Reading International Inc (RDI) 2023 Q2 法說會逐字稿

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.

2023 年第二季度電話會議。感謝您參加雷丁國際的財報電話會議，討論我們 2023 年第二季度的業績。我叫 Andrzej Matyczynski，是雷丁大學全球運營執行副總裁。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, as usual, I'll run through the 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.

在我們開始通話的實質內容之前，像往常一樣，我將先介紹一下注意事項。根據 1995 年《私人證券訴訟改革法案》的安全港條款，本次收益電話會議將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。

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, 2nd quarter earnings release on the company's website.

我們不承擔公開更新或修改任何前瞻性陳述的義務。此外，我們還將在本次電話會議上討論非公認會計準則財務指標。非 GAAP 財務指標的調節和定義，包括分部營業收入、EBITDA 和調整後 EBITDA。包含在我們最近在公司網站上發布的 2023 年第二季度收益報告中。

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 can consider to be nonrecurring in accordance with the 2-year SEC requirement for determining whether an item is nonrecurring, infrequent or unusual in nature. We believe adjusted EBITDA is an important supplemental measure of our performance.

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我們根據 SEC 2 年期確定項目性質是否為非經常性、不頻繁或異常的要求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. ATP, average ticket price is also used as an accepted industry acronym. We will 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 cinema's revenues generated by food and beverage sales by the number of admissions at that cinema.

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。 ATP，平均票價也被用作公認的行業縮寫詞。我們還將使用稱為每位顧客餐飲支出 (SPP) 的衡量標準，這是我們電影院的一項關鍵績效指標。餐飲 SPP 的計算方法是將電影院的食品和飲料銷售收入除以該電影院的入場人數。

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.

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 2023, 2nd quarter results and discuss our business strategy going forward, followed by Gilbert, who will provide a more detailed financial review. Ellen, over to you.

因此，在這之後，我將把它交給 Ellen，她將審查我們 2023 年第二季度的業績並討論我們未來的業務戰略，然後由 Gilbert 提供更詳細的財務審查。艾倫，交給你了。

Thanks, Andre, and thank you, everyone, for listening to the call today. We were very pleased with our second quarter 2023 operational results, which continued to move reading in the right direction. At $65.1 million, our second quarter global total revenue represented the highest global total revenue since Q4 2019 and 85% of our Q2 2019 global total revenue.

謝謝安德烈，謝謝大家今天收聽電話會議。我們對 2023 年第二季度的運營業績感到非常滿意，這繼續推動讀數朝著正確的方向發展。我們第二季度的全球總收入為 6510 萬美元，是自 2019 年第四季度以來最高的全球總收入，佔 2019 年第二季度全球總收入的 85%。

We delivered this result despite a weakening by 6.5% and 4.8% of the Australian dollar and New Zealand dollar average exchange rates, respectively, against the U.S. dollar. The foreign exchange needs to be kept in mind when reviewing our results as almost half of our total revenue is generated in Australia and New Zealand. Our Q2 global operating income of $1.8 million represented the highest global operating income since Q4 2019 and improved by over 200% compared to Q2 2022.

儘管澳元和新西蘭元兌美元平均匯率分別下跌 6.5% 和 4.8%，但我們還是取得了這一結果。在審查我們的業績時需要牢記外匯，因為我們總收入的近一半來自澳大利亞和新西蘭。我們第二季度的全球營業收入為 180 萬美元，是自 2019 年第四季度以來最高的全球營業收入，與 2022 年第二季度相比增長了 200% 以上。

Thanks to a stronger film slate, including the phenomenal success of Super Mario Brothers, franchises such as Guardians of the Galaxy, Spider-Man, Fast and Furious and Transformers and the Disney hit Little Mermaid. Coupled with the strong operational performance from our cinema management teams, our global cinema revenue topped $61.1 million.

得益於更強大的電影陣容，包括《超級馬里奧兄弟》的巨大成功，《銀河護衛隊》、《蜘蛛俠》、《速度與激情》、《變形金剛》等系列電影以及迪士尼熱門電影《小美人魚》。加上我們影院管理團隊的強勁運營業績，我們的全球影院收入突破了 6110 萬美元。

While our second quarter 2023 global cinema revenue decreased by 1% compared to the second quarter 2022, it did represent 84% of 2019's second quarter global cinema revenue. I'll note that Q2 last year represented the all-time highest cinema revenue ever for our Australian circuit, and at that time, the Australian dollar was trading at a level of 6.9% higher than at the end of the most recent quarter.

雖然我們 2023 年第二季度的全球影院收入較 2022 年第二季度下降了 1%，但確實佔 2019 年第二季度全球影院收入的 84%。我要指出的是，去年第二季度是我們澳大利亞院線有史以來最高的電影收入，當時澳元的交易價格比最近一個季度末高出 6.9%。

Our real estate business is also getting stronger. Our second quarter benefited from the rental stream from our new tenant at 44 Union Square, Petco, Which on June 1, 2023, opened its flagship retail location in New York City, a uniquely designed one-stop health and wellness destination for pets.

我們的房地產業務也越來越強。我們的第二季度受益於聯合廣場44 號新租戶Petco 的租金流，Petco 於2023 年6 月1 日在紐約市開設了其旗艦零售店，這是一個設計獨特的一站式寵物健康和保健目的地。

The strong performance of our live theaters in New York City, which delivered the best theater level cash flow since Q3 2019, when we also had the Royal George opened, and the continued solid and steady performance of our 72 third-party tenant real estate portfolio in Australia.

我們在紐約市的現場劇院表現強勁，創造了自2019 年第三季度（當時我們還開設了皇家喬治劇院）以來最好的劇院級現金流，以及我們的72 個第三方租戶房地產投資組合的持續穩健表現在澳大利亞。

Our Q2 2023 real estate revenue of $4 million represented a 46% increase compared to Q2 last year, an 8% improvement compared to the same period in 2019 and the highest since Q4 2019 when we still had the Auburn Redyard and Royal George assets in our portfolio.

我們2023 年第二季度的房地產收入為400 萬美元，與去年第二季度相比增長了46%，與2019 年同期相比增長了8%，是自2019 年第四季度以來的最高水平，當時我們仍擁有Auburn Redyard 和Royal George 資產。文件夾。

Our Q2 2023 real estate operating income of $1.3 million represented an increase of over 1,500% compared to the same period in 2022, and 95% of Q2 2019 to operating income, despite our having sold 5 properties in order to mitigate the pandemic impacts.

儘管我們為了減輕疫情影響而出售了5 處房產，但我們2023 年第二季度的房地產營業收入為130 萬美元，與2022 年同期相比增長了1,500% 以上，佔2019 年第二季度營業收入的95%。

Delivery of this continued improving operational performance resulting in a $6.7 million of adjusted EBITDA came despite headwinds facing our company from inflationary cost pressures, supply chain and labor challenges and the weakening of the Australian and New Zealand dollars against the U.S. dollar.

