Andrzej Matyczynski | Executive Vice President of Global Operations |
Ellen Cotter | President and Chief Executive Officer |
Gilbert Avanes | Executive Vice President, Chief Financial Officer and Treasurer |
Thank you for joining Reading International's earnings call to discuss our 2020 full year and fourth quarter results. My name is Andrzej Matyczynski, and I'm Reading's Executive Vice President of Global Operations. With me, as usual, are Ellen Cotter, our President and Chief Executive Officer; and Gilbert Avanes, our Executive Vice President, Chief Financial Officer and Treasurer.
Before we begin the substance of the call, I will just run through the usual caveats. In accordance with the safe harbor provision of the Private Securities Litigation Reform Act of 1995, certain matters that will be addressed in this earnings call may constitute forward-looking statements. by to actual and different performance performance or subject may factors from are indicated our cause to implied statements risks, other uncertainties that the Such statements. such be materially are factors in filings. set Such risk clearly our out SEC to We revise any update forward-looking undertake publicly or statements. no obligation
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position. financial our to now Turning
the levels at first maintain asset to our compared throughout quarter. to second increased primarily capacity cash driven XX, of these XXXX borrowing increase equivalent at the down $XXX.X quarter in on of to XXXX to continue Our December borrowing due December drawdown the million total XX, cash million by available drew and line credit. Management XXXX operating and in $XXX the
During December XX, million down the on $X.X we quarter $X the million Bank in subsequently XXXX. quarter facility. the of this revolving fourth XXXX. million on XXXX, line credit $X.X America available third We paid of of at was Therefore, borrowed
of December total XX, outstanding $XXX our million. As XXXX, borrowings were
cash liquidity $XX.X million, U.S., $X.X due Australia were required $XX.X million XX, other to has and shutdown related operating our The our includes million million from business $X.X Our at reduced approximately which and and equivalent Zealand. severely XXXX December operating COVID-XX in pandemic New on cash issue in impact in sources.
New the million. As December XXXX, million, XX.X to our one to one of Manukau, part of for NZD for in assets, we our subsequent in and California mitigate $XX pandemic monetized XX, Coachella, Zealand of X impact strategy the
XX% the a Farming, in As of Coachella proceeds. member sale entitled and net Shadow LLC, was the View Land to company XX%
repayable with the of our listed sale the ETC to NAB have we -- and in ended to first our market going-forward by increases be America, XXXX, million funding AUD on the Auburn is Redyard believe be waivers modified relationship XXXX, done We our for reduced to portion Bank October amendment limitation legal These repaid. XXX covenants On George and and understand into facility, loan making back our cases, December AUD to COVID-XX current testing basis. The company, of negotiated meet include XX, our good. longer certain to The fund other completion on modifications the is corporate installment actions Jindalee, XX, to XXXX. more was situation are real the the quarter and of This doing million, loan the of Westpac December modification to it on certain XXX With Further, the period. that our increasing of covenant Queensland, a agreement cinema lenders We covenants have the respect that our we the for X future. December our X, recently the requirement business by changes likely, Westpac of with to our test reasonably in in will some which absence unable the in exists, Royal estate, revolving the XXXX. Westpac to and practical associated loan everything not of can our XXXX, million. XXXX. and at XX Jindalee increase AUD certain as as XX, XX, these the through pandemic million limit waived that will some and we the covenant that successfully AUD lenders we provided compliance terms December the of that that quarter facility facility, to and opened core is be
However, course, such to the obtain no assurance or regard. absence But able to current intention of of pay waivers, our lenders. off company can expects its to or amendment waiver the loans. from be this In it look be to an is given in these down pay
of first rate December the third-party at construction asset tenant we loan and loan, providing XX.X%. Square XX, million an interest that loan financial Ellen debt. we to these our mortgage XXXX, would to repaid fund a March XXXX, and to with $XX into pursuant XX, XX, maturity March a in entered extended regards XX letter clear include March XXXX is held to $XX.X property, on On Union of million property free a we commission. XXXX, commitment now As of of loan for the noted, XX, On lender which million $XX refinancing improvement institutional leasing the
this we're given, be can close While assurance that again, loan no quarter. will this currently anticipating
our As in on continue shares the repurchase quarter any focused XXXX. preserving of our fourth do to liquidity, we of we not be
of average has impact capital future. the to allocation that, now priority it over for repurchased foreseeable our $X.XX on liquidity, XX,XXX we likely overall For program full Andrzej. repurchase shares to will XXXX, take continue our an the and COVID-XX With will per share. stock turn With I price a lower at year
Thanks, Gilbert.
