Marcus Corp (MCS) 2025 Q3 法說會逐字稿

Good morning, everyone, and welcome to Marcus Corporation's third-quarter earnings conference call. My name is Lydia, and I will be your operator today. (Operator Instructions) As a reminder, this conference is being recorded. Joining us today are Greg Marcus, Chairman, President, and Chief Executive Officer; and Chad Paris, Chief Financial Officer and Treasurer of Marcus Corporation.

各位早安，歡迎參加馬庫斯公司第三季財報電話會議。我叫莉迪亞，今天由我來為您接聽電話。（操作說明）提醒各位，本次會議正在錄音。今天與我們一同出席的有馬庫斯公司董事長、總裁兼執行長格雷格·馬庫斯，以及財務長兼財務主管查德·帕里斯。

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

現在，我謹將節目交給帕里斯先生，請他致開幕詞。請繼續，先生。

Good morning, and welcome to our fiscal 2025 third-quarter conference call. I need to begin by stating that we plan to make a number of forward-looking statements on our call today, which may be identified by our use of words such as believe, anticipate, expect, or other similar words. Our forward-looking statements are subject to certain risks and uncertainties, which may cause our actual results to differ materially from those expected or projected in our forward-looking statements. These statements 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. 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 third-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.

早上好，歡迎參加我們2025財年第三季電話會議。首先我要說明的是，我們計劃在今天的電話會議上發表一些前瞻性聲明，這些聲明可以透過我們使用諸如「相信」、「預期」、「期望」或其他類似詞語來識別。我們的前瞻性聲明存在某些風險和不確定性，這些風險和不確定性可能導致我們的實際結果與前瞻性聲明中預期或預測的結果有重大差異。這些聲明僅代表截至本次電話會議之日的觀點，我們不承擔任何公開更新此類前瞻性聲明以反映後續事件或情況的義務。可能影響我們實現預期目標的風險和不確定性，已包含在我們今天早上發布的第三季度業績新聞稿的“前瞻性聲明”標題下，以及我們 2024 財年 10-K 表格年度報告的“風險因素”部分中，您可以在美國證券交易委員會的網站上查閱該報告。

Additionally, we refer you to the disclosures and reconciliations we provided in today's earnings press release regarding the use of adjusted EBITDA, a non-GAAP financial measure, in evaluating our performance and its limitations, a copy of which is available on the Investor Relations page of our website at investors.marcuscorp.com.

此外，我們建議您參閱我們在今天發布的盈利新聞稿中提供的有關使用調整後 EBITDA（一種非 GAAP 財務指標）評估我們業績及其局限性的披露和調整說明，該新聞稿的副本可在我們網站的投資者關係頁面 investors.marcuscorp.com 上找到。

All right. With that behind us, let's begin. I'll start this morning by spending a few minutes sharing the results from our third quarter and then discuss our balance sheet, liquidity, and capital allocation. 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。既然這些都已拋諸腦後，我們就開始吧。今天上午，我將首先花幾分鐘分享我們第三季的業績，然後討論我們的資產負債表、流動性和資本配置。然後我會把電話交給格雷格，他將重點闡述我們公司目前的業務狀況以及我們對未來的展望。接下來我們將開放提問環節。

This morning, we reported a quarter with solid results overall despite somewhat mixed results in our divisions relative to our expectations. In hotels, we exceeded our expectations and were able to overcome a very challenging prior year comparison to deliver revenue growth and outperform our competitive sets. In theaters, we saw a less concentrated film slate with several films that performed well relative to our own expectations, but the slate lacked a major breakthrough of tentpole that we've seen in the third quarter the last couple of years.

今天上午，我們公佈了季度業績，儘管各部門業績與預期相比略有差異，但總體而言業績穩健。在飯店業務方面，我們超越了預期，克服了去年同期非常嚴峻的業績下滑，實現了營收成長，並超越了競爭對手。在戲院，我們看到影片陣容不如預期集中，其中幾部影片的票房表現都超出了我們的預期，但與過去幾年第三季的情況相比，今年的影片陣容缺乏重大突破或重磅大片。

During our seasonally busiest quarter, our teams in both businesses remain focused on serving our guests with excellence to deliver memorable experiences. I'll start with a few highlights from our consolidated results for the third quarter of 2025. Consolidated revenues of $210 million were down 9.7% compared to the prior-year quarter. Operating income for the quarter was $22.7 million, a decrease of $10.1 million compared to the prior-year quarter. Consolidated adjusted EBITDA for the third quarter was $40.4 million, a decrease of $11.9 million compared to the third quarter of fiscal 2024.

在一年中最繁忙的季度，我們兩家公司的團隊都始終專注於為顧客提供卓越的服務，打造難忘的體驗。我先從我們2025年第三季的綜合業績中選取幾個亮點。合併營收為 2.1 億美元，較上年同期下降 9.7%。本季營業收入為 2,270 萬美元，比去年同期減少了 1,010 萬美元。第三季綜合調整後 EBITDA 為 4,040 萬美元，比 2024 財年第三季減少了 1,190 萬美元。

Net earnings for the quarter were $16.2 million or $0.52 per share and were favorably impacted by a nonrecurring gain on a property insurance settlement of $3 million or $0.10 per share net of tax. Excluding the impact of the gain, net earnings for the third quarter were $13.2 million or $0.42 per share compared to prior-year third-quarter net earnings of $24.8 million or $0.78 per share excluding the impacts of our convertible debt repurchases last year. The change in our fiscal year-end quarters had an immaterial impact on our third-quarter results with one additional operating day during the quarter in fiscal 2025 compared to last year.

本季淨利潤為 1,620 萬美元，即每股 0.52 美元，其中一項財產保險賠償金為 300 萬美元，即扣除稅款後每股 0.10 美元，這筆非經常性收益對本季度產生了有利影響。不計收益的影響，第三季淨利為 1,320 萬美元，即每股 0.42 美元，而去年同期淨利為 2,480 萬美元，即每股 0.78 美元（不包括去年可轉換債券回購的影響）。由於 2025 財年第三季比前一年多了一個營業日，我們財年結束季度的變動對我們第三季的業績產生了微不足道的影響。

Turning to our segment results. I'll begin this morning with our Theater division. Third-quarter fiscal 2025 total revenue of $119.9 million decreased approximately 16% compared to the prior-year third quarter, primarily due to weaker performances from the top films in the quarter compared to the top films in the quarter last year and less carryover of films that released in the second quarter compared to last year's carryover. Comparable Theater admission revenue for the third quarter decreased 15.8% and comparable Theater attendance decreased 18.7% compared with our fiscal third-quarter 2024.

接下來來看看我們各業務板塊的業績。今天上午我先從戲劇部門開始。2025 財年第三季總營收為 1.199 億美元，與去年同期相比下降約 16%，主要原因是本季熱門影片的票房表現不如去年同期熱門影片，以及第二季上映影片的票房結轉量低於去年同期。與 2024 財年第三季相比，第三季可比劇院入場費收入下降了 15.8%，可比劇院觀眾人數下降了 18.7%。

While our market share in the third quarter of 2025 was in line with our historical third-quarter share, including our third-quarter share in 2023, this year's film mix did not help us. Notably, the film slate did not include a family animated film in the top 5 movies of the quarter, a genre that our circuit typically outperforms in. When using our comparable fiscal days, US box office receipts decreased 12% during our fiscal 2025 third quarter compared to US box office receipts during our fiscal third quarter last year, indicating our admissions revenue performance trailed the industry by 3.8 percentage points.

雖然我們在 2025 年第三季的市佔率與我們歷史上第三季的市佔率（包括 2023 年第三季的市佔率）基本一致，但今年的電影組合對我們不利。值得注意的是，本季電影排行榜前五名中沒有家庭動畫電影，而我們院線通常在這一類型中表現優異。如果使用可比較的財政年度，我們 2025 財年第三季的美國票房收入比去年同期下降了 12%，這表明我們的票房收入表現比行業平均落後了 3.8 個百分點。

We believe that our lower box office performance relative to the nation during the third quarter was primarily attributable to our strong performance in the third quarter last year when our circuit outperformed the national box office growth by nearly 6 percentage points. As you may recall, a year ago, our third-quarter 2024 box office results benefited from a favorable film mix in which we achieved above our historical average market share for each of our top 6 movies in the quarter, including several films such as Inside Out 2, Despicable Me 4, and Twisters, where we significantly outperformed our typical share.

