Reading International Inc (RDI) 2022 Q2 法說會逐字稿

Thank you for joining Reading International's Earnings Call to discuss our 2022 Second 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.

感謝您參加雷丁國際的收益電話會議，討論我們的 2022 年第二季度業績。我叫 Andrzej Matyczynski，是雷丁大學全球運營執行副總裁。像往常一樣，和我在一起的還有我們的總裁兼首席執行官 Ellen Cotter；以及我們的執行副總裁、首席財務官兼財務主管 Gilbert Avanes。

Before we begin the substance of the call, I will just 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. 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.

在我們開始通話的實質內容之前，我將先介紹一下通常的注意事項。根據 1995 年《私人證券訴訟改革法案》的安全港條款，本次收益電話會議中討論的某些事項可能構成前瞻性陳述。此類聲明存在風險、不確定性和其他因素，可能導致我們的實際業績與此類聲明所表明或暗示的業績存在重大差異。我們向 SEC 提交的文件中明確列出了此類風險因素。我們不承擔公開更新或修改任何前瞻性陳述的義務。

In addition, we'll 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 2022 second quarter earnings release on our 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 operation. Such costs include legal expenses relating to extraordinary litigation and any other items that can be considered non-recurring in accordance with the 2-year SEC requirement for determining an item is non-recurring, infrequent or unusual in nature. We believe adjusted EBITDA is an important supplemental measure of our performance.

此外，我們將在本次電話會議上討論非公認會計準則財務指標。非 GAAP 財務指標（包括部門營業收入、EBITDA 和調整後 EBITDA）的調節和定義包含在我們公司網站上最近發布的 2022 年第二季度收益報告中。我們在適用的情況下調整了我們認為屬於我們業務外部且不反映我們的業務成本或經營業績的 EBITDA 項目。此類費用包括與特別訴訟相關的法律費用以及根據 SEC 確定項目性質為非經常性、不頻繁或異常的 2 年要求可被視為非經常性的任何其他項目。我們相信調整後的 EBITDA 是衡量我們業績的重要補充指標。

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. We'll also use a measure referred to as food and beverage, F&B spend per patron, SPP, which is a key performance indicator for our cinemas. The F&B SPP is calculated by dividing our cinemas revenues generated by food and beverage sales by the number of admissions at that cinema. Please note that our comments are necessarily summary in nature, and anything we say is qualified by the more detailed disclosure set forth in our Form 10-Q and other filings with the U.S. Securities and Exchange Commission.

在今天的電話會議中，我們還使用了業界公認的財務指標，稱為影院級現金流（TLCF），即影院級收入減去直接影院級費用。我們還將使用稱為食品和飲料、每位顧客的餐飲支出 (SPP) 的衡量標準，這是我們電影院的關鍵績效指標。餐飲 SPP 的計算方法是將我們的電影院通過食品和飲料銷售產生的收入除以該電影院的入場人數。請注意，我們的評論本質上是總結性的，我們所說的任何內容都經過我們向美國證券交易委員會提交的 10-Q 表格和其他文件中更詳細的披露。

So with that behind us, I'll turn it over to Ellen, who will review our 2022 second quarter results and discuss our strategies for navigating Reading through the post-COVID operating landscape and then Gilbert will provide a more detailed financial review. Ellen?

一切就緒後，我將把它交給 Ellen，她將回顧我們 2022 年第二季度的業績，並討論我們在新冠疫情后的運營環境中引導雷丁的策略，然後 Gilbert 將提供更詳細的財務審查。艾倫？

Thank you, Andrzej, and thanks, everyone, for joining the call today. In the second quarter of 2022, Reading delivered dramatically improved operational results clearly signaling that our operational recovery from the pandemic is well underway. Our second quarter 2022 consolidated total revenues of $64.5 million, which nearly doubled from $36 million in Q2 2021, represented the highest quarterly revenue since the fourth quarter of 2019 and 85% of the second quarter of 2019.

謝謝安傑伊，也謝謝大家今天加入電話會議。 2022 年第二季度，雷丁的運營業績顯著改善，這清楚地表明我們從疫情中恢復運營的工作正在順利進行。我們 2022 年第二季度的合併總收入為 6450 萬美元，比 2021 年第二季度的 3600 萬美元增長了近一倍，是 2019 年第四季度以來的最高季度收入，佔 2019 年第二季度的 85%。

Our second quarter operating loss of $1.6 million was significantly better than any quarter since the onset of the pandemic. The $1.6 million operating loss represented an 87% improvement compared to the first quarter of 2022 and an 87% improvement compared to the second quarter of 2021. Also, if you exclude the $1.5 million impairment charge reflected on our Q2 2022 financials, our operations during the quarter would have essentially broken even.

我們第二季度的運營虧損為 160 萬美元，明顯好於疫情爆發以來的任何季度。 160 萬美元的運營虧損比 2022 年第一季度減少了 87%，與 2021 年第二季度相比減少了 87%。此外，如果排除 2022 年第二季度財務數據中反映的 150 萬美元減值費用，我們在該季度將基本實現收支平衡。

Our second quarter EBITDA of just under $7.7 million represents the first quarter since the onset of the pandemic that we delivered a healthy EBITDA driven purely by operational results as opposed to previous pandemic quarters when our EBITDA was positively influenced by strategic and successful asset monetizations.

我們第二季度的 EBITDA 略低於 770 萬美元，這是自疫情爆發以來我們首次實現了健康的 EBITDA，完全由運營業績驅動，而之前的疫情季度，我們的 EBITDA 受到了戰略和成功的資產貨幣化的積極影響。

Recall that we monetize certain assets in the United States, Australia and New Zealand, unlocking book profit of $90.2 million and generating net cash of almost $142 million. The assets sold included non-income-producing land and where assets, which would not, in our view, have increased materially in value without investment of significant capital. And demonstrating the strength of our balance sheet as of June 30, 2022, we reported just under $50 million in cash and cash equivalents, which is a direct result of these sales.

回想一下，我們將美國、澳大利亞和新西蘭的某些資產貨幣化，實現了 9020 萬美元的賬面利潤，並產生了近 1.42 億美元的淨現金。出售的資產包括非創收土地，以及我們認為如果不投入大量資本，這些資產的價值不會大幅增加的資產。截至 2022 年 6 月 30 日，我們報告了近 5000 萬美元的現金和現金等價物，這是這些銷售的直接結果，這證明了我們資產負債表的實力。

As you know, confronted by the elimination of most of our cinema cash flow in 2020, due to the devastating pandemic and with no hope for U.S. Federal monetary assistance through the Shuttered Venue Operators Grant program due to our public company status, our Board and management chose to monetize these real estate assets in 2021, instead of diluting our stockholders with an equity raise or burdening our future foundation with higher debt loads.

如您所知，由於毀滅性的大流行，我們的影院現金流將在 2020 年被消除，並且由於我們的上市公司地位，我們的董事會和管理層無法通過“關閉的場館運營商補助計劃”獲得美國聯邦貨幣援助選擇在 2021 年將這些房地產資產貨幣化，而不是通過增發股權來稀釋我們的股東，或讓我們未來的基礎承受更高的債務負擔。

Clearly, our global cinema business, along with the rest of the industry rebounded strongly. At $61.8 million, our Q2 2022 global cinema revenue, which increased by 89% compared to Q2 2021 was the driver of our consolidated total revenue increase mentioned above and represented the highest quarterly cinema revenue since the fourth quarter of 2019 and 85% of cinema revenues for the same pre-pandemic period in 2019. Not only did the second quarter reflect a stellar lineup of commercial films, but it offered moviegoers an interesting mix of titles, attracting varied audiences back to the cinemas. Top Gun: Maverick has been a sensational hit for the industry and for us, especially in markets like San Diego, Hawaii and Australia. Franchise pictures like Doctor Strange in the Multiverse of Madness, Jurassic World: Dominion and Sonic the Hedgehog 2 performed well across our global circuit.

