Reading International Inc (RDI) 2024 Q2 法說會逐字稿

Cool.

涼爽的。

Thank you for joining Reading International's earnings call to discuss our 2024 second-quarter results.

感謝您參加雷丁國際的財報電話會議，討論我們 2024 年第二季的業績。

My name is Andrzej Matyczynski, and I am Reading's Executive Vice President of Global Operations.

我叫 Andrzej Matyczynski，是雷丁大學全球營運執行副總裁。

With me as usual are Ellen Carter, our President and Chief Executive Officer; and Gilbert Avanes, our Executive Vice President, Chief Financial Officer, and Treasurer.

像往常一樣，和我在一起的還有我們的總裁兼執行長艾倫卡特 (Ellen Carter)；以及我們的執行副總裁、財務長兼財務主管 Gilbert Avanes。

Before we begin the substance of the call, I will run through the usual caveats.

在我們開始通話的實質內容之前，我將先介紹通常的注意事項。

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.

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。

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.

此類聲明受到風險、不確定性和其他因素的影響，這些因素可能導致我們的實際業績與此類聲明所顯示或暗示的業績有重大差異。

Such risk factors are clearly set out in our SEC filings.

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.

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 will discuss non-GAAP financial measures on this call.

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。

Reconciliations and definitions of non-GAAP financial measures, which are segment operating income, EBITDA, and adjusted EBITDA, are included in our recently issued 2024 second-quarter earnings release on the company's website.

非 GAAP 財務指標（包括部門營業收入、EBITDA 和調整後 EBITDA）的調整和定義包含在我們最近在公司網站上發布的 2024 年第二季財報中。

We have adjusted where applicable the EBITDA items we believe to be external to our business and not reflective of our costs of doing business or results of operations.

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開展業務成本或經營業績的 EBITDA 項目。

Such costs could include legal expenses relating to extraordinary litigation and any other items that we consider to be non-recurring in accordance with the two-year SEC requirement for determining when an item is non-recurring, infrequent or unusual in nature.

此類費用可能包括與特別訴訟相關的法律費用以及我們根據 SEC 兩年期確定項目何時屬於非經常性、罕見或異常性質的要求而認為是非經常性的任何其他項目。

We believe that adjusted EBITDA is an important supplemental measure of our performance.

我們相信調整後的 EBITDA 是衡量我們績效的重要補充指標。

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.

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。

Average ticket price, ATP, which is calculated by dividing cinema box office revenue by the number of cinema admissions is also used as an accepted industry acronym.

平均票價（ATP）是將電影票房收入除以電影入場人數計算得出的，也被用作公認的行業縮寫。

We will also use a measure referred to as food and beverage spend per patron, F&B SPP, which is a key performance indicator for our cinemas.

我們還將使用稱為每位顧客的餐飲支出（F&B SPP）的衡量標準，這是我們電影院的關鍵績效指標。

The F&B SPP is calculated by dividing a cinema's revenues generated by food and beverage sales by the number of admissions at that cinema.

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 US 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 2024 second-quarter results and discuss our business strategy going forward, followed by Gilbert who will provide a more detailed financial review.

一切結束後，我將把它交給 Ellen，她將審查我們 2024 年第二季的業績並討論我們未來的業務策略，然後由 Gilbert 提供更詳細的財務審查。

Ellen?

艾倫？

Thank you, Andrzej.

謝謝你，安傑伊。

Welcome, everyone, to the call today and thanks for listening in.

歡迎大家今天參加電話會議，感謝您的收聽。

During the first six months of 2024, our company continued to be negatively impacted by the 2023 Hollywood Strikes.

2024 年前六個月，我們公司繼續受到 2023 年好萊塢罷工的負面影響。

For those of you new to Reading, about 90% of our total revenue is generated by our global cinema division.

對於剛接觸雷丁的人來說，我們總收入的 90% 左右是由我們的全球電影部門產生的。

So like the rest of the cinema industry, the prolonged strikes have had an adverse effect on our key financial metrics.

因此，與電影業的其他行業一樣，長期罷工對我們的關鍵財務指標產生了不利影響。

Each of our cinema divisions in Australia, New Zealand, and the United States felt the blow of release date shifts and a film slate that included not only fewer titles, but a number of underperforming titles.

我們在澳洲、紐西蘭和美國的每個電影部門都感受到了上映日期變化和電影名單不僅減少了影片，而且許多影片表現不佳的打擊。

Though during this challenging six-month period, the industry did enjoy some very strong picture-by-picture engagements like Godzilla x Kong, Kingdom of the Planet of the Apes, and Bad Boys: Ride or Die, overall, the film release schedule was weak and did not return either in quality or quantity to pre-pandemic levels during the first half of '24.

儘管在這充滿挑戰的六個月期間，業界確實享受了一些非常強大的逐個畫面參與，例如《哥吉拉x金剛》、《猩球崛起》和《絕地戰警：乘騎或死亡》，但總體而言，電影的發行時間表是疲弱，並且在 24 年上半年無論是質量還是數量都沒有恢復到大流行前的水平。

However, in the last few months, starting in June, the industry's recovery seemed, again, to resume with the release of films like Inside Out 2 released in June; Twisters, Despicable Me 4, and Deadpool & Wolverine, all released in July; and It Ends With Us, released in August.

然而，從 6 月開始的過去幾個月，隨著《腦筋急轉彎 2》等電影的上映，該行業似乎再次恢復了復甦。 《龍捲風》、《神偷奶爸 4》和《死侍與金鋼狼》皆於 7 月上映；以及八月發行的《我們結束了》。

The top five films released in the first five months of this year had an aggregate US industry gross box office of $778 million, whereas the top five films released in June, July, and the first two weeks of August have already grossed $1.65 billion.

今年前 5 個月上映的前 5 部影片的美國電影業總票房為 7.78 億美元，而 6 月、7 月和 8 月前兩週上映的前 5 部影片的總票房已達 16.5 億美元。

We believe that the first major hurdle to recovery has been met.

我們相信，復甦的第一個主要障礙已經克服。

In our view, audiences appear to have overcome the reticence to attending outside the home and venue-based entertainment.

我們認為，觀眾似乎已經克服了參與家庭之外和場館娛樂活動的沉默。

And when they visit us, their food and beverage purchases have been strong.

當他們拜訪我們時，他們的食品和飲料購買量很大。

For instance, our Q2 2019 F&B SPP of $5.68 in the US has increased 43% to $8.12 for Q2 2024.

例如，我們 2019 年第二季美國的餐飲 SPP 為 5.68 美元，2024 年第二季成長了 43% 至 8.12 美元。

And in Australia, our Q2 2019 F&B SPP of $4.91 has increased 56% to $7.67 for the second quarter of 24.

在澳大利亞，我們 2019 年第二季的餐飲 SPP 為 4.91 美元，24 日第二季成長了 56%，達到 7.67 美元。

The second major hurdle to recovery, good movies with great marketing campaigns is being surmounted, as evidenced by our June, July, and the first few weeks of August.