我們認為，第三季我們票房表現低於全國平均水平，主要是由於去年第三季我們表現強勁，當時我們院線的票房成長比全國平均高出近 6 個百分點。您可能還記得，一年前，我們 2024 年第三季度的票房成績得益於有利的電影組合，我們在該季度票房最高的 6 部電影中均取得了高於歷史平均市場份額的成績，其中包括《頭腦特工隊 2》、《神偷奶爸 4》和《龍捲風》等幾部電影，這些電影的市場份額都顯著超過了我們通常的市場份額。

Our admissions revenues did benefit from several pricing changes that we discussed with you last quarter, with average admission price increasing 3.6% during the third quarter of fiscal 2025 compared to last year. Our admission per caps were favorably impacted by strategic pricing changes, including adjustments to our everyday matinee program and pricing surcharges on select high-demand summer blockbuster films.

我們的門票收入確實受益於上個季度與您討論的幾項價格調整，2025 財年第三季的平均門票價格比上年同期上漲了 3.6%。透過調整日常午間電影放映計劃和對部分熱門夏季大片加收附加費，我們的每人入場人數受到了有利影響。

In addition, admission per caps were also favorably impacted by a higher percentage of our attendance on PLF screens compared to last year's quarter. We also grew our average concession food and beverage revenues per person at our comparable theaters, which increased by 2.1% during the third quarter of fiscal 2025 compared to last year's third quarter, and was driven by an increase in merchandise sales and pricing.

此外，與去年同期相比，PLF 螢幕的觀看率更高，這也對每人入場人數產生了積極影響。我們同類型影院的人均特許經營食品和飲料收入也有所增長，2025 財年第三季度比去年同期增長了 2.1%，這主要得益於商品銷售和價格的上漲。

Our top 10 films in the quarter represented approximately 72% of the box office in the third quarter of fiscal 2025, compared to 83% for the top 10 films in the third quarter last year. The less concentrated film slate featuring fewer blockbuster films compared to the more concentrated slate in the third quarter last year, resulted in an approximately 3 percentage point decrease in overall film cost as a percentage of admission revenues. Finally, Theater division adjusted EBITDA during the third quarter of fiscal 2025 was $22.1 million, a 33% decrease over the prior-year quarter, primarily due to the lower attendance volumes.

本季票房最高的 10 部電影約佔 2025 財年第三季票房的 72%，而去年同期票房最高的 10 部電影的比例為 83%。與去年第三季電影檔期集中度較高、大片較少的電影檔期相比，今年的電影檔期集中度較低，導致電影總成本佔票房收入的比例下降了約 3 個百分點。最後，2025 財年第三季劇院部門調整後的 EBITDA 為 2,210 萬美元，較上年同期下降 33%，主要原因是觀影人數減少。

Turning to our Hotels and Resorts division. Total revenues before cost reimbursements were $80.3 million for the third quarter of fiscal 2025, a 1.7% increase compared to the prior year. RevPAR for our comparable owned hotels decreased 1.5% during the third quarter compared to the prior year, which resulted from an overall occupancy rate increase of 1.7 percentage points offset by a 3.6% decrease in our average daily rate, or ADR. Our average occupancy rate for our owned hotels was 78.4% during the third quarter of 2025.

接下來我們來看看飯店及度假村部門。2025 財年第三季度，扣除成本補償前的總收入為 8,030 萬美元，比去年同期成長 1.7%。與去年同期相比，我們同類型自有酒店的每間可供出租客房收入 (RevPAR) 在第三季度下降了 1.5%，這是由於整體入住率提高了 1.7 個百分點，但平均每日房價 (ADR) 下降了 3.6% 所抵消的。2025年第三季度，我們自有飯店的平均入住率為78.4%。

As you may recall, our third quarter 2024 results benefited from the Republican National Convention and its significant impact on the results at our three Milwaukee hotels, resulting in approximately $3.3 million of incremental revenue. The RNC primarily had the effect of increasing average daily rates. And when we adjust out that onetime impact, we achieved some very impressive rate and RevPAR growth. When excluding the impact of the RNC on our three Milwaukee hotels from last year's results, our average daily rate during the third quarter of 2025 grew approximately 5% compared to the prior-year quarter, and RevPAR grew approximately 7.5%.

您可能還記得，我們​​ 2024 年第三季的業績受益於共和黨全國代表大會，該大會將對我們位於密爾瓦基的三家酒店的業績產生了重大影響，帶來了約 330 萬美元的額外收入。共和黨全國代表大會的主要影響是提高了平均每日收入。當我們剔除那次一次性影響後，我們實現了非常可觀的房價和每間可供出租客房收入成長。如果排除共和黨全國代表大會對我們去年在密爾瓦基的三家酒店的影響，我們 2025 年第三季度的平均每日房價比上年同期增長了約 5%，每間可供出租客房收入增長了約 7.5%。

According to data received from Smith Travel Research, comparable competitive hotels in our markets experienced a decrease in RevPAR of 6.7% for the third quarter of 2025 compared to the third quarter of fiscal '24, indicating that our hotels outperformed the competitive set by 5.2 percentage points. We believe our outperformance resulted primarily from strong sales results with our group customer segment as well as a strong summer season at Grand Geneva Resort & Spa and higher results from the recently renovated properties in our portfolio.

根據 Smith Travel Research 提供的數據，我們市場中可比較的競爭飯店在 2025 年第三季的每間可供出租客房收入 (RevPAR) 比 2024 財年第三季下降了 6.7%，這表明我們的飯店比競爭對手高出 5.2 個百分點。我們認為，我們取得優異業績主要得益於集團客戶群強勁的銷售業績，以及 Grand Geneva Resort & Spa 夏季的強勁表現，還有我們投資組合中近期翻新物業的更高業績。

When comparing our RevPAR results to the comparable upper upscale hotels throughout the US, the upper upscale segment experienced a decrease in RevPAR of 1.3% during our third quarter compared to the third quarter of fiscal '24, indicating that our hotels performed generally in line with the industry despite the growth headwind from the prior year RNC impact, and they outperformed the industry by nearly 9 percentage points when adjusting for the estimated impact of the RNC on our RevPAR growth.

將我們的每間可供出租客房收入 (RevPAR) 業績與美國各地同等高檔酒店進行比較，發現我們第三季度高檔酒店的 RevPAR 比 2024 財年第三季度下降了 1.3%，這表明儘管受到上一年 RNC 的影響，我們的酒店業績總體上與行業保持一致，並且在調整業績比我們近 9 個百分

With the strong growth in group business and events, our banquet and catering operations continued to grow with food and beverage revenues up 8.3% in the third quarter of fiscal '25 compared to the prior year, which includes the impact of the headwind from prior-year RNC related banquet and catering events.

隨著團體業務和活動的強勁增長，我們的宴會和餐飲業務持續增長，2025 財年第三季度的食品和飲料收入比上年同期增長了 8.3%，其中包括上年與共和黨全國代表大會相關的宴會和餐飲活動帶來的不利影響。

Finally, hotels adjusted EBITDA was essentially flat in the third quarter of fiscal 2025 compared to the prior-year quarter, which we believe was a significant achievement given the changes in our revenue mix, with a decrease in high rate, high-margin rooms revenue in the prior year due to the RNC and the increase in comparatively lower margin food and beverage revenue.

最後，與去年同期相比，2025 財年第三季飯店調整後的 EBITDA 基本持平，我們認為這是一個重大成就，因為考慮到我們收入結構的變化，上年由於共和黨全國代表大會，高房價、高利潤客房收入有所下降，而利潤率相對較低的餐飲收入有所增加。

Shifting to cash flow and the balance sheet. Our cash flow from operations was $39.1 million in the third quarter of fiscal 2025 compared to cash flow from operations of $30.5 million in the prior year quarter, with the increase in cash flow primarily due to differences in the timing of various working capital payments. Total capital expenditures during the third quarter of fiscal 2025 were $20.9 million compared to $18.5 million in the third quarter of fiscal 2024. A large portion of our capital expenditures during the third quarter were invested in the Hilton Milwaukee renovation, with the balance going to maintenance projects in both businesses.

