IMAX 公司 (IMAX) 首席执行官 Richard Gelfond 在 2019年 第二季度业绩 - 收益电话会议记录

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IMAX Corporation (NYSE:IMAX) Q2 2019 Results Earnings Conference Call July 30, 2019 4:30 PM ET

IMAX公司(纽约证券交易所代码:[IMAX])2019年第二季度业绩收益电话会议2019年7月30日美国东部时间下午4:30

公司参与者

Stephen Davidson - Head of Investor Relations
Patrick McClymont - Executive VP & CFO
Richard Gelfond - CEO

  • Stephen Davidson - 投资者关系主管
  • Patrick McClymont - 执行副总裁兼首席财务官
  • Richard Gelfond - 首席执行官

电话会议参与者

Eric Handler - MKM Partners
Eric Wold - B. Riley
Steven Frankel - Dougherty
Chad Beynon - Macquarie
Jim Goss - Barrington Research

  • Eric Handler - MKM Partners
  • Eric Wold - B. Riley
  • 史蒂芬弗兰克尔 - 道格蒂
  • Chad Beynon - 麦格理
  • Jim Goss - Barrington Research

会议主持员

Good day, and welcome to the IMAX Second Quarter 2019 Earnings Conference Call. All participants are currently in a listen-only mode. [Operator Instructions]. As a reminder, today's conference is being recorded.
At this time, I would like to turn the conference over to Mr. Stephen Davidson, Head of Investor Relations. Please go ahead.

美好的一天,欢迎参加IMAX第二季度2019年收益电话会议。 所有参与者目前都处于只听模式。 [操作员说明]。 提醒一下,今天的会议正在录制中。

在这个时候,我想把会议转交给投资者关系负责人Stephen Davidson先生。 请继续。

斯蒂芬戴维森

Good day, and thank you for joining us on today's Second Quarter 2019 Earnings Conference Call. On the call today to review the financial results are Rich Gelfond, Chief Executive Officer; and Patrick McClymont, Chief Financial Officer; Megan Colligan, President, IMAX Entertainment; and Rob Lister, Chief Legal Officer are also with us in the room today.
Today's conference call is being webcast in its entirety on our website. A replay of the webcast will be made available shortly after the call. In addition, the full text of our second quarter release and the slide presentation accompanying today's call has been posted on the Investor Relations section of our website. At the conclusion of this call, our historical excel model will be posted to the website as well.
I would like to remind you of the following information regarding forward-looking statements. Our comments and answers to your questions on this call as well as the company's soft slide deck may include statements that are forward-looking and that they pertain to future results or outcomes. Actual future results or occurrences may differ materially from these forward-looking statements. Please refer to our SEC filings for a more detailed discussion of some of the factors that could affect our future results and outcomes.
During today's call, references maybe made to certain non-GAAP financial measures as defined by Regulation G of the Securities and Exchange Commission. Discussion of management's use of these measures and the definition of these measures as well as reconciliation to adjusted net income, adjusted EPS and adjusted EBITDA as defined by our credit facility are contained in today's press release.
With that, let me now turn the call over to Mr. Rich Gelfond. Rich?

美好的一天,感谢您参加今天的2019年第二季度收益电话会议。今天在电话会议上回顾财务结果的是Rich Gelfond,首席执行官;和首席财务官Patrick McClymont; IMAX娱乐公司总裁Megan Colligan;首席法律官Rob Lister今天也和我们一起在房间里。

今天的电话会议正在我们的网站上进行网络直播。电话会议后不久将重播网络直播。此外,我们第二季度发布的全文和今天电话会议的幻灯片演示已发布在我们网站的“投资者关系”部分。在本次电话会议结束时,我们的历史excel模型也将发布到网站上。

我想提醒您有关前瞻性陈述的以下信息。我们对此电话会议以及公司软幻灯片的评论和回答可能包括具有前瞻性的陈述以及与未来结果或结果相关的陈述。未来的实际结果或事件可能与这些前瞻性陈述产生重大差异。请参阅我们的美国证券交易委员会文件,以更详细地讨论可能影响我们未来结果和结果的一些因素。

在今天的电话会议中,可能会参考美国证券交易委员会条例G定义的某些非GAAP财务指标。讨论管理层对这些措施的使用以及这些措施的定义以及与我们的信贷额度所定义的调整后净收入,调整后每股收益和调整后EBITDA的对账,均载于今天的新闻稿中。

有了这个,现在让我把这个电话转给Rich Gelfond先生。丰富?

Richard Gelfond

Thanks, Steve, and good afternoon, everyone. Our second quarter results make it clear that our strategy of focusing on our core business by enhancing our end-to-end technology solution that drives the differentiated IMAX Experience more effectively marketing our brand and improving the performance of our China business continues to deliver as illustrated on Slide 4 of the earnings presentation. Our strong execution around our core business is reflected in the strength of key indicators we recorded this quarter, including a 7% increase in revenue, a 7% increase in IMAX Global box office to a quarterly record of $364.9 million and a 5% increase year-to-date. Our commercial network has grown 10% to 1,445 commercial theaters with an increasing presence outside of our primary markets, enhancing our geographic diversification. And our impressive performance in China where we recorded a 29% increase year-over-year in Greater China box office to $130 million, up 41% in renminbi terms versus declines for the industry. This is the eighth consecutive quarter of year-over-year box office growth.
Same-store sales growth of 9% in Greater China year-to-date, up 17% in RMB terms have a significant momentum heading into what we believe will be a very strong second half. Spider-Man and Lion King have both generated strong global box office results. Spider-Man was Sony's biggest opening weekend ever, the second biggest Sony IMAX result ever, had passed the $1 billion mark this past weekend behind Skyfall.
Furthermore, it was the biggest Spider-Man IMAX box office ever in China, and internationally reflected continued demand for powerful franchises like these. And Lion King is also now expected to cross the $1 billion mark and it just a few weeks after opening. As of this past Sunday, Spider-Man and Lion King have generated $110 million in box office for IMAX, kicking off a strong start to the third quarter. And remember, $11 million in Spider-Man was captured in quarter 2. These films will be followed by what we believe is a powerful slate of movies, ahead including Hobbs & Shaw, It: Chapter 2, Joker, Terminator: Dark Fate, Frozen II, Jumanji: The Next Level and Star Wars Episode IX.
In summary, we believe that we are very well-positioned for growth in the coming quarters and years ahead because of our unique position in the entertainment ecosystem, the superior end-to-end solution which we leverage to eventicize contact -- content and create the IMAX Experience we offer to consumers and partners, the significant growth opportunities to have emphasized alternative content. Our China business is delivering significantly improved performance, our expanding global network and of course, our dedicated employees all around the world who make this all this happen. These are the key attributes of our model and drivers of growth.
So let me update you on where we stand with each.
First, let's talk about our unique position in the ecosystem as illustrated on Slide 5. IMAX's powerful position in the entertainment industry is driven by our ability to deliver unique value throughout the ecosystem to consumers, studios, filmmakers, exhibitors and more recently, streaming services. Consumers continue to show increasing demand for the IMAX Experience as they to seek out big, communal experiences and opportunities to share in cultural moments, which I will discuss in more detail later. Those opportunities to come together are often blockbuster films and Avengers, now the highest grossing film of all time is a perfect example of consumer seeing IMAX as the go-to place for event films.

谢谢史蒂夫,大家下午好。我们的第二季度业绩清楚地表明,我们通过增强端到端技术解决方案来关注核心业务的战略,这种解决方案可以更有效地推广我们的品牌并提高我们中国业务的业绩,从而推动差异化的IMAX体验,如图所示在收入演示文稿的幻灯片4上。我们在核心业务方面的强劲执行反映在我们本季度录得的关键指标强劲上,包括收入增长7%,IMAX Global票房增长7%至季度纪录3.649亿美元,年增长5% -至今。我们的商业网络已增长10%至1,445个商业影院,在我们的主要市场之外的存在越来越多,从而增强了我们的地域多元化。我们在中国的业绩令人印象深刻,我们在大中华区票房收入同比增长29%至1.3亿美元,按人民币计算增长41%,而行业则下降。这是连续第八个季度同比增长。

今年迄今为止,大中华区同店销售额增长9%,以人民币计算增长17%,这对我们认为下半年非常强劲的势头产生了重大影响。蜘蛛侠和狮子王都产生了强大的全球票房成绩。蜘蛛侠是索尼有史以来最大的开幕周末,索尼IMAX有史以来第二大成绩,在上周末落后于Skyfall,已经超过了10亿美元大关。