復甦的第二個主要障礙，即具有出色行銷活動的好電影正在被克服，六月、七月和八月的前幾週就證明了這一點。

Also, the pipeline remains strong as a variety of distributors are once again focusing on the exhibition market as key to the success of any major motion picture.

此外，隨著各種發行商再次關注放映市場，將其視為任何大型電影成功的關鍵，管道仍然強勁。

Our $46.8 million in total revenue decreased about 28% over the second quarter of '23 and represented 62% of 2019 second quarter.

我們的總收入為 4,680 萬美元，比 2023 年第二季下降了約 28%，佔 2019 年第二季的 62%。

At $42.9 million, our global cinema revenue decreased 30% compared to Q2 2023 and was 59% of 2019 second quarter.

我們的全球影院營收為 4,290 萬美元，較 2023 年第二季下降 30%，為 2019 年第二季的 59%。

At $3.9 million, our Q2 2024 global real estate revenue decreased slightly by 3% versus Q2 '23, but increased by 4% over the second quarter in 2019.

我們 2024 年第二季的全球房地產收入為 390 萬美元，與 2023 年第二季相比略有下降 3%，但比 2019 年第二季成長了 4%。

The slight drop in our real estate revenue was due to the loss of our rental streams as a result of the sale of the Culver City office building in February '24 and the Q3 2023 sale of our Maitland property in New South Wales and by the Orpheum Theater in New York City being dark in May and June of this year.

我們的房地產收入略有下降，這是由於 24 年 2 月出售卡爾弗城辦公大樓以及 2023 年第三季我們在新南威爾斯州梅特蘭的房產以及 Orpheum 出售導致我們的租金流量損失。月和六月，紐約市的劇院一片漆黑。

These results were also negatively impacted by the further decreases in the value of the Australian and New Zealand dollars compared to the US dollar.

這些結果也受到澳幣和紐幣相對於美元進一步貶值的負面影響。

This FX reduction impacts us as historically approximately 50% of our total revenue is generated in Australia and New Zealand.

這次外匯減少對我們產生了影響，因為從歷史上看，我們總收入的約 50% 來自澳洲和紐西蘭。

While our second-quarter 2024 top-line metrics disappointed due primarily to the 2023 Hollywood Strikes, we remain optimistic about the third and fourth quarters, which I'll touch on shortly.

雖然我們 2024 年第二季的營收指標令人失望，主要是由於 2023 年好萊塢罷工，但我們對第三季和第四季仍然持樂觀態度，我很快就會談到這一點。

While our operating teams managed our expenses in light of the attendance drops, we unfortunately continued to experience operating losses.

儘管我們的營運團隊根據出席人數下降來管理我們的開支，但不幸的是，我們仍然遭受營運損失。

At a loss of $324,000, our Q2 2024 segment operating loss unfavorably compared to the operating income of $5.8 million in the second quarter of 2023.

與 2023 年第二季 580 萬美元的營業收入相比，我們 2024 年第二季的部門營運虧損為 324,000 美元。

At a negative $1.3 million, our Q2 2024 global sentiment operating loss, again, compared unfavorably to an operating income of $4.5 million in the same quarter of '23.

我們 2024 年第二季的全球情緒營運虧損為負 130 萬美元，與 2023 年同一季度 450 萬美元的營運收入相比，情況再次不利。

Our global real estate operating income of $946,000 decreased 26% compared to the second quarter of 2023.

我們的全球房地產營業收入為 946,000 美元，較 2023 年第二季下降 26%。

Our second-quarter 2024 adjusted EBITDA was a negative $200,000, which decreased from our second quarter of 2023 when we had an adjusted EBITDA of $6.7 million.

我們 2024 年第二季調整後 EBITDA 為負 20 萬美元，比 2023 年第二季調整後 EBITDA 為 670 萬美元有所下降。

Reflecting the historic rise in interest rates across the globe and our drawdown of $20 million bridge financing from National Australia Bank in April of '24, our Q2 2024 interest expense was $5.3 million, an 8% increase from the second quarter of 23, even though our aggregate outstanding debt was flat at June 30, '24, compared to December 31, 2023.

考慮到全球利率的歷史性上漲以及我們於2024 年4 月從澳洲國民銀行提取的2,000 萬美元過橋融資，我們2024 年第二季的利息支出為530 萬美元，比2023 年第二季增加了8%，儘管與 2023 年 12 月 31 日相比，我們的未償債務總額在 2024 年 6 月 30 日持平。

This macroeconomic condition drove us to a higher second-quarter 2024 net loss of negative $9.3 million.

這種宏觀經濟狀況導致我們 2024 年第二季淨虧損增加至負 930 萬美元。

An interest rate reduction of just 100 basis points would save us about $200 million per annum on a global basis now.

現在，只要降息 100 個基點，我們每年就可以在全球節省約 2 億美元。

Understanding the pressing need to bolster our liquidity and capital resources and fortify our balance sheet, we've continued to evaluate our asset portfolio to identify any assets where monetization will be beneficial.

我們了解增強流動性和資本資源以及強化資產負債表的迫切需要，因此我們繼續評估我們的資產組合，以確定任何有利於貨幣化的資產。

In the second quarter of this year, we began efforts to monetize our Cannon Park assets in Townsville in Queensland, Australia.

今年第二季度，我們開始努力將位於澳洲昆士蘭州湯斯維爾的 Cannon Park 資產貨幣化。

In June of '24, we engaged J.Lo as exclusive sales agent to explore the sale of our five contiguous real estate parcels in Wellington, New Zealand.

2024 年 6 月，我們聘請 J.Lo 作為獨家銷售代理，探討出售我們位於紐西蘭惠靈頓的五個連續的房地產地塊。

In May of 2024, we engaged Colliers as the exclusive sales agent to sell our land and cinema improvements in Rotorua, New Zealand.

2024 年 5 月，我們聘請高力作為獨家銷售代理，出售我們在新西蘭羅托魯瓦的土地和電影院改造項目。

These assets now join our industrial property in Williamsport, Pennsylvania, as being officially held for sale as of June 30, 2024.

這些資產現已加入我們位於賓州威廉斯波特的工業地產，並於 2024 年 6 月 30 日正式出售。

One of our key 2024 priorities is to continue reducing our debt expense.

我們 2024 年的主要優先事項之一是繼續減少債務支出。

Understanding our debt condition, we continue to make progress on reducing institutional debt, and when that hasn't been possible, extending our maturity dates.

在了解我們的債務狀況後，我們將繼續在減少機構債務方面取得進展，如果無法做到這一點，我們將延長到期日。

Gilbert will touch on that in a few more minutes.

吉爾伯特將在幾分鐘後談到這一點。

We're so fortunate to have strong real estate assets on which to fall back.

我們很幸運擁有強大的房地產資產可以依靠。

As opposed to diluting our stockholders, these assets should provide us a bridge to '25 and '26 when the blockbuster movie slate looks so much more promising.

