Andrzej Matyczynski | EVP, Global Operations |
Ellen Cotter | President & CEO |
Gilbert Avanes | CFO |
Thank you for joining Reading International's Earnings Call to discuss our 2020 Second 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, I'll start as usual by stating that 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. Such statements are subject to risks, uncertainties and other factors that may cause our actual performance to be materially different from the performance indicated or implied by such statements. clearly in are SEC factors risk set our out filings. Such update no any obligation undertake or to We publicly revise forward-looking statements.
In measures the on issued XXXX of discuss company's EBITDA are non-GAAP website. Reconciliations and quarter our income, will which definitions recently in operating measures, non-GAAP addition, and financial earnings adjusted segment EBITDA second included this we call. are financial release on
are that anything say detailed nature. Securities U.S. qualified called an expenses; today's cash believe our to cost that items where and in EBITDA relating applicable, doing call, include theater-level Please our direct Commission. PLCF, we supplemental not important of the be believe external an XX-Q more other adjusted, the in we use level necessarily which and is costs disclosure to filings is by X-year have our results nonrecurring And requirement We the our also forth measure performance. could also reflective direct any We in the item to flow, or items accordance unusual with which of with adjusted we of financial property note business industry revenue Such cash be and of is business theater our considered or nonrecurring, theater-level less property-level less property-level EBITDA TLCF, extraordinary set flow, level is an operation. revenue Form is comments determining other for measure summary expenses. and litigation infrequent In expenses legal and SEC nature. in Exchange accepted
and Ellen? detail over in by review. Gilbert, results review quarter the So followed XXXX provide more navigating will and pandemic, precautions with COVID-XX for it more to who a Ellen, will behind strategies the the that I'll who financial us, second detailed discuss Reading's in turn
Andrzej, Thanks, for joining to today. thanks the welcome, and us everyone, and call,
see build touch we'll today time results, and quarter it the through on updating a the spend on we'll company's revenues you for future. account the the said, are of immediate to and just when entire where million, second take consolidated quarter. not the to theaters touch Andrzej We'll preserve continue the we and cinemas about were we live our At our our future. QX calendar surprise, total As government-mandated value and into XXXX quarter global on the what for for X efforts you U.S. XX just closure to $X.XX more
$X.X revenues first our the at of For our exceeded from estate, ever, $X.X cinema time million. real million, quarterly revenues
by the Our QX was XXXX severely impacted COVID-XX crisis.
All of the to quarter. public movie U.S. XX through closed live entire theaters X were the our and theaters
Our And with in remaining closed on capacity. approximately in cinemas meter for to X.X those XX% opening XX XX led theaters seating approximately throughout and Australian operating that X, under July June, cinemas did non were distancing a XX% theaters auditoriums reopen at reclining did auditoriums seating capacity operating recliner timetable so X that quarter. of staggered Wales the a with reopened most the South New XXXX. theaters second
of temple the Australian for studio the releases. However, been primary challenge lack has cinemas major
the the Central Our They June, all releases. studio lack well. were closed temple that the XX Again, for most except theaters the challenge major during New to biggest first has week of second of due quarter for reopened Zealand concerns. seismic closed as in Courteney remained been
Common the our many third-party estate Newmarket XX Australia, Australian currently Park tenants portfolio operated in remained trading Auburn Redyard, and quarter, the Belmont Cannon includes tenants. with but open, Our second restrictions. real Village, Through centers
to abatements many XXX,XXX smaller AUD over portfolio granted the we in QX, in the tenants. rent relief of During our of of amount terms
of also negatively XX, of and the continued X.X%, The Australian XXXX. the QX further For New weakening as dollars X.X% consolidated and tenants rental their by meet June the anchored were to respectively, Zealand by most part, revenues U.S. obligations. the against our dollar impacted
virtual a revenues, million, $XX quarter a million. quarter of caused our XXXX million negative and COVID-XX net EBITDA a because of second a elimination of we loss of So $XX.X XXXX reported $XX.X for segment the second operating loss
The was second quarter about of ever the challenging and cash XXXX, quarter this will asset company probably have preservation. most experienced, principally value
end liquidity, proactive protect a we our lines. our to drew down XXXX, As move credit the at of all on March
same bank XX, cash was XXXX, position $XXX.X our debt million. as date, of $XX.X that June overall And was million. As of our
As America. received Australia of Bank our of covenant National into today, from agreements credit and amended XXXX we've Bank and financial waivers well
We Zealand Westpac, years. Gilbert agreements in been minutes. in in few a will these describe XX which continue detail has work our New lender to with for over more
financial with the virtually relief covenant We provided landlords. us as obtained to the into from getting XXXX bridge we has needed relief the all our waivers gap reopening. However, of rent
fixed leases. cost our Our is biggest