儘管我們公司面臨通脹成本壓力、供應鍊和勞動力挑戰以及澳元和新西蘭元兌美元走弱等不利因素，但運營業績持續改善，調整後 EBITDA 達到 670 萬美元。

As of June 30, 2023, we reported cash and cash equivalents of $15.5 million and had a global debt balance of $213.8 million. Which excluded deferred cinema rent obligations that arose due to the pandemic and is also lower than our December 31, 2022 debt balance of $215.6 million.

截至 2023 年 6 月 30 日，我們報告的現金和現金等價物為 1,550 萬美元，全球債務餘額為 2.138 億美元。其中不包括因疫情而產生的遞延影院租金義務，也低於我們截至 2022 年 12 月 31 日的債務餘額 2.156 億美元。

We're mindful of our upcoming 2023 and 2024 debt maturities, the current high interest rate lending environment and the need to improve our liquidity and strengthen our balance sheet. So in an effort to protect the interest of our stockholders and ensure the long-term viability of our company, our Board has decided to put certain additional assets up for sale, which I'll touch on in more detail later in the call.

我們關注即將到來的 2023 年和 2024 年債務到期日、當前的高利率貸款環境以及改善流動性和強化資產負債表的需要。因此，為了保護股東的利益並確保公司的長期生存能力，我們的董事會決定出售某些額外資產，我將在稍後的電話會議中更詳細地討論這一點。

With that, let's look more closely at our global cinema business, which has provided the foundational cash flow to support our asset growth over the last few decades. We saw our cinema audiences return to the big screen again, when the content was compelling and the marketing was right. The global cinema industry witnessed a sensational April 5 release of the Super Mario Brothers movie, which has grossed almost $1.4 billion globally and is now the second highest grossing animated film of all time.

接下來，讓我們更仔細地審視我們的全球影院業務，該業務在過去幾十年中為支持我們的資產增長提供了基礎現金流。當內容引人入勝且營銷正確時，我們看到電影院觀眾再次回到大屏幕。 4 月 5 日，全球電影業轟動一時的《超級馬里奧兄弟》電影上映，該片全球票房收入近 14 億美元，目前是有史以來票房收入第二高的動畫電影。

And the strong box office performance of Guardians of the Galaxy Volume 3, which has grossed over $845 million globally; Fast X, which has grossed almost $705 million globally; and Spiderman: Across the Spider-Verse which has a global gross of almost $684 million.

《銀河護衛隊3》票房表現強勁，全球票房收入超過8.45億美元； Fast X，全球票房近 7.05 億美元； 《蜘蛛俠：穿越蜘蛛俠宇宙》的全球票房近 6.84 億美元。

In Q2 2023, our global cinema revenue of $61.1 million decreased slightly by 1% from Q2 2022, when our Australian circuit delivered its highest ever quarterly cinema revenue and at a time when the Australian dollar was 6.9% higher than it was at the end of the 2023 quarter. It also represented 84% of our Q2 2019 global cinema revenue.

2023 年第二季度，我們的全球電影收入為6110 萬美元，較2022 年第二季度小幅下降1%，當時我們的澳大利亞影院實現了有史以來最高的季度電影收入，而澳元比2022 年末上漲了6.9 %。 2023 年季度。它還占我們 2019 年第二季度全球影院收入的 84%。

Our Q2 2023 global cinema operating income improved by 30% to $4.5 million compared to the second quarter of '22, and also marks the highest operating income since the fourth quarter of 2019.

我們的 2023 年第二季度全球影院運營收入比 2022 年第二季度增長了 30%，達到 450 萬美元，也創下了 2019 年第四季度以來的最高運營收入。

During the second quarter of 2023, our operational teams continue to deliver milestone achievements in terms of average ticket price and F&B SPP. With all-time second quarter record set for each of these metrics in each country with the exception of the U.S. F&B SPP, which ranked as the second highest second quarter SPP ever.

2023 年第二季度，我們的運營團隊繼續在平均票價和餐飲 SPP 方面取得里程碑式的成就。除美國餐飲 SPP 外，每個國家/地區的每項指標都在第二季度創下了歷史記錄，美國食品和飲料 SPP 排名有史以來第二高。

We anticipate our second quarter to be followed by a strong third quarter, led by the blockbuster success of Barbie and Oppenheimer. Both of which opened on July 21, thereby creating the double feature sensation, Barbenheimer. Both films opened to a massive box office, making Barbenheimer opening weekend the fourth biggest box office weekend of all time and the largest since April of 2019.

我們預計，在芭比娃娃和奧本海默的巨大成功的帶動下，第二季度將迎來強勁的第三季度。這兩部影片均於 7 月 21 日上映，從而創造了雙片轟動的《巴本海默》。這兩部電影都取得了巨大的票房成績，使《巴本海默》的首映週末成為有史以來第四大票房週末，也是自 2019 年 4 月以來票房最高的周末。

Today, Oppenheimer has grossed $651 million worldwide, and Barbie has crossed $1 billion threshold in global box office grossing about $1.2 billion and has become the highest grossing film in Warner Brothers history at the domestic box office, with a domestic box office gross of $537.4 million.

如今，《奧本海默》全球票房已達6.51 億美元，《芭比娃娃》全球票房已跨過10 億美元大關，約12 億美元，成為華納兄弟歷史上國內票房最高的電影，國內票房總額達5.374 億美元。

Recently, the iconic filmmaker Francis Ford Coppola shared his thoughts on Barbenheimer. He said the fact that people are filling big theaters to see them and that they are neither sequels or prequels, no number attached to them, meaning they are true one-offs is a victory for cinema. And he said, my hunch is that we're on the verge of a golden age, wonderful and illuminating cinema seen in large theaters. Clearly, due to the success of Barbenheimer, the third quarter is off to a great start.

最近，標誌性電影製片人弗朗西斯·福特·科波拉分享了他對巴本海默的看法。他說，人們湧入大影院觀看這些電影，而且它們既不是續集也不是前傳，也沒有附上編號，這意味著它們是真正的一次性電影，這是電影的勝利。他說，我的預感是，我們正處於黃金時代的邊緣，在大劇院裡可以看到精彩而富有啟發性的電影。顯然，由於巴本海默的成功，第三節有了一個良好的開局。

In July 2023, our global circuit delivered the highest monthly total cinema revenue ever and the second highest ever global total box office revenue behind July of 2018. The upcoming movie slate for the remainder of the year also gives us confidence that we'll continue to build on this box office momentum.