這些資產不會稀釋我們的股東權益，相反，它們應該為我們提供通往 25 和 26 年的橋樑，屆時大片的電影陣容看起來更有前途。

And on that positive note, let's look a little more closely at our global cinema business, which historically has provided the foundational cashflow to support our asset growth.

從積極的方面來看，讓我們更仔細地看看我們的全球影院業務，該業務歷來為支持我們的資產成長提供了基礎現金流。

As I just mentioned, while the quarter was down overall, audiences came out overwhelmingly for certain movies demonstrating the continuing allure of the cinema, when the movie delivers both a great story and a compelling marketing campaign.

正如我剛才提到的，雖然本季總體下滑，但觀眾絕大多數都選擇觀看某些電影，這證明了電影的持續吸引力，因為這些電影既提供了精彩的故事，又提供了引人注目的營銷活動。

First, Kingdom of the Planet of the Apes opened strongly in May of '24 with just under $400 million in global box office today.

首先，《猩球崛起》於 2024 年 5 月開畫表現強勁，目前全球票房接近 4 億美元。

It's generated over $2.5 billion for the franchise.

它為該系列帶來了超過 25 億美元的收入。

Then Bad Boys: Ride or Die opened in early June '24 and now has over $400 million in worldwide grosses leading that franchise to $1.2 billion at the box office.

然後，《絕地戰警：乘車或死亡》於 24 年 6 月初上映，目前全球票房已超過 4 億美元，該系列票房收入達到 12 億美元。

Inside Out 2 also opened in June and has now set the record as the highest-grossing animated film ever with a global gross of over $1.5 billion.

《腦筋急轉彎 2》也於 6 月上映，現已創下有史以來票房最高的動畫電影的紀錄，全球總票房超過 15 億美元。

This June momentum continued into the third quarter of '24.

今年 6 月的勢頭一直持續到 2024 年第三季。

July showcased major films such as Despicable Me 4 and Deadpool & Wolverine.

7 月放映了《神偷奶爸 4》和《死侍與金鋼狼》等主要電影。

Despicable Me 4 launched the franchise to over $5 billion in worldwide grosses and individually generated over $809 million.

《卑鄙的我 4》推出後，該系列的全球票房收入超過 50 億美元，單項票房收入超過 8.09 億美元。

Deadpool & Wolverine, with over $1 billion in global box office, is now the highest grossing R-rated movie in cinema history and the second highest grossing film in 2024.

《死侍與金鋼狼》的全球票房超過 10 億美元，目前是電影史上票房最高的 R 級電影，也是 2024 年票房第二高的電影。

And August has started really strong.

八月的開局非常強勁。

It Ends with Us, a female-driven picture based on Colleen Hoover's best-selling novel had a sensational opening and in one week has generated a global box office of close to $100 million.

一部根據科琳胡佛暢銷小說改編的女性電影《我們到此結束》首映引起轟動，一周內全球票房接近 1 億美元。

Alien: Romulus is just opening this weekend.

《異形：羅慕路斯》本週末剛上映。

The film is tracking really well with critics and audiences on Rotten Tomatoes and is another film expected to well exceed opening box office expectations.

這部電影在爛番茄上受到評論家和觀眾的熱烈追捧，也是另一部有望遠遠超出首映票房預期的電影。

The quality of the movie slate for the remainder of '24 looks promising, which gives us confidence that we can build on the recent positive box office momentum.

24 年剩餘時間的電影品質看起來很有希望，這讓我們有信心在最近積極的票房勢頭的基礎上再接再厲。

Beetlejuice Beetlejuice, the long-awaited remake of the cult classic, is expected to, again, overperform and bring audiences tons of nostalgia and excitement in September.

《甲蟲汁》是人們期待已久的邪教經典翻拍版，預計在九月再次表現出色，為觀眾帶來大量的懷舊和興奮。

Joker: Folie à Deux, the October sequel to the groundbreaking 2019 film has audiences eager to see what comes next in the series.

《小丑：Folie à Deux》是這部 2019 年開創性電影的 10 月續集，觀眾迫不及待想知道該系列接下來會發生什麼。

Moana 2, Disney is clearly on $1 billion dollar roll in 2024 and has high hopes for Moana 2 being released at the end of November.

迪士尼在 2024 年的《莫阿娜 2》票房收入顯然將達到 10 億美元，並對 11 月底上映的《莫阿娜 2》寄予厚望。

Let's hope it delivers another $1 billion dollar release for Disney at the global box office.

我們希望它能為迪士尼再帶來 10 億美元的全球票房。

Gladiator 2, the eagerly awaited sequel to the Oscar-winning film is poised for much box office success in November.

備受期待的奧斯卡得獎影片《神鬼戰士 2》續集預計在 11 月取得巨大票房成功。

And also in November, Wicked: Part One, a cherished musical adaptation is expected to attract large audiences with its unique blend of drama and fantasy.

同樣在 11 月，備受喜愛的音樂改編作品《魔法壞女巫：第一部》預計將以其獨特的戲劇和奇幻融合吸引大量觀眾。

The variety and quality of the upcoming film slate, along with the showcased enthusiasm of moviegoers, keeps us hopeful about the industry's future.

即將上映的電影的多樣性和質量，以及電影觀眾所表現出的熱情，讓我們對這個行業的未來充滿希望。

However, despite some films having tremendous box office potential, it's widely anticipated that the overall industry box office in 2024 will fall short of 2023, a year already in recovery, but ultimately hampered by strike-induced movie release delays.

然而，儘管一些電影具有巨大的票房潛力，但人們普遍預計，2024 年整個行業的票房將低於 2023 年，而 2023 年已經處於復甦狀態，但最終受到罷工導致的電影上映延遲的阻礙。

These production delays and the rescheduling of theatrical release dates have led to the postponement of several major titles to 2025.

這些製作延遲和院線上映日期的重新安排導致幾部大片推遲到 2025 年。

But with that said, we believe that the 2025 outlook, again, looks very promising.

但話雖如此，我們仍然相信 2025 年的前景看起來非常光明。

Today, there are almost 50% more wide titles from Disney alone, as opposed to Searchlight and Fox, on the release schedule compared to 2024.

如今，與 2024 年相比，迪士尼的寬幅影片（而非 Searchlight 和 Fox）的發行時間表增加了近 50%。

In 2025, in addition to those Disney titles, audiences will get James Cameron's highly anticipated Avatar 3, Tom Cruise in Mission Impossible 8, a new Jurassic World film from Universal, James Gunn's Superman from DC Studios for Warner Brothers, Dirty Dancing 2, and The SpongeBob Movie: Search for SquarePants.

到2025 年，除了迪士尼的作品外，觀眾還將看到詹姆斯·卡梅隆備受期待的《阿凡達3》、湯姆·克魯斯的《碟中諜8》、環球影業的新《侏羅紀世界》電影、詹姆斯古恩的華納兄弟DC 工作室的《超人》、《辣身舞2》以及《辣身舞2》。

During the second quarter of '24, despite the challenges we faced, our management team's continued to work a variety of business opportunities to improve our overall business and which should set us up nicely for better results in '25 and '26.