此外,它是中国有史以来最大的蜘蛛侠IMAX票房,国际上反映了对这类强大特许经营权的持续需求。狮子王目前预计也将超过10亿美元大关,仅在开幕几周后。截至上周日,蜘蛛侠和狮子王为IMAX创造了1.1亿美元的票房,开启了第三季度的强势开局。请记住,在第二季度捕获了超过1100万美元的蜘蛛侠。这些电影之后将会出现我们认为强大的电影片,其中包括Hobbs&Shaw,它:第2章,小丑,终结者:黑暗命运,冰冻II,Jumanji:下一级和星球大战第九集。

总而言之,我们相信,由于我们在娱乐生态系统中的独特地位,以及我们利用的优秀端到端解决方案,我们在未来几个季度和未来几年的增长中处于非常有利的位置,我们可以利用这些解决方案来确定联系内容并创建内容。我们为消费者和合作伙伴提供的IMAX体验,以及强调替代内容的重要增长机会。我们的中国业务正在提供显着改善的业绩,我们不断扩展的全球网络,当然还有我们全世界的敬业员工,他们实现了这一切。这些是我们模型和增长动力的关键属性。

因此,让我向您介绍我们每个人的立场。

首先,让我们谈谈我们在生态系统中的独特地位,如幻灯片5所示.IMAX在娱乐行业的强大地位是由我们在整个生态系统中为消费者,工作室,电影制作人,参展商以及最近的流媒体服务提供独特价值的能力所驱动的。 。消费者继续对IMAX体验表现出越来越大的需求,因为他们寻求大型的社区体验和分享文化时刻的机会,我将在后面详细讨论。那些聚集在一起的机会往往是大片和复仇者联盟,现在是有史以来票房收入最高的电影,是消费者将IMAX视为活动电影的首选场所的完美典范。

For studios, we are first choice partner. We are the mark of a must-see film and studios rely on us to eventicize their releases. Consolidation among content providers will only fuel this trend as a focus on franchise temples and IP intensifies benefiting the IMAX model. Remember, our core market is not the overall box office, our core market is the market for blockbusters with approximately 65% of market in the U.S. up from 54% in 2010 and we expect this market to continue to grow based on how Hollywood is structured.
With filmmakers, our deep-created relationships fuel our business with increasing number of the world's best filmmakers choosing IMAX cameras to bring their creative visions to life. From Anthony and Joe Russo with the most recent Avengers, to Christopher Nolan, who is currently filming his highly anticipated epic, Tenet, entirely with IMAX cameras. Next year's James Bond, and Wonder Woman are currently shooting with IMAX film cameras. Our consistent, unique value proposition is reflected in the higher indexing on film shot with IMAX DNA. So we're very pleased, our cameras are being used in many of the biggest releases scheduled for 2020.
Top Gun: Maverick is also slated for 2020 and expect to be filmed using IMAX certified digital cameras. Marvel recently announced that they will be releasing Black Widow and Eternals in 2020, and we'll also have the carry over benefit of Star Wars into the first few months of 2020.
Exhibitors recognize the value we add, which translates into healthy ticket premiums they charge. The premium is supported by our ability to punch far above our weight class. With Avengers in China, for instance, IMAX theaters were only 1% of the available screens but we delivered 13% of the overall box office. We're also experimenting with alternative content through our exhibitor partners to increase the theater utilization, particularly, off-peak and non-blockbuster periods. For example, we recently partnered with Netflix to debut Anima by director Paul Thomas Anderson and Radiohead front man, Thom Yorke. We also collaborated with Live from the Artists Den screen a theatrical experience capturing Soundgarden's famed 2013 performance at The Wiltern in Los Angeles. And we recently announced that visionary filmmaker, Spike Jonze, as our first ever Artist-in-Residence for IMAX Entertainment, a role in which he'll help us identify and shape new experiences across our network. We are continuing to explore different avenues but we see these events as a clear indicator of the potential from alternative content and increasing demand for at-home film experiences that meet our customers increasing desire to enjoy communal experiences at IMAX.
Finally, we believe the emergence of streaming services will ultimately reinforce the importance of theaters as premium spaces for big communal experiences where people can enjoy content engineered for the IMAX screen.
Continuing on Slide 5, let's turn to how we leverage technology to create the IMAX Experience we offer consumers and partners. Our end-to-end technology solution empowers creators and drives the commercial prospects for their work. As previously mentioned, we are seeing growing demand from filmmakers to use IMAX cameras. To meet this growing demand from the creative community, we're developing a new initiative to enable even more filmmakers to shoot IMAX expanded aspect ratio scenes in conjunction with our proprietary postproduction technology. And to support our drive for more IMAX DNA and films, and we're continuing to build on our award-winning films to the fullest brand campaign we launched last year. The response from studios, exhibitors and fans around the world to the IMAX campaign and design system has been fantastic. We're developing even more custom campaigns with our partners that further differentiate the IMAX brand to a broader movie-going audience and extend our leadership position in the market.

对于工作室,我们是首选合作伙伴。我们是必看电影的标志,工作室依靠我们来贬低他们的发行。内容提供商之间的合并只会推动这一趋势,因为专注于特许经营寺庙和知识产权的加强有利于IMAX模式。请记住,我们的核心市场不是整体票房,我们的核心市场是大片市场,美国市场约占65%,而2010年为54%,我们预计这个市场将继续根据好莱坞的结构而增长。

凭借电影制作人,我们深厚的合作关系推动了我们的业务,越来越多世界上最优秀的电影制作人选择IMAX相机,将他们的创意愿景变为现实。从安东尼和乔·鲁索与最近的复仇者联盟,到克里斯托弗·诺兰,目前正在拍摄他备受期待的史诗特尼特,完全使用IMAX相机。明年的詹姆斯邦德和神奇女侠目前正在拍摄IMAX胶卷相机。我们一贯的,独特的价值主张反映在使用IMAX DNA拍摄电影的更高指数上。所以我们非常高兴,我们的相机正在计划在2020年的许多最大版本中使用。

Top Gun:Maverick也将在2020年推出,预计将使用IMAX认证的数码相机拍摄。 Marvel最近宣布他们将在2020年发布Black Widow和Eternals,并且我们还将在2020年的前几个月获得星球大战的结转优势。

参展商认识到我们增加的价值,这转化为他们收取的健康的机票保费。我们的打击能力远远超过我们的重量级别,从而支撑了这一优势。例如,在中国的复仇者联盟中,IMAX影院仅占可用屏幕的1%,但我们提供了整体票房的13%。我们还通过我们的参展合作伙伴尝试替代内容,以提高影院的使用率,特别是非高峰时段和非大片时期。例如,我们最近与Netflix合作,由导演Paul Thomas Anderson和Radiohead前锋Thom Yorke首次亮相Anima。我们还与来自Artists Den的Live合作,在洛杉矶的Wiltern拍摄了Soundgarden 2013年着名表演的戏剧体验。我们最近宣布,有远见的电影制片人Spike Jonze成为我们第一个为IMAX娱乐公司居住的艺术家,他将帮助我们识别和塑造整个网络的新体验。我们正在继续探索不同的途径,但我们认为这些活动清楚地表明了替代内容的潜力以及对家庭电影体验的不断增长的需求,这些体验满足了我们的客户在IMAX享受社区体验的渴望。

最后,我们相信流媒体服务的出现最终会强化影院作为大型公共体验的优质空间的重要性,人们可以在这里享受为IMAX屏幕设计的内容。

继续幻灯片5,让我们转向我们如何利用技术创建我们为消费者和合作伙伴提供的IMAX体验。我们的端到端技术解决方案为创作者提供支持,并推动他们工作的商业前景。如前所述,我们看到电影制作人对使用IMAX相机的需求不断增长。为了满足创意社区日益增长的需求,我们正在开发一项新计划,以使更多电影制作人能够结合我们专有的后期制作技术拍摄IMAX扩展的宽高比场景。为了支持我们推动更多IMAX DNA和电影,我们将继续以我们获奖的电影为基础,推广我们去年推出的最全面的品牌活动。世界各地的工作室,参展商和粉丝对IMAX活动和设计系统的反应非常好。我们正与合作伙伴开展更多定制活动,进一步将IMAX品牌与更广泛的电影观众区分开来,并扩大我们在市场中的领导地位。

