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 a positive $3.4 million from a negative $2.2 million in Q4 2023[8] - Total revenues for 2024 were $210,527, a decrease of 5% from $222,744 in 2023[28] - Operating loss for 2024 was $14,033, compared to a loss of $12,031 in 2023[28] - Net loss attributable to Reading International, Inc. was $35,301 in 2024, compared to a loss of $30,673 in 2023[28] - Basic and diluted earnings per share for 2024 were both $(1.58), compared to $(1.38) in 2023[28] - Adjusted EBITDA for the year ended December 31, 2024, was $2,113, compared to $7,757 in 2023[32] Revenue Breakdown - Global cinema revenue for the full year 2024 decreased by 6.0% to $195.1 million compared to 2023[13] - Cinema revenues decreased by 6% to $195,130 in 2024 from $207,641 in 2023, while real estate revenues increased slightly by 2%[28] - Global Real Estate Division revenues increased by 1% to $20.0 million in 2024 from $19.9 million in 2023[12] Real Estate and Assets - The occupancy rate of the Australian and New Zealand real estate portfolio was 96%[10] - Cash and cash equivalents as of December 31, 2024, were $12.3 million, with total outstanding bank borrowings of $202.7 million[16] - The company sold its Wellington, New Zealand assets for NZ$38 million on January 31, 2025, and agreed to lease back the cinema component[10] Future Outlook - Anticipated future releases include titles like Disney's Lilo & Stitch and Mission Impossible: The Final Reckoning, which are expected to strengthen performance in 2025[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[36] - The company believes EBITDA is valuable for comparing its ability to generate cash against peers in the same industry[36] - Adjusted EBITDA is calculated by excluding certain external items, such as legal expenses related to extraordinary litigation[40] - The company acknowledges that EBITDA does not account for interest, taxes, depreciation, and amortization, which are real costs[39] - A substantial portion of funds depicted by EBITDA may be subject to contractual restrictions and may not be available for discretionary use[38] - The company emphasizes that EBITDA should not be considered in isolation or as a substitute for net income or cash flow data[37] - The exclusion of various components limits the usefulness of EBITDA when assessing financial performance[37] - The company adjusts EBITDA for items considered non-recurring, in accordance with SEC requirements[40] - Analysts and financial commentators typically value enterprises in the cinema exhibition and real estate sectors at various multiples of EBITDA[36] - The company monitors EBITDA to judge its performance against market expectations and creditworthiness[36]
Reading International(RDIB) - 2025 Q1 - Quarterly Results