轉而關注現金流和資產負債表。2025 財年第三季度，我們的營運活動現金流為 3,910 萬美元，而上年同期為 3,050 萬美元，現金流增加主要是由於各種營運資金支付的時間差異。2025 財年第三季的總資本支出為 2,090 萬美元，而 2024 財年第三季的總資本支出為 1,850 萬美元。第三季度，我們大部分資本支出都投入了密爾瓦基希爾頓酒店的翻新工程中，其餘部分則用於兩家企業的維護項目。

Our capital investments and renovations projects have progressed as planned, and we now expect capital expenditures for fiscal 2025 of $75 million to $85 million. The timing of several projects will impact our final capital expenditure number for the year.

我們的資本投資和翻新項目已按計劃推進，我們現在預計 2025 財年的資本支出為 7,500 萬美元至 8,500 萬美元。幾個項目的進度安排將影響我們今年的最終資本支出數字。

Looking ahead, as we get past the heavy part of the reinvestment cycle that we are in this year with our current hotel portfolio, we see a meaningful step down in capital expenditures in 2026. Our preliminary expectation is for approximately $50 million to $55 million of capital expenditures in 2026 with this range subject to adjustment for the final timing of payments for our 2025 projects. We ended the third quarter with approximately $7 million in cash and over $214 million in total liquidity with a debt-to-capitalization ratio of 26% and net leverage of 1.7 times.

展望未來，隨著我們度過今年當前酒店投資組合再投資週期的艱難時期，我們預計 2026 年資本支出將大幅下降。我們初步預計 2026 年的資本支出約為 5,000 萬至 5,500 萬美元，但該範圍可能會根據我們 2025 年專案的最終付款時間進行調整。第三季末，我們擁有約 700 萬美元現金和超過 2.14 億美元的總流動資金，債務資本比率為 26%，淨槓桿率為 1.7 倍。

Finally, in today's earnings release, we announced that during the third quarter, we repurchased approximately 600,000 shares of our common stock for $9.1 million in cash. This brings our share repurchases this year to just over 1 million shares or approximately 3.2% of our outstanding shares at the beginning of the year. Our cumulative buyback since resuming share repurchases in the third quarter of 2024 are now over 1.7 million shares or approximately 5.3% of our outstanding share count when we began, returning nearly $26 million in capital to shareholders.

最後，在今天的收益報告中，我們宣布，在第三季度，我們以910萬美元現金回購了約60萬股普通股。這使得我們今年的股票回購量略高於 100 萬股，約佔年初已發行股份的 3.2%。自 2024 年第三季恢復股票回購以來，我們累計回購股票已超過 170 萬股，約占我們開始回購時已發行股票總數的 5.3%，向股東返還了近 2,600 萬美元的資本。

Our strong balance sheet and confidence in our business gives us the ability to continue pursuing growth investments 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 returns to shareholders. Greg will further discuss our capital allocation approach and today's announcement of an increase in our share repurchase authorization.

我們強勁的資產負債表和對自身業務的信心，使我們能夠繼續進行成長投資，同時透過季度分紅和擇機回購股票的方式向股東返還資本。我們將繼續採取平衡的資本配置方式，在支持我們策略重點的同時，尋求能為股東帶來最具吸引力回報的投資。Greg 將進一步討論我們的資本配置方法以及今天宣布的增加股票回購授權的公告。

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

接下來，我將把電話交給格雷格。

Thanks, Chad. Good morning, everyone. When we were together last quarter, we shared that our summer was off to a solid start in both of our businesses. In Theaters, a more diverse film slate was bringing out audiences for a series of solid performances. In Hotels, we were gaining momentum as we entered the third quarter, and we're well positioned with several newly remodeled properties in our portfolio. As the rest of the third quarter played out, we saw some divergence between the results of our two divisions.

謝謝你，查德。各位早安。上個季度我們在一起的時候，都提到我們兩家公司的夏季業務都開局良好。在戲院，更多元化的影片陣容吸引了許多觀眾，並帶來了一系列精彩的演出。在酒店業務方面，我們進入第三季後勢頭強勁，並且我們的投資組合中擁有幾家新裝修的酒店，這使我們處於有利地位。第三季剩餘比賽結束後，我們發現兩個分區的成績出現了一些差異。

In Theaters, we saw a late summer movie season that included several films that performed well and met our own expectations, but it lacked a runaway hit blockbuster film that we've had the last couple of years, and the film mix was challenging for our markets. In Hotels, our team executed exceptionally well, capitalizing on both group and leisure demand and delivered a quarter that outperformed our competitors in the nation, overcoming a very difficult comparison to our record third-quarter results last year.

在戲院方面，我們看到了一個晚夏電影檔期，其中有幾部電影表現良好，符合我們的預期，但缺少像過去幾年那樣的票房大賣的熱門電影，而且電影組合對我們的市場來說是一個挑戰。在飯店業務方面，我們的團隊表現出色，充分利用了團體和休閒旅遊的需求，實現了本季業績超越全國競爭對手的佳績，克服了與去年第三季創紀錄業績相比的巨大困難。

As I will discuss today, while the overall result was a mixed quarter compared to our own expectations, there were many positives that we think will benefit us in the long term. I'll start with our Theater division. In a quarter where there has been much industry discussion about a national box office that was down nearly 12%, I'd like to step back for a moment with some perspective and start with a few things that we thought were positive.

正如我今天將要討論的，雖然與我們的預期相比，本季整體結果喜憂參半，但其中有很多積極因素，我們認為這些因素將在長期內使我們受益。我先從我們的戲劇部門說起。在本季度，業內人士對全國票房下降近 12% 的情況進行了廣泛的討論，我想暫時退後一步，從一些角度來看待這個問題，並首先談談我們認為的一些積極因素。

First of all, we have good product supply with 32 wide releases in the third quarter this year compared to 29 last year. The film slate was less concentrated, and many of the smaller and midsized pictures actually performed better on average than they performed last year. When you get past the top 6 movies in the quarter, the average box office gross per film for the next 14 films in the top 20 was up over 11%. We believe this illustrates that there is an important role for small and midsized films in theatrical in contrary to some of the narrative of the trade press audiences want to come out to see these movies and theaters.

首先，我們的產品供應充足，今年第三季共有 32 款產品全面上市，而去年同期只有 29 款。電影檔期相對分散，許多小成本和中成本電影的平均票房實際上比去年好。當看完當季票房最高的 6 部電影後，排名前 20 的接下來 14 部電影的平均票房收入增長了 11% 以上。我們認為這表明，與一些行業媒體的說法相反，中小成本電影在院線電影中扮演著重要的角色，觀眾也希望走進電影院觀看這些電影。

Second, there were several films that outperformed expectations. James Gun Superman opened to $125 million domestically, achieving over $350 million in box office during its domestic run, and grossing over $600 million globally. More importantly, the success of this DC franchise film sets up a promising outlook for future sequels with more DC adventures on the horizon. Zach Cregger's horror hit, Weapons, crossed $100 million in domestic box office in just two weeks on its way to over $150 million for the run. The Conjuring: Last Rites smashed box office records with both the highest domestic and global opening for a horror film going on to become the highest grossing film in The Conjuring series. Demon Slayer: Infinity Castle broke the anime record with a $70 million domestic opening and has continued to play strong to become the highest grossing international movie ever in the US with a domestic run now of over $132 million.

其次，有幾部電影的票房表現超出了預期。詹姆斯岡執導的《超人》在美國首映票房為 1.25 億美元，在美國本土上映期間票房超過 3.5 億美元，全球票房超過 6 億美元。更重要的是，這部 DC 系列電影的成功為未來的續集奠定了良好的基礎，而更多 DC 冒險故事即將上映。扎克克雷格主演的恐怖片《武器》上映僅兩週，美國國內票房就突破了 1 億美元，最終票房超過 1.5 億美元。《厲陰宅3：最後的儀式》打破了票房紀錄，創下了恐怖電影在國內和全球的最高首映票房紀錄，並最終成為《厲陰宅》系列電影中票房最高的一部。《鬼滅之刃：無限城堡》打破了動畫電影的票房紀錄，首周末在美國本土就斬獲 7000 萬美元票房，並且持續走強，成為美國有史以來票房最高的國際電影，目前在美國本土的票房已超過 1.32 億美元。

These were all great results for these films, and they illustrate the audience appeal for a wide range of content across genres. So where did the summer box office come up short compared to last year? We think it ultimately comes down to a couple of simple factors. First, we didn't have a breakout smash hit this year that was the must-see film of the summer as we've seen in the last two years. The number one film in the third quarter last year was Deadpool and Wolverine, and in 2023, it was Barbie, with both films grossing approximately $630 million domestically in the quarter.