在 24 年第二季度，儘管我們面臨挑戰，我們的管理團隊仍繼續利用各種商機來改善我們的整體業務，這將為我們在 25 和 26 年取得更好的業績做好準備。

Focusing on our F&B strategy, for Q2 2024, we've established records again for our SPPs, which I'll touch on in a minute.

專注於我們的餐飲策略，2024 年第二季度，我們再次為我們的 SPP 創造了記錄，我稍後會談到這一點。

We've had success in increasing our transaction or basket sizes in each Cinema division from F&B ordering via our websites and apps.

我們已經成功地透過我們的網站和應用程式增加了每個影院部門的餐飲訂購交易或購物籃規模。

We've been developing a paid rewards program in the US, which we hope to launch before the end of the year.

我們一直在美國開發一項付費獎勵計劃，希望在今年年底前推出。

Now let's look specifically at our US cinemas.

現在讓我們具體來看看我們的美國電影院。

Our Q2 2024 revenue decreased 37% to $21.5 million, and our US cinema operating income decreased to an operating loss of $1.1 million.

我們 2024 年第二季的營收下降 37% 至 2,150 萬美元，我們的美國影院營運收入下降至營運虧損 110 萬美元。

As of the June 30, 2024, quarter, our US-based screen count decreased by 15% compared to the same quarter in '23.

截至 2024 年 6 月 30 日的季度，我們在美國的螢幕數量與 2023 年同一季度相比減少了 15%。

We closed four underperforming locations: two in Hawaii and one in California in 2023, and one in Texas in June of 2024.

我們關閉了 4 個表現不佳的地點：2023 年關閉了夏威夷的 2 個地點，加州的 1 個地點，2024 年 6 月關閉了德州的 1 個地點。

Each of these theaters was underperforming, so on balance, we believe that the closures will improve our future profitability.

這些劇院中的每一個都表現不佳，因此總的來說，我們相信關閉將提高我們未來的盈利能力。

Now, let me mention some notable milestones achieved so far in 2024.

現在，讓我談談 2024 年迄今取得的一些值得注意的里程碑。

Since 2023, each of our US cinemas have the ability to sell at least beer and wine.

從2023年開始，我們美國的每家電影院都有能力至少銷售啤酒和葡萄酒。

And in all but three cinemas, we sell beer, wine, and liquor.

除三家電影院外，我們在所有電影院都出售啤酒、葡萄酒和烈酒。

Together with other operational initiatives, these efforts resulted in a US cinema F&B SPP of $8.12 for the quarter. $8.12 represents the highest F&B SPP for any quarter in our history when you exclude quarters during the pandemic periods when we are not fully operational.

加上其他營運舉措，這些努力使本季度美國影院餐飲 SPP 達到 8.12 美元。如果排除大流行期間我們未全面運營的季度，則 8.12 美元代表我們歷史上任何季度最高的餐飲 SPP。

And as of today, our free to join Angelika membership program has just under 140,000 members who account for approximately 23% of all paid attendance for Angelika cinemas within our US Circuit.

截至今天，我們的免費加入 Angelika 會員計畫已有近 14 萬名會員，約佔美國院線 Angelika 影院付費觀眾總數的 23%。

And as mentioned above, the team has been working on a paid rewards program that should be launched before the end of the year.

如上所述，該團隊一直在致力於一項付費獎勵計劃，該計劃應在今年年底前推出。

And now let's turn to our cinemas in Australia and New Zealand.

現在讓我們來看看澳洲和紐西蘭的電影院。

First, I note that these results are in US dollars and as a result, understate the actual improvement due to the weakening in the value of the Australian and New Zealand currencies.

首先，我注意到這些結果以美元計算，因此低估了由於澳洲和紐西蘭貨幣貶值而帶來的實際改善。

In Q2 2024, our Australian cinema revenue decreased 19% to $18.5 million versus the second quarter in '23, and our operating income decreased to an operating loss of $87,000.

2024 年第二季度，我們的澳洲戲院營收與 2023 年第二季相比下降了 19%，至 1,850 萬美元，營業收入下降至營業虧損 87,000 美元。

In Q2 2024, our New Zealand cinema revenue decreased 29% to $2.9 million versus the second quarter in '23, and the operating income decreased to an operating loss of $98,000.

2024 年第二季度，我們的紐西蘭影院營收較 2023 年第二季下降 29% 至 290 萬美元，營業收入下降至營業虧損 98,000 美元。

Notable milestones achieved during Q2 2024 in our international circuits include the following, all in functional currency.

2024 年第二季我們在國際領域取得的顯著里程碑包括以下各項，全部以功能貨幣計價。

Our Australian ATP of $13.11 was the third highest second quarter ever for Australian cinemas.

我們的澳洲 ATP 為 13.11 美元，是澳洲電影院第二季第三高的票房。

This comes even though we strategically and successfully added a compelling $10 value option in early '24 for our guests at eight theaters.

儘管我們在 24 年初戰略性地並成功地在 8 個劇院為我們的客人添加了引人注目的 10 美元價值選項，但這種情況還是發生了。

Our Q2 2024 Australian F&B spend per head of $7.67 is the highest second quarter of all time for Australian cinemas and represents a 56% increase from the second quarter in 2019.

2024 年第二季澳洲人均餐飲支出為 7.67 美元，是澳洲影院有史以來第二季最高的支出，比 2019 年第二季成長了 56%。

With respect to our New Zealand cinemas, our Q2 2024 F&B SPP of $6.60 was the second highest second quarter ever.

就我們的紐西蘭電影院而言，我們 2024 年第二季的餐飲 SPP 為 6.60 美元，是有史以來第二高的第二季。

In Australia, we secured two new liquor licenses in Busselton and in Milton.

在澳大利亞，我們在巴瑟爾頓和米爾頓獲得了兩個新的酒類許可證。

In the second quarter of '24, we expect to secure one further liquor license in Mandurah during '24.

在 2024 年第二季度，我們預計在 2024 年在曼哲拉再獲得一張酒類許可證。

So today, 24 out of our 29 locations are licensed.

因此，今天，我們 29 個地點中的 24 個地點已獲得許可。

We won't pursue licenses in the remaining locations, primarily due to issues with our existing lease structures.

我們不會在其餘地點申請許可證，主要是因為我們現有的租賃結構有問題。

Our Q2 2024 screen advertising revenue in Australia was the second highest second quarter ever, driven in part by the rollout of another circuit-wide click-to-pay promotional program with MasterCard.

我們在澳洲的 2024 年第二季度螢幕廣告收入是有史以來第二高的第二季度，部分原因是與萬事達卡合作推出了另一個全電路點擊付款促銷計劃。

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

現在，讓我們轉向我們的全球房地產業務。

With respect to our real estate operations, compared to the second quarter in '23, our second quarter '24 global real estate total revenue of $5 million dipped by 4% and total operating income decreased 26% to $946,000.

