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 2021 Second Quarter Results. My name is Andrzej Matyczynski, and I am 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
XXXX this our adjusted measures, quarter In segment which second on financial operating addition, recently EBITDA, definitions the and income, non-GAAP discuss Reconciliations we and are are in included of issued will EBITDA on website. release measures call. non-GAAP earnings financial company's
extraordinary item believe for call, two-year have TLCF, financial be nature. EBITDA not that theater flow, believe which adjusted items applicable, We of determining requirement theater of unusual expenses the our where level the less considered litigation adjusted, level level measure or is In be our can direct SEC to costs of important to EBITDA of doing in and in an an expenses. and revenue items business any Such accordance non-recurring, cash industry-accepted we or We also with results legal operation. to other our measure use business performance. an is non-recurring cost is external include called reflective infrequent theater supplemental we today's relating
detailed the Commission. Securities dividing and qualified indicator by a filings nature, that number our XX-Q calculated that cinemas. in are the to at summary also patron, comments spend by disclosure and anything cinema’s U.S. as performance in with patron beverage referred our a by forth say measure food is key for by We admissions which The other use Please F&B Form revenues we Exchange spend is note is sales and per set per and generated our F&B of cinema. a the more necessarily
for navigating a will I’ll the followed quarter turn pandemic COVID-XX and Reading to financial strategies to behind it Gilbert, detailed XXXX review. second through Ellen, post-COVID that provide results who review discuss more will So Ellen? our the our over with era; us, who by
happy the June company, We're is a to of and to in both which real businesses U.S., Andre. quarters compared Thanks, significantly that XXXX, stronger prior as Zealand and the March Australia year we XX, since cinema is estate in where New were position our report and XXXX. in all of last
substantially elimination subsidiaries crisis. we diversified three fundamentals During to with on COVID-XX XXXX the business navigate pandemic. the again, possible two supported of QX continue a of through business COVID-XX country cash And cinema routes we're unparalleled pleased of new best future mortgaging through stock new raising our had most this and considered its increase interest capital, in sellable strategy debt taking XXXX, taking order Reading monetizing that appreciated certain was our included Confronted to liquidity. monetize decided of flow to additional in of on certain capital dilute and significant new that it but the ownership, during by to them at the low We level of stockholders our would next company of rather than issuing stockholders debt, that value. our in require assets or our our amounts progress due pandemic, our the to These variety our and prices assets. to we by readily
ability over million million successfully on by million hand down monetized four of past land million. to to for debt $XX in which have XXXX. the $XXX.X Over a six Sydney In have our XXXX, of or million June cash and we still pay assets, of $XXX contributed months, $XX.X we of or center, themed entertainment monetized XX, XXX,XXX early square feet June our Auburn/Redyard, included suburb AUDXX as which undeveloped
or AUDXX.X million on gain a of sale transaction million. We recognized have after $XX.X costs
of George As transaction, the At we in Reading recognized assets monetization million. a end our of lease we June $X in million Zealand of our Royal for The quarter of transaction on follows gain and part at XXXX, complex Manukau, producing the two and this from monetized California XXXX Hall, these Auburn/Redyard of in buyer. monetization QX after the two Theater Cinemas back in XXXX. properties Coachella, of the sale Chicago first Charter $X.X costs New non-income
QX total QX revenues operating the due to quarter encouraged when we At businesses And of most XXX% had million reactivated. from QX COVID XXXX XX% the QX during XXXX, temporarily the was $XX total our of This over cinemas been majority revenues. total this Australian million, that second XXXX about of increase revenues required our of increased due shut operations of fact During restrictions. our XXXX, to XXXX, $XX were half down over our were consolidated the because lockdowns that our in consolidated despite higher Delta state-specific than closed variant. was
all hot offers business global rollout in conditions our luxury due an the recliner seating variant Australia, XX Millers as XXXX beers cinemas XX, Despite craft during F&B QX XX Victoria. of Delta and the the food It variant open and XX our expectations opened COVID-XX cinemas our Cinemas were Reading in XX, exceeded to in LUXE were Village menu. we cinema Australia pandemic two cinema Conjuring: positive in curated second box XXXX, our and in a trading, that and Delta our U.S. local to vs. were On of Quiet Junction Kong, June U.S. the of Part Cruella, Godzilla movies: the several June The Slayer, global XXXX, Regarding Made screens, Australia Demon New X features FX: at cinemas Devil Saga, reassuring It. TITAN this open date. of Fast new XX the XX The and and trading The Do newest, our in out in vaccines of and the II, Place in and our office menu at Hollywood Me due trading, the of cinema performance outbreaks, Zealand business open
XX, real was eight XXX,XXX third-party Currently, and COVID tenant XXXX, Of tenants of Zealand GLA, our at third-party And Zealand portfolio tenant spaces. that Regarding and by tenants during combined temporarily two, works. New third-party Australian occupied abatements open during – two GLA XX due two XXXX. related feet. XXXX, area, leasable third-party gross New with fit had XX% square leaving are a at estate our business three spaces Australia vacant tenants to minor only just June QX in or are tenants closed tenant received third-party QX XX about