這些影片都取得了非常好的成績，也說明了觀眾對各種類型內容的熱愛。那麼，今年夏季票房在哪些方面不如去年？我們認為這最終歸結為幾個簡單的因素。首先，今年我們沒有像過去兩年那樣出現一部轟動一時的熱門影片，成為夏季必看電影。去年第三季票房最高的電影是《死侍》和《金鋼狼》，2023年則是《芭比大冒險》，這兩部電影在該季度國內票房收入約6.3億美元。

As I discussed earlier, the number one film in the quarter this year, Superman, was a great success for many reasons, but at $350 million, its gross was approximately $280 million lower. We've been in this industry for a long time, and this dynamic with varying levels of box office hits from year to year isn't new. It's just the nature of our business. Second, in the third quarter, the summer box office was lighter on family films, a genre we typically outperform.

正如我之前討論過的，今年本季票房最高的電影《超人》在許多方面都取得了巨大的成功，但其票房為 3.5 億美元，比預期低了約 2.8 億美元。我們從事這個行業已經很久了，這種每年票房成績參差不齊的現象並不新鮮。這就是我們行業的本質。其次，第三季夏季票房中家庭電影的數量較少，而我們通常在家庭電影領域表現較佳。

Last year, our top five films in the third quarter included Despicable Me 4 at number two, and Inside Out 2 was the number five bill, which was the second-quarter release that carried over and held strong into the third quarter, contributed $183 million to the third-quarter domestic box office. This year's third quarter did not have a family animated film on the top five and didn't benefit from carryover of family films released in Q2. Again, this isn't really a new phenomenon, but it did create a tough comparison to last year, particularly for our circuit, which historically has outperformed on family films.

去年第三季度，我們前五名的電影包括第二名的《神偷奶爸4》和第五季的《腦筋急轉彎2》。 《腦筋急轉彎2》是第二季度上映的影片，其票房勢頭延續到了第三季度，為第三季度國內票房貢獻了1.83億美元。今年第三季前五名中沒有家庭動畫電影，也沒有受益於第二季上映的家庭電影的延續效應。這其實並不是什麼新現象，但這確實為今年的票房與去年的比較帶來了困難，尤其是對於我們這個歷來在家庭電影方面表現優異的院線而言。

Chad discussed the factors we believe are impacting our box office growth relative to the nation and while we underperformed the nation by just under 4 percentage points. This was primarily due to our strong outperformance in last year's third quarter, coupled with a film mix this year that didn't include many family films. I'm pleased to share that we continue to make progress on optimizing prices to capture premium during peak periods and maintain the right balance of value-oriented options for more price-sensitive customers during lower demand periods.

查德討論了我們認為影響我們票房成長的因素（相對於全國而言），儘管我們的表現比全國平均水平低了不到 4 個百分點。這主要是因為我們去年第三季的強勁表現，再加上今年的電影組合中家庭電影不多。我很高興地告訴大家，我們在優化價格方面持續取得進展，以便在高峰期獲取溢價，並在需求較低的時期為對價格更敏感的客戶提供適當的價值導向型選擇。

As expected, our admission per caps improved during the third quarter as we implemented blockbuster pricing on high-demand films and continue to adjust pricing for our everyday matinee program. We expect continued growth in our admission per caps for the next several quarters. We're looking forward to an exciting fall and holiday film slate with Wicked: For Good, Zootopia 2, Friday Nights at Freddy's 2, The SpongeBob Movie: Search for SquarePants, and Avatar: Fire and Ash, just to name a few.

正如預期的那樣，第三季度我們的每人入場人數有所提高，因為我們對熱門影片實施了重磅定價，並繼續調整日常午場電影的定價。我們預計未來幾季人均入院人數將持續成長。我們期待著精彩的秋季和假日電影檔期，其中包括《魔法壞女巫：為了正義》、《瘋狂動物城2》、《玩具熊的星期五2》、《海綿寶寶大電影：尋找方塊褲》和《阿凡達：火與灰燼》等等。

Advanced ticket sales of Wicked: For Good have been strong and are currently trending over 3 times ahead of presales for last year's Wicked. As we look ahead to next year, the 2026 film slate features major franchises, including Spider-Man: Brand New Day, The Super Mario Galaxy Movie, Moana, Jumanji 3, Toy Story 5, Mega Minions, The Mandalorian & Grogu, Dune Messiah, and Avengers: Doomsday, just to name a few. There are many more great films coming noted in today's earnings release. The 2026 film slate continues to fill in, and the early indication is that while there are a similar number of franchise films in 2026 compared to this year, the grossing potential of 2026 franchise is greater based on the historical predecessor box office performances. The 2026 slate currently includes four films where the predecessor earned over $500 million at the domestic box office compared to only one such film in 2025.

《魔法壞女巫：為了美好》的預售票銷售情況強勁，目前已超過去年《魔法壞女巫》預售票的3倍。展望明年，2026 年的電影清單包括《蜘蛛人：全新的一天》、《超級瑪利歐銀河大電影》、《海洋奇緣》、《勇敢者遊戲3》、《玩具總動員5》、《小小兵》、《曼達洛人與格羅古》、《沙丘救世主》和《復仇者聯盟：末日末日》等等。今天的財報也提到了更多即將上映的優秀影片。2026 年的電影檔期正在陸續公佈，初步跡象表明，雖然 2026 年的系列電影數量與今年相似，但根據以往系列電影的票房表現來看，2026 年系列電影的票房潛力更大。2026 年的片單目前包括四部電影，它們的上一部在美國國內票房收入超過 5 億美元，而 2025 年只有一部電影達到這個目標。

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 outperformance to the competitive sets. We expected this quarter to be a challenging comparison to last year for the Hotel division given the significant impact the RNC had in our Milwaukee hotels in the third quarter last year. And I'm thrilled to share that our team met the challenge and delivered absolute growth to overcome a tough comp. The RNC was an extraordinary period -- extraordinary event for our largest market, and we back out the RNC impact from our prior-year results, our core business performed very well.

調到飯店及度假村部門。你已經看到了細分市場的數據，Chad 也分享了一些關於績效指標的更多細節，包括我們相對於競爭對手的表現。鑑於去年第三季共和黨全國代表大會對我們在密爾瓦基的酒店造成了重大影響，我們預計本季酒店部門的業績與去年同期相比將面臨挑戰。我很高興地告訴大家，我們的團隊迎接了挑戰，實現了絕對成長，並且戰勝了激烈的競爭。共和黨全國代表大會是一段非同尋常的時期——對於我們最大的市場而言，這是一個非同尋常的事件。如果我們從上一年度的業績中剔除共和黨全國代表大會的影響，我們的核心業務表現非常出色。

In particular, two of our newly renovated properties, Grand Geneva Resort & Spa and Pfister Hotel benefited from our investments in renovations and great execution by our teams to deliver outstanding results this quarter.

特別是我們兩家新近翻新的酒店——日內瓦大酒店及水療中心和菲斯特酒店，得益於我們的翻新投資和團隊的出色執行，在本季度取得了優異的業績。

There were several notable items in the quarter that I'd like to highlight. Average daily rates during the quarter were generally strong, with rate growth at four of our seven hotels when adjusted for the prior year RNC impact. We have been successful in achieving higher rates at our hotels with newly renovated room product, including the Pfister, Grand Geneva Resort & Spa, and Hilton Milwaukee. Occupancy remains strong with occupancy growth at six of our seven hotels. The combination of strong ADR and occupancy growth resulted in our properties once again outperforming their competitive sets with impressive RevPAR growth of 7.5% when adjusted for the prior-year impact of the RNC.