On Slide 6, as referenced earlier, we're seeing increased demand for out-of-home experiences that meet our customers increasing desire to enjoy communal experiences in IMAX. A proved point to this trend is the fact that we've experienced economy as expanding with global spending on experience set to rise to $18 trillion to $8 trillion by 2030.
4 out of 5 millennials say attending live events, made them feel more connected to other people, the community and the world. And 3 out of 4 millennials would rather spend money on a desirable experience. This is rather a tangible thing. This is why we believe our consumers are seeking out big communal experiences and opportunities to share in cultural moments.
Next, I would like to update you on our China business on Slide 7 where we have seen significantly increased performance. The strategic actions we took in 2017 are continuing to pay off as you can see on this slide. We are very pleased with the record performance in China where we are the premium offering and the destination for blockbusters, which have grown to 54% of the market for 2018, up from just 32% of the market in 2016.
And China opening weekend indexing is averaging 12% year-to-date on Hollywood films, up from 10% in 2018 and from 9% in 2017. Our integration into the Chinese entertainment ecosystem has only been enhanced from our strategic relationship met with Maoyan, China's largest Internet-based entertainment platform. And now Maoyan has deepened their strategic alliance with Tencent, 1 of the 3 internet giants in China. We expect that this alliance will only further enhance our growth in the entertainment industry in China. Ne Zha, our first local language animated film based on the iconic Chinese legend, generated $8 million during its opening weekend -- this past weekend setting a new IMAX record for the best opening weekend of all animated films released in China, surpassing the Despicable Me 3. We indexed at approximately 8%, surpassing previous animated films and we view this as another prove point and our further penetration of the local market. Our goal has been to achieve a leadership position in China while maximizing revenue and doing it in the most capital efficient way.
Based on the trailing 12 months, the ROIC on JV screens in China was in excess of 20%. Most companies will be happy to print this level of returns all day long for investors, which is why the long-term story for China is so compelling.
Lastly, with regards to trade issues with China, we believe that the Chinese government has no desire to hurt foot traffic to malls where Chinese IMAX theaters are primarily located. So we are optimistic that it will not be any impact on Hollywood content at this time.
In fact, Hollywood content has been receiving more optimal release dates as shown by the release of adventures, Spider-Man and Lion King in China before other worldwide territories. The core of our multiyear growth story is our expanding global network as shown on Slide 8. We had a number of significant signings in the last month, including a 40-theater deal with CGV in China and a 15-theater deal with Cineworld for Regal locations throughout the United States. Our deal with CGV is our largest deal in China since 2017. And as a reminder, CGV is our third largest exhibitor partner globally by number of systems and our second largest client in China.

在幻灯片6中,如前所述,我们看到越来越多的户外体验需求,满足了我们的客户越来越渴望享受IMAX的社区体验。事实证明,这一趋势是我们经历了经济扩张,全球经济支出将在2030年达到18万亿美元至8万亿美元。

5个千禧一代中有4个人表示参加现场活动,让他们感觉与其他人,社区和世界有更多联系。 4个千禧一代中有3个宁愿花钱购买理想的体验。这是一件有形的事情。这就是为什么我们相信我们的消费者正在寻找大型社区体验和分享文化时刻的机会。

接下来,我想在幻灯片7上向您介绍我们的中国业务,我们已经看到了显着提升的业绩。我们在2017年采取的战略行动将继续得到回报,您可以在此幻灯片中看到。我们对中国的创纪录业绩感到非常满意,我们是大众的优质产品和大片的目的地,这些大片已经从2018年的市场份额的32%增长到2018年的54%。

好莱坞电影的中国开放周末指数年均至今为12%,高于2018年的10%和2017年的9%。我们与中国娱乐生态系统的融合只是通过与茂妍的战略关系得到了加强,中国最大的互联网娱乐平台。现在,茂妍已加深与腾讯的战略联盟,腾讯是中国三大互联网巨头之一。我们预计此联盟将进一步加强我们在中国娱乐业的增长。 Ne Zha,我们的第一部基于中国标志性传奇的本地语言动画电影,在其开幕周末产生了800万美元 - 上周末为所有在中国发行的动画电影的最佳开幕周末创造了新的IMAX记录,超越了卑鄙的我3.我们的指数大约为8%,超过之前的动画电影,我们认为这是另一个证明点,也是我们对本地市场的进一步渗透。我们的目标是在中国取得领先地位,同时最大限度地提高收入并以最节约资本的方式实现这一目标。

根据过去12个月的数据,中国合资公司的ROIC超过20%。大多数公司都乐意为投资者整天打印这种水平的回报,这就是为什么中国的长期故事如此引人注目。

最后,关于与中国的贸易问题,我们认为中国政府不希望损害中国IMAX影院所在地商场的人流量。所以我们乐观地认为它不会对好莱坞内容产生任何影响。

事实上,好莱坞内容已经获得了更多的最佳发布日期,正如其他全球领域之前在中国发布的冒险游戏“蜘蛛侠”和“狮子王”所示。我们的多年增长故事的核心是我们不断扩展的全球网络,如幻灯片8所示。我们在上个月有一些重要的签约,包括与中国CGV达成40场戏剧协议以及与富豪Cineworld达成15场戏剧协议遍布美国的地点。我们与CGV的交易是我们自2017年以来在中国的最大交易。作为提醒,CGV是我们在全球的第三大参展合作伙伴,系统数量和我们在中国的第二大客户。

We have structured these deals to ensure we are driving profitable growth to the company. The CGV deal, for example, is primarily focused on Tier 1 and Tier 2 markets under the joint venture revenue sharing model. And Tier 3 to 5 markets are under a hybrid model requiring no capital commitment from IMAX with significantly derisk the theaters for those -- in those markets.
Lastly, the deal has a significant endorser of IMAX with Laser in China, which we believe will spur other players in China to upgrade to laser and should help the box office as well.
This Cineworld deal will significantly grow our footprint of IMAX with Laser systems in the most successful Regal theaters in the United States The demand for IMAX systems by exhibitors outside of our primary markets represented 20% of our commercial network growth year-over-year, reflecting our ongoing geographic diversification. We also signed several deals in Japan and the Middle East, both attractive markets with strong growth prospects. Furthermore, we are very pleased that exhibitors are voting with their wallets and installing IMAX with Laser as was the case with 14 installations this quarter.
On Slide 9, we highlight the cost discipline that we have exercised since we initiated our restructuring program 2 years ago. We have been able to achieve a reduction in operating expenses of 8% since then while investing in information technology systems and marketing to build our brand, differentiate the IMAX Experience and drive box office growth. All the while, growing our commercial network 25% to 1,445 commercial theaters. Lastly, on Slide 10, we highlight the key attributes of our business, which will drive our future growth and we look forward to updating you on our progress in each area.
The momentum that we have established last year has continued to build, and we delivered a very solid first half of the year. We are moving strength -- from strength-to-strength with a strong slate of films for the remainder of the summer and rest of the year. The slate for 2020 is still developing but based on the movies expected, we believe it will be a solid slate with at least big 3 films shot with IMAX cameras. We are driving a greater demand for the IMAX Experience throughout the entertainment ecosystem with the powerful technology and brand that are uniquely positioned to deliver value for creators and consumers, studios and distributors. We are a global company and we believe that the trends that we are seeing in the industry as it transforms are tailwinds for us. We believe that the foundation has been set for continued strong financial performance reflected in our improving revenue generation, margin profile and return metrics.
With that, I'd like to now pass the call to Patrick for review -- a review of our financial results. Patrick?

我们已经制定了这些交易,以确保我们为公司带来盈利性增长。例如,CGV交易主要集中在合资收益分享模式下的一级和二级市场。而且,3至5级市场处于混合模式,不需要IMAX的资本承诺,而且在这些市场中,这些市场的影响力显着增加。

最后,这笔交易是IMAX与激光在中国的重要代言人,我们认为这将激励中国的其他玩家升级到激光,并应该帮助票房。

这项Cineworld交易将大大增加我们在美国最成功的富豪影院中使用激光系统的IMAX占地面积。我们主要市场以外的参展商对IMAX系统的需求占我们商业网络增长的20%,反映出来我们持续的地域多样化。我们还在日本和中东签署了几项交易,这两个交易都具有强劲的增长前景。此外,我们非常高兴参展商在他们的钱包上投票并安装激光IMAX,就像本季度安装了14个。

在幻灯片9中,我们强调了自从我们2年前启动重组计划以来我们已经行使的成本纪律。自那时起,我们已经实现了8%的运营费用减少,同时投资信息技术系统和营销以建立我们的品牌,使IMAX体验与众不同,推动票房增长。一直以来,我们的商业网络增长了25%,达到1,445家商业影院。最后,在幻灯片10中,我们强调了我们业务的关键属性,这将推动我们未来的发展,我们期待着更新您在每个领域的进展。

我们去年建立的势头继续增强,我们在今年上半年实现了非常稳固。我们正在努力 - 从力量到力量,在夏季的剩余时间和今年余下的时间里都有强大的电影。 2020年的目标仍在发展,但基于预期的电影,我们相信它将是一个坚实的平板,至少有3部电影用IMAX相机拍摄。我们通过强大的技术和品牌推动对整个娱乐生态系统的IMAX体验的更大需求,这些技术和品牌具有独特的优势,可为创作者和消费者,工作室和分销商创造价值。我们是一家全球性公司,我们相信,我们在行业中所看到的趋势正在转变为我们的顺风。我们认为,该基金已经确定了持续强劲的财务业绩,这反映在我们改善的收入,利润率和回报指标上。

有了这个,我现在想把这个电话转给帕特里克进行审查 - 审查我们的财务结果。帕特里克?

