RDI - Earnings call 2 2023 | Reading International, Inc.

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Andrzej Matyczynski

Second Quarter 2023 Conference Call. Thank you for joining Reading International's earnings call to discuss our 2023 2nd Quarter results. My name is Andrzej Matyczynski, and I'm Reading's Executive Vice President of Global Operations. With me 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, as usual, I'll run through the caveats. may safe of of will XXXX, in earnings the Litigation Private be with this Act statements. Reform certain call accordance harbor the provision Securities addressed In forward-looking constitute matters that statements cause actual the may performance subject factors different implied or be our risks, and performance uncertainties Such other are by that indicated materially to from to such statements. publicly statements. clearly set filings. We obligation to SEC out undertake forward-looking any our are update in factors revise risk Such or no

measures financial segment on call. addition, and we quarter non-GAAP In on company's financial our are discuss definitions earnings and which adjusted in the non-GAAP Xnd website. operating this of issued included will Reconciliations EBITDA XXXX, recently release EBITDA. measures, Are income,

be cost acronym. infrequent our measure unusual cash TLCF, an of SEC costs that call, We is extraordinary not determining consider nonrecurring, direct and reflective doing external less of our include and X-year to litigation ATP, which ticket also have used of theater expenses. today's for average other with adjusted accordance where believe industry-accepted any supplemental to measure legal or an price level also the is in adjusted of performance. In believe business nature. operations. an we an our applicable whether the level revenue requirement use EBITDA called item industry or theater EBITDA is business financial We important to in items results is items accepted flow, theater relating be level as Such nonrecurring can expenses to we we

our The that by patron, SPP, filings the to Form referred performance F&B qualified measure forth and note SPP revenues F&B by which indicator by and dividing number U.S. a and are generated detailed Exchange other Commission. and we nature, cinema's per anything the key calculated that summary comments with use food by beverage the XX-Q set spend also in will say We admissions is at our is is a cinemas. sales for necessarily in cinema. Please more our of disclosure Securities as

I'll Gilbert, that our So and by business us, forward, more XXXX, over going detailed will followed results you. review. a to strategy provide behind Ellen, discuss Ellen, with will who it our turn Xnd review financial who quarter to over

Ellen Cotter

and Australian Andre, global a call dollar second QX total to everyone, to our very against second the XXXX and We in delivered mind be our half revenue quarter with our which in since At and global you, and our New average million, Thanks, almost X.X% total Australia XXXX continued U.S. X.X% of foreign Zealand direction. results, total despite of operational thank reading revenue exchange for revenue Zealand. revenue. We is XXXX this move exchange generated rates, the the listening quarter dollar reviewing pleased to kept the our results by The global highest XX% when the result as today. needs of respectively, weakening right $XX.X represented in dollar. New and were total QX

our with cinema and Furious million. global our highest the the income of Super success compared and revenue Brothers, XXXX. Thanks and phenomenal hit by XXX% the stronger represented million improved Guardians cinema Spider-Man, Coupled operating $XX.X a of franchises over teams, $X.X including the such of QX Mario topped Galaxy, slate, Disney operational global Little QX income operating to management strong global film since as Fast QX Our XXXX Mermaid. the and from Transformers to performance

QX revenue. second than represented note quarter XXXX at global at I'll quarter the at decreased circuit, global by that quarter. dollar of trading X.X% of that the most our last time, second end the was to a X% While and Australian our did the Australian cinema higher for represent the XX% cinema all-time highest revenue level revenue recent ever compared quarter it of cinema year second XXXX, XXXX's

is stronger. business estate real also Our getting

estate June benefited retail Square, one-stop in New Australia. a our stream opened opened, quarter on Union second its performance performance and live XXXX, XXXX, theaters and from had theater health and pets. The steady which continued tenant level best we Our in the Royal since of York rental City, X, XX location delivered destination tenant City, at New third-party flow from York new the flagship George also when solid for QX portfolio strong the uniquely Which real of in Petco, cash our designed our wellness XX the