2023 年7 月，我們的全球院線創造了有史以來最高的月度電影總收入，也是僅次於2018 年7 月的有史以來第二高的全球總票房收入。今年剩餘時間即將上映的電影也讓我們有信心繼續在此票房勢頭的基礎上再接再厲。

Later this month, audiences will be treated to the release of Gran Turismo, Blue Beetle from DC Comics and the hilarious Strays. In September, we have a diverse mix of titles that will attract audiences of all ages from Denzel Washington in Equalizer 3 to Expendables 4, My Big Fat Greek Wedding 3, The Nun 2 and PAW Patrol: The Mighty movie.

本月晚些時候，觀眾將欣賞到 DC 漫畫推出的《GT賽車》、《藍甲蟲》和搞笑的《流浪者》。 9 月，我們將推出多樣化的影片組合，吸引各個年齡段的觀眾，從丹澤爾·華盛頓的《均衡器3》到《敢死隊4》、《我盛大的希臘婚禮3》、《修女2》和電影《狗狗巡邏隊：全能》。

And for the holiday season, we'll have the release of the Marvels, Wish from Disney Animation, Migration from Illumination, Dune: Part 2, Hunger Games, The Ballad of Songbirds and Snakes, Wonka and DC Comics: Aquaman and the Lost Kingdom.

假期期間，我們將上映《漫威》、《迪士尼動畫的願望》、《幻影大遷徙》、《沙丘：第二部分》、《飢餓遊戲》、《鳥蛇之歌》、《旺卡》和DC漫畫：海王與失落的王國。

We're monitoring the developments related to the ongoing WGA and SAG-AFTRA strikes and are hopeful that both strikes get resolved in the next few months. Today, the strikes have with the exception of certain independent productions halted all film from -- halted all film production from the studios and major streamers and have prevented any acting talent from promoting any SAG-AFTRA certified films.

我們正在關注與正在進行的 WGA 和 SAG-AFTRA 罷工相關的事態發展，並希望這兩次罷工都能在未來幾個月內得到解決。今天，除了某些獨立製作之外，罷工已經停止了所有電影製片廠和主要流媒體的電影製作，並阻止了任何表演人才宣傳任何經美國演員工會和美國電視交易協會認證的電影。

While some movies have been moved off the schedule due to the strikes, as of today, we don't currently anticipate that those moves will have a material impact on our performance. But that could change, if more significant movies start to move out of Q4 2023.

雖然一些電影因罷工而被推遲上映，但截至今天，我們目前預計這些舉措不會對我們的業績產生重大影響。但如果更多重要電影開始在 2023 年第四季度上映，這種情況可能會改變。

Though even if the releases are delayed, we believe that this will really only be a timing issue. Despite the Hollywood strikes, the box office success we've enjoyed over the last month or so, reinforces our long-term confidence in the business and our belief that the major studios and some major streamers will continue to stand behind the exclusive theatrical window.

儘管即使發布被推遲，我們相信這實際上只是一個時間問題。儘管好萊塢罷工，但我們在過去一個月左右的票房成功增強了我們對業務的長期信心，並相信主要電影公司和一些主要流媒體將繼續支持獨家影院窗口。

Now let's turn to our U.S. Cinema division, which delivered a solid Q2 2023 performance. The U.S. cinema revenue increased by 12% to $34 million compared to the second quarter of '22. It was the best revenue performance since Q4 of 2019. The U.S. cinema operating income at $814,000 improved by over 140% to Q2 -- compared to Q2 2022.

現在讓我們來看看我們的美國影院部門，該部門在 2023 年第二季度表現出色。與 2022 年第二季度相比，美國電影收入增長了 12%，達到 3400 萬美元。這是自 2019 年第四季度以來的最佳收入表現。與 2022 年第二季度相比，第二季度美國影院營業收入達到 814,000 美元，增長了 140% 以上。

Due to the increase in the number of wide release films and an improvement in the overall quality of the Q2 2023 movie slate, we increased our attendance in the U.S. by 6% and our overall theater level cash flow was the highest it's been since Q4 of 2019.

由於廣泛上映的電影數量增加以及 2023 年第二季度電影整體質量的提高，我們在美國的上座率增加了 6%，我們的影院整體現金流量達到了自 2023 年第四季度以來的最高水平。 2019 .

Our U.S. circuit achieved a few notable milestones during the second quarter. At $12.95, our average ticket price was at the highest second quarter ever. This level has been set despite the quarter being the first full quarter to feature our successful half-price Tuesday and Mahalo day discount days programs in all of our cinemas, except for one. And it was the first full second quarter of our free to join Angelika membership program, which launched in the second quarter of 2022 and now has almost 90,000 members in 9 theaters or 55 screens.

我們的美國巡迴賽在第二季度取得了一些顯著的里程碑。我們的平均票價為 12.95 美元，是第二季度有史以來最高的。儘管本季度是我們所有電影院（除一家電影院外）成功推出星期二半價和 Mahalo 日折扣日計劃的第一個完整季度，但仍設定了這一水平。這是我們免費加入 Angelika 會員計劃的第一個完整第二季度，該計劃於 2022 年第二季度啟動，目前在 9 家影院或 55 個銀幕上擁有近 90,000 名會員。

At $8.11, our F&B SPP was the second highest second quarter of all time. Again, impressive in light of the rollout of our discount days and the Angelika membership program. Note also, as of today, we're operating in the U.S. with liquor licenses in 100% of our theaters.

我們的餐飲 SPP 為 8.11 美元，是第二季度有史以來第二高的。考慮到我們的折扣日和 Angelika 會員計劃的推出，這再次令人印象深刻。另請注意，截至今天，我們在美國運營的影院 100% 都持有酒類許可證。

Our quarterly ancillary revenue generated primarily from theater rentals and online service fees is the highest we've ever delivered. Our U.S. specialty cinemas continued to show signs of recovery during the quarter. Our Q2 box office at the Angelika in New York City this year increased by 165% compared to the Q2 of 2022.

我們的季度輔助收入主要來自劇院租賃和在線服務費，是我們有史以來最高的。我們的美國特色影院在本季度繼續呈現復甦跡象。今年第二季度我們在紐約市 Angelika 的票房比 2022 年第二季度增長了 165%。

The release of Wes Anderson's Asteroid City on June 23 drove audiences back to our specialty cinemas. Over the course of 7 days, Asteroid City set an opening weekend and an opening week box office record at the Angelika in New York surpassing records that it previously stood for over 5 and 6 years, respectively.

韋斯·安德森 (Wes Anderson) 的《小行星城》(Asteroid City) 於 6 月 23 日上映，吸引觀眾重返我們的專業影院。在 7 天的時間裡，《小行星城》在紐約 Angelika 創下了首映週末和首周票房紀錄，分別超過了之前保持的 5 年多和 6 年多的記錄。

Another movie that's gross to almost $0.5 million in its run at the Angelika in New York and had an opening week of just under $130,000 is the critically acclaimed Past Lives. Today, the Angelika New York still has the highest grossing engagement in North America.