Patrick McClymont

Thank you, Rich, and good afternoon, everyone. I am pleased to share our second quarter and first half results with you today, which continue to reflect the benefit of the strategic actions taken over the last 2 years designed to unlock the earnings power of the franchise.
For today, I will begin with comments on first, our IMAX global box office and the positive momentum moving into our expectations of the strong back half of the year. Second, our continued network expansion with the increasing growth outside of our primary markets. Third, our financial results for the quarter and our strong balance sheet. And finally, I will close the guidance for the full year 2019.
Before I begin, as part of our ongoing drive to increase transparency and provide incremental insights into power-grow model, we expanded disclosures in our earnings call deck. We welcome your feedback on this new approach.
With that, let's start with our IMAX global box office, details on slide 12 of our earnings presentation. In the quarter, we delivered $365 million of IMAX global box office, $22 million or 7% above the strong film slate in 2Q last year. Avengers generate $208 million of the $365 million in the quarter. Year-to-date second quarter, IMAX global box office was $621 million is 5% above the prior year. Box office growth continues into July pick up with the strong performance of Spider-Man and Lion King.
Now let's turn to our network expansion detailed on slide 13. We exited second quarter 2019 with backlog of 612 systems reflecting our ability to replenish our systems pipeline with new signings after a robust year of installs. We averaged approximately 140 to 150 new installations annually, it pays to provide excellent visibility into our revenue installations over the next few years.
Turning to the second quarter, our sales team delivered 73 signings, including 19 upgrades. We installed 27 new IMAX systems in the second quarter and upgraded 8 systems. New installs consisted of 9 sales-type, 13 JVs and 5 hybrids.
Now let's turn to our financial results on Slide 14. Total revenue in the second quarter is $105 million, an increase of $6 million or 7% compared to the prior year, driven principally by strong top line growth in our network and theater business as well as higher revenue in the other category, partially offset by lower new business revenue. We generated $60 million of gross profit, a decrease of $1 million, which resulted in a gross margin of 57% down from 61% in the prior-year period.
I will address the slight decline in gross profit in a moment as I review segment performance. Operating expenses, which we define as SG&A excluding stock compensation plus R&D were $27 million versus $30 million last year, a decrease of $3 million or 11% driven principally by lower R&D expense. Net income attributable to common shareholders for the quarter was $11 million or $0.19 per share compared to $8 million or $0.12 per share while adjusted net income was $20 million or $0.32 per share, up slightly from prior year levels.

谢谢你,Rich,大家下午好。我很高兴今天与您分享我们的第二季度和上半年业绩,这继续反映了过去两年中旨在释放特许经营权的战略行动的好处。

今天,我将首先评论我们的IMAX全球票房以及积极的动力,这些动力将进入我们对今年下半年强劲的预期。其次,随着我们主要市场以外的增长,我们继续扩大网络。第三,我们本季度的财务业绩和我们强劲的资产负债表。最后,我将结束2019年全年的指导。

在我开始之前,作为我们不断提高透明度并提供对电力增长模式的渐进见解的一部分,我们在我们的盈利电话卡中扩展了披露。我们欢迎您就这种新方法提出反馈意见。

有了这个,让我们从我们的IMAX全球票房开始,详细介绍我们的盈利报告第12页。在本季度,我们在去年第二季度向IMAX全球票房提供了3.65亿美元,2200万美元,比强劲的电影票房高出7%。复仇者联盟在本季度的3.65亿美元中产生了2.08亿美元。今年第二季度,IMAX全球票房收入为6.21亿美元,比去年同期增长5%。凭借蜘蛛侠和狮子王的强劲表现,票房增长持续到7月回升。

现在让我们转到我们在幻灯片13上详细介绍的网络扩展。我们退出了2019年第二季度,积压了612个系统,这反映了我们在经过一年的安装后,能够通过新的签约补充我们的系统管道。我们平均每年大约有140到150个新装置,它可以在未来几年内为我们的收入装置提供出色的可视性。

谈到第二季度,我们的销售团队发出了73次签约,其中包括19次升级。我们在第二季度安装了27个新的IMAX系统,并升级了8个系统。新安装包括9个销售型,13个JV和5个混合动力车。

现在让我们转到幻灯片14的财务业绩。第二季度的总收入为1.05亿美元,比上一年增加600万美元或7%,这主要得益于我们的网络和影院业务的强劲收入增长其他类别的收入增加,部分被新业务收入减少所抵消。我们创造了6,000万美元的毛利润,减少了100万美元,导致毛利率从去年同期的61%下降了57%。

在审查细分市场表现时,我将在短时间内解决毛利略微下降的问题。运营支出,我们定义为SG&A,不包括股票补偿加R&D,为2700万美元,而去年为3000万美元,减少300万美元或11%,主要是由于研发费用减少。本季度归属于普通股股东的净收入为1,100万美元或每股0.19美元,而每股收益为800万美元或每股0.12美元,调整后净收入为2000万美元或每股0.32美元,与去年同期相比略有上升。

Adjusted EBITDA for the quarter came in at $41 million, up 5% compared to prior year producing adjusted EBITDA margins of 44% compared to 43% in the prior year.
Now drilling into our segment performance. In our network business, revenue growth of 6% was driven by a 7% increase in box office, including a 29% increase in China, a 10% increase in our commercial network and an additional 5 new films released this quarter. This growth was mostly offset by higher cost of revenues principally due to higher contractual partners marketing costs driven by the strong performance of Avengers and the increased number of films released. We believe that the higher contractual marketing cost relative to the incremental revenue generated by the success of Avengers and the deepening of our relationships with our studio clients are dollars well spent.
Revenue growth of 13% in our Theater business resulted from the benefit of 3 additional hybrids in the current quarter as well as an STL upgrade to IMAX with Laser. And higher maintenance revenue on an expanded global network. Cost of revenues in the theater business increased due to the mix of systems installed in the quarter compared to last year as well as higher engineering support cost to ensure the successful rollout of IMAX with Laser. Average revenue per new theater systems was $1.3 million compared to $1.2 million in Q2 of 2018.
New business margin decreased year-over-year due to 2018, including receipt of a onetime payment of $2.6 million related to our discontinued virtual reality initiative.
Now let's turn to capital liquidity on Slide 15. We ended the quarter with $106 million in cash of which $65 million is in the PRC. In terms of capital in China, we received approximately $5 million in cash dividends from China for the 6 months ended June 30, 2019.
And IMAX China repurchased 7 million shares year-to-date for a total of $17 million, which increases our share of earnings. We are always examining ways to enhance capital efficiency between corp and IMAX China. We have $25 million in debt outstanding from our revolver compared to $60 million at the end of the first quarter. So we have total available liquidity of $382 million providing financial flexibility.
In the quarter, we opportunistically repurchased 88,000 shares at an average price of $19.45 for a total of approximately $2 million spent.
$81 million of capacity remains on the outstanding repurchase authorization. Lastly, on Slide 16, we have our full year guidance for 2019. At the box office, we're off to the fast start to the second half of the year. And through yesterday, our July performance is up approximately 50% versus last year. For the third quarter, we expect 13 sales-type installations, 4 hybrids, and 13 JVs.
Our annualized first half operating expenses are a little light relative to our full year guidance, primarily related to the timing of various marketing initiatives moving to the back half of the year. We expect these cost to be evenly split between the third and fourth quarter.