顯然，我們的全球電影業務以及整個行業的其他業務都強勁反彈。我們的 2022 年第二季度全球影院收入為 6180 萬美元，較 2021 年第二季度增長 89%，是上述綜合總收入增長的推動力，是自 2019 年第四季度以來最高的季度影院收入，佔影院收入的 85%與 2019 年疫情爆發前的同一時期相比，第二季度的商業電影不僅陣容強大，而且為電影觀眾提供了有趣的影片組合，吸引了不同的觀眾重返電影院。 《壯志凌雲：特立獨行》對整個行業和我們來說都引起了轟動，特別是在聖地亞哥、夏威夷和澳大利亞等市場。 《奇異博士：瘋狂多元宇宙》、《侏羅紀世界：統治》和《刺猬索尼克 2》等系列電影在我們的全球上映中表現出色。

Original and unique pictures like The Bad Guys, Elvis, The Lost City, The Black Phone and Everything Everywhere All at Once rounded out the theatrical slate and succeeded in bringing back different audiences to the cinema. And our second quarter 2022 cinema segment operating income of $3.5 million was the highest cinema segment operating income since the fourth quarter of 2019. Not only was our global cinema business reignited during the second quarter of 2022, Reading's real estate business also improved. Our Q2 2022 total real estate revenues increased by 17% to $4 million. During the second quarter of 2022, our 2 live theaters in New York City held public performances and substantially all of our 72 third-party tenants in Australia and New Zealand were either opening, were either open or completing tenancy fit-out works.

《壞傢伙們》、《貓王》、《失落之城》、《黑色電話》和《萬物皆可》等原創而獨特的影片使影院名單更加完整，並成功地將不同的觀眾帶回電影院。我們的2022年第二季度影院部門營業收入為350萬美元，是自2019年第四季度以來最高的影院部門營業收入。不僅我們的全球影院業務在2022年第二季度重新點燃，雷丁的房地產業務也有所改善。我們 2022 年第二季度的房地產總收入增長了 17%，達到 400 萬美元。 2022 年第二季度，我們在紐約市的 2 個現場劇院舉行了公開演出，我們在澳大利亞和新西蘭的 72 個第三方租戶幾乎全部已開業、正在營業或已完成租賃裝修工作。

If you recall in January of 2022, our company executed its largest leasing transaction ever with the signing of a long-term lease with a strong credit international retailer for 3 levels of our 44 Union Square building in New York. During the second quarter, we progressed the tenant improvement phase and currently anticipate that the tenant will be open for business in early 2023 and anticipate cash rent starting to flow to asset sometime during Q4, 2022. And we're currently reviewing term sheets provided by our broker CBRE, contemplating the lease of the remainder of the building.

如果您還記得，2022 年 1 月，我們公司執行了有史以來最大的租賃交易，與一家信用實力雄厚的國際零售商簽署了我們位於紐約聯合廣場 44 號大樓 3 層的長期租約。在第二季度，我們推進了租戶改善階段，目前預計租戶將於 2023 年初開業，並預計現金租金在 2022 年第四季度的某個時間開始流入資產。我們目前正在審查由我們的經紀人世邦魏理仕（CBRE）正在考慮租賃該建築的其餘部分。

Our recent operational achievements and resilience through the darkest days of the pandemic can be attributed to our 2 business, 3-country business strategy which we strongly believe will continue building long-term value for our stockholders and support our future success. Although, we would have preferred to hold all of our assets for future development, we monetize certain assets in 2021 to help our company through the worst times of the pandemic. As you can see from our recently filed quarterly reports, we believe we're on a path to recovery and have retained what we believe to be our most valuable key assets.

我們最近在疫情最黑暗的日子裡取得的運營成就和韌性可歸功於我們的 2 個業務、3 個國家的業務戰略，我們堅信該戰略將繼續為我們的股東創造長期價值，並支持我們未來的成功。儘管我們更願意持有所有資產以供未來發展，但我們會在 2021 年將某些資產貨幣化，以幫助我們的公司度過疫情最嚴重的時期。正如您從我們最近提交的季度報告中看到的那樣，我們相信我們正在復蘇，並保留了我們認為最有價值的關鍵資產。

Our future outlook remains optimistic. With respect to our global cinema business this past July was equally reassuring for us. During the first part of July 2022, 2 more blockbuster films were released, Minions, The Rise of Gru and Thor, Love and Thunder. On a functional currency basis, the attendance, total revenues and TLCF, theater-level cash flow for the month of July in each cinema division was the highest it's been since February of 2020. And while our August and September will, as has historically been the case, be slower months at the box office, the fourth quarter should deliver a strong result for us with highly anticipated features like Avatar 2, The Way of Water, Halloween End, Marvel's Black Panther, Wakanda Forever, DC Comics, Shazam, Fury of the Gods and Black Adam and Disney's Strange World.

我們的未來前景仍然樂觀。就我們的全球電影業務而言，去年七月同樣讓我們放心。 2022 年 7 月上旬，又上映了兩部大片：《小黃人》、《格魯崛起》和《雷神》、《愛與雷霆》。按功能貨幣計算，每個影院部門 7 月份的上座率、總收入和 TLCF、影院級現金流均為 2020 年 2 月以來的最高水平。儘管我們的 8 月和 9 月將一如既往，如果幾個月的票房表現較慢，第四季度應該會為我們帶來強勁的成績，包括《阿凡達 2》、《水道》、《萬聖節末日》、《漫威黑豹》、《永遠的瓦坎達》、DC 漫畫、《雷霆沙贊》、《怒火》等備受期待的影片諸神與黑亞當和迪士尼的奇異世界。

Now let's turn to our global cinema business. Despite the ongoing pandemic and presence of the new Omicron BA5 sub variant, we're pleased to report that at $61.8 million, our Q2 2022 Global Cinema total revenues increased by 89% from Q2, 2021, represented the highest quarterly cinema revenues since the fourth quarter of 2019 and was 85% of Q2, 2019 and represented a 65% increase from Q1, 2022 which was 107% of Q1, 2019. At $3.5 million, our Q2 2022 cinema segment operating income increased by 147% from Q2, 2021 and represented the highest quarterly segment operating income since the fourth quarter of 2019. And in the sign of progressive improvement, 148% increase over Q1 of 2022.

現在讓我們談談我們的全球電影業務。儘管疫情仍在持續，並且出現了新的 Omicron BA5 子變體，但我們很高興地報告，2022 年第二季度全球影院總收入比 2021 年第二季度增長了 89%，達到 6180 萬美元，是第四季度以來最高的季度影院收入。 2019 年第二季度的營業收入為 2019 年第二季度的 85%，較 2022 年第一季度（2019 年第一季度的 107%）增長了 65%。我們 2022 年第二季度的影院部門營業收入為 350 萬美元，較 2021 年第二季度增長了 147%，代表了自 2019 年第四季度以來最高的季度分部營業收入。並且有逐步改善的跡象，較 2022 年第一季度增長 148%。

As I mentioned earlier, these reassuring results were primarily driven by the amazing Q2 gross box office performance of Top Gun, Maverick which has grossed over $8.8 million through our global circuit. Dr. Strange in the Multiverse of Madness which grossed almost $6 million in our circuit and Jurassic World, which grossed $4.3 million for us. Collectively, these 3 movies make up 49% of our Q2 2022 global gross box office revenues and continue to reinforce our belief about the pent-up demand among moviegoers returning to the big screen.