本季有幾項值得關注的事項，我想重點介紹一下。本季平均每日房價整體表現強勁，經調整上一年共和黨全國代表大會的影響後，我們七家酒店中有四家的房價實現了增長。我們已成功提高了旗下飯店的入住率，這些飯店包括 Pfister、Grand Geneva Resort & Spa 和 Hilton Milwaukee，它們都採用了全新裝修的客房產品。入住率依然強勁，我們七家飯店中有六家入住率成長。強勁的平均房價和入住率成長相結合，使我們的酒店再次超越了競爭對手，在調整了前一年 RNC 的影響後，每間可供出租客房收入 (RevPAR) 增長了 7.5%，這一增幅令人印象深刻。

Group business during the quarter was stable. And as we approach the end of the year, our group room revenue bookings for full-year fiscal 2025 or group pace in the year for the year are running slightly behind where we were at this time last year, which includes the RNC Group business last year. Even more encouraging, group room pace for 2026 is running approximately 14% ahead of where we were at this time last year for the next year out, with banquet and catering revenues similarly running ahead of last year's pace. The current state of our hotel business remains stable and consistent with our view last quarter.

本季集團業務保持穩定。隨著年底臨近，我們 2025 財年全年團體客房收入預訂量或本年度團體預訂量略低於去年同期水平，其中包括去年的 RNC 集團業務。更令人鼓舞的是，2026 年團體客房預訂速度比去年同期增加了約 14%，宴會和餐飲收入也同樣超過了去年的水準。我們酒店業務目前的狀況依然穩定，與我們上季度的預期一致。

While some markets have seen some more significant leisure softening, our owned portfolio has generally performed well. Leisure transient demand remains soft in some markets around the country. But our hotel portfolio has not seen significant signs of softening or significant cancellations of group business. We believe our upper upscale positioning, drive to market locations, and broad segmentation lessening our exposure to any one type of customer. We'll see less volatility if further economic softening occurs.

雖然部分市場休閒娛樂需求下降，但我們自有投資組合整體表現良好。全國部分市場的休閒短期旅遊需求仍疲軟。但是，我們的酒店組合尚未出現團體業務明顯疲軟或大量取消的跡象。我們相信，我們高端的市場定位、便利的市場位置以及廣泛的客戶細分，降低了我們受到任何單一類型客戶的影響。如果經濟進一步疲軟，我們將看到波動性降低。

There remains an increased level of economic uncertainty compared to where we were a year ago. And if we begin to see softness, we are prepared to react and adjust quickly. Our operations team is continuously focused on labor efficiency, and we've developed a strong track record of successfully managing through a changing demand environment.

與一年前相比，當前的經濟不確定性仍然較高。如果出現任何鬆懈跡象，我們將迅速做出反應和調整。我們的營運團隊一直專注於提高勞動效率，並且在應對不斷變化的需求環境方面取得了良好的業績記錄。

Finally, I'd like to close with our views on capital allocation and returning capital to shareholders. For the last couple of years, we've made significant reinvestments in our assets. And as Chad discussed, we expect to move past this heavy CapEx cycle next year as we shift back to a more typical maintenance and ROI CapEx mix. We're seeing great results from our renovated properties, and we believe these investments will continue to have attractive long-term returns.

最後，我想談談我們對資本配置和向股東返還資本的看法。過去幾年，我們對資產進行了大量再投資。正如查德所討論的那樣，我們預計明年將度過這個高額資本支出週期，並恢復到更典型的維護和投資回報率資本支出組合。我們翻新後的房產取得了顯著成效，我們相信這些投資將繼續帶來可觀的長期回報。

On the growth front, we continue to look for opportunities to deploy capital to grow both of our businesses with value-accretive investments. We have confidence in our businesses and a strong balance sheet that allows us to move quickly when we see good opportunities. And we have a history of executing when they arise. To the extent that we don't see attractive investments that are actionable, we expect to return excess capital to shareholders through share repurchases or dividends. As Chad described in greater detail, we repurchased over 5% of our outstanding shares through opportunistic share repurchases since we began repurchasing shares in the third quarter of 2024.

在成長方面，我們將繼續尋找機會，透過增值投資來部署資本，從而促進我們兩項業務的成長。我們對自己的業務充滿信心，並且擁有強勁的資產負債表，這使我們能夠在發現好機會時迅速採取行動。而我們有在機會出現時執行任務的先例。如果看不到具有吸引力的可操作投資項目，我們計劃透過股票回購或分紅的方式將多餘的資本返還給股東。正如 Chad 更詳細地描述的那樣，自 2024 年第三季開始回購股票以來，我們透過機會性股票回購回購了超過 5% 的流通股。

Between cash dividends and share repurchases, we have returned over $25 million or approximately $0.80 per share to shareholders in the last four quarters. This morning, we announced that our Board of Directors has approved a 4 million share increase in our current repurchase authorization, bringing our current share repurchase authorization to 4.7 million shares. In the absence of growth investments with attractive returns, we will continue to use this authorization to opportunistically repurchase shares and return capital to shareholders. And this new authorization will give us the flexibility to move quickly as opportunities arise.

在過去的四個季度裡，我們透過現金分紅和股票回購，向股東返還了超過 2,500 萬美元，約合每股 0.80 美元。今天上午，我們宣布董事會已批准將目前的股票回購授權增加 400 萬股，使我們目前的股票回購授權達到 470 萬股。在缺乏具有吸引力回報的成長型投資的情況下，我們將繼續利用這項授權，伺機回購股份，並將資本回饋給股東。這項新的授權將賦予我們靈活性，使我們能夠在機會出現時迅速採取行動。

Throughout our company's history, we've taken a balanced approach of investing in long-term growth opportunities while returning capital to shareholders, and you should expect us to continue to do both going forward. It won't be all of one or the other. We continue to pursue growth opportunities in both of our businesses, and we're generally opportunistic investing where we see value and attractive returns, whether it be in new deals or in buying back our stock as we've done recently.

在公司發展歷程中，我們一直秉持著平衡的投資策略，既投資於長期成長機會，又向股東返還資本，未來我們將繼續秉持這兩點。不會是兩者中的任一種。我們將繼續在兩項業務中尋求成長機會，我們通常會抓住機會進行投資，只要我們看到價值和有吸引力的回報，無論是進行新的交易還是像我們最近所做的那樣回購股票。

Finally, tomorrow marks an important milestone in our history. On November 1, 1935, my grandfather, Ben Mark, was founded, but became the Marcus Corporation with the purchase of a single screen boy theater in Ripon, Wisconsin. During the month of November, we will celebrate the company's 90th anniversary, and our theme for the year has been the spirit of entrepreneurship. One of the guiding principles that my grandfather and Dad instilled in all of us in our company's future will be built on that same entrepreneurial legacy.

最後，明天將是我們歷史上一個重要的里程碑。1935 年 11 月 1 日，我的祖父 Ben Mark 創立了公司，後來收購了位於威斯康辛州里彭的一家單屏男孩影院，並更名為 Marcus 公司。11 月份，我們將慶祝公司成立 90 週年，今年的主題是創業精神。我祖父和父親灌輸給我們所有人的指導原則之一是，我們公司的未來將建立在同樣的創業精神之上。

We are called on to push change and evolve because as we know, from our 90 years of history, the only constant is change. I'm excited to celebrate our 90th anniversary with our associates who, by the way, my grandfather taught us, are our most important asset as we both recognize our achievements and look ahead to a future that will continue the legacy of these great businesses for many years to come.

我們被要求推動改變和發展，因為正如我們從90年的歷史中所了解到的，唯一不變的就是改變。我很高興能與我們的同事們一起慶祝公司成立 90 週年。順便說一句，我的祖父教導我們，同事是我們最重要的資產。我們既要肯定我們所取得的成就，也要展望未來，努力將這些偉大企業的傳統延續下去，造福子孫後代。

Before we open up the call for questions, I want to conclude my remarks by saying thank you to all the hard-working associates of the Marcus Corporation. I don't want to ever take for granted what each and every one of them does to contribute to the success of both of our businesses. Thank you.

