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 year-end 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 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 our detailed are SEC factors Form report their in filings, qualified set Such our remarks the recently risk are more clearly today by on in our XX-K. out SEC and disclosures entirety annual in filed update We or obligation undertake publicly revise to statements. forward-looking any no
call. discuss income, earnings non-GAAP recently definitions financial EBITDA, In Reconciliations addition, this which operating and fourth release non-GAAP on segment are we website. company's EBITDA measures, financial quarter will the issued XXXX our of measures adjusted on included are in and
our business not our adjusted, be business results any of nonrecurring in to of where or can and doing with the that cost and litigation to have relating operations. other legal we expenses applicable, items include to we the Such believe extraordinary costs of items reflective SEC is We external EBITDA level to industry-accepted accordance be which item less in also adjusted theater today's an for we believe nonrecurring, called measure measure theater We direct nature. infrequent TLCF, expenses. or EBITDA unusual call, X-year when important our level is performance. determining use of cash In revenue supplemental flow, financial theater an an is requirement consider level
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Investor questions our e-mail. for But and that try first, forwarding were now like thank to stockholders Relations additional to answer our questions some by We'll our shareholders. Gilbert. Thanks, posed I'd
as Gilbert, the Ellen management. your few addressing addition to questions selected remarks usual and offer from prepared insights many to we've from additional of a questions in In additional
or these programs, you What The subscription given be Angelika XX, within creating in mini platforms company's capacities. you Reading for handle made thought also Cotter would regarding subscription plan this to and the as Sr., of could also filings this, program Trust of disclosures the to in capacities and settlement the PVOD question with refer and pursue co-trustees streaming respect won't question to found answer. we you geographic you other can by The the more opportunity Angelika Ellen recent further J. was and co-executives offerings? we matter. their Cotter Margaret of disclosures integrated to Cotter with We if James XX-K settlement Cotter with for plan James do Ellen? they the Reading? presence? a the Schedule family in such this If plan could individual of in in filing a have an a regarding Anywhere any not, next of streaming XXD If litigation establishing work relating recent I'll first be The estate Anywhere, general amendment asked, and Estate feel potential J. on like your decided operational, to Netflix? you and comment across chain's Cotter, why the integrate such a a their XXXX. like from February disposition that
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a question for Gilbert, Ellen. you. have we Thanks,
will money sheet. that income largely will X NOLs have payable offset? the taxes on balance be Is We you envisioned the Or paid?
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again, geographies there is you Reading a particular Thanks in or look chain a How Gilbert. acquisition. cinema Ellen? Reading Are acquisitions? cinema for active prefer evaluating any
Pre-COVID, moment, Historically, the evaluating we At international for have acquisition. markets. our a been we're small and cinema evaluated acquisitions in Zealand. New us U.S. in cinema the in and the margins international more compelling Australia
our weaken, only committed right for lease and exposure. remain portfolio the us in we of pursuing and industry to operational focus our that and within performance financial impacts on the COVID-XX price and continue are continue firmly acquisitions of As to fit terms to
Thanks, Ellen.
question, in undoubtedly no operating to the the XXXX performance to XXXX? increase in will cumulative in management million $XX.X level catch-up or industry of it as office was $X.X expense Or general paid XXXX next was that to a from relating of of Our performance payment be G&A XXXX, indication XXXX costs address box rebound? improved related of administrative payment from and reflective bonuses a million to were Gilbert? continued senior an officer bonuses years general operating high and XXXX's
to the bonus bonuses. reference not during out of first XXXX. received of a reflects XXXX XXXX, and due government catch-up due the to Committee is a to resumed Responding for million management $X.X catch-up XXXX, subsidies for of senior And in specifically executive any performance Australia to non-segment in paid to we increase XXXX G&A In partial Also, cumulative accrual increase and executive the Zealand. reversal wage during bonuses. the The Compensation the in is QX XXXX expense New primarily for the accruing payments. XXXX payment, half
approved Our has and any catch-up independent and has payments. not Committee no Stock Option approving Compensation intention of
bonus Our compensation the senior well and protect employees other period doing management to and prior as in the to of COVID has reduction COVID-impacted future focus compared on during as continued to what many experienced company. our it of period takes
which building way office which trend? question, the Ellen? field, occupancy, will Ellen reverse efforts year-end. last this our and to turn down we And milestones the are Gilbert. from our Thanks, to regarding timing Newmarket What is and XXXX
to had coming and the and to tied we elected available currently because this that the With full today repositioning, pandemic. remaining accommodate floor costs. Since marketing time, attract one COVID-XX lease a hope circumstances and of lease. vacant due work but landlord tenants the vacate pandemic, of we'll tenants to increased user, needs relocated Through for space multiple the in tenants. avoid our is a office that created their we to the single remains and to consider X We're building
and and to listening end for wish good you Ellen. thank the you call. today. Thanks, appreciate conclusion call We your and health session that also of everyone safety. And brings attention We our question-and-answer the the the of