正如我之前提到的，這些令人放心的結果主要是由《壯志凌雲》第二季度令人驚嘆的總票房表現推動的，該片通過我們的全球影院獲得了超過 880 萬美元的票房收入。 《瘋狂多元宇宙》中的《奇異博士》在我們的院線票房收入近 600 萬美元，而《侏羅紀世界》則為我們票房收入 430 萬美元。總的來說，這 3 部電影占我們 2022 年第二季度全球總票房收入的 49%，並繼續強化我們對重返大銀幕的電影觀眾被壓抑的需求的信念。

Turning to some specifics about the United States. With all of our U.S. cinemas operating, except one closed for non-COVID reasons, our Q2 2022 total cinema revenues of $30.3 million increased by 132% compared to Q2 2021. Our cinema segment operating loss reduced by 78% to a loss of $2 million from a loss of $9.3 million in Q2 of 2021. As you may know, our U.S. circuit is divided between commercial and specialty theaters that play arthouse product. This year, because of the dearth of arthouse product, many of our specialty arthouses played commercial films to fill in the gaps. We received a question about the landscape for arthouse content over the next 18 months.

轉向有關美國的一些具體情況。由於我們所有的美國影院（除了一家因非新冠疫情原因而關閉的影院除外），我們 2022 年第二季度的影院總收入為 3030 萬美元，與 2021 年第二季度相比增長了 132%。我們的影院部門運營虧損減少了 78%，達到虧損 200 萬美元2021 年第二季度虧損 930 萬美元。如您所知，我們的美國院線分為商業劇院和播放藝術作品的專業劇院。今年，由於文藝片的匱乏，我們很多專業文藝片都播放商業片來填補空白。我們收到了有關未來 18 個月藝術內容前景的問題。

Our U.S. specialty cinemas that primarily play arthouse product on a more dedicated basis led by the Angelika Film Center in New York City did struggle more than the commercial theaters during the Q2 -- during the second quarter of 2022. With no real standout arthouse specialty movie titles, the gross box office of the Angelika New York City during the second quarter represented only 42% of the gross box office delivered during the second quarter of 2019. However, arthouse programming usually picks up during the fourth quarter into the award season. The current booking lineup appears impressive and should result in a better outcome for us later in the year. Interesting titles already booked include Martin McDonagh's Banshees of Inisherin, Sarah Polley's Women Talking and James Gray's Armageddon Time. Other arthouse titles that look promising include Sony Classics' Living, the Palme d'Or, winner Triangle Of Sadness and Park Chan-wook's, Decision to Leave. Because of the arthouse situation, our team actively sought to incentivize film lovers to return to our cinemas.

我們的美國專業影院主要在紐約市 Angelika 電影中心的主導下更專注地播放藝術電影，在第二季度（即 2022 年第二季度）確實比商業影院處境更加艱難。沒有真正出色的藝術電影專業電影紐約市第二季度的總票房僅佔 2019 年第二季度總票房的 42%。然而，藝術片製作通常會在頒獎季節的第四季度有所回升。目前的預訂陣容似乎令人印象深刻，應該會在今年晚些時候為我們帶來更好的結果。已經預訂的有趣書籍包括馬丁·麥克唐納 (Martin McDonagh) 的《伊尼舍林女妖》 (Banshees of Inisherin)、莎拉·波利 (Sarah Polley) 的《女人說話》和詹姆斯·格雷 (James Gray) 的《世界末日》。其他看起來很有前途的藝術作品包括索尼經典的《生活》、金棕櫚獎、獲獎作品《悲傷的三角》和朴贊鬱的《決定離開》。由於藝術影院的情況，我們的團隊積極尋求激勵電影愛好者回到我們的電影院。

A couple of highlights from the team. On April 29th, we launched our first free to join Angelika Membership program at 9 specialty cinemas. With only 3 full months of operation, the total number of members enrolled as of the end of July 2022, increased by over 200% compared to the number of members enrolled by the end of May 2022, the program's first month of operation. Overall, we're very pleased with the membership gains since launch with the highest number of monthly sign-ups being in July. Without any paid advertising and on the strength of internal marketing, the loyalty program is off to an excellent start with attendance tied to membership at 7.9% in May, 10.45% in June and over 14% in July. Also in April of 2022, our marketing team partnered with Sony Pictures Classics on the Bring A Friend Back to the movies promotion for The Duke's starring Jim Broadbent and Helen Mirren. We offered anyone coming to see The Duke, a free ticket for a friend. Even though the attendance for The Duke featured many free tickets, The Duke still ended up being one of our strongest paid box office specialty titles during the quarter.

該團隊的一些亮點。 4月29日，我們在9家專業影院推出了首個免費加入Angelika會員計劃。運營僅3個月，截至2022年7月的註冊會員總數較截至該計劃運營第一個月2022年5月的註冊會員數增長了200%以上。總體而言，我們對自推出以來會員數量的增長感到非常滿意，其中 7 月份的每月註冊人數最高。在沒有任何付費廣告的情況下，憑藉內部營銷的力量，忠誠度計劃取得了良好的開端，5 月份會員參與率達到 7.9%，6 月份為 10.45%，7 月份超過 14%。同樣在 2022 年 4 月，我們的營銷團隊與索尼經典影業合作，為吉姆·布羅德本特和海倫·米倫主演的《公爵》進行了《帶朋友回來》電影宣傳活動。我們為任何前來觀看公爵的人提供一張朋友的免費門票。儘管《公爵》的觀眾有很多免費門票，但《公爵》最終仍然是我們本季度付費票房最強的專業影片之一。

Also, on July 15, 2022, our marketing team in partnership with Focus Features launched see more to earn more, which provides guests with rewards once they reach specific tiers after seeing 2, 3 and 5 Focus Features titles at our theaters. This promotion is currently set to run through the end of the calendar year, and we anticipate -- and may continue into 2023.

此外，2022 年 7 月 15 日，我們的營銷團隊與 Focus Features 合作推出了“看多賺多”的服務，一旦客人在我們的影院觀看 2、3 和 5 個 Focus Features 影片後達到特定級別，即可獲得獎勵。目前，這項促銷活動將持續到今年年底，我們預計並可能持續到 2023 年。

With respect to CapEx investments in our U.S. circuit, we've renovated our consolidated theater at the Kahala Mall in Honolulu, which we launched in November of 2021. In terms of return on investment, it's too early to tell how this investment will eventually pan out. However, looking at financial results for Q2, 2022 versus Q2, 2019, pre-pandemic and pre-renovation, the total revenues at this date increased by 41% and our TLCF has increased substantially. We're also in the middle of a full top-to-bottom renovation of our Consolidated Theater in Kapolei, which we launched 5 months ago on March 3, 2022, with recliners in 50% of the auditoriums and to lobby renovation. Again, it's too early to assess a return on investment. However, we'll note that located in a suburban market, this theater is trending behind the performance of Kahala.

關於美國賽道的資本支出投資，我們翻新了位於檀香山卡哈拉購物中心的綜合劇院，該劇院於 2021 年 11 月推出。就投資回報而言，現在判斷這項投資最終將如何實施還為時過早出去。然而，從 2022 年第二季度與 2019 年第二季度、大流行前和裝修前的財務業績來看，截至目前的總收入增加了 41%，我們的 TLCF 也大幅增加。我們還正在進行對卡波萊聯合劇院的全面翻修，該翻修是我們在 5 個月前（即 2022 年 3 月 3 日）啟動的，其中 50% 的禮堂和大堂翻修了躺椅。同樣，現在評估投資回報還為時過早。然而，我們會注意到，該劇院位於郊區市場，其發展趨勢落後於卡哈拉的表演。

I'll note that both theaters had not undergone any material renovation since we bought them in 2008. In terms of CapEx for the next 12 months, we're scheduled to complete the remainder of the Kapolei renovation and to complete one additional top-to-bottom renovation at one of our mainland cinemas, which would include conversion to recliner seats and lobby upgrades and F&B upgrades. Until our U.S. circuit returns to profitability we're carefully husbanding our cash resources. However, a number of landlords have approached us with opportunities to take over existing cinemas, which we continue to review.

