RDIB - Reading International Inc. (RDI) Q4 2023 Earnings Call Transcript

2024-04-05 00:20:08 ET

Reading International, Inc. (RDI)

Q4 2023 Earnings Conference Call

April 2, 2024, 05:00 PM ET

Company Participants

Andrzej Matyczynski - EVP, Global Operations

Ellen Cotter - Vice Chair, CEO & President

Gilbert Avanes - EVP, CFO & Treasurer

Conference Call Participants

Presentation

Andrzej Matyczynski

Thank you for joining Reading International’s Earnings Call to discuss our 2023 Fourth Quarter and Full Year 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 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. 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. Such risk factors are clearly set out in our SEC filings. We undertake no obligation to publicly update or revise any forward-looking statements.

In addition, we will discuss non-GAAP financial measures on this call. Reconciliations and definitions of non-GAAP financial measures, which are, segment operating income, EBITDA and Adjusted EBITDA are included in our recently issued 2023 fourth quarter earnings release on the Company’s website. We have adjusted where applicable the EBITDA items we believe to be external to our business and not reflective of our cost of doing business or results of operations.

Such costs include legal expenses relating to extraordinary litigation and any other items that we consider to be non-recurring in accordance with the two-year SEC requirement for determining whether an item is non-recurring, infrequent or unusual in nature. We believe that the adjusted EBITDA is an important supplemental measure of our performance.

In today’s call, we also use an industry-accepted financial measure called Theater Level Cash Flow, TLCF, which is theater level revenue less direct theater level expenses. ATP, average ticket price is also used as an accepted industry acronym. We also use a measure referred to as F&B Spend Per Patron, SPP, which is a key performance indicator for our cinemas. The F&B SPP is calculated by dividing a cinema’s revenues generated by food and beverage sales by the number of admissions at that cinema....

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