0001193125-26-324847
SEC filingQ2 营收与利润强劲增长，Admissions 与 Concession 双轮驱动，利润率显著提升。
| 指标 | 本期 | 去年同期 | 同比 |
|---|---|---|---|
| Revenue | $1,086.4M | $940.5M | +15.5% |
| Gross Profit | $669.5M | $564.6M | +18.6% |
| Gross Margin | 61.7% | 60.4% | +130bps |
| Operating Income | $233.0M | $173.5M | +34.3% |
| Operating Margin | 21.4% | 18.4% | +300bps |
| Net Income | $140.8M | $94.7M | +48.7% |
| Diluted EPS | $1.19 | $0.63 | +88.9% |
| Adjusted EBITDA | $294.0M | $232.2M | +26.6% |
| Operating Cash Flow | $339.7M | $156.8M | +116.6% |
| Free Cash Flow | $240.4M | $104.6M | +129.8% |
Q2 营收增长主要由观影人次 +10.0% 与平均票价 +5.1% 双轮驱动，Admissions 与 Concession 分别 +15.6% 与 +14.7%。国际分部表现亮眼，Constant Currency 营收 +21.5%，主要受通胀定价与有利汇率影响。
利润率显著提升，Operating Margin 同比 +300bps 至 21.4%，主要得益于 Concession 供应成本率下降（18.9% vs 19.4%）与运营杠杆。Adjusted EBITDA 利润率 27.1%，同比 +160bps。
盈利质量良好，经营现金流 $339.7M 大幅增长，主要受营收增长与付款节奏影响。一次性项目包括债务修订损失 $2.8M 与资产处置损失 $2.8M，剔除后 run-rate 更健康。
| 分部 | 营收 | 同比 | 经营利润/EBITDA | 利润率 | 驱动 |
|---|---|---|---|---|---|
| U.S. Reportable Segment | $860.0M | +13.3% | $234.0M | 27.2% | 观影人次 +8.7%，票价 +4.2%，Concession 每观众 +4.3% |
| International Reportable Segment | $226.4M | +24.9% | $60.0M | 26.5% | Constant Currency 营收 +21.5%，票价 +9.3%，受汇率有利影响 |
| 项目 | 本期 | 上期/变化 |
|---|---|---|
| Cash & ST investments | $504.3M | +$160.0M |
| Total Debt | $1,894.1M | -$3.2M |
| Net Debt | $1,389.8M | -$163.2M |
| Operating Cash Flow | $339.7M | +$182.9M |
| Capex | $99.3M | +$47.1M |
| Free Cash Flow | $240.4M | +$135.8M |
| FCF 转化率 | 178% | — |
Net Debt/EBITDA 约 2.4x（基于 TTM Adjusted EBITDA），杠杆水平健康。