Marcus Corp (MCS) 2026 Q1 法說會逐字稿

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

各位早安，歡迎參加 Marcus Corporation 第一季財報電話會議。我叫 Ellie，今天將擔任會議接線員。(接線員指示) 提醒各位，本次會議將被錄音。今天與會者包括 Marcus Corporation 董事長、總裁兼執行長 Greg Marcus，以及財務長兼財務主管（Treasurer）Chad Paris。

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

接下來，我想把會議交給 Paris 先生進行開場致詞。先生，請開始。

Good morning, and welcome to our 2026 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, 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.

各位早安，歡迎參加我們 2026 年第一季電話會議。我必須先說明，我們今天的電話會議中將發表若干前瞻性陳述，這些陳述可透過我們使用如「相信」、「預期」、「期望」或其他類似字眼來辨識。我們的前瞻性陳述受某些風險與不確定性影響，可能導致實際結果與前瞻性陳述中所預期或推估者出現重大差異。這些陳述僅截至本次電話會議當日為止，我們不承擔任何公開更新此等前瞻性陳述以反映後續事件或情況的義務。

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 2026 first-quarter results and in the Risk Factors section of our Annual Report on Form 10-K, which you can access on the SEC's website.

可能影響我們達成前瞻性陳述中所辨識之預期的風險與不確定性，已載於我們今早發布、公告 2026 年第一季業績之新聞稿中「前瞻性陳述」標題下，以及我們 Form 10-K 年度報告的「風險因素」章節；您可於 SEC 網站查閱。

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，我們也請您參閱今日財報新聞稿中所提供、關於使用調整後 EBITDA（Adjusted EBITDA）這項非 GAAP 財務衡量指標來評估我們績效及其限制的揭露與調節表；其副本可於我們網站投資人關係頁面 investors.marcuscorp.com 取得。

All right, 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. I'll begin with an important reminder about our fiscal calendar that impacted our first-quarter year-over-year comparisons.

好的，我們開始。今天早上，我會先花幾分鐘與各位分享第一季的業績，並討論我們的資產負債表與流動性。接著我會把電話會議交給 Greg，他的準備發言將聚焦於我們各項業務目前的狀況，以及我們對未來的觀察。之後我們將開放提問。我先提醒一個重要事項：我們的會計年度行事曆影響了第一季的年對年比較。

The first quarter of fiscal 2025 was the first quarter of transition to a calendar fiscal year and included five days at the beginning of the quarter during the week between the Christmas and New Year's holidays at the end of calendar 2024 that are significant days in our Theatre division. In fiscal 2026 and going forward, the first quarter began on January first, and as a result, our first-quarter results faced the headwind of having five fewer operating days when compared to the first quarter of fiscal 2025.

2025 會計年度第一季是轉換為曆年制會計年度後的第一個季度，並包含 2024 曆年年底聖誕節與新年假期之間那一週、位於季度開始的五天；這些天數對我們的影城事業部而言是重要營運日。在 2026 會計年度及往後，第一季自 1 月 1 日開始，因此相較於 2025 會計年度第一季，我們第一季的業績面臨少了五個營運日的不利因素。

Going forward, our year-over-year quarterly comparisons will now be aligned ending on traditional calendar quarters. On the call today, I'll provide the as-reported year-over-year changes in our results, as well as the growth on a comparable calendar quarter basis, excluding the impact of the extra days in the prior year to provide an apples-to-apples comparison. As you would expect, our growth for the comparable calendar quarter is even stronger than our as-reported results.

展望未來，我們的年對年季度比較將與傳統曆年季度結束日對齊。在今天的電話會議中，我將提供依報表呈現（as-reported）的年對年變動，以及在可比曆年季度基礎下、排除前一年額外天數影響的成長，以便進行同口徑（apples-to-apples）比較。如各位所預期，在可比曆年季度基礎下，我們的成長甚至比依報表呈現的結果更強勁。

We are very pleased to report that we were able to overcome this headwind to deliver another quarter of solid execution and results with both divisions growing year-over-year revenue and an overall increase in adjusted EBITDA. In Theatres, a significantly better first quarter film slate with improved product supply and better carryover of holiday films drove significant attendance and revenue growth, leading to our overall improved results.

我們很高興報告，儘管面臨此不利因素，我們仍能再度交出穩健的執行與成果：兩大事業部營收皆年對年成長，整體調整後 EBITDA 亦增加。在影城業務方面，第一季片單明顯更佳，供片改善，加上假期影片的延續效應，帶動觀影人次與營收大幅成長，進而促成整體業績改善。

In our Hotel division, we continued to see year-over-year improvement in RevPAR and occupancy as we benefited from our renovated Hotel assets being fully operational. Shifting to the numbers, I'll start with a few highlights from our consolidated results for the first quarter of 2026. Consolidated revenues of $154.4 million increased $5.6 million or 3.8% compared to the prior year quarter with revenue growth in both divisions.

在飯店事業部方面，隨著整修後的飯店資產全面投入營運，我們持續看到 RevPAR（每間可供出租客房收入）與住房率的年對年改善。接著看數字，我先說明 2026 年第一季合併業績的幾項重點。合併營收為 1.544 億美元，較去年同期增加 560 萬美元或 3.8%，兩大事業部皆帶動營收成長。

The five fewer operating days negatively impacted consolidated revenue growth by $15.3 million. On a comparable calendar quarter basis, excluding this impact, consolidated revenues increased $20.9 million or 15.6%. Operating loss for the quarter was $19.3 million, an improvement of $1.2 million compared to the prior year first quarter.

少了五個營運日使合併營收成長減少 1,530 萬美元。以可比曆年季度基礎、排除此影響後，合併營收增加 2,090 萬美元或 15.6%。本季營業損失為 1,930 萬美元，較去年第一季改善 120 萬美元。

Consolidated adjusted EBITDA for the first quarter was $2.6 million, an increase of $2.9 million over the first quarter of fiscal 2025. The year-over-year improvements in both operating loss and Adjusted EBITDA were negatively impacted by $5.3 million due to the five fewer operating days. On a comparable calendar quarter basis, adjusted EBITDA grew $8.2 million.

第一季合併調整後 EBITDA 為 260 萬美元，較 2025 會計年度第一季增加 290 萬美元。營業損失與調整後 EBITDA 的年對年改善，因少了五個營運日而受到 530 萬美元的負面影響。以可比曆年季度基礎計算，調整後 EBITDA 成長 820 萬美元。

Turning to our segment results, I'll start with our Theatre division. First quarter 2026 total revenue of $92.9 million increased $5.6 million or 6.4% compared to the prior year first quarter. The five fewer operating days negatively impacted Theatre's revenue growth by $12.2 million. On a comparable calendar quarter basis, excluding this impact, Theatre's revenues increased $17.8 million or 23.6%.

接著看各事業部表現，我先從影城事業部開始。2026 年第一季影城事業部總營收為 9,290 萬美元，較去年第一季增加 560 萬美元或 6.4%。少了五個營運日使影城營收成長減少 1,220 萬美元。以可比曆年季度基礎、排除此影響後，影城營收增加 1,780 萬美元或 23.6%。

For our fiscal first quarter 2026, comparable Theatre admission revenue increased 9.8% and comparable Theatre attendance increased 1.9% compared with our fiscal first-quarter 2025. On a calendar quarter basis, first quarter 2026 comparable Theatre admission revenue increased 29%. And comparable Theatre attendance increased 19.1% compared to the prior year first calendar quarter.

在 2026 會計年度第一季，以可比影城口徑計算，入場（票房）營收較 2025 會計年度第一季增加 9.8%，可比影城觀影人次增加 1.9%。以曆年季度基礎計算，2026 年第一季可比影城入場營收增加 29%。且可比影城觀影人次較去年第一個曆年季度增加 19.1%。

When using our comparable fiscal days, according to data received from Comscore and compiled by us to evaluate our 2026 first-quarter results, US box office receipts increased 5% during our 2026 first quarter compared to box office receipts during our fiscal 2025 first quarter, indicating our theatres outperformed the industry by approximately 4.8 percentage points. On a straight calendar quarter basis, we also outperformed the US box office by 7.6 percentage points.