就我們的房地產業務而言，與 23 年第二季相比，我們 24 年第二季全球房地產總收入為 500 萬美元，下降了 4%，總營業收入下降了 26%，至 946,000 美元。

Since our intercompany rents are reflected in our segment reporting, the recent decline in real estate metrics reflects the loss of rental income from the Q3 2023 sale of our Maitland property in New South Wales and the first-quarter 2024 sale of our Culver City office building.

由於我們的公司間租金反映在我們的分部報告中，最近房地產指標的下降反映了2023 年第三季出售新南威爾斯州梅特蘭房產和2024 年第一季出售卡爾弗城辦公大樓帶來的租金收入損失。

Additionally, the fact that the Orpheum Theater was dark from May and June contributed to these results.

此外，歐菲姆劇院從五月到六月一直處於黑暗狀態也是造成這些結果的原因之一。

And with that, let me talk about the second quarter '24 live theater results.

接下來，讓我談談 24 年第二季的現場劇場結果。

During the second quarter of '24, the Orpheum hosted Eddie Izzard, who performed in a limited engagement, which ended in mid-April '24.

24 年第二季度，奧菲姆劇院接待了艾迪·伊扎德 (Eddie Izzard)，他進行了一場有限的演出，演出於 24 年 4 月中旬結束。

We also signed in April a license for an open-ended run of The Big Gay Jamboree, which is being produced by the creators of Titanic and the producers of Barbie.

我們還在四月簽署了開放式《同性戀大狂歡》的許可，該節目由《泰坦尼克號》的創作者和《芭比娃娃》的製片人製作。

The show debuts in mid-September 2024 and should improve the overall cash flow results for our live theater division.

該節目將於 2024 年 9 月中旬首演，應該會改善我們現場劇院部門的整體現金流結果。

Audible, the Amazon company, continued to operate at our [Menendelane] theater, and in the second quarter of 2024, hosted two shows, Laura Benanti: Nobody Cares and Alex Newell and The Gospel of the Diva.

亞馬遜公司Audible 繼續在我們的[Menendelane] 劇院運營，並於2024 年第二季度舉辦了兩場演出：《勞拉·貝南蒂：無人關心》和《亞歷克斯·紐厄爾與歌姬的福音》。

And in April 2024, we renewed our license agreement with Audible through March 15, 2026, with a one-year option to extend.

2024 年 4 月，我們將與 Audible 的授權協議續約至 2026 年 3 月 15 日，並可選擇延長一年。

Turning to our international real estate operations.

轉向我們的國際房地產業務。

On a local currency basis, our second quarter of 2024 Australian real estate revenue increased by $320,000, or 7%, to $4.9 million.

以當地貨幣計算，我們 2024 年第二季的澳洲房地產收入增加了 32 萬澳元，即 7%，達到 490 萬澳元。

And our New Zealand real estate revenue of $584,000 decreased by $49,000.

我們的紐西蘭房地產收入為 584,000 美元，減少了 49,000 美元。

Reflecting a weaker foreign exchange rate for our Australian and New Zealand dollars with respect to the US dollar, our Q2 2024 Australian real estate revenue of $3.2 million increased by $186,000, or 6% in the second quarter, compared to the second quarter in '23.

由於澳元和紐西蘭元相對於美元的匯率走弱，我們 2024 年第二季的澳洲房地產收入為 320 萬澳元，與 2023 年第二季相比，第二季增加了 186,000 澳元，即 6% 。

And our Q2 2024 New Zealand real estate revenue of $353,000 decreased by 10% compared to the second quarter of '23.

我們 2024 年第二季紐西蘭房地產收入為 353,000 美元，與 2023 年第二季相比下降了 10%。

As of June 30, '24, we had 77 third-party tenants in our combined Australian and New Zealand real estate portfolio.

截至 2024 年 6 月 30 日，我們的澳洲和紐西蘭房地產投資組合中有 77 個第三方租戶。

Our combined third-party tenant sales for the quarter from our Australian real estate was AUD30 million.

本季我們澳洲房地產的第三方租戶銷售額合計為 3,000 萬澳元。

Our third-party occupancy rate reached 96%.

我們的第三方入住率達96%。

And during the quarter, we signed one new lease, two lease renewals, and three assignments of leases.

在本季度，我們簽署了一份新租約、兩份租約續約和三份租約轉讓。

As mentioned earlier, the company's key short-term priority is to lower our interest expense by reducing our debt.

如前所述，公司的短期首要任務是透過減少債務來降低利息支出。

Our Board directed management to assess our real estate portfolio to identify assets that can be sold to generate liquidity to pay down debt over the next few years.

我們的董事會指示管理層評估我們的房地產投資組合，以確定可以出售的資產，以產生流動性以在未來幾年償還債務。

This strategy will help us manage our financial obligations while we await a full recovery of the global cinema industry.

這項策略將幫助我們在等待全球電影業全面復甦的同時管理我們的財務義務。

Today, with respect to our international assets, we're marketing for sale our Cannon Park assets in Townsville and Queensland, our Rotorua property in New Zealand, and our five contiguous parcels in Wellington, New Zealand.

今天，就我們的國際資產而言，我們正在行銷出售我們在湯斯維爾和昆士蘭州的 Cannon Park 資產、我們在新西蘭羅托魯瓦的資產以及我們在新西蘭惠靈頓的五個連續地塊。

The sale process with respect to each of these assets is ongoing.

這些資產的出售過程正在進行中。

However, in order to preserve the confidentiality of our ongoing negotiations, we're not going to provide any updates until such time if ever when definitive sales documentation is executed and delivered.

然而，為了保護我們正在進行的談判的機密性，在執行和交付明確的銷售文件之前，我們不會提供任何更新。

Turning now to our real estate assets in the US.

現在轉向我們在美國的房地產資產。

To oversee the remaining leasing of our 44 Union Square property in New York City, as we reported earlier, we brought on board George Comfort and Sons.

正如我們之前報導的，為了監督我們位於紐約市聯合廣場 44 號房產的剩餘租賃，我們聘請了 George Comfort and Sons。

During the last few months, we've exchanged letters of intent with potential tenants with non-office uses for the top floors of the building.

在過去的幾個月裡，我們與建築物頂層非辦公室用途的潛在租戶交換了意向書。

With respect to our lower floors of 44 Union Square, the Petco store continues to delight both pets and pet parents.

在聯合廣場 44 號的較低樓層，Petco 商店繼續為寵物和寵物父母帶來歡樂。

We believe that it has set a new standard for experiential retail.

我們相信它為體驗式零售樹立了新標準。

In sum, while we experienced a weaker first six months of '24, we're very optimistic about the movie slate for the rest of the year with highly anticipated future releases like Joker, Joker: Folie à Deux, Moana 2, The Lord of the Rings, The War of the Rohirrim, Gladiator 2, and Wicked.

總而言之，雖然我們在24 年的前六個月經歷了疲軟的表現，但我們對今年剩餘時間的電影上映非常樂觀，其中包括備受期待的未來上映的電影，如《小丑》、《小丑：福利à Deux》、《莫阿娜2》、《魔王之王》 《魔戒》、《洛希爾之戰》、《神鬼戰士 2》和《邪惡女巫》。

We're also very encouraged about the movie slate for '25 and beyond.

