Reading International(RDI) - 2025 Q1 - Quarterly Results

Financial Performance - Total Revenues for Q4 2024 increased by 29.3% (or $13.3 million) to $58.6 million compared to $45.3 million in Q4 2023[8] - Operating Income improved from a loss of $7.0 million in Q4 2023 to a positive Operating Income of $1.5 million in Q4 2024[8] - Net Loss decreased from $12.4 million in Q4 2023 to $2.2 million in Q4 2024, driven by improved cinema and real estate revenue[8] - Adjusted EBITDA for Q4 2024 improved by 250.5% to $3.4 million from a negative adjusted EBITDA of $2.2 million in Q4 2023[8] - Full Year 2024 Total Revenues decreased by 5.5% to $210.5 million from $222.7 million in 2023[9] - Operating loss for 2024 was $14,033, compared to a loss of $12,031 in 2023[29] - Net loss attributable to Reading International, Inc. was $35,301 in 2024, compared to a loss of $30,673 in 2023[29] - Basic and diluted earnings per share for 2024 were both $(1.58), compared to $(1.38) in 2023[29] - Total segment revenue for the year ended December 31, 2024 was $210,527, a decrease of 5% from $222,744 in 2023[31] - Adjusted EBITDA for the year ended December 31, 2024 was $7,757, compared to $2,113 in 2023[33] Revenue Breakdown - Global cinema revenue for 2024 decreased by 6.0% to $195.1 million, impacted by the Hollywood strikes[13] - Global Real Estate Division revenues increased by 1% to $20.0 million in 2024, with operating income rising to $4.7 million[12] - In Q4 2024, global cinema revenue increased by 30% to $54.6 million, with operating income rising 191.1% to $3.8 million[13] - Cinema revenues decreased by 6% to $195,130 in 2024 from $207,641 in 2023[29] - Real estate revenues increased by 2% to $15,397 in 2024 from $15,103 in 2023[29] Cash and Liabilities - As of December 31, 2024, cash and cash equivalents were $12.3 million, with total outstanding bank borrowings of $202.7 million[17] - Total current assets increased to $57,042 in 2024 from $38,710 in 2023[30] - Total liabilities decreased to $475,801 in 2024 from $500,055 in 2023[30] Future Outlook - The company anticipates stronger performance in 2025 with the release of highly anticipated titles such as Disney's Lilo & Stitch and Mission Impossible: The Final Reckoning[10] EBITDA Insights - EBITDA is used by the company as a measure of financial performance and value, commonly adopted in the cinema exhibition and real estate industries[37] - The company believes that EBITDA is valuable for investors to assess cash generation ability and to compare with peers in the same industry[37] - EBITDA is not a measurement under generally accepted accounting principles and should not be considered in isolation from net income or cash flow data[38] - The exclusion of interest, taxes, depreciation, and amortization limits the usefulness of EBITDA in assessing financial performance[39] - Adjusted EBITDA is calculated by excluding certain external items not reflective of core business costs, such as legal expenses from extraordinary litigation[41]