feet. with five our over represented leases continued by Courtenay Central activity third renewals Cannon and square two Park that lease leasing new We Village, and at collectively Newmarket party completing XX,XXX
second on quarter New performances of of enjoyed has one York. July date a on our of office XX, to to Culver rent in XXXX. public tenant. Broadway City been Orpheum basis worked City, and To from straight first the line New shows We Turning the off-Broadway full both reopen the York theater our U.S. STOMP on which resumed performances in to STOMP resume We
for New Gilbert this We U.S. also carried Union minutes. the the a operational discussions our enhanced with at Zealand Also time retail will retailers dollar the by further results space on dollars comparative few in touch period, national were this Square. on Australian and against during of XX strengthening
balance of quarter and second sheet. During to position our XXXX, we strengthen liquidity the continue
debt of Reading compared million equivalents million reduced XX, cash June December our million XXXX. $XXX total $XXX.X and XXXX. XX, on to We to to had As XXXX, XX, $XXX.X cash of of million as December compared $XX.X
our of Creek QX facility quarter, $XX.X down secured During million Emerald our per to Bank million or repaid the $XX.X net XX asset income of loan timing, the $X.X Capital, revolver, strong $XX.X on million, AUDXX on of closed and $XX.X we was basic $XX the Due repaid second with earnings permanently reported Union Square, new million America drawn. of permanently million. or million to Westpac. million paid their share $XX $X.XX million NZDXX million we NAB We immediately and a EBITDA and revolver our monetizations of which which three-year
of a also XXXX As each any record result these only financial for highs, represented for not of quarters transactions, quarter second for metrics calendar but Reading. for these QX
we're in monitoring New States. goes with impact variant evolving public-assembly could businesses and cautiously coronavirus new further are still that we've variant vaccination potential we're situations without Australia, other the the related United delta the centric. While and It variants conditions and the the to saying rates pleased made, delta Zealand progress
for recent cinemas, along Australian Our state showtime restrictions. cinema lockdowns. landlords are as need to from our industry the that our conditions were Australian the when These during as our for highlight with and the costs pressing prohibited maximizing by we're XX due profitability impacted government-mandated whole get managed well Australian and ensure cinema seating to cooperation third-party to closures periods contained occupancy us
yet. compared path strategy business the not our know the a out business/three that while So, to we steadier on diversified execution of company two earlier of the woods has we're is ensured periods, country
Now global cinema of in of business. to increased $X.X $X.X XXXX%, from revenues the cinema cinema our first of In QX loss progressively quarter by increased XXXX operating global At versus total million, of specifics just almost second QX more XXXX. loss QX million million revenues let's We from by or turn $XX.X in a reported quarter about XXXX cinema our $XX.X XXXX. cinema XXXX from XXXX. sign first XXXX an operating XX% global QX XXXX. quarter loss of of global our operating $XX.X encouraging of the improving decreased million our an And QX XX% operations million
just $XX.X million of our of XXXX impact QX XX% cinema cinema of XXXX significant the were our revenues reflecting $XX.X at QX However, global revenues COVID-XX million. global
impacted required cinema distancing capacity earlier all of As again in Delta excluding cinemas, to cleaning XX costs Australia Today, were some Australian have environment. seek excluding our open. safety restrictions global division. our variant theaters global still only XX and XX I cinemas, XX generate June a increased XXXX, quarter the COVID-XX-operating of social open. guest bear and second are XXXX The joint our ventures, in mentioned Again, confidence ventures on XX, lockdowns joint and
demand and FX: pandemic office demonstrate Place focus strong. food the Quiet box Demon to F&B for Part Fast shared all cinema reflecting Slayer, continues OurQX And countries the Saga, despite beverage, a our performance pent-up to continue on be movies II and per three our environment. A global in in of experiencing patron The
set For record. Australia, XXXX, we had Zealand the in quarterly $X.XX. F&B highest patron New our US$X.XX. QX per in all-time an And patron F&B $X.XX, an At per
circuits New cost respectively. of and flows XXXX XX% had in cinema basis, level QX above XXX%, which all only generated and paid, the occupancy XXXX Australia theater XXX%, three our cash U.S., Zealand QX positive a reflects increases and of For on current cashflow
our cinema from global occupancy we we've COVID continue third-party our with While the burns and cost to impact current severe our flow countries. deferrals encouraging, after this QX, and during cash existing teams manage our continued of cash aggressively across paid, suffer, extensions of landlords. suffered seek Because still management improvement, proactively to sounds three could all global further abatements
give Now you detail the highlights me let cinema our and business. Starting with global U.S. about some specific
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a QX Our We're begun auditoriums West and our screens seating, We've in a also recliners a targeting relaunch. selector in theater Oahu. renovation, XXXX consolidated targeting completing also of a upgrade. for certain areas plans all QX renovation adding to full renovation we're XXXX includes and luxury converting F&B the and renovation eight a recliner Kapolei lobby We're lobby relaunch.