我們對 25 年及以後的電影名單也感到非常鼓舞。

Our team continues to work diligently to explore ways to boost attendance, generate revenue beyond the box office, while at the same time managing expenses in the face of challenging economic times.

我們的團隊繼續努力探索提高上座率、產生票房以外收入的方法，同時在充滿挑戰的經濟時期管理開支。

This year, we partnered with our lenders and landlords to secure financial relief and initiated another round of asset sales.

今年，我們與貸方和房東合作，以確保財務救濟，並啟動了另一輪資產出售。

These steps will help us navigate through the remainder of '24 and lay a stronger foundation for the future.

這些步驟將幫助我們度過 24 年剩餘的時間，並為未來奠定更堅實的基礎。

This will also allow us to focus on key real estate developments that promise to deliver significant long-term value for our stockholders.

這也將使我們能夠專注於關鍵的房地產開發項目，這些開發項目有望為我們的股東帶來巨大的長期價值。

So that wraps it up for me.

這對我來說就結束了。

I'm going to now turn it over to Gilbert.

我現在要把它交給吉伯特。

Thank you, Ellen.

謝謝你，艾倫。

Consolidated revenue for the quarter end of June 30, 2024, decreased by $18.2 million to $46.8 million when compared to the second quarter of 2023.

截至 2024 年 6 月 30 日的季度合併收入較 2023 年第二季減少 1,820 萬美元，至 4,680 萬美元。

Consolidated revenue for the six months ended June 30, 2024, decreased by $19 million to $91.9 million when compared to the same period of 2023.

截至 2024 年 6 月 30 日止六個月的合併收入較 2023 年同期減少 1,900 萬美元，至 9,190 萬美元。

These decreases are attributable to lower cinema performance in all countries due to weaker film slate and negative impact from 2023 Hollywood Strike, reduced rent income in US and New Zealand, and the softening of our Australia and New Zealand currency against the US dollar.

這些下降的原因是，由於電影陣容疲軟和 2023 年好萊塢罷工的負面影響，所有國家的電影院表現下降，美國和紐西蘭的租金收入減少，以及澳洲和紐西蘭貨幣兌美元走軟。

Net loss attributable to Reading International Inc., for the quarter end of June 30, 2024, was $9.3 million compared to a loss of $2.8 million for the same period in the prior year.

截至 2024 年 6 月 30 日季末，Reading International Inc. 的淨虧損為 930 萬美元，而去年同期為虧損 280 萬美元。

Basic loss per share increased by $0.30 to a loss of $0.42 compared to a loss of $0.12 for Q2 2023.

每股基本虧損增加了 0.30 美元，達到虧損 0.42 美元，而 2023 年第二季的虧損為 0.12 美元。

These results were primarily due to weakened cinema and real estate performance, along with increased interest expense.

這些結果主要是由於電影和房地產業績疲軟以及利息支出增加所致。

Net loss attributable to Reading International Inc., for six months ended June 30, 2024, increased by $8.7 million for a loss of $13.9 million to a loss of $22.6 million when compared to the same period in the prior year.

截至 2024 年 6 月 30 日的六個月，Reading International Inc. 的淨虧損比去年同期增加了 870 萬美元，虧損 1,390 萬美元，達到虧損 2,260 萬美元。

Basic loss per share increased by $0.38 to a loss of $1.01 compared to a loss of $0.63 for the first six months of 2023.

每股基本虧損增加 0.38 美元，達到虧損 1.01 美元，而 2023 年前六個月為虧損 0.63 美元。

These results were primarily due to weakened cinema and real estate performance, along with increased interest expense and a loss on sale of our Culver City corporate office building.

這些結果主要是由於電影院和房地產業績疲軟，以及利息支出增加和卡爾弗城公司辦公大樓出售損失所致。

Our total company depreciation, amortization, impairment, and G&A expense for the quarter and the June 30, 2024, decreased by $516,000 to $9.3 million when compared to the same quarter in the prior year.

截至 2024 年 6 月 30 日，本季公司折舊、攤提、減損和一般管理費用總額與去年同期相比減少了 51.6 萬美元，至 930 萬美元。

For the six months ended June 30, 2024, it decreased by $708,000 to $18.9 million compared to the same period in the prior year.

截至 2024 年 6 月 30 日的六個月，與去年同期相比減少了 708,000 美元，至 1,890 萬美元。

These decreases were due to decrease in depreciation and amortization as a result of delay in CapEx spending and the softening of our Australia and New Zealand currency against the US dollar.

這些下降是由於資本支出延遲以及澳洲和紐西蘭貨幣兌美元走軟導致折舊和攤提減少。

For the second quarter of 2024, income tax benefit increased by $53,000 to an income tax benefit of $156,000 compared to the equivalent prior-year period.

與去年同期相比，2024 年第二季所得稅優惠增加了 53,000 美元，達到 156,000 美元。

The change between '24 and '23 is primarily related to an increase in pre-tax loss in 2024 offset by an increase in reserves for the valuation allowance in 2024.

‘24’和‘23’之間的變化主要與2024年稅前虧損的增加被2024年估價準備金的增加所抵銷有關。

Income tax benefit for the six months ended June 30, 2024, decreased by $204,000 to an income tax benefit of $379,000 compared to the equivalent prior-year period.

截至 2024 年 6 月 30 日的六個月的所得稅優惠與去年同期相比減少了 204,000 美元，所得稅優惠為 379,000 美元。

This is primarily related to an increase in reserve for evaluation allowance in 2024, partially offset by an increase in pre-tax loss in 2024.

這主要與2024年評估津貼準備金的增加有關，部分被2024年稅前虧損的增加所抵銷。

For the second quarter of 2024, our adjusted EBITDA loss increased by $6.9 million from an income of $6.7 million to a loss of $0.2 million compared to Q2 of 2023.

2024 年第二季度，與 2023 年第二季相比，我們調整後的 EBITDA 虧損從營收 670 萬美元增加到虧損 20 萬美元，增加了 690 萬美元。

For the six months ended June 30, 2024, our adjusted EBITDA loss increased by $8 million to a loss of $4.2 million compared to the same prior-year period.

截至 2024 年 6 月 30 日的六個月，與去年同期相比，我們調整後的 EBITDA 虧損增加了 800 萬美元，達到虧損 420 萬美元。

These results were primarily the result of weakened cinema and real estate performance as mentioned previously.

這些結果主要是前面提到的電影和房地產表現疲軟的結果。

Shifting to cash flow for the six months ended June 30, 2024, net cash used in operating activity increased to $13.2 million compared to the cash used in the same period of the prior year of $8.8 million.

轉向現金流，截至 2024 年 6 月 30 日的六個月，經營活動使用的現金淨額增加至 1,320 萬美元，而上年同期使用的現金為 880 萬美元。

This was primarily driven by an increase in net loss and offset by an increase in operating liability from accounts payable.