for stockholders forwarding First, questions email. Investor I'd like to Relations thank our our to
we've discourse, compiled to set questions and a addressing the of representing of most and to e-mailed addition themes In questions common us. questions answers Ellen's your some recurring in also
in our the railroad by subject with filed the demolition to take quite few lawsuit like What our Philadelphia, were future? would of in by The are of Reading a to a respect Philadelphia. we been Viaduct regarding groups first certain Reading, owned to you plans Ellen, received and adjacent question property the former which has the city that?
Yes. Yes.
surrounding For stretching Viaduct an itself assets and is adjacent beautiful Reading of of days Reading's Park, in background, railroad. is The right-of-way blocks usable raised recent as properties Viaduct creation interconnected change space. years, in the are Philadelphia. a and area, Viaduct from a legacy through public Viaduct downtown The certain Rail seen the a have the and core urban positive including the neighborhood the
continue contesting to these options assets. are filed explore we'll the available all We for lawsuit and
Thanks, Ellen.
Now perhaps for us. couple of questions a it can Gilbert, have fill that, you we
NOL of The us for is the first And balance? one, amount the divestitures? what sense give current post-tax can X you or the company's tax estimate a
million. NZD XXXX, Sure. XXXX, million. Zealand million. and NZD sold tax our land for our for available in Coachella, we of after we approximately X, And million At million XX On USD NZD million approximately March million. available of XX land, XX or sold Manukau, cash March million. in federal or have owner $XX NOLs $XX cash we the of $XX XX and And USD $X our XX% approximately is after for a sale our New land December million Zealand is XXXX, California NOLs XX, as New tax the XX On X,
sense? levels were what while And And make there, priorities? are you're returning what to Gilbert. point Thanks, CapEx your normalized at
begin estate capital conserve liquidity, operating focus to to effectively segments be sense cinema only makes returning after expenditures. continues and expenditures normalized pre-COVID-XX cash company's manage levels. stabilize happens, Returning to and the business this capital primary level our and Until defer real
that cash in priorities your you of that requires And of allocation us post-COVID on environment Gilbert? liquidity, capital a managing world, can conservation, understanding expanding the current remind
long-term X business. different time. we reopens diversified part we as practices reprioritized world liquidity conditions plan, business of impact or closure, business with postponed in this that of dealt approaches COVID-XX As countries, and expenditures With features pandemic based overall the our on management and during business requirements worldwide have this of which exposures our assessments X capital our liquidity the pandemic-related on to for
in negotiate building. to Reading and City or our if be loan placed Hawaii, defer improvement, and Square, Cinema new at measurements uninterrupted amendments Kahala with to Theatre abate renovation with operating Jindalee waivers, Union the landlords Culver to efficiencies, operating restriction our capacity our and improve to needed, rents, XX product. our lenders continue office our except defer in from second tenants work These funding and costs continue for availability capital of film floor impacted We related in by our completing
full we capital operations, we to will As review needed, and return continue to priorities. update, as allocation our
you Thanks, Gilbert. Angelika Can Zealand have metrics for offering in goals as you PVOD the you or or with New Australia? will future offerings experience postpandemic? Ellen? What platform? similar Or has Do contemplate to continue no far a provide Angelika offering? measure been temporary Anywhere your down and this success Do a you some Anywhere so growth? it
element, appreciates audience soft adding by the our the the of Center its curation well functionality Angelika content, December on in launch customers. been library Since Film and core amazing Anywhere to. Based Angelika surveys, received which XXXX, continually our customer we're of has
due constantly marketing. we've it promotion be Angelika the Angelika were And and than infancy signature to stages. the liquidity platform easy our any future, internal our theatrical While programming. to issues, the Anywhere to its initiative our core logical our be will that other our and into this is dedicated a the woven brand. to extension was funds an of Angelika strategic not extension for approach in way We theaters to closed, access for And anticipate audience brand. resources Today, seamless its will
