Andrzej Matyczynski | Executive Vice President, Global Operations |
Ellen Cotter | President & Chief Executive Officer |
Gilbert Avanes | Executive Vice President, Chief Financial Officer & Treasurer |
Thank you for joining Reading International's earnings call to discuss our 2022 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 try run through the usual caveats. In accordance with the safe harbor provision of the Private Securities Litigation Reform Act of 1995, certain matters 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 our 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
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detailed the Commission. Securities use dividing And by qualified filings food key indicator our in cinema. calculated the XX-Q for in performance at are revenues as admissions that also food anything The by disclosure patron, necessarily a US is SPP say with beverage and cinema's our a is forth nature. and to will measure referred by generated that per our other We Form which of beverage, we Exchange F&B, sales number set SPP, and spend is a and F&B comments by the more cinemas. note summary Please
for navigating review. detailed I'll And will review quarter operating post-COVID and Reading will strategies landscape. behind our a turn to through over then that financial results more with discuss Ellen? XXXX second us, the our So it Gilbert Ellen, who provide
for In the call clearly dramatically today. you, and is our second from recovery well improved everyone, of thanks, Thank Reading Andrzej, underway. quarter joining delivered operational operational pandemic results signaling XXXX, the that the
XXXX XXXX of revenue $XX.X million, the QX and quarter XXXX, of total $XX of doubled the the quarterly consolidated million second XX% from Our fourth XXXX. nearly revenues represented of quarter which second highest since quarter in
represented and XXXX on significantly since exclude Our second an quarter would the quarter XX% pandemic. QX improvement compared Also, was operating impairment you XXXX. have to to even. of our charge million $X.X onset XX% first quarter the reflected operations an of our quarter loss compared during the the financials, second broken of loss XXXX quarter the essentially better any the The of if million $X.X improvement operating million than $X.X
Our significant a materially not, investment The and almost cash and equivalents, our which in in June of assets would assets, generating where without million. capital. of cash sheet second by certain assets delivered previous onset is book pandemic and we of demonstrating which the Zealand, view, by under net of million as positively States, $XX.X value purely direct our the that million asset the New And monetize million cash results, to EBITDA the in successful driven included Recall influenced land when and $XXX these XX, sold just we quarters balance of unlocking sales. monetization. was first we United XXXX, of $X.X increased result $XX under since of that EBITDA and healthy quarter EBITDA non-income-producing strength just Australia have strategic our quarter reported profit in opposed a represents pandemic as operational the of
mix real Top Doctor like Diego, back interesting cinemas. of improved. operating second varied titles, the markets segment driver cash XXXX. cinema instead know, The and Not Venue it XXXX, public Hawaii Operators Once hit of the you Everywhere devastating an estate the higher Dominion audiences Shuttered Maverick San raise The monetary future of Board As sensational confronted our the most fourth and XXXX, through pre-pandemic million, our revenues during cinema quarterly bringing along but Hedgehog XXXX, XXXX above QX and highest well of Reading's real company a across operating quarter increased performed compared no the in the Grant of films, Original has QX the the consolidated only by Gun: our stellar income in $X.X by represented slate quarter and strongly. cinema rounded since global did commercial us, rest for City, was in revenue due our attracting loads. was to stockholders due like mentioned moviegoers XX% All also Federal cinema diluting for of segment of pandemic to assistance at of hope debt And to status, which succeeded in of especially an global the XX% of the second our unique since X US business, lineup XXXX. XXXX the pictures the flow Black business been cinema. quarter our program of same period rebounded the global with Not theatrical the and industry was in highest cinema second reignited and revenue offered only the our for of a and total equity increase cinema our and monetize quarter XXXX audiences our for or revenue, to our burdening cinema with cinema chose out like Multiverse Bad Guys, the Lost industry with Sonic the estate foundation Everything pictures in million Strange the income different global assets and and management quarter of fourth At Australia. Franchise back The business the circuit. with Elvis, Phone World: to XXXX to Clearly, elimination Madness, our $XX.X these Jurassic reflect
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anticipates key global making estate Our assets real Wellington announcements about team quarters. our during the next two
I Board of turn want over myself, to our on for Reading global Gilbert before Now quarter, second the it financial to sincerest a of to our behalf team. we extend review and appreciation Margaret, the again