在正式開始提問環節之前，我想以感謝馬庫斯公司所有辛勤工作的員工來結束我的演講。我永遠不會把他們每個人為我們兩家企業的成功所做出的貢獻視為理所當然。謝謝。

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

那麼，此時此刻，我和查德很樂意接受大家的提問。

(Operator Instructions) Eric Wold, Texas Capital.

（操作說明）埃里克·沃爾德，德克薩斯資本。

A couple of questions. You mentioned -- On the Hotel side, you mentioned that you had rate growth in four of the seven hotels in the quarter. I guess for the other three, is that something that was more of a short-term issue? Is that something that's kind of been more than one quarter where you haven't had rate growth at those three hotels, something you think more of a competitive issue in those markets. I don't want to lean on that too much, but I just want to get a bit more of a -- something that's been short term or something that's been more than a quarter.

幾個問題。您提到—在飯店方面，您提到本季七家飯店中有四家實現了房價成長。我想對其他三個人來說，這應該是短期問題吧？這三家飯店的房價連續多個季度沒有成長，您認為這是這些市場競爭方面的問題嗎？我不想過度依賴它，但我只是想得到一些——一些短期的，或者一些持續超過一個季度的事情。

And is that something you think that's more of a competitive issue or something that may require an investment as you look in the next couple of years.

您認為這更多的是一個競爭問題，還是在未來幾年需要投資的問題？

Yeah, I mean, the three hotels where we didn't see ADR growth, I would say there are more market dynamics. Two of them have been persistent market dynamics that are more generated by supply in the market. And in the third, it really was just a little bit of softening very recently in demand. But I don't know, two of the three, I don't see significant CapEx investments.

是的，我的意思是，在我們沒看到平均房價成長的三家飯店裡，我認為有更多的市場動態因素。其中兩項是持續存在的市場動態，更多是由市場供應造成的。第三，確實只是近期需求略有疲軟而已。但我不知道，這三者中的兩個，我沒看到明顯的資本支出投資。

We have one of those three that we're going to be doing some small refreshes too, but nothing anywhere near what we've done at the three major properties over the last few years. I would describe it as a more normal course refresh that is embedded in our $50 million to $55 million of CapEx that we expect for next year.

我們打算對其中三處房產中的一處進行一些小規模的翻新，但規模遠不及過去幾年我們在三處主要房產上所做的翻新。我會將其描述為一次更正常的課程調整，它包含在我們預計明年投入的 5000 萬至 5500 萬美元的資本支出中。

Got it. And on that $50 million to $55 million, is that considered including refreshes, is that considered, I guess, more of a maintenance CapEx number kind of going forward? Anything that would be kind of unusual in that number?

知道了。那 5000 萬到 5500 萬美元，是否包含更新換代？我猜，這更像是未來的維護性資本支出？這個數字有什麼不尋常的地方嗎？

It's not 100% maintenance. There is some ROI that we're doing in that, and we've done some of that this year in the theater business, and there'll be some of that again as we look forward in both of the businesses. There's always some of those types of activities, but it is primarily maintenance and ROI capital.

這並非完全是維護保養。我們正在從中獲得一些投資回報，今年我們在劇院業務中也進行了一些投資，展望未來，我們將在這兩個業務領域再次進行一些投資。總是會有一些這類活動，但主要還是維護和投資報酬率的資金投入。

Got it. And then just last question. And you touch on this a little bit with the capital return comments. With the increased share repurchases this year and the new buyback authorization, should M&A -- I know obviously, you had some increased free cash flow with the reduced CapEx next year and presumably going forward. But should M&A opportunities come up on either the hotel or the exhibition side.

知道了。最後一個問題。您在談到資本回報時也稍微提到了這一點。隨著今年股票回購的增加和新的回購授權，如果併購——我知道，很顯然，隨著明年資本支出的減少，你們的自由現金流有所增加，而且這種情況可能會持續下去。但如果飯店或會展領域出現併購機會呢？

Can you talk a little bit about your comfort taking on leverage to the balance sheet and kind of what's kind of your comfort level on leverage ratio? And then also, should the equity get back to a more, whatever, in your mind, be a more appropriate valuation, would you use equity for M&A in the future? Or is that, in your view, the more appropriate way to go about that?

您能否談談您對增加資產負債表槓桿的接受程度，以及您對槓桿率的接​​受程度？此外，如果股權估值回升到你認為更合適的水平，你將來還會使用股權進行併購嗎？或者，在你看來，那才是更適合的做法？

Yeah. On the first part of your question on M&A, I think if we have something that's actionable, we will move on it. We have been allocating a lot of capital to share repurchases lately. And at the current leverage at 1.7 times, we're very comfortable, and we actually have a target leverage that's a bit above that closer to 2.25% to 2.5%. So we have some capacity to do that.

是的。關於你提出的併購問題的第一部分，我認為如果我們有可行的方案，我們會採取行動。最近我們投入了大量資金用於股票回購。目前槓桿率為 1.7 倍，我們感覺非常舒適，實際上我們的目標槓桿率略高於此，接近 2.25% 至 2.5%。所以我們具備一定的這方面能力。

And if we found the right type of M&A opportunity, we have some flexibility and can flex up a bit and then bring ourselves back down to somewhere in that target level, but very comfortable with where we're operating right now, and there's actually some room to do a bit more and continue to invest.

如果我們找到了合適的併購機會，我們有一定的靈活性，可以稍微增加一些投入，然後再將投入調整到目標水平附近，但我們對目前的運營狀況非常滿意，實際上還有一些空間可以做得更多，繼續投資。

As for whether we -- taking out more leverage and doing things, we have that balance sheet capacity, as Chad pointed out. Would we use equity? Yeah, I mean, look, we have a history if you look -- and you know this, Eric, if you go back, when we think there's -- when we think that we the opportunity to return capital to shareholders through stock repurchases make sense, we do that.

至於我們是否會增加槓桿並採取行動，正如查德指出的那樣，我們擁有這樣的資產負債表能力。我們會使用股權嗎？是的，我的意思是，你看，如果你回顧一下我們的歷史——你知道的，埃里克，如果你回顧過去，當我們認為——當我們認為透過股票回購向股東返還資本是合理的機會時，我們就會這樣做。

When we have -- when we believe the stock is at a price where we think it's appropriate to use it as capital, we do that as well. And so it will just depend on market conditions. We are not a company that just says, well, we programmatically buy stock no matter what the price is, we're going to sell stock to grow just to raise equity. We will do it based on where we think the price is and whether it makes sense.

當我們認為股票價格合適，可以將其用作資本時，我們也會這樣做。所以最終取決於市場狀況。我們不是那種會說「無論價格如何，我們都會按程序購買股票，我們會出售股票以增加股權，從而實現成長」的公司。我們將根據我們對價格的判斷以及這樣做是否合理來決定。

And just to be clear, at the current levels, obviously, we're in the market and we were repurchasing shares during the quarter. And so that's the level that we're at right now. You wouldn't see us issue equity at the current share price to go do M&A.

需要明確的是，就目前的股價水準而言，顯然我們已經進入市場，並且在本季進行了股票回購。這就是我們目前的水平。你不會看到我們以目前的股價發行股票來進行併購。

Patrick Sholl, Barrington Research.

Patrick Sholl，巴林頓研究公司。

Just curious on concessions. Just with the current macro environment, have you seen any change in how consumers are like just consumer uptake or, I guess, hesitancy with regard to price increases and the ability to offset inflationary pressures there?

只是好奇有哪些優惠政策。就目前的宏觀環境而言，您是否觀察到消費者在價格上漲方面，例如消費接受度或應對通膨壓力的能力方面，有任何變化？

No, we haven't really seen a lot to speak of over the summer in changes in consumer buying patterns. The hit rate and basket sizes have been pretty consistent. We've moved through inflationary-type price increases. Nothing overly aggressive as we've seen in our per caps.

不，今年夏天消費者的購買模式並沒有太多變化。命中率和籃框大小一直都相當穩定。我們已經經歷了通貨膨脹式的價格上漲。從我們的人均支出來看，並沒有出現過於激進的情況。

And there's actually been more propensity for our customers to buy merchandise associated with concession purchases. That's been a nice part of the uplift. But nothing that we've seen that would tell you there's a change going on in the willingness to buy concessions.