我要指出的是，自從我們 2008 年購買以來，這兩個劇院都沒有進行過任何實質性改造。就未來 12 個月的資本支出而言，我們計劃完成卡波萊改造的剩餘部分，並完成一項額外的頂部到頂部的改造。 - 我們大陸一家電影院的底部翻新，其中包括改建躺椅、大堂升級以及餐飲升級。在我們的美國巡迴賽恢復盈利之前，我們將謹慎管理我們的現金資源。然而，一些業主已向我們尋求接管現有電影院的機會，我們將繼續對其進行審查。

Looking to Australia. By any measure, our Australian Cinema circuit had a standout quarter. On a functional currency basis, the second quarter 2022 cinema revenue for Australian circuit was not only the highest second quarter on record, but it represented the highest calendar quarter on record. At $26.8 million, our Q2 2022 cinema revenues increased by 66% compared to Q2 2021. And our Q2 2022 cinema segment operating income increased by 237% to $4.8 million compared to Q2 2021. The investments we've made in the circuit over the last several years have paid off, aided by an absolutely blockbuster movie slate seemingly tailor-made for our audience in Australia.

放眼澳大利亞。無論以何種標準衡量，我們的澳大利亞電影院線都有一個出色的季度表現。按功能貨幣計算，澳大利亞院線 2022 年第二季度的影院收入不僅是有記錄以來最高的第二季度，而且也是有記錄以來最高的日曆季度。與 2021 年第二季度相比，我們 2022 年第二季度的影院收入增長了 66%，達到 2680 萬美元。與 2021 年第二季度相比，我們 2022 年第二季度的影院部門營業收入增長了 237%，達到 480 萬美元。幾年來的努力得到了回報，這得益於一部絕對是大片的電影，似乎是為澳大利亞觀眾量身定制的。

Top Gun: Maverick, Doctor Strange in the Multiverse of Madness, Jurassic World Dominion and Sonic Hedgehog 2, all over performed, with Top Gun: Maverick today currently breaking the third highest lifetime grossing film in Australia. Within the last few years, we've built 5 new Reading Cinemas, acquired 2 existing cinemas, added 18 new TITAN LUXE screens, added 37 premium screens, featuring recliner seats, added 8 liquor licenses and added elevated food venues to 14 of our theaters.

《壯志凌雲：特立獨行》、《奇異博士：瘋狂多元宇宙》、《侏羅紀世界統治》和《刺猬索尼克 2》均已上映，其中《壯志凌雲：特立獨行》今天打破了澳大利亞電影史上第三高的票房收入。在過去幾年中，我們新建了 5 家雷丁電影院，收購了 2 家現有電影院，增加了 18 個新的 TITAN LUXE 銀幕，增加了 37 個配有躺椅的高級銀幕，增加了 8 個酒類許可證，並為我們的 14 家影院增加了高架美食場所。

During the second quarter of 2022, our global cinema team continued to deliver impressive F&B results. Our F&B revenues for the second quarter of 2022 recorded near-record results. At AUD 7.16, our F&B, SPP ranks as the highest second quarter ever when you exclude the second quarter of 2020 and 2021 when the attendance was dramatically less. To generate SPP this high during a very well-attended quarter bodes well for the prospects of our F&B business into the future.

2022 年第二季度，我們的全球影院團隊繼續取得令人印象深刻的餐飲業績。我們 2022 年第二季度的餐飲收入創下了接近歷史最高紀錄。如果排除 2020 年和 2021 年第二季度的客流量大幅減少的情況，我們的餐飲、SPP 價格為 7.16 澳元，是有史以來第二季度最高的。在一個非常受歡迎的季度中產生如此高的 SPP 預示著我們餐飲業務未來的前景。

We continue to expand our cinema portfolio and pipeline in Australia. By the end of this year, we anticipate opening an 8-screen complex, which will be operated under the Angelika Film Center brand in South City Square, Brisbane, Queensland. It will feature all recliner seating, offer an elevated F&B menu with an elegantly appointed lobby and patio areas.

我們繼續擴大在澳大利亞的影院投資組合和渠道。到今年年底，我們預計將在昆士蘭州布里斯班南城廣場開設一座擁有 8 塊銀幕的綜合大樓，以 ​​Angelika 電影中心品牌運營。它將配備所有躺椅，提供高級餐飲菜單以及佈置優雅的大堂和露台區域。

We're all excited about launching this boutique cinema that will be unique to the Brisbane market. And by the end of 2023, we expect to launch a 5-screen Reading Cinema with TITAN LUXE in Busselton, Western Australia. And we continue to review certain underserved pockets in Australia for opportunities to further grow our circuit.

我們很高興推出這家布里斯班市場獨有的精品電影院。到 2023 年底，我們預計將在西澳大利亞州巴瑟爾頓與 TITAN LUXE 合作推出 5 屏雷丁影院。我們將繼續審查澳大利亞某些服務不足的地區，尋找進一步發展我們的線路的機會。

And wrapping up with New Zealand. As of today, all of our New Zealand cinemas are open and operating without occupancy or seating restrictions, except 2 that are temporary closed due to reasons unrelated to the pandemic. Our Q2 2022 cinema revenues increased by 34% to NZD 4.6 million compared to Q2 2021. And our Cinema segment operating income increased by 15% to NZD 700,000 compared to Q2 2021. And to highlight the strength of our F&B team again at NZD 5.99, our Q2 2022 New Zealand cinema F&B SPP ranks as the highest second quarter ever.

並以新西蘭結束。截至今天，我們所有的新西蘭電影院均已開放並運營，沒有佔用或座位限制，但有 2 家電影院因與疫情無關的原因暫時關閉。與 2021 年第二季度相比，我們 2022 年第二季度的影院收入增長了 34%，達到 460 萬新西蘭元。與 2021 年第二季度相比，我們的影院部門營業收入增長了 15%，達到 70 萬新西蘭元。為了再次突顯我們餐飲團隊的實力，達到 5.99 新西蘭元，我們的 2022 年第二季度新西蘭影院餐飲 SPP 排名為有史以來最高的第二季度。

Now let's turn to our real estate business. Reflecting the strength of our dual and diversified business strategy, our real estate business, which was less impacted than the cinema business played a key role in supporting our company's cash flow through the pandemic. Our second quarter 2022 operational results demonstrate that as our team evolves and gets stronger, this business continues to establish long-term value for our stockholders. At $4 million, our Q2 2022 total global real estate revenue represented a 17% increase over the same quarter in 2021. We reduced our total global real estate operating loss by 92% to $88,000.

現在讓我們轉向我們的房地產業務。受疫情影響較小的房地產業務在支持公司現金流方面發揮了關鍵作用，體現了我們雙重多元化業務戰略的優勢。我們 2022 年第二季度的運營業績表明，隨著我們團隊的發展和壯大，這項業務將繼續為我們的股東創造長期價值。我們 2022 年第二季度的全球房地產總收入為 400 萬美元，比 2021 年同季度增長 17%。我們的全球房地產運營虧損總額減少了 92%，達到 88,000 美元。

Our overall improvements were driven by a few key factors; generation of rental revenue from our U.S. live theaters, which were closed during the second quarter of 2021. The resumption of internal cinema rental income in Australia and New Zealand, which was abated during 2021 and consistent and steady third-party rental streams from our Australian properties such as Newmarket Village, Cannon Park and the Belmont Common. And note that while our results don't reflect any straight-line rent yet for 44 Union Square, they are burdened with some 44-unit square operating expenses. The quarter also reflects the elimination of rental revenues and income from Auburn Redyard, Invercargill and the Royal George. Note that as of June 30, 2022 following the monetizations of our Auburn Redyard and Invercargill properties, we still have 72 third-party tenants in our Australian and New Zealand property portfolio representing almost 250,000 square feet of gross lettable area with a 92% occupancy rate.