在使用我們可比會計營運日的情況下，根據我們自 Comscore 取得並由我們彙整、用以評估 2026 年第一季結果的資料，美國票房收入在我們 2026 年第一季期間較 2025 會計年度第一季增加 5%，顯示我們的影城表現較產業約高出 4.8 個百分點。以純曆年季度基礎計算，我們也較美國票房高出 7.6 個百分點。

We believe our outperformance is primarily attributed to our strategic pricing actions as well as a favorable film slate that featured several titles appealing to family audiences, our genre where our circuit typically performs very well. Average admission price increased 7.8% during the first quarter of 2026 compared to last year, benefiting from strategic ticket price optimization actions, an increased percentage of ticket sales from PLF screens, and a favorable day part ticket mix.

我們認為，優於同業的表現主要歸因於我們的策略性定價措施，以及有利的片單，其中包含多部吸引家庭觀眾的影片；此類型一向是我們院線通常表現非常出色的類別。2026 年第一季平均票價較去年增加 7.8%，受惠於策略性票價最佳化措施、PLF（高規格大型影廳）銀幕的售票占比提高，以及有利的時段（day part）票種組合。

Our average concession food and beverage revenues per person at our comparable theatres increased by 2.4% during the first quarter of 2026 compared to last year's first quarter, which was primarily due to increases in movie-themed merchandise sales and incidence rate, as well as inflationary price changes.

2026 年第一季，我們可比影城的人均餐飲（賣品）收入較去年第一季增加 2.4%，主要原因為電影主題周邊商品銷售增加與購買率（incidence rate）提升，以及通膨帶動的價格調整。

Our top 10 films in the quarter represented approximately 62% of the box office in the first quarter of 2026, compared to approximately 66% for the top 10 films in the first quarter last year, with film cost as a percentage of admission revenues effectively flat for the first quarter compared to the prior year. Theatre division adjusted EBITDA during the first quarter of 2026 was $8 million, an increase of $4.3 million.

本季前 10 大影片約占 2026 年第一季票房的 62%，相較之下，去年第一季前 10 大影片約占 66%；而第一季的影片成本占入場營收的比例與去年同期相比基本持平。2026 年第一季影城事業部調整後 EBITDA 為 800 萬美元，增加 430 萬美元。

The year-over-year increase in adjusted EBITDA was negatively impacted by $5 million due to the fewer operating days, and on a comparable calendar quarter basis, Theatre division adjusted EBITDA increased $9.3 million. Turning to our Hotels & Resorts division, revenues were $61.4 million for the first quarter of 2026, up $100,000 compared to the prior year.

經調整 EBITDA 的年增幅因營業天數較少而受到 500 萬美元的負面影響；若以可比曆年季度基礎衡量，劇院事業部經調整 EBITDA 增加了 930 萬美元。接著談到我們的飯店與度假村事業部，2026 年第一季營收為 6,140 萬美元，較去年同期增加 10 萬美元。

Total revenue before cost reimbursements at our seven owned hotels decreased $600,000, or 1.1% compared to the first quarter of fiscal 2025. The five fewer operating days negatively impacted hotels revenue growth by approximately $3.1 million. On a comparable calendar quarter basis, excluding this impact, Hotels revenue before cost reimbursements increased $2.5 million or 5.1%.

我們旗下七家自有飯店在成本補償前的總營收較 2025 會計年度第一季減少 60 萬美元，或 1.1%。少了 5 個營業日使飯店營收成長約減少 310 萬美元。若以可比曆年季度基礎、排除此影響，成本補償前的飯店營收增加 250 萬美元或 5.1%。

RevPAR for our comparable owned hotels grew 13.7% during the first quarter compared to the prior year, which resulted from an overall occupancy rate increase of 8.9 percentage points, partially offset by a 3.4% decrease in our average daily rate, or ADR. Our average 2026 first-quarter occupancy rate for our owned hotels was 59.2%.

我們可比自有飯店的 RevPAR（每可供出租客房收入）在第一季較去年同期成長 13.7%，主要來自整體入住率提高 8.9 個百分點，但部分被平均每日房價（ADR）下降 3.4% 所抵銷。我們自有飯店 2026 年第一季平均入住率為 59.2%。

Our occupancy rate increase benefited from the Hilton Milwaukee being fully back in service compared to the first quarter last year when the hotel was under renovation and guest rooms were out of service. We estimate that the impact of the renovation in the prior year favorably impacted our RevPAR growth by approximately 4 percentage points during the first quarter.

入住率的提升受惠於密爾瓦基希爾頓（Hilton Milwaukee）已全面恢復營運；相較之下，去年第一季該飯店仍在整修，部分客房暫停使用。我們估計，去年整修的影響使我們第一季 RevPAR 成長約有 4 個百分點屬於有利影響。

According to data received from Smith Travel Research, comparable competitive hotels in our markets experienced a decrease in RevPAR of 2.9% during the fiscal first quarter of 2026 compared to the first quarter of fiscal 2025, indicating that our hotels outperformed their competitive set by 16.6 percentage points.

根據 Smith Travel Research 提供的資料，我們市場中的可比競爭飯店在 2026 會計年度第一季的 RevPAR 較 2025 會計年度第一季下降 2.9%，顯示我們的飯店表現較其競爭組合高出 16.6 個百分點。

After adjusting for the prior year impact of the Hilton Milwaukee renovation, we believe our Hotel's RevPAR growth outperformed the competitive sets by 11.5 percentage points, which we attribute to continued strength in group business as well as generally strong performance from our renovated assets.

在調整去年密爾瓦基希爾頓整修的影響後，我們認為飯店 RevPAR 成長仍較競爭組合高出 11.5 個百分點；我們將此歸因於團體業務持續強勁，以及我們已整修資產整體表現良好。

When comparing our RevPAR results to comparable upper upscale hotels throughout the US, the upper upscale segment experienced an increase in RevPAR of 3.9% during our first quarter compared to the first quarter of fiscal 2025, indicating that our hotels outperformed the industry by 9.8 percentage points and by 5.8 percentage points when adjusting for the estimated prior year impact of the renovation.

將我們的 RevPAR 結果與全美可比的高端（upper upscale）飯店相比，高端飯店區隔在我們第一季的 RevPAR 較 2025 會計年度第一季成長 3.9%，顯示我們的飯店較產業高出 9.8 個百分點；若再調整估計的去年整修影響，仍高出 5.8 個百分點。

Food and beverage revenues decreased 2.1% in the first quarter of 2026 compared to the prior year and were negatively impacted by the decrease in operating days. Hotels other revenues decreased by $1.4 million or 9.2%, primarily due to a weaker ski season at Grand Geneva Resort & Spa and the impact of fees generated from an all-hotel group buyout at one of our condo hotel properties in the first quarter of fiscal 2025, an event that doesn't happen every year and did not recur in the first quarter of 2026.

2026 年第一季餐飲收入較去年同期下降 2.1%，並受到營業天數減少的負面影響。飯店其他收入減少 140 萬美元或 9.2%，主要因 Grand Geneva Resort & Spa 的滑雪季較弱，以及 2025 會計年度第一季我們其中一個公寓式飯店物業曾有一次全館團體包場所產生的費用影響；該事件並非每年都會發生，且未在 2026 年第一季重現。

Finally, Hotels adjusted EBITDA decreased $1.3 million in the first quarter of 2026 compared to the prior year quarter, primarily due to a $400,000 impact from the five fewer operating days, lower other revenues resulting from the weaker ski season, and the non-repeating group buyout in the prior year, which included high margin rooms and banquet and catering business and higher benefits costs.