另一部在紐約 Angelika 上映票房收入接近 50 萬美元、首映週票房接近 13 萬美元的電影是廣受好評的《前世》。如今，紐約安吉莉卡仍然擁有北美地區最高的參與度。

Over the past 18 months, we've reviewed our portfolio to maximize profitability and took steps to close two additional cinemas after removing our equipment. With these closures, which make three U.S. cinema closures in total, we will improve the overall profitability of our circuit.

在過去 18 個月中，我們審查了我們的投資組合，以最大限度地提高盈利能力，並在拆除設備後採取措施關閉了另外兩家電影院。通過這些關閉，美國電影院總共關閉了三家，我們將提高影院的整體盈利能力。

Now let's turn to our international cinema divisions. Our Australian circuit also delivered an encouraging Q2 2023 performance even though its comparison to Q2 2022 is tough because the 2022 quarter delivered the highest total cinema revenue ever in our Australian circuit's history. Thanks to movies that overperformed in Australia like Top Gun: Maverick, Jurassic World Dominion, Dr. Strange, Minions and Elvis.

現在讓我們談談我們的國際電影部門。我們的澳大利亞院線在 2023 年第二季度也取得了令人鼓舞的表現，儘管與 2022 年第二季度的比較很困難，因為 2022 年季度的影院總收入是我們澳大利亞院線歷史上最高的。感謝在澳大利亞表現出色的電影，如《壯志凌雲：特立獨行》、《侏羅紀世界統治》、《奇異博士》、《小黃人》和《貓王》。

The Australian cinema revenue at $22.9 million decreased by 14% compared to Q2 2022, which, again, was the best total cinema revenue quarter on record. But on a constant currency basis, represented 93.5% of the Q2 2019 Australian total cinema revenues. And was the second best revenue quarter on record since Q4 2019 after the second quarter 2022.

澳大利亞電影收入為 2290 萬澳元，與 2022 年第二季度相比下降了 14%，這再次是有記錄以來最好的電影總收入季度。但按固定匯率計算，佔 2019 年第二季度澳大利亞電影總收入的 93.5%。這是繼 2022 年第二季度之後，自 2019 年第四季度以來有記錄以來第二好的收入季度。

The Australian cinema operating income at $3 million decreased by 38% compared to the second quarter of 2022. Australian circuit also achieved a few notable milestones during the second quarter. At AUD 14.5 which is in Australian dollars, our Q2 2023 ATP in Australia was the highest second quarter ever. At AUD 7.48, our F&B SPP was the highest second quarter of all time. And our Australian F&B online sales continued to grow, achieving 8.7% of total F&B sales in Australia, up from 6.1% in the second quarter of '22.

澳大利亞影院營業收入為 300 萬澳元，與 2022 年第二季度相比下降了 38%。澳大利亞影院在第二季度也實現了一些值得注意的里程碑。以澳元計算的 14.5 澳元，我們在澳大利亞的 2023 年第二季度 ATP 是有史以來第二季度最高的。我們的餐飲 SPP 為 7.48 澳元，是第二季度有史以來最高的。我們的澳大利亞餐飲在線銷售額持續增長，佔澳大利亞餐飲總銷售額的 8.7%，高於 2022 年第二季度的 6.1%。

Throughout the quarter, we continued to develop our new pipeline of cinemas in Australia. On August 24, 2023, we're thrilled to be opening our beautiful new eight-screen Angelika Film Center at South city Square in Brisbane. And we'll open Reading Cinemas with TITAN LUXE at Busselton in Western Australia before the end of the year. We also achieved the signing of a Heads of Agreement on another deal for a brand-new Reading cinema with TITAN LUXE in Noosa in Queensland.

整個季度，我們繼續在澳大利亞開發新的電影院線。 2023 年 8 月 24 日，我們很高興在布里斯班南城廣場開設美麗的全新八屏 Angelika 電影中心。我們將在今年年底前在西澳大利亞巴瑟爾頓開設與 TITAN LUXE 合作的 Reading Cinemas。我們還與昆士蘭州努薩的 TITAN LUXE 簽署了另一項全新雷丁電影院協議的主要協議。

Turning to New Zealand. The New Zealand cinema revenue at $4.1 million, our Q2 2023 revenues decreased by 11% compared to the second quarter of '22. At $700,000, our Q2 2023 operating income in New Zealand was relatively flat, increasing by $20,000 compared to the second quarter last year.

轉向新西蘭。新西蘭影院收入為 410 萬美元，我們 2023 年第二季度的收入比 22 年第二季度下降了 11%。我們在新西蘭的 2023 年第二季度營業收入為 70 萬美元，相對持平，比去年第二季度增加了 2 萬美元。

Our New Zealand circuit also achieved a few notable milestones during the second quarter. Our Q2 2023 ATP of NZD 12.37, was the highest second quarter of all time and the second highest quarter ever. At NZD 6.88, our F&B SPP was the highest second quarter of all time and the second highest quarter ever. And our New Zealand F&B online sales continued to grow, achieving 7% of total F&B sales in New Zealand, up from 5.8% in the second quarter of '22.

我們的新西蘭賽道在第二季度也實現了一些值得注意的里程碑。我們的 2023 年第二季度 ATP 為 12.37 新西蘭元，是有史以來最高的第二季度，也是有史以來第二高的季度。我們的餐飲 SPP 為 6.88 新西蘭元，是有史以來第二季度最高的，也是有史以來第二高的季度。我們的新西蘭餐飲在線銷售額持續增長，佔新西蘭餐飲總銷售額的 7%，高於 2022 年第二季度的 5.8%。

In an effort to streamline our circuit and retain only cash positive cinemas in May of '23, we permanently closed The Hutt Pop-Up cinema outside of Wellington in New Zealand. But we also signed a Heads of Agreement for a new state-of-the-art Reading cinema in New Zealand.

為了精簡我們的影院並僅保留現金充足的電影院，我們於 2023 年 5 月永久關閉了新西蘭惠靈頓郊外的 The Hutt Pop-Up 電影院。但我們還簽署了一份關於在新西蘭新建最先進的雷丁電影院的協議。

Now let's turn to our global real estate business. Our company's ability to remain viable during the COVID-19 pandemic was largely attributed to our resilient dual and diversified business strategy. When our cinema operations faced a decline in cash flows, our real estate operations remain strong. As we navigate a post-pandemic world with a real estate business that's growing stronger, our focus will be on delivering long-term value for our stockholders through a disciplined approach to improving and developing our real estate investment in operating properties.