for events know Our eased, out we through efforts unprecedented we're woods just team have COVID though decreasing daily cases in lifetimes. most and the not worked yet. government has Even our It's are the tirelessly the completely restrictions of of it say that, the turn more stockholders. in a you. Reading Again, team stabilized responsible Thank I'll you. for for With getting its we Gilbert. position over our thank divisions company our to that, to various
company asset ended months basic were on period last cinemas our the compared earnings attributable to June $XX.X $XX.X government to XX, attributable to quarter a ended compared slate to XX, to a when of XXXX. for same revenue share a Net to This compared COVID million of occur the period stronger XX, for XXXX, for of and cinema pre-pandemic share XX, and the partially film XX% Consolidated well the operation ended increased the XXXX, of the reporting from a to our due six of on a June basic Zealand same is you, earnings Basic as largely same to period for increased the during $X.XX months from ended XXXX, by million per XXXX substantially six Inc. the months did $XX.X for per by ended quarter quarter gain Thank the impact of months for million during revenues which cinema in when decreased XX, due income, the sale June per XXXX. year. six to to to to June Australia. same XX, XXXX, mandate XX, revenues rate same was prior $XX.X is months revenue the of due quarter June the second compared first monetization the decreased gain quarter. ended This was share period foreign income to asset all were XXXX, New are sale the loss closed quarter compared last These XXXX. comparable loss quarter to for of positive for was for of ended local that same million XXXX, million for six to XX% year, same increases of increased per $X.X of by pre-pandemic a in million XX% by six period. for Consolidated the XXXX. million the attributable a part and exchange June million comparable of offset portion $XX.X XX, not $XX.X six our profit the June as expenses loss to income in International our period assets $X.XX six XXXX XXXX, year. when tax during $X.XX $X.XX for when our due the compared $XXX.X same prior the to XX% XXXX Ellen. Reading was to which June prior These share Basic six-month changes months year, compared period. when of period decreased ended XXXX, of Net loss our months the by
tax to the equivalent income expense quarter prior period. second XXXX, the of $X.X For million to by million compared year decreased $X
ended between the For to XXXX, million expense year quarter ended XX, XXXX months period. increases for $X.X increased assets the to change The compared ended June Non-segment $X.X year attributable due XXXX, June $X.X increased to prior XXXX. the million to and compared to XXXX $X.X XX, equivalent fees, and the to prior G&A services XXXX. decreased primarily outside $XX.X to expense compared $X.X by and income salaries period year six by professional XX, wages. increased June the million were It prior six These the tax million of to and months is by million and million legal period. monetization in
now flow. cash our Turning to
$XX.X XX, $X.X XXXX. $XXX.X decreased during in XXXX, monetization ended increase due offset Shifting in six from our $XX.X by increased the million million, XX, related improved sales driven assets June interest activities XXXX June the activities a liabilities, This same did the and million, six to by mainly to six to that net during as the Net to change primarily the in using asset pay to off compared occur in operating XXXX. increased XXXX. not position. by months of performance. million was cinema primarily debt, cash June and in when used $XX.X XX, million proceeds $X.X XXXX, decrease Cash well accounts by operating operating period to $XX in XXXX. proceeds QX in $XX.X in million financial used ended activities assets ended and to For as months paid mainly down by investing million from financing from in resulting taxes attributable months payable, payable to to non-controlling Cash million, used
decline driven down and funded in XX, assets our cash business operations in cash to $XX.X debt. ongoing Our was and we by The $XXX.X which XXXX. million million pay equivalents on were million reduction XXXX compared $XXX.X a by total June XX, December primarily
pay decrease total outstanding were on impact. rate of foreign As of $XXX.X was to and million down June exchange our compared borrowings to million XXXX. debt December XX, XX, This $XXX.X XXXX, due
June XX, XXXX equivalent as were and $XX.X Our cash of million. cash
are loan our currently compliance in covenants. with We
without are terms our Andrzej. feel We on and in we to and turn additional compliance that continue with our modifications. repurchase pandemic our to I the now continuing quarter everything shares have in our the lenders for likely good to liquidity, to lenders. to future. repurchase agreements, our loan impact for XXXX the capital of will our not pandemic that our We lower overall did program We believe foreseeable that doing is continue relating relationships allocation situation be take the strategic the and We over due we can with deliver and loan of that to a it we any current has of are priority COVID-XX stock to not COVID-XX need making second its will understand priorities.