最後，飯店經調整 EBITDA 在 2026 年第一季較去年同期下降 130 萬美元，主要原因包括少 5 個營業日帶來約 40 萬美元影響、滑雪季較弱導致其他收入降低、以及去年未重複發生的團體包場（包含高毛利客房與宴會及餐飲業務），以及福利成本較高。

Shifting to cash flow in the balance sheet, our cash flow from operations was a use of cash of $15.2 million in the first quarter of 2026 compared to cash used by operations of $35.3 million in the prior year quarter, with the increase in cash used primarily due to favorable timing of payments and accounts payable, higher EBITDA, and a one-time benefit of $3 million from the sale of historic tax credits related to the Hilton Milwaukee renovation.

轉向資產負債表中的現金流，我們 2026 年第一季營運活動現金流為淨流出 1,520 萬美元，相較去年同期營運活動使用現金 3,530 萬美元；現金使用增加主要由於付款時點與應付帳款的有利時點、EBITDA 較高，以及出售與密爾瓦基希爾頓整修相關的歷史稅額抵免所帶來一次性 300 萬美元利益。

As a reminder, our cash flow from operations in the first quarter is historically impacted by seasonal changes in working capital resulting from the slowdown in our business following the peak holiday season and by the timing of various year-end accounts payable and compensation payments.

提醒一下，我們第一季的營運現金流歷來會受到營運資金季節性變動影響，原因在於假期旺季過後業務放緩，以及各項年末應付帳款與薪酬支付的時點。

Total capital expenditures during the first quarter of 2026 were $6.6 million, a $16.4 million dollar decrease compared to the first quarter of fiscal 2025. Our capital expenditures during the first quarter were primarily invested in maintenance and ROI projects in both businesses. Our capital investments and projects have progressed as planned, and we continue to expect capital expenditures for 2026 of $50 million to $55 million, and we will update our capital expenditure estimates throughout the year.

2026 年第一季資本支出合計為 660 萬美元，較 2025 會計年度第一季減少 1,640 萬美元。第一季的資本支出主要投入於兩項業務的維護與投資報酬（ROI）專案。我們的資本投資與專案按計畫推進，且我們仍預期 2026 年資本支出為 5,000 萬至 5,500 萬美元，並將在全年持續更新資本支出估計。

As we discussed last quarter, we continue to expect this decrease in capital expenditures to result in a significant increase in free cash flow in 2026, and this played out as expected in the first quarter with a $36.5 million dollar improvement in a free cash flow compared to the prior year.

如同我們上季所討論的，我們仍預期資本支出下降將在 2026 年帶來自由現金流的顯著增加；第一季也如預期展現，較去年同期自由現金流改善 3,650 萬美元。

Our balance sheet remains strong, and we ended the first quarter with over $11 million in cash and over $194 million in total liquidity, with a debt to capitalization ratio of 28% and net leverage of 1.7 times. 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.

我們的資產負債表仍然穩健，第一季末現金超過 1,100 萬美元，總流動性超過 1.94 億美元；負債對資本比率為 28%，淨槓桿倍數為 1.7 倍。穩健的資產負債表與對業務的信心，使我們能在持續投資與追求成長的同時，透過季度股利與機會性庫藏股回購向股東回饋資本。

During the first quarter, we repurchased approximately 87,000 shares of our common stock for $1.3 million in cash. 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.

第一季期間，我們以 130 萬美元現金回購約 87,000 股普通股。我們將持續以平衡方式配置資本，在支持策略優先事項的同時，追求能為股東帶來最具吸引力長期報酬的投資。

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

接下來，我把電話交給 Greg。

Thanks, Chad. Good morning, everyone. We entered the year with a plan for projected growth in both of our businesses. In Theatres, we expected a stronger film slate in 2026, coupled with improvements in per capita sales to drive growth in the Theatre division. In Hotels, we expected our recently renovated properties to drive outperformance within our competitive sets after several years of significant investment in an overall stable macroeconomic environment.

謝謝，Chad。各位早安。我們在年初就制定了兩項業務的成長計畫。在劇院方面，我們預期 2026 年片單更強，並搭配人均銷售額的改善來推動劇院事業部成長。在飯店方面，我們預期近期完成整修的物業在整體穩定的總體經濟環境下，經過多年重大投資後，將帶動我們在競爭組合中表現超越同業。

We're happy to report that the first quarter generally played out a little better than we expected with strong outperformance in both divisions. Theatres led the growth and improvement in our results on a better-than-expected box office. And Hotels continued to grow RevPAR and revenue without outperformance being driven by our renovated hotels.

我們很高興回報，第一季整體表現略優於預期，兩個事業部皆有強勁的超越表現。劇院在優於預期的票房帶動下，引領我們業績的成長與改善。而飯店則持續提升 RevPAR 與營收，且超越表現並非由我們整修過的飯店所單獨驅動。

As Chad discussed, we were able to overcome the headwind from having fewer operating days in the quarter, which was no small feat considering the week of the year that those days fell in the first quarter last year. With the normal seasonal headwinds in our Hotel business, the first quarter is always challenging, so it's incredibly helpful when we're able to get off to a good start as we did this quarter.

如 Chad 所提到的，我們成功克服本季營業天數較少所帶來的逆風；考量到去年第一季少掉的那些天數落在一年中的哪一週，這並非易事。在飯店業務正常的季節性逆風下，第一季一向具有挑戰，因此像本季這樣能有良好開局，對我們非常有幫助。

The first quarter that we are reporting today continues to make year-over-year progress. And we're pleased to be sharing these results with you. I'll start with our Theatre division. Our Theatre division got off to a much stronger start than last year. And what a difference a year makes.

我們今天所報告的第一季，年對年持續取得進展。我們也很高興能與各位分享這些成果。我先從劇院事業部開始。我們的劇院事業部開局比去年強勁得多。一年之差，影響真是巨大。

A stronger film slate drove significantly higher attendance for the comparable quarter with a combination of solid carryover performances from several holiday films, successful original family films in Hoppers and Goat, and a major tentpole in Project Hail Mary that delivered blockbuster results, all contributing to deliver the best first quarter in the US box office since the pandemic. This quarter was a great reminder of what is possible with better product supply when there are several things working at once.

更強的片單帶動可比季度的觀影人次大幅提升，包含多部假期檔期電影的穩健續航、原創家庭電影《Hoppers》與《Goat》的成功，以及《Project Hail Mary》這部大型主打作品帶來的賣座成績；上述因素共同促成美國票房創下疫情以來最佳的第一季。本季再次提醒我們：當產品供給更佳、且多項因素同時發力時，能達成的成果有多大。

It also demonstrates that audiences will come out whenever there are good movies, not just during the peak summer and holiday periods, and the industry needs to continue to fill in the slate across the calendar. The first-quarter national box office was up over 21%, and there is still a lot more opportunity for further growth with additional product in the future.

這也顯示，只要有好電影，觀眾就會走進戲院，而不僅僅是在暑期與假期等旺季期間；產業也需要持續在全年各檔期補齊片單。第一季全國票房成長超過21%，而未來隨著更多影片供給，仍有很大的進一步成長機會。

As Chad discussed, we continued to realize strong per capita growth during the quarter with average ticket prices benefiting from our ongoing price optimization efforts and continued growth in merchandise sales, which are included in our concession revenues. Last quarter, I shared several initiatives we are executing this year to drive per capita sales growth.

如 Chad 所提，我們在本季持續實現強勁的人均成長；平均票價受惠於我們持續的價格最佳化努力，以及周邊商品銷售的持續成長（其已計入我們的餐飲收入）。上季我分享了我們今年正在執行的幾項措施，以推動人均銷售成長。

As an update, we have now completed our rollout of tap-to-pay terminals to all ticketing and food and beverage points of sale, both in-store and our mobile wallets for our digital purchasing channels. This week, we will complete the rollout of in-seat QR code mobile food and beverage ordering to all 20 of our dine-in theatres, which we believe makes food ordering faster and easier for customers.