our consolidated expect our for to within CoCo in theater no in we days. consolidated XX date reopening We Kahala. open have Marina scheduled theater But
increased by our for million of loss compared the of $XX.X $XX.X U.S. revenues again, to total to to $X.X X,XXX% XXX%. or XXXX. second increased in million quarter a our cinema to almost when And XXXX. improving Our compared QX $X.X cinema U.S. from over circuit of our to second operational revenues cinema operating conditions XXXX by $XX.X loss sign or a the compared XXXX, when million And QX XXXX total QX segment million of million U.S. decreased quarter of
California, our point an our $X U.S. which XXXX out million described settlement that QX fully reflect Finally, wage for more in recent for and is XX-Q. in a I'll most accrual filed hour proposed expenses litigation
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Australian XXXX circuit $XX.X increased a Again, million over what in increased million continuing total to by to hope quarter QX QX or Our our compared for the first $XX.X just $XX.X to by we cinema or trend, revenues XX% X,XXX% Australian QX cinema total million be million our XXXX. to XXXX. of of compared $X revenues to
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to estate real $X.X quarter quarter to XX% second second million increased of revenue XXXX. XXXX Our compared total by
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result now certain operating Square being Union reflects a expenses. depreciation statement XX of income completed, As our in
while straight-line three Zealand, our New XXXX. to our June XXXX. Auburn/Redyard reflected which revenues any quarter And closing abatements no revenue theaters the that during fee XXXX, on In QX third-party was Australia, increased provided basis And a rental QX meant of rent XXXX only a was to rent of from from of revenues sale XXXX. live be estate XXXX QX COVID-related by result as amount tenants few third-party some relief abatements minimis U.S. revenue of date. of second QX continue of real rent real Culver interest all X, tenants the estate XXXX a being second our on rent de XXXX. fewer to the key closed the completed A QX A government XXXX on that reflected increased months were XXXX. In of we from during rent XX, of of estate order abated office in for basis for COVID to quarter tenants granted intercompany revenues. about second quarter reflected there issued May from straight-line points Our tenant, our our of third-party no cinemas. City real
Australia, the of states global is of open. of XX-month code tenants As framework the with New over an by The came recent tenants that in are Australian Zealand, pandemic, in a of The at legislatively which today, end our Australian impacted deferral even Australia the to payments lockdowns rent XXXX. and signaled the officially most third-party commencement to of the termination March in conduct, of assist period. Delta XX% code end official of mandated
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to the to We want assurance fully in building dollar square leased, also quantify cannot as rents offer the are market we any per expectation will be currently as and when that fluctuating. not would foot
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developments. Regarding our Australian
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our real to New assets estate Wellington, Turning Zealand. and
focus nearing previously, development issues COVID-XX Wellington to seismic we fortunate work already our to slated Museum right Takina, mentioned related and through beautiful we together to the a of but in our city. Central holdings entertainment the of James and to I to plans Kaikōura of the XXXX be ongoing this that's Center to our earthquake. due upgrade. garage district the assets, restoration Papa part named as Theater, the quite overall by the the be key in of is renewal maintain Convention the to Exhibition Courtenay across of also activation from or management necessary the Takina which and the of our posed downtown demolition challenges Despite want As integrated reactivation in not continues and parking to and world-class presented and will St. the with the building and nine-story continue in on Te the Central pandemic natural a state-of-the-art obstacles Wellington, join the by seismic besetting National XXXX. home is to part be continue street team light Wellington complete Wellington. stakeholders our a district an We're hurdles which only pandemic forces, various Working open component Courtenay of
signed we filed XX-Q in of agreement recent an tenant us with XXXX. against the arbitration Our parent the filing details by lease GDL, to an Countdown, supermarket company whom most
reiterate our which prejudice having continuing of let alternatives and to been diversified That to commitment with our business/three me to discussions, lease, to Countdown. business XXXX. this strength business two respect wraps for While the In to up be leased defend intend to country strategy. the to as without vigorously have, are second agreement pursuant developed and position quarter full-service we to a my we've possible and could conclusion, supermarket overview
As the determined estate company value significant and interest it of that elected achieved dilute certain mortgage our or would level assets, additional without our to capital best we I previously, with their stockholders high-priced highest and being of not to our had stockholders which monetize we mentioned future be invested. in real debt believe
While and we've fund the other we when flow business used debt, sales conditions preserve real operations of proceeds our funds to down estate the back pay assets, into part normalize, anticipate will business.