現在讓我們轉向我們的全球房地產業務。我們公司在 COVID-19 大流行期間保持生存的能力很大程度上歸功於我們富有彈性的雙重和多元化業務戰略。當我們的影院業務面臨現金流下降時，我們的房地產業務仍然強勁。隨著我們的房地產業務日益強大，我們將在疫情后的世界中前行，我們的重點將是通過嚴格的方法來改善和發展我們對經營性房地產的房地產投資，為股東創造長期價值。

Our second quarter 2023 global real estate revenue increased 29% to $5.2 million compared to the second quarter of '22. And our second quarter 2023 operating income of $1.3 million improved from the second quarter of '22 by more than 1,500%.

與 2022 年第二季度相比，我們 2023 年第二季度的全球房地產收入增長了 29%，達到 520 萬美元。我們 2023 年第二季度的營業收入為 130 萬美元，比 2022 年第二季度增長了 1,500% 以上。

The improved second quarter 2023 real estate operating results are due to the new Petco lease at our 44 Union Square property which rent commenced in the fourth quarter of '22. Increased attendance at our live theaters as well as licensing revenue during this period generated by The empire Strips Back at our Orpheum Theatre and the steady performance of our Australian real estate portfolio.

2023 年第二季度房地產經營業績的改善得益於 Petco 在我們聯合廣場 44 號物業的新租賃，該物業於 22 年第四季度開始出租。在此期間，我們的現場劇院的上座率以及帝國在我們的奧菲姆劇院剝離所產生的許可收入以及我們澳大利亞房地產投資組合的穩定表現所帶來的增加。

As a result, our real estate business achieved the highest quarterly real estate revenue and operating income since the fourth and third quarters of 2019, respectively. In the U.S., our second quarter 2023 real estate revenue increased by $1.2 million or 214% to $1.8 million. Primarily due to the Petco rent and licensing revenue from our live theaters in New York City.

由此，我們的房地產業務分別實現了2019年第四季度和第三季度以來最高的季度房地產收入和營業收入。在美國，我們 2023 年第二季度的房地產收入增加了 120 萬美元，即 214%，達到 180 萬美元。主要是由於來自我們紐約市現場劇院的 Petco 租金和許可收入。

Our Australian real estate revenue for the second quarter decreased slightly by $61,000 to $3 million compared to the second quarter last year. And in New Zealand, our second quarter 2023 real estate revenue remained relatively flat at $392,000. However, when measured in local currency, our Australian real estate revenue for the second quarter increased by about AUD 205,000, and the New Zealand real estate revenue for the second quarter of '23 increased by almost NZD 25,000.

與去年第二季度相比，我們第二季度的澳大利亞房地產收入略有下降 61,000 美元，至 300 萬美元。在新西蘭，我們 2023 年第二季度的房地產收入保持相對平穩，為 392,000 美元。然而，以當地貨幣計算，我們第二季度的澳大利亞房地產收入增加了約205,000澳元，23年第二季度的新西蘭房地產收入增加了近25,000新西蘭元。

And focusing on the New Zealand and Australian real estate portfolio. At June 30, 2023, we had 75 third-party tenants in our combined Australian and New Zealand real estate portfolio. We had a total third-party occupancy rate of 95%. We successfully executed 4 new leases, 3 new leases and 1 lease renewal. And the total third-party tenant sales from our Australian real estate for the quarter was over AUD 28 million.

並專注於新西蘭和澳大利亞的房地產投資組合。截至 2023 年 6 月 30 日，我們的澳大利亞和新西蘭合併房地產投資組合中有 75 個第三方租戶。我們的第三方總入住率為 95%。我們成功執行了 4 個新租約、3 個新租約和 1 個續租租約。本季度我們澳大利亞房地產的第三方租戶銷售額總額超過 2800 萬澳元。

Turning to our asset monetization. To support our liquidity needs, we made the decision to list the following assets for sale. Our office building in Culver City, California. Following the advice of Newmark, our exclusive listing agent, we listed the building for $20 million. To date, Newmark has received almost 50 nondisclosure agreements. Our 26-acre industrial site in Williamsport, Pennsylvania, our broker CBRE has engaged in sale discussions with multiple parties at this point.

轉向我們的資產貨幣化。為了滿足我們的流動性需求，我們決定列出以下待售資產。我們位於加利福尼亞州卡爾弗城的辦公樓。根據我們的獨家掛牌經紀人紐馬克的建議，我們以 2000 萬美元的價格掛牌了這座建築。迄今為止，Newmark 已收到近 50 份保密協議。我們的經紀人 CBRE 位於賓夕法尼亞州威廉斯波特 26 英畝的工業基地，目前已與多方進行銷售討論。

And last, our building and property in Maitland, New South Wales in Australia. We've engaged an exclusive listing agent JLL, and they are discussing this potential investment with multiple parties. Also, as we reported in the Q and in the earnings release, we're also exploring the sale in whole or in part of the Cinema 1, 2 & 3 property in New York City or otherwise reducing our interest in the property.

最後是我們位於澳大利亞新南威爾士州梅特蘭的建築和房產。我們已經聘請了獨家上市代理仲量聯行，他們正在與多方討論這項潛在的投資。此外，正如我們在季度報告和收益報告中所報導的那樣，我們還在探索出售紐約市 Cinema 1、2 和 3 物業的全部或部分資產，或者以其他方式減少我們對該物業的興趣。

I'll finish by noting that as we continue to strengthen our foundation and regain our footing in our cinema divisions, we're confident about the potential of our retained real estate assets. We have a diverse portfolio of properties, including 44 Union Square and 2 live theaters in New York City and our Viaduct properties in Philadelphia as well as assets in Wellington, New Zealand and our Australian assets, Newmarket Village in Brisbane, Cannon Park in Townsville and The Belmont Common in Perth. These assets will continue to provide us with substantial opportunities to create long-term value for our stockholders through either a redevelopment, financing or potential sales.

最後我要指出的是，隨著我們繼續加強基礎並重新在影院部門站穩腳跟，我們對保留的房地產資產的潛力充滿信心。我們擁有多元化的資產組合，包括紐約市的 44 個聯合廣場和 2 個現場劇院、費城的 Viaduct 資產、新西蘭惠靈頓的資產以及澳大利亞布里斯班的 Newmarket Village、湯斯維爾的 Cannon Park 和珀斯的貝爾蒙特公園。這些資產將繼續為我們提供大量機會，通過重建、融資或潛在銷售為股東創造長期價值。

So that wraps up my business overview for the second quarter of 2023.

這就是我對 2023 年第二季度業務的概述。

I'll turn it over to Gilbert.

我會把它交給吉爾伯特。

Thank you, Ellen. Consolidated revenues for the quarter ended June 30, 2023, increased slightly by $0.5 million to $65.1 million when compared to Q2 2022. This increase was primarily driven by an increase in real estate revenue, which was due to receiving rent from our 44 Union Square tenant that did not occur in the same period of the prior year. Partially offset by a decreased attendance in our Australia and New Zealand circuit as a result of record quarterly attendance in Q2 2022.