更新一下，我們已完成在所有售票與餐飲銷售點導入感應支付（tap-to-pay）終端機，涵蓋門市端以及數位購買通路的行動錢包。本週我們將完成在全部20家餐飲型（dine-in）影城導入座位掃描 QR Code 的行動餐飲點餐功能，我們相信這能讓顧客點餐更快速、更便利。

Looking ahead, we continue to work redesigning and a best-in-class food and beverage digital purchase experience in our mobile web and app for all theatre locations that we expect to roll out in time for the holidays later this year. A couple of weeks ago, we were with our Theatre team at CinemaCon, and once again, our studio partners, film directors, and talent all continued to reaffirm the importance of theatrical exhibition and our critical role to the overall movie and media ecosystem.

展望未來，我們持續投入重新設計，打造業界一流的餐飲數位購買體驗，涵蓋所有影城據點的行動網頁與 App，預計於今年稍晚、趕在假期檔期前推出。幾週前我們與影城團隊一同參加 CinemaCon，而我們的片廠合作夥伴、電影導演與演員也再次重申院線放映的重要性，以及我們在整體電影與媒體生態系中扮演的關鍵角色。

After years of experimentation and discussion around the length of the exclusive theatrical window, I believe we have reached an inflection point and recognition by studios and distributors that a longer theatrical window enhances the overall performance of films across the ecosystem. And we applaud the significant announcements from major studios, including Universal, Sony, and Paramount, extending or committing to minimum exclusive theatrical windows. While the industry has more work to do on windows and improving product supply, we are heading in the right direction.

在多年針對獨家院線窗口期長度的試驗與討論後，我相信我們已到達一個轉折點：片廠與發行商已認知到，更長的院線窗口期能提升影片在整個生態系中的整體表現。我們也對主要片廠的重要宣布表示肯定，包括 Universal、Sony 與 Paramount 延長或承諾最低獨家院線窗口期。雖然產業在窗口期與改善片源供給方面仍有更多工作要做，但我們正朝正確方向前進。

Second, we got a closer look at the film slate for the rest of the year and into 2027. And we remain very optimistic about the coming attractions. The momentum from the first quarter continued into April with the blockbuster success of The Super Mario Bros. Movie and last weekend's record opening of Michael, getting the second quarter off to a solid start.

第二，我們更深入了解今年剩餘時間以及一路到2027年的片單。我們對即將上映的作品仍然非常樂觀。第一季的動能延續到4月，《超級瑪利歐兄弟電影版》的賣座成功，以及上週末《Michael》創下的破紀錄開片，讓第二季有了穩健的開局。

We kick off the summer movie season this week with the opening of The Devil Wears Prada 2, which will be followed by a number of big titles, including Mortal Kombat II, Star Wars: The Mandalorian & Grogu, Supergirl, The Odyssey, and Spider-Man: Brand New Day. I am particularly excited for the widely appealing family features such as Toy Story 5, Minions & Monsters, and Moana.

本週我們將以《穿著Prada的惡魔2》上映揭開暑期電影季序幕，接著還有多部重量級作品，包括《真人快打II》、《星際大戰：曼達洛人與古古》、《超少女》、《奧德賽》，以及《蜘蛛人：全新的一天》。我特別期待受眾廣泛的家庭電影，例如《玩具總動員5》、《小小兵與怪獸》，以及《海洋奇緣》。

The fall and holiday film slate is also exciting with Avengers: Doomsday, Dune: Part 3, and Jumanji: Open World, just to name a few. There are many more great films coming noted in today's earnings release. Looking even further ahead, the 2027 film slate also looks strong with major franchises including Shrek 5, Star Wars: Starfighter, Minecraft 2, Frozen 3, The Batman Part II, Sonic the Hedgehog 4, Spider-Man: Beyond the Spider-Verse, Man of Tomorrow, The Legend of Zelda, Avengers: Secret Wars, and many more.

秋季與假期檔期的片單同樣令人振奮，包括《復仇者聯盟：末日》、《沙丘：第三部》，以及《野蠻遊戲：開放世界》等等。今天的財報新聞稿中也提到，還有更多優秀電影即將推出。再往更遠看，2027年的片單也相當強勁，包含多個大型系列作品，例如《史瑞克5》、《星際大戰：星際戰士》、《Minecraft 2》、《冰雪奇緣3》、《蝙蝠俠II》、《音速小子4》、《蜘蛛人：超越蜘蛛宇宙》、《明日之人》、《薩爾達傳說》、《復仇者聯盟：秘密戰爭》等等，還有更多。

We are excited about the momentum that is building in theatres and the film slate ahead in the coming years. And we remain very positive and optimistic about the long-term future for the industry and our Theatre business.

我們對戲院端正在累積的動能，以及未來幾年的片單感到振奮。我們對產業與我們影城業務的長期未來仍然非常正向且樂觀。

Moving to our Hotels & Resorts division. You've seen the segment numbers. Chad shared some additional detail on the performance metrics, including our outperformance to our competitive sets and to upper upscale hotels nationally. We have made significant investments in several of our hotels over the last three years, and we continue to see customer demand for newly renovated room product and freshly redesigned meeting and event spaces.

接著談我們的飯店與度假村事業部。各位已看到該部門的數據。Chad 也分享了績效指標的更多細節，包括我們相較競爭組合以及全國高階（upper upscale）飯店的優異表現。過去三年我們在多家飯店進行了重大投資，而我們也持續看到顧客對新整修客房產品與重新設計的會議及活動空間的需求。

These amenities allow us to drive strong rates and outperform within our markets, and our sales teams have done a great job capitalizing on this opportunity. As we've discussed in past years, there is significant seasonality in our Hotel business, given that most of our company-owned hotels are located in the Midwest. We often lose money in this division during the winter months, as was the case this year with adjusted EBITDA that was slightly negative.

這些設施讓我們能夠維持強勁房價並在各自市場中表現優於同業，而我們的銷售團隊也在把握這個機會方面做得非常出色。如同我們過去幾年所討論的，由於公司自有飯店多位於美國中西部，我們的飯店業務具有明顯季節性。冬季月份我們在此事業部經常會虧損；今年亦然，調整後 EBITDA 略為負值。

In addition to having fewer days in the quarter, there were headwinds from a few items in the first quarter of fiscal 2025, including Milwaukee hosting the men's NCAA basketball tournament, an all-school -- I'm sorry all-hotel group buyout at one of our condo hotels last year, and favorable weather for ski season that did not recur this year in the first quarter. This is the nature of event-driven and group rooms business.

除了本季天數較少之外，2025會計年度第一季還受到幾項因素的逆風影響，包括密爾瓦基主辦男子 NCAA 籃球錦標賽、去年我們其中一家公寓式飯店出現一筆全飯店團體包場（抱歉，是全飯店團體包場），以及去年第一季滑雪季天候有利、但今年第一季未再出現的情況。這就是活動驅動與團體客房業務的特性。

And while we did not see these events repeat this year, these or similar events will likely return in the coming years. There were a few notable items in the quarter I would like to highlight. While average daily rates decreased around 3% in the first quarter, this was not unexpected and was primarily driven by two factors.

雖然今年未見這些活動重演，但未來幾年這些或類似活動很可能會再度出現。本季有幾個值得注意的事項我想特別說明。第一季平均每日房價（ADR）約下降3%，這並不意外，主要由兩個因素所致。

First, all of the Hilton Milwaukee rooms are back in service, resulting in less rate pressure with more room supply. This contrasts with last year when we were able to create some rate compression in the Milwaukee market with the reduced available room count due to the renovation. Second, at Grand Geneva, the weaker ski season resulted in weekend transient demand that was softer and resulted in lower rates compared with last year.

第一，Hilton Milwaukee 的所有客房已恢復營運，房間供給增加使房價壓力降低。這與去年形成對比；去年因整修導致可用房間數減少，我們得以在密爾瓦基市場形成一定的房價擠壓效應。第二，在 Grand Geneva，較弱的滑雪季使週末散客需求偏軟，導致房價較去年下降。

The decrease in rates was more than offset by the significant increase in occupancy from the Hilton Milwaukee rooms back in service, resulting in overall RevPAR growth of 13.7%. Group bookings remain stable with our group room revenue bookings for 2026 or group pace in the year for the year running approximately 5% ahead of where we were at this time last year.