third-party almost to While for deals cinemas. we until renegotiated cinemas XX our for landlords. and released own rent from the the rent be property of in all deals leased an the world, theaters XX period. around started Typically, movies payback U.S. these thereafter, We we of allowed our deferral of extended
continued and got New rental in obligation the to been Australia accrue and deferrals deferred. also reflects only some Zealand. of deals effects income statement abatement abatements since that's the We Today, rent our we've full
deferred were generate showings from at we pickup quarter prevent being quarter, a curbside We of and we're from us were However, through that And we avalanche the offering through by cinemas. negotiated second -- income. We and our payback gaming sources now payments. U.S. certain cinemas. second delivering sufficiently variety for food delivering alternative we of are an periods of work long rent believe to choked the to the booking private
theaters projects, in addition, Square, the deferred the new except XX for improvement consolidated for the of we our and City at Union Kahala all our completion major have In Mall our Honolulu. CapEx tenant tenant obligations Culver
retained qualify almost our Zealand. Australia and did employees all lay did cinema we in While employees. New most key our financing, for we retain did employees of unfortunately PPP managerial off But not and of
Manukau, taken we're position in our positioned and future. closed, Auckland we've liquidity real cleaning we Courtenay estate where this world part site lives be in Manhattan; current New for physically the new been also minutes. Wellington; next on sanitization us industrial The to navigate the quarter, reopening Through through to Union Square our Central advance a While Zealand. the preparing our and X XX projects: environment. significant protocols, an and enhance developing in our confidence we've to most foreseeable of been touch for and airport continued few a may efforts cash cinemas proactive that these in well steps our to gives ongoing preserve COVID-XX we've I'll
goes company very review and on heartfelt businesses, we variety Margaret, beneficiary amazingly thank sure be thanks on to of you. to to opportunities these that and eyes with My have the uncertain Board of around a world who I each acknowledge focus times. to of we quarter the survives Reading And Reading continue assets future, I executives to a our say make stockholders, again Before to to our of kept their out those of a the of pursue. employees our sincerely and all the turn focused want second and behalf me, wonderful great and to through that want we're
holds. about I'll cinema and talk on today our we where business. immediate focus what are global let's future Now, the
and with New Zealand start Australia. Let's
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our theaters XX theaters closed to September on represented, Australian of spike average, that historically XX, today, XX% are Victoria about ordered in XX X Australia. Those theaters XXXX. of in cases, in open our remain of of Victoria have through all movie As our the state cinema a office. Due of box
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and performances the distancing. capacities our to to we continue Chicago permit will our certainty and in resume our the reopen Again, many in of occur due at our as indoor quarter York is in to the theaters, expectation when of could City of the until theaters opening is the early live be XXXX. venues Orpheum the government U.S., that in operate This that lack public New producers Regarding to not Minetta will the unable the Lane of fact continued reduced will Theaters our cleaning of theaters. our the and smaller will earlier the Royal we stages to U.S. Theater reactivation sanitization social order the fourth that during live believe Once at cinemas be implemented maintain George public outlined for protocols XXXX. in live seating
Regarding Australia our third-party tenants current Zealand. XX portfolio of lease in and New
to rent the leasing implemented In deferrals faith of agreed. negotiations, Australian good own a were whereby landlords government set imposed and to that addition between be abatements code of and our conduct of principles tenants,
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New almost for Today, Australian or leasable a and meters and of our across of spaces, Australian XXX third-party portfolio our New centers occupancy combined our XX,XXX square third-party our insists XXX,XXX area XXXX, gross tenants almost XX, square June Zealand XX%. lease is Zealand tenant feet. of representing As
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City. start Square York XX with Let's Union in New
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XX, and conversations appraisals debt aggregates recent with book on than updated the the XXXX, the million. debt anticipate people is fourth Total we the on loan $XX.X Union Based can against refinance property property of markets, believe existing As of of in that property Square and the value by in we million. $XX refinance less refinance to company. quarter. liquidity seeking our the the having the for completed We're create construction process and additional June
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our the holders are agreements We've Manukau/Wiri, Manukau value affected needed Council with in the infrastructure for Auckland by necessary also of continued to industrial infrastructure to governmental discrete quarter easement consents second to prime to located airport. of start acquired projects in the our XXXX, build property of almost the unlock in work and planning the portions developing the market the place. principle we the Auckland on significant property now During close obtained to
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review that, with second over for of it turn XXXX. to Gilbert financial the So of I'll a quarter
you, million period by Ellen. second $X.X for to Thank same significantly compared quarter last the XX% to Consolidated the XXXX revenue decreased of year.