我們的整體改進是由幾個關鍵因素推動的；我們的美國現場影院產生了租金收入，這些影院於 2021 年第二季度關閉。澳大利亞和新西蘭的內部影院租賃收入在 2021 年有所減少，而我們的澳大利亞和新西蘭的內部影院租金收入則恢復了一致且穩定的第三方租賃收入紐馬克特村 (Newmarket Village)、坎農公園 (Cannon Park) 和貝爾蒙特公園 (Belmont Common) 等地產。請注意，雖然我們的結果並未反映聯合廣場 44 號的任何直線租金，但他們仍承受著一些 44 單元廣場的運營費用。該季度還反映出租金收入以及奧本雷德亞德 (Auburn Redyard)、因弗卡吉爾 (Invercargill) 和皇家喬治 (Royal George) 收入的消除。請注意，截至 2022 年 6 月 30 日，在我們的 Auburn Redyard 和 Invercargill 物業貨幣化後，我們的澳大利亞和新西蘭物業組合中仍有 72 個第三方租戶，總可出租面積近 250,000 平方英尺，入住率為 92% 。

In Australia, our Q2 2022, resulted in real estate revenue increasing by 12% to AUD 3.1 million versus the second quarter in 2021 and real estate segment operating income increasing by 89% to AUD 1.3 million compared to the second quarter of '21. These property segment improvements were driven primarily by the resumption of internal cinema rent being charged to our Reading Cinemas in Australia, which we abated in '21 due to COVID and a reduction in operating expenses, partially offset by the loss of internal rent revenue from the monetization of Auburn Redyard and a reduction in third-party rental revenue.

在澳大利亞，我們的 2022 年第二季度房地產收入較 2021 年第二季度增長 12% 至 310 萬澳元，房地產部門營業收入較 2021 年第二季度增長 89% 至 130 萬澳元。這些房地產部門的改善主要是由於恢復向澳大利亞雷丁電影院收取內部電影院租金所推動的，由於新冠疫情和運營費用的減少，我們在 21 年減少了內部電影院租金，但部分被內部租金收入的損失所抵消。奧本·雷德亞德 (Auburn Redyard) 的貨幣化和第三方租金收入的減少。

During Q2 of 2022, at Cannon Park, our property team finalized the lease renewal with a 15,000 square foot tenant and secured a new lease for a 5,000 square foot tenancy. And at Newmarket Village, we executed 2 new leases collectively representing over 4,500 square feet and reflecting the strength and growth of our well-curated property portfolio. During the second quarter of 2022, our Australian third-party combined tenant sales increased by 8% compared to the second quarter of '21.

2022 年第二季度，在 Cannon Park，我們的物業團隊與 15,000 平方英尺的租戶完成了續租，並獲得了 5,000 平方英尺的新租約。在紐馬克特村，我們簽署了兩份新租約，總面積超過 4,500 平方英尺，反映了我們精心策劃的房地產投資組合的實力和增長。 2022 年第二季度，我們的澳大利亞第三方綜合租戶銷售額與 2021 年第二季度相比增長了 8%。

In New Zealand, during the second quarter of 2022, real estate revenue increased by 53% compared to the second quarter of '21 and our operating loss reduced by 35% to a loss of NZD 300,000 compared to the second quarter of '21. These improved results were related to the resumption of internal rent income in New Zealand, which was abated during '21, offset by the elimination of internal rental income from the monetization of our Invercargill property in 2021.

在新西蘭，2022 年第二季度，房地產收入較 21 年第二季度增長 53%，運營虧損較 21 年第二季度減少 35%，虧損 30 萬新西蘭元。這些改善的結果與新西蘭內部租金收入的恢復有關，該收入在 21 年期間有所減少，但被 2021 年因弗卡吉爾房產貨幣化所消除的內部租金收入所抵消。

And finishing up with the U.S. As a result of the reactivation of our live theaters in New York City, our second quarter 2022 real estate revenue increased by 29% to $585,000 versus the second quarter of '21 and our real estate operating loss reduced by 17% to a loss of $1.1 million versus the second quarter of '21. Note again, our U.S. income reflects operating expenses for 44 Union Square, but no straight-line rent yet.

由於我們在紐約市的現場劇院重新啟動，我們的 2022 年第二季度房地產收入比 2021 年第二季度增長了 29％，達到 585,000 美元，我們的房地產運營虧損減少了 17與 2021 年第二季度相比，虧損 110 萬美元。再次注意，我們的美國收入反映了聯合廣場 44 號的運營費用，但還沒有直線租金。

During the second quarter of '22, our global property team continued to progress key real estate projects. At 44 Union Square, a newly redeveloped historic Tammany Hall that sits prominently at the intersection of 17th Street and Union Square East in Manhattan, we're in the process of building out the space for our new international retailer who will be occupying 3 floors for a flagship store. Based on the construction schedule and our lease terms, we continue to expect cash rent to be paid before the end of '22 and expect an early '23 store opening. With total availability rate of about 19%, the Midtown South Submarket hasn't recovered to pre-pandemic levels even though the Union Square area has shown some signs of improvement. Today, average asking rents in our area hover around $90 per square foot and the Submarket recently reported REIT deals with IBM and Google.

2022 年第二季度，我們的全球房地產團隊繼續推進重點房地產項目。聯合廣場 44 號是一座新近重建的歷史悠久的坦慕尼會館，位於曼哈頓第 17 街和聯合廣場東交匯處的顯要位置，我們正在為我們的新國際零售商擴建空間，該零售商將佔據 3 層樓一家旗艦店。根據施工進度和我們的租賃條款，我們繼續預計現金租金將在 22 年底之前支付，並預計 23 年初開店。儘管聯合廣場地區出現了一些改善的跡象，但中城南子市場的總可用率約為19%，尚未恢復到疫情前的水平。如今，我們地區的平均租金要價徘徊在每平方英尺 90 美元左右，並且該子市場最近報導了與 IBM 和 Google 的 REIT 交易。

Our exclusive leasing agent, CBRE, has recently brought us potential tenants to review for the remainder of the building. Each has interesting uses that we see could work well in our unique and brandable space and each would exploit the building's positioning as an iconic and monumental northeast anchor to Union Square Park. Our focus over the next 12 months will be on not only getting our retail tenant open for business, but completing the leasing of the building.

我們的獨家租賃代理商 CBRE 最近為我們帶來了潛在租戶，讓我們對大樓的其餘部分進行審查。每一個都有有趣的用途，我們認為它們可以在我們獨特和品牌化的空間中很好地發揮作用，並且每一個都可以利用該建築作為聯合廣場公園標誌性和紀念性東北錨點的定位。我們未來 12 個月的重點不僅是讓我們的零售租戶開業，還要完成大樓的租賃。

Our development priorities for the next few years not only include completing 44 Union Square, but returning our focus for our real estate assets in Wellington, New Zealand. In New Zealand, we're eager and motivated to restart our Courtenay Central project, which will allow us to reopen a fully renovated 10-screen Reading Cinema along with completing a seismic upgrade to our Courtenay Central building. Our goal for this theater, which historically was always one of the strongest in New Zealand, is to create the best movie theater experience in New Zealand. Over the last few years, we've continued to work together and strategize with various stakeholders, including Wellington City Council, potential development partners, prospective tenants and consultants. With Takina, Wellington's new Convention Center across the street from us nearing completion, the time is right for us to move this project forward. Our global real estate team anticipates making announcements about our key Wellington assets during the next 2 quarters.