房價下降的影響，已被 Hilton Milwaukee 客房恢復營運所帶來的入住率大幅提升所抵銷，使整體每可售房收入（RevPAR）成長13.7%。團體訂房仍維持穩定；我們2026年的團體客房收入訂單（或團體訂房進度）目前約較去年同期快5%。

Looking a bit further ahead to 2027, group room pace is running in line with where we were at this time last year for the next year out. Although this far out, the timing of bookings can vary significantly. Banquet and catering space for the remainder of 2026 is running in line with where we were at this time last year. As our Hotel division heads into the busier spring and summer travel months, we believe we are well positioned to win in our markets.

再往前看至2027年，團體客房訂房進度與去年同期、以一年後的展望來看大致持平。不過在這麼長的提前期下，訂單的時間點可能會有顯著波動。2026年剩餘期間的宴會與餐飲場地預訂情況，與去年同期大致一致。隨著飯店事業部進入更繁忙的春夏旅遊月份，我們相信我們已做好準備，在各自市場中勝出。

While transient demand has remained healthy, it is important to acknowledge there continues to be an elevated level of economic uncertainty with recent volatility in key travel costs, including gas prices and airfare. If market conditions change and we begin to see softness, we are prepared to react and adjust quickly.

雖然散客需求仍維持健康，但必須注意的是，經濟不確定性仍處於較高水準，近期關鍵旅遊成本（包括油價與機票）也出現波動。若市場狀況改變、我們開始看到需求轉弱，我們已準備好迅速因應並快速調整。

Before we open the call up 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 prove that once again this quarter.

在開放提問之前，我想再次感謝所有每天努力工作、讓賓客把平凡日子變得不平凡的同仁。我們經常談到對各項業務的投資，但絕不能忽視我們的人才是最重要的資產，而他們在本季再次證明了這一點。

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

接下來，Chad，我很樂意在此開放電話會議，回答各位可能有的任何問題。

(Operator Instructions) Drew Crum, B. Riley Securities.

(接線員指示) Drew Crum，B. Riley Securities。

Greg, you provided an update in your preamble on the various initiatives you've rolled out or plan to launch over the course of the year to drive concession revenue. Any early learnings or observations you can share, just the overall receptivity? On the part of your patrons of these, and maybe for Chad, is the 2% cap rate reported in 1Q a good quarterly run rate to think of as you progress through the year?

Greg，你在開場白中更新了你們今年已推出或計劃推出的各項措施，以推動餐飲（concession）收入。有沒有任何早期的學習或觀察可以分享，整體接受度如何？就你們顧客對這些措施的反應而言；另外也想請教 Chad，1Q 所報告的每人餐飲消費（per cap）2% 成長，是否可視為今年推進過程中一個不錯的季度化運行水準？

I'll go first with the question on what we're seeing. We see a number of things. One is the QR codes are being very well accepted, and we're happy with how that's going. That makes for a better experience for everybody. If nothing else, we get better customer service because it's really interesting.

我先回答我們看到的情況。我們看到幾件事。第一，QR code 的接受度非常高，我們也很滿意目前的進展。這讓每個人的體驗都更好。至少，我們的客戶服務變得更好，因為這真的很有意思。

One of the things that can happen is if you order and you don't sit in the right seat, and your food is delivered to the seat that you ordered it to, you don't get your product, and then everybody's unhappy. And -- so we were seeing better efficiency, if nothing else, with people going to their seat because the QR code is linked to their seat.

有時會發生的情況是，你下單後沒有坐在正確的座位，而食物被送到你下單時指定的座位，你就拿不到你的商品，然後大家都不開心。所以——至少在這方面——我們看到效率提升，因為 QR code 會連結到他們的座位，大家就會回到自己的座位。

So the food arrives, it arrives hot, and it just makes the whole operation much better. So that's very helpful. The other thing that we've seen, and I don't have a number to give you yet, but we know that -- I think we've talked about before, and one of the I talked about how we're really working to develop a best-in-class food and beverage experience for our customers, ordering experience digitally.

因此食物送達時，能熱騰騰地送到，整個營運都變得更好。這非常有幫助。另外一件我們看到的事，我目前還沒有數字可以給你，但我們知道——我想我們之前談過——我也提過，我們正努力為顧客打造同級最佳的餐飲體驗，以及數位化的點餐體驗。

Because we know that basket sizes are larger when people order digitally. Primarily, that comes from that never missing on whether it's an upsell. If you've got 10 people deep in a concession line, you're just trying to get through a Friday night.

因為我們知道，當人們用數位方式點餐時，客單價（basket size）會更大。主要原因是，不會錯過任何加購（upsell）的機會。如果餐飲排隊已經排到 10 個人那麼深，你只想撐過週五晚上。

You may not be -- you may not always try to upsell that medium soda to a large. Digital, it never misses. And we have a thing we can't do even live. It's a last chance offer, last time offer we call it. Before you check out, oh do you want popcorn with that soda? Do you want whatever it might be with that. A dessert with your food.

你可能——你不一定每次都會嘗試把中杯汽水加購成大杯。但數位化不會漏掉。而且我們還有一個即使現場也做不到的功能。我們稱之為「最後一次機會」的優惠（last chance offer / last time offer）。在你結帳前，會提示：喔，你要不要汽水配爆米花？或是你想要搭配任何可能的品項。例如餐點加一份甜點。

And so we're able to do that suggestive selling and upselling much better digitally. So we feel with that and then making the whole experience more frictionless for the customer, we're going to have an opportunity to increase our concession sales.

因此，我們能在數位端更有效地做建議式銷售與加購。我們認為，透過這些，再加上讓顧客整體體驗更無摩擦（frictionless），我們將有機會提升餐飲銷售。

Yeah, Drew, on the concessions per cap increase, we said last quarter we're trying to get to low-single digits. We were at 2.4% in the quarter. I think that kind of 2% to 3% range is probably about right. And in terms of the way we're getting there, we're trying to get to that 3% with just inflationary pricing and growing another 1 point or so with the results of some of the initiatives that Greg's just talked about, by increasing it in incidence and by increasing basket size. So that's -- I think that's a reasonable number for purposes of modeling.

是的，Drew，關於每人餐飲消費（concessions per cap）的提升，我們上季說過目標是達到低個位數成長。本季我們是 2.4%。我認為大概 2% 到 3% 的區間可能差不多是合理的。至於我們如何達成，我們希望靠通膨式定價把它推到 3%，再透過 Greg 剛提到的一些措施，藉由提高購買發生率（incidence）以及提高客單價（basket size），再多增加約 1 個百分點。所以——我認為就建模而言，這是個合理的數字。

Got it. Okay. Thank you. Very helpful. Then just one follow up on the Hotels business. Can you address the divergence between rooms and food and beverage revenue? I think you mentioned there were fewer operating days that impacted the food and beverage figure, but was there anything else that drove the divergence between the two?

了解。好的。謝謝。非常有幫助。接著想追問飯店（Hotels）業務。你能否說明客房收入與餐飲收入之間的分歧？我記得你提到營運天數較少影響了餐飲數字，但還有其他因素導致兩者出現分歧嗎？

There was. We -- the one item that sticks out aside from the days difference which -- some of those days come between the holidays, and we actually do get a fair amount of F&B business in that period. But the all-group hotel buyout that we had on one of our properties that I mentioned in my remarks actually had a very heavy F&B component.

有的。除了天數差異之外——其中有些天數落在假期之間，而那段期間我們其實也會有相當多的餐飲（F&B）生意——但最突出的項目是，我在談話中提到，我們其中一個物業有一筆「全團體包場式」的飯店包租（all-group hotel buyout），那筆業務其實包含非常高比重的餐飲。

That's a piece of business that we don't get every year. We had it last year. We had it three years earlier. It's on its own cycle, and so that had a heavier F&B impact than we normally would have had.