hard any share goals. or to Angelika won't and But our XXXX. launch in in later today we So plan Anywhere is metrics Zealand New Australia current
have and consumption program a payment Ellen. Thanks, for chains larger Most discounts. movie recurring attendance subscription
a other the program you your the integrated long-term plan you do like have with such pandemic, be such why a or not, Angelika do Angelika a Netflix, how to Anywhere also such subscription are given PVOD Reading? for in they Anywhere, platforms general Ellen? feel a exhibition streaming program won't on change a establishing Since view X thought Reading While creating hold what integrate postpandemic? mini model the and plan of viability work If offerings? streaming subscription you during for theater a with countries for in to could
of the we our plan footprint. with pre-COVID, of with dedicated as and we not a subscription respect had economics wrestled those the geographic diversity to U.S., Well, launched plans, the
at to way have In did streaming company both increased a at pricing dedication environment a and offer plans we our the launched service our schemes as international and to for determine to in brands. generate the service, offers loyalty tenants programs guest theaters theaters value time a and increase to to our and when our again various attendance both that and holistically to pre-COVID, platform. most U.S., comprehensive and now, of However, expansion creative programs post-COVID our to we'll our have increase look ways a users the
taking new attractive and that account while XX we both build loyalty also our next the initiatives months, be Over anticipate we line. announcing our to further our will to brands into guests feel bottom
July interest Village and by with and myself. Thanks, Sutton of the certain are properties, subject with this Cinemas, long-term family these which question East party both and capital Capital. to were both leases at and final agreement its out the Explain that low to I Reading shareholders. XX-K access affiliate respect an to gave to independent Hill in Well, related were, back way X of both filled Ellen. of And time, fair transactions XXXX, relate which the X, Cotter how these X called in to made the us transactions
went X X, we Hill XX% then and on interest interest. and ultimately leasehold Cinemas agreement the Sutton with With our acquire to freehold Capital, the acquired under partner, X, this the
Sutton possible without not been agreement. have the would that Something Hill
to capacity comprised $XX $XXX,XXX This X, in facility is We following we in property X liquidity. on our provide leasehold refinanced XX, cash as managed a Reading asset property. significant domestic our of XXXX. by with distribution, COVID-XX this $XX More believe $X.X requirements. XXXX to will transaction The Cinema them us certain and a XXXX, million a from us The the respect Village strategic with liquidity our receive by due value. XXXX option the loan $XXX,XXX reviewed New exercise acquire transaction currently we've the and interest similar November approved properties. incremental party the a are during enabled out Conflicts in shown pleased directors. million of we of this member the our final of Valley path provide X and the will transaction increasing that assisted in described our XX% March the make interest $X More increase by $XXX,XXX. us right XXXX, independent X and million. Each was in with with X on to to in that York to we million and entirely East fees delay payment consideration interest X long-term related to Committee, Cinemas a X, of to carefully and National In This meeting management availability minority our in October stockholders in specifically, year-to-date, onetime footnote, closed specifically, to XXXX stockholders Bank,
transferred property. the and depreciation in tax On our extended certain deferring assets lease interim, closing that XXXX, to this interest the We $X.X pay to we of right, of also these we price. to continue no obligation January considered all underlying title our property to March XX, XXXX, and acquisition Cinema We the continued of be practical Village East In the cinema. of of at lease acquisition our ground equipment thereby our the benefits X, million personal value. of
minority a challenges. Sutton have liquidity whose our We not the we meeting cooperation, that a in we relationship with flexibility would have -- are member, we without good these we enjoyed had Hill Capital, grateful have
your as today. marks the the to and wish that for you that, call So the health of with We and everyone Thank good conclusion listening call. safety. you attention always, appreciate,