這主要是由於淨虧損增加和應付帳款經營負債增加所抵銷。

Cash provided in investing activities during the six months ended June 30, 2024, was $7.4 million compared to the cash used in the same period prior year of $3.4 million.

截至 2024 年 6 月 30 日的六個月內，投資活動提供的現金為 740 萬美元，而去年同期使用的現金為 340 萬美元。

This was primarily due to a $9.7 million proceeds from the sale of the Culver City office building in February of 2024.

這主要是由於 2024 年 2 月出售卡爾弗城辦公大樓獲得 970 萬美元收益。

Cash provided in financing activities for the six months ended June 30, 2024, increased by $1.8 million to $1.1 million compared to the cash used in the same period of the prior year.

截至 2024 年 6 月 30 日的六個月，融資活動提供的現金比去年同期使用的現金增加了 180 萬美元，達到 110 萬美元。

This was primarily due to the new bridge loan of $13 million from NAB on April 10, 2024, partially offset by a payoff of the citizens loan of $8.4 million following the sale of Culver City office building and an additional $275,000 debt repayment that was required when our Bank of America credit facility was amended on March 27, 2024.

這主要是由於 2024 年 4 月 10 日從 NAB 獲得了 1,300 萬美元的新過橋貸款，部分被出售卡爾弗城辦公大樓後償還的 840 萬美元公民貸款以及 275,000 美元的額外債務償還所抵消。的美國銀行信貸安排於2024 年3 月27 日進行了修訂。

Turning now to our financial position, total asset in June 30, 2024 were $494.9 million compared to $533.1 million on December 31, 2023.

現在來看看我們的財務狀況，2024 年 6 月 30 日的總資產為 4.949 億美元，而 2023 年 12 月 31 日的總資產為 5.331 億美元。

This decrease was driven by a $3.7 million decrease in cash and cash equivalent from which we founded our ongoing business operation, the $10 million decrease in operating properties from sale of our Culver City office, a $13 million decrease in operating lease right of use asset, and an $8 million increase of depreciation.

這一減少是由於我們建立持續業務運營所需的現金和現金等價物減少了370 萬美元、出售卡爾弗城辦事處導致的經營性房產減少了1000 萬美元、經營租賃使用權資產減少了1300 萬美元、折舊增加 800 萬美元。

As of June 30, 2024, our total outstanding gross borrowings were $210.4 million compared to $210.3 million on December 31, 2023.

截至 2024 年 6 月 30 日，我們的未償還總借款總額為 2.104 億美元，而 2023 年 12 月 31 日為 2.103 億美元。

Our cash and cash equivalent as of June 30, 2024, were $9.2 million, which includes approximately $3.8 million in the US, $5.2 million in Australia, and $210,000 in New Zealand.

截至 2024 年 6 月 30 日，我們的現金和現金等價物為 920 萬美元，其中美國約 380 萬美元，澳洲約 520 萬美元，新西​​約 21 萬美元。

In addition, to address the liquidity pressure on our businesses, we are working with our lenders to amend certain debt facilities, and we have selected certain real estate asset in our portfolio for potential monetization.

此外，為了解決我們業務的流動性壓力，我們正在與貸方合作修改某些債務便利，並且我們在投資組合中選擇了某些房地產資產以實現潛在的貨幣化。

As Ellen mentioned, during the first quarter of 2024, we completed the monetization of our Culver City LA office building for $10 million and fully discharged the related mortgage.

正如 Ellen 所提到的，2024 年第一季度，我們完成了洛杉磯卡爾弗城辦公大樓 1000 萬美元的貨幣化，並全額解除了相關抵押貸款。

Through the second quarter of 2024, we have worked with our banking partners on the following financial arrangements.

截至 2024 年第二季度，我們與銀行合作夥伴就以下財務安排進行了合作。

On March 27, 2024, we further extended our Bank of America loan maturing date to August 18, 2025, together with the modification of certain financial covenants.

2024年3月27日，我們進一步將美國銀行貸款到期日延長至2025年8月18日，並修改了某些財務契約。

On April 4, 2024, with respect to our loan from NAB, we extended the maturity date to July 31, 2026 and negotiated a bridge facility, AUD20 million, due on March 31, 2025.

2024 年 4 月 4 日，我們將 NAB 貸款的到期日延長至 2026 年 7 月 31 日，並協商提供了 2000 萬澳元的過橋貸款，將於 2025 年 3 月 31 日到期。

This is required to be prepaid upon the sale of certain assets.

出售某些資產時需要預付這筆費用。

On April 23, 2024, we closed the one-year extension option with Emerald Creek Capital on our 44 Union Square loan to extend the maturity date to May 6, 2025.

2024 年 4 月 23 日，我們與 Emerald Creek Capital 終止了聯合廣場 44 號貸款的一年期延期選擇，將到期日延長至 2025 年 5 月 6 日。

We have one remaining one-year extension option.

我們還有一個剩餘的一年延期選項。

On June 28, 2024, we entered into an interest rate collar hedge agreement with NAB Bank for AUD50 million where the cap rate is 4.78% and a floor rate of 4.18%.

2024年6月28日，我們與國民銀行簽訂了5,000萬澳元的利率上限對沖協議，上限利率為4.78%，下限利率為4.18%。

The termination date on the agreement is July 31, 2026.

該協議的終止日期為2026年7月31日。

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

現在，我將把它交給安傑伊。

Thanks Gilbert.

謝謝吉爾伯特。

First, I'd like to thank as usual our stockholders for forwarding questions to our Investor Relations email.

首先，我要像往常一樣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。

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

像往常一樣，除了在艾倫和吉爾伯特準備好的發言中回答您的問題之外，我們還選擇了一些其他問題來提供管理層的更多見解。

The first question is regarding our CapEx.

第一個問題是關於我們的資本支出。

The CapEx was down quite a bit this quarter.

本季資本支出大幅下降。

What can we expect going forward in 2024 and beyond?

2024 年及以後我們可以期待什麼？

Ellen?

艾倫？

Anticipating the drop in revenue due to the 2023 Hollywood Strikes and the hit to income from increased interest rates, we continue to significantly curtail our growth CapEx spending in '24 to take into account these serious industry headwinds.

預計 2023 年好萊塢罷工導致收入下降以及利率上升對收入造成的影響，我們將繼續大幅削減 24 年的成長資本支出，以考慮到這些嚴重的行業逆風。

Certain theaters that we have, especially in the US need upgrades, they need conversion to recliner seats and the addition of premium screens.

我們擁有的某些劇院，特別是在美國，需要升級，需要轉換為躺椅並增加高級螢幕。

Over the last quarter, we've been working with certain landlords to strategize how to include recliners and premium screens in light of our liquidity circumstances.

在上個季度，我們一直在與某些房東合作，根據我們的流動性情況制定如何添加躺椅和高級螢幕的策略。

Fortunately, some of our landlords recognize that a brighter future for the cinema industry is on the horizon.