這是一筆不是每年都會有的業務。去年我們有。再往前三年我們也有。它有自己的週期，因此對餐飲的影響比我們平常會有的更大。

Got it. Okay. Thanks, guys.

了解。好的。謝謝各位。

Mike Hickey, StoneX.

StoneX 的 Mike Hickey。

Congrats, guys, on a great 1Q. Thanks for taking our questions here. Just a few. First on windows. Greg, good to hear from you that you're excited. I think last year there was some big plans. I think we felt stuck too on windows moving anywhere positive. So just curious how impactful you think this new window is, sort of, when you think the consumer's behavior might change and maybe the future of windows because it seems like this year at CinemaCon, there were a few studios talking maybe even longer windows.

恭喜各位 1Q 表現很出色。謝謝讓我們在這裡提問。我有幾個問題。首先談檔期窗口（windows）。Greg，很高興聽到你說你很振奮。我記得去年有一些很大的計畫。我想我們也覺得檔期窗口在往正向移動方面卡住了。所以想請教你認為這個新的窗口會有多大影響——當你思考消費者行為可能何時改變，以及窗口的未來走向；因為看起來今年在 CinemaCon，有幾家片商甚至在談可能更長的窗口。

Yeah. Look, I'd start with what's the word that -- in the finance community? The trend is your friend. I'd say that the trend is our friend here. And it didn't just happen overnight. I credit Michael O'Leary at Cinema United with really starting to really raise the issue publicly a year ago at CinemaCon and say, this is really important. This is not something that happened overnight. It's an education, it's an understanding, it's the evidence that we see on the importance of a window.

是的。你看，我會先從——金融圈怎麼說來著？「趨勢是你的朋友」。我會說，這裡的趨勢對我們有利。而且這不是一夕之間發生的。我認為 Cinema United 的 Michael O'Leary 在一年前的 CinemaCon 上，確實開始公開把這個議題拉高，並說這非常重要。這不是一夜之間發生的事。這是一個教育的過程，是理解的過程，也是我們看到窗口重要性的證據。

And let's be very clear, the studios control the window, the studios are not doing it -- it's not a charity, the theatre business. They know that a health of theatrical business is good for the overall ecosystem. And it maximizes the value of their product. That whole concept that we've talked about many times windowing., selling the same thing to the same person over and over again.

而且要講得很清楚：片商掌控窗口，片商這麼做——這不是在做慈善，戲院產業也不是慈善。他們知道健康的院線市場對整個生態系是有利的。而且能最大化他們產品的價值。我們多次談過的那個概念——窗口期（windowing），就是把同一個內容一再賣給同一個人。

Well, if you mash those windows too tight together, you lose that second or third or fourth sale. But if you create some space, not only do you get people who pay more, because remember, the other concept of windowing that's important is a high -- that you start with your highest per capita set of eyeballs. And -- to the extent that you trade when somebody paying $12, whatever it might be, to putting five people in a room splitting $20, it's a much better deal to catch those per capita eyeballs, if nothing else.

如果你把這些窗口擠得太緊，你就會失去第二次、第三次或第四次銷售。但如果你拉開一些間隔，不僅能讓人們付更多錢，因為請記得，窗口期另一個重要概念是——你會先從每人價值最高的觀眾眼球開始。而且——如果你把原本可能付 12 美元（不管是多少）的一個人，換成五個人在家裡分攤 20 美元，那至少就每人眼球價值而言，抓住那些高單價的眼球是更划算的。

Then you get that second sale on top of it or that third sale when somebody consumes it in a transactional video on demand or a streaming video on demand environment. And so I thought that -- and the other thing too is you don't have people saying, well, I'll just wait for it at home. We've been very, very clear to say that that very short 17-day window was one of the contributors to this idea that people don't -- they're not paying enough attention.

然後你還能在此之上再拿到第二次銷售，或第三次銷售——當有人在交易型隨選視訊（TVOD）或串流隨選視訊（SVOD）的環境中觀看時。所以我認為——另外一點是，你不會讓人們說：「那我就等在家看。」我們一直非常清楚地指出，那個非常短的 17 天窗口，是造成大家覺得「反正不用急著看」這種想法的因素之一。

They just hear at home now. They don't know that it's $20. They get something in their email saying, hey, get it now. It doesn't say it's -- and then maybe don't pay enough attention, and it just feels like it's coming so fast. So stretching that out, continuing to educate the customer that it's stretched out is really important.

他們現在只是在家裡聽到而已。他們不知道那是20美元。他們會在電子郵件裡收到一些訊息說，嘿，現在就買。上面不會寫這是——然後可能也沒有特別留意，就覺得來得太快了。所以把這個時間拉長、並持續教育客戶這個窗口期被拉長了，真的很重要。

Universal in this, who just recently made the announcement that they are going to move back from their pandemic era experimentation and go to a standard, go to 45 days, I thought was unbelievably important and signals that. You've got Tom Rothman at Sony saying it's real, theatrical's important, and for theatrical to be healthy, it has to have a window.

在這件事上，環球影業最近才宣布，他們要從疫情時代的實驗做法回到標準做法、回到45天，我覺得這重要得不可思議，也釋放了那樣的訊號。你看索尼的湯姆・羅斯曼也在說這是真的、院線很重要，而要讓院線健康，就必須要有窗口期。

And so as Steven Spielberg said, 45 days is a good start, but how about 60 or more? I would presumably say an easy way to explain that, I think, is my mantra should be two and five. What's two and five? Two months for transactional, five months for streaming, video on demand. So I'm for the two and five model. Very simple to understand for everybody. And I think it will be good for theatrical. And what's good for theatrical will be good for the overall ecosystem.

所以就像史蒂文・史匹柏說的，45天是個好的開始，但60天或更久如何？我想，一個很容易解釋的方法是：我的口訣應該是「二和五」。什麼是二和五？交易式（付費）兩個月，串流／隨選影片五個月。所以我支持「二和五」模型。對所有人來說都非常容易理解。而且我認為這會對院線有利。對院線有利的，也會對整個生態系有利。

Nice. Thanks for the color, Greg. Obviously on the concession side, you've really been doing some cool tech, and it looks like you're getting progress there. Curious on the seating side if you see sort of innovation or enhancements you could do on seating. And also curious about the [Infinity] vision. Looks like sort of a mixed reception from operators on Disney's decertification.

很好。謝謝你的補充說明，Greg。顯然在餐飲販售（concession）這一塊，你們確實做了一些很酷的科技，看起來也有進展。我想問在座椅方面，你是否看到一些創新或可做的強化？也想問一下關於[Infinity] vision 的願景。看起來營運商對迪士尼取消認證（decertification）的反應有點兩極。

Well -- on the -- let's start with the seating. Any new seating stuff that you -- there's D-BOX, there's things like that that can be experimented with. There's things we can do. I don't think there's anything huge that we're going to be able to do. We've had others experiment with just charging more for premium seats, I don't know that that went so well, but on the inside. So I don't -- so they'll be on the margins maybe a little bit here and there, but nothing earth-shattering. I mean, the recliner investment we made was so significant for us it was great. We made ours with [$2,015].

嗯——先從座椅開始。你提到的新座椅方案——像 D-BOX 之類的，還有一些可以嘗試的東西。我們確實有些事情可以做。但我不覺得我們能做出什麼很重大的改變。也有人嘗試過只是對高級座位收更高的價格，我不確定那效果有多好，但那是內部的做法。所以我不——所以可能只是在邊際上這裡那裡做一點，但不會有什麼石破天驚的。我的意思是，我們投資躺椅座（recliner）的金額對我們來說非常重大，效果也很棒。我們是用[2,015美元]做的。

So that's -- that I think has been very helpful for us. On the Disney thing I'm not familiar with the exact details of it. Although, look it, the ability to brand PLFs, it's very interesting if you think about it. I think that taking out IMAX out of the PLF, IMAX is a PLF, but taking IMAX out, I think that the footprint of PLFs in the country is double IMAX in size. And so on any given weekend, the ability to unify that marketing effort, I understand why Disney is trying to do what they're trying to do now. Whether they'll be the ones to do it, I don't know, but there's power.