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Zealand quarter measured decreased RDI the factored year-over-year the to which against respectively, the dollar $X.X decline. net quarter X.X% per Australian share by earnings $X.XX depreciated of attributable as dollar ended XX, to for June and XXXX and million New to dollar X.X%, year of of a a the U.S. should Basic the also $X.XX loss to million Additionally, income in the common in of quarter. the Net XXXX, stockholders prior by XX, $XX.X be in June by XXXX, $XX same decreased the the million the loss second income year. period of for from compared prior
of when and expenses last compared decreased months decreased same $XX.X compared and declined For to for months million G&A first income and to million same a XXXX. XX% legal $X.X million, to to XX% the loss due ended per to the XXXX by first XX, XXXX, by months a $X.X in the year. the ended net quarter the to $X.XX $XX.X X $X.XX Non of June second loss compared segment attributable lower respectively, XX, X period expense to June by million share Basic earnings of common XXXX. period of RDI stockholders to X
Zealand, received program to expenses. continuing We respectively. codified. the from to The Australia and has ended and toward when is allowance net and payroll and $X.X year. have tax wage government primarily X and that XXXX addition, of XX, in be extended covers prior and the operating the offset yet in through from benefit in period carryback in increase benefit September XXXX subsidy taxation in $X.X XX%, benefit we the subsidy CARES rate New In Zealand but the local Act August wage is subsidies from majority to wage the tax months Income result anticipate our of Australia loss the the million as quarter of a Australia XXXX federal XXXX, to driven million, by program be New of XXXX This tax increased valuation was the compared the the June year, an by respectively, same XXXX, by for XXXX.
negative to the our XXXX, million by $XX.X $XX.X second prior compared same to of EBITDA million. the adjusted quarter a EBITDA -- decreased year period adjusted period of For
due to for in was and cash million For adjusted the flow. primarily driven adjusted $XX.X XX, XXXX, the factors. the net decrease the of million. XXXX, flow-through negative ended year-to-date our loss related X of months second the This COVID-XX June a to by declined EBITDA EBITDA $XX.X Shifting quarter by to
refurbishment inflow cash decrease XXXX, increased activities ended a to Cash the same June financing result to significant compared $XX.X million million primarily in $XX.X in in June operating in same a months of lower cash a activities cash XX, when XXXX, million million million ended prior by months $XX.X net $XX.X during was period was million the provided the $XX.X used driven year. of used to compared primarily operations ended first cinema million by net XXXX, was and of X by period XX, This borrowings, by the our the of X XXXX. to For The new to June used million the of capital from working $XX.X months the of during repayments. are by as as borrowings $XX operating assets. Cash the U.S., XX, well we global Australia loan decrease million used activities Zealand in New the new proceeds as due X $XX primarily investing decreased for impact $X.X net of operations by being COVID-XX for and weather offset ongoing pandemic. activities
now financial our Turning to position.