我們未來幾年的開發重點不僅包括完成聯合廣場 44 號，還包括重新關注新西蘭惠靈頓的房地產資產。在新西蘭，我們渴望並積極重啟考特尼中心項目，這將使我們能夠重新開放一座經過全面翻修的 10 屏雷丁電影院，同時完成考特尼中心大樓的地震升級。這家歷史上一直是新西蘭最強大的劇院之一，我們的目標是創造新西蘭最好的電影院體驗。在過去的幾年裡，我們繼續與包括惠靈頓市議會、潛在開發合作夥伴、潛在租戶和顧問在內的各個利益相關者合作並製定戰略。隨著我們街對面的惠靈頓新會議中心塔基納 (Takina) 即將竣工，我們現在正是推進該項目的最佳時機。我們的全球房地產團隊預計在接下來的兩個季度內發布有關惠靈頓主要資產的公告。

Now before I turn it over to Gilbert for a financial review of the second quarter, on behalf of Margaret, our Board and myself, we want to again extend our sincerest appreciation to the global Reading team. Our team has worked tirelessly through the most unprecedented events in our lifetimes. Even though COVID cases are decreasing and government restrictions have eased, we know we're not completely out of the woods just yet. It's the daily efforts of the Reading team responsible for getting our company in its various divisions to a more stabilized position for our stockholders. Again, for that, we say thank you. Thank you.

現在，在我將其交給吉爾伯特進行第二季度的財務審查之前，我代表瑪格麗特、我們的董事會和我自己，想再次向全球雷丁團隊致以最誠摯的謝意。我們的團隊在我們一生中最史無前例的事件中不知疲倦地工作。儘管新冠病例正在減少，政府的限制也有所放鬆，但我們知道我們還沒有完全擺脫困境。雷丁團隊的日常努力負責讓我們公司的各個部門為我們的股東帶來更穩定的地位。為此，我們再次表示感謝。謝謝。

With that, I'll turn it over to Gilbert.

有了這個，我會把它交給吉爾伯特。

Thank you, Ellen. Consolidated revenues for the second quarter of 2022 increased by 79% to $64.5 million when compared to the same period last year, which is 85% of the comparable 2019 pre-pandemic revenue for the same quarter. Consolidated revenues for the 6 months ended June 30, 2022, increased by 83% to $104.7 million when compared to the same period last year, which is 76% of comparable 2019 pre-pandemic revenue for the 6 month period. These increases were attributable to a stronger film slate as well as substantially all of our cinema operation during the first 6 months of 2022, compared to the same period in 2021, when a portion of our cinemas were closed due to local government COVID mandate for part of our reporting period.

謝謝你，艾倫。 2022 年第二季度的合併收入較去年同期增長 79%，達到 6450 萬美元，相當於 2019 年疫情前同季度可比收入的 85%。截至 2022 年 6 月 30 日的 6 個月合併收入較去年同期增長 83%，達到 1.047 億美元，佔 2019 年疫情前 6 個月可比收入的 76%。這些增長歸因於 2022 年前 6 個月電影數量的增加以及我們幾乎所有電影院的運營，而 2021 年同期我們的部分電影院因當地政府的新冠疫情指令而關閉。我們的報告期。

Net income attributable to our company for the quarter ended June 30, 2022, decreased by $25.1 million to a loss of $2.4 million when compared to the same period in 2021. Basic loss per share was $0.11 for the quarter ended June 30, 2022, compared to a basic earnings per share of $1.04 for the quarter ended June 30, 2021. This was due to a $43.2 million gain on sale of assets during the same quarter of prior year. Net income attributable to Reading International Inc. for the 6 months ended June 30, 2022, decreased by $59.5 million to a loss of $17.8 million when compared to the same period in 2021. Basic loss per share was $0.81 for the 6 months ended June 30, 2022, compared to a basic earnings per share of $1.91 for the 6 months ended June 30, 2021. This was due to $89.8 million gain on sale of asset during the same 6 months prior year.

截至 2022 年 6 月 30 日的季度歸屬於我們公司的淨利潤與 2021 年同期相比減少了 2510 萬美元，虧損 240 萬美元。截至 2022 年 6 月 30 日的季度每股基本虧損為 0.11 美元，相比之下截至 2021 年 6 月 30 日的季度每股基本收益為 1.04 美元。這是由於上年同期資產出售收益為 4,320 萬美元。截至 2022 年 6 月 30 日的 6 個月，雷丁國際公司應占淨利潤比 2021 年同期減少 5,950 萬美元，虧損 1,780 萬美元。截至 6 月 30 日的 6 個月，每股基本虧損為 0.81 美元，2022 年，相比之下截至 2021 年 6 月 30 日的 6 個月每股基本收益為 1.91 美元。這是由於去年同期 6 個月出售資產獲得 8,980 萬美元收益。

These changes are largely due to prior period profit from our asset monetization that did not occur for the quarter and 6 months ended June 30, 2022, partially offset by our increased cinema income, decreased tax expenses and positive foreign exchange rate impact from New Zealand and Australia. For the second quarter of 2022, income tax expense decreased by $4 million to $1.5 million compared to the equivalent prior year period. For the 6 months ended June 30, 2022, income tax expense decreased by $12.1 million to $1.2 million compared to the equivalent prior year period. The change between 2022 and 2021 is primarily due to monetization of assets in 2021.

這些變化主要是由於我們的資產貨幣化產生的前期利潤在截至 2022 年 6 月 30 日的季度和 6 個月中沒有發生，但部分被我們的電影收入增加、稅收費用減少以及新西蘭和新西蘭的積極匯率影響所抵消。澳大利亞。 2022 年第二季度，所得稅費用較上年同期減少 400 萬美元，至 150 萬美元。截至 2022 年 6 月 30 日的 6 個月，所得稅費用與去年同期相比減少了 1210 萬美元，至 120 萬美元。 2022年至2021年的變化主要是由於2021年資產貨幣化所致。

Non-segment G&A expense for the quarter ended June 30, 2022, increased by $0.9 million to $4.7 million compared to the prior year period and the 6 months ended June 30, 2022. It increased by $1.2 million to $9.1 million compared to the prior year period. These increases were attributable to increased legal fees, professional and outside services and salaries and wages.

截至 2022 年 6 月 30 日止季度的非分部一般及行政費用較上年同期和截至 2022 年 6 月 30 日止 6 個月增加 90 萬美元，至 470 萬美元。較上年同期增加 120 萬美元，至 910 萬美元時期。這些增長歸因於法律費用、專業和外部服務以及薪水和工資的增加。

Turning now to our cash flow. For the 6 months ended June 30, 2022, net cash used in operating activities increased by $11.6 million to $17.6 million, when compared to the same period in 2021. This was driven by a $39 million increase in net change in operating assets and liabilities, primarily resulting from taxes payable and accounts payable, offset by $27.4 million decrease mainly attributable to improved cinema operating performance. Cash used in investing activities during the 6 months ended June 30, 2022, increased by $140.6 million to $3.7 million, mainly related to the proceeds from monetization of assets in 2021 that did not occur in Q2 2022. Cash used in financing activities decreased by $32.6 million to $4.2 million, during the 6 months ended June 30, 2022, primarily due to using proceeds from asset sales to pay down debt as well as paid off non-controlling interest in 2021.