$X improvement compared of the and estate compared in George had period year, XXXX revenue the in same increase to XX% XXXX QX the QX Auburn QX since last Our still highest Royal to assets and million represented Redyard when a portfolio. X% our real we an XXXX

operating XXXX facing QX represented to QX $X.X and despite the income, X having compared to of in our against and EBITDA X,XXX% improving over from period operating U.S. challenges the XXXX, order properties Our weakening increase of real income the of Zealand to the XX% of of estate resulting despite million performance pressures, continued and came mitigate pandemic adjusted this in impacts. Delivery an and sold company the in XXXX same inflationary $X.X New headwinds labor Australian our of million cost dollars operational dollar. a supply chain

equivalents need environment XXXX and liquidity rate debt our mindful and than high balance of debt of June upcoming of global the and due million. We're XX, to XXXX a cash $XXX.X arose our reported $XXX.X sheet. and maturities, of $XX.X excluded our also of and balance had debt strengthen our the million and improve XXXX pandemic is interest December XX, rent As current to cinema balance deferred cash that lower lending obligations million. XXXX, we Which the

compelling cinema has box the globally; XXXX, $XXX and Galaxy $XXX $XXX It now cinema X, the from look cinema the global has the let's more that, almost of protect effort additional an the is assets all global revenue to which to its X, quarter. and when when of I'll our was the for detail gross in the decided dollar million So film highest a put Board our at time cinema on of interest QX provided asset QX decreased decades. right. Super support sale, X.X% Spiderman: foundational our has screen strong Australian closely at Mario touch to our company, last XXXX the return slightly global grossing the few industry of of our over marketing million was at the end to which $XX.X Fast Across billion XXXX delivered of million. In witnessed and up globally in was ensure stockholders XX% ever content the almost grossed was more performance when higher Guardians second it and the of our our in of which big by has our and the long-term has April million grossed flow animated of saw quarterly Brothers which circuit also movie, grossed over viability release which the Volume highest growth almost Australian global X% than sensational X of cinema We QX globally; later the time. And revenue. represented certain $X.X our call. With audiences has business, revenue a cash cinema XXXX, again, which The the office global a Spider-Verse

to and the quarter income Our operating global since improved $X.X 'XX, XX% income of QX operating the quarter marks million compared to second the of by XXXX also fourth XXXX. cinema highest

the cinema country all-time feature strong our quarter opened With April thereby terms success ticket by of sensation, office, quarter massive a crossed of ranked and million illuminating biggest a that that shared SPP, office highest second weekend second that followed price gross all Barbenheimer. true in verge box big film by billion Barbie He history and anticipate SPP. the iconic global for third has be of Barbenheimer they and Wedding are SAG-AFTRA Oppenheimer grossing at Greek grossed the the PAW studios Games, operational domestic and X, movie. And box July theaters fourth Ballad Barbie weekend see both million. Recently, second since with from for the Kingdom. We're talent the developments production for is halted led and said DC of monitoring a are streamers promoting them, in Both In the of we're the a Comics: our deliver XXXX. attached no have continue or are My momentum. Later has global wonderful office ever the mix highest blockbuster set total which to confidence threshold average on of billion monthly Beetle of Gran XXXX. Today, And of from Barbenheimer. behind month, During also Equalizer age, milestone SPP from of we box the the of Strays. they to delivered few Dune: certain of that Both second XXXX, grossing the be we'll from and and hunch films has success highest quarter the creating Patrol: continue of box SAG-AFTRA are these X productions each of Today, all U.S. strikes he -- the ages and as and of audiences have the this to third Fat F&B in the year of in Part from said, the film circuit Brothers release Wish Wonka attract them films. $X.X opening Warner the of the Animation, Migration with become and audiences the September, cinema the a Comics sequels strikes X, and highest teams July next revenue box XX, exception the that Barbenheimer, $XXX to film all office Turismo, exception about Clearly, July number to cinema. each which strikes theaters. box largest have upcoming golden any neither second off for remainder second on the Washington in time release that quarter, $X our Coppola Mighty to will office a large will and my Disney making achievements victory one-offs in with office Songbirds season, metrics worldwide, acting in holiday all prevented slate gives prequels, any ever. We the movie Ford fact build ever domestic quarter Oppenheimer. Marvels, Expendables the Denzel and great $XXX.X quarter this F&B and major Illumination, the from hopeful of Francis is record a titles and hilarious his and Lost Aquaman opened of total Nun the resolved double WGA meaning diverse to is office, due The box to XXXX, on thoughts we'll start. In people months. filling Hunger filmmaker X, seen to ongoing The certified get of related halted to on X Blue the global the from and The to DC independent have the the Big us The treated revenue Snakes,