本季度的调整后EBITDA为4100万美元,比去年同期增长5%,产生的调整后EBITDA利润率为44%,而去年同期为43%。

现在钻研我们的细分市场表现。在我们的网络业务中,收入增长6%是由于票房增长7%,其中包括中国增长29%,商业网络增长10%以及本季度新增5部新电影。这种增长主要被较高的收入成本所抵消,这主要是由于复仇者的强劲表现以及发行的电影数量增加所带来的合同伙伴营销成本增加。我们认为,相对于复仇者联盟成功所带来的增量收入以及我们与工作室客户关系的深化,合同营销成本的提高是美元花费的。

我们剧院业务的收入增长了13%,这是因为本季度增加了3台混合动力车,以及通过激光将STL升级为IMAX。在扩展的全球网络上获得更高的维护收入。由于本季度安装的系统与去年相比,影院业务的收入成本增加,以及更高的工程支持成本,以确保成功推出带有激光的IMAX。每个新影院系统的平均收入为130万美元,而2018年第二季度为120万美元。

由于2018年新业务利润率同比下降,包括收到与我们已停产的虚拟现实计划相关的一次性付款260万美元。

现在让我们转到幻灯片15的资本流动性。我们在本季度结束时的现金为1.06亿美元,其中6500万美元来自中国。就中国的资本而言,截至2019年6月30日止的6个月,我们从中国获得了约500万美元的现金股息。

今年迄今为止,IMAX中国回购了700万股,总计1700万美元,这增加了我们的收益份额。我们一直在研究如何提高公司和IMAX中国之间的资本效率。我们的左轮手枪未偿还的债务为2500万美元,而第一季度末则为6000万美元。因此,我们拥有3.82亿美元的可用流动资金,提供财务灵活性。

在本季度,我们机会性地以19.45美元的平均价格回购了88,000股股票,总共花费了大约200万美元。

尚未完成的回购授权仍有8100万美元的产能。最后,在幻灯片16上,我们有2019年的全年指导。在票房,我们即将开始到今年下半年的快速启动。从昨天开始,我们7月的表现比去年增加了约50%。对于第三季度,我们预计有13种销售型装置,4种混合动力装置和13种合资企业。

我们的上半年年度营业费用相对于我们的全年指引而言略微偏微,主要与各种营销计划进入后半年的时间有关。我们预计这些成本将在第三季度和第四季度之间平均分配。

In summary, we're pleased with our results for the quarter and encouraged by the momentum moving into our expectations for a strong second half of 2019. The investments we have made in our global brand, our end-to-end technology solution, our positioning in the ecosystem of the entertainment industry and our network are all beginning to pay dividends. And we believe that they have set the foundation for strong growth in the quarters and years ahead.
I would now like to open the call for questions and answers.

总而言之,我们对本季度的业绩感到满意,并对我们对2019年下半年强劲预期的动力感到鼓舞。我们在全球品牌中的投资,我们的端到端技术解决方案, 在娱乐业和我们的网络生态系统中的定位都开始带来红利。 我们相信他们已经为未来几个季度和未来几年的强劲增长奠定了基础。

我现在想打开问题和答案的电话。

问答环节

[Operator Instructions] Thank you. And we actually do have our first question from Eric Handler of MKM Partners. Please go ahead, sir.

[操作员说明]谢谢。 我们确实收到了MKM Partners的Eric Handler提出的第一个问题。 请继续,先生。

Eric Handler

Thank you very much. Patrick, couple of questions for you. So you've done a great job of keeping operating expenses flat this year, they were a bit down last couple of years. As we look out over the next 2, 3 years, like how well do you think -- or to what degree will these costs start rising? Or can you keep them flat? Or maybe even there's some more cost cutting to go that could have them go lower?

非常感谢你。 帕特里克,有几个问题要问你。 所以你今年的运营费用保持平稳,过去几年它们有所下降。 正如我们在接下来的2年,3年中所看到的那样,您的想法有多好 - 或者这些成本会在多大程度上开始上升? 或者你可以让他们保持平稳? 或者甚至可能会有更多的成本削减,可能会降低成本?

Patrick McClymont

Thanks for the question, Eric. I think the good news is, the work we did in 2017 took hold and we were able to change the approach and change a little bit of the culture. And that's what let us to hold expenses flat over the last couple of years. The way that we've done it is a combination of looking at existing expenses and working them down, and then also the reallocation of resources. We talked a lot about the fact that we have increased spending meaningfully in marketing. We have funded that by making sure that we're disciplined in other parts of the business. And also the recognition that we spent the money we needed to do on commercial laser. And so we were able to downsize our R&D efforts for a period of time. On the go forward basis, we're on the same approach. Our goal is to manage the expenses tightly. There is a course cost fee in different parts of the business but what we do is to look for ways to offset that with efficiencies and savings. So to add more clarity, at the end of the year, once we've been through the budget process, but our approach is to try to keep those expenses are under as much as control as possible.

谢谢你的问题,埃里克。我认为好消息是,我们在2017年所做的工作已经成熟,我们能够改变方法并改变一点文化。这就是让我们在过去几年中保持费用不变的原因。我们这样做的方式是结合查看现有费用并将其降低,然后再重新分配资源。我们谈了很多关于我们在营销方面有意义地增加支出的事实。我们通过确保我们在业务的其他部分遵守纪律来为此提供资金。并且我们认识到我们花了我们需要用于商业激光的钱。因此,我们能够在一段时间内缩小研发工作的规模。在前进的基础上,我们采用相同的方法。我们的目标是严格管理费用。在业务的不同部分有一个课程费用,但我们所做的是寻找方法来抵消效率和节省。因此,为了增加更多的清晰度,在年底,一旦我们完成预算流程,但我们的方法是尽量保持这些费用尽可能多的控制。

Eric Handler

Great. And then just as a follow up, with more hybrids in the mix seemingly than JVs, at least on the long-term basis, how -- should there be any meaningful impact on your overall CapEx, meaning the core CapEx plus your own JV investments? How should that be trending over the next few years?

非常好。 然后,作为一个后续行动,混合中的混合动力似乎比合资企业更多,至少在长期基础上,如何 - 应该如何对您的整体资本支出产生任何有意义的影响,这意味着核心资本支出加上您自己的合资企业投资? 在接下来的几年里,这应该如何趋势?

Patrick McClymont

Well, we talked about the fact that we're installing something like 140, 150 new systems per year. We're now deep into the upgrade cycle of commercial laser. And if some of those deals are -- do come with capital investment. And so I don't expect it will be a big change in terms of growth of the network CapEx for the next couple of years. Over time, some of the hybrids that are going into the backlog now start to come out of backlog, it will start to switch over and we'll see a little bit of less CapEx. But I think about the next couple of years, I think the pace that we've been at is the right way to think about it.

好吧,我们谈到了我们每年安装140,150个新系统的事实。 我们现在深入了解商用激光的升级周期。 如果其中一些交易是 - 确实需要资本投资。 因此,我预计未来几年网络资本支出的增长将不会发生重大变化。 随着时间的推移,一些进入积压的混合动力车现在开始出现积压,它将开始转换,我们会看到更少的资本支出。 但我想在接下来的几年里,我认为我们所处的步伐是正确的思考方式。

Eric Handler

Okay. And then one last quick one for Rich. Rich, wonder if you could talk about in China, the current environment for a locally produced films, are we starting to see increased production or is there still some fears about government and tax evasion and some of those issues that have been going on?

好的。 然后是Rich的最后一个快速的。 富人,想知道你是否可以在中国谈论当地制作电影的当前环境,我们是否开始看到增加产量,还是仍然存在一些政府和逃税的担忧以及一些正在发生的问题?

Richard Gelfond

I have been told, Eric, that those issues are behind the industry there. And I think you'll see that normalize over the next couple of months. And in fact, I think this month, we have 3 or 4 local produced films playing in China. So I think that period has passed. And again, hopefully, this recent weekends' movie, which opened and you look at the box office, hopefully a lot of that pent-up demand will be met for the remainder of the year.

有人告诉我,埃里克,这些问题是这个行业背后的问题。 而且我认为你会看到未来几个月的正常化。 事实上,我想本月,我们在中国有3到4部当地制作的电影。 所以我认为那个时期过去了。 再次,希望,这个最近的周末电影开幕,你看看票房,希望在今年余下的时间里能够满足很多被压抑的需求。

会议主持员

We have our next question from Eric Wold [B. Riley] Please go ahead.

我们有来自Eric Wold的下一个问题[B. 莱利]请继续。

Eric Wold

Thanks. A couple of questions. I guess one, if you think about China, you have to think about the terms of the 40-theater deal you did with CGV a couple of weeks ago and kind of following on Andrew's question here on current trends towards more hybrids especially you look into those Tier 3, 4, and 5 cities in China. Is that become more of the trend in the box office generally by the systems essentially gravy since there's no capital risk. Does that make -- PSA less meaningful in that region other than the following trend? How should we think about ROI coming out of that shipment strategy?

谢谢。 几个问题。 我猜一个,如果你想到中国,你必须考虑几周前你用CGV做过的40个剧院交易的条款,并在此关注安德鲁的问题,关于更多混合动力车的当前趋势,特别是你看看 中国的3,4和5级城市。 由于没有资本风险,这种情况下系统基本上已经变成了票房的趋势。 是否这样做 - 除了以下趋势之外,PSA在该地区的意义不大? 我们应该如何考虑出货策略中的投资回报率?