Gilbert. Thanks,
As but usual, we'll addressed some to we've in of five I'd forwarding a like prepared that to thank questions now. remarks, your our questions to set Investor we've of compiled Ellen's e-mailed And us Relations questions stockholders normal, e-mail. for as address our
of inflation what being question you First pressure? wage terms and in seeing Ellen? are
due XXXX. like to definitely labor have Likewise, increased quarter QX our the pre-pandemic has of Most But cinemas, all XXXX compare expense our Inflation up, and a to of price divisions. ticket in impact. strategic period importantly, and you calibrated deterrent we've operational and second SPP a period, of for not have the concession impacted ticket this country's increases. average global each when gone increases F&B price costs to
be the might anticipated through a it while also week. discounts US, blockbuster on the more providing TITAN screen, in first highly more the instance, expensive to For a we're in week see
launched half to strategic our the on Tuesdays. has increases foundational membership And offers Australia of with every Tuesday incrementally the Zealand, are or effective pricing value attendance. really type be and recently weekday program program membership price proven of philosophy. ticket XX% example, at consistent driving For New more Angelika The component in our of
the are in across only On wages across increasing, a of per up capita to our general really forcing retailers Again, it's by think strategically. our more quarter our the second globe, headwind, over this like but wage been pressure, have more of XXXX labor if XXXX, staffing other With gone operating Not XX%. to staffing the the difficult. teams has quarter you all challenge is second divisions. of new compare
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despite and audiences Minions, see like to record Over Sonic the few returned last Top months, numbers price increases, entertainment have some Gun, in top-notch Doctor Strange.
Thanks, Ellen.
the or the With Term status is this liabilities and Gilbert? timing loan of term to with What now longer-term BofA and Loan, newly increase. financing? sizable US the current replacing X,X paying-off loan course Cinemas to X and substantially reclassified
extension America be maturity additional the loan Term push of X,X,X one X, exercised, has its X, will scheduled The Loan XXXX. Cinemas that March loan on maturing April months The Bank to out to be date XXXX. payments with principal will six term
current financing. that for the refinancing, lenders time, industry work current loans its as believe meet beneficial all sufficient diligently resources position, long-term most our the flow company performance cash we estimate bids out obligation loan with to of financial with that for and our We of expectation due. reach and for forecast up based competitive mean lenders they our the on at other that recovery become same come and As from has
Thanks, Gilbert. US the asset next the feel impairment? value Cinemas What was million had Can X.X one? you that
specify to are reasons, not we do in strategic what For asset impaired theaters included the want value.
that the basis. to profitable to these US the work costs, to reduce the to relates craft on cinemas to the However, cinemas We'd small of landlords our US impairment of is occupancy strategy, contribution circuit income so negligible. with operate like with overall three a Cinema
no we offer can we'll assurance However, be these that in successful negotiations.
locations? for these you Zealand? an timing US, How The on Gilbert. and update fourth many New theaters permits would Australia the Can for licenses for? applications What Ellen? liquor pending question. in more get approval is Thanks, like the in we
our Across Hawaii. liquor out With community. all in and the to of theaters in eight in for theaters Texas, That's out is Coast East operating respect cinemas offer ultimate today. where liquor California in five US, eight surrounding the goal makes XX% our the out sense to it on offer globe, six six of theaters, the our of in seven
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time the I structures, back buying leveraging shares three Ellen. dilution that over, that Thanks, question, fully company How My question businesses, the clear the recover. which to is I'll require and and without pandemic approach storm, sheet. feel capital than these going is is use is the does better last the understand But cinema through I it's there -- the got at is the COVID the And to two prices? money country, diversified us balance guess allocation. now. you? act is, of What on
basis of on to balance to war shareholders included stewards approximately forms the the that against and must daily a still the a on have question, had based June We using so minimal the capital has from business. and redevelopment strong buying be. the we our Well, Let's million a six of assets, the manage position part $XX marks back Well, in ebbing months call. and may an certainly of so opportunities and on the by on part debt COVID than of work buying confirm stock there look of price. XXXX back firstly in sentiments would allocations the our the the what taking property first in afforded the debt a expressed though may that investment last we of almost era placed and CapEx our of create as being offer business XXth, effect, cash to value Based shares. fighting £XX balance the of our and to numbers, excluding bunch selling reviews COVID our needs face any more at current option we discusses future stock. the on the shareholders' agree expensive whilst money, to in of we has business, bunch million, first repayment needs stop more reality to conclusion discussions. the We business our tune of the is recovery of consider supported existing what and either have reported it far and/or position by some we of a an avoid of cash diluting future a those in Management is that us the shares been the
we always, the Thank and health everyone, good As attention. appreciate safety. call. wish for you And to listening your you