are some major the as movies believe a if But some our we've to a our moved the to to those don't QX last major will could behind start will enjoyed our have Despite more business if we box be schedule releases on exclusive strikes, window. While theatrical continue and strikes, stand belief have move even we movies today, over only streamers that or success that confidence month out the XXXX. Though studios been office performance. this of off the reinforces the Hollywood of long-term material timing significant the moves in so, impact issue. currently change, that the and will delayed, the that anticipate the really due

QX of -- performance. $XXX,XXX in U.S. compared quarter turn QX by XXX% in QX XXXX to delivered overall in X% the our was at The to was QX highest 'XX. second number it's U.S. best quality let's It by increase increased million to of since the compared XX% cinema improved revenue since the overall our solid $XX QX income operating Now Cinema performance of theater division, our increased cinema The U.S. to improvement a XXXX. which the wide flow slate, to U.S. to the XXXX the revenue of we QX the and XXXX. movie an by and cash release the attendance level XXXX. Due been films of over

was second average in the XX,XXX second time. almost quarter in the U.S. which second our impressive discount days has first Note membership the XXXX members of the screens. At all half-price being programs of to quarter. Again, light milestones operating quarter successful of except ticket our second XX circuit achieved in the theaters our at highest or the in now during we're price full feature of X of Mahalo few And At days with quarter set level for our Our the U.S. ever. the day of launched $XX.XX, in in This program, our of theaters. a highest XXX% of our also, membership Angelika quarter and it was notable has liquor been SPP second discount despite quarter rollout cinemas, and Angelika to all as one. the first Tuesday and was quarter full free licenses the F&B join second program. $X.XX, our today,

generated fees delivered. we've revenue theater from quarterly service online the rentals ever Our ancillary and highest primarily is

specialty signs show of recovery quarter. the cinemas U.S. continued during to Our

in increased specialty cinemas. this office box release to June Wes York at QX Our Anderson's City XXX% our the to on QX by XX drove New of of back compared audiences the Angelika Asteroid City year XXXX. The

surpassing X box and office course opening stood for and York opening at record the years, an records previously days, Asteroid respectively. X over of in the set weekend City Angelika it week that Over X an New

the to an engagement York Today, at gross $XXX,XXX highest just week Past movie almost and New North its still the in Another is run grossing York in that's Lives. New of has America. the Angelika million in acclaimed $X.X under critically the Angelika opening had

profitability cinemas Over past two XX portfolio took additional we've steps equipment. and to months, our reviewed maximize the to removing close our after

the will three circuit. which improve of we With these our closures, profitability make closures U.S. total, cinema overall in