謝謝你，艾倫。截至2023 年6 月30 日的季度合併收入與2022 年第二季度相比略有增加50 萬美元，達到6,510 萬美元。這一增長主要是由於房地產收入的增加，這是由於我們從聯合廣場44號租戶收取租金所致上一年同期沒有發生這種情況。由於 2022 年第二季度創紀錄的季度觀眾人數，澳大利亞和新西蘭巡迴賽的觀眾人數減少，部分抵消了這一影響。

Consolidated revenues for the 6 months ended June 30, 2023 increased by $6.1 million to $110.9 million when compared to the same period in the prior year as a result of the rent revenue received from our 44 Union score tenant Petco, and increased attendance in our U.S. circuit.

截至2023 年6 月30 日的6 個月的合併收入與上年同期相比增加了610 萬美元，達到1.109 億美元，這是由於從我們的44 個聯合分數租戶Petco 收到的租金收入以及我們美國的出席率增加。電路。

Net loss attributable to Reading International for the quarter ended June 30, 2023, increased by $0.3 million to a net loss of $2.8 million when compared to the same period in the prior year. Basic loss per share increased $0.01 to a basic loss per share of $0.12 for the quarter ended June 30, 2023, compared to the quarter ended June 30, 2022. These results are due to a decrease in other income and increased interest expense, partially offset by better segment results.

截至 2023 年 6 月 30 日的季度，雷丁國際應占淨虧損較上年同期增加 30 萬美元，達到淨虧損 280 萬美元。與截至2022 年6 月30 日的季度相比，截至2023 年6 月30 日的季度每股基本虧損增加0.01 美元，達到每股基本虧損0.12 美元。這些結果是由於其他收入減少和利息支出增加造成的，部分抵消了通過更好的分部業績。

Net loss attributable to Reading International for the 6 months ended June 30, 2023, decreased by $3.9 million to a loss of $13.9 million when compared to the same period in 2022. Basic loss per share was $0.63 for the 6 months ended June 30, 2023, compared to a basic loss per share of $0.81 for the 6 months ended June 30, 2022. This was due to increased attendance in our U.S. cinema circuit as more patrons return to the theaters. The rent revenue received from our 44 Union Square tenant Petco during the first 6 months of the year that did not yet occur in 2022, impairment expenses that were incurred in 2022 that were not incurred in 2023, and decrease in depreciation and amortization due to delay in our capital spending.

截至2023年6月30日止6個月，雷丁國際應占淨虧損較2022年同期減少390萬美元，至虧損1,390萬美元。截至2023年6月30日止6個月，每股基本虧損為0.63美元，而截至 2022 年 6 月 30 日的 6 個月每股基本虧損為 0.81 美元。這是由於隨著更多顧客返回影院，我們美國影院的上座率增加。 2022 年尚未發生的 44 家聯合廣場租戶 Petco 於今年前 6 個月收到的租金收入、2022 年發生但 2023 年未發生的減值費用以及因延遲而減少的折舊和攤銷在我們的資本支出中。

Our total company depreciation and amortization, impairment and G&A expenses for the quarter ended June 30, 2023, decreased by $3.3 million to $9.8 million compared to the same quarter in prior year. Depreciation, amortization, impairment and G&A expenses for the 6 months ended June 30, 2023, decreased by $4.8 million to $19.6 million compared to the same period in prior year. These decreases are due to impairment expenses that were incurred in 2022 that did not reoccur in 2023, decreasing depreciation and amortization due to delay in capital spending.

截至 2023 年 6 月 30 日的季度，公司折舊、攤銷、減值和一般管理費用總額與去年同期相比減少了 330 萬美元，至 980 萬美元。截至 2023 年 6 月 30 日止 6 個月的折舊、攤銷、減值和一般管理費用較上年同期減少 480 萬美元，至 1,960 萬美元。這些減少是由於 2022 年發生的減值費用在 2023 年沒有再次發生，從而因資本支出延遲而減少了折舊和攤銷。

For the second quarter 2023, income tax expense decreased by $1.6 million to an income tax benefit of $0.1 million compared to the equivalent prior year period. For the 6 months ended June 30, 2023, income tax expense decreased by $1.7 million to income tax benefit of $0.6 million compared to the equivalent prior year period. The change between 2023 and 2022, is primarily due to a decrease in both reserves for unrecognized tax benefit and reserves for valuation allowance in 2023.

與去年同期相比，2023 年第二季度所得稅費用減少 160 萬美元，所得稅優惠減少 10 萬美元。截至 2023 年 6 月 30 日的 6 個月，所得稅費用與去年同期相比減少了 170 萬美元，所得稅優惠為 60 萬美元。 2023年至2022年的變化主要是由於2023年未確認稅收優惠準備金和估價備抵準備金減少所致。

For the second quarter of 2023, our adjusted EBITDA decreased by $1 million compared to the same prior year period to $6.7 million. This decrease was primarily the result of weakened cinema operations performance in our Australian and New Zealand circuit and $1.5 million increase in interest expense. For the 6 months ended June 30, 2023, our adjusted EBITDA increased by $3.2 million to $3.8 million compared to the same prior year period. This increase is due to improved net income loss as a result of increased real estate rental income due to rent from our Petco tenant, which was not incurred in the same time period in the prior year compared to the first 6 months of 2023.

2023 年第二季度，我們調整後的 EBITDA 與去年同期相比減少了 100 萬美元，至 670 萬美元。這一下降主要是由於澳大利亞和新西蘭院線的影院運營業績疲軟以及利息支出增加了 150 萬美元。截至 2023 年 6 月 30 日的 6 個月，我們的調整後 EBITDA 與去年同期相比增加了 320 萬美元，達到 380 萬美元。這一增長是由於我們的 Petco 租戶的租金導致房地產租金收入增加，從而改善了淨收入損失，而與 2023 年前 6 個月相比，上一年同期並沒有產生這種收入。

Shifting to cash flow. For the 6 months ended June 30, 2023, net cash used in operating activity decreased by $8.7 million to a net cash used of $8.8 million when compared to the same prior year period. This was driven by an improved cinema operating performance compared to the prior year period, recognition of rental income from our tenant at 44 Union Square property, which did not occur in the same period of prior year and an increase in net operating assets and liabilities.

轉向現金流。截至 2023 年 6 月 30 日的 6 個月，與去年同期相比，經營活動使用的現金淨額減少了 870 萬美元，至使用的現金淨額為 880 萬美元。這是由於影院經營業績較上年同期有所改善、聯合廣場 44 號物業租戶的租金收入得到確認（上年同期並未發生）以及淨運營資產和負債的增加。

Cash used in investing activities for the 6 months ended June 30, 2023, was $3.4 million, a decrease of $0.3 million compared to the same period of the prior year. Cash used in financing activities for the 6 months ended June 30, 2023, decreased by $3.5 million -- $2.7 million due to borrowing on an existing facility.

