of more people going to the movies, building up that habit. So we just have had a big focus on attendance and trying to make sure that we're striking the right balance. Having that hotel side in us makes us think a lot about revenue management, so we maximize revenue.

因此，有更多的人去看電影，養成這個習慣，對健康有益。因此，我們非常重視出席率，並努力確保適當的平衡。有了飯店方面的幫助，我們就可以更考慮收益管理，從而實現收益最大化。

But that also attendance matters. And we saw it, the results are showing that. We led the league in attendance growth, or we're supposed to say in attendance, and change in attendance. And we believe that's a long-term investment. We'll continue to tweak, and we constantly are looking at pricing, and it's getting more and more complex and more and more thoughtful. I'm going to say this half-jokingly, but I really hope AI just tells us what the charge is one of these days. But we think it should help.

但出席率也很重要。我們看到了，結果也證明了這一點。我們在觀眾人數增長方面（或者說觀眾人數和觀眾人數變化方面）領先聯盟。我們相信這是一項長期投資。我們將繼續進行調整，並不斷關注定價，而且它會變得越來越複雜，越來越周到。我半開玩笑地說，但我真的希望人工智慧有一天能告訴我們收費是多少。但我們認為它應該有幫助。

Nice. On the attendance, I guess, one of the pushbacks as a movie goer when you go into the theater, Greg, and there's big lines at the concession stand, it kind of, you know, makes you maybe want to skip it.

好的。關於上座率，我想，作為一名電影觀眾，當你走進電影院時，其中一個阻礙就是，格雷格，小賣部前排起了長隊，你知道，這讓你可能想跳過這部電影。

So I guess attendance is great, but sort of how do you manage that incremental boost in attendance at the concession stand, whether it's maybe through digital purchases or maybe unique ways to sort of manage the congestion of all the people going into concessions?

所以我認為出席人數很棒，但是你如何管理小賣部出席人數的逐步增加，是否可以透過數位購買或以獨特的方式來管理所有進入小賣部的人的擁擠？

Yeah, actually, you hit the nail on the head. We believe, and the time is coming, and we're working on it right now, that digital will be the solution to that. Getting more people. We know that our basket size increases when people order digitally, and our per cap should go up.

是的，事實上，你說到了點子上。我們相信，時機即將到來，我們正在為此努力，數位化將成為解決這個問題的方案。吸引更多人。我們知道，當人們透過數位方式訂購時，我們的購物籃規模就會增加，我們的人均規模也會上升。

That increase in per cap should allow us to make an investment in technology to help that. What we believe will be a virtuous cycle. You invest in the technology, you make it easier, more people use it, and we drive a higher per cap. And we think that's where it's going to go. I can't tell you for sure. We're still in early days, but that will help reduce those lines.

人均收入的增加應該使我們能夠對技術進行投資以幫助實現這一目標。我們相信這將會是一個良性循環。您投資於技術，您使它變得更加簡單，更多的人使用它，我們將提高人均收入。我們認為這就是它的發展方向。我不能肯定地告訴你。我們還處於早期階段，但這將有助於減少排隊。

And, you know, as the labor markets are challenged, and they have been for a long time, that will help us deal with that problem that you bring up, Mike.

而且，你知道，由於勞動力市場面臨挑戰，而且這種挑戰已經持續了很長時間，這將有助於我們解決你提出的問題，麥克。

Cool. Last question. Thanks, guys, for taking all these. Just on the labor expense impact, you noted higher labor costs from increased operating hours relative to last year, which is obviously being influenced by the strike impacted quarter.

涼爽的。最後一個問題。謝謝大家接受這些。僅就勞動力費用的影響而言，您注意到與去年相比，由於營運時間增加，勞動力成本有所上升，這顯然受到了罷工影響季度的影響。

Can you provide more details on staffing levels, how they're trending, and whether that labor pressure will continue in Q2 or later in the year? Thanks, guys.