let's cinema turn Now our to divisions. international

XXXX cinema movies cinema tough Australia, that delivered sales sales Our and though Australian of in also Australian Dominion, revenue is X.X% was quarter in On QX circuit overperformed quarter before of Gun: pipeline XX% be Australian online ever beautiful And decreased the second circuit's we its at the in history. represented our up XX, quarter Australian XXXX Australia the to to X.XX, AUD Australian XXXX, on like XX% which, Cinemas highest Australia. Square continued with LUXE decreased by new Australia we'll $XX.X total revenue 'XX. Throughout in the Film Australian of Reading XXXX circuit Australian XX.X XXXX XXXX currency quarter. X.X% best comparison quarter XXXX, the F&B achieved total Western year. our ATP in again, cinema our World SPP second South we're revenue the Minions eight-screen in continued notable And second even second Maverick, Jurassic F&B Angelika during Center total in on in milestones performance also quarter At cinema compared TITAN from quarter, thrilled best Busselton to to Brisbane. the our is cinemas was grow, the the XXXX. at the revenues. dollars, basis, XX.X% At a at income which a of develop in achieving second end revenue the Australia QX open our highest ever. QX at delivered city But Strange, time. new And since August opening an F&B million constant the all was XXXX AUD Australian the after of few to the QX our quarter second on cinema record. to was total by of second quarter encouraging Top because XXXX. The of highest Dr. compared Elvis. The to quarter million QX QX record operating Thanks $X

a signing also another LUXE of achieved We on TITAN Heads the deal a in in Agreement Noosa Reading of for brand-new with cinema Queensland.

operating our New the increasing Zealand Turning $X.X XX% to revenue At second XXXX to Zealand decreased 'XX. quarter Zealand. QX million, The revenues year. flat, last $XXX,XXX, by by our quarter compared of XXXX New New second was cinema $XX,XXX compared relatively at in the to income QX

second achieved circuit milestones Our notable Zealand the New few during quarter. a also

of the the ATP continued quarter ever. May and to New online New New XXXX highest our 'XX. In of a in grow, cinema 'XX, quarter our Zealand, Pop-Up our time all of second cinema sales of also in second NZD streamline XX.XX, cash the F&B outside New all in NZD At X.XX, in circuit quarter state-of-the-art Reading ever. up positive the Zealand. to signed new highest Zealand in retain effort permanently the cinemas second QX and from X.X% sales second Zealand. Heads Wellington quarter highest a The was time and of of Our was closed of second quarter Agreement we But highest an achieving of X% we And F&B F&B only for SPP Hutt total

our Now to business. let's turn global real estate

to dual largely was ability operations flows, our pandemic COVID-XX remain operations real company's our decline cinema strong. cash our Our and a faced business in strategy. viable during When diversified estate attributed the to remain resilient

operating post-pandemic navigate estate that's will a developing our we delivering value As long-term a improving real real our focus and on business through approach disciplined to growing world in a estate properties. stronger, investment for our be with stockholders

Our by The in rent Increased fourth by real our income well $X.X our real our quarter quarter period and million 'XX. second estate empire during licensing Petco estate of at theaters generated as XXXX Strips XX performance Union to portfolio. Back of lease the 'XX. at are the Orpheum of to of second XX% the second live Australian our And XXXX XXXX steady estate improved our results new as due real at Theatre second operating which property $X.X than attendance X,XXX%. The increased second the revenue improved Square this of quarter operating compared million commenced quarter revenue more from to global 'XX quarter the quarter

our business income to fourth the As In revenue City. real the revenue the third a by live operating $X.X million. in revenue Petco from increased estate or million achieved $X.X New and quarters estate since theaters result, U.S., to real quarterly XXX% rent XXXX due second and and quarter licensing XXXX, estate respectively. our our real highest Primarily of the York

quarter revenue $XX,XXX real New quarter the compared XXXX slightly estate to at year. by real $XXX,XXX. for And last our estate second million $X decreased in second Australian flat revenue Our second the to quarter remained relatively Zealand,

X measured combined real the XXX,XXX, in and Australian and portfolio. for occupancy real leases our had X New third-party about on Australian second leases, XX the sales and total At the by third-party renewal. million. of Zealand when we Australian We estate estate had quarter new rate the from Australian Zealand our estate And by estate new tenants New a in quarter real XX currency, second portfolio. XX%. AUD executed However, total lease over of for our increased was increased X XX, real Zealand revenue XX,XXX. And quarter 'XX local June estate focusing almost NZD AUD tenant real and the third-party revenue the successfully We New for XXXX,

to sale. asset the we to decision monetization. assets support for To Turning following the our made liquidity needs, our list

office Culver Our City, in building California.