Our retained value real Viaduct estate Brisbane, Central Cannon create in future assets, in XX continue Union opportunities in Square; for in Cinemas offer and York; Philadelphia, Newmarket our X, New Village Park stockholders. Wellington; substantial Townsville; X properties to and Courtenay X in our to all
have Gilbert our it turn we of of Board to extend Margaret, financial of XXXX, the Before behalf added worked a can't to I employees team. you March I who Reading and all want to over since our second breaks global executives the quarter sincerest review of feel say appreciation to on myself, for again with those like true enough. we and XXXX. Thank it
efforts the extraordinary to know company Gilbert. operating the team I'll With that we it of have divisions XX its daily out on we're of the the forward. Reading in stronger While just a put over it's this yet, path various under woods last months circumstances not turn that, for
quarter prior further This the year. second to June $XX.X majority ended during was most million quarter compared attributable the firms increase the our for in which led revenues Consolidated the an and of second theaters remained the were operating to second when closed due Ellen. of million increase quarter XXXX, the XXXX the These $XX the of by when XXXX, attendance These increased to strengthening to our to of in by of global results release further by New quarter same quarter enhanced XXXX, Australian the you, shutdown. XX, cinema the to compared the period Thank XXXX. major dollar. Zealand second of several COVID-XX to initial in supported compared collectively were of positive results of
to earnings – ended for XX, increased compared the These ended Basic XXXX. to are XX, share on prior $XX.X the period compared during increased Zealand increases quarter June when our and ended XXXX, Revenue and from March the June the the million months, with increase when to June in studio XXXX, $X.XX restrictions strengthened of per million global ended period $XX.X theaters in U.S. improvement quarter primarily $X.X majority through of of second cinemas the again occupancy the quarter XX.X% increased when quarter June half the recent cinema XXXX. $X.XX million overall compared by remained stockholders respectively, XXXX, to our the closed six and [indiscernible] second dollar $XX.X Auburn/Redyard was in by closed to for of the the properties experience to in XXXX quarter attributable Australian year. of the same large assets the in This continued same to period average scale part, the by in in XX, against sale June year. U.S., rollout prior the late now attributable in place compared major XXXX New songs. XX, reopened we year. of operating our period by the to related XXXX, gain with to months same and to majority During our to to dollar industry Also first XX.X%, Net for same for the million the RDI in common XXXX. Royal to due, the vaccination most of compared the releasing of second income George and last COVID-XX once the
due prior ended million increased six $XX.X per RDI six XXXX share These ended the related compared the months Royal XXXX, months $X.XX largely Non-segment XX, June the to offset professional June the June reduced of the compared and or by by million our income was the $X.XX result legal related partially sales dollars increased ended $X.X decreases quarter or months XX, months $XX.X decreased X% the For and XX, quarter tax outside to million Australian while increases by $X.XX ended the XXXX to same to ended cost. period compared period a Coachella, airfare G&A $X.XX $X.X Manukau, million by the million strengthening expense ended in to legal expense. six George for and to common XXXX. outside due million $X.X June XX, June XXXX, quarter fees of U.S. by June services Non-segment professional These corporate XX, Auburn/Redyard XXXX, and six services the compared on stockholders June and or the against year dollars. Basic and and to Net XXXX, as gain XX, XX, to decreased the month compared are for earnings June six to income reduced ended X% due to related expense attributable COVID-XX. prior to for to XX, travel million equivalent ended year. for New to the tax the XXXX, fees, Zealand costs properties. G&A increased average expense Income
to The XX, XXXX, related our by equivalent For gain period. the ended income months the increase between compared primarily was which million prior pretax XXXX and due XXXX year XXXX to increased sale change $XX.X of to assets. in the six June on is in