Richard Gelfond

Yes. Absolutely. Eric, we have been saying the last couple of years that PSA is a less meaningful. And remember, you not only get the royalty from CGV or whoever did the hybrid deal. We'll also get paid on the other side by the studios. So it's not only kind of gravy, as you put it, because there's no capital investment. But you get a return on that no capital. So when you look at ROI, on overall enterprise basis, it should go up as that percentage goes up.

是。 绝对。 埃里克,过去几年我们一直在说PSA不太有意义。 请记住,您不仅可以从CGV获得版税,也可以获得混合交易的版税。 我们也会在工作室的另一边获得报酬。 所以它不仅仅是一种肉汁,正如你所说,因为没有资本投资。 但是你得到了没有资本的回报。 因此,当您从整体企业的角度考虑投资回报率时,它应该会随着该百分比的上升而上升。

Eric Wold

And I noticed you reported same-store sales yearly from China. Should we expect kind of going forward since your sales for the 3 main regions kind of give a better sense of how those trends are going?

我注意到你每年从中国报道同店销售情况。 我们是否应该期待一种前进的方式,因为您在三个主要地区的销售有助于更好地了解这些趋势的发展方向?

Richard Gelfond

Eric, predicting movies into the future, and you know this better than anyone because you've around a long time, is a dangerous business. In China, the reason we pulled it out is because as you know, same-store sales have been under pressure there for long time. And I think the turnaround in that for us was more an indicator that the China situation had really changed. Related to your last question, I think we analyzed these deals based on return on invested capital rather than same-store sales. But I personally think of all the statistics we had in China about our turnaround that may have been the most significant ones.

埃里克,预测未来的电影,你知道这比任何人都好,因为你已经很长一段时间了,这是一项危险的事情。 在中国,我们将其推出的原因是因为众所周知,长期以来,同店销售一直处于压力之下。 而且我认为对我们来说这种转变更多地表明中国的情况确实发生了变化。 与您的上一个问题相关,我认为我们根据投资资本的回报而不是同店销售来分析这些交易。 但我个人认为我们在中国所有关于转变的统计数据可能是最重要的。

Eric Wold

Okay. And then with Regal kind of officially launching its subscription service and confirming kind of terms of with the main difference related to IMAX being Regaled, we'll charge an upcharge for IMAX where AMC did not -- from what you have seen so far, how do you think about consumer behavior under both scenarios? Does someone give the IMAX upcharge as somewhat immaterial given the base ticket is now covered by the subscription? Or did you elevate it, high given that otherwise the ticket will be free, why pay for something on top of it?

好的。 然后随着Regal正式推出其订阅服务并确认与IMAX被Regaled相关的主要差异的条款,我们将收取IMAX的收费,而AMC没有 - 从您目前所看到的,如何 您是否考虑过两种情况下的消费者行为? 鉴于基本票据现在已被订阅覆盖,是否有人给IMAX增加了一些无关紧要的费用? 或者你提升它,高,因为否则门票将是免费的,为什么要支付一些东西?

Richard Gelfond

So the good news is, there's a lot of experience in Europe, and a number of change including Odeon and Cineworld have a -- some of them have been doing this for more than a decade. And it seems to be a positive and it does not seem to be an impediment. As a matter of fact, in some of my discussions with some of the European operators, they think people already have a sunk cost in a subscription plan and it's only a small premium. So they go. And the same thing seems to be holding true. This is subject to similar Cinemarks plan, which runs very much the same way. So I really don't think it will be an impediment. And of course, in the long run, the question is, not only what creates better attendance for us but what creates better return on investment for the exhibitors. And I think they've been very happy with what they done in Europe for a long time. So we think it's a solid plan.

所以好消息是,在欧洲有很多经验,包括Odeon和Cineworld在内的一些变化都有 - 其中一些已经做了十多年了。 它似乎是积极的,似乎并不是一个障碍。 事实上,在我与一些欧洲运营商的一些讨论中,他们认为人们已经在订阅计划中有沉没成本,而且只是一小笔溢价。 所以他们走了。 同样的事情似乎也是如此。 这取决于类似的Cinemarks计划,该计划的运行方式非常相似。 所以我真的不认为这会成为障碍。 当然,从长远来看,问题是,不仅为我们创造了更好的出席率,而且为参展商创造了更好的投资回报。 而且我认为他们对他们在欧洲做了很长时间的事情感到非常满意。 所以我们认为这是一个可靠的计划。

Eric Wold

Perfect. And a quick one for Patrick. How many films were included in the overall cost in the quarter?

完善。 对帕特里克来说很快。 本季度整体成本中包含多少部电影?

Patrick McClymont

It is -- I would say 15. Yes, 15. 15 per year.

它是 - 我会说15.是的,每年15。15。

会议主持员

[Operator Instructions] Our next question comes from Steven Frankel [Dougherty]

[操作员说明]我们的下一个问题来自Steven Frankel [Dougherty]

史蒂文弗兰克尔

Rich, I wonder if you might give us some insight into what's happening with your ticket prices in China on a year-over-year basis.

Rich,我想知道您是否可以让我们了解一下您在中国的机票价格与去年同期发生的情况。

Richard Gelfond

So I don't have it on a year-over-year basis. I broke it out. But anecdotally, I do know that's in the major blockbuster films, it's been higher. And in fact, one of the surprising results of some of the movies like Avengers, is that it was almost 2x higher and without a significant drop off in attendance. So it seems somewhat in the elastic which has been really good, I think for a premium experience, they're really willing on to pay up. I think that's partly contributed from the jump in index and where we said in 2016, it was like 8%. And this year, it's like around 12%, which is 50% increase in indexing. And I think price has played a part on it. And I'm quite sure that's accurate but I don't have it broken down specifically for USD.

所以我没有与它同比。 我打破了它。 但有趣的是,我确实知道主流大片中的电影,它更高。 事实上,像“复仇者联盟”这样的一些电影的令人惊讶的结果之一就是它几乎高出2倍并没有出席大幅下降。 所以它看起来有点弹性而且非常好,我认为对于高级体验,他们真的愿意付出代价。 我认为这部分是由于指数的上涨以及我们在2016年所说的,它就像是8%。 而今年,它大约是12%,指数增长了50%。 我认为价格在其中发挥了作用。 而且我很确定这是准确的,但我没有专门针对美元进行细分。

史蒂文弗兰克尔

But with the overall box office in China not growing, that might not necessarily the same price dynamic might not be happening in standard tickets or other non-blockbuster films. Is that to split the revenues?

但由于中国的整体票房没有增长,标准票或其他非大片中可能不会出现相同的价格动态。 这是为了分割收入吗?

Richard Gelfond

Yes. I think that's part of it. I think -- again, back to a lot of the theme of this call, people are willing to pay a premium after something's that's been treated by the IMAX technology end-to-end solution. We eventicize experience. And that's certainly playing out in China. That's part of the dynamic and there's no question that the same kind of any last destiny that we're seeing is not a trend across all markets. I mean, we're in a different business than they are. We are in the blockbuster business. We use technology, we're on top rest of things. We're a place for social experience. We're a status brand, I mean, it's all kinds of things. So all of those things have contributed to consumers wanting to spend more.

是。 我认为这是其中的一部分。 我认为 - 再次回到这个电话会议的很多主题,人们愿意在IMAX技术端到端解决方案对待之后支付溢价。 我们擅长经验。 这肯定在中国发挥作用。 这是动态的一部分,毫无疑问,我们所看到的任何最后命运都不是所有市场的趋势。 我的意思是,我们的业务与他们不同。 我们处于重磅炸弹业务中。 我们使用技术,我们处在最重要的事情上。 我们是一个社交体验的地方。 我们是一个地位品牌,我的意思是,它是各种各样的东西。 因此,所有这些都促成了想要花更多钱的消费者。

史蒂文弗兰克尔

Okay. And building on the discussion of hybrids from earlier, if you look to expand further in the markets like India and Japan, do you now think about tweaking the model for hybrid first rather than JV?

好的。 在以前对混合动力车的讨论的基础上,如果你想在印度和日本这样的市场进一步扩展,你现在考虑先调整混合动力模型而不是合资公司吗?

Richard Gelfond

Well, it depends. I would say definitely in not because the performance of the theaters in Japan is extraordinary. As a matter of fact, we just opened 1 about a week or 2 ago. And it's first day, it did $53,000. And at its first weekend, it did $150,000. So they wanted to joint venture a theater like that, we'd be open to that all the time. And in fact, the performance of the Japan theaters are among the best in the world. In terms of a place like India, again, it depends on the markets and the locations that comparable to a first-year city. And India, we have been doing very well, our performance is very strong. We'd be happy to JV and if it's more of an unproven market, I think a hybrid would be more attractive. So I think the principle is the same that it depends on the risk/reward group, which model is better for us.