million. date, listed Newmark, Newmark the agent, our has advice exclusive the agreements. Following we XX of nondisclosure To for received almost building listing $XX

of New has in New and potential last, point. And the they in our Australia. strengthen building as property parties. exploring whole sale in finish Q divisions, or foundation in reducing X South we're of that & multiple engaged We've estate the X, and this agent in we an otherwise we property with also and discussing Wales by property. I'll broker footing Also, our our at Pennsylvania, Our our listing the City assets. parties in earnings release, or with in York our industrial regain engaged in CBRE retained are exclusive as we're X about confident real in to investment discussions Cinema interest in in reported noting JLL, the multiple the our XX-acre part sale potential continue this our Williamsport, Maitland, site the cinema and

Townsville These Village Zealand Brisbane, of in either long-term Philadelphia Viaduct live and X Wellington, York and theaters or assets, financing in us portfolio properties, a City as Common XX Newmarket Belmont including have our our to The We substantial a assets Union Square Australian New diverse and Perth. New and assets create Park redevelopment, in will Cannon well provide properties in our sales. for potential through in value opportunities stockholders in with continue to as

So the overview business to up quarter over Gilbert. turn second my it of XXXX. I'll that wraps for

Gilbert Avanes

X per circuit. Net by attendance XXXX, to months of to increased million and revenue compared Reading received $X.X loss which that occur million net driven increase for our did compared million quarter June increased by XXXX, tenant Australia not XX, the to slightly rent period Thank the the as prior million June QX quarter when by the a in XX revenue, circuit score in result by $XX.X XX, when the our the Consolidated X due primarily a decreased million in of period XX, attributable to increase and $XXX.X ended result the attendance revenues ended Partially a XXXX Basic Union tenant for same same of in XX per estate to to you, International a loss million revenues XXXX. U.S. loss when an Petco, attendance increased prior to year. basic to year. real of Ellen. ended in This by the was prior for loss New increased Union receiving from in in same increased from Square our XXXX. Consolidated a the to quarterly for offset $X.X period June by QX June Zealand XX, compared compared XX, as $X.XX $X.XX our record million of was rent million the segment circuit $X.X year to patrons for increased a $X.XX $X.X to share of cinema to compared quarter This our share loss theaters. ended more U.S. by for Union loss was same other ended loss rent XXXX. decrease and XX X in as and income in due XXXX. XXXX. depreciation are XXXX the XXXX, XXXX, due June per revenue $X.X Reading These did to that $XX.X better loss International per were the share share months the decreased XX, to the the June delay months Square in months were attributable occur in of quarter received that expense, our to that of the year XXXX, impairment incurred results. Net in period expenses offset yet for first XXXX, return increased the in capital due to $X.XX in was amortization the Petco X to interest results ended not X June to XXXX, partially spending. not incurred when Basic XX, The basic tenant decrease ended our the months June XX, in and during ended a attendance compared from a

June expenses $X.X G&A ended XX, to to the and XXXX, depreciation months the Depreciation, impairment in X year. impairment XX, for compared XXXX, in quarter expenses amortization, the depreciation prior in G&A decreases are $X.X due and Our incurred million spending. prior $XX.X compared year. the that were due to million period not decreased decreasing in quarter XXXX, million impairment for $X.X same decreased total and reoccur capital company in by by delay expenses These amortization, to million ended June and did amortization that XXXX to to same

income tax benefit by second prior of an $X.X the million to the equivalent decreased tax compared quarter period. $X.X million income year For expense to XXXX,

is XX, a decrease between million in to For XXXX. prior tax the ended income compared to benefit to the for XXXX, allowance X XXXX, tax The months equivalent XXXX benefit by year expense of reserves income unrecognized both in for period. $X.X decreased June due $X.X change tax and reserves primarily valuation million and

and For and the compared our primarily in performance decreased result expense. million. This operations $X.X circuit XXXX, to our prior cinema of Zealand same was Australian decrease $X.X year adjusted $X interest million EBITDA by the increase the period to quarter of weakened New second in million