您能否提供更多有關人員配備水準、趨勢以及勞動力壓力是否會在第二季或今年稍後持續的詳細資訊？謝謝大家。

Yeah, Mike. I mean, I think a lot of this really gets to the comp in the quarter, in particular how much we reined in operating hours and tightened labor management and staffing levels last year when we knew that we were going to have this extended period between, call it mid-January and really late February going into the launch of June, where we really battened down the hatches and managed labor tightly.

是的，麥克。我的意思是，我認為這在很大程度上影響了本季度的業績，特別是去年我們在多大程度上控制了營業時間並加強了勞動力管理和人員配備水平，當時我們知道我們將經歷一段延長的時期，也就是從 1 月中旬到 2 月下旬，一直到 6 月份，我們確實嚴陣以待，嚴格管理勞動力。

The operating hour increase was 7% year-over-year in the quarter on comparable days, so that gives you a sense of how much we tightened it last year. I would characterize our staff, our operating hours this year in the first quarter, as more of a return to normal than that we extended them.

本季的營運小時數與去年同期相比增加了 7%，因此您可以了解去年我們的營運小時數收緊了多少。我認為，今年第一季我們的員工和營業時間更多的是恢復正常，而不是延長。

That being said, we do have some opportunity to improve labor efficiency. That's probably where reacting very quickly when things don't pan out as you expect in attendance, reaction time there. There's some room for improvement. But I think that what we see in Q1 is not something that I would model going forward. It was more an idiosyncrasy of the comp in the quarter.

話雖如此，我們確實有一些機會來提高勞動效率。當事情沒有按照你預期的那樣發展時，這可能是反應非常迅速的地方，反應時間就在那裡。還有一些改進的空間。但我認為，我們在第一季看到的情況並不是我未來要模仿的。這更像是本季公司的一個特點。

Yeah. I mean, it's a tough balance, right? Because you want to get people to work because you want to be able to have a staff when you need it so that the concession lines aren't so long when the people show up. And yet the other side of it is you want to control your expenses when there's nobody showing up, and it's like it happened in the first quarter. But, you know, could we do better?

是的。我的意思是，這是一個很難的平衡，對吧？因為你想讓人們工作，因為你想在需要的時候能夠擁有員工，這樣當人們出現時特許經營隊伍就不會太長。但另一方面，當沒有人出現時，你就會想要控制你的開支，就像第一季發生的那樣。但是，你知道，我們可以做得更好嗎？

Yeah, we could do better. I know we could. And the team is focused on that. But it's a tough balance, and we deal with it every day.

是的，我們可以做得更好。我知道我們可以。團隊正專注於此。但這是一個艱難的平衡，我們每天都要處理它。

Greg, wild card question for you. I don't think Trump's listening to this call. Maybe he is. But, obviously there's some commotion, noise yesterday on the tariff commentary. But I think, if anything, it did highlight that we've lost a lot of jobs. We've lost a lot of jobs in the US on the film development side, particularly in LA, so a lot of development going international. I guess if you did have a year here and you wanted to make a recommendation on how you could sort of get reinvestment back in the US, what would you say?

格雷格，我想問你一個很難回答的問題。我認為川普沒有聽到這個電話。或許他是。但是，昨天關於關稅的評論顯然引起了一些騷動和噪音。但我認為，如果有的話，它確實凸顯了我們失去了很多工作。我們在美國的電影開發方面失去了許多工作崗位，特別是在洛杉磯，因此許多開發工作都轉向了國際化。我想，如果您在這裡待了一年，並且想就如何將投資重新帶回美國提出建議，您會說什麼？

We're a fragile business. You know, the whole industry we know has had some challenges. And, and doctor do no harm.

我們是一個脆弱的企業。你知道，我們所知的整個產業都面臨一些挑戰。並且，對醫生也沒有危害。

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 comments.

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

All right. Thank you. Well, we'd like to once again thank everyone for joining us today. We look forward to talking with you once again in early August when we report the second quarter. Until then, thank you.

好的。謝謝。好吧，我們想再次感謝大家今天的參加。我們期待在 8 月初報告第二季時再次與您交談。到那時為止，謝謝你。