幸運的是，我們的一些房東認識到電影業更光明的未來即將到來。

We don't anticipate spending significant CapEx in 2025.

我們預計 2025 年不會花費大量資本支出。

However, with the support of some of our landlords, we anticipate getting between two and three theaters upgraded over the next 14 to 16 months.

然而，在一些房東的支持下，我們預計在未來 14 到 16 個月內對兩到三個劇院進行升級。

In addition, we've got one Reading Cinema in Queensland, Australia that's in the pipeline.

此外，我們也在澳洲昆士蘭州籌建一家雷丁電影院。

With respect to our real estate assets, we expect to increase our CapEx to take into account a potentially new tenant for the upper floors of 44 Union Square.

就我們的房地產資產而言，我們預計會增加資本支出，以考慮聯合廣場 44 號高層的潛在新租戶。

And those required funds will come from either our existing financing or a replacement mortgage loan.

這些所需資金將來自我們現有的融資或替代抵押貸款。

So into 2025, we expect that certain assets will be improved, but will remain disciplined in how those improvements will be funded.

因此，到 2025 年，我們預計某些資產將會得到改善，但在這些改善的資金來源方面仍將受到嚴格限制。

Thanks, Ellen.

謝謝，艾倫。

We also received a question about the status of our Santander, Minetta, and Orpheum Theater secured term loan.

我們也收到了有關桑坦德銀行、Minetta 和歐菲姆劇院擔保定期貸款狀況的問題。

Gilbert?

吉爾伯特？

Our Santander loan matured on June 1, 2024.

我們的桑坦德銀行貸款於 2024 年 6 月 1 日到期。

We're in the process of finalizing a one-year extension with Santander.

我們正在與桑坦德銀行敲定為期一年的延期。

Great, thanks Gilbert.

太好了，謝謝吉爾伯特。

The next question regarding US admission revenue, which declined more than the market in the second quarter.

下一個問題是關於美國入場收入，第二季的下降幅度超過了市場。

What caused this, and should we expect the US market share to recover in 2024 and beyond?

造成這種情況的原因是什麼？

Ellen?

艾倫？

Yes, our box office in the US did decline to a greater degree compared to the market, and we attribute this unfavorable performance to a few things.

是的，與市場相比，我們在美國的票房確實下降了更大的程度，我們將這種不利的表現歸因於一些因素。

First, our screen count reduced by 15% due to the closure of four movie theaters.

首先，由於四家電影院關閉，我們的銀幕數量減少了 15%。

I mentioned it earlier.

我之前有提到過。

While our overall income will be enhanced due to the elimination of these theaters, we did eliminate the box office or admission revenues on the top line.

雖然我們的整體收入將因取消這些影院而增加，但我們確實消除了營收或門票收入。

Secondly, our theaters in Hawaii, which in 2023, represented just over 35% of our US circuit's overall box office, didn't perform as well as the industry.

其次，我們在夏威夷的戲院在 2023 年僅占美國院線總票房的 35% 以上，但表現不如業界水準。

We think that the inflationary pressures around the globe are more pronounced on the island of Oahu compared to some of our other markets.

我們認為，與我們的其他一些市場相比，歐胡島的全球通膨壓力更為明顯。

Also the Angelika, New York, which is a strong theater for us, had a weaker quarter compared to the second quarter in '23 when we had phenomenal box office success from Asteroid City and past lives.

此外，紐約安吉莉卡劇院對我們來說是一家強大的劇院，與23 年第二季度相比，該劇院的季度表現較弱，當時我們的《小行星城》和《前世》取得了驚人的票房成功。

But let me just make one note on overall basis, our US circuit, which is comparatively much smaller than the US divisions of our publicly traded competitors, did on a box office basis for the first six months of '24, it generated box office dollars per screen higher than the US divisions of our publicly traded competitors.

但讓我從總體上講，我們的美國院線比我們的上市競爭對手的美國部門要小得多，在 24 年前六個月的票房基礎上，它產生了票房收入每個屏幕的分辨率高於我們上市競爭對手的美國部門。

So while we're much smaller and we have a mix of commercial and specialty theaters, the strength of some of our screens has us outperforming on a box office per screen basis.

因此，雖然我們的規模要小得多，而且我們擁有商業和專業影院，但我們的一些銀幕的實力使我們在每銀幕的票房基礎上表現出色。

And with respect to the future, we expect that some of our planned initiatives, like the paid rewards program that I mentioned earlier and future CapEx upgrades should elevate or comparable box office performance on a circuit-wide basis in the US.

就未來而言，我們預計我們的一些計劃舉措，例如我之前提到的付費獎勵計劃和未來的資本支出升級，應該會提高或相當美國全巡迴賽的票房表現。

Thanks, Ellen.

謝謝，艾倫。

And that brings us to our last question, which I will field regarding a shareholder asking why would we not reauthorize the buyback program, even if it's not going to happen today?

這就引出了我們的最後一個問題，我將針對股東詢問為什麼我們不重新授權回購計劃，即使今天不會發生？

Well, under our previous stock repurchase program, which expired on March 10 of this year, we bought back almost 1.8 million shares of Class A stock.

那麼，根據我們先前的股票回購計劃，今年3月10日到期，我們回購了近180萬股A類股票。

Based on the headwinds that we have faced over the last few years, that you've heard about from Ellen and Gilbert today, and not least of which were the COVID pandemic, the Hollywood Strikes, the interest rates hikes, our cash and debt positions prevented us from using a buyback program.

基於您今天從艾倫和吉爾伯特那裡聽到的過去幾年我們面臨的逆風，其中最重要的是新冠病毒大流行、好萊塢罷工、利率上漲、我們的現金和債務狀況阻止我們使用回購計劃。

Over the last four years, sustaining the business and reducing our debt has been the priority.

在過去的四年裡，維持業務和減少債務一直是我們的首要任務。

That is not to say that capital allocation and returning capital to our stockholders is not a regular discussion of our Board.

這並不是說資本分配和向股東返還資本不是我們董事會的常規討論。

Since March 2020 when the pandemic began and whilst navigating all the challenges faced by our two industries, cinema and real estate, our management team and Board have ensured that our existing stockholders have been protected by not conducting any new equity raises.

自 2020 年 3 月大流行開始以來，在應對電影和房地產這兩個行業面臨的所有挑戰的同時，我們的管理團隊和董事會確保我們現有的股東得到保護，不再進行任何新的股權融資。

With all that said, we expect to be in a much stronger position in 2025 and beyond and we'll continue those regular capital allocation discussions with our Board.

話雖如此，我們預計在 2025 年及以後將處於更有利的地位，我們將繼續與董事會進行定期資本分配討論。

This marks the conclusion of the Q&A and also of the call.

這標誌著問答和電話會議的結束。

As usual, we appreciate the time you have allocated to listening to the call today.

像往常一樣，我們感謝您今天撥出時間收聽電話會議。

Thank you for your attention, and we wish everyone good health and safety.

感謝您的關注，祝福大家身體健康、安全。