to X by income a the June XXXX, net of to period XXXX. Shifting same was prior in increased XX, rental increase the For income This to first adjusted as real cash improved ended which due year loss in from is $X.X estate rent Petco flow. our of million compared to time increased the EBITDA tenant, months period. incurred same the million compared our not year result to due to X the prior $X.X months

of June prior to XXXX, For cash by year months when to of operating ended X compared same period, by $X.X to same period. from months for of occur XXXX, Cash million the existing an XX, a -- driven compared improved for decreased same the in of to $X.X X prior on Square operating due an Union XX, compared used months to activities year the performance and facility. used million, the $X.X cinema decrease investing million tenant an used which the liabilities. Cash year a did was the prior used This property, year. June was income not by increase net net June cash ended X in XXXX, net period million $X.X prior XX, and recognition in million in rental activity the the our financing ended decreased XX operating assets activities at period $X.X borrowing million $X.X of in

now position. Turning financial our to

business XXXX. were million cash XX, a on for Our which assets decrease on funded equivalents our June operations. driven $XXX.X million ongoing and cash December decrease was $XXX.X total $XX.X in million compared we to This XX, by XXXX,

borrowings million XX, compared million total were XX, $XXX.X June of to XXXX. our outstanding XXXX, on December $XXX.X As

market we listed with monthly repayment extending required certain X, have X, estate Bank Further to our assets of date to U.S., $X.X million July XXXX, July complete Cinemas Our to with XXXX, facility as with QX debt certain are the XXXX, the cash pressure $X.X as cash Zealand. loan, date Term for noncurrent. our million we includes monetization XXXX, equivalent XXX refinancing in on the our continue maintain of corporate X, October Loan XXXX, our to modified that debt and revolving certain and we in we million which selected lenders our facility New to covenants real on a $X XX, time June loan have business, in America XXXX, $XX.X address XX, restructure maturity XXXX for them XX, June this modified from liquidity and Australia $XXX,XXX lender. In and September additional were August working maturity commenced. million, facilities, approximately And and facility in potential of XXXX, to NAB to XXXX, extended our sale. In and allow the extended to with to May of

We to cinema as monitor have market process assets begun we certain active monetize conditions. the

to continue preserving turn we no start foreseeable now to focus XX, that, As take liquidity, capital XXXX, lower to it Andre. during allocation will shares future. With our the repurchase quarter has stock for continue were -- priority and a purchased ended program the over I June and our likely on will

Andrzej Matyczynski

Thanks, Gilbert.

questions our Firstly, I'd like Investor Relations for to forwarding thank our to stockholders e-mail.

offer In many insights few we've from addressing to and additional management. addition in additional Gilbert, a from to questions of prepared some Ellen the remarks questions selected your

The first question.

Rail are subject Recently, and You Philly for at these parcels Reading's these be near been ownership adjacent has or Reading Park? the focus in of say a will media and Ellen? attention Viaduct Viaduct Philadelphia. of the What your properties in properties plans XXXX.

Ellen Cotter

leaders you property. the small to our and extension which an convert the Philadelphia. know, our adjacent neighborhood Which to Reading of Viaduct, As Track Rail in an existing some like Rail Park into city elevated would company owns is

Viaduct together few last positive civic with our stockholders. the we and how a outcome and communities to Philadelphia with we've the various about for the leaders had surrounding years, discussions Philadelphia the City of can for work achieve Reading Over

from outcome must protect fair Right been that for or returns that its Reading the administration in the interest our a understand assets. value. summer it in now, position city's are that ordinance those for recess, will the stockholders and we fair Council ensure Our has the Viaduct acquire any we're value of receiving that to would consistent in market authorize our consider part, discussions when City proposed ongoing. Relatedly, whole

Andrzej Matyczynski

seem cash regarding to only down Gilbert, you our think two rent the These $X is that? obligations. amounts? only ago. of next of our The was for mentioned obligation higher quarter I is handle our or these question Ellen. amount deferred rent to -- timing rent payoff a can million. What Thanks, deferred