現在轉向我們的現金流。截至 2022 年 6 月 30 日的 6 個月，經營活動使用的現金淨額與 2021 年同期相比增加了 1,160 萬美元，達到 1,760 萬美元。這是由於經營資產和負債淨變化增加了 3,900 萬美元，主要歸因於應付稅款和應付賬款，被 2,740 萬美元的減少所抵消，主要歸因於影院經營業績的改善。截至 2022 年 6 月 30 日的 6 個月內，投資活動使用的現金增加了 1.406 億美元，達到 370 萬美元，主要與 2021 年資產貨幣化收益有關，但 2022 年第二季度沒有發生。融資活動使用的現金減少了 32.6 美元截至 2022 年 6 月 30 日的 6 個月期間，該資產的價值從 100 萬美元增至 420 萬美元，主要是由於使用資產出售所得款項來償還債務以及在 2021 年償還非控股利息。

Shifting to our financial position. Our total assets in June 30, 2022 were $627.6 million compared to $687.7 million on December 31, 2021. The $60.1 million reduction was primarily driven by a decline in cash and cash equivalents by which we funded our ongoing business operations and pay down debt. As of June 30, 2022, our total outstanding borrowings were $228.6 million compared to $236.9 million on December 31, 2021. This decrease was due to pay down of debt and foreign exchange rate impact. Our cash and cash equivalent as of June 30, 2022 were $49.9 million. We're currently in compliance with our loan covenants. We continue to be in compliance with the terms of our loan agreements without the need for additional loan modifications. We believe that our lenders understand that the current situation relating to COVID-19 pandemic is not of our making and that we're doing everything we can to deliver our strategic priorities. We feel that we are continuing to have good relationships with our lenders.

轉向我們的財務狀況。 2022 年 6 月 30 日，我們的總資產為 6.276 億美元，而 2021 年 12 月 31 日為 6.877 億美元。減少 6,010 萬美元主要是由於現金和現金等價物減少，我們通過現金和現金等價物為持續業務運營提供資金並償還債務。截至 2022 年 6 月 30 日，我們的未償還借款總額為 2.286 億美元，而 2021 年 12 月 31 日為 2.369 億美元。這一下降是由於償還債務和匯率影響。截至 2022 年 6 月 30 日，我們的現金和現金等價物為 4990 萬美元。我們目前遵守我們的貸款契約。我們繼續遵守貸款協議的條款，無需進行額外的貸款修改。我們相信，我們的貸方明白，目前與 COVID-19 大流行相關的情況不是我們造成的，我們正在盡一切努力實現我們的戰略重點。我們認為我們將繼續與貸方保持良好的關係。

We did not repurchase any shares in the second quarter of 2022 and due to COVID-19 pandemic and its impact on our overall liquidity, our stock repurchase program has and will likely continue to take a lower capital allocation priority for the foreseeable future.

我們沒有在 2022 年第二季度回購任何股票，並且由於 COVID-19 大流行及其對我們整體流動性的影響，我們的股票回購計劃在可預見的未來已經並將可能繼續採取較低的資本配置優先級。

I will now turn it over to Andrzej.

現在我將把它交給安傑伊。

Thanks, Gilbert. As usual, I'd like to thank our stockholders for forwarding questions to our Investor Relations e-mail. And as normal, we've addressed some of your questions in Ellen's prepared remarks, but we've compiled a set of 5 questions e-mailed to us that we'll address now. First question being what are you seeing in terms of inflation and wage pressure? Ellen?

謝謝，吉爾伯特。像往常一樣，我要感謝我們的股東將問題轉發到我們的投資者關係電子郵件。和往常一樣，我們已經在 Ellen 準備好的發言中回答了你們的一些問題，但我們已經整理了一組 5 個問題，通過電子郵件發送給我們，我們現在將予以解決。第一個問題是您對通貨膨脹和工資壓力有何看法？艾倫？

Inflation has definitely impacted all of our operational divisions. Most importantly, in our global cinemas, labor expense and F&B costs have gone up, when you compare the second quarter of 2022 to a pre-pandemic period like Q2 of 2019. Likewise, for this period, each country's average ticket price and SPP increased due to strategic ticket and concession price increases. But we've calibrated the increases to not have a deterrent impact. For instance, in the U.S., while it might be more expensive to see a highly anticipated blockbuster in the first week on a TITAN screen, we're also providing more discounts through the week. For example, the recently launched Angelika membership program offers half of Tuesday or 50% of every ticket type on Tuesdays. The component of the membership program has proven to be really effective at driving incrementally more weekday attendance. And in Australia and New Zealand, our strategic price increases are consistent with our value pricing foundational philosophy.

通貨膨脹無疑影響了我們所有的運營部門。最重要的是，當你將 2022 年第二季度與疫情爆發前的時期（如 2019 年第二季度）進行比較時，在我們的全球影院中，人工費用和餐飲成本都上升了。同樣，在此期間，每個國家的平均票價和 SPP 都增加了由於戰略性門票和優惠價格上漲。但我們已經對增幅進行了調整，以免產生威懾影響。例如，在美國，雖然在 TITAN 銀幕上第一周觀看備受期待的大片可能會更貴，但我們也會在一周內提供更多折扣。例如，最近推出的 Angelika 會員計劃提供週二的一半或週二每種門票類型的 50% 優惠。事實證明，會員計劃的組成部分對於推動工作日出席人數的增加確實非常有效。在澳大利亞和新西蘭，我們的戰略提價符合我們的價值定價基本理念。

On the wage pressure, like other retailers across the globe, staffing has been a challenge across all of our operating divisions. Not only are wages increasing, but staffing in general is more difficult. Again, if you compare the second quarter of '22 to the second quarter of 2019, our labor per capita have gone up by over 20%. With this new headwind, it's really forcing our teams to think more strategically. For instance, we're taking better advantage of new technology and software programs to staff more precisely and we're improving our online ordering functionality to drive guests to order and buy both tickets and F&B online in advance to improve our staffing efficiencies. Also, we continue to focus on booking creative events and programs to expand attendance and improve sales during traditionally slower points during the week when we have minimum staffing.

在工資壓力方面，與全球其他零售商一樣，人員配置一直是我們所有運營部門面臨的挑戰。不僅工資在增加，而且人員配備普遍更加困難。同樣，如果將 22 年第二季度與 2019 年第二季度進行比較，我們的人均勞動力增長了 20% 以上。面對這種新的逆風，它確實迫使我們的團隊進行更具戰略性的思考。例如，我們正在更好地利用新技術和軟件程序來更精確地配備人員，我們正在改進我們的在線訂購功能，以推動客人提前在線訂購和購買門票和餐飲，以提高我們的人員配備效率。此外，我們繼續專注於預訂創意活動和計劃，以在人員配備最少的一周傳統上較慢的時間段擴大出席人數並提高銷售額。

On a final note, for decades, our industry has argued that movie theaters are recession-proof. Going to the movies was always and continues to be a reasonably priced form of entertainment for your family and friends. I think this most recent period bears out that old adage again. Over the last few months, despite some price increases, audiences have returned in record numbers to see top-notch entertainment like Top Gun, Minions, Sonic and Doctor Strange.

最後一點，幾十年來，我們的行業一直認為電影院可以抵禦經濟衰退。對於家人和朋友來說，看電影始終是一種價格合理的娛樂方式。我認為最近的一段時期再次證實了那句古老的格言。在過去的幾個月裡，儘管價格有所上漲，但觀看《壯志凌雲》、《小黃人》、《索尼克》和《奇異博士》等頂級娛樂節目的觀眾數量仍創歷史新高。

Thanks, Ellen. With the sizable BofA U.S. term loan and now the Cinemas 1, 2 and 3 Term Loan, newly reclassified to course current liabilities to substantially increase. What is the timing and status of paying-off or replacing this loan with longer term financing? Gilbert?