所以——我覺得那對我們很有幫助。至於迪士尼那件事，我不熟悉它的確切細節。不過你看，若能替 PLF（高級大銀幕）做品牌化，從這角度想其實很有意思。我認為把 IMAX 從 PLF 裡拿掉——IMAX 本身就是 PLF——但如果先不算 IMAX，我覺得全國 PLF 的覆蓋規模是 IMAX 的兩倍。所以在任何一個週末，能把行銷力道統一起來，我理解為什麼迪士尼現在想做他們正在做的事。至於會不會由他們來做成，我不知道，但這裡面有力量。

When you speak with one voice, you speak louder. Everyone getting together to speak with one voice is much more effective. And so, I see -- I understand what they're trying to do. Whether that's the model that works, I don't know, but I'm not against the idea. That's my feeling on that.

當你用同一個聲音說話，你的聲音就更大。大家一起用同一個聲音發聲，效果會好得多。所以，我看得出——我理解他們想做什麼。至於那是不是行得通的模式，我不知道，但我不反對這個想法。這就是我對此的感受。

Nice. Last question on free cash flow. Obviously, it looks like you're inflecting this year. Just curious, Chad, your confidence there. Obviously, that's really resonating with investors. So post 1Q after a strong quarter, I'm guessing you're more enthusiastic, but love to hear from you and then how you're thinking about carrying that into 2027.

很好。最後一個問題，關於自由現金流。顯然看起來你們今年正在出現拐點。想請教一下，Chad，你對此的信心如何？顯然這點讓投資人非常有共鳴。所以在1Q之後、在一個強勁季度之後，我猜你更樂觀了，但也想聽聽你的看法，以及你如何思考把這延續到2027年。

Yeah, I -- Mike, I think we feel really good about it because we control the CapEx spend. We've got a $30 million planned decrease with our current guide on CapEx. And so that alone will provide a meaningful uplift, and that's if the business is flat, and we don't expect the business to be flat. Getting off to a really good start in Q1 certainly helps. So three quarters to go, but I -- in terms of confidence, I feel good.

是的，我——Mike，我們對此感覺非常好，因為我們能控制資本支出（CapEx）。依照我們目前對 CapEx 的指引，我們規劃減少3,000萬美元。光是這一點就會帶來顯著的提升，而且那是在業務持平的情況下；而我們不預期業務會持平。第一季有個非常好的開局當然有幫助。所以還有三個季度，但——就信心而言，我覺得不錯。

Yeah. I want to add one thing, Mike, on your question about premium large format. That is one thing let's not lose sight of, that is still 80% of our business is regular traditional screens. And that's the customer that we -- theatrical has always been known as the least expensive form of out-of-home entertainment. It's a cheap date, so to speak, I think we always have to remember that.

是的。Mike，我想就你關於高級大銀幕（PLF）的問題補充一點。有一件事不要忽略：我們的業務仍有80%是一般傳統銀幕。而我們服務的這類客戶——院線一直以來都被認為是最便宜的戶外娛樂形式。可以說是「便宜的約會」，我覺得我們必須一直記得這點。

And I think in our theatre, specific to our platform, we have probably the highest incidence of PLF in the industry. And yet we also have a very robust discount program with our Tuesday program and our Marcus Movie Club. And I like to think about it as we've talked about this before, learnings from our Hotel business. The right price for the right customer at the right time. And so, our averages look sort of in line, but I think that we offer a real wide breadth of opportunity for our customers.

而且我認為在我們的影城，就我們的平台而言，我們可能是業界 PLF 佔比最高的。但同時我們也有非常強健的折扣方案，包括我們的週二方案和 Marcus Movie Club。我喜歡用我們以前談過的方式來思考：從我們飯店業務得到的學習。在對的時間，給對的客戶，對的價格。所以我們的平均數看起來大致一致，但我認為我們為客戶提供了非常廣泛的選擇空間。

Great. Thanks, guys. Good luck.

很好。謝謝各位。祝你們好運。

Eric Wold, Texas Capital Securities.

Eric Wold，Texas Capital Securities。

A couple of questions. I guess first on the Hotel & Resorts division, now that you've completed the renovation of the Hilton Milwaukee, maybe talk about the level of rate hikes that your rate increases, room rate increases that you're looking to kind of push through or that you have pushed through at that property, maybe around both kind of group and leisure travel and how that compares to kind of what you're able to push through following the Pfister renovation a couple years ago.

有幾個問題。我想先從飯店與度假村事業部開始。既然你們已完成密爾瓦基希爾頓（Hilton Milwaukee）的翻新，能否談談你們在該物業希望推動、或已經推動的房價上調幅度？也許可以分別談談團體與休閒旅遊兩端，並比較一下這與幾年前 Pfister 翻新後你們能推動的幅度有何不同。

Yeah, I can take that one. We absolutely have seen uplift, from both group events that we're able to win and book into renovated properties. We're winning that business, and we're getting a uplift in transient rates that's driving growth in ADR at those properties. As a general rule, Eric, I would say we're in the range of 10% to 15% on rates after we do major rooms renovations like this. And that's across our experience on the three major renovated properties, the Pfister, Grand Geneva, and now Hilton Milwaukee.

好的，這題我來回答。我們確實看到提升，來自於我們能夠贏得並把團體活動訂進翻新後物業的能力。我們正在贏得這些業務，同時也在散客（transient）房價上取得提升，帶動這些物業的平均每日房價（ADR）成長。一般而言，Eric，我會說在做完像這樣的大型客房翻新後，我們的房價大約能提高10%到15%。這是基於我們三個主要翻新物業的經驗：Pfister、Grand Geneva，以及現在的 Hilton Milwaukee。

But there's no doubt you -- once the customer knows that that room product has been refreshed, and you are the desired asset in the market to stay at, you get to take share, and you're commanding premium rates to do so.

但毫無疑問——一旦客戶知道客房產品已經更新，而你是市場上最想入住的資產，你就能取得市占，並以此收取溢價房價。

Got it. And have you seen any reaction from others in the market on their pricing when you've taken rate changes, or are they kind of playing catch up a little bit given the lack of remodel?

了解。那當你們調整房價時，你們有看到市場上其他業者在定價上的反應嗎？還是說因為缺乏翻新，他們有點在追趕你們？

I can start and then Greg can add his thoughts. I mean, I think at the end of the day, it's a perceived value on the quality of the product, and the customer is making a choice on what experience they want to have. And it's a dynamic pricing business. We're continuously adjusting prices based on where we see that demand, and I think others in the market are doing the same. And so, we're able to capture a premium because there is demand for the renovated product. I would believe that others are hurting from that loss of demand, and they're adjusting prices to try to capture volume.

我可以先開始，然後 Greg 可以補充他的想法。我的意思是，我認為歸根結底，這取決於對產品品質的感知價值，而客戶是在選擇他們想要的體驗。而且這是一個動態定價的業務。我們會根據我們看到的需求持續調整價格，我認為市場上的其他業者也在做同樣的事。因此，我們能夠取得溢價，因為市場對翻新後的產品有需求。我相信其他人正因需求流失而受影響，他們也在調整價格以試圖爭取量。

Joe, the other thing too that could happen is it may not look though on its face as if the rates are going up as much because it can also be a mix of business thing too, that you may not see, like just looking at the rates. And so our rates could go up, and you can't see it specifically in like a (inaudible) report because they don't divulge the specific hotel's rates. But you can see that our rates are improving because we're moving out lower rated business out of a hotel like the Hilton, where we have so many rooms, and we're able to move that business, that lower rated business out.