截至2023年6月30日止6個月投資活動所用現金為340萬美元，較上年同期減少30萬美元。截至 2023 年 6 月 30 日的 6 個月，融資活動所用現金減少了 350 萬美元，其中 270 萬美元是由於現有融資借款所致。

Turning now to our financial position. Our total assets on June 30, 2023, were $552.2 million compared to $587.1 million on December 31, 2022. This decrease was driven by a $14.4 million decrease in cash and cash equivalents for which we funded our ongoing business operations. As of June 30, 2023, our total outstanding borrowings were $213.8 million compared to $215.6 million on December 31, 2022.

現在談談我們的財務狀況。截至2023 年6 月30 日，我們的總資產為5.522 億美元，而2022 年12 月31 日為5.871 億美元。這一下降是由於我們為持續業務運營提供資金的現金和現金等價物減少了1,440 萬美元。截至 2023 年 6 月 30 日，我們的未償還借款總額為 2.138 億美元，而 2022 年 12 月 31 日為 2.156 億美元。

Our cash and cash equivalent as of June 30, 2023, were $15.5 million, which includes approximately $8.9 million in U.S., $6 million in Australia and $0.6 million in New Zealand. Further to address liquidity pressure on our business, we are working with our lenders to restructure certain debt facilities, and we have selected certain real estate assets for the potential monetization and have listed them for sale.

截至 2023 年 6 月 30 日，我們的現金和現金等價物為 1550 萬美元，其中美國約 890 萬美元，澳大利亞約 600 萬美元，新西​​蘭約 60 萬美元。為了進一步解決我們業務的流動性壓力，我們正在與貸方合作重組某些債務融資，並且我們選擇了某些房地產資產用於潛在的貨幣化，並將其掛牌出售。

In Q1 2023, we modified our Bank of America loan, extending the maturity date of the facility to September 4, 2024, and in May 2023, our required monthly repayment of $725,000 commenced. And our Cinemas 123 Term Loan extended on June 28, 2023, from July 3, 2023 to October 3, 2023, to allow additional time to complete a refinancing with that lender.

2023 年第一季度，我們修改了美國銀行貸款，將貸款到期日延長至 2024 年 9 月 4 日，並於 2023 年 5 月開始要求每月還款 725,000 美元。我們的 Cinemas 123 定期貸款於 2023 年 6 月 28 日延長，從 2023 年 7 月 3 日延長至 2023 年 10 月 3 日，以便有更多時間與該貸方完成再融資。

In August 2023, we modified our revolving corporate market loan facility with NAB with certain covenants and extended this facility maturity date to July 31, 2025, to continue to maintain the debt as noncurrent.

2023 年 8 月，我們修改了與 NAB 的循環企業市場貸款融資，並附加了某些契約，並將該融資到期日延長至 2025 年 7 月 31 日，以繼續將債務維持為非流動債務。

We have begun active process to monetize certain assets as we monitor the cinema market conditions. As we continue to focus on preserving our liquidity, no shares were purchased during the quarter ended June 30, 2023, and our start -- stock repurchase program has and will likely continue to take a lower capital allocation priority for the foreseeable future.

在監控影院市場狀況的同時，我們已開始積極將某些資產貨幣化。由於我們繼續專注於保持流動性，因此在截至2023 年6 月30 日的季度內沒有購買任何股票，並且我們啟動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。

With that, I will now turn it over to Andre.

現在，我將把它交給安德烈。

Thanks, Gilbert. Firstly, I'd like to thank our stockholders for forwarding questions to our Investor Relations e-mail. In addition to addressing many of your questions in the prepared remarks from Ellen and Gilbert, we've selected a few additional questions to offer some additional insights from management.

謝謝，吉爾伯特。首先，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。除了在艾倫和吉爾伯特准備好的發言中回答您的許多問題之外，我們還選擇了一些其他問題來提供管理層的一些額外見解。

The first question. You say your Viaduct and adjacent parcels will be a focus in 2023. Recently, Reading's ownership of these properties has been the subject of media attention in Philadelphia. What are Reading plans for these Philly properties at or near the Viaduct and Rail Park? Ellen?

第一個問題。您說您的高架橋和鄰近地塊將成為 2023 年的焦點。最近，雷丁對這些房產的所有權一直是費城媒體關注的話題。雷丁對高架橋和鐵路公園或其附近的這些費城房產有何計劃？艾倫？

As you know, our company owns the Reading Viaduct, which is an elevated Rail Track in Philadelphia. Which some city and neighborhood leaders would like to convert into an extension of the small existing Rail Park adjacent to our property. Over the last few years, we've had discussions with various civic leaders about how we can work together with the City of Philadelphia and the communities surrounding the Reading Viaduct to achieve a positive outcome for Philadelphia and for our stockholders.

如您所知，我們公司擁有雷丁高架橋，這是費城的一條高架鐵路軌道。一些城市和社區領導人希望將其改造成毗鄰我們酒店的現有小型鐵路公園的延伸。在過去的幾年裡，我們與多位公民領袖進行了討論，討論如何與費城市和雷丁高架橋周圍的社區合作，為費城和我們的股東取得積極的成果。

Our consistent position has been that any outcome must protect the stockholders of Reading and ensure that we're receiving fair value for our assets. Right now, those discussions are ongoing.

我們一貫的立場是，任何結果都必須保護雷丁的股東，並確保我們的資產獲得公允價值。目前，這些討論正在進行中。

Relatedly, we understand that when it returns from its summer recess, the City Council will consider a proposed ordinance that would authorize the city's administration to acquire in whole or in part, our interest in the Viaduct for fair market value.

與此相關的是，我們了解到，當夏季休會結束後，市議會將考慮一項擬議條例，授權市政府以公平的市場價值全部或部分收購我們在高架橋中的權益。

Thanks, Ellen. The next question regarding our rent obligations. These deferred rent -- our deferred rent obligation is down to only $2 million. I seem to think of our higher amount was mentioned only a quarter or two ago. What is the timing for cash payoff of these amounts? Gilbert, can you handle that?

謝謝，艾倫。下一個問題是關於我們的租金義務。這些遞延租金——我們的遞延租金義務降至僅 200 萬美元。我似乎認為我們的更高金額僅在一兩個季度前被提及。這些金額的現金支付時間是什麼時候？吉爾伯特，你能應付嗎？

On June 30, 2023, balance sheet contained accrual rent liability for approximately $9.5 million, which includes amounts owed under deferred deal executed by us during the pandemic, but also includes accruals for amounts that are either being currently negotiated or are under dispute with certain landlords. However, despite these negotiation and disputes, accounting rules require us to accrue for the full rent amount pursuant to the original lease. Included within the $9.5 million and separately reported in our 10-Q in the financial footnotes, the $2 million figure reflects any accrual third-party rent expense arising out of signed pandemic deferral deals that are owned more than 12 months from the date of our balance sheet. Those particular obligations, which deferring due dates could extend out up to 48 months from today.

