Movie theaters are back. No denying that. And I actually think $DBOX is a great way to play the trend. However I’m struggling with the TAM assumptions. Also why is $MCS a sophisticated theater operator that has spent heavily on premiumization for years only now testing D-BOX for the first time? 2025 and 2026 were excellent box office years - is there a little bit of pull forward from operators feeling good? Also how much of the recent growth is secular adoption vs. a cyclical? Exhibitor capex after COVID, strikes, deferred spending and the recent strong years as mentioned? Is anyone thinking about decremental margins if theater economics worsen?
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