Joe，另外還有一件可能發生的事是，表面上看起來房價上升幅度可能沒那麼大，因為也可能牽涉到業務組合的因素，而你光看房價可能看不出來。所以我們的房價可能上升，但你在像（聽不清）報告裡不一定看得到，因為他們不會披露特定飯店的房價。但你可以看到我們的房價在改善，因為我們正在把較低房價的業務從像希爾頓這種房間數很多的飯店移出，並且能夠把那部分較低房價的業務移走。

Got it. And then just a last question, kind of a follow-up on the free cash flow question from earlier. Given kind of the understanding there's kind of a relative lack of transaction activity in both the exhibition and Hotel segments, I guess how aggressive would you be willing to be on share repurchases as that cash flow grows? Do you feel you need to build up a war chest in case transaction activity picks up, or are you kind of really comfortable where your leverage is and possibly leveraging up for the right opportunity?

了解。然後最後一個問題，算是延續先前關於自由現金流的問題。鑑於目前展覽與飯店兩個部門的交易活動相對偏少，我想問隨著現金流成長，你們在股票回購上願意採取多積極的作法？你們覺得需要先建立一個「戰備金庫」以防交易活動回溫，還是你們對目前的槓桿水準很放心，並且在合適機會下可能願意提高槓桿？

Yeah, I think we tend to have a very balanced approach. We're opportunistic when we see really attractive opportunities to buy back shares. We've leaned in, and we've done that. We are trying to maintain some dry powder to give us the ability to go and move quickly, which I think is one of our advantages in M&A. And we have seen across both businesses some activity and so far nothing has resulted in deals, but we're trying to maintain a balance.

是的，我認為我們一向採取非常均衡的做法。當我們看到非常有吸引力的回購機會時，我們會採取機會主義的方式。我們也確實會加大力道去做。我們也希望保留一些「乾火藥」，讓我們有能力快速出手，我認為這是我們在併購（M&A）上的優勢之一。而且我們在兩個業務上都看到一些活動，到目前為止還沒有促成交易，但我們會努力維持平衡。

Got it. Thank you both.

了解。謝謝你們兩位。

(Operator Instructions) Patrick Sholl, Barrington Research.

（接線員指示）Patrick Sholl，Barrington Research。

Thanks for taking the question. I was just wondering if you could maybe talk about how you're evaluating the lease footprint of your theatres and maybe just in general kind of with the box office expectations for 2026 and 2027, how you kind of just evaluate the overall screen base both within Marcus but also kind of the industry overall.

謝謝讓我提問。我想請教你們是否可以談談你們如何評估旗下戲院的租賃版圖；以及更一般地，配合你們對 2026 與 2027 年票房的預期，你們如何評估 Marcus 內部以及整體產業的銀幕基礎（screen base）。

Well, I'll take the first part of that question on our footprint and Greg can layer on about the industry. I mean, I -- portfolio management is an ongoing part of our operating process. Really, we're constantly looking at the store-level performance of all of our locations, both our owned real estate, which is a little over 60% of our theatre screens, even higher percentage of our cash flow in that business, and then our leased locations as well.

我先回答關於我們版圖的第一部分，Greg 再補充產業面的看法。我的意思是——投資組合管理是我們營運流程中持續進行的一部分。我們會不斷檢視所有據點的店點層級表現，包括我們自有的不動產——約占我們戲院銀幕數的 60% 多，且在該業務的現金流占比更高——以及我們的租賃據點。

And as leases mature, that gives you the opportunity to reevaluate investment in those properties and renegotiate terms, which tends to be necessary because many of the leases were negotiated on a pre-pandemic box office. And so that's an ongoing process. Historically, we've had a preference to own real estate, but we've certainly done M&A where often you're looking at acquiring leases as part of the deal. So it's more about what's the actual financial performance, whether it's after rent or after a return on our invested capital in the real estate, is how we look at it.

當租約到期時，就會給你機會重新評估對這些資產的投資並重新協商條款；這通常是必要的，因為許多租約是在疫情前的票房水準下談定的。因此這是一個持續進行的流程。歷史上我們偏好持有不動產，但我們也確實做過併購，而在那種情況下，往往會把租約作為交易的一部分一併取得。所以重點更在於實際的財務表現——不論是扣除租金後，或是就我們投入不動產資本的報酬來看——我們就是用這樣的方式評估。

Overall, it is -- we've talked about this before. There's a lot of leases that are very expensive compared to the level of business, which leads me to the point of there's been -- we talked earlier about windows. There's probably two factors that will be very helpful to getting the business in a good place, and that is in a better place, and that is: one, it would be to have windows extend. The other is getting enough product in the pipeline and enough product on the shelves. Right now, we've got some room on the shelves.

整體而言——我們之前談過這點。有很多租約相對於業務量來說非常昂貴，這也帶到一個重點：我們先前談到放映窗口期（windows）。大概有兩個因素會非常有助於讓業務回到一個良好、而且更好的狀態：第一，是窗口期能夠拉長。第二，是片單供給管線要有足夠的內容、貨架上要有足夠的產品。目前我們的貨架上還有一些空間。

And so to the extent that we can get a full year's calendar's worth of films that will drive more sales, and then those leases will start to look better. Otherwise, people will be trying to figure out what to do with some of the space in their theatres to some of the bigger ones. But we are different. We've been very conservative about how big we build our theatres for the most part, and so we don't see that as much.

因此，如果我們能拿到一整年完整的電影檔期，帶動更多銷售，那些租約看起來就會更合理。否則，大家就會試著思考要如何處理戲院裡的一些空間，尤其是一些較大型的戲院。但我們不太一樣。我們在多數情況下對戲院的建置規模一直相當保守，所以我們不太會遇到那麼多這類問題。

Okay. And then maybe just on concessions, to the extent that like the film slate is a healthy contributor to incidents or on the merchandise side, I guess when you look at the upcoming film slate or maybe just sort of like the broader expansion of that film slate as the film slate kind of like broadens out, do you think it would be similarly supportive of concession per cap or do you think that could, as it maybe expands out, would that be like a headwind or is that probably just too soon to tell?

好的。那再問一下餐飲（concessions）：如果片單健康，能在來客數或周邊商品端有所貢獻；我想問，當你們看接下來的片單，或是片單更廣泛擴張時，你們認為這會同樣支持人均餐飲消費（concession per cap）嗎？還是說隨著片單擴大，可能會形成逆風？或是現在判斷還太早？

And your question, Pat, is specifically around, about merchandise?

Pat，你的問題是特別針對周邊商品（merchandise）嗎？

Broader concession activity.

更廣泛的餐飲活動。

It all depends on the mix of films. The right mix of films will drive better per cap film. That really is what it comes down to in any given year. And I think just -- I think over time, that does tend to even itself out. I don't think there's anything that would -- more films wouldn't drive down per cap.

這完全取決於電影的組合。正確的片種組合會帶動更好的人均消費（per cap）。任何一年歸根結底就是這件事。而且我認為——長期來看，這通常會趨於平均。我不認為電影變多會拉低人均消費。

Okay.

好的。

Right. And then -- because merchandise is a component of our concessions and food and beverage per cap, merchandise tends to lend itself to more event-driven type of product. And so, in any given period when we've got a heavy mix of big event films, we are seeing more merchandise sales that provide some uplift in those periods, which to get back to Greg's point on product mix being part of this.

是的。另外——因為周邊商品是我們餐飲與餐飲人均消費的一個組成部分，周邊商品通常更偏向事件型（event-driven）的產品。因此，在任何一段期間如果我們有大量大型事件電影的組合，我們會看到更多周邊商品銷售，進而在那些期間帶來一些提升；這也回到 Greg 提到的，產品組合是其中一部分。

Okay. Thank you.

好的。謝謝。

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

謝謝。此時看起來沒有其他問題。我現在把電話交回給 Paris 先生，請他做任何補充或結語。

We'd like to thank you once again for joining us today. We look forward to talking to you again in early August when we release our 2026 second-quarter results. Until then, thank you and have a good day.

我們再次感謝各位今天的參與。我們期待在 8 月初、當我們發布 2026 年第二季業績時，再與各位交流。在此之前，謝謝各位，祝大家有美好的一天。

That concludes today's call. You may now disconnect. Goodbye.

今天的電話會議到此結束。您現在可以掛線。再見。