事實上，我們的顧客更傾向於購買與特許經營商品相關的其他商品。這是這次提振經濟的一個令人欣喜的部分。但我們目前還沒有看到任何跡象表明人們購買特許權的意願發生了變化。

Okay. And then maybe just a question on the M&A market. Just kind of with the, I guess, softening macro environment in hotels and maybe some stability in the film slate. I'm just kind of curious how you're seeing like the various macro factors kind of affecting the M&A market in those two segments?

好的。然後或許可以問一個關於併購市場的問題。我想，這可能跟飯店裡柔和的宏觀環境以及電影場記板上的穩定性有關。我只是有點好奇，您如何看待各種宏觀因素對這兩個領域的併購市場的影響？

It feels like there's some more trends. I mean look, if you look at a macro level and you back up, the market is still very, very sluggish in terms of transaction volume. But it's -- if I -- how do the feel right this minute, it's starting to feel like there's some more stuff happening. I don't think we're seeing so much selling pressure from anyone feeling the pressure to sell from performance standpoint yet, I think you get people who just own things too long, and that's their issue. The thing I think we bumped -- and by the way, if interest rates as they come down, that will help because, again, I think one of the bigger challenges that we bump into is if you wrote a pro forma to buy an asset and you had a negative cap that's significantly below where cap rates are now, you're going to -- and you don't have to sell, you're going to hold on to can.

感覺又出現了一些新的趨勢。我的意思是，你看，如果你從宏觀層面來看，你會發現市場在交易量方面仍然非常非常低迷。但是──如果我──此刻我的感覺如何，感覺好像還有一些事情正在發生。我認為我們還沒有看到太多人因為業績壓力而被迫出售，我認為有些人只是持有東西太久了，這才是他們的問題所在。我認為我們遇到的問題是——順便說一句，如果利率下降，那將有所幫助，因為，我認為我們遇到的更大挑戰之一是，如果你寫了一份購買資產的預測報告，而你的資本化率是負的，遠低於現在的資本化率，那麼你——你不必賣掉，你可以繼續持有。

And so since the economy has held up, we're not seeing people feeling pressure on forced sales. You're seeing people where now they're starting to say, well, okay, I'm going to make the reinvestment in the next cycle, because we've got -- because PIPs are coming up on people going to -- am I going to want to reload that, and that's probably where we're seeing some opportunity it's more along that. We're not feeling that as you might be alluding to some economic pressure as the economy slows down.

因此，由於經濟狀況保持穩定，我們沒有看到人們感受到被迫出售房產的壓力。你會看到人們開始說，好吧，我要在下一個週期進行再投資，因為——因為 PIP 即將到期，人們會想——我是否想要重新投入資金，而這可能就是我們看到一些機會的地方，更多的是沿著這個方向。我們並沒有感受到您可能暗示的經濟放緩所帶來的經濟壓力。

Drew Crum, B. Riley Securities.

Drew Crum，B. Riley Securities。

So I think you talked about expectations for admission per cap growth over the next few quarters. Does that incorporate or contemplate any further changes to your pricing strategy? And if so, what are those? And any early learnings from the pricing increases you took at the beginning of 3Q?

所以我想你談到了未來幾季人均入學人數成長的預期。這是否包含或考慮對您的定價策略進行任何進一步的調整？如果真是如此，那它們是什麼？從第三季初的價格上漲中，你們有哪些初步經驗教訓？

Yeah. It does not contemplate a lot of significant changes prospectively beyond what we did in the third quarter, it's more the annualization benefit and tailwind that we'll get from, frankly, flipping from a headwind on some of the discount programs that we've been comping for the last year to now moving to some strategic pricing moves that have increased pricing and that becomes a tailwind.

是的。它並沒有考慮在第三季度的基礎上進行太多重大的調整，更多的是年度化收益和順風，坦白說，我們將從過去一年來我們一直在競爭的一些折扣計劃的逆風，轉變為現在一些提高價格的戰略定價舉措，這將帶來順風。

During the third quarter, we had blockbuster pricing on a number of films that our pricing approach and that evolved a bit throughout the quarter in terms of the length of period that we had blockbuster pricing on and every day matinee evolved a bit during the quarter. But I think we've hit a level that makes sense. Pricing, as we talked about last quarter, continues to be an area where the industry has done various experimenting. And so we'll continue to watch what others are doing. But in what we did in the third quarter, it is having the effect that we expected it would.

第三季度，我們對多部電影採取了大片定價策略，並且在整個季度中，大片定價的持續時間和每日午場電影的定價策略都略有變化。但我認為我們已經達到了一個合理的水平。正如我們上個季度討論的那樣，定價仍然是業內進行各種試驗的領域。所以我們會繼續關注其他人的動向。但是，我們在第三季所採取的措施，已經產生了我們預期的效果。

Got it. Okay. And then you guys discussed the composition of the fleet in 3Q having a negative impact on your Theater admissions. As you look at 4Q, how are you viewing mix? Is it a positive for your circuit, negative, or too tough to tell?

知道了。好的。然後你們討論了第三季艦隊組成對你們戰區入場人數產生的負面影響。展望第四季度，您如何看待產品組合？它對你的電路來說是正極、負極，還是難以判斷？

Yeah, I'll start first and let Greg add on his thoughts. I mean, I think it's a little bit tough to tell. It's easy to forget that we had a Moana film in the fourth quarter last year, and we don't have something quite like that. We do have a couple of family films here coming up in the quarter. And we have an Avatar, which we didn't have last year. So there are several puts and takes. It's frankly tough to tell on mix.

好的，我先開始，然後讓格雷格補充他的想法。我的意思是，我覺得有點難判斷。人們很容易忘記去年第四季我們上映了《海洋奇緣》電影，而我們現在卻沒有類似的作品。本季我們將上映幾部適合全家觀賞的電影。而且我們今年還有個頭像，這是去年沒有的。所以有很多買入和賣出的情況。坦白說，混音中很難分辨。

It's so hard. It is really hard to tell. We've never -- Again, glad we got Zootopia, glad we got Wicked. That will play -- Those should play good in our markets. SpongeBob, I'm a fan. So -- but we'll have to see how it goes.

太難了。很難說。我們從未——再次慶幸我們擁有了《瘋狂動物城》，慶幸我們擁有了《魔法壞女巫》。這會奏效——這些產品在我們的市場上應該會有不錯的表現。我是海綿寶寶的粉絲。所以——但我們得看看情況如何。

(Operator Instructions) Mike Hickey, Benchmark.

（操作說明）Mike Hickey，Benchmark。

I guess, first, Greg, obviously, I heard your prepared comments on '26 for both your segments. It sounded pretty bullish actually, encouraging. Just would love to get your off-script thoughts, Greg, on the growth opportunity you see from Theaters and Hotels and any catalysts or major drivers. Obviously, you list a lot of films that sounds encouraging. Maybe something that's very relevant to your demo.

我想，首先，格雷格，顯然，我聽到了你為26年準備的兩個發言環節的評論。聽起來相當樂觀，令人鼓舞。格雷格，我很想聽聽你對劇院和酒店的成長機會的看法，以及任何催化劑或主要驅動因素。顯然，你列舉了很多電影，這聽起來很令人鼓舞。或許這與你的演示非常相關。

And on the Hotel side, I don't know if the mark -- It seems like a really interesting project that you guys are doing if that could be a catalyst or any other initiatives that you think could move the needle for you guys across your two segments in '26. I've got a couple of follow-ups.

至於飯店方面，我不知道這個標記——你們正在做的這個項目看起來真的很有趣，它能否成為催化劑，或者你們認為還有什麼其他舉措可以推動你們在 2026 年的兩個業務板塊取得進展。我還有幾個後續問題。

Sure. Look, on the Theater side, you know me, Mike, I'm not -- I tend to hate to try to predict how things are going to go. It's -- I always go down to let's just count the number of films, and that will give us a range. And then I don't know what -- and then in some years, it's going to be better, or in some years, in some periods, it will be not as good. I mean, I keep reminding myself, oh, yeah, Memorial Day this year was the biggest Memorial Day on the history of the movie business and then summer slowed down. So you just don't know.