2023 年6 月30 日，資產負債表包含約950 萬美元的應計租金負債，其中包括我們在大流行期間執行的遞延交易下所欠的金額，但也包括目前正在談判或與某些房東有爭議的金額的應計金額。然而，儘管存在這些談判和爭議，會計規則要求我們根據原始租賃計提全額租金。 200 萬美元的數字包含在950 萬美元中，並在我們的10-Q 財務腳註中單獨報告，反映了因簽署的大流行延期協議而產生的任何應計第三方租金費用，這些協議自我們的餘額之日起擁有超過12 個月床單。這些特殊義務的到期日可能會從今天起延長最多 48 個月。

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

謝謝你，吉爾伯特。轉向我們的一些裝修。達拉斯安吉莉卡 (Dallas Angelika)、勞斯山 (Rouse Hill) 和棕櫚隊 (Palms) 何時開始翻修。他們是否需要完全關閉，或者一次要關閉多少個禮堂？這些裝修的現金成本預算大約是多少？艾倫，我們把這個留給你。

All right. Starting with the Angelika Dallas. We're starting our renovation during the fourth quarter of '23, and we'll convert certain auditoriums to recliner seating, elevate the food and beverage offer, renovate the lobby and create a bookstore. At this time, we anticipate that partial closures through the renovation period will occur and will never close completely. And we anticipate completing the renovation by the first quarter of '24.

好的。從安吉莉卡·達拉斯開始。我們將於 23 年第四季度開始翻修，我們會將某些禮堂改造成躺椅，提升食品和飲料供應，翻新大堂並創建一家書店。目前，我們預計整修期間將會部分關閉，但永遠不會完全關閉。我們預計將於 2024 年第一季度完成翻修工作。

In Australia, we anticipate starting the renovation for our Reading Cinemas at Rouse Hill during the fourth quarter of '23. And the scope will include adding another reclining auditorium, F&B and lobby upgrades. And like the Angelika in Dallas, the renovations will occur when the theater is substantially opened.

在澳大利亞，我們預計將於 23 年第四季度開始對位於 Rouse Hill 的雷丁電影院進行翻修。其範圍將包括增加另一個斜倚禮堂、餐飲和大堂升級。與達拉斯的 Angelika 劇院一樣，翻修工作將在劇院正式開放後進行。

In New Zealand, we're still reviewing the timing for the renovation of the Reading Cinemas at the Palms. And with respect to reporting on the budgeted cash costs, we can't report on those precise budgets for particular locations as the information is confidential with our landlords.

在新西蘭，我們仍在審查棕櫚樹雷丁電影院的翻修時間。關於報告預算現金成本，我們無法報告特定地點的精確預算，因為這些信息對我們的房東保密。

Thank you, Ellen. Regarding the costly 10.75% Bank of America U.S. Cinema Term Loan. Is Reading's plan to retire this loan via its updated principal pay-down schedule? Or refinance some remaining balance into new longer-term U.S. cinema financing? Also, given that the current variable rate on this loan, do you feel refinancing will be at similar, higher or lower interest rate spreads. Gilbert?

謝謝你，艾倫。關於昂貴的 10.75% 美國銀行美國電影院定期貸款。雷丁是否計劃通過更新的本金還款計劃來償還這筆貸款？或者將一些剩餘餘額再融資到新的長期美國電影融資中？此外，考慮到該貸款當前的可變利率，您是否認為再融資的利差會類似、更高或更低。吉爾伯特？

We are closely monitoring, our policymakers assess the economy, inflation and the appropriate monetary policy. As you know, certain bank begun announcing rate increases in March 2022. To date, these increases have totaled 525 basis points. As we are operating in a high interest rate environment, we expect refinancing in the near future will likely be at a similar or higher interest rate spread.

我們正在密切監控，我們的政策制定者評估經濟、通貨膨脹和適當的貨幣政策。如您所知，某些銀行於 2022 年 3 月開始宣布加息。迄今為止，加息總計 525 個基點。由於我們在高利率環境下運營，我們預計在不久的將來再融資可能會採用類似或更高的利差。

We are intending to retire this loan following the updated principal pay-down schedule. However, to protect the interest of our shareholders and to ensure long-term viability of our company, we will continue to work with our banking partner and explore different financing options.

我們打算在更新後的本金償還時間表後償還這筆貸款。然而，為了保護股東的利益並確保公司的長期生存能力，我們將繼續與銀行合作夥伴合作，探索不同的融資方案。

Thanks, Gilbert. Our last question regarding Investor Relations. Investors appreciate the Barbenheimer press release. Hopefully, it is a continuing trend for updating shareholders. Our shares remain extremely undervalued and haven't participated in the recent run-up of other cinema stocks. Is the company going to do more roadshows? Is there a way to get sell-side coverage? We need to reach more investors with the company's story.

謝謝，吉爾伯特。我們的最後一個問題是關於投資者關係的。投資者對巴本海默的新聞稿表示讚賞。希望這是更新股東信息的持續趨勢。我們的股票仍然被嚴重低估，並且沒有參與其他電影股票最近的上漲。公司是否會進行更多路演？有沒有辦法獲得賣方保險？我們需要通過公司的故事吸引更多投資者。

I'll handle that one.

我會處理那個的。

Now that we see ourselves more firmly on the post-COVID path to recovery, we are committed to communicate more frequently with our shareholders and to keep them informed of the progress we are making. In addition to conferences like Gabelli, at which we attended and presented in early June of this year. We are working on several additional initiatives, namely, if achievable, at least 2 non-deal road shows before the end of the year as well as an additional Microcap conference also before year's end.

現在，我們更加堅定地走上新冠疫情后的複甦之路，我們致力於與股東更頻繁地溝通，讓他們了解我們正在取得的進展。除了像 Gabelli 這樣的會議，我們在今年六月初參加了這些會議並發表了演講。我們正在製定幾項額外的舉措，即如果可以的話，在年底前至少舉行兩次非交易路演，並在年底前舉行一次額外的微型資本會議。

We are also continuing to investigate several different options to provide more analyst coverage for our stock, a process that has been ongoing for some time but has not yet borne fruit.

我們還在繼續研究幾種不同的選擇，為我們的股票提供更多的分析師報導，這一過程已經持續了一段時間，但尚未取得成果。

With those remarks, that marks the conclusion of the call. As usual, we appreciate you listening to the call today. Thank you for your attention, and we wish everyone good health and safety.

這些言論標誌著通話的結束。與往常一樣，我們感謝您今天收聽電話會議。感謝您的關注，祝大家身體健康、安全。