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for the to market related from of six due loan facility construction pay million million is the primarily by when to deferrals, property, used XX, XXXX decrease million was cash XX, ended George down resulting change $XX.X or of $XX.X by $X.X $XX.X to scheduled XX during NZDXX with six Cinema This period. Union by and Offset or which monetization Square AUDX the $XX.X AUDXXX,XXX is in mainly loan inflow June million. of Westpac from mainly of to increase Manhattan activities or prior $XX financing loan Union $X.X in for property million For our was the for decreased the million Emerald of expenditures. from operating of period million capital funding Cash June $XXX.X for during million, assets used secured same credit net XXXX in increase from million compared of six year operating provided or million This same a NAV; or million million was $XXX,XXX allowed June activities in the operating XXXX, our net in AUDXX.X Cash activities our by in primarily our to facility months proceeds drawdown net repayment Capital in corporate activities by by The revolving $XXX.X facility in ended our revolving and the months in million, our with Auburn/Redyard, attributable the by completion $XX.X million million Creek Bank primarily months loan liabilities increase million. Manukau, driven Square and million to to with with from Reading $XXX.X Jindalee, investing AUDXX drawn. new $XX.X Coachella, cash when compared a decrease Royal offset million, of used XXXX. ended $X rent increased cash $X.X America. XX XX, immediately
to financial now Turning our position.
held compared XXXX. total and XX, December in by primarily $XXX.X land outstanding increase cash sale $XXX.X XXXX, $XXX and first were XXXX. XXXX on estate our million decrease $XX.X million and by were to in due assets. net driven June million monetization six XX, equivalent increase total sale worth on On of months June our at December Our XX, the million to compared borrowings in to $XXX.X $XXX.X to of real million property assets XXXX. the assets primarily of for This million cash off due XX, operating was Offset property
Our which includes approximately as cash our $XX.X New June cash Australian $XX in and million million, in XX, equivalent operations; XXXX, U.S. $XX.X in million operation; our where million and our operations. Zealand of $XXX.X
assets represents satisfy estate of quarter, Into can the with a have facility used used under our Bank loan Center market to real and reduction quarter as monetized, drawn the availability of and On Westpac, the net $XX AUDXX our facility, amended On availability NAV or down these been total which million $XX.X be XXXX which million now were $X.X America down corporate pay we of pay of facility million, of this to off on $XX facility. million, has revolving facility. $XX.X million balance or million sale second bringing which the the a paid under revolving the the million credit been XXXX line. or of certain debt down May permanently Shopping our we obligations. X, permanent to repaid have this have X, a NZDXX portion proceeds to outstanding to proceeds second June as reduced in Auburn/Redyard XXXX During cinemas reopened the part
of XX, increase testing everything which covenant we priorities. believe bank suspended strategic fund for loan our in April June on open Jindalee, Queensland. XXXX. to Further, doing Generally market have completion they through our first AUDXXX.X AUDXXX,XXX tests, with temporarily And a our with XX, we with covenants. six also Bank lenders our certain We recognize, the requires and cinema facility NAB repayment facility America, and will XXXX every on deliver revolving these Westpac can of certain repaid was months XXXX of loan XX, AUDX drawn XXXX, and the recently NAB to current December in are our the of repaid at Regarding XX, X, of XXXX, which waiver XX, reduction corporate million good XXXX. until continue installment was company facility. our economic that October permanent understand fully our June relationship we semiannual Total a June from fully NAB on comply million. which the the environment On speaking, we obtained Westpac
in our XX, of loans. we compliance covenants under As with June XXXX, all were these
X, three and XX interest, drawn, As million estate Square loan. year Union existing we in of Creek we new was on reserves million, XX XXXX, have mechanics – includes the mentioned, XX immediately closed Emerald loan for real cash the property previously May with facility which million capital XX
to continue we Andre. we’ll As repurchase second focus the over of on now shares in not any preserving our to our quarter With did liquidity, turn of that, XXXX. it we
forwarding first, Relations these questions Investor coming through us. Thanks, for questions We to like our to e-mail. thank our I'd Gilbert. But appreciate stockholders do to
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