當然。聽著，在戲劇界，你知道我的，麥克，我不是——我不太喜歡去預測事情會如何發展。我總是會統計一下電影的數量，這樣就能得出一個範圍。然後我不知道會發生什麼事——有些年份情況會好轉，有些年份或某些時期情況會不如以前。我的意思是，我一直提醒自己，哦，是的，今年的陣亡將士紀念日是電影史上規模最大的陣亡將士紀念日，然後夏天就慢了下來。所以你根本不知道。

But I thought it was a really interesting data point. Look and say, well, look at the number of franchise films next year, pretty much like this year, I think maybe on less. But if you look back at the historical grossing of what the franchise zones that are coming around this time, certainly more robust than we had in '25. So I'm not going to ignore that stat now, go to bed, feeling good about that, but again, always hard to predict.

但我認為這是一個非常有趣的數據點。看看明年系列電影的數量，我覺得和今年差不多，甚至可能更少。但如果你回顧一下這個時期特許經營區域的歷史票房，你會發現它肯定比 2025 年的要強勁得多。所以我現在不會忽視這個統計數據，也不會帶著美好的感覺去睡覺，但話說回來，預測總是很困難的。

On the Hotel side, yeah, look, we've made a lot of investments that should continue to bear fruit for us, which is great. There's that old saying that old smells and new cells. And so that's very good for us, and we should see that.

酒店方面，是的，我們進行了很多投資，這些投資應該會繼續為我們帶來收益，這很好。有句老話說，舊東西有股味道，新細胞也一樣。所以這對我們來說非常好，我們應該會看到這一點。

I don't want to overplay the Mark thing. The Mark was done opportunistically, frankly. We have -- we've been very disciplined about the amount of investment we want to put into the here into the Milwaukee Hilton. And in -- we were -- we had made the decision that we weren't going to renovate the entire property. We were going to actually close 176 keys. And we looked at it -- but we worked on a close immediately, and we had demand for the rooms.

我不想過度渲染馬克的事。坦白說，這次標記是出於機會主義目的而採取的。我們一直非常謹慎地控制著投入在密爾瓦基希爾頓酒店的投資金額。於是，我們決定不翻新整棟房產。我們原本打算關閉 176 個金鑰。我們考察過這個計畫——但我們立即著手進行收尾工作，而且房間也供不應求。

And so while there's demand for the rooms, we're not going to actually make much of an investment in it. We're just going to separated out from the Hilton system basically that will run as an independent. And it's a wait if it's there, what's -- there's well, let's get some cash flow off the ball there, but always figure out where it's going. And if the city and the community decides they want to go in a certain direction because it will involve all of them that -- any further investment to tell, frankly, is going to require a subsidy. And if that's going to happen, then we're all ears.

因此，雖然對這些房間有需求，但我們實際上不會在這方面進行太多投資。我們基本上要從希爾頓體系中分離出來，作為一家獨立運營的酒店。如果資金到位，那就需要等待，然後——好吧，讓我們先從那裡獲得一些現金流，但始終要弄清楚資金的去向。如果城市和社區決定朝著某個方向發展，因為這涉及到他們所有人——坦白說，任何進一步的投資都需要補貼。如果真能如此，我們洗耳恭聽。

If not, that will become a different use. But while it's waiting let's warehouse it and get some cash flow from it.

否則，它將變成另一種用途。但趁著它還在等待的時候，我們可以把它存放起來，賺取一些現金流。

Mike, I just want to add one comment on the '26 slate in terms of film mix. So one thing that does stand out is when you look at family content next year and you look at the franchises, we have Mario Brothers, we have a Toy Story, we have Minions movie, we have Moana, we have a Jumanji. I think the family mix comparatively to '25 is very helpful for our circuit.

麥克，關於 2026 年的電影片單，我只想補充一點意見。所以，明年家庭內容中最引人注目的一點是，當你展望那些系列電影時，你會發現我們有《超級瑪利歐兄弟》、《玩具總動員》、《小小兵》、《海洋奇緣》和《勇敢者遊戲》。我認為與 25 年相比，這種家庭組合對我們的巡迴賽非常有幫助。

Next. Then I guess given that you guys seem optimistic on growth, how should we think about the bottom line here, EBITDA growth potential operating leverage and free cash flow conversion? I know that's come up a lot, when you think about, I guess, catalyst to your valuation. I think free cash flow in '26 would probably stand out is the largest.

下一個。那麼，鑑於你們似乎對成長持樂觀態度，我們應該如何看待底線問題，例如 EBITDA 成長潛力、經營槓桿和自由現金流轉換率？我知道這個問題經常被提及，當你思考估值催化劑的時候，我想就是這個問題。我認為2026年的自由現金流可能會最為突出，因為它最大。

Yes. No doubt. I mean just by virtue of the CapEx coming down, our free cash flow is going to grow significantly next year. And then I think as the -- the highest leverage is in the theater business. And so if you assume the hotel business kind of continue steady as you go as it has with a stable economy, if you believe the '26 slate will grow, our operating leverage in theaters has historically contributed around 50% to the bottom line and top line growth.

是的。無疑。我的意思是，僅僅由於資本支出減少，我們明年的自由現金流就會大幅增加。我認為，最具影響力的產業是戲劇產業。因此，如果您假設酒店業務在穩定的經濟環境下繼續保持穩定發展，如果您相信 2026 年的電影上映計劃將會增長，那麼我們影院的營運槓桿歷來對淨利潤和收入增長貢獻了約 50%。

So we continue to focus on managing our cost structure and getting better at managing these buildings when you're in the troughs of the content supply, that's really critical to holding that type of contribution margin because the peaks and valleys have been pronounced the last couple of years. But yes, the EBITDA should flow through with what the top -- if the top line grows, as you would expect for the slate.

因此，我們繼續專注於管理成本結構，並在內容供應低谷時期更好地管理這些建築，這對於維持這種貢獻利潤率至關重要，因為過去幾年的高峰和低谷非常明顯。但是，如果營收成長，EBITDA 也應該隨之成長，正如你所預期的。

Last question. Obviously, recent news that Mark is retiring. Sad to hear that, 55 years, you never hear that sort of tenure of the company, so congrats to him. Just curious on the transition plan, and if this could also be a potential catalyst for maybe a change in strategy and how you manage your Theater asset?

最後一個問題。顯然，最近有消息稱馬克即將退休。聽到這個消息很遺憾，55 年，很少聽說有人在公司任職這麼長時間，所以向他表示祝賀。我只是對過渡計畫感到好奇，以及這是否也可能成為改變策略和調整劇場資產管理方式的潛在催化劑？

Well, we are -- we're in the middle of a search for the new leader. We're looking at internal and an external candidates. We have both. And the -- with the new leader, look, the idea is that we hopefully will see new ideas and new approaches. And yes, look, we're celebrating our 90th anniversary.

是的，我們正在尋找新的領導人。我們正在考慮內部候選人和外部候選人。我們兩者都有。而且——有了新的領導人，我們有望看到新的理念和新的方法。是的，瞧，我們正在慶祝成立90週年。

I don't think that we're going to see like -- we're going to wake up with a wholesale change as to how we approach the business. But I like to get of new ideas and bringing out new approaches. And we will -- and we're always trying to do new things to figure out what will work. And most of it doesn't. But every once in a while, you find one, and we'll run with it.

我不認為我們會看到——我們一覺醒來，就會發現我們經營業務的方式發生了徹底的改變。但我喜歡產生新想法，並提出新方法。我們會的——而且我們一直在嘗試新的方法，以找出哪些方法有效。但大部分並非如此。但偶爾也會遇到這種情況，我們會把握機會。

I can't tell you. It's like the surprise movie. I never know what it's going to hit, but there always is one.

我不能告訴你。就像一部驚喜電影。我永遠不知道它會擊中什麼，但總是會擊中一個。

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。目前看來，似乎沒有其他問題了。所以，我想把電話轉回給帕里斯先生，請他補充或作總結發言。

We'd like to thank everybody for joining us today, and we look forward to talking to you once again in late February when we release our fourth-quarter results. Until then, thank you, and have a good day.

感謝各位今天蒞臨現場，我們期待在二月下旬發布第四季業績時再次與大家交流。在此之前，謝謝您，祝您今天過得愉快。

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

今天的電話會議到此結束。您可以隨時斷開線路。