Gilbert Avanes

contained deal the by accrual deferred but landlords. currently owed either On June negotiated accruals us that amounts are which also XX, amounts balance $X.X liability includes certain for during approximately sheet dispute rent for under includes executed XXXX, with pandemic, million, are under or being

financial negotiation full from Included $X the these require original reported to despite million reflects accrue pursuant in rules the footnotes, which any dates the to $X.X our deals the months and XX separately accrual rent in obligations, lease. owned of extend of deferral to However, particular up rent due months and the are for sheet. balance million the our XX disputes, that out figure within expense amount signed deferring date arising than today. Those third-party us out XX-Q accounting pandemic more from could

Andrzej Matyczynski

Gilbert. you, Thank

to renovations. close leave will Turning And About When that for to Palms, down these we'll will is renovations? Angelika, they start will Ellen, how you. need at auditoriums and on many costs their of cash our how completely for budgeted be much time? or renovations. some Dallas a the Hill Rouse

Ellen Cotter

our the the the F&B lobby Angelika like the theater landlords. And cash auditoriums the the All with New And the closures Cinemas and renovation for the for fourth the information right. Angelika we and renovations is our timing renovation Australia, never and at offer, in will create during that completely. will on certain Hill period we can't for the renovation anticipate auditorium, beverage Palms. we'll the 'XX. In food completing elevate we're still Cinemas on a seating, another with starting our this recliner the when through will the budgets respect Reading will reporting We're and At quarter reclining occur quarter as opened. In partial convert Reading anticipate costs, is at of to starting we first we of report with scope upgrades. locations the time, precise Dallas, And budgeted 'XX, renovation occur Rouse renovate And confidential during those adding of close the 'XX. anticipate bookstore. the the and the Starting the include Dallas. lobby Zealand, quarter to renovation reviewing fourth of particular by substantially

Andrzej Matyczynski

Thank you, Ellen.

refinance retire you variable plan longer-term to into XX.XX% loan this costly this remaining rate of current lower Reading's do be at the Term U.S. on schedule? the Or balance Also, cinema interest Regarding updated its new U.S. spreads. America Is some Loan. given Bank loan, Gilbert? via Cinema financing? will pay-down that principal rate higher refinancing feel similar, or

Gilbert Avanes

closely the our monitoring, monetary policymakers are We appropriate and economy, the policy. inflation assess

in these increases points. begun have certain you increases XXX basis rate date, To bank totaled As announcing XXXX. March know,

rate in be we likely in spread. will or a near interest expect operating higher refinancing future are similar interest As rate environment, a the at high we

this retire to the intending are schedule. principal We following loan pay-down updated

and to our interest banking viability of However, will work and our ensure our to we partner with shareholders options. financing company, long-term protect different continue explore of to the

Andrzej Matyczynski

Thanks, Gilbert.

appreciate last for trend a Barbenheimer Our shareholders. Relations. is the Investor it question regarding release. Investors Hopefully, updating press continuing

the We get to undervalued way haven't and company's the the of handle coverage? do Our one. sell-side shares stocks. in other remain Is to participated going there recent company with story. I'll need run-up Is to extremely a investors that reach cinema roadshows? more more

progress see we with and we informed on communicate them frequently post-COVID of that more path the we recovery, the ourselves to committed are Now are keep shareholders more to to making. our firmly

to In presented which like addition Gabelli, and conferences this year. early of attended in at we June

Microcap an road We end are additional achievable, year initiatives, namely, end. as also year's as before the several if working the on well additional before shows X least at of non-deal conference

yet but conclusion analyst for borne marks several investigate the are stock, a our some that that to for also provide has coverage We not different been of to fruit. With those remarks, options continuing call. process time the more ongoing has

you today. you everyone and health we usual, the As Thank appreciate we call and for to wish attention, your good safety. listening

Reading International (RDI) 16 Aug 232023 Q2 Earnings call transcript