这得看情况。 我肯定会说,因为日本影院的表现非同寻常。 事实上,我们刚刚开了一个星期或两个星期前。 这是第一天,它的价格为53,000美元。 在它的第一个周末,它做了15万美元。 因此,他们希望合资这样的剧院,我们一直对此持开放态度。 事实上,日本影院的表现是世界上最好的。 就像印度这样的地方而言,它又取决于市场和与第一年城市相当的地点。 而印度,我们一直做得很好,我们的表现非常强劲。 我们对合资公司感到高兴,如果它更像是一个未经证实的市场,我认为混合动力将更具吸引力。 所以我认为原则是相同的,它取决于风险/回报组,哪种模式对我们更好。

会议主持员

Our next question comes from Alexia Quadrani.

我们的下一个问题来自Alexia Quadrani。

身份不明的分析师

Just on the IMAX Laser product, where has it been rolled out? Have you done any sort of fan or consumer research or surveys in the potential reaction for the affinity for the IMAX brand that comes with that format? I was curious if you have any feedback on that. And then just a follow-up on your -- I think you touched upon your talks with the streaming service providers using IMAX as part of the exhibition run. If I still planning on -- any comment on that? Any further color on that? Are you still planning on sort of screening the Amazon film, even though they have, I think, a new release date and possible shortest theatrical window?

只是在IMAX激光产品上,它已在哪里推出? 您是否曾对这种格式的IMAX品牌的亲和力做出任何形式的粉丝或消费者研究或调查? 如果您对此有任何反馈,我很好奇。 然后只是对你的后续行动 - 我认为你已经谈到了你与流媒体服务提供商的谈话,使用IMAX作为展览的一部分。 如果我还在计划 - 对此有何评论? 还有什么颜色吗? 你是否还在计划对亚马逊电影进行筛选,即使他们有新的发布日期和最短的戏剧窗口?

Richard Gelfond

So we haven't done scientifically valid surveys on the places we put laser because it's very early. But we've done exit surveys and the consumer reactions have been very positive. On your second question about the Amazon film, for those who are aware, Amazon has decided to release on -- streaming only 2 weeks after a limited theatrical release. And as we've always said, when a streamer rapid comports with the windowing, we're very interested, but when it doesn't, we're not a part of it. So we don't be -- we don't expect to be a part of that release.

所以我们没有对我们放置激光的地方进行科学有效的调查,因为它很早就开始了。 但我们已经完成了退出调查,消费者反应非常积极。 关于亚马逊电影的第二个问题,对于那些知道的人来说,亚马逊决定在有限的影院发行后仅两周内发布。 正如我们一直所说的那样,当一个流光快速与窗口相配合时,我们非常感兴趣,但是当它没有时,我们就不是它的一部分了。 所以我们不是 - 我们不希望成为该版本的一部分。

会议主持员

Our next question comes from Chad Beynon [Macquarie]

我们的下一个问题来自Chad Beynon [麦格理]

Chad Beynon

Rich, you mentioned that in 2020, there will be 3 films with IMAX DNA, and given the studios and your financial success with these films, how are you thinking about their run time for these? Is second week of an IMAX DNA film still higher PSA than kind of an average one?

Rich,你提到在2020年,将有3部IMAX DNA影片,考虑到工作室和你在这些影片上取得的成功,你如何考虑他们的运行时间? IMAX DNA电影第二周的PSA是否比平均值更高?

Richard Gelfond

So as I said, there are at least 3 next year, a Bond, Wonder Woman 2 and Tenet, Chris Nolan's movie. Although, I think with our new camera program, which I talked about a little bit about, which is certifying digital cameras, there's likely even more films with IMAX cameras. And Megan and the film team has been meeting with all the different studios and going through the benefits of using IMAX DNA and trying to sell it as a whole package. And with that package, if someone commits to use the cameras, generally comes a longer running time because we index better when the cameras are used. We want to incentivize the filmmakers and studios to do that on one of the offset is longer playing time. But it still -- whether it's 2 weeks or 3 weeks, depends on the movie, time of year, what else is out there, the economic projections that we put together. So I think you should assume there will be more than a week, but it's going to be situational-dependent on how much more.

正如我所说,明年至少有3个,邦德,神奇女侠2和特尼特,克里斯诺兰的电影。 虽然,我想我的新相机程序,我谈到了一些,这是认证数码相机,可能还有更多的IMAX相机电影。 Megan和电影团队一直在与所有不同的工作室会面,并通过使用IMAX DNA并尝试将其作为一个整体包装出售。 有了这个包,如果有人承诺使用相机,通常会有更长的运行时间,因为我们在使用相机时索引更好。 我们希望激励电影制作人和工作室做到这一点,其中一个偏移是更长的播放时间。 但它仍然 - 无论是2周还是3周,取决于电影,一年中的时间,还有什么,我们整合的经济预测。 所以我认为你应该假设会有超过一周的时间,但它将取决于具体情况。

Chad Beynon

Okay. And then Patrick, on capital allocation I believe you talked about your first priority always being investing in the business and new units. You did repurchase $1.5 million or $2 million worth of stock in the quarter. But there's still a lot of left on that plan. How should we think about kind of where you are in terms of cash that's earmarked for other items in the back half of 2019? And maybe and beyond or maybe getting a bit more aggressive with repurchasing stock at these valuation levels?

好的。 然后帕特里克,在资本分配方面,我相信你谈到了你的第一要务,就是始终投资于业务和新单位。 你确实在本季度回购了价值150万美元或价值200万美元的股票。 但该计划还有很多遗留问题。 我们应该怎样考虑2019年后半期其他项目的现金用途? 在这些估值水平上回购股票可能会超出或可能会更积极一些?

Patrick McClymont

There's a not change about how we think about this. As you said, first priority is making sure that we're investing to drive profitable growth in the network where we see opportunities and we'll continue to do that. Alongside that, we're investing in making changes to the business on the IT side and to make sure that we're evolving and again to the best possible cost structure. We always want to have liquidity available to expend some project pops-up that we need to take a look at. And then after that, we conclude that we have excess cash and we see an opportunity in terms of the stock price. And that's where we're opportunistic in stepping into the market. And so you see that approach from us in the past, that's what you'll continue to see.

关于我们如何看待这一点并没有改变。 正如您所说,首要任务是确保我们投资以在我们看到机会的网络中推动盈利性增长,并且我们将继续这样做。 除此之外,我们还投资于对IT方面的业务进行更改,并确保我们不断发展并再次采用最佳的成本结构。 我们总是希望有流动性来支出一些我们需要看一下的项目弹出窗口。 然后,我们得出结论,我们有超额现金,我们看到了股票价格方面的机会。 这就是我们踏入市场的机会主义。 所以你在过去看到了我们的方法,这就是你将继续看到的。

会议主持员

Our next question comes from Jim Goss [Barrington Research]

我们的下一个问题来自Jim Goss [Barrington Research]

吉姆高斯

Aside from the CGV deal and the Cineworld Regal deal, a lot of the incremental theaters have been fairly scattered among various markets. I'm wondering, Rich, if you're intending to intensify concentration in any particular market you talked about Japan, Latin America, India in the past. And if so, how would you drive in that sort of approach?

除了CGV交易和Cineworld Regal交易之外,许多增量影院在各个市场中相当分散。 我想知道,Rich,如果你打算在过去谈论日本,拉丁美洲,印度的任何特定市场中加强集中力度。 如果是这样,你将如何推动这种方式?

Richard Gelfond

We actually view, Jim, intend to concentrate on more -- on specific market. So we -- as a policy, we have decided not to break out along single-theater signings. But this year, if my recollection is right, we signed 11 theaters in Japan, which is the largest number if you have done in any part of year. And that's an example of a market we are targeting because the performance is so strong. Other ones that we're going to spend more time on include the Middle East, it includes India whether theaters are performing extremely well, on some countries in Europe, like Germany, for example, which is doing extremely well. Korea is a market is that is very strong, a performance that we're focusing on. There might be some others, Jim. But what we're doing is allocating a little bit more resource to those places.

我们实际上认为,吉姆打算更专注于特定市场。 所以我们 - 作为一项政策,我们决定不在单剧场签约中爆发。 但是今年,如果我的回忆是正确的,我们在日本签了11家影院,如果你在一年中的任何一个时间里完成的话,这是最多的。 这是我们瞄准的市场的一个例子,因为其表现非常强劲。 其他我们将花费更多时间的东西包括中东,其中包括印度是否影院表现非常好,例如德国的一些国家,如德国,这是非常好的。 韩国是一个非常强大的市场,这是我们关注的一个表现。 吉姆可能还有其他一些人。 但我们正在做的是为这些地方分配更多的资源。

吉姆高斯

Okay. And one other thing, we've talked over the years about the screen splitting notion in the U.S. in particular. And it's been a little easier to do in some of the international markets. I am wondering with Disney's addition of Fox, which might give it more of a mix of some acted like live-action movies in addition to the animated and the Marvel-sort-of-features, if there is any greater opportunity to do screen spitting with Disney not being offended that you would move to another studio because they can have a lot of it all within the same studio, and say, that can maybe break out this notion of a little bit more in the U.S.?