謝謝，艾倫。由於美國銀行的巨額美國定期貸款以及現在重新分類的電影院 1、2 和 3 期貸款，導致流動負債大幅增加。償還或用長期融資替代該貸款的時間和狀態是什麼？吉爾伯特？

The Cinemas 1, 2, 3 Term Loan has one additional 6 months extension to be exercised, that will push out the loan maturity date to April 1, 2023. The Bank of America term loan with its scheduled principal payments will be maturing on March 6, 2023. As with all loans that come up for refinancing, we work diligently with the lenders and at the same time, reach out for competitive bids from other lenders for most of the beneficial long-term loan financing. We believe that our current financial position, forecast and cash flow estimate based on our current expectation of industry performance and recovery mean that our company has sufficient resources to meet its obligation as they become due.

電影院 1、2、3 定期貸款還可再行使 6 個月的延期，這會將貸款到期日推遲至 2023 年 4 月 1 日。美國銀行定期貸款及其預定本金付款將於 3 月 6 日到期，2023 年。與所有再融資貸款一樣，我們與貸款人勤奮合作，同時尋求其他貸款人的競爭性投標，以獲得大部分有益的長期貸款融資。我們認為，基於我們當前對行業表現和復甦的預期，我們當前的財務狀況、預測和現金流量估計意味著我們公司有足夠的資源來履行到期義務。

Thanks, Gilbert. Can you fill the next one? What was the U.S. Cinemas that had 1.5 million asset value impairment?

謝謝，吉爾伯特。可以補下一張嗎？資產減值1​​50萬的美國電影院是哪家？

For strategic reasons, we do not want to specify what theaters are included in the impaired asset value. However, the impairment relates to 3 small U.S. cinemas with contribution to the overall income of our U.S. Cinema circuit is negligible. We'd like to work with the landlords of these cinemas to craft the strategy, to reduce occupancy costs, so that operate on a profitable basis. However, we can offer no assurance that we'll be successful in these negotiations.

出於戰略原因，我們不想具體說明哪些影院包含在減值資產價值中。然而，與 3 家美國小型電影院相關的減值對我們美國影院總收入的貢獻可以忽略不計。我們希望與這些電影院的業主合作制定策略，降低佔用成本，以便在盈利的基礎上運營。然而，我們不能保證我們會在這些談判中取得成功。

Thanks, Gilbert. The fourth question. Can we get an update on pending applications for liquor licenses in the U.S., Australia and New Zealand? What is the timing for approval in these locations? How many more theaters would you like permits for? Ellen?

謝謝，吉爾伯特。第四個問題。我們能否了解美國、澳大利亞和新西蘭待處理的酒類許可證申請的最新信息？這些地點的批准時間是什麼時候？您還需要多少家劇院的許可？艾倫？

Across the globe, our ultimate goal is to offer liquor in all of our theaters, where it makes sense for the surrounding community. With respect to our cinemas operating in the U.S., 74% offer liquor today. That's 6 out of 8 theaters on the East Coast in Texas, 5 out of 7 in California and 6 out of 8 theaters in Hawaii. On the Mainland, California and in New York, we expect the 4 outstanding licenses, whether temporary or permanent to be obtained before the end of 2022. The status of the remaining licenses in Hawaii is dependent on discussions with our landlords. So I can't estimate a time frame for those.

在全球範圍內，我們的最終目標是在我們所有的劇院提供酒類，這對於周圍社區來說是有意義的。目前，在美國運營的電影院中，74% 提供酒類服務。德克薩斯州東海岸的 8 家劇院中有 6 家，加利福尼亞州 7 家劇院中有 5 家，夏威夷 8 家劇院中有 6 家。在大陸、加利福尼亞州和紐約，我們預計將在 2022 年底前獲得 4 個尚未發放的臨時或永久許可證。夏威夷剩餘許可證的狀態取決於與房東的討論。所以我無法估計這些的時間框架。

With respect to our cinemas in Australia and New Zealand, just under 60% offer liquor today. That is 18 out of 27 theaters in Australia and 5 out of 12 in New Zealand. Of the 3 liquor licenses pending, we expect to have all 3 before the end of 2022. And over the next few years, we'll be working on obtaining the remainder of the licenses again, if it makes sense for the surrounding community.

目前，澳大利亞和新西蘭的電影院中，只有不到 60% 提供酒類服務。這是澳大利亞 27 家劇院中的 18 家，新西蘭 12 家劇院中的 5 家。在 3 個待批酒類許可證中，我們預計在 2022 年底前獲得所有 3 個許可證。在接下來的幾年裡，如果對周邊社區有意義的話，我們將努力再次獲得其餘許可證。

Thanks, Ellen. And I guess I'll fill the last question, which is, it's clear that the cinema is going to fully require -- recover. My question is on capital allocation. How does the company approach you? What better use of money is there than buying back shares at these prices? I understand that the 2 businesses, 3 country, diversified structures, got us through the COVID storm, without dilution and leveraging the balance sheet. But the pandemic is over, and the time to act is now. Let's stop fighting the last war and look to the future and create more value than any property redevelopment has to offer by buying back a bunch of shares.

謝謝，艾倫。我想我會回答最後一個問題，那就是，很明顯，電影院將完全需要——恢復。我的問題是關於資本配置。公司如何接近你？還有什麼比以這些價格回購股票更好的資金用途呢？據我了解，這 2 個業務、3 個國家、多元化的結構幫助我們度過了新冠風暴，沒有稀釋資產負債表，也沒有利用資產負債表。但疫情已經結束，現在是採取行動的時候了。讓我們停止打最後一場戰爭，展望未來，通過回購大量股票來創造比任何房地產重建所能提供的更多價值。

Well, whilst we may agree on the sentiments expressed in the first part of the question, we still have to face the reality of the COVID effect, ebbing though it may be. Based on our reported numbers, we have supported our business in the first 6 months of 2022 to the tune of some $25 million, excluding debt repayment and included what we would consider minimal investment in the CapEx needs of our business. We had a cash balance of approximately $50 million at June 30, as stewards of our shareholders' money, we must firstly confirm what has so far been a strong recovery from the COVID era and avoid being placed in a position of either selling more assets, taking on expensive debt and/or diluting existing shareholders by issuing stock.

好吧，雖然我們可能同意問題第一部分錶達的觀點，但我們仍然必鬚麵對新冠疫情影響的現實，儘管它可能正在減弱。根據我們報告的數據，我們在 2022 年前 6 個月為我們的業務提供了約 2500 萬美元的支持，其中不包括債務償還，並包括我們認為對我們業務資本支出需求的最低投資。截至 6 月 30 日，我們的現金餘額約為 5000 萬美元，作為股東資金的管家，我們必須首先確認迄今為止已從新冠疫情時代強勁復甦，並避免陷入出售更多資產、承擔昂貴的債務和/或通過發行股票稀釋現有股東。

Management reviews and discusses our cash position and capital allocations on an almost daily basis and buying back a bunch of our shares is certainly an option that forms part of those discussions. We work to balance the needs of the business, so that there is a business to manage in the future against the opportunities have [forwarded] us based on the current stock price.

管理層幾乎每天都會審查和討論我們的現金狀況和資本配置，回購大量股票無疑是構成這些討論一部分的一個選擇。我們努力平衡業務需求，以便在未來根據當前股價[轉發]給我們的機會來管理業務。

Well, that marks the conclusion of the call.

嗯，這標誌著通話的結束。

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

一如既往，我們感謝您收聽電話。感謝您的關注。並祝愿大家身體健康、平安。