equivalent, by assets XXXX, $XXX.X XXXX, at dollars. million cash total Zealand in cash June in decline at million rates exchange XX, the the Our to by XX, increased New Australia to in foreign primarily and $XXX partially offset driven compared December and increase
XX, outstanding June borrowing As of XXXX, total million. $XXX.X was our
liquidity cash operational and our cash at XXXX, shutdown has million to includes in $XX.X XX, which related operational pandemic and in from our other in required sources. severely and The approximately $XX.X impact business equivalent million Zealand. New Our June $XX.X U.S., Australia $X.X issue reduced were million, million COVID-XX due on
our of waivers been XXXX, the testing America and periods have and for Bank X, September financial of within these the we negotiated cover and The the to the XXXX, September other COVID-XX for term test through some business limitation of liquidity certain XXXX, have With Australia that, interest have XX, ended and resuming changes of also an maintenance currently obtained. Westpac The modifications to and cases, as National more Australia modification covenant facility. duration the the legal on million of XXXX, of waivers the to AUD modifications XXX XX, in X, include facility amendment and certain As XX, pandemic the received the to respect will our loan through each payable to continued and the with we Ellen company other testing facility XXXX, ratio level longer which charge facility financial modified performance waived covenant interest changes, opposed These not for fixed include XX, the entered quarter's The of on credit XXXX. to no quarter facility. XX, test the testing agreement America, some these waivers increased breaches $XX.X likely fees the trading payable practical new amendment for its waived the covenants. June successfully interest the testing unable mentioned, We August the the as December XXXX. XXXX. credit testing respective interest of modifications and The covenants through the financial On covenants covenants comply ratio XX, for of ratio through and leverage loan a July or amendment Bank Bank with annually terms fees exists, and quarterly that for certain in through our also ending the measurement fees Westpac low compliance the for test calculated Westpac period is company covenants associated XX, July testing and with XX, ended National lenders. XXXX, period quarter Bank covenants actions deposit. and June August covenant The covenant Westpac on these also into increases increased ratio on by quarterly NAB modifies period measurement be certain to among future. The NAB dated into we resume with million our related June so the to loan XXXX. continue to coverage to absence
used look provide real such pay current country, estate to needed assurance by except appropriate be given. However, basis COVID-XX our a self-funding its overhead. waivers, to operations funds it liquidity. share had our able event, to in is expects from global waiver of assets such to a but strategy absence no amendment to lenders, mostly or on corporate the can Prior the businesses company our intention an and U.S. pandemic, conduct been for to to our In our to an be of obtain
liquidity impacted However, the need our close have our to and revenues concession offer certain reduced operational to theaters our rent tenants and to sources. of adversely
be our to of Andrzej. will jurisdiction. of reprioritizing cinema postponing and expenditures These to over the actively likely determinations on or and through our practices, feasible, that, requirement assessments which are With I by mentioned the this will As we where timing based capital time. during from the impacted turn conditions will -- management jurisdiction reopening, vary before, liquidity now liquidity it
Gilbert. Thanks,
for thank First, Investor like to email. stockholders our our forwarding Relations questions I'd to
and of We questions themes of the e-mailed tried addition, answers we representing questions remarks to in recurring most a some and usual, of our common the set address questions today. as many have compiled received us. But have we in to
question, highlight how with first closed as move you, provided which assuming can by and place. you current through that position takes Gilbert? remain your abatements in flexibility can of New Zealand to liquidity The details and around long and August tenants walk also cash Please about the geography liquidity Australia XX? you third more provide remain rent the quarter theaters
the Given we it monitor of our created day-to-day has challenges business, and is on liquidity for basis. paramount COVID-XX to important us, a
future, in seeing reopen includes expect operating begin to resume flow our $X.X which we our have cash Australia million again, cash to Australia $XX $XX.X New and anticipated consolidated Zealand. equivalent XXXX, million As our the in as of $XX.X we in cinemas cash in XX, million, seen U.S. August and New in With totaled million U.S., Zealand. approximately and near
our regarding facilities. With bank these able funds temporary the current move not we to new covenants, terms modification to loan between our and in place, are waivers
allow. this to our term. and does continue be operation avoidance not that the countries situation long operations in within able limit will as us, this restrictions, While of we hinder a we Even reopen the COVID-XX regulations each these as X temporary see with will