好的。 另外一件事,我们多年来一直在讨论美国的屏幕分裂概念。 在一些国际市场上做得更容易一些。 我想知道迪士尼增加福克斯,除了动画和漫威功能之外,如果有更大的机会进行屏幕随地吐痰,它可能会更多地混合使用一些真人电影。 迪士尼没有被冒犯你会转移到另一个工作室,因为他们可以在同一个工作室里有很多这样的工作室,并且说,这可能会在美国打破这个更多的概念吗?

Richard Gelfond

So Jim, I don't completely follow the question. But in general, if it's the same studio, they're more open to screen splitting. So Disney has back to back to films, and you committed 2 weeks to 1 and 1 week to the other, I think they're more open to sharing that nearly [one] side, whether it's the same studio. And we've done that with a number of studios. But I think the idea of sharing with another studio is more difficult, particularly as you see in your question in North America, that's more common practice internationally.

吉姆,我不完全听从这个问题。 但总的来说,如果它是同一个工作室,它们对屏幕分割更加开放。 因此,迪士尼重新回到电影中,并且你在另一个节目中承诺了2周到1周和1周,我认为他们更愿意分享那几乎一方,无论是同一个工作室。 我们已经与众多工作室合作完成了这项工作。 但我认为与其他工作室分享的想法更加困难,特别是在北美的问题中,这在国际上更为常见。

吉姆高斯

Okay. I guess I was just thinking with Disney having a broader palette now with Fox in addition to all other things. You gave them more of an opportunity to have that sort of thing to take place. But it would seems like it's easier to do within studio rather than with another studio involved.

好的。 我想我现在只是想与迪士尼一起使用更广泛的调色板,除了所有其他东西。 你给了他们更多机会让这种事情发生。 但似乎在工作室内更容易,而不是与其他工作室有关。

会议主持员

Our next question comes from Vasily Karasyov.

我们的下一个问题来自瓦西里卡拉西约夫。

身份不明的分析师

I think my question both for Rich and Patrick. Looking back at the first half of the year, the box office work and we see that, that it's primarily -- not primarily, driven by China. And then Rich, in your prepared remarks, you said that China in local currency is not growing and they think in dollars, it's barely growing. So your growth is driven by very significant market share gains. And my math is assuming that you haven't had the sale of the total box office since 2015. So if we take that and then look at 2020, for you to continue growing, so you have the need to see the Chinese market to return to growth or continue this market share gains and go beyond any historical level. So I wonder how you guys think about that. I'm not asking for guidance for 2020, but just puts and takes what kind of trends you see building that can carry into the next year?

对于里奇和帕特里克,我想我的问题。 回顾今年上半年的票房工作,我们看到,这主要是 - 主要不是由中国推动。 然后里奇,在你准备好的言论中,你说中国以当地货币不增长,他们用美元思考,它几乎没有增长。 因此,您的增长受到非常显着的市场份额增长的推动。 而且我的数学假设你自2015年以来没有销售总票房。所以,如果我们采取这种方式,然后看看2020年,为了你继续增长,所以你需要看到中国市场的回归 增长或继续保持这一市场份额增长并超越任何历史水平。 所以我想知道你们是怎么想的。 我不是要求2020年的指导,而只是提出并采取你认为可以在明年推出的那种趋势?

Richard Gelfond

I mean, if you look at our index, which went from 8% in 2016 to over 12% this year on a fairly consistent basis, and it's not even from what we do on our screens, but still 1% of the screens. So it's been very significant, and you look at price increases, which we talk about recently. And I think there are lots of ways you can grow. You can grow our price, you can grow our market share. As you know, we went to a different programming strategy in the last couple of years, when we program multiple Chinese films at the same time. There is 2D, 3D strategies. So I think there is a lot of ways you can sustain your growth. Without necessarily having to predict the external box office. The other thing I would add and one thing pretty special about this year is as you know, and someone asked, the number of local films in the first half of this year was down and it's going to return to normal. So think there is a lot of ways that we can do better. You want to add anything?

我的意思是,如果你看一下我们的指数,从2016年的8%上升到今年超过12%的相当稳定的指数,它甚至不是我们在屏幕上做的,但仍然是1%的屏幕。 所以它非常重要,你看看我们最近谈到的价格上涨。 我认为你可以通过很多方式成长。 您可以增加我们的价格,您可以增加我们的市场份额。 如你所知,我们在过去几年采用了不同的编程策略,当时我们同时编写了多部中文电影。 有2D,3D策略。 所以我认为有很多方法可以维持你的成长。 无需预测外部票房。 我想补充的另一件事就是今年有一件非常特别的事情就是你知道的,有人问,今年上半年本地电影的数量已经下降,而且会恢复正常。 所以想想我们可以通过很多方式做得更好。 你想要添加任何东西吗?

Patrick McClymont

On the local films, now what you see is that we're doing much better in terms of our indexing, our market share on local language films. And we think that's a result of our films selection strategy that gives us optionality and also much better marketing. And so as local films revamp, and they will, second half of this year into next year, we will continue to focus on that nature, we keep that market share and we can grow with the growing local market.

在本地电影中,你看到的是我们在索引方面做得更好,我们在本地语言电影上的市场份额。 我们认为这是我们的电影选择策略的结果,它为我们提供了可选性和更好的营销。 因此,随着本地电影改版,他们将在今年下半年到明年,我们将继续专注于这种性质,我们保持市场份额,我们可以随着不断增长的本地市场而增长。

Richard Gelfond

Yes. And I will also add to that, that the Chinese box office overall is approaching the U.S. box office. So there's going to be more production. You look at some of the experience this year, Wandering Earth, their first sci-fi film -- I understand there is another sci-fi film that's going to be released soon. So there's different genres, more genres that play to the IMAX consumer happening. So there's just a lot of opportunity.

是。 而且我还要补充一点,中国票房总体上接近美国票房。 所以会有更多的产品。 你看看今年的一些经历,游荡地球,他们的第一部科幻电影 - 我知道还有另一部科幻电影将很快发行。 所以有不同的类型,更多的类型可以发挥IMAX消费者的作用。 所以这里有很多机会。

Patrick McClymont

Operator, is there another question?

接线员,还有另一个问题吗?

会议主持员

There are no further questions at this time. [Operator Instructions] It doesn't appear we have any further questions at this time. I would like to hand the call back over to Mr. Gelfond for any additional or closing remarks. Thank you.

目前没有其他问题。 [操作员说明]目前我们还没有任何进一步的问题。 我想再次致电Gelfond先生,以获取任何补充或结束语。 谢谢。

Richard Gelfond

Thanks. As you can see from our results, we're fighting it all cylinders and that is translated into solid second quarter and first half results. The environment in which we operate is transforming, but we believe that all the trends and emerging from various destructive forces from seeking to work with extremists with more content to eventicize their offerings to consolidation among content generators, there are a lot of tailwinds for our business. The human need for communal experiences where people can connect with others is not going away and I would argue with all the offerings in the home is intensified. Lastly, as you can see on Slide 17, the key drivers of our business model are the expansion of our valuable network, growth in box office and disciplined cost management, which we believe will drive significant shareholder valuation over the long run.
Thank you so much for your time and interest. And we look forward to updating you again next quarter on our progress. Good evening.

谢谢。从我们的结果中可以看出,我们正在与所有气瓶作斗争,这转化为可靠的第二季度和上半年的结果。我们运营的环境正在发生变化,但我们相信所有的趋势和各种破坏性力量的出现,以及寻求与具有更多内容的极端主义者合作以将其产品用于内容生成器之间的整合,我们的业务有很多不利因素。人们需要人们可以与他人联系的社区体验并没有消失,我认为家庭中的所有产品都会加剧。最后,正如您在幻灯片17中看到的,我们业务模式的关键驱动因素是我们宝贵的网络扩张,票房增长和严格的成本管理,我们认为这将推动股东长期的重大估值。

非常感谢你的时间和兴趣。我们期待下个季度再次向您通报我们的进展情况。晚上好。

会议主持员

Thank you. Ladies and gentlemen, this concludes today's call. Thank you for your participation. You may now disconnect.+

谢谢。 女士们,先生们,今天结束了这一呼吁。 感谢您的参与。 您现在可以断开连接。

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