about Gilbert. thinking thinking recovery next you are you are during deal this How Thanks, about demand could ramp-up? you curve? the How the Perhaps, question. Ellen, with margins
select the or California weeks the in until City few open in okay. theaters in but mentioned opening New in We'll not or a York later live cinemas the in earlier, in gives basis. XXXX stacker I on U.S. we're us cinemas open government Hawaii As a when theaters
Australia not look even operating XXXX status, current ramp-up will with margins maintaining their So during trading and New great. Zealand our
costs be we'll of but operating ourselves, on their costs remainder liquidity diluting For our and be maintaining XXXX, we're higher. levels, focused will the not very
One our guests to of dedication and the highest our the big understand concerns we sanitization have standards. that ensuring is cleaning
and guests our our our knowing well-being for is leave their to highest goal theaters priority. health is Our
to fact seat able schedule So of may showtime we'll reductions compounding our maximize this have during be count likely the not and the be that the we XXXX. that will fact remainder
set levels really release schedule in operating to flow However, will Australian the studio perception nice and opened there's once theaters releases, a substantially it consistent are major in our we're XXXX on demand margins Based us health would and our XXXX. U.S. and year New flows about and excited so of date, in liquidity to and box to the XXXX, on positive cash overall to may maintains will XXXX. so And we pent-up continue Zealand our top focus cinemas strong, really operate, to record consistent public we to serve looks laser anticipate be operating announced and absolutely a XXXX processes well-being, believe procedures and cost our that future. about dedication we XXXX this another cinema industry's return into us the more improve the and release well. help the very The with calendar and
Thanks, Ellen.
pricing like assets, our Ellen? U.S. once what ticket So we our will look open
expensive. know as more operation to the we going I that Well, U.S. that -- just be of our cinema mentioned, is
into factors. just improve And review a margins. costs mentioned, market. ticket related each make price various all weekend pricing account constrained light and to pressure up cleaning doing think We will that our that would standard to that and upward determination to as we in however, pricing profitability reflect overall note, pricing our movements. factors relevant take a full do our labor, be on following pressures protocols as by will be QX all we'll these new Our our our In revenues will our of earnings add call, and to sanitization I
again. Thanks,
a more Now strategic question.
estate and Given the you do there's in believe value in theater business, real Ellen? separating market the difference valuation, the
our business the It's diversified revenues our company Over that about our of achieved to X years, are continuing our businesses. by our generally is belief and time, cinema depressed. stockholders present obviously separating be current been we've interest talked continues best the and the plan. At
permanent we condition, XXXX. the enjoy be to quarter a is allowed in that cinema this estate that believe and comfort the movies into of real don't XXXX live during take It's we to the our have portfolio and released today. slate us fourth amass we operations and However, and theater
estate and we estate synergy and In -- are majority the not that the our but supported for during support in assets continue providing And believe it's period. between our part, real today anchored those our majority value by estate to the as our true line we assets, of the design, of of addition, by, This credit creates has the are particularly lines in business in accident, stockholders. of Zealand, our -- New credit real our cinemas by the of cinemas. Australia real one by us been assets liquidity need portfolio COVID the with
Ellen. Thanks,
near year. estate a this substantial the With on Investor So mid-March, we'll the current a and our coverage In caused pandemic the increasing that attendance in or future, in issues focusing conferences or proactive that these and is drop in market did, up The number are since X. the only of between X final see has workload-related X Well, any less of the recent closure part we that We offered the conferences has online What Riley unlikelihood take company the to the about with of cinemas and Reading? will the X our from better all attend wind conference Reading question Relations company the year virtual B. conferences company addressing steps the will June educate down field. I more conferences. pursuing? of driven past, what I'll our investor by has to early additional attended at real being this shutdown customary if portfolio. Gabelli has of investment however, in-person been COVID-XX a by
time to era frame. norm will September, X October remote We which pandemic that have X the reviewing in the and participate candidates conferences we during the been in field are our have to potential the becoming of choose X narrowed or
envision XXXX, We Thank remotely for or you but today. your year. and as conclusion call. And more XXXX such reevaluate early to everyone person That marks for always, we wish you the the in such the a in safety. participation, conferences, in not the For call participating attention. we'll of and appreciate, session either question-and-answer listening good health do coming the we